Summit Hotel Properties: 3Q Earnings Snapshot
AUSTIN, Texas (AP) _ Summit Hotel Properties Inc. (INN) on Tuesday reported a loss in funds from operations in its third quarter, after reporting a profit in the same period a year earlier. The results topped Wall Street expectations.
The real estate investment trust, based in Austin, Texas, said it had a funds from operations loss of $10.8 million, or 10 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for a funds from operations loss of 13 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 a loss of $38.3 million, or 37 cents per share.
The real estate investment trust specializing in higher end hotels posted revenue of $52.4 million in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $52.5 million.
The company’s shares have dropped 52% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $5.97, a decline of 52% in the last 12 months.