TYSONS, Va. (AP) — TYSONS, Va. (AP) — Park Hotels & Resorts Inc. (PK) on Thursday reported a key measure of profitability in its third quarter. The results missed Wall Street expectations.
The Tysons, Virginia-based real estate investment trust said it had funds from operations of $70 million, or 35 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 39 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 $16 million, or 8 cents per share.
Park Hotels & Resorts, based in Tysons, Virginia, posted revenue of $610 million in the period, beating Street forecasts. Five analysts surveyed by Zacks expected $608.9 million.
Park Hotels & Resorts expects full-year funds from operations in the range of $1.85 to $1.97 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 PK at https://www.zacks.com/ap/PK
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