BETHESDA, Md. (AP) _ Host Hotels & Resorts Inc. (HST) on Tuesday reported a key measure of profitability in its second quarter, after reporting a loss in the same period a year earlier. The results exceeded Wall Street expectations.
The real estate investment trust, based in Bethesda, Maryland, said it had funds from operations of $85 million, or 12 cents per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 4 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 a loss of $60 million, or 9 cents per share.
The lodging real estate investment trust posted revenue of $649 million in the period, also surpassing Street forecasts. Eight analysts surveyed by Zacks expected $606.4 million.
The company's shares have risen roughly 8% since the beginning of the year, while the S&P's 500 index has increased 18%. In the final minutes of trading on Tuesday, shares hit $15.79, a rise of 53% 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
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