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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 4, 2024
SUMMIT HOTEL PROPERTIES, INC.
(Exact name of registrant as specified in its charter)
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| Maryland | 001-35074 | 27-2962512 |
| (State or other jurisdiction | (Commission File Number) | (I.R.S. Employer Identification No.) |
| of incorporation or organization) | | |
13215 Bee Cave Parkway, Suite B-300
Austin, TX 78738
(Address of Principal Executive Offices) (Zip Code)
(512) 538-2300
(Registrant’s telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
| Common Stock, $0.01 par value | | INN | | New York Stock Exchange |
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| Series E Cumulative Redeemable Preferred Stock, $0.01 par value | | INN-PE | | New York Stock Exchange |
| Series F Cumulative Redeemable Preferred Stock, $0.01 par value | | INN-PF | | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)
☐ Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 4, 2024, Summit Hotel Properties, Inc. (the “Company”) issued a press release announcing the operating results of the Company and its subsidiaries for the three and nine months ended September 30, 2024. The press release referred to supplemental financial information for the third quarter of 2024 that is available on the Company’s website at www.shpreit.com. A copy of the press release and the supplemental financial information are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Report.
The information in this Report, including the exhibits, is provided under Item 2.02 of Form 8-K and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. Furthermore, the information in this Report, including the exhibits, shall not be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933 regardless of any general incorporation language in such filings.
Item 9.01. Financial Statements and Exhibits.
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| (d) | | Exhibits |
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| 104 | | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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| | SUMMIT HOTEL PROPERTIES, INC. | |
| | | |
| Date: November 4, 2024 | By: | /s/ Christopher R. Eng |
| | | Christopher R. Eng
Executive Vice President, General Counsel,
Chief Risk Officer and Secretary | |
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| | | |
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| 13215 Bee Cave Pkwy, Suite B-300, Austin, TX 78738 |
| Telephone: 512-538-2300 Fax: 512-538-2333 |
| www.shpreit.com |
NEWS RELEASE
SUMMIT HOTEL PROPERTIES REPORTS THIRD QUARTER 2024 RESULTS
Four Points San Francisco Airport Hotel Sold for $17.7 Million Subsequent to Quarter-End
Austin, Texas, November 4, 2024 - - - Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”), today announced results for the three and nine months ended September 30, 2024.
“We are pleased with our third quarter financial results highlighted by our third consecutive quarter of Adjusted FFO growth as our accretive capital recycling program strategy offset moderate top-line growth in the quarter, that was negatively affected by disruption from Hurricane Helene in September in several of our key markets. Year-to-date, Adjusted FFO per share has increased by nearly eight percent driven by a 4.5 percent increase in Adjusted EBITDA despite being a net seller of assets. Pro forma hotel EBITDA margins expanded by over 30 basis points during that period reflecting the efficiency of our hotels’ operating models and the strength of our operating platform,” said Jonathan P. Stanner, the Company’s President and Chief Executive Officer.
“We also continued our capital recycling program subsequent to quarter-end, as we completed the sale of the Four Points San Francisco Airport for $17.7 million. Over the last 18 months, we have sold 10 hotels generating nearly $150 million of proceeds at less than a 5% capitalization rate including foregone capital expenditures. Our disposition activity has facilitated nearly a full turn reduction in leverage ratio, enhanced the quality and growth profile of the portfolio, significantly reduced near-term capital requirements, and created capacity for future external growth,” continued Mr. Stanner.
Third Quarter 2024 Summary
•Net Loss: Net loss attributable to common stockholders was $4.3 million, or $0.04 per diluted share, compared to a net loss of $5.4 million, or $0.05 per diluted share, for the third quarter of 2023.
•Pro forma RevPAR: Pro forma RevPAR increased 0.1 percent to $120.02 compared to the third quarter of 2023. Pro forma ADR increased 1.3 percent to $162.95 compared to the same period in 2023, and pro forma occupancy decreased 1.2 percent to 73.7 percent.
•Same Store RevPAR: Same Store RevPAR increased 0.2 percent to $120.28 compared to the third quarter of 2023. Same store ADR increased 1.2 percent to $163.06 and same store occupancy decreased 1.0 percent to 73.8 percent.
•Pro Forma Hotel EBITDA(1): Pro forma hotel EBITDA decreased 2.9 percent to $59.7 million from $61.5 million in the same period in 2023. Pro forma hotel EBITDA margin contracted approximately 99 basis points to 33.8 percent.
•Same Store Hotel EBITDA(1): Same store hotel EBITDA decreased 2.9 percent to $59.2 million from $61.0 million in the same period in 2023. Same store hotel EBITDA margin contracted approximately 101 basis points to 33.8 percent.
•Adjusted EBITDAre(1): Adjusted EBITDAre decreased 2.1 percent to $45.3 million from $46.3 million in the third quarter of 2023.
•Adjusted FFO(1): Adjusted FFO increased 4.0 percent to $27.6 million, or $0.22 per diluted share, compared to $26.5 million, or $0.22 per diluted share, in the third quarter of 2023.
Year-to-Date 2024 Summary
•Net Income: Net income attributable to common stockholders was $24.5 million, or $0.21 per diluted share, compared to a net loss of $11.4 million, or $0.11 per diluted share, in the same period of 2023.
•Pro forma RevPAR: Pro forma RevPAR increased 1.6 percent to $125.41 compared to the same period of 2023. Pro forma ADR increased 0.3 percent to $168.67, and pro forma occupancy increased 1.2 percent to 74.4 percent.
•Same Store RevPAR: Same Store RevPAR increased 1.6 percent to $125.22 compared to the same period of 2023. Same store ADR increased 0.3 percent to $168.35, and same store occupancy increased 1.3 percent to 74.4 percent.
•Pro Forma Hotel EBITDA(1): Pro forma hotel EBITDA increased 3.1 percent to $198.5 million from $192.5 million, and pro formal hotel EBITDA margin expanded 32 basis points to 36.1 percent.
•Same Store Hotel EBITDA(1): Same store hotel EBITDA increased 3.1 percent to $195.5 million from $189.5 million, and same store hotel EBITDA margin expanded 32 basis points to 36.0 percent.
•Adjusted EBITDAre(1): Adjusted EBITDAre increased 4.5 percent to $150.1 million from $143.6 million in the same period of 2023.
•Adjusted FFO(1): Adjusted FFO increased 9.3 percent to $94.0 million, or $0.76 per diluted share, compared to $86.0 million, or $0.70 per diluted share, in the same period of 2023.
The Company’s results for the three and nine months ended September 30, 2024 and 2023 are as follows (in thousands, except per share amounts and metrics):
| | | | | | | | | | | | | | | | | | | | | | | |
| For the Three Months Ended
September 30, | | For the Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| |
| Net (loss) income attributable to common stockholders | $ | (4,272) | | $ | (5,438) | | $ | 24,461 | | $ | (11,419) |
| Net (loss) income per diluted share | $ | (0.04) | | $ | (0.05) | | $ | 0.21 | | $ | (0.11) |
| Total revenues | $ | 176,807 | | $ | 181,816 | | $ | 558,852 | | $ | 558,692 |
EBITDAre (1) | $ | 53,745 | | $ | 55,359 | | $ | 184,699 | | $ | 172,301 |
Adjusted EBITDAre (1) | $ | 45,340 | | $ | 46,315 | | $ | 150,061 | | $ | 143,638 |
FFO (1) | $ | 23,135 | | $ | 22,669 | | $ | 83,557 | | $ | 72,592 |
Adjusted FFO (1) | $ | 27,610 | | $ | 26,546 | | $ | 93,976 | | $ | 85,957 |
FFO per diluted share and unit (1) (2) | $ | 0.19 | | $ | 0.19 | | $ | 0.67 | | $ | 0.59 |
Adjusted FFO per diluted share and unit (1) (2) | $ | 0.22 | | $ | 0.22 | | $ | 0.76 | | $ | 0.70 |
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Pro Forma (2) | | | | | | | |
| RevPAR | $ | 120.02 | | $ | 119.90 | | $ | 125.41 | | $ | 123.47 |
| RevPAR Growth | 0.1% | | | | 1.6% | | |
| Hotel EBITDA | $ | 59,745 | | $ | 61,516 | | $ | 198,497 | | $ | 192,531 |
| Hotel EBITDA Margin | 33.8% | | 34.8% | | 36.1% | | 35.8% |
| Hotel EBITDA Margin (Contraction) Growth | (99) bps | | | | 32 bps | | |
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Same Store (3) | | | | | | | |
| RevPAR | $ | 120.28 | | $ | 120.08 | | $ | 125.22 | | $ | 123.22 |
| RevPAR Growth | 0.2% | | | | 1.6% | | |
| Hotel EBITDA | $ | 59,245 | | $ | 61,011 | | $ | 195,451 | | $ | 189,520 |
| Hotel EBITDA Margin | 33.8% | | 34.8% | | 36.0% | | 35.6% |
| Hotel EBITDA Margin (Contraction) Growth | (101) bps | | | | 32 bps | | |
(1) See tables later in this press release for a discussion and reconciliation of net income (loss) to non-GAAP financial measures, including earnings before interest, taxes, depreciation, and amortization (“EBITDA”), EBITDAre, adjusted EBITDAre, funds from operations (“FFO”), FFO per diluted share and unit, adjusted FFO (“AFFO”), and AFFO per diluted share and unit, as well as a reconciliation of operating income (loss) to hotel EBITDA. See “Non-GAAP Financial Measures” at the end of this release.
(2) Unless stated otherwise in this release, all pro forma information includes operating and financial results for 96 hotels owned as of September 30, 2024, as if each hotel had been owned by the Company since January 1, 2023 and remained open for the entirety of the reporting period. As a result, all pro forma information includes operating and financial results for hotels acquired since January 1, 2023, which may include periods prior to the Company’s ownership. Pro forma and non-GAAP financial measures are unaudited.
(3) All same store information includes operating and financial results for 94 hotels owned as of September 30, 2024, and at all times during the three and nine months ended September 30, 2024, and 2023.
Transaction Activity
Four Points San Francisco Airport Sold for $17.7 Million
Subsequent to the end of the third quarter, the Company completed the sale of the 101-guestroom Four Points by Sheraton San Francisco Airport for a gross sales price of $17.7 million. The hotel’s net operating income at the time of sale was de minimis and net proceeds were used for debt repayment and general corporate purposes.
Over the last eighteen months, the Company and its affiliates have sold ten hotels for a combined sales price of nearly $150 million at a blended capitalization rate of less than 5%, inclusive of an estimated $47 million of foregone capital needs, based on the trailing twelve-month net operating income at the time of each sale. The combined RevPAR for the sold hotels was $85 which is an approximate 30% discount to the current pro forma portfolio. The Company’s disposition activity has facilitated nearly a full turn reduction in its Net Debt : Adjusted EBITDAre leverage ratio, enhanced the quality and growth profile of the portfolio, and significantly reduced near-term capital requirements.
