This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Summit Hotel Properties Reports Fourth Quarter And Full Year 2013 Results

Stocks in this article: INN

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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!

Markets

DOW 17,814.94 -2.96 -0.02%
S&P 500 2,067.03 -2.38 -0.12%
NASDAQ 4,758.2520 +3.36 0.07%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs