Summit Hotel Properties, Inc.
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
View on SEC.govAbout this filing
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, 2025 · Filed Nov 4, 2025
INN$7.00+1.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0001497645-25-000091
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-04.
0001497645-25-000101
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 170 previous paragraphs and 167 current paragraphs.
101 unchanged; 60 reworded; 5 added; 7 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 13 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
•the effect of government shut-downs;
Current report
•Management Fees. Management fees increased by $0.4 million during the three months ended September 30, 2025 primarily due to amendments to certain property management agreements in 2024, which resulted in lower management fees during the three months ended September 30, 2024.
Current report
•Interest Expense. Interest expense increased by $0.2 million during the three months ended September 30, 2025, primarily due to an increase in amortization of deferred financing costs related to the refinancing of the $400 million GIC Joint Venture term loan in July 2025.
Current report
•Other (Expense) Income, net. Other (expense) income, net for the three months ended September 30, 2025 consists primarily of $0.9 million in costs related to property manager transitions, $0.3 million of expensed debt transaction costs related to the refinancing of the 2022 GIC Joint Venture Term Loan with the $400 million 2025 GIC Joint Venture Term Loan and a net casualty loss of $0.5 million, partially offset by $0.7 million of third-party tenant income and the realization of approximately $0.6 million of tax rebates related to the NCI Transaction during the period.
Current report
•Management Fees. Management fees were flat during the nine months ended September 30, 2025 due primarily to amendments to certain property management agreements during the nine months ended September 30, 2024, which resulted in lower property management fees in the prior year period, partially offset by decreases in management fees during the nine months ended September 30, 2025 as a result of a $7.2 million decrease in room revenues.
Removed paragraphs (7)
Previous report
(1) Effective July 1, 2025, Concord Hospitality Enterprises Company, LLC was replaced with MIA Hospitality Management, LLC.
Previous report
•Management Fees. Management fees decreased slightly during the three months ended June 30, 2025 primarily due to lower same-store revenues for the period.
Previous report
•Interest Expense. Interest expense decreased by $0.2 million during the three months ended June 30, 2025 primarily due to lower average interest rates during the period, partially offset by an increase in the average debt outstanding during the three months ended June 30, 2025 compared to the same period of the prior year.
Previous report
•Management Fees. Management fees decreased during the six months ended June 30, 2025 by $0.4 million as a result of a $4.0 million decrease in same-store revenues and the net effect of the acquisition of the 2024 Acquired Properties and the sale of the 2024 Sold Properties.
Previous report
Other income, net for the six months ended June 30, 2024 consists primarily of third-party tenant income of $1.3 million, net casualty income of $0.9 million, the realization of $0.8 million of tax rebates related to the NCI Transaction, and $0.7 million in state grants awarded during the period, partially offset by other miscellaneous expense items totaling $0.7 million.
Previous report
The Operating Partnership has $125 million of interest rate swaps and the GIC Joint Venture has $300 million of interest rate swaps that expire within the next 12 months. If we are unable to replace these expiring interest rate swaps with other financial instruments that will hedge our variable interest rate risk to the same extent, or at all, our interest expense may increase upon expiration of these interest rate swaps.
Previous report
To complete the NCI Transaction during the first quarter of 2022, the GIC Joint Venture entered into the GIC Joint Venture Term Loan (as defined in “Note 5 - Debt” to the accompanying Condensed Consolidated Financial Statements) that was originally secured by the 27 lodging properties (25 lodging properties at June 30, 2025) and two parking garages acquired in the transaction, and assumed a Property Assessed Clean Energy (“PACE”) loan totaling $6.5 million. The outstanding balances of the GIC Joint Venture Term Loan and the PACE loan at June 30, 2025 were $396 million and $5.8 million, respectively.
