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Tuesday, May 12, 2009

SL Green Realty Cuts Dividend more than 60%, Shares Fall

The company announced that it cut its quarterly dividend to 10 cents a share, or 40 cents on an annual basis, from 37.5 cents a share, or $1.50 a year, following the completion of the public offering of its common stock.

The news sent shares falling 5% in after-market trading to $22.02.

SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT, that predominantly acquires, owns, repositions and manages Manhattan office properties. The Company is the only publicly held REIT that specializes in this niche. The Company owns more than 30 New York City office properties totaling over 22 million square feet, making it New York's largest office landlord.

In addition, SL Green holds investment interests, among other things, in retail properties encompassing approximately 400,000 square feet, development property (one) encompassing approximately 85,000 square feet and land interests (two), along with ownership of over 30 suburban assets totaling more than 7.5 million square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey.

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