Blossoming dividends rain cash on SL Green shareholders

October 24, 2013 05:51PM

SL Green Realty’s shareholders are celebrating an early holiday gift this year, as the company announced today that it will increase dividends by more than 50 percent.

The windfall comes thanks to an exceptional third quarter for the real estate investment trust, in which 25 Manhattan office leases spanning a total of 441,338 square feet, along with 28 suburban leases of more than 142,000 square feet, were secured.

Same-store occupancy in Manhattan, which includes leases that have been signed but not yet started, also ticked up to 95.8 percent in the third quarter.

The bustling activity raised the REIT’s dividend to a new annual rate of $2 per share, up 52 percent.

SL Green has also had a busy quarter with mixed-use residential and commercial investment, including the purchase of the $386 million Olivia apartment tower at 315 West 33rd Street and a $220.3 million, 350,000-square-foot office building at 333 West 34th Street. [GlobeSt]Julie Strickland