Host Hotels Q2 FFO Rises, Meets View; Lifts FY14 Forecast - Quick Facts

(RTTNews) - Host Hotels & Resorts, Inc. (HST), a lodging real estate investment trust, reported Thursday that its second quarter NAREIT Funds From Operations or FFO per share increased 10.3 percent to $0.43 from $0.39 last year. The prior year's adjusted FFO per share was $0.45.

On average, 23 analysts polled by Thomson Reuters expected earnings of $0.43 per share for the quarter. Analysts' estimates typically exclude special items.

Net income grew 31.4 percent to $159 million from $121 million a year ago. Earnings per share went up 31.3 percent to $0.21 from prior year's $0.16 a year ago.

Total revenues grew 2.3 percent to $1.43 billion from $1.40 billion last year. Analysts expected revenues of $1.45 billion.

Comparable hotel revenues grew 3.4 percent. For the quarter, the growth in comparable hotel RevPAR of 5.1 percent was driven by an increase of 4.1 percent in average room rates.

Adjusted EBITDA, meanwhile, declined 4.6 percent.

Further, the company's Board of Directors authorized a regular quarterly cash dividend of $0.20 per share for the third quarter.

Looking ahead for fiscal 2014, the company now expects earnings per share of $0.67 to $0.70, NAREIT FFO per share of $1.44 to $1.46, and adjusted FFO per share of $1.44 to $1.47.

The company previously was projecting earnings of $0.64 to $0.69 per share and adjusted FFO of $1.41 to $1.46 per share.

Analysts expect earnings of $1.46 per share for the year.

Total revenues are now projected to grow 3.8 percent to 4.3 percent, compared to previous growth forecast of 3.3 percent to 4.3 percent.