Summit Hotel Properties announced strong financial results for the full year 2024, with operating income increasing to $103.5 million and Adjusted EBITDAre growing to $192.2 million. Adjusted FFO for the full year increased by 5.6% to $119.206 million, resulting in Adjusted FFO per diluted share of $0.96, up from $0.92 in 2023. Pro forma RevPAR growth for the full year was 1.8%, exceeding the industry average for the third consecutive year, while pro forma hotel EBITDA margins remained essentially unchanged year-over-year.
For the fourth quarter of 2024, the company reported net income attributable to common stockholders of $0.680 million, a significant improvement from a net loss of $16.571 million in Q4 2023. Net income per diluted share was $0.01, compared to a loss of $0.16 in the prior year quarter. Total revenues for the quarter were $172.931 million, and Adjusted FFO per diluted share was $0.20. Analysts surveyed by Zacks Investment Research had an average estimate of $0.19 per share for funds from operations, which the company's reported $0.20 per share beat.
During the fourth quarter, the company completed the acquisition of the Hampton Inn Boston-Logan Airport and the Hilton Garden Inn Tysons Corner for $96.0 million, representing an 8.8% net capitalization rate on 2024 net operating income. This acquisition was part of a strategy that saw the company acquire four hotels for $138.7 million since 2023 at a blended capitalization rate of nearly nine percent. Concurrently, the company sold five hotels in 2024 for nearly $112 million, contributing to a total of ten hotels sold since 2023 for nearly $150 million, which reduced the Net Debt to Adjusted EBITDAre leverage ratio by nearly a full turn.
Looking ahead, Summit Hotel Properties provided its outlook for the full year 2025, projecting Pro Forma RevPAR Growth between 1.00% and 3.00%. Adjusted EBITDAre is expected to range from $184.000 million to $198.000 million, and Adjusted FFO per share of Common Stock and Common Units is anticipated to be between $0.90 and $1.00. Capital expenditures on a pro rata basis are estimated to be between $65.000 million and $85.000 million for the year.
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