Host Hotels & Resorts To Repurchase Up To $500 Mln Of Stock

(RTTNews) - Host Hotels & Resorts Inc. (HST) said that its Board authorized a new program to repurchase up to $500 million of common stock.

The Board of Directors authorized a regular quarterly cash dividend of $0.20 per share on its common stock, which equates to an approximate 4.5% annualized yield based on the Company's stock price on that date. The dividend will be paid on April 17, 2017 to stockholders of record on March 31, 2017.

For 2017, the Company expects to invest a total of $275 million to $300 million in renewal and replacement capital expenditures.

For full-year 2017, the Company expects to invest a total of approximately $90 million to $115 million in redevelopment projects and redevelopment and return on investment capital expenditures.

The company expects net income to be in the range of $469 million - $539 million or $0.63 - $0.72 per share, FFO per share of $1.60 - $1.69, and Adjusted FFO per share of $1.60 - $1.70 for fiscal year 2017. Analysts polled by Thomson Reuters expect the company to report earnings of $0.69 per share for fiscal year 2017. Analysts' estimates typically exclude special items.

On February 16, 2017, the company purchased the Don CeSar and Beach House Suites complex in St. Pete Beach, Florida for $214 million. The Don CeSar will be operated as an independent hotel and managed by Davidson Hotels & Resorts.