DALLAS (AP) _ Braemar Hotels & Resorts, Inc. (BHR) on Thursday reported a loss in funds from operations in its second quarter, after reporting a profit in the same period a year earlier. The results matched Wall Street expectations.
The Dallas-based real estate investment trust said it had a funds from operations loss of $25.1 million, or 58 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for a funds from operations loss of 58 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 a loss of $46.3 million, or $1.41 per share.
The hotel owner posted revenue of $12.9 million in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $16.5 million.
In the final minutes of trading on Thursday, the company’s shares hit $2.44. A year ago, they were trading at $9.12.