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Summit Hotel Properties Reports Third Quarter 2013 Results

Stocks in this article: INN

Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) today announced results for the third quarter ended September 30, 2013.

Third Quarter Highlights

  • Same-Store RevPAR: Same-store revenue per available room (“RevPAR”) in the third quarter of 2013 grew to $79.38, an increase of 6.2 percent over the same period in 2012. Same-store average daily rate (“ADR”) improved to $104.61, an increase of 5.5 percent from the third quarter of 2012. Same-store occupancy grew by 47 basis points to 75.9 percent.
  • Pro Forma RevPAR: Pro forma RevPAR in the third quarter of 2013 grew to $83.56, an increase of 3.3 percent over the same period in 2012. Pro forma ADR grew to $111.90, an increase of 5.1 percent from the third quarter of 2012. Pro forma occupancy decreased by 132 basis points to 74.7 percent. Pro forma RevPAR grew by 5.1 percent, ADR grew by 5.8 percent and occupancy decreased by 60 basis points in the third quarter of 2013, when excluding the five hotels in the New Orleans market acquired in the first quarter of 2013.
  • Pro Forma Hotel EBITDA: Pro forma hotel EBITDA for the third quarter of 2013 was $28.6 million, an increase of 5.3 percent over the same period of 2012.
  • Pro Forma Hotel EBITDA Margin: Pro forma hotel EBITDA margin expanded 60 basis points compared with the same period in 2012. Pro forma hotel EBITDA margin improved by 71 basis points, excluding the five recently acquired hotels in the New Orleans market. Pro forma hotel EBITDA margin is defined as pro forma hotel EBITDA as a percentage of pro forma total revenue.
  • Adjusted EBITDA: Adjusted EBITDA increased to $26.5 million from $15.2 million in the same period in 2012, an increase of $11.3 million or 73.7 percent. Adjusted EBITDA for the quarter includes $0.1 million of charges associated with the consolidation of the Company’s corporate office to Austin, Texas.
  • Adjusted FFO: Adjusted FFO for the quarter was $17.8 million, or $0.25 per diluted unit, which includes a tax benefit of $1.4 million.
  • Dividends: On October 31, 2013, the Company declared an $0.1125 per share quarterly dividend on its common stock, a $0.578125 per share quarterly dividend on its 9.25 percent Series A Cumulative Redeemable Preferred Stock, a $0.4921875 per share quarterly dividend on its 7.875 percent Series B Cumulative Redeemable Preferred Stock, and a $0.4453125 per share quarterly dividend on its 7.125 percent Series C Cumulative Redeemable Preferred Stock. Based on the closing price on November 4, 2013, annualized dividend yield on the Company’s common stock was 4.8 percent.

In September, the Company completed a public offering of 17.25 million shares of common stock, raising net proceeds of $152.2 million. The effect of the offering on previously announced guidance would have reduced estimated Adjusted FFO guidance per diluted unit from a range of $0.24 - $0.26 down to $0.23 - $0.25.

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