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| Sold Hotels (2023 & YTD 2024) | | Count | | Keys | | Date | | Price (1) | | Capex (1)(2) | | RevPAR (3) | | |
| Hyatt Place Chicago/Lombard | | 1 | | | 151 | | | May 2023 | | $ | 10,500 | | | $ | 5,700 | | | $ | 76 | | | |
| Hyatt Place Chicago/Hoffman Estates | | 1 | | | 126 | | | May 2023 | | 3,000 | | | 7,200 | | | 68 | | | |
| Hilton Garden Inn Minneapolis/Eden Prairie | | 1 | | | 97 | | | May 2023 | | 8,200 | | | 4,300 | | | 81 | | | |
| Holiday Inn Express & Suites Minnetonka | | 1 | | | 93 | | | May 2023 | | 6,400 | | | 3,300 | | | 74 | | | |
| Hyatt Place Baltimore/Owings Mills | | 1 | | | 123 | | | Dec 2023 | | 8,250 | | | 5,200 | | | 69 | | | |
| Hyatt Place Dallas/Plano | | 1 | | | 127 | | | Feb 2024 | | 10,250 | | | 5,200 | | | 69 | | | |
| New Orleans (2) Convention Center | | 2 | | | 410 | | | Apr 2024 | | 73,000 | | | 10,250 | | | 111 | | | |
| Hilton Garden Inn College Station | | 1 | | | 119 | | | Apr 2024 | | 11,000 | | | 2,975 | | | 86 | | | |
| Four Points San Francisco Airport | | 1 | | | 101 | | | Oct 2024 | | 17,700 | | | 3,000 | | | 65 | | | |
| Total | | 10 | | | 1,347 | | | | | $ | 148,300 | | | $ | 47,125 | | | $ | 85 | | | |
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(1) In thousands.
(2) Reflects estimated near-term foregone capital expenditures for dispositions.
(3) Reflects RevPAR for the twelve-month period immediately prior to sale.
Capital Markets and Balance Sheet
On a pro rata basis as of September 30, 2024, the Company had the following outstanding indebtedness and liquidity available:
•Outstanding debt of $1.0 billion with a weighted average interest rate of 4.68 percent. After giving effect to interest rate derivative agreements, $798.9 million, or 77 percent, of our outstanding debt had a fixed interest rate, and $243.9 million, or 23 percent, had a variable interest rate.
•Unrestricted cash and cash equivalents of $41.4 million.
•Total liquidity of over $400 million, including unrestricted cash and cash equivalents and revolving credit facility availability, which reflects a liquidity enhancement option available for the Company to exercise in its sole discretion.
Common and Preferred Dividend Declaration
On October 24, 2024, the Company declared a quarterly cash dividend of $0.08 per share on its common stock and per common unit of limited partnership interest in Summit Hotel OP, LP. The quarterly dividend of $0.08 per share represents an annualized dividend yield of 5.2 percent, based on the closing price of shares of the common stock on November 1, 2024.
In addition, the Board of Directors declared a quarterly cash dividend of:
• $0.390625 per share on its 6.25% Series E Cumulative Redeemable Preferred Stock
• $0.3671875 per share on its 5.875% Series F Cumulative Redeemable Preferred Stock.
• $0.328125 per unit on its 5.25% Series Z Cumulative Perpetual Preferred Units
The dividends are payable on November 29, 2024, to holders of record as of November 15, 2024.
2024 Outlook
The Company is revising its full-year 2024 outlook to reflect the moderating RevPAR growth environment and disruption related to Hurricanes Helene and Milton in the third and fourth quarter. The revised Adjusted EBITDAre range incorporates a high-end that has been modestly tightened and Adjusted FFO and Adjusted FFO per share ranges that have been tightened and midpoints maintained.
The full-year 2024 outlook is based on 95 lodging assets currently owned, 53 of which were wholly owned as of November 4, 2024. The updated outlook incorporates all transaction activity closed to date and there are no additional acquisitions, dispositions, or capital markets activities assumed in the Company’s full-year 2024 outlook beyond the transactions already completed. The revised 2024 outlook incorporates the sale of the 101-guestroom Four Points San Francisco Airport.
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| | FYE 2024 Outlook |
| | Low | | High | | Variance to Prior Midpoint | | % Change to Prior Midpoint |
Pro Forma RevPAR Growth (1) | | 1.00 | % | | 2.00 | % | | (0.25) | % | | — | % |
| Adjusted EBITDAre | | $ | 188,000 | | | $ | 194,000 | | | $ | (1,000) | | | (0.5) | % |
| Adjusted FFO | | $ | 113,000 | | | $ | 121,000 | | | $ | — | | | — | % |
| Adjusted FFO per Diluted Unit | | $ | 0.92 | | | $ | 0.98 | | | $ | — | | | — | % |
| Capital Expenditures, Pro Rata | | $ | 75,000 | | | $ | 85,000 | | | $ | 5,000 | | | 6.7 | % |
(1) All pro forma information includes operating and financial results for 95 lodging assets owned as of November 4, 2024, as if each property had been owned by the Company since January 1, 2023 and will continue to be owned through the entire year ending December 31, 2024. As a result, the pro forma information includes operating and financial results for lodging assets acquired since January 1, 2023, which may include periods prior to the Company’s ownership. Pro forma and non-GAAP financial measures are unaudited.
Third Quarter 2024 Earnings Conference Call
The Company will conduct its quarterly conference call on November 5, 2024, at 9:00 AM ET.
1.To access the conference call, please pre-register using this link. Registrants will receive a confirmation with dial-in details.
2.A live webcast of the conference call can be accessed using this link. A replay of the webcast will be available in the Investors section of the Company's website, www.shpreit.com, until January 31, 2025.
Supplemental Disclosures
In conjunction with this press release, the Company has furnished a financial supplement with additional disclosures on its website. Visit www.shpreit.com for more information. The Company has no obligation to update any of the information provided to conform to actual results or changes in portfolio, capital structure or future expectations.
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused on owning premium-branded lodging facilities with efficient operating models primarily in the upscale segment of the lodging industry. As of November 4, 2024, the Company's portfolio consisted of 95 assets, 53 of which are wholly owned, with a total of 14,154 guestrooms located in 24 states.
For additional information, please visit the Company's website, www.shpreit.com, and follow on X at @SummitHotel_INN.
Contact:
Adam Wudel
EVP - Corporate Development
Summit Hotel Properties, Inc.
(512) 538-2325
Forward-Looking Statements
This press release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “forecast,” “continue,” “plan,” “likely,” “would” or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections, or other forward-looking information. Examples of forward-looking statements include the following: the Company’s ability to realize growth from the deployment of renovation capital; projections of the Company’s revenues and expenses, capital expenditures or other financial items; descriptions of the Company’s plans or objectives for future operations, acquisitions, dispositions, financings, redemptions or services; forecasts of the Company’s future financial performance and potential increases in average daily rate, occupancy, RevPAR, room supply and demand, EBITDAre, Adjusted EBITDAre, FFO and AFFO; the Company’s outlook with respect to pro forma RevPAR, pro forma RevPAR growth, RevPAR, RevPAR growth, AFFO, AFFO per diluted share and unit and renovation capital deployed; and descriptions of assumptions underlying or relating to any of the foregoing expectations regarding the timing of their occurrence. These forward-looking statements are subject to various risks and uncertainties, not all of which are known to the Company and many of which are beyond the Company’s control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy, supply and demand in the hotel industry, and other factors as are described in greater detail in the Company’s filings with the Securities and Exchange Commission (“SEC”). Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
For information about the Company’s business and financial results, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC, and its quarterly and other periodic filings with the SEC. The Company undertakes no duty to update the statements in this release to conform the statements to actual results or changes in the Company’s expectations.
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Summit Hotel Properties, Inc. Condensed Consolidated Balance Sheets (In thousands) |
| | September 30, 2024 | | December 31, 2023 |
| | (Unaudited) | | |
| ASSETS | | | | |
| Investments in lodging property, net | | $ | 2,669,478 | | | $ | 2,736,975 | |
| Investment in lodging property under development | | 5,397 | | | 1,451 | |
| | | | |
| Assets held for sale, net | | 18,621 | | | 65,736 | |
| | | | |
| Cash and cash equivalents | | 51,698 | | | 37,837 | |
| Restricted cash | | 7,339 | | | 9,931 | |
| Right-of-use assets, net | | 33,454 | | | 34,814 | |
| Trade receivables, net | | 20,724 | | | 21,348 | |
| Prepaid expenses and other | | 16,647 | | | 8,865 | |
| | | | |
| Deferred charges, net | | 6,237 | | | 6,659 | |
| | | | |
| Other assets | | 7,688 | | | 15,632 | |
| Total assets | | $ | 2,837,283 | | | $ | 2,939,248 | |
| | | | |
| LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY | | | | |
| Liabilities: | | | | |
| Debt, net of debt issuance costs | | $ | 1,336,095 | | | $ | 1,430,668 | |
| Lease liabilities, net | | 24,879 | | | 25,842 | |
| Accounts payable | | 6,130 | | | 4,827 | |
| Accrued expenses and other | | 96,679 | | | 81,215 | |
| | | | |
| Total liabilities | | 1,463,783 | | | 1,542,552 | |
| | | | |
| Redeemable non-controlling interests | | 50,219 | | | 50,219 | |
| | | | |
| Total stockholders’ equity | | 911,436 | | | 911,195 | |
| Non-controlling interests | | 411,845 | | | 435,282 | |
| Total equity | | 1,323,281 | | | 1,346,477 | |
| Total liabilities, redeemable non-controlling interests and equity | | $ | 2,837,283 | | | $ | 2,939,248 | |
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Summit Hotel Properties, Inc. Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts) |
| | For the Three Months Ended September 30, | | For the Nine Months Ended September 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 | | (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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Summit Hotel Properties, Inc.
