INN - Summit Hotel Properties Offers 7.4% On Its Preferred Shares
2024-03-05 10:30:00 ET
Summary
- Summit Hotel Properties' full-year results show decent performance and well-covered preferred dividends.
- INN's outlook for 2024 is encouraging, with expected higher AFFO and lower capex.
- The asset coverage ratio is okay, but there is in excess of $650M in common equity junior to the preferred shares.
Introduction
As it has been almost a full year since I last discussed the preferred shares of Summit Hotel Properties ( INN ), the recently reported full-year results are an excellent reason to have another look at the REIT and the safety of its preferred shares....
Summit Hotel Properties Offers 7.4% On Its Preferred Shares