Host Marriott's results top predictions by a penny

Occupancy rate up along with FFO

Lodging

May 04, 1999|By Ted Shelsby | Ted Shelsby,SUN STAFF

Host Marriott Corp., continuing to benefit from acquisitions and a near 80 percent hotel occupancy rate, reported yesterday that first-quarter funds from operations (FFO) rose slightly more than had been expected on Wall Street.

The Bethesda-based real estate investment trust reported funds from operations of $117 million, or 38 cents a share, compared with $76 million, or 33 cents a share, on a pro forma basis in the year-earlier quarter.

Wall Street analysts had predicted that the FFO would come in at 37 cents a share.

Net income rose to $45 million in the three months that ended March 16, up from $30 million in the comparable part of 1998.

On a per-share basis, net income was 19 cents, up from 14 cents in the 1998 quarter.

Income from continuing operations increased to $45 million, a 61 percent increase over the $28 million posted during the like part of last year.

Host Marriott reported a hotel occupancy rate of 79.3 percent, up from 78 percent in the corresponding part of last year.

Terence C. Golden, president and chief executive officer, said results are "in line with our expectations."

Pub Date: 5/04/99

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