AUSTIN, Texas (AP) — AUSTIN, Texas (AP) — Summit Hotel Properties Inc. (INN) on Wednesday reported a key measure of profitability in its fourth quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Austin, Texas, said it had funds from operations of $26.9 million, or 22 cents per share, in the period.
The average estimate of four 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 $16.6 million, or 16 cents per share.
The real estate investment trust specializing in higher end hotels, based in Austin, Texas, posted revenue of $177.4 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $175.8 million.
For the year, the company reported funds from operations of $112.8 million. Revenue was reported as $736.1 million.
Summit Hotel Properties expects full-year funds from operations in the range of 90 cents to $1 per share.
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