BETHESDA, Md. (AP) _ DiamondRock Hospitality Co. (DRH) on Thursday reported a loss in funds from operations in its second quarter, after reporting a profit in the same period a year earlier. The results exceeded Wall Street expectations.
The real estate investment trust, based in Bethesda, Maryland, said it had a funds from operations loss of $41 million, or 20 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for a funds from operations loss of 25 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 a loss of $72.8 million, or 36 cents per share.