AUSTIN-Summit Hotel Properties Inc. released its Q3 2013 earnings, most of which were positive. One small dilution in earnings, however, came in the form of reduced adjusted FFO guidance, from $0.24-$0.26 per share to $0.23-$0.25 per share.

According to a release, the dilution came on the heels of a public offering of 17.2 million shares of common stock, which raised net proceeds of $152.2 million, and which will be used to target more acquisitions.

"This follow-on offering positions us well for sustained growth, providing us with capital to acquire strategic hotels over the next several quarters," says Dan Hansen, Summit's president and CEO. "The short-term dilutive effect will resolve itself quickly as we execute on hotel acquisitions. Since the offering was completed, we have acquired two hotels and have three under purchase agreement, as well as a very active pipeline of both single assets and small portfolios." He went on to say the earnings results were "within our expected range," with certain items impacting earnings "both on the positive and negative side."