TYSONS, Va. (AP) 鈥� TYSONS, Va. (AP) 鈥� Park Hotels & Resorts Inc. (PK) on Thursday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.
The Tysons, Virginia-based real estate investment trust said it had funds from operations of $90 million, or 45 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 40 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 $11 million, or 5 cents per share.
Park Hotels & Resorts, based in Tysons, Virginia, posted revenue of $622 million in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $618.4 million.
Park Hotels & Resorts expects full-year funds from operations in the range of $1.74 to $1.90 per share.
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