Reconciliation of Net (Loss) Income to Non-GAAP Measures - Funds From Operations |
| (Unaudited) |
| (In thousands, except per share and unit amounts) |
| | For the Three Months Ended September 30, | | For the Nine Months Ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Net (loss) income | | $ | (3,556) | | | $ | (5,769) | | | $ | 37,975 | | | $ | (6,849) | |
| Preferred dividends | | (3,968) | | | (3,968) | | | (11,906) | | | (11,906) | |
| Distributions to and accretion of redeemable non-controlling interests | | (656) | | | (656) | | | (1,970) | | | (1,970) | |
| | | | | | | | |
| Loss related to non-controlling interest in consolidated joint ventures | | 3,274 | | | 4,442 | | | 4,011 | | | 8,093 | |
| Net (loss) income applicable to Common Stock and Common Units | | (4,906) | | | (5,951) | | | 28,110 | | | (12,632) | |
| Real estate-related depreciation | | 35,721 | | | 36,697 | | | 106,590 | | | 108,751 | |
| | | | | | | | |
| (Gain) loss on disposal of assets and other dispositions, net | | (22) | | | 16 | | | (28,439) | | | 384 | |
| Adjustments related to non-controlling interests in consolidated joint ventures | | (7,658) | | | (8,093) | | | (22,704) | | | (23,911) | |
| FFO applicable to Common Stock and Common Units | | 23,135 | | | 22,669 | | | 83,557 | | | 72,592 | |
| Recoveries of credit losses | | — | | | (250) | | | — | | | (500) | |
| | | | | | | | |
| Amortization of debt issuance costs | | 1,640 | | | 1,594 | | | 4,880 | | | 4,379 | |
| Amortization of franchise fees | | 169 | | | 153 | | | 494 | | | 439 | |
| Amortization of intangible assets, net | | 698 | | | 911 | | | 2,520 | | | 2,733 | |
| | | | | | | | |
| Equity-based compensation | | 1,854 | | | 1,867 | | | 6,337 | | | 5,913 | |
| | | | | | | | |
| Transaction costs and other | | 10 | | | — | | | 10 | | | 24 | |
| Debt transaction costs | | 66 | | | 90 | | | 647 | | | 418 | |
| | | | | | | | |
| Gain on extinguishment of debt | | — | | | — | | | (3,000) | | | — | |
Non-cash interest income, net (1) | | (134) | | | (134) | | | (400) | | | (397) | |
| Non-cash lease expense, net | | 110 | | | 106 | | | 332 | | | 368 | |
| Casualty loss (gain) | | 244 | | | 380 | | | (637) | | | 1,851 | |
| | | | | | | | |
| | | | | | | | |
| Other non-cash items, net | | 604 | | | — | | | 963 | | | 768 | |
| | | | | | | | |
| Adjustments related to non-controlling interests in consolidated joint ventures | | (786) | | | (840) | | | (1,727) | | | (2,631) | |
| AFFO applicable to Common Stock and Common Units | | $ | 27,610 | | | $ | 26,546 | | | $ | 93,976 | | | $ | 85,957 | |
| FFO per share of Common Stock and Common Units | | $ | 0.19 | | | $ | 0.19 | | | $ | 0.67 | | | $ | 0.59 | |
| AFFO per share of Common Stock and Common Units | | $ | 0.22 | | | $ | 0.22 | | | $ | 0.76 | | | $ | 0.70 | |
| Weighted-average diluted shares of Common Stock and Common Units: | | | | | | | | |
FFO and AFFO (2) | | 124,580 | | | 122,513 | | | 124,389 | | | 122,312 | |
| | | | | | | | |
(1) Non-cash interest income relates to the amortization of the discount on a note receivable. The discount on the note receivable was recorded at inception of the related loan based on the estimated value of the embedded purchase option in the note receivable.
(2) The Company includes the outstanding OP units issued by Summit Hotel OP, LP, the Company’s operating partnership, held by limited partners other than the Company because the OP units are redeemable for cash or, at the Company’s option, shares of the Company’s common stock on a one-for-one basis.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Summit Hotel Properties, Inc. Reconciliation of Weighted Average Diluted Common Shares (Unaudited) (In thousands) |
| | For the Three Months Ended September 30, | | For the Nine Months Ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Weighted average common shares outstanding - diluted | | 106,033 | | | 105,650 | | | 150,003 | | | 105,510 | |
| Adjusted for: | | | | | | | | |
| Non-GAAP adjustment for restricted stock awards | | 2,604 | | | 893 | | | — | | | 828 | |
| Non-GAAP adjustment for dilutive effects of Common Units | | 15,943 | | | 15,970 | | | — | | | 15,974 | |
Non-GAAP adjustment for dilutive effect of shares of Common Stock issuable upon conversion of convertible debt (1) | | — | | | — | | | (25,614) | | | — | |
| Non-GAAP weighted diluted share of Common Stock and Common Units | | 124,580 | | | 122,513 | | | 124,389 | | | 122,312 | |
(1) The weighted-average shares of Common Stock and Common Units used to calculate FFO and AFFO per share of Common Stock and Common Units for the three and nine months ended September 30, 2024 and 2023 exclude the potential dilution related to our Convertible Notes as we intend to settle the principal value of the Convertible Notes in cash.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Summit Hotel Properties, Inc.
Reconciliation of Net (Loss) Income to Non-GAAP Measures - EBITDAre |
| (Unaudited) |
| (In thousands) |
| | For the Three Months Ended September 30, | | For the Nine Months Ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Net (loss) income | | $ | (3,556) | | | $ | (5,769) | | | $ | 37,975 | | | $ | (6,849) | |
| Depreciation and amortization | | 36,708 | | | 37,882 | | | 109,965 | | | 112,300 | |
| Interest expense | | 20,428 | | | 22,020 | | | 62,840 | | | 65,177 | |
| Interest income on cash deposits | | (145) | | | (150) | | | (566) | | | (390) | |
| Income tax expense | | 332 | | | 1,360 | | | 2,924 | | | 1,679 | |
| EBITDA | | 53,767 | | | 55,343 | | | 213,138 | | | 171,917 | |
| | | | | | | | |
| (Gain) loss on disposal of assets and other dispositions, net | | (22) | | | 16 | | | (28,439) | | | 384 | |
EBITDAre | | 53,745 | | | 55,359 | | | 184,699 | | | 172,301 | |
| Recoveries of credit losses | | — | | | (250) | | | — | | | (500) | |
| | | | | | | | |
| Amortization of key money liabilities | | (120) | | | (121) | | | (362) | | | (378) | |
| Equity-based compensation | | 1,854 | | | 1,867 | | | 6,337 | | | 5,913 | |
| | | | | | | | |
| Transaction costs and other | | 10 | | | — | | | 10 | | | 24 | |
| Debt transaction costs | | 66 | | | 90 | | | 647 | | | 418 | |
| Gain on extinguishment of debt | | — | | | — | | | (3,000) | | | — | |
Non-cash interest income, net (1) | | (134) | | | (134) | | | (400) | | | (397) | |
| Non-cash lease expense, net | | 110 | | | 106 | | | 332 | | | 368 | |
| Casualty loss (gain) | | 244 | | | 380 | | | (637) | | | 1,851 | |
| | | | | | | | |
| Loss related to non-controlling interest in consolidated joint ventures | | 3,274 | | | 4,442 | | | 4,011 | | | 8,093 | |
| Other non-cash items, net | | 604 | | | — | | | 966 | | | 705 | |
| | | | | | | | |
| Adjustments related to non-controlling interests in consolidated joint ventures | | (14,313) | | | (15,424) | | | (42,542) | | | (44,760) | |
Adjusted EBITDAre | | $ | 45,340 | | | $ | 46,315 | | | $ | 150,061 | | | $ | 143,638 | |
(1) Non-cash interest income relates to the amortization of the discount on a note receivable. The discount on the note receivable was recorded at inception of the related loan based on the estimated fair value of the embedded purchase option in the note receivable.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Summit Hotel Properties, Inc. Pro Forma Hotel Operating Data (Unaudited) (Dollars in thousands) |
| | For the Three Months Ended
September 30, | | For the Nine Months Ended
September 30, |
| Pro Forma Operating Data | | 2024 | | 2023 | | 2024 | | 2023 |
| Pro forma room revenue | | $ | 157,408 | | | $ | 157,247 | | | $ | 489,889 | | | $ | 480,492 | |
| Pro forma other hotel operations revenue | | 19,399 | | | 19,617 | | | 60,325 | | | 57,983 | |
| Pro forma total revenues | | 176,807 | | | 176,864 | | | 550,214 | | | 538,475 | |
| Pro forma total hotel operating expenses | | 117,062 | | | 115,348 | | | 351,717 | | | 345,944 | |
| Pro forma hotel EBITDA | | $ | 59,745 | | | $ | 61,516 | | | $ | 198,497 | | | $ | 192,531 | |
| Pro forma hotel EBITDA Margin | | 33.8 | % | | 34.8 | % | | 36.1 | % | | 35.8 | % |
| | | | | | | | |
| Reconciliations of Non-GAAP financial measures to comparable GAAP financial measures | | | | | | | | |
| | | | | | | | |
| Revenue: | | | | | | | | |
| Total revenues | | $ | 176,807 | | | $ | 181,816 | | | $ | 558,852 | | | $ | 558,692 | |
Total revenues - acquisitions (1) | | — | | | — | | | — | | | 4,715 | |
Total revenues - dispositions (2) | | — | | | (4,952) | | | (8,638) | | | (24,932) | |
| Pro forma total revenues | | 176,807 | | | 176,864 | | | 550,214 | | | 538,475 | |
| | | | | | | | |
| Hotel Operating Expenses: | | | | | | | | |
| Hotel operating expenses | | $ | 116,883 | | | $ | 119,566 | | | $ | 357,375 | | | $ | 362,948 | |
Hotel operating expenses - acquisitions (1) | | — | | | — | | | — | | | 2,279 | |
Hotel operating expenses - dispositions (2) | | 179 | | | (4,218) | | | (5,658) | | | (19,283) | |
| Pro forma hotel operating expense | | 117,062 | | | 115,348 | | | 351,717 | | | 345,944 | |
| | | | | | | | |
| Hotel EBITDA: | | | | | | | | |
| Operating income | | 15,755 | | | 16,476 | | | 95,453 | | | 58,359 | |
| (Gain) loss on disposal of assets and other dispositions, net | | (22) | | | 16 | | | (28,439) | | | 336 | |
| | | | | | | | |
| Recoveries of credit losses | | — | | | (250) | | | — | | | (500) | |
| Transaction costs | | 10 | | | — | | | 10 | | | 24 | |
| Corporate general and administrative | | 7,473 | | | 8,126 | | | 24,488 | | | 25,225 | |
| Depreciation and amortization | | 36,708 | | | 37,882 | | | 109,965 | | | 112,300 | |
| Hotel EBITDA | | 59,924 | | | 62,250 | | | 201,477 | | | 195,744 | |
Hotel EBITDA - acquisitions (1) | | (499) | | | (505) | | | (3,046) | | | (574) | |
Hotel EBITDA - dispositions (2) | | (180) | | | (734) | | | (2,980) | | | (5,650) | |
| Same Store hotel EBITDA | | 59,245 | | | 61,011 | | | 195,451 | | | 189,520 | |
Hotel EBITDA - acquisitions (3) | | 500 | | | 505 | | | 3,046 | | | 3,011 | |
| Pro forma hotel EBITDA | | $ | 59,745 | | | $ | 61,516 | | | $ | 198,497 | | | $ | 192,531 | |
(1) For any hotels acquired by the Company after October 1, 2023 (the “Acquired Hotels”), the Company has excluded the financial results of each of the Acquired Hotels for the period the Acquired Hotels were purchased by the Company to September 30, 2024 (the “Acquisition Period”) in determining same-store hotel EBITDA.
(2) For hotels sold by the Company between October 1, 2023, and September 30, 2024 (the “Disposed Hotels”), the Company has excluded the financial results of each of the Disposed Hotels for the period beginning on January 1, 2023, and ending on the date the Disposed Hotels were sold by the Company (the “Disposition Period”) in determining same-store hotel EBITDA.
