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SL Green Realty (NYSE:SLG) shares tumbled more than 6% Monday after the company announced it has reduced its dividend by 12.9% to $3.25 per share.
The Manhattan office landlord company explained in its press release that it has reduced the dividend to match its current projection of funds available for distribution for 2023.
SL Green’s ordinary dividend will continue to be paid monthly, with the first monthly dividend of $0.2708 per share payable on January 17, 2023, to stockholders of record at the close of business on December 30.
“We endeavor to provide our shareholders with a meaningful, sustainable ordinary dividend that has a correlation to operating cash flow while furthering our initiative to maintain substantial liquidity and repay debt amid the backdrop of a rising rate environment,” said SL Green Chief Executive Matt DiLiberto.
At the time of writing, SL Green’s share price is down 6.4% at $38 per share. In 2022 the stock is down over 49%.
