Chesapeake Lodging: 3Q Earnings Snapshot
{{#rendered}} {{/rendered}}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.
{{#rendered}} {{/rendered}}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.
{{#rendered}} {{/rendered}}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.
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{{#rendered}} {{/rendered}}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