AUSTIN-Summit Hotel Properties' Q1 earnings could be summed up by one word: Increases. During the period, the local REIT's pro forma revenue per available room increased 7.7% year-over-year to $77.44, while adjusted earnings before interest, taxes, depreciation and amortization increased to $18.9 million from $10.6 million from the same time last year – or 78.9%.

Speaking of the REIT's EBITDA:

Pro forma hotel EBITDA for the first quarter of 2013 was $24.7 million, an increase of 13.3 percent over the same period of 2012. Pro forma hotel EBITDA includes $0.3 million of disruption caused by ongoing renovations during the first quarter of 2013 at ten of the Company's hotels.
Pro forma hotel EBITDA margin grew 190 basis points compared with the same period in 2012. Pro forma hotel EBITDA margin is defined as pro forma hotel EBITDA as a percentage of pro forma total revenue.

Other highlights:

The REIT's AFFO for the quarter was $11.8 million or $0.18 per diluted unit.
During the first quarter, the company acquired nine hotels with 1,501 guestrooms, for a total purchase price of $231.6 million.
On Jan. 15, the company sold the AmericInn Hotel & Suites (62 guestrooms) in Golden, CO for $2.6 million.
On Feb. 15, the company sold the Hampton Inn (149 guestrooms) in Denver (Greenwood Village), CO for $5.5 million.
On Feb. 27, the company sold a parcel of land (3.25 acres) in Jacksonville, FL for $1.9 million.
The company raised $230.2 million in net proceeds from common and preferred stock offerings.

“We are excited for another year with terrific opportunities for our company,” sayd Dan Hansen, the REIT's president and CEO in a press release. “Our excitement is based on very solid performance by our same-store and newly acquired hotels in the first quarter, which is a seasonally softer quarter, renovations at ten of our hotels, which we expect will have a continued positive effect on future

RevPAR growth, and our acquisition of nine hotels during the quarter, all of which we believe will positively affect earnings per share. In addition, we have been aggressively sourcing new opportunities from a variety of sources to ensure our pipeline for future acquisitions remains very strong.”

Instant Insights /

Summit: AFFO, RevPAR, EBITDA Increase

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