Summit Hotel Properties: Q1 Earnings Snapshot

AUSTIN, Texas (AP) _ Summit Hotel Properties Inc. (INN) on Tuesday reported a loss in funds from operations in its first quarter, after reporting a profit in the same period a year earlier. The results beat Wall Street expectations.

The Austin, Texas-based real estate investment trust said it had a funds from operations loss of $6.9 million, or 7 cents per share, in the period.

The average estimate of four analysts surveyed by Zacks Investment Research was for a funds from operations loss of 9 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 $35.1 million, or 34 cents per share.

The real estate investment trust specializing in higher end hotels posted revenue of $57.9 million in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $56.9 million.

The company's shares have increased 13% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $10.14, an increase of 87% in the last 12 months.


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