Summit Hotel Properties: Q1 Earnings Snapshot

AUSTIN, Texas (AP) — AUSTIN, Texas (AP) — Summit Hotel Properties Inc. (INN) on Wednesday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.

The Austin, Texas-based real estate investment trust said it had funds from operations of $26.3 million, or 22 cents per share, in the period.

The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 21 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 a loss of $5.2 million, or 5 cents per share.

The real estate investment trust specializing in higher end hotels, based in Austin, Texas, posted revenue of $182.4 million in the period.

Summit Hotel Properties expects full-year funds from operations in the range of 92 cents to $1.05 per share.

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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