Pebblebrook Hotel: Q2 Earnings Snapshot
BETHESDA, Md. (AP) _ Pebblebrook Hotel Trust (PEB) on Tuesday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Bethesda, Maryland, said it had funds from operations of $95 million, or 72 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 68 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 net income of $16.6 million, or 12 cents per share.
The hotel investment company, based in Bethesda, Maryland, posted revenue of $397.5 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $377.7 million.
For the current quarter ending in October, Pebblebrook Hotel expects its per-share funds from operations to range from 57 cents to 65 cents.