BETHESDA, Md. (AP) _ Host Hotels & Resorts Inc. (HST) on Wednesday reported a loss in funds from operations in its third quarter, after reporting a profit in the same period a year earlier. The results surpassed Wall Street expectations.
The Bethesda, Maryland-based real estate investment trust said it had a funds from operations loss of $80 million, or 11 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for a funds from operations loss of 21 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 $313 million, or 44 cents per share.
The lodging real estate investment trust posted revenue of $198 million in the period, which fell short of Street forecasts. Eight analysts surveyed by Zacks expected $230.6 million.
The company’s shares have declined 41% since the beginning of the year, while the Standard & Poor’s 500 index has increased almost 7%. In the final minutes of trading on Wednesday, shares hit $10.99, a drop of 36% 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 HST at https://www.zacks.com/ap/HST