ORLANDO, Fla. (AP) _ Xenia Hotels & Resorts Inc. (XHR) on Monday reported a key measure of profitability in its fourth quarter. The results exceeded Wall Street expectations.
The Orlando, Florida-based real estate investment trust said it had funds from operations of $65.7 million, or 58 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 53 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 $15.6 million, or 14 cents per share.
The real estate investment trust that owns hotels, based in Orlando, Florida, posted revenue of $282.2 million in the period, also beating Street forecasts. Six analysts surveyed by Zacks expected $277.5 million.
For the year, the company reported funds from operations of $250.6 million. Revenue was reported as $1.15 billion.
Xenia Hotels & Resorts expects full-year funds from operations in the range of $1.84 to $1.98 per share.
The company's shares have decreased 14% since the beginning of the year. In the final minutes of trading on Monday, shares hit $18.50, a decline of 6% in the last 12 months.