U.S. Markets closed

Ashford Hospitality Prime reports 1Q results

DALLAS (AP) _ Ashford Hospitality Prime Inc. (AHP) on Wednesday reported a key measure of profitability in its first quarter.

The real estate investment trust, based in Dallas, said it had funds from operations of $16.5 million, or 46 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 a loss of $1.7 million, or 7 cents per share.

The hotel owner posted revenue of $97.3 million in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $98.9 million.

The company's shares have declined 20 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $10.88, a decline of nearly 5 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 AHP at https://www.zacks.com/ap/AHP


Keywords: Ashford Hospitality Prime, Earnings Report