SL Green Realty (SLG) will raise its quarterly dividend by 4.6 percent to $0.85 per share in the first quarter of 2019. This will mark the 8th consecutive year of dividend increases by the REIT.

The fourth quarter dividend is payable on January 15, 2019 to shareholders of record at the close of business on January 2, 2019.

“SL Green continues to reward shareholders with an attractive dividend increase for the eighth consecutive year,” said Matt DiLiberto, Chief Financial Officer at SL Green. “We remain well-positioned with ample liquidity for capital projects and select investment opportunities.”

The new annualized dividend rate of $3.40 per share yields 3.5% at a stock price of $96.42.

SL Green Realty Corp., New York City's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. In addition to its Manhattan buildings SL Green holds ownership interests in suburban in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey.