Hersha Hospitality Trust (HT) comes on our radar after raising its RevPAR growth outlook for its fiscal 2012.
Hersha Hospitality Trust is a self-advised Real Estate Investment Trust or REIT that owns interests in 64 hotels totaling 9,221 rooms, primarily located in major metro and urban centers along the Northeast Corridor of the United States from Boston to New York City to Washington DC to Miami. The company also owns hotels in popular destinations in the Western US, including Northern California, Los Angeles and Arizona. Hersha focuses on high quality, upscale hotels in historically stable and expanding metropolitan markets.
Boosts FY12 RevPAR Guidance
The company lifted its RevPAR growth outlook for its fiscal 2012, in light of strong portfolio performance and positive booking trends in December.
Currently, Hersha Hospitality expects consolidated RevPAR growth in a range of 7.0% - 8.0%, versus the prior outlook range of 5.0% - 6.5%.
Same-store consolidated RevPAR growth is forecast in a range of 5.0% - 6.0%, up from 3.0% - 4.5% announced previously.
Quarterly Results
Q3
- Q3 net income was $2.67 million or $0.01 per share versus loss $25 million or $0.15 per share last year.
- Q3 total revenues rose to $97.1 million from $80.8 million last year.
Q2 Results
- Q2 funds from consolidated hotel operations applicable to common shares and partnership units increased to $20.8 million from $18.8 million last year.
- Q2 adj. FFO was $26.7 million versus $25.2 million last year. On a per-share basis AFFO was $0.14 per share. Consensus - $0.14/Shr.
- Q2 net income rose to $13.1 million or $0.07 per share from $6.6 million or $0.04 per share last year.
- Q2 revenues grew to $96.7 million from $78.8 million last year. Consensus - $95 million.
Q1 Results
- Q1 net loss was $10.7 million or $0.06 per share versus $14.6 million or $0.09 per share last year.
- Q1 adj. FFO rose to $2.7 million or $0.02 per share from $2.3 million or $0.01 per share last year. Consensus - $0.02 per share.
- Q1 total revenues rose to $65.51 million from $50.26 million last year. Consensus - $63.74 million.
Q4-FY11
- Q4 net loss narrowed to $2.8 million or $0.02 per share from $8.8 million or $0.05 per share last year.
- Q4 FFO was $11.9 million versus $8.3 million last year.
- Q4 adj. FFO rose to $16.49 million or $0.09 per share from $11.89 million or $0.07 per share last year. Consensus - $0.09 per share.
- Q4 total revenue was $76.39 million versus $65.71 million last year. Consensus - $79.88 million.
Annual Financial Data
Hersha Hospitality Trust's total revenues, including discontinued operations, for 2011 increased to $329.9 million from $283.6 million in 2010, and $230.9 million in 2009.
Net loss narrowed to $5.13 million or $0.03 per share from $18.9 million or $0.14 per share in 2010, and $17.4 million or $0.35 per share in 2009.
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