Summit Hotel Properties reported its third-quarter 2024 financial results, with Adjusted FFO per diluted share remaining flat year-over-year at $0.22. Total revenues for the quarter were $176.807 million, a decrease from $181.816 million in the same period last year. Pro forma RevPAR growth was 0.1%, and the hotel EBITDA margin contracted by 99 basis points to 33.8%.
Despite moderate top-line growth, year-to-date Adjusted FFO per share increased by nearly eight percent, driven by a 4.5 percent increase in Adjusted EBITDA. Pro forma hotel EBITDA margins expanded by over 30 basis points during the year-to-date period, reflecting the efficiency of the company's operating models. Analysts surveyed by Zacks Investment Research had an average estimate of $0.20 per share for funds from operations, which the company's reported $0.22 per share beat.
The company revised its full-year 2024 outlook, anticipating Pro Forma RevPAR Growth between 1.00% and 2.00%, a 0.25% reduction from the prior midpoint. Adjusted EBITDAre is projected to be between $188.000 million and $194.000 million, a $1.000 million decrease from the prior midpoint. Adjusted FFO per Diluted Unit guidance was maintained at $0.92 to $0.98, while Capital Expenditures, Pro Rata, were increased by $5.000 million to a range of $75.000 million to $85.000 million.
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