Summit Hotel Properties: Overview of Fourth Quarter Results
Summit Hotel Properties Inc. (INN) reported a key measure of its fourth quarter profitability on Wednesday, after posting a loss in the same period a year earlier. The results exceeded Wall Street expectations.
The Austin, Texas-based real estate investment trust said it had operating funds of $14.8 million, or 14 cents per share, during the period.
The average estimate of five analysts polled by Zacks Investment Research was for funds from operations 13 cents per share.
Funds from operations is a closely watched metric in the REIT industry. It takes net income and adds items such as depreciation and amortization.
The company said it incurred a loss of $15.3 million, or 15 cents per share.
The real estate investment trust specializing in upscale hotels posted revenue of $106.9 million during the period, which also beat Street’s forecast. Four analysts polled by Zacks expected $104.9 million.
For the year, the company reported funds from operations of $36.8 million, turning into a profit during the period. Revenue was reported at $361.9 million.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on INN at https://www.zacks.com/ap/INN