(3) Unaudited pro forma information includes operating results for 96 hotels owned as of September 30, 2024, as if all such hotels had been owned by the Company since January 1, 2023. For hotels acquired by the Company after January 1, 2023 (the “Acquired Hotels”), the Company has included in the pro forma information the financial results of each of the Acquired Hotels for the period from January 1, 2023, to September 30, 2024. The financial results for the Acquired Hotels include information provided by the third-party owner of such Acquired Hotel prior to purchase by the Company and have not been audited or reviewed by our auditors or adjusted by us. The pro forma information is included to enable comparison of results for the current reporting period to results for the comparable period of the prior year and are not indicative of future results.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Summit Hotel Properties, Inc. Pro Forma Hotel Operating Data (Unaudited) (In thousands, except operating statistics) |
| | | | | | | | | | Trailing Twelve |
| | 2023 | | 2024 | | Months Ended |
Pro Forma Operating Data (1) | | Q4 | | Q1 | | Q2 | | Q3 | | September 30, 2024 |
| Pro forma room revenue | | $ | 150,382 | | | $ | 160,705 | | | $ | 171,776 | | | $ | 157,408 | | | $ | 640,271 | |
| Pro forma other hotel operations revenue | | 19,861 | | | 20,187 | | | 20,739 | | | 19,399 | | | 80,186 | |
| Pro forma total revenues | | 170,243 | | | 180,892 | | | 192,515 | | | 176,807 | | | 720,457 | |
| Pro forma total hotel operating expenses | | 110,014 | | | 115,235 | | | 119,420 | | | 117,062 | | | 461,731 | |
| Pro forma hotel EBITDA | | $ | 60,229 | | | $ | 65,657 | | | $ | 73,095 | | | $ | 59,745 | | | $ | 258,726 | |
| Pro forma hotel EBITDA Margin | | 35.4 | % | | 36.3 | % | | 38.0 | % | | 33.8 | % | | 35.9 | % |
| | | | | | | | | | |
Pro Forma Statistics (1) | | | | | | | | | | |
| Rooms sold | | 926,797 | | | 930,768 | | | 1,007,709 | | | 966,019 | | | 3,831,293 | |
| Rooms available | | 1,311,552 | | | 1,297,296 | | | 1,297,296 | | | 1,311,563 | | | 5,217,707 | |
| Occupancy | | 70.7 | % | | 71.7 | % | | 77.7 | % | | 73.7 | % | | 73.4 | % |
| ADR | | $ | 162.26 | | | $ | 172.66 | | | $ | 170.46 | | | $ | 162.95 | | | $ | 167.12 | |
| RevPAR | | $ | 114.66 | | | $ | 123.88 | | | $ | 132.41 | | | $ | 120.02 | | | $ | 122.71 | |
| | | | | | | | | | |
| Actual Statistics | | | | | | | | | | |
| Rooms sold | | 970,959 | | | 969,479 | | | 1,014,864 | | | 966,019 | | | 3,921,321 | |
| Rooms available | | 1,381,867 | | | 1,351,150 | | | 1,306,712 | | | 1,311,563 | | | 5,351,292 | |
| Occupancy | | 70.3 | % | | 71.8 | % | | 77.7 | % | | 73.7 | % | | 73.3 | % |
| ADR | | $ | 161.78 | | | $ | 172.70 | | | $ | 170.49 | | | $ | 162.95 | | | $ | 167.02 | |
| RevPAR | | $ | 113.67 | | | $ | 123.92 | | | $ | 132.41 | | | $ | 120.02 | | | $ | 122.39 | |
| | | | | | | | | | |
| Reconciliations of Non-GAAP financial measures to comparable GAAP financial measures | | | | |
| | | | | | | | | | |
| Revenue: | | | | | | | | | | |
| Total revenues | | $ | 177,436 | | | $ | 188,142 | | | $ | 193,903 | | | $ | 176,807 | | | $ | 736,288 | |
Total revenues - acquisitions (1) | | — | | | — | | | — | | | — | | | — | |
Total revenues - dispositions (2) | | (7,193) | | | (7,250) | | | (1,388) | | | — | | | (15,831) | |
| Pro forma total revenues | | 170,243 | | | 180,892 | | | 192,515 | | | 176,807 | | | 720,457 | |
| | | | | | | | | | |
| Hotel Operating Expenses: | | | | | | | | | | |
| Hotel operating expenses | | 115,158 | | | 119,618 | | | 120,874 | | | 116,883 | | | 472,533 | |
Hotel operating expenses - acquisitions (1) | | — | | | — | | | — | | | — | | | — | |
Hotel operating expenses - dispositions (2) | | (5,144) | | | (4,383) | | | (1,454) | | | 179 | | | (10,802) | |
| Pro forma hotel operating expenses | | 110,014 | | | 115,235 | | | 119,420 | | | 117,062 | | | 461,731 | |
| | | | | | | | | | |
| Hotel EBITDA: | | | | | | | | | | |
| Operating income | | 428 | | | 23,489 | | | 56,209 | | | 15,755 | | | 95,881 | |
| Loss (gain) on disposal of assets, net | | 1 | | | (75) | | | (28,342) | | | (22) | | | (28,438) | |
| Loss on impairment and write-off of assets | | 16,661 | | | — | | | — | | | — | | | 16,661 | |
| Recoveries of credit losses | | (730) | | | — | | | — | | | — | | | (730) | |
| Hotel acquisition and transition costs | | (11) | | | — | | | — | | | 10 | | | (1) | |
| Corporate general and administrative | | 7,305 | | | 8,311 | | | 8,704 | | | 7,473 | | | 31,793 | |
| Depreciation and amortization | | 38,624 | | | 36,799 | | | 36,458 | | | 36,708 | | | 148,589 | |
| Hotel EBITDA | | 62,278 | | | 68,524 | | | 73,029 | | | 59,924 | | | 263,755 | |
Hotel EBITDA - acquisitions (1) | | (876) | | | (1,838) | | | (709) | | | (499) | | | (3,922) | |
Hotel EBITDA - dispositions (2) | | (2,049) | | | (2,867) | | | 67 | | | (180) | | | (5,029) | |
| Same store hotel EBITDA | | 59,353 | | | 63,819 | | | 72,387 | | | 59,245 | | | 254,804 | |
Hotel EBITDA - acquisitions (3) | | 876 | | | 1,838 | | | 708 | | | 500 | | | 3,922 | |
| Pro forma hotel EBITDA | | $ | 60,229 | | | $ | 65,657 | | | $ | 73,095 | | | $ | 59,745 | | | $ | 258,726 | |
(1) For any hotels acquired by the Company after January 1, 2024 (the “Acquired Hotels”), the Company has excluded the financial results of each of the Acquired Hotels for the period the Acquired Hotels were purchased by the Company to September 30, 2024 (the “Acquisition Period”) in determining same-store hotel EBITDA.
(2) For hotels sold by the Company between January 1, 2024, and September 30, 2024 (the “Disposed Hotels”), the Company has excluded the financial results of each of the Disposed Hotels for the period beginning on October 1, 2023 and ending on the date the Disposed Hotels were sold by the Company (the “Disposition Period”) in determining same-store hotel EBITDA.
(3) Unaudited pro forma information includes operating results for 96 hotels owned as of September 30, 2024, as if all such hotels had been owned by the Company since January 1, 2024. For hotels acquired by the Company after October 1, 2023 (the “Acquired Hotels”), the Company has included in the pro forma information the financial results of each of the Acquired Hotels for the period from October 1, 2023, to September 30, 2024. The financial results for the Acquired Hotels include information provided by the third-party owner of such Acquired Hotel prior to purchase by the Company and have not been audited or reviewed by our auditors or adjusted by us. The pro forma information is included to enable comparison of results for the current reporting period to results for the comparable period of the prior year and are not indicative of future results.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Summit Hotel Properties, Inc. Pro Forma and Same Store Data (Unaudited) |
| | For the Three Months Ended September 30, | | For the Nine Months Ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
Pro Forma (1) | | | | | | | | |
| Rooms sold | | 966,019 | | | 977,432 | | | 2,904,496 | | | 2,858,359 | |
| Rooms available | | 1,311,563 | | | 1,311,521 | | | 3,906,155 | | | 3,891,676 | |
| Occupancy | | 73.7 | % | | 74.5 | % | | 74.4 | % | | 73.4 | % |
| ADR | | $ | 162.95 | | | $ | 160.88 | | | $ | 168.67 | | | $ | 168.10 | |
| RevPAR | | $ | 120.02 | | | $ | 119.90 | | | $ | 125.41 | | | $ | 123.47 | |
| | | | | | | | |
| Occupancy change | | (1.2) | % | | | | 1.2 | % | | |
| ADR change | | 1.3 | % | | | | 0.3 | % | | |
| RevPAR change | | 0.1 | % | | | | 1.6 | % | | |
| | | | | | | | |
| | | | | | | | |
| | For the Three Months Ended
September 30, | | For the Nine Months Ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
Same-Store (2) | | | | | | | | |
| Rooms sold | | 956,116 | | | 966,097 | | | 2,871,356 | | | 2,824,349 | |
| Rooms available | | 1,296,199 | | | 1,296,157 | | | 3,860,397 | | | 3,846,085 | |
| Occupancy | | 73.8 | % | | 74.5 | % | | 74.4 | % | | 73.4 | % |
| ADR | | $ | 163.06 | | | $ | 161.11 | | | $ | 168.35 | | | $ | 167.80 | |
| RevPAR | | $ | 120.28 | | | $ | 120.08 | | | $ | 125.22 | | | $ | 123.22 | |
| | | | | | | | |
| Occupancy change | | (1.0) | % | | | | 1.3 | % | | |
| ADR change | | 1.2 | % | | | | 0.3 | % | | |
| RevPAR change | | 0.2 | % | | | | 1.6 | % | | |
(1) Unaudited pro forma information includes operating results for 96 hotels owned as of September 30, 2024, as if each hotel had been owned by the Company since January 1, 2023. As a result, these pro forma operating and financial measures include operating results for certain hotels for periods prior to the Company’s ownership.
(2) Same-store information includes operating results for 94 hotels owned by the Company as of January 1, 2023, and at all times during the three and nine months ended September 30, 2024, and 2023.
| | | | | | | | | | | | | | |
Summit Hotel Properties, Inc.
Reconciliation of Net Income to Non-GAAP Measures - EBITDA for Financial Outlook |
| (In thousands) |
| (Unaudited) |
| | | | |
| | Low | | High |
| Net income | | $ | 31,000 | | | $ | 38,600 | |
| Depreciation and amortization | | 146,800 | | | 146,800 | |
| Interest expense | | 82,000 | | | 81,900 | |
| Interest income | | (600) | | | (600) | |
| Income tax expense | | 2,500 | | | 2,500 | |
| EBITDA | | 261,700 | | | 269,200 | |
| Gain on disposal of assets and other dispositions, net | | (30,100) | | | (30,100) | |
| EBITDAre | | 231,600 | | | 239,100 | |
| | | | |
| | | | |
| Equity-based compensation | | 8,300 | | | 8,300 | |
| | | | |
| Debt transaction costs | | (2,200) | | | (2,200) | |
| Other non-cash items, net | | (100) | | | (100) | |
| Loss related to non-controlling interests in consolidated joint ventures | | 4,100 | | | 4,500 | |
| Adjustments related to non-controlling interests in consolidated joint ventures | | (53,700) | | | (55,600) | |
| Adjusted EBITDAre | | $ | 188,000 | | | $ | 194,000 | |
| | | | | | | | | | | | | | |
Summit Hotel Properties, Inc.
