HARRISBURG, Pa. (AP) _ Hersha Hospitality Trust (HT) on Tuesday reported a key measure of profitability in its third quarter. The results fell short of Wall Street expectations.
The Harrisburg, Pennsylvania-based real estate investment trust said it had funds from operations of $22.7 million, or 53 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 58 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 $5.4 million, or 15 cents per share.
The hotel real estate investment trust posted revenue of $135 million in the period, also falling short of Street forecasts. Eight analysts surveyed by Zacks expected $135.6 million.
For the current quarter ending in December, Hersha Hospitality expects its per-share funds from operations to range from 51 cents to 56 cents.
The company expects full-year funds from operations in the range of $1.94 to $1.99 per share.
The company's shares have fallen 19% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $14.22, a decrease of 20% in the last 12 months.