Host Hotels & Resorts posted a strong first-quarter performance on a sustained increase in room rates.
The Bethesda-based hotel real estate investment trust reported funds from operations of $218 million, or 29 cents per share. After adjusting for certain one-time items, FFO was $207 million, or 28 cents per share.
The consensus of Wall Street analysts was for FFO of 23 cents per share, according to FactSet. FFO adds items such as amortization and depreciation back to net income, and is a key measure of a REIT’s financial performance.
First-quarter revenue was $1.26 billion, up from $952 million in the prior-year period.