RLJ Lodging: 1Q Earnings Snapshot
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BETHESDA, Md. (AP) _ RLJ Lodging Trust (RLJ) on Wednesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Bethesda, Maryland, said it had funds from operations of $81.5 million, or 47 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 45 cents per share.
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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 $17.4 million, or 10 cents per share.
The hotel real estate investment trust posted revenue of $429.6 million in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $417.5 million.
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The company's shares have fallen 2 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $21.52, a rise of roughly 6 percent in the last 12 months.
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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on RLJ at https://www.zacks.com/ap/RLJ