SL Green: 2Q Earnings Snapshot
NEW YORK (AP) _ SL Green Realty Corp. (SLG) on Wednesday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $159.2 million, or $1.82 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.73 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 $161.1 million, or $1.94 per share.
The commercial real estate investment trust posted revenue of $313 million in the period. Its adjusted revenue was $216.5 million, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $213.5 million.
The company’s shares have increased nearly 3% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $81.28, a fall of 19% in the last 12 months.