Summit Hotel Properties sees FY24 adjusted FFO 91c-99c, consensus 93c

Sees FY24 Pro Forma RevPAR Growth 1.00%-2.50%. The Company is revising its FY24 outlook to reflect a moderating RevPAR growth environment, particularly around peak summer travel periods as leisure trends continue to normalize. The revised Adjusted EBITDAre range incorporates a high-end that has been tightened and a slight decrease to the midpoint of the range as continued successful profitability initiatives and reduced expense growth have helped offset lower revenue growth expectations. The Adjusted FFO and Adjusted FFO per share ranges have been tightened with midpoints maintained. The FY24 outlook is based on 96 lodging assets currently owned, 54 of which were wholly owned as of July 29. 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.