BETHESDA, Md. (AP) _ Pebblebrook Hotel Trust (PEB) on Thursday reported a key measure of profitability in its third quarter. The results matched Wall Street expectations.
The real estate investment trust, based in Bethesda, Maryland, said it had funds from operations of $100.5 million, or 77 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 77 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 $21.8 million, or 17 cents per share.
The hotel investment company posted revenue of $423.6 million in the period, which topped Street forecasts. Five analysts surveyed by Zacks expected $422.5 million.
Pebblebrook Hotel expects full-year funds from operations in the range of $2.57 to $2.60 per share.
The company's shares have dropped nearly 6% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $26.67, a decrease of 16% in the last 12 months.