LaSalle Hotel Properties Q1 Results Top Estimates; Boosts Dividend

(RTTNews) - LaSalle Hotel Properties (LHO) reported a net loss for the first quarter of $9.0 million or $0.09 per share, compared to a net loss of $7.4 million or $0.08 per share for the year-ago quarter.

Funds from operations for the first quarter was $28.8 million or $0.28 per share, compared to $25.7 million or $0.27 per share in the prior year quarter.

Adjusted FFO for the first quarter was $33.2 million or $0.32 per share, compared to $25.7 million or $0.27 per share in the first quarter of last year.

Total revenue for the first quarter rose 14.2% $218.9 million from $191.7 million a year ago.

Analysts polled by Thomson Reuters expected the company report FFO of $0.30 per share on revenue of $214.29 million for the first quarter. Analysts' estimates typically exclude special items.

Room revenue per available room for the first quarter increased 4.0% to $144.40, as a result of a 6.2% increase in average daily rate to $201.36 and a 2.0% decrease in occupancy to 71.7%..

The company said its Board of Trustees has declared that it has increased the quarterly dividend in the second quarter by 34% to $0.375 per share, an annualized rate of $1.50 per share.

Looking forward, the company forecasts second quarter adjusted FFO of $0.77 to $0.81 per share. The company reiterated its full year 2014 adjusted FFO guidance of $2.33 to $2.54 per share.

Analysts currently expect the company to report FFO of $0.82 per share for the second quarter and $2.46 per share for the full year 2014.