Summit Hotel Properties Inc
For the period ended Mar 31, 2024. Filed May 1, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 1, 2024
INN$7.44+3.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Operations (Unaudited) — Months Ended and
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
| Three Months EndedMarch 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Revenues: | ||
| Room | $167,431 | $163,089 |
| Food and beverage | 10,833 | 10,630 |
| Other | 9,878 | 8,664 |
| Total revenues | 188,142 | 182,383 |
| Expenses: | ||
| Room | 35,973 | 35,909 |
| Food and beverage | 8,202 | 7,955 |
| Other lodging property operating expenses | 56,261 | 56,125 |
| Property taxes, insurance and other | 14,285 | 14,724 |
| Management fees | 4,897 | 4,805 |
| Depreciation and amortization | 36,799 | 36,908 |
| Corporate general and administrative | 8,311 | 8,005 |
| Recoveries of credit losses | — | (250) |
| Total expenses | 164,728 | 164,181 |
| Gain on disposal of assets, net | 75 | — |
| Operating income | 23,489 | 18,202 |
| Other income (expense): | ||
| Interest expense | (21,582) | (20,909) |
| Interest income | 458 | 306 |
| Other income (loss), net | 685 | (41) |
| Total other expense, net | (20,439) | (20,644) |
| Income (loss) from continuing operations before income taxes | 3,050 | (2,442) |
| Income tax (expense) benefit (Note 13) | (217) | 472 |
| Net income (loss) | 2,833 | (1,970) |
| Less - (Income) loss attributable to non-controlling interests | (322) | 1,369 |
| Net income (loss) attributable to Summit Hotel Properties, Inc. before preferred dividends and distributions | 2,511 | (601) |
| Less - Distributions to and accretion of redeemable non-controlling interests | (657) | (657) |
| Less - Preferred dividends | (3,970) | (3,970) |
| Net loss attributable to common stockholders | $(2,116) | $(5,228) |
| Loss per share: | ||
| Basic and Diluted | $(0.02) | $(0.05) |
| Weighted-average common shares outstanding: | ||
| Basic and Diluted | 105,720 | 105,312 |
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