Host Hotels & Resorts Q1 NAREIT FFO Up; Issues FY17 Forecast - Quick Facts

(RTTNews) - Host Hotels & Resorts, Inc. (HST), a lodging real estate investment trust, reported Friday that its first-quarter NAREIT FFO was $326 million, higher than $308 million last year. Adjusted FFO was $327 million.

NAREIT FFO and adjusted FFO per share was $0.44, 7.3 percent higher than last year's $0.41.

Net income declined 12.5 percent to $161 million or $0.21 per share from last year's $184 million or $0.24 per share.

Total revenues edged up 0.7 percent to $1.35 billion from prior year's $1.34 billion.

On average, 9 analysts polled by Thomson Reuters expected earnings of $0.15 per share on revenues of $1.31 billion for the quarter. Analysts' estimates typically exclude special items.

Comparable hotel revenues increased 3.1 percent to $1.21 billion from $1.17 billion a year ago.

The company said it experienced strong operations in the first quarter due to the Presidential inauguration and related activities in January and the shift of the Easter holiday into the second quarter for 2017. However, the Company also believes that the first quarter operating performance will likely exceed the operations for the remaining quarters of the year.

Looking ahead, for fiscal 2017, the company expects earnings per share of $0.73 to $0.81 , net income of $557 million to $621 million, NAREIT FFO per share of $1.59 to $1.68 and adjusted FFO per share of $1.60 to $1.68.

Analysts expect earnings of $0.67 per share for the year. The Company anticipates that its 2017 total revenues would be in a range of down 1.8% to up 0.1%. Total comparable hotel RevPAR at constant rates would be in a range of flat to up 2 percent.