InnSuites Hospitality Trust Inc. (NASDAQ: IHT) stock gained by 43.44% at last close whereas the IHT stock price declines by 9.14% in after-hour trading given no recent update on this change in IHT share price. InnSuites Hospitality Trust, headquartered in Phoenix, Arizona, is a lodging-focused real estate investment trust. While it is structured as a real estate investment trust, it is not classified as such for tax purposes.
Recent Past Development
IHT announced its financial results for Q3 fiscal 2021 on March 25, 2021. Stated below is the summary:
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- IHT posted revenue of nearly $1 million for the fiscal 2021 third quarter, which operated from August 1, 2020 to October 31, 2020, compared to $1.497 million for the same time the previous year.
- For the three months ending October 31, 2020, basic earnings per share was ($0.08), relative to ($0.02) for the same period last year. The detrimental effects of the Covid-19 virus pandemic was partially responsible for this downturn.
- Even so, IHT’s economic situation changed in Q3 of 2021 relative to Q2 of 2021. Revenues for the fiscal 2021 third quarter rose by around $30,000 from August 1, 2020 to October 31, 2020, relative to revenues for the fiscal 2021 second quarter.
- Basic earnings per share increased by $0.06 to ($0.08) for the three months ended October 31, 2020, relative to ($0.14) for the three months ended July 31, 2020.
Furthermore,
The continued economic and travel industry slowdown caused by the Covid-19 Virus, as well as various travel and lockdown constraints, were expressed in IHT’s hospitality industry results for the third fiscal quarter of Fiscal 2021. However, there are promising indicators of improvement, which could continue in Q4 of Fiscal Year 2021 and even beyond, as vaccines become more widely available.
UniGen Power a privately owned firm received an additional $1 million convertible diversification investment from InnSuites Hospitality Trust in 2019. In addition to the initial purchase, which could be convertible into 1 million UPI shares, IHT also owns substantial warrants that, if converted, will allow for an additional investment of 2 million UPI shares, putting IHT in a position to own approximately 25% of UPI.
