This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Summit Hotel Properties Reports Third Quarter 2013 Results

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.

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.02 0.00%
FB $104.07 0.00%
GOOG $683.57 0.00%
TSLA $154.71 -12.00%
YHOO $27.97 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs