Friday, August 02, 2013 8:02:55 AM
1 hours 27 minutes ago - DJNF
By Saabira Chaudhuri
Host Hotels & Resorts Inc.'s (HST) second-quarter profit jumped 45% as the real-estate investment trust reported stronger revenue, while funds from operations--an important profitability metric--rose to top analyst estimates.
Adjusted to make 2012 results comparable with those reported in 2013, Host said its net income rose 92%.
For 2013, Host narrowed its per-share earnings view, now expecting 34 cents to 38 cents versus its prior boosted view of 31 cents to 39 cents.
The company, whose portfolio leans toward higher-priced hotels, has posted higher revenue in recent quarters as demand for lodging remains robust. However Host has also grappled with rising expenses, in the latest period posting a 5.5% rise in operating costs and expenses.
For the quarter ended June 30, Host reported a profit of $119 million, or 16 cents a share, compared with a year-earlier profit of $82 million, or 11 cents a share.
Revenue rose 7.1% to $1.42 billion.
Analysts polled by Thomson Reuters expected a profit of 16 cents a share on $1.44 billion in revenue.
Funds from operations was 39 cents from 31 cents a year earlier. On an adjusted basis, FFO was 45 cents compared with 33 cents. Analysts expected 42 cents.
Comparable hotel revenue per available room jumped 6.1% from a year earlier, as the average-room rate increased 6.5% to $204.39 when adjusted to make periods comparable. Average occupancy rates grew to 79.4% from 77.7% a year ago.
Last month, Host sold the Ritz-Carlton in San Francisco to investors led by Thayer Lodging Group for $161 million, with the lodging real-estate investment trust earmarking the proceeds for any future acquisitions and for other purposes.
Shares closed Thursday at $18.16 and were inactive in recent premarket trading. The stock has edged down 1.4% in the past three months.
Write to Saabira Chaudhuri at saabira.chaudhuri@dowjones.com
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(END) Dow Jones Newswires
August 02, 2013 06:33 ET (10:33 GMT)
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