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TYSONS, Va. (AP) _ Park Hotels & Resorts Inc. (PK) on Thursday reported a loss in a key measure in its second quarter. The results surpassed Wall Street expectations.
The Tysons, Virginia-based real estate investment trust said it had a funds from operations loss of $38 million, or 16 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 27 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 $116 million, or 49 cents per share.
Park Hotels & Resorts, based in Tysons, Virginia, posted revenue of $323 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $258.9 million.
The company’s shares have risen almost 9% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $18.62, 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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