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ARLINGTON, Va. (AP) _ Chesapeake Lodging Trust (CHSP) on Monday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Arlington, Virginia, said it had funds from operations of $26.8 million, or 45 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 44 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 $8.3 million, or 14 cents per share.
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The real estate investment trust posted revenue of $133.7 million in the period, which did not meet Street forecasts. Seven analysts surveyed by Zacks expected $133.9 million.
The company’s shares have increased 20% since the beginning of the year. The stock has dropped roughly 3% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CHSP at https://www.zacks.com/ap/CHSP
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