This question actually applies to many REITs not just SLG. To be considered a REIT for tax purposes, the REIT must distribute 90% or more of it earnings/cash flow to the shareholders.
Some REITs like NNN or O (commercial retail properties) distribute 5-6% dividends usually 90% of their FFO/AFFO. Some mortgage REITs like NLY pay a 14% dividend.
SLG (and many other REITs) has never paid much of a dividend. Can someone explain this? They posted 270 mill in net profits with a cap of 5+billion and a stock prices of 67 that seems like a 100 mil shares and about $2.7 per share.
The "profits" come from accounting gimmicks not actual earnings. For example, if SLG defaults on a $50M loan and they are carrying the property at $45M they are allowed (encouraged) to report $5M in "profits" as $50M leaves the liability side and "only" $45M leaves the asset side. They are pretending that profits have been created from defaulting on obligations.