HARRISBURG, Pa. (AP) — HARRISBURG, Pa. (AP) — Hersha Hospitality Trust (HT) on Wednesday reported a key measure of profitability in its first quarter. The results fell short of Wall Street expectations.
The Harrisburg, Pennsylvania-based real estate investment trust said it had funds from operations of $1.03 billion, or 2 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 7 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 $14.9 million, or 38 cents per share.
The hotel real estate investment trust, based in Harrisburg, Pennsylvania, posted revenue of $75.2 million in the period, which topped Street forecasts. Six analysts surveyed by Zacks expected $75.1 million.
For the current quarter ending in June, Hersha Hospitality expects its per-share funds from operations to range from 39 cents to 45 cents.
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
Copyright © 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.