TYSONS, Va. (AP) — TYSONS, Va. (AP) — Park Hotels & Resorts Inc. (PK) on Tuesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Tysons, Virginia, said it had funds from operations of $111 million, or 52 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 44 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 $28 million, or 13 cents per share.
Park Hotels & Resorts, based in Tysons, Virginia, posted revenue of $639 million in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $630.5 million.
Park Hotels & Resorts expects full-year funds from operations in the range of $2.07 to $2.27 per share.
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