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BETHESDA, Md. (AP) _ Pebblebrook Hotel Trust (PEB) on Thursday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Bethesda, Maryland, said it had funds from operations of $17.2 million, or 13 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 11 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 net income of $33.8 million, or 26 cents per share.
The hotel investment company posted revenue of $269.1 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $254.2 million.
The company’s shares have fallen 59% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $10.89, a fall of 66% 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 PEB at https://www.zacks.com/ap/PEB
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