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DiamondRock’s FFO rises in 1st quarter

DiamondRock Hospitality Inc., of Bethesda, a real estate investment trust that owns 27 upscale and luxury hotels, said first-quarter funds from operations — a key measure of a REIT’s financial performance —totaled $26.8 million, compared to $25.5 million for the same period in 2012, a rise of nearly 5 percent.

On a per-share basis, adjusted FFO per share was 14 cents, compared to 15 cents per share a year earlier. Analysts polled by Thomson Reuters had forecast, on average, earnings of 9 cents per share.

Revenue rose to $181.3 million from $118.4 million in the prior-year’s first quarter, easily exceeding Wall Street’s expectation of revenue of $169.4 million for the 2013 period.

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