Hersha Hospitality Trust (HT: Quote) Tuesday reported an increase in funds from operations for the second quarter.
Funds from consolidated hotel operations applicable to common shares and partnership units increased to $20.8 million from $18.8 million in the same period last year.
Adjusted FFO was $26.7 million, compared to $25.2 million last year. On a per-share basis AFFO was $0.14 per share.
On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.14 per share for the quarter. Analysts' estimates typically exclude special items.
Net income applicable to common shareholders increased to $13.1 million or $0.07 per share from $6.6 million or $0.04 per share last year, primarily driven by gains realized on disposition of hotel properties.
Revenues totaled $96.7 million, up from $78.8 million last year. Analysts expected revenues of $95 million.
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by RTT Staff Writer
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