NEW YORK (AP) _ SL Green Realty Corp. (SLG) on Wednesday reported a key measure of profitability in its third quarter. The results exceeded Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $151.4 million, or $1.75 per share, in the period.
The average estimate of 10 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 $33.2 million, or 40 cents per share.
The commercial real estate investment trust posted revenue of $313.6 million in the period. Its adjusted revenue was $215.4 million, which did not meet Street forecasts. Four analysts surveyed by Zacks expected $215.6 million.
The company's shares have climbed 3% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $81.55, a decrease of 12% in the last 12 months.