REIT Pecking Order Gets a Shakeup
A flurry of new leases and booming income have led NYC landlord SL Green to raise its yearly dividend by 20%, to $2.40 a share. The move puts the real estate investment trust in league—dividend-wise—with Anthony Malkin's Empire State Realty Trust and national players like Boston Properties and Paramount Group, The Real Deal reports. SL Green's dividend has grown by 500% in just four years and reflects the explosive investor interest in REITs. Their growing prominence in large part led to the recent announcement that the S&P would separate the real estate category from the "financial" sector on that index.
"The momentum of our platform continues to benefit from a strong leasing market, operating results in our core and redevelopment portfolios, and our debt and preferred-equity program,” SL Green President Marc Holliday said in a statement.