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IRVINE, Calif. (AP) _ Sunstone Hotel Investors Inc. (SHO) on Monday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The Irvine, California-based real estate investment trust said it had funds from operations of $47.5 million, or 21 cents per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 19 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 $13.1 million, or 6 cents per share.
The hotel real estate investment trust, based in Irvine, California, posted revenue of $257.7 million in the period, which also beat Street forecasts. Seven analysts surveyed by Zacks expected $255.3 million.
For the current quarter ending in July, Sunstone Hotel expects its per-share funds from operations to range from 32 cents to 34 cents.
The company expects full-year funds from operations in the range of $1.04 to $1.11 per share.
The company's shares have climbed 12% since the beginning of the year. In the final minutes of trading on Monday, shares hit $14.59, a fall of slightly more than 9% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SHO at https://www.zacks.com/ap/SHO