LaSalle Hotel Properties Q2 FFO Rises, Lifts FY13 Outlook - Quick Facts

(RTTNews) - LaSalle Hotel Properties (LHO) Wednesday said second-quarter funds from operations, or FFO, improved to $68.7 million or $0.72 per share from $56.1 million or $0.65 per share in the same period last year.

Adjusted FFO for the quarter was $70.3 million or $0.73 per share. On average, 17 analysts polled by Thomson Reuters expected the company to report FFO of $0.73 per share for the quarter. Analysts' estimates typically exclude special items.

Net income attributable to common shareholders increased to $35.2 million or $0.37 per share from $24.8 million or $0.29 per share last year.

Revenues totaled $263.6 million, up from $242.1 million last year. Analysts expected revenues of $259.26 million. RevPAR improved 6.7 percent to $191.0 million in the quarter, up from $179.0 million last year.

Looking ahead to the third quarter, the company has forecast adjusted FFO in the range of $0.64 to $0.68 per share. RevPAR growth is projected in the range of 2.5 percent to 4.5 percent. Analysts currently expects third-quarter FFO of $0.68 per share.

For the fiscal 2013, the company currently projects adjusted FFO in the order of $2.13 to $2.23 per share, up from previous guidance range of $2.03 to $2.23 per share. RevPAR growth is projected in the range of 4.5 percent to 6.0 percent.

The board of directors have also increased its quarterly dividend by 40 percent to $0.28 per share of beneficial interest, payable October 15, to shareholders on record September 30.