Bethesda-based LaSalle Hotel Properties (NYSE: LHO) reported first quarter results for the period ended March 31, 2012.
The lodging real estate investment trust brought in $172.3 million in revenues compared to $138.4 million in the same period last year. That reduced its net loss to $16.1 million from $19.3 million a year ago. Net loss to common shareholders per diluted share was $0.19 cents for the first quarter 2012 versus $0.26 cents.
Funds from operations or FFO increased to $14 million or an FFO per diluted share/unit of $0.16 cents compared to an FFO per diluted share/unit of $0.11 cents in the first quarter of 2011. The average estimate of 15 analysts was $0.17 cents per share with revenues of $167.84 million.
Room revenue per available room or RevPAR increased 6.2 percent to $127.06
The company had $27.9 million in cash and cash equivalents at the end of the quarter and $344.9 million available from credit facilities.
Lasalle just declared an increased dividend of 20 cents per share to be paid on July 13, 2012 to shareholders on record by the end of June 30, 2012.