HARRISBURG, Pa.--(BUSINESS WIRE)--May 13, 2002--Hersha Hospitality Trust (AMEX:HT) owner of nationally franchised full service and limited service hotels, announced that Funds from Operations (net income less gains from asset sales plus minority interest and depreciation and amortization) (FFO) for the fiscal quarter ended March 31, 2001 increased by approximately 6.7% to $1.33 million from $1.25 million for the quarter ended March 31, 2001.
Total revenues for the quarter ending March 31, 2002 decreased slightly to $2.97 million from $3.0 million in same period ending March 31, 2001.
Mr. Hasu P. Shah, Chairman and CEO, commented that we believe that our portfolio of assets is properly positioned to take advantage of the current economic climate and continues to outperform the overall hotel sector. Our selective acquisition strategy in conjunction with the sale of numerous non-core assets has further strengthened our portfolio.
A summary of the first quarter results are listed below:
($'s in 000's except
per share amounts) Quarter Ended Quarter Ended
March 31, 2002 March 31, 2001
-------------- --------------
Total Revenues $2,971 $3,002
Income Before Minority Interest $ 314 $ 116
Net Income $ 310 $ 116
Basic Earnings Per Common Share $ 0.13 $ 0.05
Diluted Earnings Per Common Share $ 0.04 $ 0.02
Funds from Operations (FFO) $1,335 $1,251
FFO per Diluted Share $ 0.18 $ 0.17
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