SONY - Is SL Green Realty Corp in Trouble?
The market for office space has had a tough run over the past few years. The pandemic ushered in a new era of working from home, putting the office industry in limbo. Many thought office closures would be temporary, but nearly two years after the start of coronavirus, mass reopenings seem a long way off, with many offices across the country sitting empty.
One of the hardest-hit office real estate investment trusts (REITs) is SL Green Realty Corp (NYSE: SLG) . Share prices have fallen 23% over the last three years. But the shares were sliding even before COVID, leaving investors to wonder whether the company is battling a temporary setback or more serious long-term trouble.
SL Green Realty specializes in the ownership, leasing, and management of high-end office space in the greater Manhattan area, with tenants like entertainment and media giant ViacomCBS (NASDAQ: VIAC) , banking and financial service providers Credit Suisse Group (NYSE: CS) and TD Bank (NYSE: TD) , and electronics maker Sony (NYSE: SONY) .
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Is SL Green Realty Corp in Trouble?