DALLAS (AP) _ Braemar Hotels & Resorts, Inc. (BHR) on Wednesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The Dallas-based real estate investment trust said it had funds from operations of $19.2 million, or 44 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 41 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 $3.5 million, or 11 cents per share.
The hotel owner posted revenue of $128.5 million in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $121 million.
The company's shares have risen 48% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $13.25, an increase of 27% 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 BHR at https://www.zacks.com/ap/BHR