NEW YORK – NEW YORK (AP) _ Empire State Realty Trust Inc. (ESRT) on Wednesday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.
The real estate investment trust, based in New York, said it had funds from operations of $59.3 million, or 20 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 19 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 $9.8 million, or 6 cents per share.
The real estate investment trust posted revenue of $168.5 million in the period. Its adjusted revenue was $122.3 million.
The company's shares have dropped 17 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $17.12, a fall of 21 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 ESRT at https://www.zacks.com/ap/ESRT