Host Hotels & Resorts, Inc, today announced results of operations for the first quarter ended March 25, 2011.
Hotel revenues for owned hotels increased $54 million, or 7%, for the quarter compared to the first quarter of 2010. Total revenue increased $80 million, or 10%, of which $27 million was due to the inclusion of property-level revenues for 53 leased, select-service hotels for which the Company previously recorded rental income. Our 2010 and 2011 acquisitions contributed $21 million of revenues in the quarter. See the notes to the consolidated statements of operations for further information.
Net loss was $60 million, or $.09 per diluted share, for the first quarter of 2011 compared to a net loss of $84 million, or $.13 per diluted share, for the first quarter of 2010.
FFO increased 57% to $77 million, or $.11 per diluted share, for the first quarter of 2011 compared to $49 million, or $.08 per diluted share, for the first quarter of 2010. The Company’s operating results include transactions, such as gains or losses on debt extinguishments, litigation costs and acquisition costs that can significantly affect earnings and FFO per diluted share. The net effect of these items was a decrease to earnings per diluted share and FFO per diluted share of $.01 for both the first quarter of 2011 and 2010.
Adjusted EBITDA, which is Earnings before Interest Expense, Income Taxes, Depreciation, Amortization and other items, increased 14% to $144 million for the quarter.
Adjusted EBITDA, FFO, FFO per diluted share and comparable hotel adjusted operating profit margins (discussed below) are non-GAAP (generally accepted accounting principles) financial measures within the meaning of the rules of the Securities and Exchange Commission (SEC). See the discussion included in this press release for information regarding these non-GAAP financial measures.