NEW YORK (AP) _ Paramount Group Inc. (PGRE) on Wednesday reported a key measure of profitability in its fourth quarter. The results surpassed Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $59.3 million, or 25 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 $5.3 million, or 2 cents per share.
The real estate investment trust that owns office buildings posted revenue of $190.7 million in the period.
For the year, the company reported funds from operations of $229.9 million. Revenue was reported as $759 million.
Paramount Group expects full-year funds from operations in the range of 88 cents to 92 cents per share.
The company's shares have risen 19 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $14.92, a climb of 5 percent in the last 12 months.