NEW YORK (AP) _ SL Green Realty Corp. (SLG) on Wednesday reported a key measure of profitability in its third quarter. The results beat Wall Street expectations.
The real estate investment trust, based in New York, said it had funds from operations of $135.5 million, or $1.75 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 $13.9 million, or 19 cents per share.
The commercial real estate investment trust posted revenue of $249.8 million in the period. Its adjusted revenue was $173.5 million.
The company's shares have fallen 50% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $46.08, a fall of 43% 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