Sotherly Hotels: 2Q Earnings Snapshot
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 $8.4 million, or 55 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 $1.4 million, or 10 cents per share.
The real estate investment trust posted revenue of $51.6 million in the period.
Sotherly Hotels expects full-year funds from operations in the range of $1.04 to $1.08 per share.
The company’s shares have risen 10 percent since the beginning of the year. The stock has increased slightly more than 9 percent in the last 12 months.