(By Balachander) Host Hotels and Resorts Inc. (NYSE:HST) reported an increase in quarterly Funds From Operations (FFO) and revenue and the lodging real estate investment trust (REIT) updated its forecast for the year 2012.
On an adjusted basis, FFO increased 31.3 percent to 21 cents from 16 cents, matching consensus estimates for the third quarter. Its net loss slightly widened to $36 million from $35 million.
Total revenue rose 6.5 percent to $1.20 billion, in line with Wall Street projections. Comparable hotel revenue increased 6.7 percent and comparable hotel RevPAR gained 7.6 percent.
Comparable hotel adjusted operating profit margins improved 285 basis points for the three months ended September.
Looking ahead for the full year, the company now expects adjusted FFO per share in the range of $1.06 to $1.09 from prior expectations of $1.04 to $1.09, while analysts expect $1.07. GAAP revenue growth is now projected to be between 7.2 percent and 7.7 percent from 6.3 percent to 7.8 percent rise projected earlier.
Comparable hotel RevPAR is expected to rise 6.25 percent to 7.0 percent from earlier guidance of 5.5 percent to 7.0 percent.
Host Hotels owns 104 properties in the United States and 16 properties internationally totaling roughly 65,000 rooms.
The stock, which has been trading in the 52-week range of $10.93 to $17.57, ended at $15.53 on Tuesday.