NEW YORK (AP) — NEW YORK (AP) — Empire State Realty Trust Inc. (ESRT) on Wednesday reported a key measure of profitability in its fourth quarter.
The New York-based real estate investment trust said it had funds from operations of $58.8 million, or 22 cents per share, in the period.
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 $12.6 million, or 8 cents per share.
The real estate investment trust posted revenue of $181.3 million in the period. Its adjusted revenue was $145.9 million.
For the year, the company reported funds from operations of $243.6 million. Revenue was reported as $591 million.
Empire State Realty Trust expects full-year funds from operations in the range of 82 cents to 86 cents per share.
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