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SL Green: 4Q Earnings Snapshot

Associated Press
Updated

NEW YORK (AP) _ SL Green Realty Corp. (SLG) on Wednesday reported a key measure of profitability in its fourth quarter. The results exceeded Wall Street expectations.

The New York-based real estate investment trust said it had funds from operations of $147.6 million, or $1.75 per share, in the period.

The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.74 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 $17.4 million, or 22 cents per share.

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The commercial real estate investment trust posted revenue of $308.1 million in the period. Its adjusted revenue was $218.5 million.

The company's shares have increased nearly 1% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $92.74, an increase of 5% in the last 12 months.

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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