NEW YORK – NEW YORK (AP) _ Paramount Group Inc. (PGRE) on Wednesday reported a key measure of profitability in its first quarter. The results matched Wall Street expectations.
The real estate investment trust, based in New York, said it had funds from operations of $55 million, or 23 cents per share, in the period.
The average estimate of four 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 $1.1 million, or less than 1 cent on a per-share basis.
The real estate investment trust that owns office buildings, based in New York, posted revenue of $184.3 million in the period.
The company's shares have dropped 9 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $14.39, a fall of 13 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on PGRE at https://www.zacks.com/ap/PGRE