BETHESDA, Md. (AP) _ DiamondRock Hospitality Co. (DRH) on Monday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The Bethesda, Maryland-based real estate investment trust said it had funds from operations of $65.1 million, or 32 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 31 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 $29 million, or 14 cents per share.
The hotel and resort real estate investment trust posted revenue of $257.9 million in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $254.5 million.
DiamondRock Hospitality expects full-year funds from operations in the range of $1.01 to $1.05 per share.
The company's shares have increased nearly 4% since the beginning of the year. In the final minutes of trading on Monday, shares hit $9.42, a decline of 20% in the last 12 months.