BETHESDA, Md. (AP) _ Host Hotels & Resorts Inc. (HST) on Tuesday reported a key measure of profitability in its third quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Bethesda, Maryland, said it had funds from operations of $257 million, or 35 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 34 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 $368 million, or 51 cents per share.
The lodging real estate investment trust posted revenue of $1.26 billion in the period, matching Street forecasts.
Host Hotels expects full-year funds from operations in the range of $1.75 to $1.78 per share.
The company's shares have risen 4.5% since the beginning of the year, while the Standard & Poor's 500 index has increased 23%. In the final minutes of trading on Tuesday, shares hit $17.42, a decrease of 9.5% in the last 12 months.