BETHESDA, Md. (AP) — BETHESDA, Md. (AP) — RLJ Lodging Trust (RLJ) on Thursday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The Bethesda, Maryland-based real estate investment trust said it had funds from operations of $78.5 million, or 52 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 49 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 $24.8 million, or 16 cents per share.
The hotel real estate investment trust, based in Bethesda, Maryland, posted revenue of $383 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $367.3 million.
RLJ Lodging expects full-year funds from operations in the range of $1.37 to $1.50 per share.
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