Reworded paragraphs (60)
Previous wording
•global, national, regional and local economic and geopolitical conditions and events, including wars or potential hostilities, such as future terrorist attacks, that may negatively affect business transient, group and other travel or consumer behavior;
Current wording
•global, national, regional, and local economic and geopolitical conditions and events, including wars or potential hostilities, such as future terrorist attacks, that may negatively affect business transient, group, international and other travel or consumer behavior;
Previous wording
•significant increases in the cost of real property taxes;
Current wording
•significant increases in real property taxes;
Previous wording
•the effect of a data breach or significant disruption of property operator information technology networks as a result of cyber-attacks that are greater than insurance coverages or indemnities from service providers;
Current wording
•the effect of a data breach or significant disruption of property operator information technology networks, including as a result of cyber-attacks that are greater than insurance coverages or indemnities from service providers;
Previous wording
•the announced share repurchase program may not result in the full authorized amount being expended to repurchase shares of our common stock and could affect our share price and volatility; and
Current wording
•the announced share repurchase program which may not result in the full authorized amount being expended to repurchase shares of our common stock and could affect our share price and volatility; and
Previous wording
During the six months ended June 30, 2025, the Company repurchased 3,585,179 shares of our Common Stock under the 2025 Share Repurchase Program for an aggregate purchase price and commissions of $15.4 million, or an average of approximately $4.30 per share. As of June 30, 2025, approximately $34.6 million remained available for repurchase under the 2025 Stock Repurchase Program.
Current wording
During the nine months ended September 30, 2025, the Company repurchased 3,585,179 shares of our Common Stock under the 2025 Share Repurchase Program for an aggregate purchase price and commissions of $15.4 million, or an average of approximately $4.30 per share. As of September 30, 2025, approximately $34.6 million remained available for repurchase under the 2025 Stock Repurchase Program.
Previous wording
Room-night demand in the U.S. lodging industry is generally correlated to certain macroeconomic trends. Key drivers of demand, and therefore lodging revenues, include changes in gross domestic product, corporate profits, capital investments, employment, and consumer and corporate sentiment. From a cost perspective, elevated inflation increased the cost of salaries, wages, supplies, material, freight, insurance and energy in recent years. A portion of these costs were partially offset by increases in average rates for lodging properties. Expense growth has moderated to a pace consistent with historical long-term inflation rates; however, certain costs remain above historical levels and could be further affected by changes in tariff policies and agreements.
Current wording
Room-night demand in the U.S. lodging industry is generally correlated to certain macroeconomic trends. Key drivers of demand, and therefore lodging revenues, include changes in gross domestic product, corporate profits, capital investments, employment, government policy, inbound international travel, and consumer and corporate sentiment. From a cost perspective, elevated inflation increased the cost of salaries, wages, supplies, material, freight, insurance, and energy in recent years. A portion of these costs were partially offset by increases in average guestroom rates for lodging properties. Expense growth has moderated to a pace consistent with historical long-term inflation rates; however, certain costs remain above historical levels and could be further affected by changes in tariff policies and agreements.
Previous wording
During the six months ended June 30, 2025, we experienced a modest same-store revenue decline resulting primarily from a reduction in government-related and inbound international travel. Recent policy changes, including tariff policies, as well as continued concerns related to inflationary pressures, have created macroeconomic uncertainty which has had a negative effect on consumer and corporate sentiment and spending. This has resulted in modest near-term pricing pressure in certain demand segments. The medium- and long-term outlook for the industry remains favorable as forecasted room night demand growth and increases in average daily rate, coupled with minimal supply growth, are expected to drive industry RevPAR growth over the next several years.
Current wording
Recently, we have experienced a modest same-store revenue decline resulting primarily from a reduction in government-related and inbound international travel. Ongoing macroeconomic uncertainty has had a negative effect on consumer and corporate sentiment and spending, and resulted in modest near-term pricing pressure in certain lodging demand segments. This uncertainty has been driven by recent policy changes, including tariff policies, ongoing concerns related to inflationary pressures and the recent government shutdown. The medium- and long-term outlook for the industry remains favorable as forecasted room night demand growth and increases in average daily rate, coupled with minimal supply growth, are expected to drive industry RevPAR growth over the next several years.
