Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of hospitality real estate investment trust FelCor Lodging Trust (NYSE: FCH) leapt as much as 12% after the company reported first-quarter results.

So what: This was a confusing quarter if you don't dig beyond the initial numbers. For the quarter, the hotel REIT reported a loss of $0.02 on a 7% rise in revenue to $221.4 million. While the loss was in line with Wall Street's expectations, FelCor's sales were below the $232.5 million that was expected. On top of this, the company also lowered its full-year funds from operations forecast to a range of $0.18-$0.28 from its previous guidance of $0.23-$0.30. On the bright side, and the primary reason why the stock is up today, FelCor noted that revenue per available room for its hotels not under construction jumped 7.1% and FFO remained at the high end of the company's expectations.

Now what: That's quite a mouthful of negative and positive news to take in all at once. Realistically, the allure of REITs is the expectation that they will be sharing their profits, after expenses, with investors. Until FelCor completes renovations on many of its properties, profits are likely to be relatively small. It could be a steal here even after today's run if you're willing to hold for the long term, but I'd just as soon wait until FelCor's renovations are done before I commit to calling this stock a buy.

Craving more input? Start by adding FelCor Lodging Trust to your free and personalized watchlist so you can keep up on the latest news with the company.

Fool contributor Sean Williams has no material interest in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong, track every pick he makes under the screen name TrackUltraLong, and check him out on Twitter, where he goes by the handle @TMFUltraLong.

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