BETHESDA, Md. (AP) _ Pebblebrook Hotel Trust (PEB) on Thursday reported a key measure of profitability in its fourth quarter. The results beat Wall Street expectations.
The Bethesda, Maryland-based real estate investment trust said it had funds from operations of $41.5 million, or 57 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 53 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 $14.3 million, or 20 cents per share.
The hotel investment company posted revenue of $198.9 million in the period, which fell short of Street forecasts. Five analysts surveyed by Zacks expected $203 million.
For the year, the company reported funds from operations of $201.8 million, or $2.78 per share. Revenue was reported as $816.4 million.
For the current quarter ending in April, Pebblebrook Hotel expects its per-share funds from operations to range from 45 cents to 49 cents.
The company expects full-year funds from operations in the range of $2.34 to $2.50 per share.
The company's shares have dropped slightly more than 4 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $28.48, a rise of roughly 6 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
Keywords: Pebblebrook Hotel, Earnings Report