Brief: Summit Hotel Properties Reports Third Quarter 2021 Results

Summit Hotel Properties

03/11/2021 22:39

Nov 3 (Reuters) - Summit Hotel Properties Inc  INN.N :
    * SUMMIT HOTEL PROPERTIES REPORTS THIRD QUARTER 2021 RESULTS
    * Q3 ADJUSTED FFO PER SHARE $0.19
    * QTRLY FFO PER DILUTED SHARE AND UNIT $ 0.16
    * ENTERED INTO A DEFINITIVE CONTRIBUTION AGREEMENT WITH
NEWCRESTIMAGE TO ACQUIRE A 27-HOTEL PORTFOLIO
    * AGREEMENT THROUGH ITS EXISTING JV WITH GIC FOR TOTAL
CONSIDERATION OF $822 MILLION
    * TRANSACTION IS EXPECTED TO BE FUNDED WITH A COMBINATION OF
CASH,
DEBT, COMMON EQUITY AND PREFERRED EQUITY
    * EXPECTS TO FUND 51% EQUITY CONTRIBUTION THROUGH ISSUANCE
OF
15.865 MILLION COMMON OPERATING PARTNERSHIP UNITS
    * JOINT VENTURE HAS SECURED A $410 MILLION FINANCING
COMMITMENT
FROM BANK OF AMERICA AND WELLS FARGO BANK
    * GIC'S ESTIMATED EQUITY CONTRIBUTION OF $208 MILLION WILL
BE
FUNDED IN CASH
    * SUMMIT HOTEL PROPERTIES - DEAL STRUCTURED TO PRESERVE
NEARLY ALL
OF $450 MILLION OF EXISTING LIQUIDITY, EXPECTED TO BE
IMMEDIATELY ACCRETIVE TO EARNINGS
    * Q3 FFO PER SHARE VIEW $0.15 -- REFINITIV IBES DATA
    * QTRLY PRO FORMA REVENUE PER AVAILABLE ROOM INCREASED
109.0% TO
$97.89 FROM SAME PERIOD IN 2020

Source text for Eikon:  ID:nPn6X9gNRa 
Further company coverage:  INN.N 

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