Summit Hotel Properties Stock News

Summit Hotel Properties is a lodging REIT with 62% exposure to the Sun Belt region. 95% of hotels operate under the Marriott, Hyatt, and Hilton brands. So far in 2024 the REIT has lagged the Vanguard Real Estate Index Fund ETF's performance by around 15%. This has resulted in the company trading at a substantial AFFO discount relative to larger REIT peers.

AUSTIN, Texas , Sept. 11, 2024 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced the publication of its annual Corporate Responsibility Report, which presents the Company's ongoing commitment to creating long-term shareholder value by investing responsibly, safeguarding the environment, and supporting its employees, communities, and other stakeholders.

Summit Hotel Properties, Inc. (NYSE:INN ) Q2 2024 Earnings Call July 30, 2024 9:00 AM ET Company Participants Adam Wudel - Senior Vice President, Finance, Capital Markets and Treasurer Jon Stanner - President and Chief Executive Officer Trey Conkling - Executive Vice President and Chief Financial Officer Conference Call Participants Dany Asad - Bank of America Michael Bellisario - Baird Chris W...

Net Income Increases to $30.8 Million for Second Quarter 2024 Adjusted EBITDAre Grows 6% to Reach All-Time Quarterly Record High of $55.9 Million Adjusted FFO Increases 10% to $0.29 per Share AUSTIN, Texas , July 29, 2024 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced results for the three and six months ended June 30, 2024. "We are pleased with our s...

AUSTIN, Texas , July 25, 2024 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), announced today that its Board of Directors has authorized, and the Company has declared, a cash dividend for the second quarter ended June 30, 2024, of $0.08 per share of common stock of the Company and per common unit of limited partnership interest in Summit Hotel OP, LP, the Company's op...

AUSTIN, Texas , June 24, 2024 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it will report financial results for the second quarter of 2024 on Monday, July 29, 2024, after the market closes. The Company will conduct its quarterly conference call on Tuesday, July 30, 2024, at 9:00 AM ET.

After a rough start to the year, REITs partially bounced back in May with a +2.51% average total return. Small-cap REITs (-0.48%) averaged a negative return in May, but micro caps (+5.09%), large caps (+4.28%) and mid caps (+3.35%) were solidly in the black. 74.03% of REIT securities had a positive total return in May.

Summit Hotel Properties had a decent start to 2024 with decently strong FFO and AFFO results. The AFFO adjusted for capital expenditures was approximately $12M, with a payout ratio of approximately 25% for the preferred dividends. The LTV ratio is approximately 48.2% based on book value, but drops to just over 40% when considering acquisition value.