Host Hotels & Resorts (NYSE: HST) reported Q1 FFO of $0.23, versus $0.48 reported last year. Revenue for the quarter came in at $1.05 billion versus the consensus estimate of $1.12 billion.

2020 Outlook

Given the global economic uncertainty COVID-19 has created for the travel, airline, lodging and tourism and event industries, among others, the Company cannot provide full year guidance for its operations or fully estimate the effect of COVID-19 on operations because of the uncertainty of the depth and duration of the pandemic. The Company anticipates the possibility of further hotel closures and erosion in operations and does not expect to see a material improvement until government restrictions have been lifted and business and leisure travelers are comfortable that the risks associated with traveling and contracting COVID-19 are significantly reduced. The Company does not intend to provide further updates unless deemed appropriate.

James F. Risoleo, President and Chief Executive Officer, said, “We have worked diligently with our operators to implement portfolio-wide cost reductions that are unprecedented in their magnitude. Although no one knows what the recovery will look like, we are collaborating with our operators to implement innovations and standards that we believe will help address customers’ heightened safety and hygiene concerns and structurally improve the Company’s long-term operating model. Finally, we remain confident that the relative strength of Host’s liquidity position and balance sheet position the Company to endure this crisis and capitalize on future opportunities to create long-term value.”

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