Lodging real-estate investment trust Host Hotels & Resorts Inc. (HST) reported first-quarter net income attributable to the company of $56 million, versus a loss of $2 million last year. On a per share basis, the company recorded earnings of $0.08, compared with a breakeven a year earlier.
Adjusted funds from operations or FFO stood at $0.28 per share for the recent period. On average, analysts polled by Thomson Reuters expected earnings per share of $0.23 for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly total revenues of $1.26 billion, were higher than the prior year's $952 million. Analysts estimated revenues of $1.19 billion for the quarter.
For 2013, the firm now anticipates that earnings per share would range from around $0.31 - $0.39; net income to be between $238 million and $298 million; as well as adjusted FFO per share to range from about $1.25 to $1.33. Analysts project annual earnings of $1.26 per share. Comparable hotel RevPAR is expected to increase 5.0% to 7.0% for the year.
On an "as Adjusted" basis, the improvements in the company's results were driven by a 5.1% growth in comparable hotel RevPAR and strong performances at its luxury and resort and conference center properties, the company said in a statement.
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