NEW YORK (AP) _ Paramount Group Inc. (PGRE) on Monday reported a key measure of profitability in its third quarter. The results did not meet Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $57.7 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 25 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 $37.5 million, or 16 cents per share.
The real estate investment trust that owns office buildings posted revenue of $192.6 million in the period.
Paramount Group expects full-year funds from operations in the range of 93 cents to 95 cents per share.
The company's shares have dropped 10 percent since the beginning of the year. The stock has fallen 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 PGRE at https://www.zacks.com/ap/PGRE