RICHMOND, Va. (AP) — RICHMOND, Va. (AP) — Apple Hospitality REIT Inc. (APLE) on Thursday reported a key measure of profitability in its second quarter. The results fell short of Wall Street expectations.
The real estate investment trust, based in Richmond, Virginia, said it had funds from operations of $111.4 million, or 49 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 51 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 $65.3 million, or 29 cents per share.
The hotel-owning real estate investment trust posted revenue of $361.6 million in the period.
The company’s shares have fallen nearly 7% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $14.71, a decline of 11% in the last 12 months.
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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 APLE at https://www.zacks.com/ap/APLE
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