SL Green Realty Corp. (SLG) reported that its first-quarter profit from continuing operations increased to $29.26 million from $28.69 million last year. Net income attributable to stockholders was $18.91 million compared to $25.26 million last year. Profit per share was $0.21 inclusive of a gain on sale of $0.01 per share, compared to $0.29 per share inclusive of gains on sale of $0.07 per share, prior year.
Total revenues increased to $369.97 million from $339.13 million last year. Combined same-store cash NOI increased 4.4 percent for the first quarter.
SL Green Realty also reported funds from operations, or FFO, of $109.2 million, or $1.16 per share, compared to $99.3 million, or $1.10 per share, prior year. Exclusive of items recognized in the first quarter, normalized FFO is $1.22 per share for the quarter.
On average, 17 analysts polled by Thomson Reuters expected the company to report profit of $1.22 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $314.78 million for the quarter.
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