Sunstone Hotel Investors Q3 FFO Rises; Narrows FY13 Adj. FFO Outlook

(RTTNews) - Sunstone Hotel Investors Inc. (SHO) reported third-quarter funds from operations or FFO of $46.7 million, or $0.29 per share, compared to $30.0 million, or $0.22 per share in the same quarter last year.

Adjusted FFO per share for the quarter was $0.30, down from $0.23 last year.

Income available to common stockholders was $11.6 million or $0.07 per share, compared to a loss of $30.9 million or $0.23 per share in the same quarter last year.

Meanwhile, total revenues for the quarter rose to $250.4 million from $205.0 million in the prior year quarter.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.29 per share on revenues of $245.02 million for the quarter. Analysts' estimates typically exclude special items.

For the fourth quarter of 2013, the company expects Adjusted FFO per share to be in the range of $0.22 - $0.25. Analysts expect the company to report earnings of $0.27 per share for the fourth-quarter.

For fiscal 2013, the company narrowed its Adjusted FFO outlook and now expects it to range between $0.92 - $0.95 per share from its prior estimate of $0.91 to $0.97 per share. Analysts expect the company to report earnings of $0.96 per share for fiscal 2013.