new york city reit inc said it would temporarily suspend its quarterly dividend as it continues to increase occupancy at its properties the company said its board will continue to evaluate its dividend policy on a quarterly basis new york city reit said the additional working capital from the suspension will be available to fund the upfront costs of leasing commissions and tenant improvements associated with future leasing activity the publicly traded reit said leasing activity has grown its new york city portfolio occupancy by 4 since the beginning of the year to more than 87 as of june 30 leasing commissions and tenant improvement costs which are payable prior to rent commencement are economically beneficial compared to the substantial rent paid over the terms of the leases chief executive michael weil said to potentially help fund these future expenses we are temporarily suspending the dividend as we maintain our leasing momentum the company had been paying dividends on its shares of class a common stock at an annualized rate of 40 cents a share or 10 a share on a quarterly basis