Host Hotels & Resorts Posts Profit In Q3, Cuts Annual View On Shutdown

(RTTNews) - Host Hotels & Resorts, Inc. (HST), a lodging real estate investment trust, Tuesday said third-quarter net income attributable to the company was $19 million or $0.03 per share compared to a loss of $34 million or $0.05 per share last year. Adjusted FFO per share was $0.25 while it totaled $0.23 last year. On average, 23 analysts polled by Thomson Reuters expected earnings of $0.27 per share for the quarter. Analysts' estimates typically exclude special items. Total revenues improved to $1.223 billion from $1.158 billion in the prior year. Wall Street expected revenues of $1.25 billion.

According to the company, operating results for the fourth quarter were hurt by the government shutdown during the month of October. The company believes the shutdown will decrease full year comparable RevPAR by 25 to 30 basis points and will decrease net income and Adjusted EBITDA by $6 million to $7 million.

After considering the shutdown, the company expects that for 2013 earnings per share should range from $0.39 to $0.41 and adjusted FFO per share should range from $1.28 to $1.30. Wall Street expects annual earnings of $1.31 per share.

The previous forecast was for adjusted FFO per share to range from $1.28 to $1.32 and earnings per share to range from $0.34 to $0.38.