WILLIAMSBURG, Va. (AP) — WILLIAMSBURG, Va. (AP) — Sotherly Hotels Inc. (SOHO) on Tuesday reported a key measure of profitability in its second quarter.
The real estate investment trust, based in Williamsburg, Virginia, said it had funds from operations of $7.4 million, or 37 cents per share, in the period.
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 $2.6 million, or 13 cents per share.
The real estate investment trust, based in Williamsburg, Virginia, posted revenue of $50.7 million in the period.
Sotherly Hotels expects full-year funds from operations to be 62 cents to 67 cents per share, with revenue in the range of $179 million to $182.6 million.
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