AUSTIN, Texas (AP) _ Summit Hotel Properties Inc. (INN) on Wednesday reported a key measure of profitability in its third quarter, after reporting a loss in the same period a year earlier. The results exceeded Wall Street expectations.

The real estate investment trust, based in Austin, Texas, said it had funds from operations of $20.5 million, or 19 cents per share, in the period.

The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 14 cents per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had a loss of $11 million, or 10 cents per share.

The real estate investment trust specializing in higher end hotels posted revenue of $110.7 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $101.2 million.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on INN at https://www.zacks.com/ap/INN

Copyright by Automated Insights, Inc. All rights reserved., source Associated Press News