Summit Hotel Properties: Q4 Earnings Snapshot
By AP News
Published - Feb 27, 2023, 05:57 PM ET
Last Updated - Jun 22, 2023, 07:15 PM EDT
AUSTIN, Texas (AP) — AUSTIN, Texas (AP) — Summit Hotel Properties Inc. (INN) on Monday reported a key measure of profitability in its fourth quarter. The results topped Wall Street expectations.
The Austin, Texas-based real estate investment trust said it had funds from operations of $30.3 million, or 25 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 20 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.
