ANNAPOLIS, Md. (AP) _ Chesapeake Lodging Trust (CHSP) on Tuesday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Annapolis, Maryland, said it had funds from operations of $24.2 million, or 41 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 36 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 net income of $5.6 million, or 9 cents per share.
The real estate investment trust posted revenue of $134.9 million in the period, also beating Street forecasts. Six analysts surveyed by Zacks expected $132.4 million.
For the current quarter ending in July, Chesapeake Lodging expects its per-share funds from operations to range from 60 cents to 64 cents.
The company expects full-year funds from operations in the range of $2.10 to $2.20 per share.
The company's shares have declined 4.5 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $24.70, a climb of almost 1 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 CHSP at https://www.zacks.com/ap/CHSP
Keywords: Chesapeake Lodging, Earnings Report