BETHESDA, Md. (AP) _ Pebblebrook Hotel Trust (PEB) on Thursday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Bethesda, Maryland, said it had funds from operations of $111.6 million, or 85 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 83 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 $52.2 million, or 40 cents per share.
The hotel investment company posted revenue of $442.1 million in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $434.4 million.
For the current quarter ending in October, Pebblebrook Hotel expects its per-share funds from operations to range from 76 cents to 78 cents.
The company expects full-year funds from operations in the range of $2.62 to $2.67 per share.
The company's shares have fallen slightly more than 3% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $27.37, a fall of 30% in the last 12 months.