BETHESDA, Md. (AP) _ Host Hotels & Resorts Inc. (HST) on Wednesday reported a key measure of profitability in its fourth quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Bethesda, Maryland, said it had funds from operations of $304 million, or 41 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 38 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 $126 million, or 17 cents per share.
The lodging real estate investment trust posted revenue of $1.34 billion in the period, which also beat Street forecasts. Seven analysts surveyed by Zacks expected $1.31 billion.
For the year, the company reported funds from operations of $1.26 billion, or $1.69 per share. Revenue was reported as $5.43 billion.
Host Hotels expects full-year funds from operations in the range of $1.60 to $1.70 per share.
The company's shares have declined nearly 1 percent since the beginning of the year, while the Standard & Poor's 500 index has risen almost 6 percent. The stock has climbed 22 percent in the last 12 months.
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