WILLIAMSBURG, Va. (AP) — WILLIAMSBURG, Va. (AP) — Sotherly Hotels Inc. (SOHO) on Thursday reported a key measure of profitability in its first quarter.
The Williamsburg, Virginia-based real estate investment trust said it had funds from operations of $4.7 million, or 24 cents per share, in the period.
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 $582,000, or 3 cents per share.
The real estate investment trust, based in Williamsburg, Virginia, posted revenue of $43.5 million in the period.
For the current quarter ending in June, Sotherly Hotels expects its per-share funds from operations to range from 40 cents to 44 cents.
The company said it expects revenue in the range of $48.9 million to $51.3 million for the fiscal second quarter.
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