Previous wording
•Revenues and RevPAR. Room revenues for our total portfolio during the second quarter of 2025 compared with the second quarter of 2024 decreased by $2.4 million as a result of a $6.2 million decrease in same-store revenues driven by reduced government-related and inbound international travel, partially offset by a $3.8 million increase in room revenues due to the net effect of the acquisition of two lodging properties (the "2024 Acquired Properties") and the sale of four lodging properties (the "2024 Partial Year Sold Properties").
Current wording
•Revenues and RevPAR. Room revenues for our total portfolio during the third quarter of 2025 compared with the third quarter of 2024 decreased by $1.1 million as a result of a $5.6 million decrease in same-store revenues primarily driven by reduced government-related and inbound international travel, partially offset by a $4.5 million increase in room revenues due to the net effect of the acquisition of two lodging properties (the “2024 Acquired Properties”) and the sale of one lodging property during the fourth quarter of 2024 (the “Fourth Quarter 2024 Sold Property”).
Previous wording
Occupancy was flat and ADR decreased by 2.8% for the total portfolio during the second quarter of 2025, which resulted in a 2.7% decrease in RevPAR. On a same-store basis, we experienced a decrease of 0.4% in occupancy and a 3.3% decrease in ADR during the second quarter of 2025. This resulted in a decrease in same-store RevPAR of 3.6% for the second quarter of 2025. The declines in ADR were driven by a modest shift in mix towards lower rated demand segments.
Current wording
Occupancy remained constant at 73.7% and ADR decreased by 2.9% for the total portfolio during the third quarter of 2025, which resulted in a 2.9% decrease in RevPAR. On a same-store basis, we experienced a decrease of 0.3% in occupancy and a 3.4% decrease in ADR during the third quarter of 2025. This resulted in a decrease in same-store RevPAR of 3.7%. The declines in ADR were driven by a modest shift in mix towards lower rated demand segments.
Previous wording
•Room Expenses. Room expenses for our total portfolio for the second quarter of 2025 compared with the second quarter of 2024 increased $1.1 million as a result of a $0.7 million increase in same-store room expenses primarily driven by an increase in labor and benefits expenses, and a $0.4 million increase in room expenses due to the net effect of the acquisition of the 2024 Acquired Properties and the sale of the 2024 Partial Year Sold Properties.
Current wording
•Room Expenses. Room expenses for our total portfolio for the third quarter of 2025 compared with the third quarter of 2024 increased $1.7 million as a result of an $0.8 million increase in same-store room expenses primarily driven by an increase in labor and benefits expenses, and a $0.9 million increase in room expenses due to the net effect of the acquisition of the 2024 Acquired Properties and the sale of the Fourth Quarter 2024 Sold Property.
Previous wording
•Food and Beverage Revenues and Expenses. Total portfolio food and beverage revenues increased $1.1 million for the second quarter of 2025 compared with the second quarter of 2024 primarily due to a $1.0 million increase in same-store food and beverage revenues driven by the modification of certain breakfast programs and special events. Total portfolio food and beverage expenses increased by $0.7 million as a result of a $0.6 million increase in same-store food and beverage expenses primarily to support the increase in food and beverage revenues.
Current wording
•Food and Beverage Revenues and Expenses. Total portfolio food and beverage revenues increased $0.7 million for the third quarter of 2025 compared with the third quarter of 2024 primarily due to a $0.5 million increase in same-store food and beverage revenues driven by the modification of certain breakfast programs and an increase in banquet and catering revenue due to the completion of renovations at various properties. In addition, food and beverage revenues increased $0.2 million due to the net effect of the acquisition of the 2024 Acquired Properties and the sale of the Fourth Quarter 2024 Sold Property. Total portfolio food and beverage expenses increased by $0.9 million as a result of a $0.8 million increase in same-store food and beverage expenses primarily to support the increase in food and beverage revenues.
Previous wording
•Other Lodging Property Operating Revenues and Expenses. Other lodging property operating revenues for our total portfolio during the second quarter of 2025 compared with the second quarter of 2024 increased $0.3 million primarily due to an increase in same-store parking and resort fees.
