DALLAS (AP) _ Braemar Hotels & Resorts, Inc. (BHR) on Wednesday reported a key measure of profitability in its second quarter. The results did not meet Wall Street expectations.
The Dallas-based real estate investment trust said it had funds from operations of $18 million, or 42 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 46 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 $7 million, or 22 cents per share.
The hotel owner posted revenue of $118.5 million in the period, also missing Street forecasts. Five analysts surveyed by Zacks expected $124.5 million.
The company's shares have climbed 2% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $9.12, a decline of 20% in the last 12 months.