Hospitality Properties Numbers Up

Hospitality Properties Trust(HPT Quote), a real estate investment trust, reported a 22.6% rise in funds from operations in the second quarter, helped by a rise in revenue per available room.

The Newton, Mass.-based owner of hotels across the U.S. and Canada said funds from operations were $82.4 million, or $1.14 a share, for the quarter, compared with FFO of $67.2 million, or 98 cents a share, a year ago. Analysts polled by Thomson First Call were expecting FFO of $1.04 a share.

After paying preferred distributions, the company earned $33.5 million, or 47 cents a share, in the quarter, compared with earnings of $20.5 million, or 30 cents a share, a year ago.

Revenue in the second quarter increased 24.8% from a year ago to $272.2 million, led by a 29% rise in hotel operating revenue to $233.6 million. Analysts were expecting revenue of $260.4 million in the most recent quarter.

Revenue per available room increased 11% to $75.58 for the quarter. The average daily rate rose 10.1% to $99.05 as occupancy increased 60 basis points to 76.3% from a year ago.

The company's shares were trading at $43.85, up 9 cents, or 0.2% Wednesday.