TYSONS, Va. (AP) – Park Hotels & Resorts Inc. (PK) reported a loss on a key first-quarter measure on Thursday. The results exceeded Wall Street’s expectations.
The Tysons, Virginia-based real estate investment trust reported an operating loss of $ 113 million, or 48 cents per share, for the period.
The average estimate by six analysts surveyed by Zacks Investment Research was for a loss from operations of 54 cents per share.
Funds from Operations is a closely watched move in the REIT industry. It takes the net result and adds items like depreciation and amortization.
The company said it had a loss of $ 190 million, or 81 cents per share.
Park Hotels & Resorts, headquartered in Tysons, Virginia, had revenue of $ 165 million for the period, which also exceeded Street forecasts. Five analysts surveyed by Zacks expected $ 150.3 million.
The company’s shares are up 25% since the start of the year. In the last few minutes of trading on Thursday, stocks hit $ 21.49 and have more than doubled in the past 12 months.
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