Hersha Hospitality Trust (HT) Tops Q4 EPS by 5c

Hersha Hospitality Trust (NYSE: HT) reported Q4 EPS of ($0.09), $0.05 better than the analyst estimate of ($0.14).

AFFO in the fourth quarter 2018 increased by $4.1 million, or 18.6%, to $26.3 million, compared to $22.2 million in the fourth quarter 2017. AFFO per diluted common share and OP Unit in the fourth quarter 2018 was $0.61, a 22% increase from AFFO per diluted common share and OP Unit of $0.50 in the same quarter in 2017. An explanation of certain non-GAAP financial measures used in this press release, including, among others, AFFO, as well as reconciliations of those non-GAAP financial measures, to GAAP net income, is included at the end of this press release.

Mr. Jay H. Shah, Hersha’s Chief Executive Officer, stated, “Our operating results for the fourth quarter exceeded our forecasts on RevPAR and EBITDA margin. The quarter yielded strong results in the majority of our markets as contributions were driven through the business, leisure, and group channels. Corporate demand was especially robust in our innovation districts and leisure travel around the holidays in Manhattan and Philadelphia reflected strong consumer confidence. New York City was a bright spot again in the fourth quarter with 6.0% RevPAR growth allowing us to drive 360 basis points of margin growth. Additionally, our assets acquired over the last two years continued to exhibit their potential as these hotels produced a weighted average RevPAR growth of 6.8% during the fourth quarter.”

Mr. Shah continued, “Last year was transformative for our Company as we completed our asset recycling campaign and allocated close to $90 million to repositioning and renovating many of our legacy hotels to unlock their long-term growth potential. By the fourth quarter, the vast majority of these operationally disruptive projects were completed, allowing us to showcase the earnings potential of the portfolio, which is continuing into 2019. After four years of disruption from portfolio recycling, Hurricane Irma remediation, and significant capital expenditures, we are solely focused on executing our business plan to generate meaningful EBITDA growth. We believe the results this quarter reflect our ability to drive market leading earnings growth even in a challenging operating environment.”

For earnings history and earnings-related data on Hersha Hospitality Trust (HT) click here.

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