Summit Hotel Properties: Q2 Earnings Snapshot
AUSTIN, Texas (AP) — AUSTIN, Texas (AP) — Summit Hotel Properties Inc. (INN) on Wednesday reported a key measure of profitability in its second quarter.
The Austin, Texas-based real estate investment trust said it had funds from operations of $33.2 million, or 27 cents per share, in the period.
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 $753,000, or 1 cent per share.
The real estate investment trust specializing in higher end hotels, based in Austin, Texas, posted revenue of $194.5 million in the period.
Summit Hotel Properties expects full-year funds from operations in the range of 86 cents to 94 cents 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
