RICHMOND, Va. (AP) — RICHMOND, Va. (AP) — Apple Hospitality REIT Inc. (APLE) on Tuesday reported a key measure of profitability in its third quarter. The results matched Wall Street expectations.
The Richmond, Virginia-based real estate investment trust said it had funds from operations of $104.1 million, or 45 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 45 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 $58.5 million, or 26 cents per share.
The hotel-owning real estate investment trust posted revenue of $358.3 million in the period.
The company’s shares have increased almost 6% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $16.67, a climb of almost 3% in the last 12 months.
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