Sunstone Hotel Investors Inc. (SHO) reported a negative FFO of $629 thousand compared to a positive $12.9 million in the same quarter last year. FFO per share was $0.00 per share, compared to $0.11 per share in the prior-year quarter. Adjusted FFO per share for the quarter was $0.09, down from $0.12 last year.
Income available to common stockholders was $17.5 million or $0.12 per share, compared to a loss of $21.0 million or $0.18 per share in the same quarter last year.
Meanwhile, total revenues for the quarter rose to $194.92 million from $178.23 million in the prior year quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.09 per share on revenues of $192.79 million for the quarter. Analysts' estimates typically exclude special items.
For the second quarter of 2013, the Company expects Adjusted FFO per share to be in the range of $0.29 - $0.30, while expecting to record net profit in the range of $18 million to $20 million. Analysts expect the company to report earnings of $0.31 per share for the second-quarter.
For fiscal 2013, the company raised its Adjusted FFO outlook and now expects it to range between $0.90 - $0.98 per share from its prior estimate of $0.84 to $0.92 per share. The company also lifted its net profit outlook to a range between $68 million to $82 million from its prior estimate between $40 million and $52 million. Analysts expect the company to report earnings of $0.91 per share for fiscal 2013.
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