FelCor Lodging Trust Earnings Cheat Sheet: In-line With Consensus Estimates

FelCor Lodging Trust (NYSE:FCH) reported its results for the first quarter. Felcor Lodging Trust is a real estate investment trust that is engaged in hospitality business.

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FelCor Lodging Earnings Cheat Sheet for the First Quarter

Results: The company’s funds from operations (FFO) remained at a loss of 2 cents from the year earlier. FFO, a measure of performance of a real estate investment trust (REIT), removes the profit-reducing effect that depreciation has on earnings. It was in line with the consensus estimate.

Quoting Management: Richard A. Smith, President and Chief Executive Officer of FelCor, said, “We continue to execute our long-term strategic plan. We have six hotels under contract and expect to sell a majority of the remaining non-strategic hotels on the market this year. As part of our previously announced balance restructuring plan, we are using the proceeds to repay debt and pay accrued preferred dividends as we work to substantially reduce leverage, stagger debt maturities and lower our cost of borrowing. The redevelopment projects and value creation plans at our newly acquired hotels are also progressing as expected.”

Looking Forward: Expectations for the second quarter have not changed from 18 cents. For the fiscal year, the average estimate has moved down from 32 cents a share to 26 cents over the last sixty days.

Competitors to Watch: Morgans Hotel Group Co., InnSuites Hospitality Trust, DiamondRock Hospitality Co., Chatham Lodging Trust, Sunstone Hotel Investors, Inc, Hersha Hospitality Trust, Pebblebrook Hotel Trust, LaSalle Hotel Properties, Hospitality Properties Trust, and Supertel Hospitality Inc.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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