Park Hotels & Resorts Misses Q4 FFO Estimates
TYSONS, Va. (AP) - Park Hotels & Resorts Inc. (PK) reported a decline in fourth-quarter funds from operations (FFO) on Wednesday, falling short of Wall Street expectations.
The real estate investment trust (REIT) recorded FFO of $80 million or 39 cents per share, while analysts had estimated 40 cents per share. FFO, a key profitability metric for REITs, represents net income adjusted for non-cash items like depreciation and amortization.
Net income for the quarter was $66 million or 32 cents per share.
Despite missing FFO estimates, Park Hotels & Resorts surpassed revenue expectations. The company generated $625 million in revenue, exceeding the consensus forecast of $602.9 million.
For the full year, the company reported FFO of $430 million and revenue of $2.6 billion.