LaSalle Hotel Properties (LHO: Quote) Wednesday reported an increase in funds from operations for the second quarter, helped mainly by higher revenues and RevPAR. The company also updated its outlook for the fiscal year 2012.
Funds from operations, or FFO, a performance metric for REITs, for the quarter increased to $56.1 million or $0.65 per share from $44.7 million or $0.54 per share in the year-earlier quarter.
Adjusted FFO for the quarter was $61.8 million or $0.72 per share, compared to $45.0 million or $0.55 per share last year.
On average, 16 analysts polled by Thomson Reuters expected the company to earn $0.75 per share for the quarter. Analysts' estimates typically exclude special items.
Net income applicable to common shareholders increased to $24.8 million or $0.29 per share from $16.7 million or $0.20 per share in the same period last year.
Second-quarter revenues totaled $242.1 million, up from $202.6 million last year. Analysts expected revenues of $250.63 million.
RevPAR was $180.14 million, up 3.8 percent from $173.61 million last year.
The company also updated its financial outlook for the fiscal year 2012. The company currently expects Adjusted FFO in the range of $2.09 to $2.17 per share. This compares to the previous range of $2.09 to $2.21 per share.
Analysts are currently expecting the company to earn $2.20 per share for 2012.
The company expects RevPAR to grow from 4.5 percent to 6.0 percent. This compares to the previous estimate of 5.0 percent to 7.0 percent.
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by RTT Staff Writer
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