Hersha Hospitality: 2Q Earnings Snapshot
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HARRISBURG, Pa. (AP) _ Hersha Hospitality Trust (HT) on Tuesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Harrisburg, Pennsylvania, said it had funds from operations of $36.9 million, or 86 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 74 cents per share.
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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 $6.5 million, or 16 cents per share.
The hotel real estate investment trust posted revenue of $133.8 million in the period, missing Street forecasts. Nine analysts surveyed by Zacks expected $135.6 million.
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The company's shares have increased 27 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $22.17, a climb of 22 percent in the last 12 months.
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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on HT at https://www.zacks.com/ap/HT