ALISO VIEJO, Calif. (AP) — ALISO VIEJO, Calif. (AP) — Sunstone Hotel Investors Inc. (SHO) on Tuesday reported a key measure of profitability in its third quarter. The results fell short of Wall Street expectations.
The real estate investment trust, based in Aliso Viejo, California, said it had funds from operations of $36.9 million, or 18 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 20 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 a loss of $682,000, or less than 1 cent on a per-share basis.
The hotel real estate investment trust, based in Aliso Viejo, California, posted revenue of $226.4 million in the period, which beat Street forecasts. Five analysts surveyed by Zacks expected $222.9 million.
Sunstone Hotel expects full-year funds from operations in the range of 75 cents to 80 cents per share.
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