BETHESDA, Md. (AP) _ DiamondRock Hospitality Co. (DRH) on Thursday reported a key measure of profitability in its fourth quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Bethesda, Maryland, said it had funds from operations of $ 54.7 million, or 27 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 24 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 $ 134.1 million, or 66 cents per share.
The hotel and resort real estate investment trust posted revenue of $ 237.5 million in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $ 234 million.
DiamondRock Hospitality expects full-year funds from operations in the range of $ 1 to $ 1.04 per share.
The company’s shares have dropped slightly more than 5% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $ 10.49, a drop of almost 4% in the last 12 months.