2/22/2012 4:24 PM ET
(RTTNews) - Strategic Hotels & Resorts Inc. (BEE: News ) Wednesday reported fourth-quarter Funds from operations, or FFO, of $12.2 million, compared to negative FFO of $131.8 million last year.
Excluding one-time gains and losses, comparable FFO for the quarter was $20 million or $0.11 per share, compared to FFO of $4.3 million or $0.03 per share in the prior year.
Analysts polled by Thomson Reuters expected FFO of $0.04 per share for the quarter. Analysts' estimates typically exclude special items.
Net loss to common shares for the quarter was $15.9 million or $0.09 per share, compared with a net loss of $134.8 million or $0.89 per share in the prior year.
Revenue for the quarter rose to $194 million from $184.5 million a year ago.
Analysts expected revenues of $194.73 million.
"Despite lingering global and domestic uncertainty, Strategic Hotels' superior operating performance again led our competitive set, delivering enviable fourth quarter and full year results," said CEO Laurence Geller.
"With strong and steady demand growth, permanent productivity enhancements, irreplaceable assets with no competition from new supply, a pipeline of profit enhancement opportunities and a completely restructured balance sheet, the Company is ideally positioned for the future..."
Looking ahead to the full year 2012, the company expects comparable FFO of $42.3 million to $57.3 million, or $0.22 to $0.30 per share. Analysts currently expect FFO of $0.28 per share.
The company expects net loss for 2012 to range between $86.7 million and $71.8 million.
For the first quarter 2012, the company has declared a quarterly dividend of $0.53125 per share of 8.5 percent Series A Cumulative Redeemable Preferred
Stock payable on June 29, 2012 to shareholders of record as of June 15, 20.
It has declared a quarterly dividend of $0.51563 per share of 8.25 percent Series B Cumulative Redeemable Preferred Stock payable on June 29, 2012 to shareholders of record as of June 15, 2012.
It also announced a quarterly dividend of $0.51563 per share of 8.25 percent Series C Cumulative Redeemable Preferred Stock payable on June 29, 2012 to shareholders of record as of June 15, 2012.
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