NEW YORK (AP) — NEW YORK (AP) — Paramount Group Inc. (PGRE) on Wednesday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $56.2 million, or 26 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 23 cents per share.
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 $1.7 million, or 1 cent per share.
The real estate investment trust that owns office buildings, based in New York, posted revenue of $188.5 million in the period.
Paramount Group expects full-year funds from operations in the range of 90 cents to 94 cents per share.
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