For the quarter ending December 31, SL Green Realty Corp. - the Manhattan real estate trust - has declared a dividend of 37.5 cents a share, which is 52 percent less than the 78.75 cents payment for the first three quarters. The cut in the dividend is part of company's attempts towards preserving cash flow of nearly $95 million in the coming year, for making investments as well as paying debt.

The company's gains in the latest quarter fell sharply in comparison to the 2007 figures. Its net income dropped 66%, revenue rose 9.6%, and net rental revenue rose 11%. It is also expected that the company would have to bear the brunt of the layoffs in the financial-services sector in the next year.

Not only is SL Green the biggest owner and manager of commercial properties in New York City, it is also is a big lender to other landlords, from its balance sheet as well as through its 16% stake in the ailing spin-off, Gramercy Capital Corp.

About the announced cut in the dividend, the company Chief Executive, Marc Holliday, said in a statement: "Given the illiquidity of the market, the reset of the current dividend ensures that the company will have additional capital to take advantage of the highly attractive investment opportunities which we believe will materialize in our core market. Until such opportunities appear, we will continue to pay down our near-term debt obligations."