NEW YORK (AP) _ Paramount Group Inc. (PGRE) on Wednesday reported a key measure of profitability in its second quarter. The results matched Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $50.1 million, or 23 cents per share, in the period.
The average estimate of three 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 a loss of $6.3 million, or 3 cents per share.
The real estate investment trust that owns office buildings posted revenue of $171.1 million in the period.
The company's shares have declined 47% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $7.33, a drop of 47% in the last 12 months.