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Host Hotels & Resorts Inc. on Wednesday reported a key measure of profitability in its fourth quarter. The results surpassed Wall Street expectations.
The Bethesda, Maryland-based real estate investment trust said it had funds from operations of $298 million, or 39 cents per share, in the period.
The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of 35 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 $163 million, or 22 cents per share.
The lodging real estate investment trust posted revenue of $1.33 billion in the period.
For the year, the company reported funds from operations of $1.18 billion, or $1.54 per share. Revenue was reported as $5.39 billion.
Host Hotels expects full-year funds from operations in the range of $1.65 to $1.69 per share.
The company’s shares have dropped slightly more than 3 percent since the beginning of the year, while the Standard & Poor’s 500 index has decreased slightly more than 7 percent. The stock has fallen 37 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research.