TYSONS, Va. (AP) — TYSONS, Va. (AP) — Park Hotels & Resorts Inc. (PK) on Tuesday reported a key measure of profitability in its fourth quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Tysons, Virginia, said it had funds from operations of $110 million, or 52 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 51 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 $187 million, or 88 cents per share.
Park Hotels & Resorts, based in Tysons, Virginia, posted revenue of $657 million in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $665.2 million.
For the year, the company reported funds from operations of $439 million. Revenue was reported as $2.7 billion.
Park Hotels & Resorts expects full-year funds from operations in the range of $2.02 to $2.22 per share.
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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 PK at https://www.zacks.com/ap/PK