Current wording
•Other Lodging Property Operating Revenues and Expenses. Other lodging property operating revenues for our total portfolio during the third quarter of 2025 compared with the third quarter of 2024 increased $0.7 million primarily due to an increase in same-store resort and parking fees.
Previous wording
The $1.5 million increase in other lodging property operating expenses for the total portfolio for the three months ended June 30, 2025 in comparison with the three months ended June 30, 2024 was attributable to a $0.8 million increase in same-store other lodging property operating expenses combined with a $0.7 million increase due to the net effect of the acquisition of the 2024 Acquired Properties and the sale of the 2024 Partial Year Sold Properties. The same-store increase was driven by increased labor costs, maintenance costs, and utilities.
Current wording
The $2.2 million increase in other lodging property operating expenses for the total portfolio for the three months ended September 30, 2025 in comparison with the three months ended September 30, 2024 was attributable to a $0.7 million increase in same-store other lodging property operating expenses combined with a $1.5 million increase due to the net effect of the acquisition of the 2024 Acquired Properties and the sale of the Fourth Quarter 2024 Sold Property. The same-store increase was driven by increased labor costs, property operation and maintenance costs, and utilities.
Previous wording
•Property Taxes, Insurance and Other. The increase in Property taxes, insurance and other during the three months ended June 30, 2025 is primarily due to a $0.6 million increase in property taxes, partially offset by a $0.3 million decrease in insurance premiums, combined with a $0.1 million increase from the net effect of the acquisition of the 2024 Acquired Properties and the sale of the 2024 Partial Year Sold Properties.
Current wording
•Property Taxes, Insurance and Other. Property taxes, insurance and other increased $0.9 million during the three months ended September 30, 2025 as a result of a $0.6 million increase in property tax expenses, a $0.5 million decrease in franchise tax refunds in the current period and a $0.1 million increase in sales and use taxes, partially offset by a $0.3 million decrease in insurance premiums. The increase in property tax expenses was primarily due to increased property assessment values in certain locations and the net effect of the acquisition of the 2024 Acquired Properties and the sale of the Fourth Quarter 2024 Sold Property. The decrease in insurance premiums was due to favorable rates in the current period for our property and casualty insurance.
Previous wording
•Depreciation and Amortization. Depreciation and amortization increased by $0.8 million during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to an increase of $1.1 million in depreciation and amortization as a result of the net effect of the acquisition of the 2024 Acquired Properties and the sale of the 2024 Partial Year Sold Properties, partially offset by a $0.3 million decrease in same-store depreciation and amortization, as the reduction from fully depreciated assets exceeded the depreciation of assets placed in service as a result of completed renovations.
Current wording
•Depreciation and Amortization. Depreciation and amortization increased by $0.9 million during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, due to an increase of $0.9 million in depreciation and amortization as a result of the net effect of the acquisition of the 2024 Acquired Properties and the sale of the Fourth Quarter 2024 Sold Property. Same store depreciation and amortization was consistent between periods as the reduction from fully depreciated assets offset the additional depreciation expense related to assets placed in service as a result of completed renovations.
Previous wording
•Corporate General and Administrative. Corporate general and administrative expenses decreased by $0.4 million during the three months ended June 30, 2025 primarily due to a decrease in corporate employee-related costs.
Current wording
•Corporate General and Administrative. Corporate general and administrative expenses increased by $0.4 million during the three months ended September 30, 2025 primarily due to increases in professional fees and corporate employee-related costs.
Previous wording
•Interest Income. Interest income decreased by $0.3 million during the three months ended June 30, 2025 due to non-cash interest income related to the amortization of the Onera Purchase Option recorded during the three months ended June 30, 2024, which was fully amortized in September 2024, combined with a decrease related to interest earned on money market accounts during the comparable three-month periods.
Current wording
•Interest Income. Interest income decreased by $0.2 million during the three months ended September 30, 2025, due to non-cash interest income related to the amortization of the Onera Purchase Option recorded during the three months ended September 30, 2024, which was fully amortized in September 2024, combined with a decrease related to interest earned on money market accounts.
