RLJ Lodging: 2Q Earnings Snapshot
BETHESDA, Md. (AP) _ RLJ Lodging Trust (RLJ) on Wednesday reported a key measure of profitability in its second quarter. The results matched Wall Street expectations.
The real estate investment trust, based in Bethesda, Maryland, said it had funds from operations of $119.2 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 69 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 $27.2 million, or 16 cents per share.
The hotel real estate investment trust posted revenue of $448.7 million in the period, which fell short of Street forecasts. Eight analysts surveyed by Zacks expected $453.5 million.
RLJ Lodging expects full-year funds from operations in the range of $1.98 to $2.10 per share.
The company’s shares have fallen 1% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $16.24, a decrease of 26% in the last 12 months.