RICHMOND, Va. (AP) _ Apple Hospitality REIT Inc. (APLE) on Monday reported a key measure of profitability in its first quarter. The results fell short of Wall Street expectations.
The Richmond, Virginia-based real estate investment trust said it had funds from operations of $37.8 million, or 17 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 26 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 $2.8 million, or 1 cent per share.
The hotel-owning real estate investment trust posted revenue of $238 million in the period, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $245.4 million.
The company's shares have dropped 44% since the beginning of the year. In the final minutes of trading on Monday, shares hit $9.13, a decline of 45% in the last 12 months.