HARRISBURG, PA— Hersha Hospitality Trust has posted its basic and diluted earnings per share for the fiscal year ended December 31, showing an increase to $0.51 from $0.37 per share in 2001. Funds from operations (FFO) increased by approximately 12.4% to $1.09 per diluted share from $0.97 per diluted share in the year-ago period. FFO represents net income (loss) (computed in accordance with generally accepted accounting principles), excluding gains (or losses) from debt restructuring or sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. The increase in earnings per share and FFO per share was primarily a result of higher percentage lease revenues at several properties, in addition to lower overall borrowing costs on its floating rate debt, according to the company. Earnings per share were also higher during the current year due to gains on asset sales.
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