Hersha Hospitality: 2Q Earnings Snapshot
HARRISBURG, Pa. (AP) _ Hersha Hospitality Trust (HT) on Tuesday reported a key measure of profitability in its second quarter. The results did not meet Wall Street expectations.
The real estate investment trust, based in Harrisburg, Pennsylvania, said it had funds from operations of $33.4 million, or 77 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 81 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 $443,000, or 2 cents per share.
The hotel real estate investment trust posted revenue of $147.5 million in the period, surpassing Street forecasts. Nine analysts surveyed by Zacks expected $146.8 million.
For the current quarter ending in October, Hersha Hospitality expects its per-share funds from operations to range from 56 cents to 61 cents.
The company expects full-year funds from operations in the range of $2.07 to $2.19 per share.
The company’s shares have declined 3% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $17.01, a fall of 20% in the last 12 months.