SL Green: 1Q Earnings Snapshot

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 New York-based real estate investment trust said it had funds from operations of $172 million, or $2.08 per share, in the period.

The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $1.70 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 $114.8 million, or $1.47 per share.

The commercial real estate investment trust posted revenue of $314.3 million in the period. Its adjusted revenue was $195.5 million, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $213.5 million.

SL Green expects full-year funds from operations to be $6.60 to $7.10 per share.

The company's shares have decreased 51% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $44.69, a decrease of 49% in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SLG at https://www.zacks.com/ap/SLG