Strategic Hotels & Resorts 1Q comparable FFO misses Wall Street view

NEW YORK (Thomson Financial) - Strategic Hotels & Resorts reported late Wednesday first-quarter comparable funds from operations of $23.5 million, or 31 cents a share, compared with $22.4 million, or 29 cents a share, in the same period a year ago.

The company said first-quarter results were hurt by disruption associated with renovation activity at the Fairmont Chicago, Marriott London Grosvenor Square and the Renaissance Paris Hotel Le Parc Trocadero.

The mean estimate of analysts polled by Thomson Reuters was for first-quarter FFO of 32 cents a share.

First-quarter net loss available to common shareholders was $7 million, or 9 cents a share, compared with a net loss of $9.6 million, or 13 cents a share, in the same period a year earlier.

Revenue for the period ended March 31 rose to $252.1 million from last year's $237.9 million. Analysts had expected $251.5 million.

The Chicago-based real estate investment trust expects second-quarter comparable FFO of $33.7 million to $36.7 million, or 44 cents to 48 cents a share. Analysts are looking for FFO of 52 cents a share.

The company affirmed its full-year outlook for comparable FFO of $121.8 million to $132.8 million, or $1.60 to $1.75 a share, compared with expectations of $1.63 a share.

The stock closed the regular session at $15.22.

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