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Sunstone: sale may slightly add to 2008 FFO results

By Associated Press
June 2, 2008 | Comments (0)

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Sunstone Hotel Investors Inc. said Monday it expects the sale of a hotel to be neutral or add slightly to its full-year adjusted funds from operations.

The real estate investment trust said it will sell the Hyatt Regency Century Plaza to Next Century Associates LLC for approximately $366.5 million in gross proceeds.

Sunstone expects 2008 adjusted FFO after preferred dividends between about $2.90 and $3.13 per share. Analysts polled by Thomson Financial predict FFO of $3.01 per share.

Funds from operations, or FFO, which adds such items as amortization and depreciation back to net income, is considered a key gauge of REIT strength because it gives a more accurate picture of cash performance.

Sunstone also said it anticipates second-quarter adjusted FFO after paying preferred dividends in a range of 84 cents to 88 cents per share _ slightly below analysts' average estimate of 90 cents per share.

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