WEST PALM BEACH, Fla. (AP) — WEST PALM BEACH, Fla. (AP) — Chatham Lodging Trust (CLDT) on Monday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.
The real estate investment trust, based in West Palm Beach, Florida, said it had funds from operations of $7.9 million, or 16 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 13 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 $7.2 million, or 15 cents per share.
The real estate investment trust, based in West Palm Beach, Florida, posted revenue of $68.4 million in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $68.8 million.
For the current quarter ending in June, Chatham Lodging expects its per-share funds from operations to range from 33 cents to 36 cents.
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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 CLDT at https://www.zacks.com/ap/CLDT
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