AUSTIN, Texas (AP) — AUSTIN, Texas (AP) — Summit Hotel Properties Inc. (INN) on Wednesday reported a key measure of profitability in its first quarter.
The real estate investment trust, based in Austin, Texas, said it had funds from operations of $30 million, or 24 cents per share, in the period.
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 $2.1 million, or 2 cents per share.
The real estate investment trust specializing in higher end hotels, based in Austin, Texas, posted revenue of $188.1 million in the period.
Summit Hotel Properties expects full-year funds from operations in the range of 90 cents to $1 per share.
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