BETHESDA, Md. – BETHESDA, Md. (AP) _ LaSalle Hotel Properties (LHO) on Thursday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The Bethesda, Maryland-based real estate investment trust said it had funds from operations of $88.3 million, or 80 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 77 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 $31.6 million, or 28 cents per share.
The real estate investment trust posted revenue of $304.6 million in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $302.2 million.
The company's shares have risen 22 percent since the beginning of the year. The stock has increased 22 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on LHO at https://www.zacks.com/ap/LHO