Hospitality Properites: 2Q Earnings Snapshot
NEWTON, Mass. (AP) _ Hospitality Properites Trust (HPT) on Thursday reported a key measure of profitability in its second quarter. The results met Wall Street expectations.
The Newton, Massachusetts-based real estate investment trust said it had funds from operations of $176.2 million, or $1.07 per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $1.07 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 net income of $97.3 million, or 59 cents per share.
The real estate investment trust posted revenue of $612 million in the period, which topped Street forecasts. Four analysts surveyed by Zacks expected $591.8 million.
The company’s shares have fallen 6 percent since the beginning of the year.