Buyback blowback: REITs that repurchased stock now need cash

New York City’s largest office landlord has been hellbent on shrinking its portfolio over the past few years. Instead of acquiring more buildings, SL Green Realty has sold properties and bought tens of millions of its own shares since initiating a $3 billion stock buyback three years ago. The publicly traded firm has repurchased so many shares, in fact, that its outstanding stock has been reduced by roughly a quarter since 2017. And despite the

source https://therealdeal.com/2020/08/20/buyback-blowback-reits-that-repurchased-stock-now-need-cash/