ATLANTA (AP) _ Piedmont Office Realty Trust Inc. (PDM) on Wednesday reported a key measure of profitability in its second quarter. The results fell short of Wall Street expectations.
The real estate investment trust, based in Atlanta, said it had funds from operations of $45 million, or 49 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 50 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 $192.4 million, or $1.52 per share.
The commercial real estate investment trust posted revenue of $134.6 million in the period.
The company's shares have decreased 27% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $16.27, a decrease of 20% in the last 12 months.