Why Is SL Green's Dividend Yield So High?
There's nothing income investors hate more than a dividend cut. That's part of the problem facing SL Green (NYSE: SLG) today, after it announced just such a move in early December. Even after the cut, though, the dividend yield is still a huge 9.6%. What's going on?
On Dec. 5, the real estate investment trust (REIT) announced that its monthly dividend would fall from $0.3108 per share to $0.2708. The decrease puts the annual dividend at roughly $3.25 per share, down nearly 13% from the previous level. That's not something investors wanted to see, but given the headwinds in the office sector it isn't exactly surprising, either.
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Source Fool.com
