Summit Hotel Properties narrows FY24 AFFO view to 92c-98c from FFO 91c-99c

Consensus is for FY24 FFO 94c. Sees FY24 Pro Forma RevPAR growth 1.00%-2.00%. The company said, “The Company is revising its FY24 outlook to reflect the moderating RevPAR growth environment and disruption related to Hurricanes Helene and Milton in the third and fourth quarter. The revised Adjusted EBITDAre range incorporates a high-end that has been modestly tightened and Adjusted FFO and Adjusted FFO per share ranges that have been tightened and midpoints maintained. The FY24 outlook is based on 95 lodging assets currently owned, 53 of which were wholly owned as of November 4. The updated outlook incorporates all transaction activity closed to date and there are no additional acquisitions, dispositions, or capital markets activities assumed in the Company’s FY24 outlook beyond the transactions already completed. The revised 2024 outlook incorporates the sale of the 101-guestroom Four Points San Francisco Airport.”