SL Green Realty (NYSE:SLG) Q4 earnings came in slightly below Wall Street expectations even as revenue came in higher. Same-store cash net operating income swung to positive in the quarter, and occupancy in its Manhattan portfolio ticked up.

The office REIT’s Q4 FFO per share, excluding non-cash fair value adjustment of $0.01, were $1.47, vs. $1.48 consensus. The current quarter’s FFO fell from $1.66 in Q3 and from $1.52 in Q4 2021. SL Green (SLG) shares fell 0.9% in after-hours trading.

Manhattan’s largest office landlord posted total revenue of $224.8M, topping the $194.7M consensus, and increasing from $212.5M in the prior quarter and from $194.6M in the year-ago quarter.

Q4 total expenses increased to $231.8M from $181.4M in Q3 and from $174.3M in Q4 2021.

Q4 same-store cash net operating income, including SLG’s share from unconsolidated joint ventures, rose 2.1% Y/Y vs. -2.2% Y/Y in Q3. Excluding lease termination income Q4 same-store cast NOI rose 3.3% Y/Y vs. -0.5% in the prior quarter.

Manhattan same-store occupancy was 91.2%, inclusive of leases signed but not yet commenced, at Dec. 31, 2022 vs. 92.1% at Sept. 30.

During the quarter, SL Green (SLG) signed 33 leases in its Manhattan office portfolio totaling 196,421 square feet. The average rent on the Manhattan office leases signed in Q4, excluding leases signed at One Vanderbilt, was $69.67 per rentable square foot with average lease of 8.0 years and average tenant concessions of $59.58 per rentable square foot.

Conference call on Jan. 26 at 2:00 PM ET.

Earlier, SL Green Realty (SLG) FFO of $1.47 misses by $0.01, revenue of $224.87M beats by $30.13M