RICHMOND, Va. (AP) — RICHMOND, Va. (AP) — Apple Hospitality REIT Inc. (APLE) on Monday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Richmond, Virginia, said it had funds from operations of $121.3 million, or 50 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 44 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 $73.9 million, or 31 cents per share.
The hotel-owning real estate investment trust posted revenue of $390.1 million in the period.
The company’s shares have declined 16% since the beginning of the year. In the final minutes of trading on Monday, shares hit $13.96, a fall of 5% 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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