Reconciliation of Net Income to Non-GAAP Measures - Funds From Operations for Financial Outlook |
| (In thousands except per share and unit) |
| (Unaudited) |
| | | | |
| | FYE 2024 Outlook |
| | Low | | High |
| Net income | | $ | 31,000 | | | $ | 38,600 | |
| Preferred dividends | | (15,900) | | | (15,900) | |
| Distributions to and accretion of redeemable non-controlling interests | | (2,600) | | | (2,600) | |
| Loss related to non-controlling interests in consolidated joint ventures | | 4,100 | | | 4,500 | |
| Net income applicable to Common Stock and Common Units | | 16,600 | | | 24,600 | |
| Real estate-related depreciation | | 143,300 | | | 143,300 | |
| Gain on disposal of assets and other dispositions, net | | (30,100) | | | (30,100) | |
| Adjustments related to non-controlling interests in consolidated joint ventures | | (30,900) | | | (30,900) | |
| FFO applicable to Common Stock and Common Units | | 98,900 | | | 106,900 | |
| | | | |
| Amortization of debt issuance costs | | 6,600 | | | 6,600 | |
| Amortization of franchise fees | | 600 | | | 600 | |
| | | | |
| Equity-based compensation | | 8,300 | | | 8,300 | |
| | | | |
| Debt transaction costs | | (2,200) | | | (2,200) | |
| Other non-cash items, net | | 2,800 | | | 2,800 | |
| Adjustments related to non-controlling interests in consolidated joint ventures | | (2,000) | | | (2,000) | |
| AFFO applicable to Common Stock and Common Units | | $ | 113,000 | | | $ | 121,000 | |
| Weighted average diluted shares of Common Stock and Common Units for FFO and AFFO | | 123,400 | | | 123,400 | |
| FFO per Common Stock and Common Units | | $ | 0.80 | | | $ | 0.87 | |
| AFFO per Common Stock and Common Units | | $ | 0.92 | | | $ | 0.98 | |
Non-GAAP Financial Measures
We disclose certain “non-GAAP financial measures,” which are measures of our historical financial performance. Non-GAAP financial measures are financial measures not prescribed by Generally Accepted Accounting Principles ("GAAP"). These measures are as follows: (i) Funds From Operations (“FFO”) and Adjusted Funds from Operations ("AFFO"), (ii) Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA"), Earnings before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre"), Adjusted EBITDAre, and hotel EBITDA (as described below). We caution investors that amounts presented in accordance with our definitions of non-GAAP financial measures may not be comparable to similar measures disclosed by other companies, since not all companies calculate these non-GAAP financial measures in the same manner. Our non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of our operating performance. Our non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures, property acquisitions, debt service obligations and other commitments and uncertainties. Although we believe that our non-GAAP financial measures can enhance the understanding of our financial condition and results of operations, these non-GAAP financial measures are not necessarily better indicators of any trend as compared to a comparable measure prescribed by GAAP such as net income (loss).
Funds From Operations (“FFO”) and Adjusted FFO (“AFFO”)
As defined by Nareit, FFO represents net income or loss (computed in accordance with GAAP), excluding preferred dividends, gains (or losses) from sales of real property, impairment losses on real estate assets, items classified by GAAP as extraordinary, the cumulative effect of changes in accounting principles, plus depreciation and amortization related to real estate assets, and adjustments for unconsolidated partnerships, and joint ventures. AFFO represents FFO excluding amortization of deferred financing costs, franchise fees, equity-based compensation expense, debt transaction costs, premiums on redemption of preferred shares, losses from net casualties, non-cash lease expense, non-cash interest income and non-cash income tax related adjustments to our deferred tax assets. Unless otherwise indicated, we present FFO and AFFO applicable to our common shares and common units. We present FFO and AFFO because we consider FFO and AFFO an important supplemental measure of our operational performance and believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs, many of which present FFO and AFFO when reporting their results. FFO and AFFO are intended to exclude GAAP historical cost depreciation and amortization, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO and AFFO exclude depreciation and amortization related to real estate assets, gains and losses from real property dispositions and impairment losses on real estate assets, FFO and AFFO provide performance measures that, when compared year over year, reflect the effect to operations from trends in occupancy, guestroom rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income. Our computation of FFO differs slightly from the computation of Nareit-defined FFO related to the reporting of corporate depreciation and amortization expense. Our computation of FFO may also differ from the methodology for calculating FFO used by other equity REITs and, accordingly, may not be comparable to such other REITs. FFO and AFFO should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. Where indicated in this release, FFO is based on our computation of FFO and not the computation of Nareit-defined FFO unless otherwise noted.
EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA
In September 2017, Nareit proposed a standardized performance measure, called EBITDAre, which is based on EBITDA and is expected to provide additional relevant information about REITs as real estate companies in support of growing interest among generalist investors. The conclusion was reached that, while dedicated REIT investors have long been accustomed to utilizing the industry’s supplemental measures such as FFO and net operating income (“NOI”) to evaluate the investment quality of REITs as real estate companies, it would be helpful to generalist investors for REITs as real estate companies to also present EBITDAre as a more widely known and understood supplemental measure of performance. EBITDAre is intended to be a supplemental non-GAAP performance measure that is independent of a company’s capital structure and will provide a uniform basis for one measurement of the enterprise value of a company compared to other REITs.
EBITDAre, as defined by Nareit, is calculated as EBITDA, excluding: (i) loss and gains on disposition of property and (ii) asset impairments, if any. We believe EBITDAre is useful to an investor in evaluating our operating performance because it provides investors with an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures and to fund other cash needs or reinvest cash into our business. We also believe it helps investors meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our asset base (primarily depreciation and amortization) from our operating results.
We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional non-recurring or unusual items described below provides useful supplemental information to investors regarding our ongoing operating performance. We believe that the presentation of Adjusted EBITDAre, when combined with the primary GAAP presentation of net income, is useful to an investor in evaluating our operating performance because it provides investors with an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures and to fund other cash needs or reinvest cash into our business. We also believe it helps investors meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our asset base (primarily depreciation and amortization) from our operating results.
With respect to hotel EBITDA, we believe that excluding the effect of corporate-level expenses and non-cash items provides a more complete understanding of the operating results over which individual hotels and operators have direct control. We believe the property-level results provide investors with supplemental information on the ongoing operational performance of our hotels and effectiveness of the third-party management companies operating our business on a property-level basis.
We caution investors that amounts presented in accordance with our definitions of EBITDA, EBITDAre, adjusted EBITDAre, and hotel EBITDA may not be comparable to similar measures disclosed by other companies, since not all companies calculate these non-GAAP measures in the same manner. EBITDA, EBITDAre, adjusted EBITDAre, and hotel EBITDA should not be considered as an alternative measure of our net income (loss) or operating performance. EBITDA, EBITDAre, adjusted EBITDAre, and hotel EBITDA may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that EBITDA, EBITDAre, adjusted EBITDAre, and hotel EBITDA can enhance your understanding of our financial condition and results of operations, these non-GAAP financial measures are not necessarily a better indicator of any trend as compared to a comparable GAAP measure such as net income (loss). Above, we include a quantitative reconciliation of EBITDA, EBITDAre, adjusted EBITDAre and hotel EBITDA to the most directly comparable GAAP financial performance measure, which is net income (loss) and operating income (loss).
1 Earnings Release Supplement Third Quarter 2024 (UNAUDITED) November 4, 2024
2 Table of Contents Section I Section II Section III Section IV Section V Forward-Looking Statements and Non-GAAP Financial Measure Disclosures Corporate Financial Schedules Operating & Property-Level Schedules Capitalization and Debt Schedules Asset Listing
3 Forward-Looking Statements We make forward-looking statements in this presentation that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans, and objectives. When we use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may,” or similar expressions, we intend to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking by their nature: • our ability to increase our dividend per share of common stock; • the state of the U.S. economy generally or in specific geographic regions in which we operate, and the effect of general economic conditions on the lodging industry and our business in particular; • market trends in our industry, interest rates, real estate values and the capital markets; • our business and investment strategy and, particularly, our ability to identify and complete hotel acquisitions and dispositions; • our projected operating results; • actions and initiatives of the U.S. government and changes to U.S. government policies and the execution and impact of such actions, initiatives and policies; • our ability to manage our relationships with our management companies and franchisors; • our ability to maintain our existing and future financing arrangements; • changes in the value of our properties; • the impact of and changes in governmental regulations, tax law and rates, accounting guidance and similar matters; • our ability to satisfy the requirements for qualification as a REIT under the U.S. Tax Code; • our ability to repay or refinance our indebtedness as it matures or becomes callable by lenders; • the availability of qualified personnel; • our ability to make distributions to our stockholders in the future; • the general volatility of the market price of our securities; and • the degree and nature of our competition. Forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account information currently available to us. You should not place undue reliance on these forward-looking statements. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. These factors are discussed under “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, and in other documents we have filed with the Securities and Exchange Commission. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. Any forward-looking statement is effective only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law we are not obligated to, and do not intend to, publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, this presentation contains certain unaudited historical and pro forma information and metrics which are based or calculated from historical data that is maintained or produced by Summit Hotel Properties, Inc. or third parties. This presentation contain statistics and other data that may have been obtained from, or compiled from, information made available by third-parties.
4 Non-GAAP Financial Measures We disclose certain “non-GAAP financial measures,” which are measures of our historical financial performance. Non-GAAP financial measures are financial measures not prescribed by Generally Accepted Accounting Principles ("GAAP"). These measures are as follows: (i) Funds From Operations (“FFO”) and Adjusted Funds from Operations ("AFFO"), (ii) Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA"), Earnings before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") and Adjusted EBITDAre (as described below). We caution investors that amounts presented in accordance with our definitions of non-GAAP financial measures may not be comparable to similar measures disclosed by other companies, since not all companies calculate these non-GAAP financial measures in the same manner. Our non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of our operating performance. Our non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures, property acquisitions, debt service obligations and other commitments and uncertainties. Although we believe that our non- GAAP financial measures can enhance the understanding of our financial condition and results of operations, these non-GAAP financial measures are not necessarily better indicators of any trend as compared to a comparable measure prescribed by GAAP such as net income (loss). FFO and AFFO As defined by Nareit, FFO represents net income or loss (computed in accordance with GAAP), excluding preferred dividends, gains (or losses) from sales of real property, impairment losses on real estate assets, items classified by GAAP as extraordinary, the cumulative effect of changes in accounting principles, plus depreciation and amortization related to real estate assets, and adjustments for unconsolidated partnerships, and joint ventures. AFFO represents FFO excluding amortization of deferred financing costs, franchise fees, equity-based compensation expense, transaction costs, debt transaction costs, premiums on redemption of preferred shares, losses from net casualties, non-cash interest income and non-cash income tax related adjustments to our deferred tax asset. Unless otherwise indicated, we present FFO and AFFO applicable to our common shares and common units. We present FFO and AFFO because we consider FFO and AFFO an important supplemental measure of our operational performance and believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO and AFFO when reporting their results. FFO and AFFO are intended to exclude GAAP historical cost depreciation and amortization, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO and AFFO exclude depreciation and amortization related to real estate assets, gains and losses from real property dispositions and impairment losses on real estate assets, and certain transaction costs related to lodging property acquisition activities and debt, FFO and AFFO provide performance measures that, when compared year over year, reflect the effect to operations from trends in occupancy, guestroom rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income. Our computation of FFO differs slightly from the computation of Nareit-defined FFO related to the reporting of depreciation and amortization expense on assets at our corporate offices, which is de minimus. Our computation of FFO may also differ from the methodology for calculating FFO used by other equity REITs and, accordingly, may not be comparable to such other REITs. FFO and AFFO should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. Where indicated in this Earnings Release Supplement, FFO is based on our computation of FFO and not the computation of Nareit- defined FFO unless otherwise noted.
