SL Green Realty Corp

SL Green Realty delivered a deeply mixed fourth quarter, posting a GAAP net loss of $1.49 per diluted share against a consensus estimate of negative $0.61, a miss of 146.20%, even as revenue of $276.47 million topped expectations of $162.73 million by 69.89% and surged 916.2% year over year. The bottom-line shortfall was driven primarily by $23.55 million in depreciable real estate reserves and $28.14 million in purchase price and fair value adjustments, charges that compounded a steep decline in FFO to $86.23 million, or $1.13 per diluted share, from $131.88 million a year ago. Beneath the headline losses, however, operating fundamentals showed resilience; Manhattan same-store office occupancy climbed to 93.0% at year-end, and 56 leases covering 766,783 square feet were signed in the quarter at rents running 6.4% above prior escalated levels. Still, with the stock recently touching a 52-week low and Truist Securities trimming its price target to $44, investor confidence in the company's near-term earnings trajectory remains cautious.