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Summit Hotel Properties Reports Fourth Quarter And Full Year 2017 Results
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PR Newswire
AUSTIN, Texas, Feb. 21, 2018
AUSTIN, Texas, Feb. 21, 2018 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced results for the fourth quarter and full year ended December 31, 2017.
"We continue to be pleased with the performance of our portfolio as RevPAR for our pro forma portfolio increased 5.5% in the fourth quarter producing both top and bottom line results that exceeded our expectations. The fourth quarter capped an extremely active year for Summit during which we completed nearly $600 million of high-quality acquisitions, sold 12 non-strategic hotels for $120 million, raised nearly $320 million of common and preferred equity capital, and completed nearly $275 million in debt financing transactions," said Dan Hansen, the Company's Chairman, President and Chief Executive Officer. "Our portfolio of high quality, well located hotels with efficient operating models continues to experience strong demand growth and we believe our business model is uniquely positioned to cater to the ever evolving preferences of hotel guests and create long-term shareholder value," commented Mr. Hansen.
Full Year 2017 Highlights
- Net Income: Net income attributable to common stockholders decreased to $79.2 million, or $0.79 per diluted share, compared with $87.4 million, or $1.00 per diluted share, in the same period of 2016. When excluding the $43.2 million and $49.9 million pretax gain on disposal of assets during the twelve months ended December 31, 2017 and 2016, respectively, net income attributable to common stockholders decreased by $1.6 million as compared to the same period in 2016.
- Pro Forma RevPAR: Pro forma revenue per available room ("RevPAR") increased 1.3 percent to $117.69 from the same period in 2016. Pro forma occupancy increased 1.4 percent to 78.4 percent, which was partially offset by a 0.2 percent decrease in pro forma average daily rate ("ADR") to $150.08.
- Same-Store RevPAR: Same-store RevPAR grew to $113.65, an increase of 0.2 percent from the same period in 2016. Same-store occupancy increased by 0.9 percent to 78.9 percent, which was partially offset by a 0.7 percent decrease in ADR to $144.09 compared to the same period in 2016.
- Pro Forma Hotel EBITDA: Pro forma hotel EBITDA was $211.7 million, a decrease of 2.6 percent over the same period in 2016. Pro forma hotel EBITDA margin contracted by 136 basis points to 37.3 percent from 38.7 percent in the same period of 2016. Excluding the effect of property tax increases, pro forma hotel EBITDA margin contracted by 59 basis points to 38.1 percent.
- Adjusted EBITDA: Adjusted EBITDA increased 8.2 percent to $180.1 million from $166.5 million in the same period of 2016.
- Adjusted FFO: Adjusted Funds from Operations ("AFFO") increased 8.4 percent to $134.1 million, or $1.34 per diluted share, from $123.8 million in the same period of 2016.
- Acquisitions: The Company acquired 14 hotels containing 2,442 guestrooms for an aggregate purchase price of $586.0 million. The 14 hotels acquired had an average RevPAR of $120.26 for the full year 2017.
- Dispositions: The Company sold 12 hotels containing 1,164 guestrooms for an aggregate sales price of $120.2 million. The 12 hotels sold during the year had an average RevPAR of $81.00 for the full year 2016.
