UPDATE 2-SL Green third quarter FFO $1.00 per shr

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Wed Oct 26, 2011 7:57pm EDT

* Q3 FFO $87.9 mln, or $1 per diluted shr
* Analysts' view 99 cents per share
Oct 26 (Reuters) - SL Green Realty Corp , one of the largest owners of Manhattan office buildings, said on Wednesday its quarterly funds from operations fell as expenses rose.
The company said quarterly funds from operations -- or FFO -- fell to $87.9 million, or $1.00 per diluted share, from $145.3 million, or $1.82 per diluted share, a year earlier.
FFO before transaction-related costs was $1.01 per diluted share versus $1.05 per diluted share a year earlier.
Analysts had expected FFO of 99 cents per share, according to Thomson Reuters I/B/E/S.
FFO, a measure of performance of a real estate investment trust (REIT), removes the profit-reducing effect that depreciation has on earnings.
Revenue in the third quarter fell 3.3 percent to $308.6 million, while operating income dropped 18.4 percent to $164.2 million.
The company's shares closed at $67.54 on Wednesday on the New York Stock Exchange.
The company is scheduled to hold a conference call on Thursday.

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SL Green Realty CorpSLG.N
$71.33
+3.43+5.08%
UPDATE 2-SL Green third quarter FFO $1.00 per shr

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