U.S. Markets close in 2 hrs 4 mins

Summit Hotel Properties reports 4Q results

AUSTIN, Texas (AP) _ Summit Hotel Properties Inc. (INN) on Thursday reported a key measure of profitability in its fourth quarter. The results exceeded Wall Street expectations.

The Austin, Texas-based real estate investment trust said it had funds from operations of $26.7 million, or 30 cents per share, in the period.

The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 26 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 $3.3 million, or 4 cents per share.

The real estate investment trust specializing in higher end hotels posted revenue of $110.3 million in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $110.6 million.

For the year, the company reported funds from operations of $123.8 million, or $1.41 per share. Revenue was reported as $473.9 million.

For the current quarter ending in April, Summit Hotel Properties expects its per-share funds from operations to range from 29 cents to 31 cents.

The company expects full-year funds from operations in the range of $1.34 to $1.42 per share.

The company's shares have increased roughly 1 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $16.17, a rise of 58 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


Keywords: Summit Hotel Properties, Earnings Report