DALLAS (AP) — DALLAS (AP) — Braemar Hotels & Resorts, Inc. (BHR) on Wednesday reported a loss in funds from operations in its third quarter, after reporting a profit in the same period a year earlier. The results fell short of Wall Street expectations.
DALLAS (AP) — DALLAS (AP) — Braemar Hotels & Resorts, Inc. (BHR) on Wednesday reported a loss in funds from operations in its third quarter, after reporting a profit in the same period a year earlier. The results fell short of Wall Street expectations.
The Dallas-based real estate investment trust said it had a funds from operations loss of $5.4 million, or 8 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 4 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 a loss of $33.1 million, or 50 cents per share.
The hotel owner posted revenue of $159.8 million in the period, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $170.5 million.
In the final minutes of trading on Wednesday, the company's shares hit $2.68. A year ago, they were trading at $3.68.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BHR at https://www.zacks.com/ap/BHR
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