Apple Hospitality REIT: 2Q Earnings Snapshot
RICHMOND, Va. (AP) _ Apple Hospitality REIT Inc. (APLE) on Monday reported a key measure of profitability in its second quarter. The results matched Wall Street expectations.
The Richmond, Virginia-based real estate investment trust said it had funds from operations of $117.3 million, or 51 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 51 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 $67.6 million, or 29 cents per share.
The hotel-owning real estate investment trust posted revenue of $344.7 million in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $347.2 million.
The company’s shares have dropped almost 9 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $17.87, a decrease of roughly 2 percent in the last 12 months.