BETHESDA, Md. (AP) — BETHESDA, Md. (AP) — RLJ Lodging Trust (RLJ) on Wednesday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Bethesda, Maryland, said it had funds from operations of $61.2 million, or 40 cents per share, in the period.
The average estimate of five 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 $14.3 million, or 9 cents per share.
The hotel real estate investment trust, based in Bethesda, Maryland, posted revenue of $345.7 million in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $343.2 million.
RLJ Lodging expects full-year funds from operations in the range of $1.45 to $1.58 per share.
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