Summit Hotel Properties reports Q1 AFFO 22c, consensus 21c

Reports Q1 revenue $182.38M, consensus $179.57M. "We are pleased with our Q1 operating results as average daily rate in our pro forma portfolio reached the highest level in the Company’s history, increasing 11% year-over-year and driving 19% RevPAR growth for the quarter. Our operating results were particularly strong in urban markets, where RevPAR increased 25% from the prior year and the recently acquired NewcrestImage hotels where RevPAR grew 22% year-over-year and exceeded 2019 levels for the first time in our ownership history. The industry’s recovery is increasingly being driven by midweek, group and business-oriented demand which positions our high-quality portfolio – of which approximately half is located in urban markets – particularly well for this new phase of growth," said CEO Jonathan Stanner. "Given the continued recovery in operating fundamentals and strength of our balance sheet, our Board of Directors has authorized an increase of our common dividend by 50%, to 24c per share on an annualized basis. This increase reflects the confidence we have in the ongoing strength and durability of our business, supported by continued positive forward booking trends and pace data, while still maintaining a prudent payout ratio," continued Mr. Stanner.