Sunstone Hotel Investors Q2 FFO Rises; Narrows FY13 Adj. FFO Outlook

(RTTNews) - Sunstone Hotel Investors Inc. (SHO) reported second-quarter funds from operations or FFO of $47.2 million, or $0.29 per share, compared to $38.7 million, or $0.32 per share in the same quarter last year.

Adjusted FFO per share for the quarter was $0.30, down from $0.35 last year.

Income available to common stockholders was $15.1 million or $0.09 per share, compared to a loss of $4.1 million or $0.03 per share in the same quarter last year.

Meanwhile, total revenues for the quarter rose to $234.6 million from $212.8 million in the prior year quarter.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.30 per share on revenues of $236.18 million for the quarter. Analysts' estimates typically exclude special items.

For the third quarter of 2013, the company expects Adjusted FFO per share to be in the range of $0.27 - $0.29. Analysts expect the company to report earnings of $0.25 per share for the third-quarter.

For fiscal 2013, the company narrowed its Adjusted FFO outlook and now expects it to range between $0.91 - $0.97 per share from its prior estimate of $0.90 to $0.98 per share. Analysts expect the company to report earnings of $0.96 per share for fiscal 2013.