DALLAS (AP) — DALLAS (AP) — Braemar Hotels & Resorts, Inc. (BHR) on Wednesday reported a key measure of profitability in its first quarter.
The Dallas-based real estate investment trust said it had funds from operations of $38.3 million, or 52 cents per share, in the period.
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 $4.9 million, or 7 cents per share.
The hotel owner posted revenue of $209 million in the period.
In the final minutes of trading on Wednesday, the company’s shares hit $2.55. A year ago, they were trading at $1.94.
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