Host Hotels & Resorts Inc. had a year-over-year gain in revenue and growth in a non-GAAP financial measure of its earnings but a year-over-year decrease in quarterly net income in its first quarter of 2019, the company announced Wednesday.
The nation’s largest real estate investment trust, which is based in Bethesda, had $1.39 billion in revenues in the quarter that ended March 31, up 3.3 percent from $1.35 billion it received in the first quarter of 2018. Net income for the quarter was $189 million, down 26.2 percent from the $256 million in net income from the same quarter in 2018.
The quarter’s net income was affected by a reduction in gains on sales of assets compared to the previous quarter, Host Hotels said in a news release. But the company had year-over-year growth 0f 9.7 percent in earnings before interest, taxes, depreciation and amortization for real estate, to $406 million from $370 million a year ago.