Sunstone Hotel: 2Q Earnings Snapshot
Jul. 30, 2018
ALISO VIEJO, Calif. (AP) _ Sunstone Hotel Investors Inc. (SHO) on Monday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Aliso Viejo, California, said it had funds from operations of $83.7 million, or 37 cents per share, in the period.
The average estimate of nine 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 $45.7 million, or 20 cents per share.
The hotel real estate investment trust, based in Aliso Viejo, California, posted revenue of $317.4 million in the period, which also topped Street forecasts. Seven analysts surveyed by Zacks expected $316.1 million.
For the current quarter ending in October, Sunstone Hotel expects its per-share funds from operations to range from 27 cents to 29 cents.
The company expects full-year funds from operations in the range of $1.07 to $1.14 per share.
The company's shares have fallen 3 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $16.01, a decline of slightly more than 1 percent in the last 12 months.