NEW YORK (AP) _ SL Green Realty Corp. (SLG) on Wednesday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in New York, said it had funds from operations of $136.1 million, or $1.70 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.55 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 $56.4 million, or 74 cents per share.
The commercial real estate investment trust posted revenue of $253.7 million in the period. Its adjusted revenue was $174.1 million.
The company's shares have dropped 46% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $49.77, a decrease of 38% in the last 12 months.