HARRISBURG, Pa. (AP) _ Hersha Hospitality Trust (HT) on Wednesday reported a key measure of profitability in its fourth quarter. The results missed Wall Street expectations.
The Harrisburg, Pennsylvania-based real estate investment trust said it had funds from operations of $23 million, or 52 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 net income of $1.1 million, or 3 cents per share.
The hotel real estate investment trust posted revenue of $111.4 million in the period, which also fell short of Street forecasts. Six analysts surveyed by Zacks expected $116.3 million.
For the year, the company reported funds from operations of $109.8 million, or $2.40 per share. Revenue was reported as $466.6 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 fallen 1.5 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $21.17, an increase of 3 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