RICHMOND, Va. (AP) _ Apple Hospitality REIT Inc. (APLE) on Tuesday reported a loss in funds from operations in its fourth quarter, after reporting a profit in the same period a year earlier. The results missed Wall Street expectations.
The Richmond, Virginia-based real estate investment trust said it had a funds from operations loss of $2.5 million, or 1 cent per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 2 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.