SL Green Realty Q2 Profit Drops

(RTTNews) - SL Green Realty Corp. (SLG) reported net income attributable to common stockholders for the second-quarter ended June 30, 2020 dropped to $56.4 million or $0.74 per share, from $161.1 million or $1.94 per share last year.

Net income for the latest-quarter included a net gain of $65.4 million or $0.82 per share, recognized from the sale of the retail condominium at 609 Fifth Avenue. The prior year quarter result included $126.6 million or $1.45 per share of net gains from the sale of real estate and non-cash fair value adjustments.

FFO for the quarter was $136.1 million or $1.70 per share, compared to $159.2 million, or $1.82 per share in the prior year.

Consolidated revenues dropped to $253.7 million from $313.0 million in the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.14 per share and revenues of $208.6 million for the quarter. Analysts' estimates typically exclude special items.