RICHMOND, Va. (AP) _ Apple Hospitality REIT Inc. (APLE) on Thursday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The Richmond, Virginia-based real estate investment trust said it had funds from operations of $110.8 million, or 48 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 45 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 $65.3 million, or 29 cents per share.
The hotel-owning real estate investment trust posted revenue of $337.7 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $316.8 million.
The company's shares have increased nearly 3% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $16.61, a climb of 16% in the last 12 months.