NEW YORK – NEW YORK (AP) _ SL Green Realty Corp. (SLG) on Wednesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in New York, said it had funds from operations of $157.7 million, or $1.66 per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of $1.65 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $101.8 million, or $1.12 per share.
The commercial real estate investment trust posted revenue of $301.7 million in the period. Its adjusted revenue was $215.4 million, missing Street forecasts. Three analysts surveyed by Zacks expected $256 million.
The company's shares have dropped slightly more than 4 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $96.51, a fall of 11 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on SLG at https://www.zacks.com/ap/SLG