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.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Operations (Unaudited) — Months Ended and
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenues: | ||||
| Room | $157,408 | $161,712 | $497,864 | $498,982 |
| Food and beverage | 9,272 | 9,949 | 30,174 | 30,848 |
| Other | 10,127 | 10,155 | 30,814 | 28,862 |
| Total revenues | 176,807 | 181,816 | 558,852 | 558,692 |
| Expenses: | ||||
| Room | 37,286 | 37,510 | 111,303 | 112,207 |
| Food and beverage | 7,289 | 7,684 | 23,130 | 23,679 |
| Other lodging property operating expenses | 56,330 | 55,826 | 170,061 | 169,780 |
| Property taxes, insurance and other | 13,250 | 14,369 | 40,822 | 43,308 |
| Management fees | 2,728 | 4,177 | 12,059 | 13,974 |
| Depreciation and amortization | 36,708 | 37,882 | 109,965 | 112,300 |
| Corporate general and administrative | 7,473 | 8,126 | 24,488 | 25,225 |
| Transaction costs | 10 | — | 10 | 24 |
| Recovery of credit losses | — | (250) | — | (500) |
| Total expenses | 161,074 | 165,324 | 491,838 | 499,997 |
| Gain (loss) on disposal of assets, net | 22 | (16) | 28,439 | (336) |
| Operating income | 15,755 | 16,476 | 95,453 | 58,359 |
| Other income (expense): | ||||
| Interest expense | (20,428) | (22,020) | (62,840) | (65,177) |
| Interest income | 450 | 474 | 1,473 | 1,190 |
| Gain on extinguishment of debt | — | — | 3,000 | — |
| Other income, net | 999 | 661 | 3,813 | 458 |
| Total other expense, net | (18,979) | (20,885) | (54,554) | (63,529) |
| (Loss) income from continuing operations before income taxes | (3,224) | (4,409) | 40,899 | (5,170) |
| Income tax expense (Note 13) | (332) | (1,360) | (2,924) | (1,679) |
| Net (loss) income | (3,556) | (5,769) | 37,975 | (6,849) |
| Less - Loss attributable to non-controlling interests | 3,908 | 4,955 | 362 | 9,306 |
| Net income (loss) attributable to Summit Hotel Properties, Inc. before preferred dividends | 352 | (814) | 38,337 | 2,457 |
| Less - Distributions to and accretion of redeemable non-controlling interests | (656) | (656) | (1,970) | (1,970) |
| Less - Preferred dividends | (3,968) | (3,968) | (11,906) | (11,906) |
| Net (loss) income attributable to common stockholders | $(4,272) | $(5,438) | $24,461 | $(11,419) |
| (Loss) income per common share: | ||||
| Basic | $(0.04) | $(0.05) | $0.23 | $(0.11) |
| Diluted | $(0.04) | $(0.05) | $0.21 | $(0.11) |
| Weighted-average common shares outstanding: | ||||
| Basic | 106,033 | 105,650 | 105,891 | 105,510 |
| Diluted | 106,033 | 105,650 | 150,003 | 105,510 |
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