Hospitality Properites: 2Q Earnings Snapshot
NEWTON, Mass. (AP) _ Hospitality Properites Trust (HPT) on Friday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The Newton, Massachusetts-based real estate investment trust said it had funds from operations of $168.8 million, or $1.03 per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $1.01 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 $8.8 million, or 5 cents per share.
The real estate investment trust posted revenue of $610.6 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $606.7 million.
The company’s shares have increased 1.5% since the beginning of the year.