BETHESDA, Md. (AP) _ Pebblebrook Hotel Trust (PEB) on Thursday reported a loss in funds from operations in its second quarter, after reporting a profit in the same period a year earlier. The results topped Wall Street expectations.
The real estate investment trust, based in Bethesda, Maryland, said it had a funds from operations loss of $76.6 million, or 58 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 61 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 $138.7 million, or $1.06 per share.
The hotel investment company posted revenue of $22.6 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $16.6 million.
The company's shares have decreased 61% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $10.53, a fall of 63% in the last 12 months.