In the third quarter, Toronto-based Vision Capital Corp fully exited its position in SL Green Realty, selling 330,000 shares for an aggregate value of $20.43 million based on average quarterly pricing. This position had represented 9.13% of Vision Capital’s assets under management at the end of the previous quarter, underscoring the significance of the divestiture for both the fund and SL Green’s shareholder base.

SL Green reported funds from operations of $1.58 per share for the quarter, up 40% from $1.13 in the year-ago period. Same-store occupancy reached 92.4%, with management projecting a rise to 93.2% by year-end. Leasing velocity accelerated as well, with over 650,000 square feet of new and renewal leases executed during the quarter, signaling modest demand recovery in core Midtown Manhattan properties.

Despite positive underlying metrics, SL Green’s share price has declined by roughly 32% over the past twelve months, underperforming the broader market, which has appreciated by approximately 16% in the same period. Investors remain concerned about refinancing requirements for maturing debt, persistent work-from-home trends, and the uneven pace of office occupancy gains in Manhattan’s competitive leasing environment.

With a market capitalization near $3.5 billion and a dividend yield of 6.7%, SL Green offers an income-oriented value proposition, yet its heavy concentration in office assets presents refinancing and vacancy risks. The recent exit by a prominent institutional holder highlights the divide between long-term optimists betting on a full office recovery and those reallocating toward sectors with more predictable cash flows, such as residential and industrial real estate.