Summit Hotel Properties: 2Q Earnings Snapshot
AUSTIN, Texas (AP) _ Summit Hotel Properties Inc. (INN) on Wednesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The Austin, Texas-based real estate investment trust said it had funds from operations of $41.4 million, or 40 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 39 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 $33.9 million, or 33 cents per share.
The real estate investment trust specializing in higher end hotels posted revenue of $152.2 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $151.8 million.
For the current quarter ending in October, Summit Hotel Properties expects its per-share funds from operations to range from 33 cents to 36 cents.
The company expects full-year funds from operations in the range of $1.30 to $1.36 per share.
The company’s shares have declined 7 percent since the beginning of the year. The stock has fallen 22 percent in the last 12 months.