RLJ Lodging: Q2 Earnings Snapshot
BETHESDA, Md. (AP) — BETHESDA, Md. (AP) — RLJ Lodging Trust (RLJ) on Thursday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The Bethesda, Maryland-based real estate investment trust said it had funds from operations of $87.8 million, or 56 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 53 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 $35.1 million, or 22 cents per share.
The hotel real estate investment trust, based in Bethesda, Maryland, posted revenue of $357 million in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $358.3 million.
For the current quarter ending in September, RLJ Lodging expects its per-share funds from operations to range from 37 cents to 44 cents.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RLJ at https://www.zacks.com/ap/RLJ