SL Green Realty shares surge following Q4 results

Investing.com — Shares of New York-based office real estate investment trust, SL Green Realty (NYSE:SLG) Corp., are experiencing a rise of up to 4.2% in premarket trading on Thursday.

This surge follows the company’s fourth quarter Funds From Operations (FFO) per share report, which exceeded the average analyst estimate.

In the fourth quarter, the company reported an FFO per share of $1.81, a significant increase from 72 cents per share in the same quarter of the previous year. This figure also surpassed the Bloomberg Consensus estimate of $1.45 per share.

The company’s revenue for the quarter stood at $245.9 million, marking a year-on-year increase of 16%. This revenue performance also outperformed the estimate of $189.4 million.

SL Green Realty Corp. reported a net operating income of $77.9 million, a 7.8% increase from the same period last year. The company’s FFO reached $131.9 million, more than double the $49.7 million reported in the same quarter the previous year and notably higher than the estimated $103.2 million.

Furthermore, the company reported an increase in Manhattan same-store office occupancy, which stood at 92.5%, up from 90% in the same period last year.

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