This commercial property Real Estate Investment Trust has a current annual dividend yield of 5.56%, paid monthly.
SL Green Realty Corp. (SLG)
From Sure Dividend Newsletter
SL Green is a REIT. The REIT owns commercial properties in New York. It’s in charge of nearly 100 buildings there, with a combined total of 41 million square feet between office and retail properties.
The company looked good in 2020. Funds from operation (FFO) came to $1.75 per share in the third quarter, flat year over year. All things considered, flat FFO generation is by itself a notable accomplishment, considering the extremely difficult environment for both office and retail real estate to begin 2020.
Same-store net operating income increased 2% yoy, and it maintained an occupancy rate of 94.2%. SL Green collected 96.9% of total billings for office, 70% of billings for retail and 92.6% of total billings for the quarter. This has helped the company generate positive cash flow, even in 2020, which has helped the company continue to reward shareholders.
SL Green is a shareholder-friendly company. Not only does the company pay a monthly dividend, it also recently raised its monthly dividend by 2.8%. In addition to that, it also tacked on a special dividend of $1.6967 per share. The special dividend is the result of proceeds received from various asset sales over the course of 2020, including the sale of 410 Tenth Avenue for approximately $952 million.
In addition, SL Green separately announced a $500 million increase to its stock buyback authorization, bringing its total for repurchases to $3.5 billion. Considering the entire market cap is less than $5 billion, the share buyback will likely be a significant boost to FFO-per-share growth moving forward.
Ben Reynolds & Bob Ciura, Sure Dividend Newsletter, suredividend.com, support@suredividend.com, 800-531-0465, January 21, 2021