NEW YORK (AP) _ Empire State Realty Trust Inc. (ESRT) on Wednesday reported a key measure of profitability in its third quarter. The results beat Wall Street expectations.
The real estate investment trust, based in New York, said it had funds from operations of $71.8 million, or 24 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 $15.9 million, or 9 cents per share.
The real estate investment trust posted revenue of $192.9 million in the period. Its adjusted revenue was $150.2 million.
The company's shares have increased slightly more than 1% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $14.42, a decrease of almost 9% in the last 12 months.