Ashford Hospitality Trust Q3 Adj. FFO Misses Estimate

(RTTNews) - Ashford Hospitality Trust, Inc. (AHT) reported a net loss for the third quarter of $24.8 million, or $0.31 per share, compared with a net loss of $23.6 million, or $0.35 per share, in the prior-year quarter.

Adjusted funds from operations for the third quarter was $0.25 per share for the quarter as compared with $0.31 from the prior-year quarter; the prior year quarter included $8.1 million of interest rate derivative income, or $0.09 per share.

Total revenue for the third quarter rose to $242.02 million from $224.20 million a year ago.

Analysts polled by Thomson Reuters expected the company to report FFO of $0.34 per share on revenue of $243.59 million for the third quarter. Analysts' estimates typically exclude special items.

Earlier this year, the company's Board of Directors approved a plan to spin-off an 80% ownership interest in an 8-hotel portfolio, totaling 3,146 rooms, to holders of Ashford Trust common stock in the form of a taxable special distribution. The distribution is expected to be comprised of common stock in Ashford Hospitality Prime, Inc., a newly formed company to which Ashford Trust plans to transfer the portfolio interests. The company currently expects to complete the spin-off sometime during the fourth quarter of this year.