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Hospitality Properties Trust, a real estate investment trust that invests in hotels, on Wednesday posted a slight increase in second-quarter profit, lifted by a sharp rise in operating revenues from higher average rates and revenue per room during the period.
Quarterly income rose to $31 million, or 43 cents per share, from $30.6 million, or 43 cents, in the year-ago period. The company said its funds from operations, a common measure of health in the real estate industry, was $59.5 million, or 89 cents per share, compared with $54.1 million, or 86 cents, last year.
Total revenue jumped 61 percent to $163.2 million from $101.3 million a year ago. The nearly threefold increase in hotel operating revenue to $125.8 million offset declines in rental income, which fell 36 percent to $32.4 million, and interest income, which dipped 84 percent to $12 million during the period.
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