$20 Million Exit From Manhattan's Biggest Office Landlord Raises Questions as Stock Slides 30%

Core Viewpoint - Vision Capital Corp has fully liquidated its position in SL Green Realty, indicating ongoing skepticism in the office real estate market despite some positive leasing progress by the company [1][2][7]. Company Overview - SL Green Realty Corp is the largest office landlord in Manhattan, focusing on high-value commercial properties and operating as a real estate investment trust (REIT) [5]. - As of the latest report, SL Green's market capitalization stands at $3.48 billion, with a revenue of $910.38 million over the trailing twelve months (TTM) and a dividend yield of 6.7% [4]. Recent Performance - In the third quarter, SL Green reported funds from operations of $1.58 per share, an increase from $1.13 a year earlier, and same-store occupancy rose to 92.4%, with expectations of reaching 93.2% by year-end [6]. - The company signed over 650,000 square feet in leasing activity during the quarter, indicating a meaningful uptick in leasing [6]. Market Sentiment - Despite the positive operational metrics, SL Green's stock has declined approximately 32% over the past year, underperforming the S&P 500, which has increased by about 16% in the same period [3][7]. - The exit of Vision Capital suggests that concerns regarding office demand, refinancing risks, and the long-term impact of remote work continue to overshadow the company's incremental progress [7][9].