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DiamondRock Hospitality: 3Q Earnings Snapshot

·1 min read

BETHESDA, Md. (AP) _ DiamondRock Hospitality Co. (DRH) on Thursday reported a loss in funds from operations in its third quarter, after reporting a profit in the same period a year earlier. The results did not meet Wall Street expectations.

The real estate investment trust, based in Bethesda, Maryland, said it had a funds from operations loss of $43.5 million, or 22 cents per share, in the period.

The average estimate of five analysts surveyed by Zacks Investment Research was for a funds from operations loss of 16 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 $80.4 million, or 40 cents per share.

The hotel and resort real estate investment trust posted revenue of $50.1 million in the period, which also fell short of Street forecasts. Five analysts surveyed by Zacks expected $56.2 million.

The company's shares have dropped 53% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $5.16, a decline of 51% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DRH at https://www.zacks.com/ap/DRH