Previous wording
•Other Income, net. Other income, net for the three months ended June 30, 2025 consists primarily of $0.9 million of third-party tenant income, the realization of approximately $0.3 million of tax rebates related to the NCI Transaction during the period, partially offset by a net casualty loss of $0.4 million.
Current wording
Other (expense) income, net for the three months ended September 30, 2024 consists primarily of $0.5 million of third-party tenant income and the realization of approximately $0.8 million of tax rebates related to the NCI Transaction during the period, partially offset by a net casualty loss of $0.2 million.
Previous wording
•Income Tax Expense. The Company recorded a $1.2 million income tax expense during the three months ended June 30, 2025, which represents a decrease of $1.2 million from the same period in the previous year. Income tax expense varies based on changes in our forecasted effective tax rate over the course of the year and variability in quarterly net income (loss).
Current wording
•Income Tax Expense. The Company recorded an income tax benefit of $0.4 million during the three months ended September 30, 2025, compared to a $0.3 million tax expense during the same period in the previous year. Income tax expense varies based on changes in our effective tax rate and variability in quarterly net income (loss).
Previous wording
Comparison of the Six Months Ended June 30, 2025 with the Six Months Ended June 30, 2024
Current wording
Comparison of the Nine Months Ended September 30, 2025 with the Nine Months Ended September 30, 2024
Previous wording
The following table contains key operating metrics for our portfolio for the six months ended June 30, 2025 compared with the six months ended June 30, 2024 (dollars in thousands, except ADR and RevPAR):
Current wording
The following table contains key operating metrics for our portfolio for the nine months ended September 30, 2025 compared with the nine months ended September 30, 2024 (dollars in thousands, except ADR and RevPAR):
Previous wording
(1) Same-store information includes operating results for 95 hotels owned by the Company as of January 1, 2024, and at all times during the six months ended June 30, 2025, and 2024.
Current wording
(1) Same-store information includes operating results for 95 hotels owned by the Company as of January 1, 2024, and at all times during thenine months ended September 30, 2025, and 2024.
Previous wording
The total portfolio information above for the six months ended June 30, 2025 and 2024 reflects operating results for various portions of each period for certain lodging properties as a result of the sales and acquisitions of lodging properties. The following table details how the acquisition and disposition transactions affect each reporting period:
Current wording
The total portfolio information above for the nine months ended September 30, 2025 and 2024 reflects operating results for various portions of each period for certain lodging properties as a result of the sales and acquisitions of lodging properties. The following table details how the acquisition and disposition transactions affect each reporting period:
Previous wording
•Revenues and RevPAR. Room revenues for our total portfolio for the six months ended June 30, 2025 compared with the six months ended June 30, 2024 decreased by $6.1 million as a result of a $5.6 million decrease in same-store room revenues driven by reduced government-related and inbound international travel, and a $0.5 million decrease in room revenues due to the net effect of the acquisition of the 2024 Acquired Properties and the sale of five lodging properties (the "2024 Sold Properties").
Current wording
•Revenues and RevPAR. Room revenues for our total portfolio for the nine months ended September 30, 2025 compared with the nine months ended September 30, 2024 decreased by $7.2 million as a result of an $11.1 million decrease in same-store room revenues primarily driven by reduced government-related and inbound international travel and a decrease in ADR, partially offset by a $3.9 million increase in room revenues due to the net effect of the acquisition of the 2024 Acquired Properties and the sale of five lodging properties in the prior year (the “2024 Sold Properties”).
Previous wording
Occupancy increased by 0.4% and ADR decreased by 1.4% for the total portfolio during the six months ended June 30, 2025, which resulted in a 0.9% decrease in RevPAR. On a same store basis, we experienced an increase of 0.2% in occupancy and a 1.3% decrease in ADR during the six months ended June 30, 2025. This resulted in a decrease in same-store RevPAR of 1.2% for the six months ended June 30, 2025. The declines in ADR were primarily driven by a modest shift in mix towards lower rated demand channels.
