AUSTIN, Texas (AP) _ Summit Hotel Properties Inc. (INN) on Wednesday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Austin, Texas, said it had funds from operations of $38.6 million, or 37 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 36 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 net income of $45.2 million, or 43 cents per share.
The real estate investment trust specializing in higher end hotels posted revenue of $142.9 million in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $142.2 million.sonos sonos One (Gen 2) - Voice Controlled Smart Speaker with Amazon Alexa Built-in - Black read more
Summit Hotel Properties expects full-year funds from operations in the range of $1.20 to $1.28 per share.
The company's shares have increased 14% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $11.10, a fall of 22% in the last 12 months.
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
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