BETHESDA, Md. (AP) _ Pebblebrook Hotel Trust (PEB) on Thursday reported a loss in funds from operations in its third quarter, after reporting a profit in the same period a year earlier. The results did not meet Wall Street expectations.
The real estate investment trust, based in Bethesda, Maryland, said it had a funds from operations loss of $66.6 million, or 51 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for a funds from operations loss of 45 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 $138.4 million, or $1.06 per share.
The hotel investment company posted revenue of $77 million in the period, surpassing Street forecasts. Five analysts surveyed by Zacks expected $74 million.
The company’s shares have dropped 53% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $12.65, a decrease of 51% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PEB at https://www.zacks.com/ap/PEB