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TYSONS, Va. (AP) — TYSONS, Va. (AP) — Park Hotels & Resorts Inc. (PK) on Wednesday reported a key measure of profitability in its fourth quarter. The results missed Wall Street expectations.
The real estate investment trust, based in Tysons, Virginia, said it had funds from operations of $80 million, or 39 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 40 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 $66 million, or 32 cents per share.
Park Hotels & Resorts, based in Tysons, Virginia, posted revenue of $625 million in the period, exceeding Street forecasts. Seven analysts surveyed by Zacks expected $602.9 million.
For the year, the company reported funds from operations of $430 million. Revenue was reported as $2.6 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PK at https://www.zacks.com/ap/PK