HARRISBURG, Pa. (AP) _ Hersha Hospitality Trust (HT) on Wednesday reported a loss in funds from operations in its second quarter, after reporting a profit in the same period a year earlier. The results missed Wall Street expectations.
The real estate investment trust, based in Harrisburg, Pennsylvania, said it had a funds from operations loss of $26.8 million, or 62 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for a funds from operations loss of 53 cents per share.
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 a loss of $77.8 million, or $1.75 per share.
The hotel real estate investment trust posted revenue of $17.4 million in the period, which also fell short of Street forecasts. Seven analysts surveyed by Zacks expected $23.1 million.
The company's shares have dropped 62% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $5.53, a decline of 62% in the last 12 months.