BETHESDA, Md. (AP) — BETHESDA, Md. (AP) — Pebblebrook Hotel Trust (PEB) on Wednesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.

The real estate investment trust, based in Bethesda, Maryland, said it had funds from operations of $83.8 million, or 69 cents per share, in the period.

The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 60 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 $20.3 million, or 16 cents per share.

The hotel investment company, based in Bethesda, Maryland, posted revenue of $397.1 million in the period, missing Street forecasts. Five analysts surveyed by Zacks expected $399.4 million.

For the current quarter ending in September, Pebblebrook Hotel expects its per-share funds from operations to range from 49 cents to 53 cents.

The company expects full-year funds from operations in the range of $1.59 to $1.67 per share.

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