U.S. Markets close in 4 hrs 49 mins

Paramount Group reports 4Q results

NEW YORK (AP) _ Paramount Group Inc. (PGRE) on Wednesday reported a key measure of profitability in its fourth quarter. The results did not meet Wall Street expectations.

The real estate investment trust, based in New York, said it had funds from operations of $40.6 million, or 18 cents per share, in the period.

The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 20 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 $6.5 million, or 3 cents per share.

The real estate investment trust that owns office buildings, based in New York, posted revenue of $166.8 million in the period.

For the year, the company reported funds from operations of $183.1 million. Revenue was reported as $683.3 million.

Paramount Group expects full-year funds from operations in the range of 83 cents to 87 cents per share.

The company's shares have risen 7 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $17.11, a rise of 14 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


Keywords: Paramount Group, Earnings Report