Wednesday, February 26, 2020 7:24 PM EST
By The Associated Press
DALLAS (AP) _ Braemar Hotels & Resorts, Inc. (BHR) on Wednesday reported a key measure of profitability in its fourth quarter, after reporting a loss in the same period a year earlier. The results topped Wall Street expectations.
The Dallas-based real estate investment trust said it had funds from operations of $11.7 million, or 27 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 25 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 $12.7 million, or 36 cents per share.
The hotel owner posted revenue of $121.7 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $116.9 million.
For the year, the company reported funds from operations of $61.2 million, or $1.41 per share. Revenue was reported as $487.6 million.
The company's shares have declined 19% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $7.27, a decrease of 42% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BHR at https://www.zacks.com/ap/BHR