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TYSONS, Va. (AP) _ Park Hotels & Resorts Inc. (PK) on Thursday reported a loss in a key measure in its fourth quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Tysons, Virginia, said it had a funds from operations loss of $125 million, or 53 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for a funds from operations loss of 58 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 $217 million, or 92 cents per share.
Park Hotels & Resorts, based in Tysons, Virginia, posted revenue of $113 million in the period, falling short of Street forecasts. Six analysts surveyed by Zacks expected $134.7 million.
For the year, the company reported funds from operations of $389 million. Revenue was reported as $852 million.
The company’s shares have climbed 23% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $21.18, a rise of 2% 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 PK at https://www.zacks.com/ap/PK
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