ANNAPOLIS, Md. (AP) _ Chesapeake Lodging Trust (CHSP) on Wednesday reported a key measure of profitability in its fourth quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Annapolis, Maryland, said it had funds from operations of $28.4 million, or 48 cents per share, in the period.
The average estimate of seven 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 net income of $9.7 million, or 16 cents per share.
The real estate investment trust posted revenue of $145.1 million in the period, also beating Street forecasts. Six analysts surveyed by Zacks expected $142.8 million.
For the year, the company reported funds from operations of $140.4 million, or $2.39 per share. Revenue was reported as $619.7 million.
For the current quarter ending in April, Chesapeake Lodging expects its per-share funds from operations to range from 35 cents to 38 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 nearly 2 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $25.40, a decline of almost 3 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