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 fell short of 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.
The company said it had a loss of $51.2 million, or 23 cents per share.
The hotel-owning real estate investment trust posted revenue of $134 million in the period, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $148.3 million.
For the year, the company reported funds from operations of $20.4 million. Revenue was reported as $601.9 million.
The company's shares have risen 16% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $14.97, an increase of slightly more than 3% in the last 12 months.