BETHESDA, MD – LaSalle Hotel Properties, a Maryland-based real estate investment firm, reported increased earnings for the first quarter due to decreasing expenses, according to a filing from the Securities and Exchange Commission.
LaSalle Hotel Properties net income increased 1,168.3 percent to $76.1 million, or 67 cents per diluted share, from $6 million, or 5 cents per diluted share in the first quarter of the previous year.
LaSalle was able to decrease the expense of hotel operating costs, as it sold off three properties and one leasehold interest in the past year. The company received $74.4 million in gains relating to the sales of the properties, impacting the company’s net income.
“We have been opportunistic in selling four hotels this year, and we are pleased to use part of these proceeds to redeem our Series H preferred shares,” stated Michael Barnello, President and Chief Executive Officer of LaSalle Hotel Properties.
The company received $273.85 million in the sales of Hotel Deca, Lansdowne Resort, and Alexis Hotel, and the Triton Hotel.
LaSalle beat analysts earning estimates of 6 cents for the first quarter. Analysts are predicting earnings of 45 cents for the next quarter.
The company reported total revenue of $254.5 million, a 2.2 percent decrease from $260.1 million, the first quarter revenue of the 2016 fiscal year.
LaSalle Hotel Properties stock price has decreased 1.93 percent to $28.69 in Thursday morning trading. The stock closed at $29.26 the previous day.
This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism