Summit Hotel Properties: 4Q Earnings Snapshot

·1 min read

AUSTIN, Texas (AP) _ Summit Hotel Properties Inc. (INN) on Tuesday reported a loss in funds from operations in its fourth quarter, after reporting a profit in the same period a year earlier. The results did not meet Wall Street expectations.

The real estate investment trust, based in Austin, Texas, said it had a funds from operations loss of $15.1 million, or 14 cents per share, in the period.

The average estimate of five analysts surveyed by Zacks Investment Research was for a funds from operations loss of 12 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 $46.8 million, or 45 cents per share.

The real estate investment trust specializing in higher end hotels posted revenue of $48.2 million in the period, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $51.7 million.

For the year, the company reported funds from operations losses of $38.6 million, swinging to a loss in the period. Revenue was reported as $234.5 million.

The company's shares have risen 13% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $10.19, a decrease of 5% 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