BETHESDA, Md. (AP) _ DiamondRock Hospitality Co. (DRH) 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 exceeded Wall Street expectations.
The real estate investment trust, based in Bethesda, Maryland, said it had a funds from operations loss of $41 million, or 20 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 25 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 $72.8 million, or 36 cents per share.
The hotel and resort real estate investment trust posted revenue of $20.4 million in the period, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $28.1 million.
The company's shares closed at $4.87. A year ago, they were trading at $9.40.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DRH at https://www.zacks.com/ap/DRH
Automated Insights, source Associated Press News