HPT Q3 Profit Tops Estimates; Comparable Hotel RevPAR Up 7.8%

(RTTNews) - Hospitality Properties Trust (HPT) reported that its third-quarter normalized FFO available for shareholders were $149.7 million, or $0.99 per share, compared to $129.2 million, or $0.86 per share, prior year. Analysts polled by Thomson Reuters expected the company to report profit per share of $0.95 for the quarter. Analysts' estimates typically exclude special items.

The company said the 15.1% increase in normalized FFO per share is due primarily to the impact of HPT's hotel and travel center acquisitions since July 1, 2014, the increase in returns realized due to the improvement in operating results at certain of the company's hotels, and increases in FF&E reserve income and deposits under HPT's hotel agreements.

Net income available for shareholders was $56.0 million, or $0.37 per share, compared to $44.0 million, or $0.29 per share, a year ago. Adjusted EBITDA increased 13.0% to $192.7 million.

Total revenues were $511.89 million compared to $459.64 million, a year ago. Analysts expected revenue of $503.75 million for the quarter.

John Murray, COO, said: "We are pleased with the continued strong performance from our hotel and travel center portfolios this quarter. Our comparable hotel RevPAR growth of 7.8% exceeded the hotel industry's performance for the eleventh consecutive quarter."