Sunstone Hotel: Q1 Earnings Snapshot

ALISO VIEJO, Calif. (AP) — ALISO VIEJO, Calif. (AP) — Sunstone Hotel Investors Inc. (SHO) on Friday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.

The Aliso Viejo, California-based real estate investment trust said it had funds from operations of $43.8 million, or 21 cents per share, in the period.

The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 17 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 $17.3 million, or 8 cents per share.

The hotel real estate investment trust, based in Aliso Viejo, California, posted revenue of $243.4 million in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $223.9 million.

For the current quarter ending in June, Sunstone Hotel expects its per-share funds from operations to range from 29 cents to 32 cents.

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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