AUSTIN, Texas (AP) _ Summit Hotel Properties Inc. (INN) on Wednesday reported a key measure of profitability in its first 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 $32.1 million, or 31 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 32 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 $868,000, or 1 cent per share.
The real estate investment trust specializing in higher end hotels posted revenue of $140.2 million in the period, which beat Street forecasts. Four analysts surveyed by Zacks expected $138.9 million.
For the current quarter ending in July, Summit Hotel Properties expects its per-share funds from operations to range from 37 cents to 40 cents.
The company expects full-year funds from operations in the range of $1.33 to $1.43 per share.
The company's shares have decreased 4.5 percent since the beginning of the year. The stock has declined 14 percent in the last 12 months.
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