HARRISBURG, Pa. (AP) _ Hersha Hospitality Trust (HT) on Tuesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Harrisburg, Pennsylvania, said it had funds from operations of $13.5 million, or 30 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 28 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 net income of $18.7 million, or 44 cents per share.
The hotel real estate investment trust posted revenue of $108 million in the period, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $101.7 million.
Hersha Hospitality expects full-year funds from operations in the range of $2.08 to $2.31 per share.
The company's shares have decreased 13 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $18.79, a decline of roughly 7 percent 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
Keywords: Hersha Hospitality, Earnings Report