Braemar Hotels & Resorts: 2Q Earnings Snapshot
DALLAS (AP) _ Braemar Hotels & Resorts, Inc. (BHR) on Wednesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The Dallas-based real estate investment trust said it had funds from operations of $23.9 million, or 56 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 51 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 $9.8 million, or 29 cents per share.
The hotel owner posted revenue of $121.1 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $120.2 million.
The company’s shares have risen 17 percent since the beginning of the year. The stock has risen nearly 8 percent in the last 12 months.