IRVINE, Calif. (AP) _ Sunstone Hotel Investors Inc. (SHO) on Tuesday reported a loss in a key measure in its second quarter. The results fell short of Wall Street expectations.
The Irvine, California-based real estate investment trust said it had a funds from operations loss of $65.6 million, or 31 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for a funds from operations loss of 27 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 $118.5 million, or 55 cents per share.
The hotel real estate investment trust, based in Irvine, California, posted revenue of $10.4 million in the period, also missing Street forecasts. Six analysts surveyed by Zacks expected $23.7 million.
The company’s shares have dropped 48% since the beginning of the year. The stock has dropped 43% in the last 12 months.