BETHESDA, Md. (AP) _ Pebblebrook Hotel Trust (PEB) on Thursday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The Bethesda, Maryland-based real estate investment trust said it had funds from operations of $60.7 million, or 46 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 40 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 $2.5 million, or 2 cents per share.
The hotel investment company posted revenue of $367.2 million in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $357.1 million.
For the current quarter ending in July, Pebblebrook Hotel expects its per-share funds from operations to range from 80 cents to 82 cents.
The company expects full-year funds from operations in the range of $2.60 to $2.67 per share.
The company's shares have risen 10 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $31.27, a drop of 11 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 PEB at https://www.zacks.com/ap/PEB