RICHMOND, Va. (AP) _ Apple Hospitality REIT Inc. (APLE) on Monday reported a key measure of profitability in its second quarter. The results met Wall Street expectations.
The real estate investment trust, based in Richmond, Virginia, said it had funds from operations of $110.2 million, or 49 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 49 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 $62.1 million, or 28 cents per share.
The hotel-owning real estate investment trust posted revenue of $341.1 million in the period, which topped Street forecasts. Five analysts surveyed by Zacks expected $340.4 million.
The company's shares have increased 4% since the beginning of the year. In the final minutes of trading on Monday, shares hit $14.84, a decline of 17% in the last 12 months.