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 Fourth Quarter And Full Year 2013 Results

Fourth Quarter Highlights

  • Same-Store RevPAR: Same-store RevPAR in the fourth quarter of 2013 grew to $67.82, an increase of 6.1 percent over the same period in 2012. Same-store ADR improved to $99.76, an increase of 3.7 percent from the fourth quarter of 2012. Same-store occupancy grew by 157 basis points to 68.0 percent.
  • Pro Forma RevPAR: Pro forma RevPAR in the fourth quarter of 2013 grew to $77.12, an increase of 6.9 percent over the same period in 2012. Pro forma ADR grew to $110.68, an increase of 4.8 percent from the fourth quarter of 2012. Pro forma occupancy increased by 141 basis points to 69.7 percent.
  • Pro Forma Hotel EBITDA: Pro forma hotel EBITDA for the fourth quarter of 2013 was $24.1 million, an increase of 13.2 percent over the same period of 2012.
  • Pro Forma Hotel EBITDA Margin: Pro forma hotel EBITDA margin expanded by 165 basis points compared with the same period in 2012.
  • Adjusted EBITDA: Adjusted EBITDA increased to $21.3 million from $11.4 million in the same period in 2012, an increase of $9.9 million or 86.8 percent. Adjusted EBITDA for the quarter includes $0.2 million of charges associated with the consolidation of the Company’s corporate office to Austin, Texas.
  • Adjusted FFO: Adjusted FFO for the quarter was $12.0 million, or $0.14 per diluted unit.
  • Acquisitions: During the fourth quarter of 2013, the Company acquired three hotels comprising 436 guestrooms, for a total purchase price of $63.4 million.
  • Dividends: On January 30, 2014, 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 of the Company’s common stock on March 14, 2014, the annualized dividend yield on the Company’s common stock was 4.9 percent.

2 of 9

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
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs