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BETHESDA, Md. (AP) _ DiamondRock Hospitality Co. (DRH) on Monday reported a key measure of profitability in its first quarter. The results missed Wall Street expectations.
The real estate investment trust, based in Bethesda, Maryland, said it had funds from operations of $8.4 million, or 4 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 6 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.
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The company said it had a loss of $34.6 million, or 17 cents per share.
The hotel and resort real estate investment trust posted revenue of $170 million in the period, beating Street forecasts. Five analysts surveyed by Zacks expected $164.4 million.
In the final minutes of trading on Monday, the company’s shares hit $5. A year ago, they were trading at $10.68.
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
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