BETHESDA, Md. (AP) — BETHESDA, Md. (AP) — Host Hotels & Resorts Inc. (HST) on Wednesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The Bethesda, Maryland-based real estate investment trust said it had funds from operations of $460 million, or 67 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 63 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $494 million, or 72 cents per share.
The lodging real estate investment trust, based in Bethesda, Maryland, posted revenue of $1.65 billion in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $1.63 billion.
Host Hotels expects full-year funds from operations in the range of $2.10 to $2.16 per share, with revenue in the range of $6.1 billion to $6.18 billion.
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