NEW YORK (AP) _ Paramount Group Inc. (PGRE) 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 $57.1 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 $3.7 million, or 2 cents per share.
The real estate investment trust that owns office buildings posted revenue of $191.8 million in the period.
Paramount Group expects full-year funds from operations in the range of 90 cents to 94 cents per share.
The company's shares have increased 16% since the beginning of the year. The stock has climbed slightly 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 PGRE at https://www.zacks.com/ap/PGRE