5 Non-GAAP Financial Measures (cont.) EBITDAre and Adjusted EBITDAre In September 2017, Nareit proposed a standardized performance measure, called EBITDAre, which is based on EBITDA and is expected to provide additional relevant information about REITs as real estate companies in support of growing interest among generalist investors. The conclusion was reached that, while dedicated REIT investors have long been accustomed to utilizing the industry’s supplemental measures such as FFO and net operating income (“NOI”) to evaluate the investment quality of REITs as real estate companies, it would be helpful to generalist investors for REITs as real estate companies to also present EBITDAre as a more widely known and understood supplemental measure of performance. EBITDAre is intended to be a supplemental non-GAAP performance measure that is independent of a company’s capital structure and will provide a uniform basis for one measurement of the enterprise value of a company compared to other REITs. EBITDAre, as defined by Nareit, is calculated as EBITDA, excluding: (i) loss and gains on disposition of property and (ii) asset impairments, if any. We believe EBITDAre is useful to an investor in evaluating our operating performance because it provides investors with an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures and to fund other cash needs or reinvest cash into our business. We also believe it helps investors meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our asset base (primarily depreciation and amortization) from our operating results. We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional non-recurring or unusual items described below provides useful supplemental information to investors regarding our ongoing operating performance. We believe that the presentation of Adjusted EBITDAre, when combined with the primary GAAP presentation of net income, is useful to an investor in evaluating our operating performance because it provides investors with an indication of our ability to incur and service debt, to meet general operating expenses, to make capital expenditures and to fund other cash needs, or reinvest cash into our business. We also believe it helps investors meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our asset base (primarily depreciation and amortization) from our operating results.
6 Table of Contents Section I Section II Section III Section IV Section V Forward-Looking Statements and Non-GAAP Financial Measure Disclosures Corporate Financial Schedules Operating & Property-Level Schedules Capitalization and Debt Schedules Asset Listing
7 Summary Financial Results (Unaudited) For the Three Months Ended September 30, For the Nine Months Ended September 30, (Amounts in thousands, except per share metrics and statistics) 2024 2023 2024 2023 Net (loss) income attributable to common stockholders $ (4,272) $ (5,438) $ 24,461 $ (11,419) Net (loss) income per diluted share $ (0.04) $ (0.05) $ 0.21 $ (0.11) Total revenues $ 176,807 $ 181,816 $ 558,852 $ 558,692 EBITDAre (1) $ 53,745 $ 55,359 $ 184,699 $ 172,301 Adjusted EBITDAre (1) $ 45,340 $ 46,315 $ 150,061 $ 143,638 FFO (1) $ 23,135 $ 22,669 $ 83,557 $ 72,592 Adjusted FFO (1) $ 27,610 $ 26,546 $ 93,976 $ 85,957 FFO per diluted share and unit (1) $ 0.19 $ 0.19 $ 0.67 $ 0.59 Adjusted FFO per diluted share and unit (1) $ 0.22 $ 0.22 $ 0.76 $ 0.70 Pro Forma (2) RevPAR $ 120.02 $ 119.90 $ 125.41 $ 123.47 RevPAR Growth 0.1 % 1.6 % Hotel EBITDA $ 59,745 $ 61,516 $ 198,497 $ 192,531 Hotel EBITDA Margin 33.8 % 34.8 % 36.1 % 35.8 % Hotel EBITDA Margin (Contraction) Growth (99) bps 32 bps Same Store (3) RevPAR $ 120.28 $ 120.08 $ 125.22 $ 123.22 RevPAR Growth 0.2 % 1.6 % Hotel EBITDA $ 59,245 $ 61,011 $ 195,451 $ 189,520 Hotel EBITDA Margin 33.8 % 34.8 % 36.0 % 35.6 % Hotel EBITDA Margin (Contraction) Growth (101) bps 32 bps 1. See tables later in this presentation for a discussion and reconciliation of Net (loss) income to non-GAAP financial measures, including earnings before interest, taxes, depreciation, and amortization (“EBITDA”), EBITDAre, adjusted EBITDAre, funds from operations (“FFO”), FFO per diluted share and unit, adjusted FFO (“AFFO”), and AFFO per diluted share and unit, as well as a reconciliation of Operating income to hotel EBITDA. See “Non-GAAP Financial Measures” at the end of this presentation. 2. Unless stated otherwise in this presentation, all pro forma information includes operating and financial results for 96 lodging properties owned as of September 30, 2024, as if each hotel had been owned by the Company since January 1, 2023 and remained open for the entirety of the measurement period. As a result, all pro forma information includes operating and financial results for hotels acquired since January 1, 2023, which may include periods prior to the Company’s ownership. Pro forma and non-GAAP financial measures are unaudited. 3. All same store information includes 94 lodging properties owned as of September 30, 2024, with operating and financial results for the three and nine months ended September 30, 2024 and 2023.
8 Summary Pro Forma Operating Results (Unaudited) 1. Unaudited pro forma information includes operating results for 96 hotels owned as of September 30, 2024, as if all such hotels had been owned by the Company since July 1, 2023. For hotels acquired by the Company after January 1, 2023 (the “Acquired Hotels”), the Company has included in the pro forma information the financial results of each of the Acquired Hotels for the period from January 1, 2023, to September 30, 2024. The financial results for the Acquired Hotels include information provided by the third-party owner of such Acquired Hotel prior to purchase by the Company and have not been audited or reviewed by our auditors or adjusted by us. The pro forma information is included to enable comparison of results for the current reporting period to results for the comparable period of the prior year and are not indicative of future results. Trailing Twelve (Amounts in thousands, except operating statistics) 2023 2024 Months Ended Pro Forma Operating Data (1) Q4 Q1 Q2 Q3 September 30, 2024 Pro forma room revenue $ 150,382 $ 160,705 $ 171,776 $ 157,408 $ 640,271 Pro forma other hotel operations revenue 19,861 20,187 20,739 19,399 80,186 Pro forma total revenues 170,243 180,892 192,515 176,807 720,457 Pro forma total hotel operating expenses 110,014 115,235 119,420 117,062 461,731 Pro forma hotel EBITDA 60,229 65,657 73,095 59,745 258,726 Pro forma hotel EBITDA Margin 35.4 % 36.3 % 38.0 % 33.8 % 35.9 % Pro Forma Statistics (1) Rooms sold 926,797 930,768 1,007,709 966,019 3,831,293 Rooms available 1,311,552 1,297,296 1,297,296 1,311,563 5,217,707 Occupancy 70.7 % 71.7 % 77.7 % 73.7 % 73.4 % ADR $ 162.26 $ 172.66 $ 170.46 $ 162.95 $ 167.12 RevPAR $ 114.66 $ 123.88 $ 132.41 $ 120.02 $ 122.71 Actual Statistics Rooms sold 970,959 969,479 1,014,864 966,019 3,921,321 Rooms available 1,381,867 1,351,150 1,306,712 1,311,563 5,351,292 Occupancy 70.3 % 71.8 % 77.7 % 73.7 % 73.3 % ADR $ 161.78 $ 172.70 $ 170.49 $ 162.95 $ 167.02 RevPAR $ 113.67 $ 123.92 $ 132.41 $ 120.02 $ 122.39
9 Adjusted EBITDAre Reconciliation (Unaudited) (Amounts in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Net (loss) income $ (3,556) $ (5,769) $ 37,975 $ (6,849) Depreciation and amortization 36,708 37,882 109,965 112,300 Interest expense 20,428 22,020 62,840 65,177 Interest income on cash deposits (145) (150) (566) (390) Income tax expense 332 1,360 2,924 1,679 EBITDA 53,767 55,343 213,138 171,917 (Gain) loss on disposal of assets and other dispositions, net (22) 16 (28,439) 384 EBITDAre 53,745 55,359 184,699 172,301 Recoveries of credit losses — (250) — (500) Amortization of key money liabilities (120) (121) (362) (378) Equity-based compensation 1,854 1,867 6,337 5,913 Transaction costs and other 10 — 10 24 Debt transaction costs 66 90 647 418 Gain on extinguishment of debt — — (3,000) — Non-cash interest income, net (134) (134) (400) (397) Non-cash lease expense, net 110 106 332 368 Casualty loss (gain) 244 380 (637) 1,851 Loss related to non-controlling interest in consolidated joint ventures 3,274 4,442 4,011 8,093 Other non-cash items, net 604 — 966 705 Adjustments related to non-controlling interests in consolidated joint ventures (14,313) (15,424) (42,542) (44,760) Adjusted EBITDAre $ 45,340 $ 46,315 $ 150,061 $ 143,638
10 Adjusted FFO Reconciliation (Unaudited) (Amounts in thousands, except per share metrics) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Net (loss) income $ (3,556) $ (5,769) $ 37,975 $ (6,849) Preferred dividends (3,968) (3,968) (11,906) (11,906) Distributions to and accretion of redeemable non-controlling interests (656) (656) (1,970) (1,970) Loss related to non-controlling interest in consolidated joint ventures 3,274 4,442 4,011 8,093 Net (loss) income applicable to Common Stock and Common Units (4,906) (5,951) 28,110 (12,632) Real estate-related depreciation 35,721 36,697 106,590 108,751 (Gain) loss on disposal of assets and other dispositions, net (22) 16 (28,439) 384 Adjustments related to non-controlling interests in consolidated joint ventures (7,658) (8,093) (22,704) (23,911) FFO applicable to Common Stock and Common Units 23,135 22,669 83,557 72,592 Recoveries of credit losses — (250) — (500) Amortization of debt issuance costs 1,640 1,594 4,880 4,379 Amortization of franchise fees 169 153 494 439 Amortization of intangible assets, net 698 911 2,520 2,733 Equity-based compensation 1,854 1,867 6,337 5,913 Transaction costs and other 10 — 10 24 Debt transaction costs 66 90 647 418 Gain on extinguishment of debt — — (3,000) — Non-cash interest income, net (134) (134) (400) (397) Non-cash lease expense, net 110 106 332 368 Casualty loss (gain) 244 380 (637) 1,851 Other non-cash items, net 604 — 963 768 Adjustments related to non-controlling interests in consolidated joint ventures (786) (840) (1,727) (2,631) AFFO applicable to Common Stock and Common Units $ 27,610 $ 26,546 $ 93,976 $ 85,957 FFO per share of Common Stock and Common Units $ 0.19 $ 0.19 $ 0.67 $ 0.59 AFFO per share of Common Stock and Common Units $ 0.22 $ 0.22 $ 0.76 $ 0.70 Weighted-average diluted shares of Common Stock and Common Units: FFO and AFFO 124,580 122,513 124,389 122,312
