NEW YORK (AP) — NEW YORK (AP) — Paramount Group Inc. (PGRE) on Wednesday reported a key measure of profitability in its first quarter.

The New York-based real estate investment trust said it had funds from operations of $47.9 million, or 22 cents per share, in the period.

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 $9.9 million, or 5 cents per share.

The real estate investment trust that owns office buildings, based in New York, posted revenue of $188.9 million in the period.

Paramount Group expects full-year funds from operations in the range of 75 cents to 81 cents per share.

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