WILLIAMSBURG, Va. (AP) — WILLIAMSBURG, Va. (AP) — Sotherly Hotels Inc. (SOHO) on Tuesday reported a key measure of profitability in its first quarter.
The Williamsburg, Virginia-based real estate investment trust said it had funds from operations of $3.8 million, or 19 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 $2.7 million, or 13 cents per share.
The real estate investment trust, based in Williamsburg, Virginia, posted revenue of $48.3 million in the period.
Sotherly Hotels expects full-year funds from operations to be 52 cents to 56 cents per share, with revenue in the range of $183.4 million to $188.2 million.
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