Host Hotels: Q2 Earnings Snapshot
BETHESDA, Md. (AP) _ Host Hotels & Resorts Inc. (HST) on Wednesday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The Bethesda, Maryland-based real estate investment trust said it had funds from operations of $416 million, or 58 cents per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 49 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 $256 million, or 36 cents per share.
The lodging real estate investment trust posted revenue of $1.38 billion in the period, which also beat Street forecasts. Eight analysts surveyed by Zacks expected $1.26 billion.
Host Hotels expects full-year funds from operations in the range of $1.71 to $1.80 per share.