Summit Hotel Properties (NYSE: INN) reported Q1 EPS of $0.09, versus $0.01 reported last year. Revenue for the quarter came in at $138.95 million versus the consensus estimate of $135.96 million.

"We are pleased with our financial results in the first quarter as strong top line growth, along with a continued focus on cost control initiatives, resulted in operating margin improvement year-over-year. RevPAR growth of 2.9% for our well-located and diverse portfolio of high-quality hotels exceeded the STR Upscale average by 340 basis points in the first quarter, which highlights the positive trends we saw throughout the portfolio during the quarter," said Dan Hansen, the Company's Chairman, President and Chief Executive Officer. "We continued to be proactive in a favorable transaction environment by completing nearly $150 million of asset sales year-to-date, including the six hotels sold in April, at very attractive capitalization rates, which further deleverages our balance sheet and creates capacity for future growth," commented Mr. Hansen.

First Quarter 2019 Highlights

• Net Income: Net income attributable to common stockholders increased to $9.2 million, or $0.09 per diluted share, compared with $0.9 million, or $0.01 per diluted share, in the same period of 2018.
• Pro Forma RevPAR: Pro forma revenue per available room (\"RevPAR\") increased 2.9 percent to $123.20 from the same period in 2018. Pro forma average daily rate (\"ADR\") increased 2.3 percent to $161.02 compared to the same period in 2018 and pro forma occupancy increased 0.6 percent to 76.5 percent.
• Same-Store RevPAR: Same-store RevPAR increased 2.6 percent to $122.50 from the same period in 2018. Same-store ADR increased 2.3 percent to $160.73 compared to the same period in 2018 and occupancy increased 0.3 percent to 76.2 percent.
• Pro Forma Hotel EBITDA: Pro forma hotel EBITDA was $50.2 million, an increase of 5.5 percent from the same period in 2018. Pro forma hotel EBITDA margin expanded by 30 basis points to 36.2 percent from 35.9 percent in the same period of 2018.
• Adjusted EBITDAre: Adjusted EBITDAre of $46.7 million was unchanged from $46.7 million in the same period of 2018.
• Adjusted FFO: AFFO increased 0.4 percent to $32.3 million, or $0.31 per diluted share, from $32.1 million, or $0.31 per diluted share, in the same period of 2018.
• Dispositions: The Company sold two hotels, containing 130 guestrooms, located in Charleston, WV, for an aggregate sales price of $11.6 million. The two properties were sold at a trailing twelve month capitalization rate of 7.4 percent, including estimated future capital improvements, and resulted in the realization of an aggregate gain on sale of $4.2 million.

2019 Outlook

The Company is providing its updated outlook for the full year 2019 based on 69 hotels owned as of May 1, 2019. The updated outlook includes the sale of six hotels on April 17, 2019, which resulted in a $9.5 million reduction in Adjusted EBITDAre for the remainder of 2019. There are no future acquisitions, dispositions, or additional capital markets activities assumed in the Company\'s outlook for full year 2019 beyond those previously mentioned.

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