DALLAS (AP) _ Ashford Hospitality Prime Inc. (AHP) on Wednesday reported a key measure of profitability in its fourth quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Dallas, said it had funds from operations of $11.6 million, or 34 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 29 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 $590,000, or 3 cents per share.
The hotel owner posted revenue of $94 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $93.1 million.
For the year, the company reported funds from operations of $60.6 million, or $1.73 per share. Revenue was reported as $405.9 million.
The company's shares have dropped slightly more than 1 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $13.46, a climb of 31 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