HARRISBURG, Pa. (AP) _ Hersha Hospitality Trust (HT) on Monday reported a loss in funds from operations in its third quarter, after reporting a profit in the same period a year earlier. The results did not meet Wall Street expectations.
The real estate investment trust, based in Harrisburg, Pennsylvania, said it had a funds from operations loss of $20.1 million, or 46 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 43 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 $49.2 million, or $1.27 per share.
The hotel real estate investment trust posted revenue of $33.7 million in the period, which also did not meet Street forecasts. Six analysts surveyed by Zacks expected $43.1 million.
The company's shares have fallen 48% since the beginning of the year. In the final minutes of trading on Monday, shares hit $7.53, a fall of 47% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HT at https://www.zacks.com/ap/HT