WILLIAMSBURG, Va. (AP) _ Sotherly Hotels Inc. (SOHO) on Monday reported a loss in funds from operations in its third quarter, after reporting a profit in the same period a year earlier.
The Williamsburg, Virginia-based real estate investment trust said it had a funds from operations loss of $8.6 million, or 55 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 $12.3 million, or 86 cents per share.
The real estate investment trust posted revenue of $14.4 million in the period.
The company's shares closed at $1.57. A year ago, they were trading at $6.43.
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