RLJ Lodging: 3Q Earnings Snapshot
{{#rendered}} {{/rendered}}BETHESDA, Md. (AP) _ RLJ Lodging Trust (RLJ) on Tuesday reported a key measure of profitability in its third quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Bethesda, Maryland, said it had funds from operations of $101.4 million, or 58 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 56 cents per share.
{{#rendered}} {{/rendered}}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 $67.7 million, or 39 cents per share.
The hotel real estate investment trust posted revenue of $447 million in the period, which fell short of Street forecasts. Seven analysts surveyed by Zacks expected $449.5 million.
{{#rendered}} {{/rendered}}The company's shares have fallen 13 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $19.22, a decline of 11 percent in the last 12 months.
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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on RLJ at https://www.zacks.com/ap/RLJ