WEST PALM BEACH, Fla. (AP) — WEST PALM BEACH, Fla. (AP) — Chatham Lodging Trust (CLDT) on Thursday reported a key measure of profitability in its third quarter. The results met Wall Street expectations.
The West Palm Beach, Florida-based real estate investment trust said it had funds from operations of $17.6 million, or 35 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 35 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 $2.3 million, or 5 cents per share.
The real estate investment trust, based in West Palm Beach, Florida, posted revenue of $87.2 million in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $87.6 million.
For the current quarter ending in December, Chatham Lodging expects its per-share funds from operations to range from 15 cents to 18 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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