NEW YORK (AP) _ Empire State Realty Trust Inc. (ESRT) on Wednesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $56.7 million, or 19 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 18 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 $5.7 million, or 3 cents per share.
The real estate investment trust posted revenue of $167.3 million in the period. Its adjusted revenue was $143.4 million.
The company's shares have increased slightly more than 8 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $15.41, a decline of roughly 10 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ESRT at https://www.zacks.com/ap/ESRT