IRVINE, Calif. (AP) _ Sunstone Hotel Investors Inc. (SHO) on Thursday reported a loss in a key measure in its fourth quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Irvine, California, said it had a funds from operations loss of $34.9 million, or 16 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for a funds from operations loss of 23 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 $41.2 million, or 19 cents per share.
The hotel real estate investment trust, based in Irvine, California, posted revenue of $37.4 million in the period, falling short of Street forecasts. Six analysts surveyed by Zacks expected $47.3 million.
For the year, the company reported funds from operations of $156.6 million. Revenue was reported as $267.9 million.
The company's shares have increased nearly 1% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $11.41, a decrease of 14% in the last 12 months.