DALLAS (AP) _ Ashford Hospitality Trust Inc. (AHT) on Tuesday reported a loss in funds from operations in its third quarter, after reporting a profit in the same period a year earlier. The results beat Wall Street expectations.
The real estate investment trust, based in Dallas, said it had a funds from operations loss of $62.4 million, or $4.57 per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for a funds from operations loss of $5.62 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 a loss of $109 million, or $9.26 per share.
The hotel owner posted revenue of $93 million in the period, which missed Street forecasts. Four analysts surveyed by Zacks expected $133.3 million.