Summit Hotel Properties: Q1 Earnings Snapshot
By AP News
Published - May 03, 2023, 06:06 PM ET
Last Updated - Jun 21, 2023, 11:11 PM EDT
AUSTIN, Texas (AP) — AUSTIN, Texas (AP) — Summit Hotel Properties Inc. (INN) on Wednesday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.
The Austin, Texas-based real estate investment trust said it had funds from operations of $26.3 million, or 22 cents per share, in the period.
The average estimate of three 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.
