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BETHESDA, Md. (AP) _ DiamondRock Hospitality Co. (DRH) on Thursday reported a loss in a key measure in its first quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Bethesda, Maryland, said it had a funds from operations loss of $24.9 million, or 12 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 15 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 $173.3 million, or 82 cents per share.
The hotel and resort real estate investment trust posted revenue of $72.9 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $66.8 million.
The company’s shares have risen 18% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $9.73, more than doubling 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 DRH at https://www.zacks.com/ap/DRH
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