BETHESDA, Md. (AP) — BETHESDA, Md. (AP) — DiamondRock Hospitality Co. (DRH) on Thursday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The Bethesda, Maryland-based real estate investment trust said it had funds from operations of $46.1 million, or 22 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 19 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 $14.5 million, or 7 cents per share.
The hotel and resort real estate investment trust, based in Bethesda, Maryland, posted revenue of $258.2 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $254.9 million.
DiamondRock Hospitality expects full-year funds from operations in the range of $1.12 to $1.18 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 DRH at https://www.zacks.com/ap/DRH