DALLAS (AP) — DALLAS (AP) — Braemar Hotels & Resorts, Inc. (BHR) on Wednesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.

The real estate investment trust, based in Dallas, said it had funds from operations of $30.3 million, or 42 cents per share, in the period.

The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 34 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 $3.5 million, or 5 cents per share.

The hotel owner posted revenue of $219.1 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $211.4 million.

In the final minutes of trading on Wednesday, the company's shares hit $2.59. A year ago, they were trading at $3.95.

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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 BHR at https://www.zacks.com/ap/BHR