SL Green Realty Profit Rises

(RTTNews) - SL Green Realty Corp (SLG), a real estate investment trust, on Wednesday reported first-quarter funds from operations of $154.4 million or $1.50 per share compared with $150 million or $1.52 per share last year.

Before transaction related costs, FFO for the quarter was $1.51 per share compared with $1.54 per share a year ago, the company said.

Analysts polled by Thomson Reuters estimated FFO of $1.49 per share for the quarter. Analysts' estimates typically exclude special items.

The company's net earnings for the quarter totaled $46.3 million or $0.44 per share compared with $146 million or $1.53 per share last year.

Total revenues for the quarter rose to $396.3 million from $362.4 million in the prior year.

Its rental revenues rose to $303.3 million from $256 million a year ago.

Analysts estimated revenues of $305.1 million for the quarter.

Also today, SL Green Realty said it has signed two new, long-term office leases covering more than 390,000 square feet.