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BETHESDA, Md. (AP) — BETHESDA, Md. (AP) — Pebblebrook Hotel Trust (PEB) on Thursday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Bethesda, Maryland, said it had funds from operations of $71.7 million, or 59 cents per share, in the period.
The average estimate of five 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 $33 million, or 24 cents per share.
The hotel investment company, based in Bethesda, Maryland, posted revenue of $404.5 million in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $401.6 million.
For the current quarter ending in December, Pebblebrook Hotel expects its per-share funds from operations to range from 8 cents to 11 cents.
The company expects full-year funds from operations in the range of $1.57 to $1.60 per share.
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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