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NEW YORK (AP) _ SL Green Realty Corp. (SLG) on Wednesday reported a key measure of profitability in its fourth quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in New York, said it had funds from operations of $119.2 million, or $1.56 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.54 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 $171 million, or $2.41 per share.
The commercial real estate investment trust posted revenue of $234.9 million in the period. Its adjusted revenue was $165.2 million, missing Street forecasts. Three analysts surveyed by Zacks expected $171.6 million.
For the year, the company reported funds from operations of $562.7 million, or $7.11 per share. Revenue was reported as $708.4 million.
The company's shares have risen slightly more than 8% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $66.50, a fall of 30% in the last 12 months.