Host Hotels & Resorts Inc. reported Nareit funds from operations and adjusted FFO for the second quarter of $393 million, or 53 cents per share, a 1.9% decrease on a per-share basis from $402 million, or 54 cents per share, in the comparable 2018 period.
Nareit is the U.S.-based trade association for real estate investment trusts and publicly traded real estate companies.
The S&P Global Market Intelligence consensus FFO estimate for the quarter was 54 cents per share.
For the quarter, revenues came in at $1.48 billion, a decrease of 2.3% from $1.52 billion in the year-ago period.
The lodging real estate investment trust expects Nareit FFO and AFFO per share in the range of $1.73 to $1.78 for the full year, compared with previous guidance in the range of $1.76 to $1.84.
For the full year, the S&P Global Market Intelligence consensus FFO-per-share estimate is $1.81.
Subsequent to the end of the second quarter, the REIT sold the Courtyard-Chicago Downtown/River North and the Residence Inn Arlington Pentagon City in Virginia for $150 million.
The REIT is also in discussions to sell additional properties, including the Scottsdale Marriott Suites Old Town and Scottsdale Marriott at McDowell Mountains in Arizona, the Costa Mesa Marriott in California, the Atlanta Marriott Suites Midtown, and The Westin Indianapolis and Chicago Marriott Suites O'Hare, all of which the company said should close shortly.
On Aug. 5, the REIT's board authorized an increase in the company's share repurchase program to $1 billion from $500 million.
