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RICHMOND, Va. (AP) _ Apple Hospitality REIT Inc. (APLE) on Wednesday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The Richmond, Virginia-based real estate investment trust said it had funds from operations of $84.7 million, or 38 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 37 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 $38.2 million, or 17 cents per share.
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The hotel-owning real estate investment trust posted revenue of $303.8 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $303.5 million.
The company’s shares have increased 14% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $16.20, a decline of 12% 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 APLE at https://www.zacks.com/ap/APLE
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