NEW YORK (AP) _ Paramount Group Inc. (PGRE) on Tuesday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $47.6 million, or 22 cents per share, in the period.
The average estimate of three 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 $15.9 million, or 7 cents per share.
The real estate investment trust that owns office buildings posted revenue of $182.3 million in the period.
Paramount Group expects full-year funds from operations in the range of 86 cents to 90 cents per share.
The company's shares have risen roughly 10% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $9.92, an increase of 42% 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
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