Host Hotels reports 3Q results
BETHESDA, Md. (AP) _ Host Hotels & Resorts Inc. (HST) on Wednesday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Bethesda, Maryland, said it had funds from operations of $278 million, or 37 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 36 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $107 million, or 14 cents per share.
The lodging real estate investment trust posted revenue of $1.3 billion in the period, which also beat Street forecasts. Seven analysts surveyed by Zacks expected $1.29 billion.
Host Hotels expects full-year funds from operations in the range of $1.64 to $1.66 per share.
The company's shares have fallen 0.5 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed slightly more than 3 percent. The stock has decreased 13 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HST at https://www.zacks.com/ap/HST
Keywords: Host Hotels, Earnings Report