The Company's results for the three and twelve months ended December 31, 2017 and 2016 are as follows:
| | For the Three Months Ended | | For the Year Ended December 31, | ||||||
| | 2017 | | 2016 | | 2017 | | 2016 | ||
| | (Unaudited) | ||||||||
| | ($ in thousands, except per unit and RevPAR data) | ||||||||
| Net income attributable to common stockholders | $ 2,389 | | $ 3,302 | | $ 79,234 | | $ 87,448 | ||
| Net income per diluted share and unit | $ 0.02 | | $ 0.04 | | $ 0.79 | | $ 1.00 | ||
| Total revenues | $ 131,745 | | $ 110,322 | | $ 515,377 | | $ 473,935 | ||
| EBITDA (1) | $ 42,909 | | $ 34,009 | | $ 216,705 | | $ 207,286 | ||
| Adjusted EBITDA (1) | $ 44,479 | | $ 36,099 | | $ 180,148 | | $ 166,481 | ||
| FFO (1) | $ 26,487 | | $ 22,051 | | $ 121,856 | | $ 110,689 | ||
| Adjusted FFO (1) | $ 31,499 | | $ 26,728 | | $ 134,111 | | $ 123,773 | ||
| FFO per diluted share and unit (1) (2) | $ 0.25 | | $ 0.25 | | $ 1.21 | | $ 1.26 | ||
| Adjusted FFO per diluted share and unit (1) (2) | $ 0.30 | | $ 0.30 | | $ 1.34 | | $ 1.41 | ||
| | | | | | | | | ||
| Pro Forma (3) | | | | | | | | ||
| RevPAR | $ 111.96 | | $ 106.10 | | $ 117.69 | | $ 116.21 | ||
| RevPAR growth | 5.5% | | | | 1.3% | | | ||
| Hotel EBITDA | $ 48,837 | | $ 46,957 | | $ 211,730 | | $ 217,414 | ||
| Hotel EBITDA margin | 35.8% | | 36.4% | | 37.3% | | 38.7% | ||
| Hotel EBITDA margin growth | -65 bps | | | | -136 bps | | | ||
| | |
| (1) | See tables later in this press release for a discussion and reconciliation of net income to non-GAAP financial measures, including earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted EBITDA, funds from operations ("FFO"), FFO per diluted share and unit, adjusted FFO ("AFFO"), and AFFO per diluted share and unit, as well as a reconciliation of operating income to hotel EBITDA. See "Non-GAAP Financial Measures" at the end of this release. Non-GAAP financial measures are unaudited. |
| | |
| (2) | Amounts are based on 104,184,000 weighted average diluted common shares and units and 89,086,000 weighted average diluted common shares and units for the three months ended December 31, 2017, and 2016, respectively, and 100,372,000 weighted average diluted common shares and units and 87,798,000 weighted average diluted common shares and units for the twelve months ended December 31, 2017, and 2016, respectively. The Company includes the outstanding common units of limited partnership interests ("OP Units") in Summit Hotel OP, LP, the Company's operating partnership, held by limited partners other than the Company in the determination of weighted average diluted common shares and units because the OP Units are redeemable for cash or, at the Company's option, shares of the Company's common stock on a one-for-one basis. |
| | |
| (3) | Unless stated otherwise in this release, all pro forma information includes operating and financial results for 83 hotels owned as of December 31, 2017, as if each hotel had been owned by the Company since January 1, 2016. As a result, all pro forma information includes operating and financial results for hotels acquired since January 1, 2016, which includes periods prior to the Company's ownership. Pro forma and non-GAAP financial measures are unaudited. |
Fourth Quarter 2017 Highlights
- Net Income: Net income attributable to common stockholders decreased to $2.4 million, or $0.02 per diluted share, compared with $3.3 million, or $0.04 per diluted share, in the same period of 2016.
- Pro Forma RevPAR: Pro forma RevPAR increased 5.5 percent from the same period in 2016 to $111.96. Pro forma ADR increased 0.6 percent from the same period in 2016 to $146.65. Pro forma occupancy increased 4.9 percent to 76.3 percent.
- Same-Store RevPAR: Same-store RevPAR increased 3.6 percent from the same period in 2016 to $107.07. Same-store ADR increased 0.3 percent from the same period in 2016 to $140.64. Same-store occupancy increased 3.3 percent to 76.1 percent.
- Pro Forma Hotel EBITDA: Pro forma hotel EBITDA was $48.8 million, an increase of 4.0 percent from the same period in 2016. Pro forma hotel EBITDA margin contracted by 65 basis points to 35.8 percent from the same period of 2016. When excluding a 22.2 percent increase in property taxes, pro forma hotel EBITDA margin expanded by 39 basis points to 36.8 percent.
- Adjusted EBITDA: Adjusted EBITDA increased 23.2 percent to $44.5 million from $36.1 million in the same period of 2016.
- Adjusted FFO: Adjusted Funds from Operations ("AFFO") increased to $31.5 million, or $0.30 per diluted share, an increase in AFFO of 17.9 percent from the same period in 2016.
| Summit vs. Industry Results (% change) | ||||||
| Three Months Ended December 31, 2017 | ||||||
| | | Occupancy | | ADR | | RevPAR |
| | | | | |||
| Summit Pro Forma (83) | | 4.9% | | 0.6% | | 5.5% Werbung Mehr Nachrichten zur SUMMIT HOTEL PROP. Aktie kostenlos abonnieren
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