Summit Hotel Properties: Q2 Earnings Snapshot
AUSTIN, Texas (AP) _ Summit Hotel Properties Inc. (INN) on Tuesday reported a key measure of profitability in its second quarter. The results did not meet Wall Street expectations.
The real estate investment trust, based in Austin, Texas, said it had funds from operations of $32.6 million, or 27 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 29 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 $7.9 million, or 7 cents per share.
The real estate investment trust specializing in higher end hotels posted revenue of $183.2 million in the period.