LaSalle Hotel Properties (LHO) Wednesday reported an increase in funds from operations for the fourth quarter, helped mainly by higher revenues. The company reaffirmed its outlook for the fiscal year 2013.
Funds from operations, or FFO, a performance metric for REITs, for the quarter increased to $25.7 million or $0.27 per share from $14.0 million or $0.16 per share in the year-earlier quarter.
Adjusted FFO for the quarter was $25.7 million or $0.27 per share, compared with $28.2 million or $0.21 per share a year ago.
On average, 17 analysts polled by Thomson Reuters expected the company to earn $0.25 per share for the quarter. Analysts' estimates typically exclude special items.
However, the company posted a net loss applicable to common shareholders narrowed to $7.4 million or $0.08 per share from $16.1 million or $0.19 per share in the same period last year.
First-quarter revenues totaled $191.7 million, down from $172.3 million in the prior year, while analysts expected revenues of $188.64 million.
The company also reaffirmed its financial outlook for the fiscal year 2013. The company currently expects Adjusted FFO in the range of $195 million to $214 million, while continuing to expect per share FFO as adjusted in a range between $2.03 to $2.23 per share.
Analysts are currently expecting the company to earn $2.17 per share for 2013.
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