Summit Hotel Properties reports Q3 adjusted FFO 22c, consensus 16c

Reports Q3 revenue $181.82M, consensus $181.49M. “We are pleased with our financial results for Q3 as stable top-line trends accelerated in September driven by strong urban and midweek demand. Operating expenses grew less than one percent on a per occupied room basis which enabled us to maintain gross operating profit margin compared to a year ago despite cost inflationary headwinds. Given our strong Q3 financial results and the encouraging operating trends that have continued into October, we are increasing the midpoint of our adjusted EBITDA and adjusted FFO guidance range for the full year,” said CEO Jonathan Stanner. “Furthermore, we are proud of the continued progress on our various balance sheet initiatives during the quarter, including the refinancing of our $200M joint venture credit facility during the quarter which maintains existing pricing. We now have no material debt maturities until 2025, a weighted average cost of debt less than 4.8% and, inclusive of preferred equity, approximately 80% of our balance sheet has fixed rate interest rates”.