Summit Hotel Properties: 3Q Earnings Snapshot
AUSTIN, Texas (AP) _ Summit Hotel Properties Inc. (INN) on Tuesday reported a key measure of profitability in its third quarter. The results met Wall Street expectations.
The Austin, Texas-based real estate investment trust said it had funds from operations of $32.5 million, or 31 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 31 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $7.8 million, or 7 cents per share.
The real estate investment trust specializing in higher end hotels posted revenue of $133.7 million in the period, exceeding Street forecasts. Five analysts surveyed by Zacks expected $133.6 million.
Summit Hotel Properties expects full-year funds from operations in the range of $1.23 to $1.26 per share.
The company’s shares have risen 28% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $12.50, an increase of 9% in the last 12 months.