Summary : The results exceeded Wall Street expectations.
The real estate investment trust, based in Bethesda, Maryland, said it had funds from operations of $76.5 million, or 36 cents per share, in the period. The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 31 cents per share. The hotel and resort real estate investment trust posted revenue of $281.4 million in the period, which also topped Street forecasts.
BETHESDA, Md. (AP) _ DiamondRock Hospitality Co. (DRH) on Wednesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.The real estate investment trust, based in Bethesda, Maryland, said it had funds from operations of $76.5 million, or 36 cents per share, in the period.The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 31 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 $50.1 million, or 23 cents per share. The hotel and resort real estate investment trust posted revenue of $281.4 million in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $263.7 million. This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DRH at https://www.zacks.com/ap/DRH