Current wording
Occupancy increased by 0.3% and ADR decreased by 1.9% for the total portfolio during the nine months ended September 30, 2025, which resulted in a 1.6% decrease in RevPAR. On a same store basis, occupancy remained flat at 74.5%, and we experienced a 2.0% decrease in ADR during the nine months ended September 30, 2025. This resulted in a decrease in same-store RevPAR of 2.0% for the nine months ended September 30, 2025. The declines in ADR were primarily driven by a modest shift in mix towards lower rated demand channels.
Previous wording
•Room Expenses. Room expenses for our total portfolio for the six months ended June 30, 2025 compared with the six months ended June 30, 2024 increased by $1.3 million primarily due to an increase in same-store room expenses driven by an increase in labor costs.
Current wording
•Room Expenses. Room expenses for our total portfolio for the nine months ended September 30, 2025 compared with the nine months ended September 30, 2024 increased by $3.0 million primarily due to a $2.2 million increase in same-store room expenses driven by an increase in labor costs, and an increase of $0.8 million as a result of the net effect of the acquisition of the 2024 Acquired Properties and the sale of the 2024 Sold Properties.
Previous wording
•Food and Beverage Revenues and Expenses. Total portfolio food and beverage revenues for the six months ended June 30, 2025 when compared with the six months ended June 30, 2024 increased by $1.3 million due to a $1.2 million increase in same-store food and beverage revenues as a result of a 0.2% increase in occupancy combined with the modification of certain breakfast offerings. Total portfolio food and beverage expenses increased by $0.5 million primarily as a result of an increase in same-store food and beverage revenues.
Current wording
•Food and Beverage Revenues and Expenses. Total portfolio food and beverage revenues for the nine months ended September 30, 2025 increased by $2.0 million due to a $1.7 million increase in same-store food and beverage revenues as a result of the modification of certain breakfast offerings, special events and additional banquet and catering revenues due to the completion of renovations at various properties. In addition, food and beverage revenues increased $0.3 million due to the net effect of the acquisition of the 2024 Acquired Properties and the disposition of the 2024 Sold Properties. Total portfolio food and beverage expenses increased by $1.5 million, which is commensurate with the increase in food and beverage revenues.
Previous wording
•Other Revenues and Other Lodging Property Operating Expenses. Other lodging property operating revenues for our total portfolio during the six months ended June 30, 2025 compared with the six months ended June 30, 2024 increased by $0.2 million as a result of a $0.4 million increase in same-store other lodging property and operating revenues related to an increase in parking and resort/amenities fees, partially offset by a $0.2 million decrease in other lodging property operating revenues driven by the net effect of the acquisition of the 2024 Acquired Properties and the sale of the 2024 Sold Properties.
Current wording
•Other Revenues and Other Lodging Property Operating Expenses. Other lodging property operating revenues for our total portfolio during the nine months ended September 30, 2025 increased by $0.8 million as a result of a $0.9 million increase in same-store other lodging property and operating revenues related to an increase in amenity and parking fees, partially offset by a $0.1 million decrease in other lodging property operating revenues driven by the net effect of the acquisition of the 2024 Acquired Properties and the sale of the 2024 Sold Properties.
Previous wording
The $2.1 million increase in other lodging property operating expenses for the total portfolio for the six months ended June 30, 2025 in comparison with the six months ended June 30, 2024 was driven by increased labor costs, sales and marketing costs, and utilities. These increases were partially offset by a $0.3 million decrease in other lodging property operating expenses due to the net effect of the acquisition of the 2024 Acquired Properties and the sale of the 2024 Sold Properties.
Current wording
The $4.4 million increase in other lodging property operating expenses for the total portfolio for the nine months ended September 30, 2025 was driven by increased labor costs and utilities.
