RICHMOND, Va. (AP) — RICHMOND, Va. (AP) — Apple Hospitality REIT Inc. (APLE) on Monday reported a key measure of profitability in its fourth quarter.
The Richmond, Virginia-based real estate investment trust said it had funds from operations of $73.1 million, or 31 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 $29.6 million, or 13 cents per share.
The hotel-owning real estate investment trust posted revenue of $326.4 million in the period.
For the year, the company reported funds from operations of $361.1 million, or $1.52 per share. Revenue was reported as $1.41 billion.
The company’s shares have climbed 3% since the beginning of the year. In the final minutes of trading on Monday, shares hit $12.21, a drop of 17% in the last 12 months.
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