NEW YORK (AP) _ Paramount Group Inc. (PGRE) on Wednesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in New York, said it had funds from operations of $53.2 million, or 23 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 22 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 $2.5 million, or 1 cent per share.
The real estate investment trust that owns office buildings posted revenue of $188.6 million in the period.
Paramount Group expects full-year funds from operations in the range of 93 cents to 97 cents per share.
The company's shares have climbed 10% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $13.83, a decline of 10% in the last 12 months.