Previous wording
The following table includes other consolidated income and expenses for the six months ended June 30, 2025 compared with the six months ended June 30, 2024 (dollars in thousands):
Current wording
The following table includes other consolidated income and expenses for the nine months ended September 30, 2025 compared with the nine months ended September 30, 2024 (dollars in thousands):
Previous wording
•Property Taxes, Insurance and Other. The $0.6 million decrease in Property taxes, insurance and other during the six months ended June 30, 2025 is primarily due to a $0.7 million decrease in insurance premiums and the net effect of the acquisition of the 2024 Acquired Properties and the sale of the 2024 Sold Properties, partially offset by a $0.3 million increase in property taxes.
Current wording
•Property Taxes, Insurance and Other. The $0.3 million increase in Property taxes, insurance and other during the nine months ended September 30, 2025 is the net effect of a $0.8 million increase in property taxes and a $0.5 million decrease in franchise tax refunds, partially offset by a $1.0 million decrease in insurance premiums. The increase in property tax expenses was primarily due to increased property assessment values in certain locations, higher cash refunds in the comparable prior year period as a result of successful appeals, and the net effect of the acquisition of the 2024 Acquired Properties and the sale of the 2024 Sold Properties. The decrease in insurance premiums was due to favorable rates in the current period for our property and casualty insurance.
Previous wording
•Depreciation and Amortization. Depreciation and amortization increased by $1.2 million during the six months ended June 30, 2025 compared with the six months ended June 30, 2024 primarily due to an increase of $2.4 million in depreciation and amortization expense as a result of the net effect of the acquisition of the 2024 Acquired Properties and the sale of the 2024 Sold Properties, partially offset by a $1.1 million decrease in same-store depreciation and amortization as the reduction from fully depreciated assets exceeded the depreciation of assets placed in service as a result of completed renovations.
Current wording
•Depreciation and Amortization. Depreciation and amortization increased by $2.2 million during the nine months ended September 30, 2025 compared with the nine months ended September 30, 2024 primarily due to an increase of $3.3 million in depreciation and amortization expense as a result of the net effect of the acquisition of the 2024 Acquired Properties and the sale of the 2024 Sold Properties, partially offset by a $1.1 million decrease in same-store depreciation and amortization as the reduction from fully depreciated assets exceeded the depreciation of assets placed in service as a result of completed renovations.
Previous wording
•Corporate General and Administrative. Corporate general and administrative expenses decreased by $0.2 million during the six months ended June 30, 2025 compared with the six months ended June 30, 2024 primarily due to a decrease in corporate employee-related costs.
Current wording
•Corporate General and Administrative. Corporate general and administrative expenses increased by $0.2 million during the nine months ended September 30, 2025 primarily due to increases in professional fees and corporate employee-related costs.
Previous wording
•(Loss) Gain on Disposal of Assets, net. (Loss) Gain on disposal of assets, net of $28.3 million for the three months ended June 30, 2024 was primarily the result of a $28.3 million gain recorded on the sale of a portfolio of two lodging properties in New Orleans, LA during the three months ended June 30, 2024.
Current wording
•Loss (Gain) on Disposal of Assets, net. Loss (gain) on disposal of assets, net of $28.6 million for the nine months ended September 30, 2024 was primarily the result of a $28.3 million gain recorded on the sale of a portfolio of two lodging properties in New Orleans, LA during the nine months ended September 30, 2024.
Previous wording
•Interest Expense. Interest expense decreased by $1.8 million during the six months ended June 30, 2025 primarily due to lower average interest rates during the current period.
Current wording
•Interest Expense. Interest expense decreased by $1.6 million during the nine months ended September 30, 2025 primarily due to lower average interest rates during the nine months ended September 30, 2025.
Previous wording
•Interest Income. Interest income decreased by $0.4 million during the six months ended June 30, 2025 due to non-cash interest income related to the amortization of the Onera Purchase Option recorded during the six months ended June 30, 2024, which was fully amortized in September 2024, combined with a decrease related to interest earned on money market accounts for the current period.
Current wording
•Interest Income. Interest income decreased by $0.6 million during the nine months ended September 30, 2025 due to non-cash interest income related to the amortization of the Onera Purchase Option recorded during the nine months ended September 30, 2024, which was fully amortized in September 2024, combined with a decrease related to interest earned on money market accounts for the current period.