11 Reconciliation to Adjusted EBITDAre - By Ownership Interest (Unaudited) 1. GIC Joint Venture is 51% owned by Summit while Other Joint Ventures are 90% owned by Summit. Q3 2024 Summit GIC Other GIC JV Other JVs (Amounts in thousands, except statistics) Wholly-Owned Joint Venture (1) Joint Ventures (1) Combined Pro Rata Adj Pro Rata Adj Pro Rata 3Q 2024 3Q 2023 3Q 2024 3Q 2023 3Q 2024 3Q 2023 3Q 2024 3Q 2023 3Q 2024 3Q 2023 3Q 2024 3Q 2023 3Q 2024 3Q 2023 Number Rooms Sold 590,969 621,599 355,463 375,622 19,587 17,630 966,019 1,014,851 Number of Rooms Available 795,432 844,437 490,820 513,452 25,311 25,300 1,311,563 1,383,189 Occupancy 74.3 % 73.6 % 72.4 % 73.2 % 77.4 % 69.7 % 73.7 % 73.4 % Average Daily Rate $ 168.49 $ 165.03 $ 154.21 $ 149.97 $ 154.13 $ 158.59 $ 162.95 $ 159.35 Room Revenue PAR $ 125.18 $ 121.48 $ 111.68 $ 109.71 $ 119.28 $ 110.51 $ 120.02 $ 116.91 Room Revenue 99,572 102,585 54,817 56,331 3,019 2,796 157,408 161,712 Other revenue 10,311 10,713 6,514 6,884 2,574 2,506 19,399 20,103 Total Revenue $ 109,883 $ 113,298 $ 61,331 $ 63,215 $ 5,593 $ 5,302 $ 176,807 $ 181,815 Hotel EBITDA $ 36,813 $ 38,499 $ 22,293 $ 23,162 $ 817 $ 590 $ 59,923 $ 62,251 % margin 33.5 % 34.0 % 36.3 % 36.6 % 14.6 % 11.1 % 33.9 % 34.2 % Net income (loss) $ 4,232 $ 4,561 $ (6,497) $ (8,854) $ (1,291) $ (1,476) $ (3,556) $ (5,769) $ 3,145 $ 4,294 $ 129 $ 148 $ (282) $ (1,327) Depreciation and amortization 19,327 19,493 16,296 17,343 1,085 1,046 36,708 37,882 (7,985) (8,498) (109) (105) 28,614 29,279 Interest expense 7,533 8,791 11,891 12,217 1,004 1,012 20,428 22,020 (5,827) (5,986) (100) (101) 14,501 15,933 Interest income (139) (142) (6) (8) — — (145) (150) 3 5 — — (142) (145) Income tax (benefit) expense (19) — 351 1,360 — — 332 1,360 (172) (666) — — 160 694 EBITDA $ 30,934 $ 32,703 $ 22,035 $ 22,058 $ 798 $ 582 $ 53,767 $ 55,343 $ (10,836) $ (10,851) $ (80) $ (58) $ 42,851 $ 44,434 Loss (gain) on disposal of assets and other dispositions, net 19 8 (60) 8 19 — (22) 16 29 (5) (2) — 5 11 EBITDAre $ 30,953 $ 32,711 $ 21,975 $ 22,066 $ 817 $ 582 $ 53,745 $ 55,359 $ (10,807) $ (10,856) $ (82) $ (58) $ 42,856 $ 44,445 Recoveries of credit losses — (250) — — — — — (250) — — — — — (250) Amortization of key money liabilities (51) (52) (51) (51) (18) (18) (120) (121) 25 25 2 2 (93) (94) Equity-based compensation 1,854 1,867 — — — — 1,854 1,867 — — — — 1,854 1,867 Transaction costs and other 10 — — — — — 10 — — — — — 10 — Debt transaction costs 60 24 6 66 — — 66 90 (3) (34) — — 63 56 Non-cash interest income (134) (134) — — — — (134) (134) — — — — (134) (134) Non-cash lease expense, net 104 97 6 9 — — 110 106 (3) (4) — — 107 102 Casualty losses (gains), net 357 251 (121) 115 8 14 244 380 61 (56) (1) (1) 304 323 Non-cash items and other 134 — 470 — — — 604 — (231) — — — 373 — Adjusted EBITDAre $ 33,287 $ 34,514 $ 22,285 $ 22,205 $ 807 $ 578 $ 56,379 $ 57,297 $ (10,958) $ (10,925) $ (81) $ (57) $ 45,340 $ 46,315
12 Reconciliation to Adjusted EBITDAre - By Ownership Interest (Unaudited) 1. Non-cash interest income relates to the amortization of the discount on certain notes receivable. The discount on these notes receivable was recorded at inception of the related loans based on the estimated value of the embedded purchase options in the notes receivable. 2. GIC Joint Venture is 51% owned by Summit while Other Joint Ventures are 90% owned by Summit. YTD 2024 Summit GIC Other GIC JV Other JVs (Amounts in thousands, except statistics) Wholly-Owned Joint Venture (2) Joint Ventures (2) Combined Pro Rata Adj Pro Rata Adj Pro Rata YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023 Number Rooms Sold 1,770,585 1,837,662 1,118,300 1,108,514 61,477 57,934 2,950,362 3,004,110 Number of Rooms Available 2,412,874 2,567,608 1,481,190 1,497,362 75,361 75,075 3,969,425 4,140,045 Occupancy 73.4 % 71.6 % 75.5 % 74.0 % 81.6 % 77.2 % 74.3 % 72.6 % Average Daily Rate $ 171.63 $ 168.91 $ 161.80 $ 158.93 $ 211.97 $ 214.16 $ 168.75 $ 166.10 Room Revenue PAR $ 125.95 $ 120.89 $ 122.16 $ 117.66 $ 172.91 $ 165.26 $ 125.42 $ 120.53 Room Revenue 303,892 310,398 180,941 176,177 13,031 12,407 497,864 498,982 Other revenue 30,860 31,090 21,782 20,920 8,346 7,701 60,988 59,711 Total Revenue $ 334,752 $ 341,488 $ 202,723 $ 197,097 $ 21,377 $ 20,108 $ 558,852 $ 558,693 Hotel EBITDA $ 115,410 $ 113,398 $ 79,784 $ 76,419 $ 6,284 $ 5,928 $ 201,478 $ 195,745 % margin 34.5 % 33.2 % 39.4 % 38.8 % 29.4 % 29.5 % 36.1 % 35.0 % Net income (loss) $ 45,996 $ 10,218 $ (8,426) $ (16,910) $ 405 $ (157) $ 37,975 $ (6,849) $ 4,052 $ 8,077 $ (41) $ 16 $ 41,986 $ 1,244 Depreciation and amortization 57,932 57,949 48,773 51,265 3,260 3,086 109,965 112,300 (23,899) (25,120) (326) (309) 85,740 86,871 Interest expense 24,190 25,781 35,637 36,509 3,013 2,887 62,840 65,177 (17,462) (17,889) (301) (289) 45,077 46,999 Interest income (541) (354) (25) (36) — — (566) (390) 12 18 — — (554) (372) Income tax expense 832 26 2,092 1,653 — — 2,924 1,679 (1,025) (810) — — 1,899 869 EBITDA $ 128,409 $ 93,620 $ 78,051 $ 72,481 $ 6,678 $ 5,816 $ 213,138 $ 171,917 $ (38,322) $ (35,724) $ (668) $ (582) $ 174,148 $ 135,611 (Gain) loss on disposal of assets and other dispositions, net (28,271) 345 (187) 39 19 — (28,439) 384 92 (19) (2) — (28,349) 365 EBITDAre $ 100,138 $ 93,965 $ 77,864 $ 72,520 $ 6,697 $ 5,816 $ 184,699 $ 172,301 $ (38,230) $ (35,743) $ (670) $ (582) $ 145,799 $ 135,976 Recoveries of credit losses — (500) — — — — — (500) — — — — — (500) Amortization of key money liabilities (154) (170) (154) (154) (54) (54) (362) (378) 75 75 5 5 (282) (298) Equity-based compensation 6,337 5,913 — — — — 6,337 5,913 — — — — 6,337 5,913 Transaction costs and other 10 13 — 11 — — 10 24 — (5) — — 10 19 Debt transaction costs 627 292 20 126 — — 647 418 (10) (61) — — 637 357 Gain on extinguishment of debt (3,000) — — — — — (3,000) — — — — — (3,000) — Non-cash interest income (1) (400) (397) — — — — (400) (397) — — — — (400) (397) Non-cash lease expense, net 348 335 (16) 33 — — 332 368 8 (16) — — 340 352 Casualty losses (gains), net 743 1,071 (984) 671 (396) 109 (637) 1,851 482 (329) 40 (11) (115) 1,511 Non-cash items and other 496 705 470 — — — 966 705 (231) — — — 735 705 Adjusted EBITDAre $ 105,145 $ 101,227 $ 77,200 $ 73,207 $ 6,247 $ 5,871 $ 188,592 $ 180,305 $ (37,906) $ (36,079) $ (625) $ (588) $ 150,061 $ 143,638
13 Reconciliation to Adjusted FFO - By Ownership Interest (Unaudited) 1. GIC Joint Venture is 51% owned by Summit while Other Joint Ventures are 90% owned by Summit. Summit GIC Other GIC JV Other JVs Q3 2024 Wholly-Owned Joint Venture (1) Joint Ventures (1) Combined Pro Rata Adj Pro Rata Adj Pro Rata (Amounts in thousands, except statistics) 3Q 2024 3Q 2023 3Q 2024 3Q 2023 3Q 2024 3Q 2023 3Q 2024 3Q 2023 3Q 2024 3Q 2023 3Q 2024 3Q 2023 3Q 2024 3Q 2023 Net income (loss) $ 4,232 $ 4,561 $ (6,497) $ (8,854) $ (1,291) $ (1,476) $ (3,556) $ (5,769) $ 3,145 $ 4,294 $ 129 $ 148 $ (282) $ (1,327) Preferred dividends (3,968) (3,968) — — — — (3,968) (3,968) — — — — (3,968) (3,968) Distributions to and accretion of redeemable non-controlling interests (656) (656) — — — — (656) (656) — — — — (656) (656) Net loss applicable to common shares and common units $ (392) $ (63) $ (6,497) $ (8,854) $ (1,291) $ (1,476) $ (8,180) $ (10,393) $ 3,145 $ 4,294 $ 129 $ 148 $ (4,906) $ (5,951) Real estate-related depreciation 19,186 19,370 15,468 16,299 1,067 1,028 35,721 36,697 (7,579) (7,986) (107) (103) 28,035 28,608 Loss (gain) on disposal of assets and other dispositions, net 19 8 (60) 8 19 — (22) 16 30 (4) (2) — 6 12 FFO applicable to common shares and common units $ 18,813 $ 19,315 $ 8,911 $ 7,453 $ (205) $ (448) $ 27,519 $ 26,320 $ (4,404) $ (3,696) $ 20 $ 45 $ 23,135 $ 22,669 Recoveries of credit losses — (250) — — — — — (250) — — — — — (250) Equity Based Compensation 1,854 1,867 — — — — 1,854 1,867 — — — — 1,854 1,867 Amortization of Deferred Financing Costs 1,161 1,054 464 525 15 15 1,640 1,594 (227) (257) (2) (2) 1,411 1,335 Amortization of Franchise Fees 90 71 79 82 — — 169 153 (39) (40) — — 130 113 Amortization of intangible assets 1 — 697 911 — — 698 911 (342) (446) — — 356 465 Transaction costs and other 10 — — — — — 10 — — — — — 10 — Debt Transaction Costs 60 24 6 66 — — 66 90 (3) (34) — — 63 56 Non-Cash Interest Income (134) (134) — — — — (134) (134) — — — — (134) (134) Non-Cash Lease expense, net 104 97 6 9 — — 110 106 (3) (4) — — 107 102 Casualty losses (gains), net 357 251 (121) 115 8 14 244 380 61 (56) (1) (1) 304 323 Non-Cash Items and Other 134 — 470 — — — 604 — (230) — — — 374 — AFFO applicable to common shares and common units $ 22,450 $ 22,295 $ 10,512 $ 9,161 $ (182) $ (419) $ 32,780 $ 31,037 $ (5,187) $ (4,533) $ 17 $ 42 $ 27,610 $ 26,546 FFO per share of Common Stock and Common Units $ 0.19 $ 0.19 AFFO per share of Common Stock and Common Units $ 0.22 $ 0.22 Weighted-average diluted shares of Common Stock and Common Units 124,580 122,513
