Summit Hotel Properties (INN) Misses Q2 EPS by 13c

Summit Hotel Properties (NYSE: INN) reported Q2 EPS of ($0.52), $0.13 worse than the analyst estimate of ($0.39).

• Net Income: Net loss attributable to common stockholders was $54.1 million, or ($0.52) per diluted share, compared with net income of $45.2 million, or $0.43 per diluted share, in the same period of 2019.
• Pro Forma RevPAR: Pro forma revenue per available room (\"RevPAR\") decreased 83.0 percent to $23.20 from the same period in 2019. Pro forma average daily rate (\"ADR\") decreased 42.5 percent to $95.57 compared to the same period in 2019, and pro forma occupancy decreased 70.5 percent to 24.3 percent.
• Same-Store RevPAR: Same-store RevPAR decreased 83.3 percent to $22.44 from the same period in 2019. Same-store ADR decreased 42.6 percent to $94.30 compared to the same period in 2019, and same-store occupancy decreased 70.9 percent to 23.8 percent.
• Pro Forma Hotel EBITDA: Pro forma hotel EBITDA was ($10.0) million compared to $60.9 million in the same period in 2019.
• Adjusted EBITDAre: Adjusted EBITDAre was ($12.8) million compared to $52.4 million in the same period of 2019.
• Adjusted FFO: AFFO was ($25.9) million, or ($0.25) per diluted share, compared to $38.6 million, or $0.37 per diluted share, in the same period of 2019.

For earnings history and earnings-related data on Summit Hotel Properties (INN) click here.

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