First-quarterFFO and adjusted FFO at HostHotels & Resorts Inc. increased to $308 million, or 41 centsper share, from $278 million, or 35 cents per share, in the 2015 first quarter.
Totalrevenues during the review period rose 2.8% to $1.34 billion from $1.30 billionyear over year.
TheS&P Capital IQ consensus FFO-per-share estimate for the first quarter was38 cents.
Presidentand CEO W. Edward Walter said in a news release that strong growth in demandand "significantly" less disruption from renovation meant thatcomparable hotel RevPAR growth was a solid 3.6%.
Thecompany spent about $94 million on renewal and replacement capital expendituresduring the quarter. For 2016, Host Hotels targets to invest between $305million to $320 million in renewal and replacement capital expenditures, anapproximately $75 million decrease from 2015.
Asof March 31, the company had about $234 million of cash and cash equivalents.Total debt was $4.0 billion, with an average maturity of 5.6 years and anaverage interest rate of 3.6%.
Year-to-date,the company repurchased 5.1 million shares at an average price of $16.08 for atotal purchase price of about $81 million. Currently, it has $242 million ofrepurchase capacity under its share repurchase program authorized by the boardof directors in October 2015.
HostHotels noted that it paid a regular quarterly cash dividend of 20 cents pershare on its common stock April 15, to stockholders of record as of March 31.
Lookingahead, Host Hotels said it expects 2016 FFO per share to range between $1.65 to$1.69 and adjusted FFO per share to come in between $1.65 to $1.69, in linewith the guidanceprovided with the company's 2015 fourth-quarter results in February.
TheS&P Capital IQ consensus FFO-per-share estimate for 2016 is $1.67.