Hospitality Properties Trust, (HPT), a real estate investment trust Tuesday reported a nearly flat Funds From Operations or FFO for the first quarter. Normalized FFO came in below analyst estimates. Increase in revenue for the three-month period was offset by higher expenses.
For the three-month period, the firm reported normalised FFO of $92.6 million or $0.74 per share compared with $96.4 million or $0.78 per share during the same period last year.
On average, eight analysts polled by Thomson Reuters expected $0.75 per share for the quarter. Analysts' estimates typically exclude one-time items.
The company recorded net income of $19.4 million or $0.15 per share, compared with $28.8 million, or $0.23 per share during the corresponding quarter last year.
The firm generated revenues of $354 million compared with the prior year's figure of $301.4 million. The Street expected the firm to report revenues of $322.5 million.
Total expenses rose to $291.3 million from $223.8 million reported during the comparable period last year.
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