Empire State Realty Trust: 1Q Earnings Snapshot
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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.
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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.
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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.
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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