IRVINE, Calif. (AP) _ Sunstone Hotel Investors Inc. (SHO) on Monday reported a key measure of profitability in its third quarter. The results beat Wall Street expectations.
The Irvine, California-based real estate investment trust said it had funds from operations of $65.7 million, or 29 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 28 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 $27.8 million, or 12 cents per share.
The hotel real estate investment trust, based in Irvine, California, posted revenue of $281.6 million in the period, which also beat Street forecasts. Seven analysts surveyed by Zacks expected $279.1 million.
For the current quarter ending in December, Sunstone Hotel expects its per-share funds from operations to range from 23 cents to 25 cents.
The company expects full-year funds from operations in the range of $1.09 to $1.11 per share.
The company's shares have risen 8% since the beginning of the year. In the final minutes of trading on Monday, shares hit $14.05, a decline of slightly more than 2% in the last 12 months.