NEWTON, Mass. – NEWTON, Mass. (AP) _ Hospitality Properites Trust (HPT) on Tuesday reported a key measure of profitability in its third quarter. The results beat Wall Street expectations.
The Newton, Massachusetts-based real estate investment trust said it had funds from operations of $174.7 million, or $1.06 per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $1.04 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 $117.1 million, or 71 cents per share.
The real estate investment trust posted revenue of $603.2 million in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $593.3 million.
The company's shares have fallen 13 percent since the beginning of the year.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on HPT at https://www.zacks.com/ap/HPT