Hospitality Properties Trust Q1 FFO Tops View, Revenues Miss; RevPAR Rises

(RTTNews) - Hospitality Properties Trust (HPT) reported Tuesday that its first-quarter normalized funds from operations or FFO available for common shareholders were $140.4 million, or $0.93 per share, compared to last year's $126.0 million, or $0.83 per share.

The 12% increase in Normalized FFO per share was due primarily to the impact of HPT's hotel and travel center acquisitions since January 1, 2015, among others.

On average, six analysts polled by Thomson Reuters expected earnings of $0.92 per share for the quarter. Analysts' estimates typically exclude special items.

Net income available for common shareholders was $46.89 million, or $0.31 per share, compared to $36.42 million, or $0.24 per share a year ago.

Adjusted EBITDA for the quarter increased 11.5% to $188.0 million.

Total revenues increased to $474.12 million from last year's $435.51 million. Analysts expected revenues of $476.94 million.

For the quarter, revenue per available room, or RevPAR, increased 4.4% to $90.10 from $86.31 last year. RevPAR for all hotels increased 2.7% to $88.53.