DALLAS (AP) _ Braemar Hotels & Resorts, Inc. (BHR) on Wednesday reported a key measure of profitability in its third quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Dallas, said it had funds from operations of $12.4 million, or 29 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 28 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 $11.9 million, or 37 cents per share.
The hotel owner posted revenue of $118.9 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $116.3 million.
The company's shares have risen 5% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $9.39, a drop of 13% in the last 12 months.