Why did NYC's Q4 earnings surprise analysts positively?

New York City's Q4 earnings report showed a net loss of $6.7 million, which was an improvement from the $73.9 million net loss in Q4 2023. Although the company reported a decrease in revenue and an increase in full-year net loss, the sale of 9 Times Square for $63.5 million improved the company's leverage and generated net proceeds of approximately $13.5 million, strengthening its cash position. This strategic asset sale positively surprised analysts, contributing to a 4.1% increase in the stock price following the earnings announcement. The sale of 9 Times Square not only improved the company's financial leverage but also allowed the company to strengthen its cash position, which was a significant positive point highlighted in the earnings call. This move by the company towards diversification and strategic financial management contributed to a more positive earnings report than analysts had anticipated.