Sunstone Hotel: 4Q Earnings Snapshot
ALISO VIEJO, Calif. (AP) _ Sunstone Hotel Investors Inc. (SHO) on Tuesday reported a key measure of profitability in its fourth quarter. The results exceeded Wall Street expectations.
The Aliso Viejo, California-based real estate investment trust said it had funds from operations of $66.8 million, or 29 cents per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 27 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 $73.1 million, or 32 cents per share.
The hotel real estate investment trust, based in Aliso Viejo, California, posted revenue of $280.9 million in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $275.1 million.
For the year, the company reported funds from operations of $264.2 million. Revenue was reported as $1.16 billion.
For the current quarter ending in April, Sunstone Hotel expects its per-share funds from operations to range from 18 cents to 20 cents.
The company expects full-year funds from operations in the range of $1.01 to $1.11 per share.
The company's shares have climbed slightly more than 7 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $13.97, a decline of 12 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SHO at https://www.zacks.com/ap/SHO