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RICHMOND, Va. (AP) _ Apple Hospitality REIT Inc. (APLE) on Thursday reported a key measure of profitability in its second quarter. The results met Wall Street expectations.
The Richmond, Virginia-based real estate investment trust said it had funds from operations of $24 million, or 11 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for a funds from operations loss of 11 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 a loss of $78.2 million, or 35 cents per share.
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The hotel-owning real estate investment trust posted revenue of $81.1 million in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $84.4 million.
The company’s shares have declined 44% since the beginning of the year. The stock has declined 40% 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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