Summit Hotel Properties Inc
For the period ended Sep 30, 2024. Filed Nov 4, 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.
Sep 30, 2024 · Filed Nov 4, 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 Cash Flows (Unaudited)
| Summit Hotel Properties, Inc.Condensed Consolidated Statements of Cash Flows | ||
|---|---|---|
| (Unaudited) | ||
| (In thousands) | ||
| Nine Months Ended September 30, | ||
| 2024 | 2023 | |
| OPERATING ACTIVITIES | ||
| Net income (loss) | $37,975 | $(6,849) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Depreciation and amortization | 109,965 | 112,300 |
| Amortization of debt issuance costs | 4,880 | 4,379 |
| Recovery of credit losses | — | (500) |
| Equity-based compensation | 6,337 | 5,913 |
| (Gain) loss on disposal of assets, net | (28,439) | 336 |
| Gain on extinguishment of debt | (3,000) | — |
| Non-cash interest income | (400) | (433) |
| Debt transaction costs | 647 | 352 |
| Other | 210 | 623 |
| Changes in operating assets and liabilities: | ||
| Trade receivables, net | 625 | (3,195) |
| Prepaid expenses and other | (4,853) | 6,645 |
| Accounts payable | 798 | 1,005 |
| Accrued expenses and other | 9,393 | 2,591 |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 134,138 | 123,167 |
| INVESTING ACTIVITIES | ||
| Acquisitions of lodging properties | — | (44,614) |
| Improvements to lodging properties | (61,529) | (63,027) |
| Investment in lodging property under development | (3,946) | — |
| Proceeds from tax incentive | 9,896 | — |
| Proceeds from asset dispositions, net | 92,168 | 27,632 |
| Escrow deposits | (2,900) | — |
| Funding of real estate loans | — | (4,576) |
| Repayments of real estate loans | — | 250 |
| NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 33,689 | (84,335) |
| FINANCING ACTIVITIES | ||
| Proceeds from borrowings on revolving line of credit | 100,000 | 65,000 |
| Repayments of revolving line of credit | (100,000) | (65,000) |
| Principal payments on debt | (94,138) | (1,784) |
| Proceeds from the sale of non-controlling interests | — | 1,353 |
| Dividends and distributions paid on common stock and common units | (27,024) | (19,596) |
| Preferred dividends and distributions paid | (14,026) | (14,037) |
| Contributions by non-controlling interests in joint venture | 356 | 20,332 |
| Distributions to joint venture partners | (17,825) | (8,673) |
| Financing fees, debt transaction costs and other issuance costs | (2,962) | (10,272) |
| Repurchase of shares of common stock for withholding requirements | (939) | (1,388) |
| NET CASH USED IN FINANCING ACTIVITIES | (156,558) | (34,065) |
| Net change in cash, cash equivalents and restricted cash | 11,269 | 4,767 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH | ||
| Beginning of period | 47,768 | 61,808 |
| End of period | $59,037 | $66,575 |
| RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEET TO THE AMOUNTS SHOWN IN THE STATEMENT OF CASH FLOWS ABOVE: | ||
| Cash and cash equivalents | $51,698 | $55,307 |
| Restricted cash | 7,339 | 11,268 |
| TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH | $59,037 | $66,575 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.