Empire State Realty Trust: 3Q Earnings Snapshot
{{#rendered}} {{/rendered}}NEW YORK (AP) _ Empire State Realty Trust Inc. (ESRT) on Wednesday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $73 million, or 25 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 24 cents per share.
{{#rendered}} {{/rendered}}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 $16.3 million, or 10 cents per share.
The real estate investment trust posted revenue of $186.4 million in the period. Its adjusted revenue was $123.6 million.
{{#rendered}} {{/rendered}}The company's shares have fallen 22 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $15.95, a decrease of 20 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