Previous wording
•Gain on Extinguishment of Debt. The gain on extinguishment of debt for the six months ended June 30, 2024 was the result of the repayment of a mortgage loan in June 2024 prior to its scheduled maturity date, which resulted in a net gain on extinguishment of debt of $3.0 million after legal fees and unamortized debt issuance costs that were written-off on the closing date.
Current wording
•Gain on Extinguishment of Debt. The gain on extinguishment of debt for the nine months ended September 30, 2024 was the result of the repayment of a mortgage loan in June 2024 prior to its scheduled maturity date, which resulted in a net gain on extinguishment of debt of $3.0 million after legal fees and unamortized debt issuance costs that were written-off on the closing date.
Previous wording
•Other Income, net. Other income, net for the six months ended June 30, 2025 consists primarily of third-party tenant income of $1.6 million, the realization of $0.9 million of tax rebates related to the NCI Transaction (as defined in "Note 5 - Debt" to the accompanying Condensed Consolidated Financial Statements), partially offset by a net casualty loss of $0.7 million.
Current wording
•Other Income, net. Other income, net for the nine months ended September 30, 2025 consists primarily of third-party tenant income of $2.3 million, the realization of $1.6 million of tax rebates related to the NCI Transaction, and $0.4 million in amortization of key money liabilities, partially offset by a net casualty loss of $1.2 million, $0.9 million of costs related to property manager transitions, and $0.3 million of expensed debt transaction costs related to the refinancing of the 2022 GIC Joint Venture Term Loan with the $400 million 2025 GIC Joint Venture Term Loan.
Previous wording
Other income, net for the three months ended June 30, 2024 consists primarily of $0.7 million of third-party tenant income, the realization of approximately $0.4 million of tax rebates related to the NCI Transaction during the period, $0.4 million in state grants awarded during the period, and net casualty income of $0.6 million.
Current wording
Other income, net for the nine months ended September 30, 2024 consists primarily of third-party tenant income of $1.7 million, the realization of $1.5 million of tax rebates related to the NCI Transaction, and net casualty income of $0.6 million.
Previous wording
•Income Tax Expense. Income taxes in interim quarters are based on an estimated annual effective tax rate. The Company recorded $1.9 million in income tax expense for the six months ended June 30, 2025, which represents a decrease of $0.7 million from the six months ended June 30, 2024. Seasonality in quarterly net income (loss), and changes in the forecasted earnings causes variability in income taxes recorded in each quarter.
Current wording
•Income Tax Expense. The Company recorded $1.6 million in income tax expense for the nine months ended September 30, 2025, which represents a decrease of $1.3 million from the nine months ended September 30, 2024. Income tax expense varies based on changes in our effective tax rate and variability in net income (loss).
Showing the first 40 of 60 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
In August 2025, subsidiaries of the GIC Joint Venture that are the borrowers under the GIC Joint Venture Term Loan entered into two $150 million forward-starting interest rate swaps to fix one-month term SOFR until January 2028. The interest rate swaps have an effective date of January 13, 2026 and a termination date of January 13, 2028. Pursuant to the interest rate swaps, we will pay a fixed rate of 3.26% and 3.27% for each of the two $150 million interest rate swaps respectively, and receive the one-month term SOFR floating rate index.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
•Gain on Extinguishment of Debt. The gain on extinguishment of debt for the three months ended June 30, 2024 was the result of the repayment of the MetaBank Loan (as defined in "Note 5 - Debt" to the accompanying Condensed Consolidated Financial Statements) in June 2024 prior to its scheduled maturity date, which resulted in a net gain on extinguishment of debt of $3.0 million after legal fees and unamortized debt issuance costs that were written-off on the closing date.
Previous report — wording carried elsewhere
•Loss (Gain) on Disposal of Assets, net. Loss (gain) on disposal of assets, net of $28.5 million for the six months ended June 30, 2024 was primarily the result of a $28.3 million gain recorded on the sale of a portfolio of two lodging properties in New Orleans, LA during the six months ended June 30, 2024.