Strategic Hotels & Resorts Reports Q2 FFO In Line

(RTTNews) - Strategic Hotels & Resorts, Inc. (BEE) reported net income for the second quarter of $3.3 million or $0.01 per share, compared to $3.0 million or $0.01 per share for the year-ago quarter.

Comparable funds from operations was $28.7 million or $0.14 per share in the second quarter of 2013, compared with $21.4 million or $0.11 per share in the prior year period.

Total consolidated revenues for the second quarter rose 21.2% to $244.2 million from $201.4 million a year ago.

Analysts polled by Thomson Reuters expected the company to report FFO of $0.14 per share on revenue of $236.03 million for the second quarter. Analysts' estimates typically exclude special items.

The company said it now expects 2013 Comparable FFO in the range of $0.35 and $0.40 per share, compared to its prior guidance of $0.33 to $0.40 per share. Analysts currently expect the company to report FFO of $0.38 per share for the full year 2013.