Chesapeake Lodging: 2Q Earnings Snapshot
ARLINGTON, Va. (AP) _ Chesapeake Lodging Trust (CHSP) on Thursday reported a key measure of profitability in its second quarter. The results missed Wall Street expectations.
The real estate investment trust, based in Arlington, Virginia, said it had funds from operations of $41.4 million, or 69 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 74 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 $18.2 million, or 30 cents per share.
The real estate investment trust posted revenue of $159 million in the period, which also missed Street forecasts. Seven analysts surveyed by Zacks expected $164.4 million.
The company’s shares have increased 13% since the beginning of the year. The stock has declined 14% in the last 12 months.