Summit Hotel Properties: 4Q Earnings Snapshot
AUSTIN, Texas (AP) _ Summit Hotel Properties Inc. (INN) on Tuesday reported a key measure of profitability in its fourth quarter. The results matched Wall Street expectations.
The real estate investment trust, based in Austin, Texas, said it had funds from operations of $27 million, or 26 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 26 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 $5.5 million, or 5 cents per share.
The real estate investment trust specializing in higher end hotels posted revenue of $133.8 million in the period, topping Street forecasts. Five analysts surveyed by Zacks expected $128.6 million.
For the year, the company reported funds from operations of $130.4 million, or $1.25 per share. Revenue was reported as $549.3 million.
Summit Hotel Properties expects full-year funds from operations in the range of $1.15 to $1.27 per share.
The company’s shares have fallen 18% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $10.12, a drop of 13% in the last 12 months.