ALISO VIEJO, Calif. (AP) — ALISO VIEJO, Calif. (AP) — Sunstone Hotel Investors Inc. (SHO) on Wednesday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The Aliso Viejo, California-based real estate investment trust said it had funds from operations of $55.7 million, or 28 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 26 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 $6.8 million, or 3 cents per share.
The hotel real estate investment trust, based in Aliso Viejo, California, posted revenue of $259.8 million in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $254.9 million.
Sunstone Hotel expects full-year funds from operations in the range of 80 cents to 87 cents per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SHO at https://www.zacks.com/ap/SHO
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