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Summit Hotel Properties: 3Q Earnings Snapshot

Summit Hotel Properties: 3Q Earnings Snapshot

AUSTIN, Texas (AP) _ Summit Hotel Properties Inc. (INN) on Tuesday reported a key measure of profitability in its third 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 $36.1 million, or 35 cents per share, in the period.

The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 36 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 $34.2 million, or 33 cents per share.

The real estate investment trust specializing in higher end hotels posted revenue of $142.3 million in the period, also missing Street forecasts. Four analysts surveyed by Zacks expected $144 million.

For the current quarter ending in December, Summit Hotel Properties expects its per-share funds from operations to range from 26 cents to 29 cents.

The company expects full-year funds from operations in the range of $1.31 to $1.34 per share.

The company's shares have decreased 24 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $11.57, a decrease of 26 percent in the last 12 months.

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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

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