Summit Hotel Properties (NYSE: INN) reported Q2 EPS of $0.43, versus $0.32 reported last year. Revenue for the quarter came in at $142.93 million versus the consensus estimate of $138.95 million.

Second Quarter 2019 Highlights

• Net Income: Net income attributable to common stockholders increased 33.6 percent to $45.2 million, or $0.43 per diluted share, compared with $33.9 million, or $0.32 per diluted share, in the same period of 2018.
• Pro Forma RevPAR: Pro forma revenue per available room ("RevPAR") increased 1.2 percent to $133.51 from the same period in 2018. Pro forma average daily rate ("ADR") increased 1.2 percent to $163.15 compared to the same period in 2018 and pro forma occupancy increased 0.1 percent to 81.8 percent.
• Same-Store RevPAR: Same-store RevPAR increased 1.1 percent to $131.91 from the same period in 2018. Same-store ADR increased 1.3 percent to $161.64 compared to the same period in 2018 and occupancy decreased 0.2 percent to 81.6 percent.
• Pro Forma Hotel EBITDA: Pro forma hotel EBITDA was $55.2 million, an increase of 2.7 percent from the same period in 2018. Pro forma hotel EBITDA margin contracted by 3 basis points to 39.0 percent from 39.1 percent in the same period of 2018.
• Adjusted EBITDAre: Adjusted EBITDAre decreased 5.0 percent to $52.4 million from $55.2 million in the same period of 2018.
• Adjusted FFO: AFFO decreased 6.7 percent to $38.6 million, or $0.37 per diluted share, from $41.4 million, or $0.40 per diluted share, in the same period of 2018.
• Dispositions: The Company sold six hotels, containing 815 guestrooms, for an aggregate gross sales price of $135.0 million. The sale price, plus estimated near-term capital improvements, represented a 12.8x EBITDA multiple and 6.9 percent capitalization rate for the trailing twelve months ended March 31, 2019 and resulted in a net gain of $36.6 million.

"We continue to be pleased with the financial performance of our portfolio as stable top line growth and a focus on cost controls held operating margins generally unchanged during the quarter. Additionally, RevPAR growth for our well-located and diverse portfolio of high-quality hotels exceeded the STR Upscale average by 160 basis points in the second quarter and also surpassed RevPAR growth for the overall industry," said Dan Hansen, the Company's Chairman, President and Chief Executive Officer. "We are also thrilled to announce our partnership with GIC, a well-respected and highly regarded investor that shares our disciplined, long-term approach to creating value. The pending acquisition of the Hampton Inn & Suites Silverthorne will serve as our first investment in the joint venture and we look forward to growing the scale of the partnership," commented Mr. Hansen.

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