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DiamondRock Hospitality registers 2.6% YOY drop in FY'17 AFFO

Hotel real estate investment trust DiamondRock Hospitality Co. disclosed 2017 fourth-quarter adjusted funds from operations of $50.7 million, or 25 cents per share, a rise in the aggregate from $48.4 million, or 24 cents per share, in the fourth quarter of 2016.

For full year 2017, the company disclosed a 2.6% year-over-year decrease in AFFO. In the aggregate, results totaled $201.0 million, or $1.00 per share, compared with $206.3 million, or $1.02 per share.

The S&P Capital IQ consensus FFO-per-share estimate for the quarter was 23 cents per share. For full year 2017, the S&P Capital IQ consensus estimate for FFO-per-share was 97 cents per share.

In reporting results, DiamondRock said it forecasts AFFO-per-share in the range of 96 cents to $1.01 for 2018.

The company said it is under contract to buy the 77-room Landing Resort & Spa in South Lake Tahoe, Calif., for $42 million, with closing expected before the end of the first quarter.

The company also updated on the status of its hotels most impacted by natural disasters. Frenchman's Reef in St. Thomas, U.S. Virgin Islands, is expected to remain closed through the end of 2019, while a comprehensive renovation of The Inn at Key West in Key West, Fla., is nearing completion, with the property expected to reopen as the Havana Cabana Key West in April. DiamondRock expects to receive insurance proceeds for losses incurred during the closure period for both the properties.

The company also said it sold 230,719 shares of its common stock for net proceeds of $2.7 million under its at-the-market offering program in 2018.