U.S. Markets closed

SL Green reports 1Q results

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

The New York-based real estate investment trust said it had funds from operations of $165.9 million, or $1.57 per share, in the period.

The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of $1.57 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 $11.4 million, or 11 cents per share.

The commercial real estate investment trust posted revenue of $377.4 million in the period. Its adjusted revenue was $281.3 million, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $282.6 million.

The company's shares have risen slightly since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $107.96, a rise of 5.5 percent 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


Keywords: SL Green, Earnings Report