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TYSONS, Va. (AP) _ Park Hotels & Resorts Inc. (PK) 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 Tysons, Virginia, said it had a funds from operations loss of $113 million, or 48 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for a funds from operations loss of 54 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 $190 million, or 81 cents per share.
Park Hotels & Resorts, based in Tysons, Virginia, posted revenue of $165 million in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $150.3 million.
The company’s shares have climbed 25% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $21.49, 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 PK at https://www.zacks.com/ap/PK
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