Sunstone Hotel: 2Q Earnings Snapshot
IRVINE, Calif. (AP) _ Sunstone Hotel Investors Inc. (SHO) on Thursday reported a key measure of profitability in its second quarter. The results matched Wall Street expectations.
The real estate investment trust, based in Irvine, California, said it had funds from operations of $76 million, or 33 cents per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 33 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 $40.8 million, or 18 cents per share.
The hotel real estate investment trust, based in Irvine, California, posted revenue of $302.9 million in the period, which beat Street forecasts. Seven analysts surveyed by Zacks expected $296.7 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 $1.13 per share.
The company’s shares have decreased 1% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $12.85, a fall of 22% in the last 12 months.