Hersha Hospitality: 1Q Earnings Snapshot
HARRISBURG, Pa. (AP) _ Hersha Hospitality Trust (HT) on Wednesday reported a loss in funds from operations in its first quarter, after reporting a profit in the same period a year earlier. The results fell short of Wall Street expectations.
The Harrisburg, Pennsylvania-based real estate investment trust said it had a funds from operations loss of $2.4 million, or 6 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 1 cent 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 $29.1 million, or 76 cents per share.
The hotel real estate investment trust posted revenue of $90.1 million in the period, which also did not meet Street forecasts. Seven analysts surveyed by Zacks expected $97.7 million.
In the final minutes of trading on Wednesday, the company's shares hit $4.35. A year ago, they were trading at $19.01.
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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