Hersha Hospitality Trust (HT) Tuesday reported first-quarter funds from operations, or FFO, of $2.36 million, compared to a negative FFO of $1.33 million in the comparable quarter last year.
Adjusted FFO improved to $6.97 million or $0.03 per share from $2.71 million or $0.02 per share last year. On average, 13 analysts polled by Thomson Reuters expected FFO of $0.03 per share for the quarter. Analysts' estimates typically exclude special items.
Net loss applicable to common shareholders widened to $13.10 million or $0.07 per share from $10.67 million or $0.06 per share last year.
Loss from continuing operations narrowed to $7.68 million from $12.03 million last year.
Revenues totaled $76.97 million, up from $65.54 million last year. Analysts expected revenues of $75.00 million.
Revenue per available room, or RevPAR, as of March 31, was up 12.0 percent to $105.43, compared to $94.16 in the prior year period.
On a same-store basis RevPAR increased 12.4 percent to $105.06 from $93.46 last year.
Looking ahead to the fiscal year 2013, the company currently anticipates RevPAR growth in the order of 6.0 percent to 7.5 percent. This compares to the previous guidance range of 5.5 percent to 7.5 percent.
Same-store consolidated RevPAR growth is currently projected in a range of 5.5 percent to 7.0 percent, compared to previous guidance range of 5.0 percent to 7.0 percent.
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