Strategic Hotels 4Q FFO rises |
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Wed, 28 Feb 2007 23:39
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CHICAGO (AP) - Strategic Hotels & Resorts, a real estate investment trust which owns and manages high-end hotels and resorts, on Wednesday said its fourth-quarter funds from operations and revenue more than doubled.The company reported quarterly funds from operations of $20.3 million, or 26 cents per share, compared with $9.2 million, or 17 cents per share, in the fourth quarter of 2005.Excluding one-time charges, FFO was 30 cents per share.Sales rose to $242.5 million from $119.7 million in the year-ago period, as non-room sales and revenue per available room increased in North America and abroad.Analysts polled by Thomson Financial, on average, expected quarterly FFO of 28 cents per share on sales of $220.2 million.For 2006, the company reported FFO of $87.3 million, or $1.24 per share, compared with $61.3 million, or $1.37 per share, in 2005. Barring one-time charges, 2006 FFO was $1.41 per share.Shares of Strategic Hotels & Resorts added 30 cents to end at $21 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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