NEWYORK, N.Y. (AP) — NEWYORK, N.Y. (AP) — SL Green Realty Corp. (SLG) on Wednesday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The Newyork, New York-based real estate investment trust said it had funds from operations of $215.4 million, or $3.07 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $2.32 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 $13.1 million, or 20 cents per share.
The commercial real estate investment trust, based in Newyork, New York, posted revenue of $187.9 million in the period. Its adjusted revenue was $128.2 million, which fell short of Street forecasts. Five analysts surveyed by Zacks expected $132.4 million.
SL Green expects full-year funds from operations to be $7.35 to $7.65 per share.
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