AUSTIN, Texas (AP) _ Summit Hotel Properties Inc. (INN) on Wednesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Austin, Texas, said it had funds from operations of $32.3 million, or 31 cents per share, in the period.
The average estimate of four 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 $9.2 million, or 9 cents per share.
The real estate investment trust specializing in higher end hotels posted revenue of $139 million in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $135.9 million.
Summit Hotel Properties expects full-year funds from operations in the range of $1.17 to $1.29 per share.
The company's shares have risen 20% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $11.63, a fall of 20% 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