Hersha Hospitality: 4Q Earnings Snapshot
HARRISBURG, Pa. (AP) _ Hersha Hospitality Trust (HT) on Monday reported a key measure of profitability in its fourth quarter. The results fell short of Wall Street expectations.
The real estate investment trust, based in Harrisburg, Pennsylvania, said it had funds from operations of $21.9 million, or 51 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 53 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 $9.3 million, or 24 cents per share.
The hotel real estate investment trust posted revenue of $132.7 million in the period, exceeding Street forecasts. Six analysts surveyed by Zacks expected $131.8 million.
For the current quarter ending in April, Hersha Hospitality expects its per-share funds from operations to range from 14 cents to 19 cents.
The company expects full-year funds from operations in the range of $2.02 to $2.13 per share.
The company’s shares have fallen almost 8% since the beginning of the year. In the final minutes of trading on Monday, shares hit $13.43, a decline of 31% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HT at https://www.zacks.com/ap/HT
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