ARLINGTON, Va. – ARLINGTON, Va. (AP) _ Chesapeake Lodging Trust (CHSP) on Thursday reported a key measure of profitability in its third quarter. The results missed Wall Street expectations.
The real estate investment trust, based in Arlington, Virginia, said it had funds from operations of $38.7 million, or 65 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 66 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 $53.4 million, or 89 cents per share.
The real estate investment trust posted revenue of $156.4 million in the period, also falling short of Street forecasts. Six analysts surveyed by Zacks expected $156.5 million.
Chesapeake Lodging expects full-year funds from operations in the range of 48 cents to 52 cents per share.
The company's shares have climbed 9 percent since the beginning of the year. The stock has increased 6 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 CHSP at https://www.zacks.com/ap/CHSP