14 Reconciliation to Adjusted FFO - By Ownership Interest (Unaudited) 1. The total of these line items represents depreciation and amortization as reported on the Company’s Condensed Consolidated Statements of Operations for the periods presented. 2. Non-cash interest income relates to the amortization of the discount on certain notes receivable. The discount on these notes receivable was recorded at inception of the related loans based on the estimated value of the embedded purchase options in the notes receivable. 3. The Company includes the outstanding OP units issued by Summit Hotel OP, LP, the Company’s operating partnership, held by limited partners other than the Company because the OP units are redeemable for cash or, at the Company’s option, shares of the Company’s common stock on a one-for-one basis. 4. GIC Joint Venture is 51% owned by Summit while Other Joint Ventures are 90% owned by Summit. Summit GIC Other GIC JV Other JVs YTD 2024 Wholly-Owned Joint Venture Joint Ventures Combined Pro Rata Adj Pro Rata Adj Pro Rata (Amounts in thousands, except statistics) YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023 Net income (loss) $ 45,996 $ 10,218 $ (8,426) $ (16,910) $ 405 $ (157) $ 37,975 $ (6,849) $ 4,052 $ 8,077 $ (41) $ 16 $ 41,986 $ 1,244 Preferred dividends (11,906) (11,906) — — — — (11,906) (11,906) — — — — (11,906) (11,906) Distributions to and accretion of redeemable non-controlling interests (1,970) (1,970) — — — — (1,970) (1,970) — — — — (1,970) (1,970) Net income (loss) applicable to common shares and common units $ 32,120 $ (3,658) $ (8,426) $ (16,910) $ 405 $ (157) $ 24,099 $ (20,725) $ 4,052 $ 8,077 $ (41) $ 16 $ 28,110 $ (12,632) Real estate-related depreciation 57,520 57,579 45,864 48,140 3,206 3,032 106,590 108,751 (22,473) (23,589) (321) (303) 83,796 84,859 (Gain) loss on disposal of assets and other dispositions, net (28,271) 345 (187) 39 19 — (28,439) 384 92 (19) (2) — (28,349) 365 FFO applicable to common shares and common units $ 61,369 $ 54,266 $ 37,251 $ 31,269 $ 3,630 $ 2,875 $ 102,250 $ 88,410 $ (18,329) $ (15,531) $ (364) $ (287) $ 83,557 $ 72,592 Recoveries of credit losses — (500) — — — — — (500) — — — — — (500) Equity Based Compensation 6,337 5,913 — — — — 6,337 5,913 — — — — 6,337 5,913 Amortization of Deferred Financing Costs 3,481 2,871 1,354 1,463 45 45 4,880 4,379 (663) (717) (5) (5) 4,212 3,657 Amortization of Franchise Fees 258 200 236 239 — — 494 439 (116) (117) — — 378 322 Amortization of intangible assets 1 1 2,519 2,732 — — 2,520 2,733 (1,234) (1,339) — — 1,286 1,394 Transaction costs and other 10 13 — 11 — — 10 24 — (5) — — 10 19 Debt Transaction Costs 627 292 20 126 — — 647 418 (10) (62) — — 637 356 Gain on extinguishment of debt (3,000) — — — — — (3,000) — — — — — (3,000) — Non-Cash Interest Income (400) (397) — — — — (400) (397) — — — — (400) (397) Non-Cash Lease expense, net 348 335 (16) 33 — — 332 368 8 (16) — — 340 352 Casualty losses (gains), net 743 1,071 (984) 671 (396) 109 (637) 1,851 482 (329) 40 (11) (115) 1,511 Non-Cash Items and Other 493 705 470 63 — — 963 768 (229) (30) — — 734 738 AFFO applicable to common shares and common units (1) $ 70,267 $ 64,770 $ 40,850 $ 36,607 $ 3,279 $ 3,029 $ 114,396 $ 104,406 $ (20,091) $ (18,146) $ (329) $ (303) $ 93,976 $ 85,957 FFO per share of Common Stock and Common Units $ 0.67 $ 0.59 AFFO per share of Common Stock and Common Units $ 0.76 $ 0.70 Weighted-average diluted shares of Common Stock and Common Units 124,389 122,312
15 Full Year 2024 Outlook (Unaudited) 1. All pro forma information includes operating and financial results for 96 hotels owned as of September 30, 2024 as if each hotel had been owned by the Company since January 1, 2023 and will continue to be owned through the entire year ending December 31, 2024. As a result, the pro forma information includes operating and financial results for hotels acquired since January 1, 2023, which may include periods prior to the Company’s ownership. Pro forma and non-GAAP measures are unaudited. FYE 2024 Outlook (Amounts in thousands, except per share metrics and statistics) Low High Variance to Prior Midpoint % Change to Prior Midpoint Pro Forma RevPAR Growth (1) 1.00 % 2.00 % (0.25) % — % Adjusted EBITDAre $ 188,000 $ 194,000 $ (1,000) (0.5) % Adjusted FFO $ 113,000 $ 121,000 $ — — % Adjusted FFO per Diluted Unit $ 0.92 $ 0.98 $ — — % Capital Expenditures, Pro Rata $ 75,000 $ 85,000 $ 5,000 6.7 %
16 Table of Contents Section I Section II Section III Section IV Section V Forward-Looking Statements and Non-GAAP Financial Measure Disclosures Corporate Financial Schedules Operating & Property-Level Schedules Capitalization and Debt Schedules Asset Listing
17 Pro Forma Operating Results - By Ownership Interest (Unaudited) 1. Unaudited pro forma information includes operating results for 96 hotels owned as of September 30, 2024, as if all such hotels had been owned by the Company since January 1, 2023. For any hotels acquired by the Company after January 1, 2023 (the “Acquired Hotels”), the Company has included in the pro forma information the financial results of each of the Acquired Hotels for the period from January 1, 2023, to the date the Acquired Hotels were purchased by the Company (the “Pre- acquisition Period”). The financial results for the Pre-acquisition Period were provided by the third-party owner of such Acquired Hotel prior to purchase by the Company and have not been audited or reviewed by our auditors or adjusted by us. The pro forma information is included to enable comparison of results for the current reporting period to results for the comparable period of the prior year and are not indicative of future results. Q3 2024 INN Wholly-Owned (54 Hotels) GIC Joint Venture (39 Hotels) Other Joint Ventures (3 Hotels) Pro Forma (96 Hotels) (Amounts in thousands, except statistics) 2024 2023 2024 2023 2024 2023 2024 2023 Pro Forma Operating Data (1) Occupancy 74.3 % 75.4 % 72.4 % 73.4 % 77.4 % 69.7 % 73.7 % 74.5 % ADR $ 168.49 $ 166.43 $ 154.21 $ 151.75 $ 154.15 $ 158.57 $ 162.95 $ 160.88 RevPAR $ 125.18 $ 125.44 $ 111.68 $ 111.39 $ 119.29 $ 110.50 $ 120.02 $ 119.90 Occupancy change (1.4) % (1.3) % 11.1 % (1.2) % ADR change 1.2 % 1.6 % (2.8) % 1.3 % RevPAR change (0.2) % 0.3 % 8.0 % 0.1 % Pro forma total revenues $ 109,884 $ 110,163 $ 61,330 $ 61,399 $ 5,593 $ 5,302 $ 176,807 $ 176,864 Pro forma hotel EBITDA $ 36,692 $ 38,195 $ 22,236 $ 22,731 $ 817 $ 590 $ 59,745 $ 61,516 Pro forma hotel EBITDA Margin 33.4 % 34.7 % 36.3 % 37.0 % 14.6 % 11.1 % 33.8 % 34.8 %
18 Pro Forma Operating Results - By Ownership Interest (Unaudited) 1. Unaudited pro forma information includes operating results for 96 hotels owned as of September 30, 2024, as if all such hotels had been owned by the Company since January 1, 2023. For any hotels acquired by the Company after January 1, 2023 (the “Acquired Hotels”), the Company has included in the pro forma information the financial results of each of the Acquired Hotels for the period from January 1, 2023, to the date the Acquired Hotels were purchased by the Company (the “Pre- acquisition Period”). The financial results for the Pre-acquisition Period were provided by the third-party owner of such Acquired Hotel prior to purchase by the Company and have not been audited or reviewed by our auditors or adjusted by us. The pro forma information is included to enable comparison of results for the current reporting period to results for the comparable period of the prior year and are not indicative of future results. YTD 2024 INN Wholly-Owned (54 Hotels) GIC Joint Venture (39 Hotels) Other Joint Ventures (3 Hotels) Pro Forma (96 Hotels) (Amounts in thousands, except statistics) 2024 2023 2024 2023 2024 2023 2024 2023 Pro Forma Operating Data (1) Occupancy 73.4 % 72.8 % 75.6 % 74.4 % 81.6 % 77.2 % 74.4 % 73.4 % ADR $ 171.10 $ 170.21 $ 162.43 $ 162.30 $ 211.97 $ 214.15 $ 168.67 $ 168.10 RevPAR $ 125.56 $ 123.83 $ 122.73 $ 120.72 $ 172.91 $ 165.26 $ 125.41 $ 123.47 Occupancy change 0.9 % 1.6 % 5.7 % 1.2 % ADR change 0.5 % 0.1 % (1.0) % 0.3 % RevPAR change 1.4 % 1.7 % 4.6 % 1.6 % Pro forma total revenues $ 327,832 $ 321,972 $ 201,005 $ 196,395 $ 21,377 $ 20,108 $ 550,214 $ 538,475 Pro forma hotel EBITDA $ 112,662 $ 109,011 $ 79,551 $ 77,592 $ 6,284 $ 5,928 $ 198,497 $ 192,531 Pro forma hotel EBITDA Margin 34.4 % 33.9 % 39.6 % 39.5 % 29.4 % 29.5 % 36.1 % 35.8 %
19 Table of Contents Section I Section II Section III Section IV Section V Forward-Looking Statements and Non-GAAP Financial Measure Disclosures Corporate Financial Schedules Operating & Property-Level Schedules Capitalization and Debt Schedules Asset Listing
20 Capitalization - Total Enterprise Value (Unaudited) (Amounts in thousands, except common share price & dividends) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Common Share Price & Dividends At quarter ended $ 6.86 $ 5.99 $ 6.51 $ 6.72 $ 5.80 High during quarter ended $ 7.08 $ 6.63 $ 6.95 $ 6.98 $ 6.87 Low during quarter ended $ 5.66 $ 5.72 $ 6.15 $ 5.31 $ 5.40 Common dividends per share $ 0.08 $ 0.08 $ 0.06 $ 0.06 $ 0.06 Common Shares & Units Common shares outstanding 108,453 108,276 108,198 107,593 107,573 Common units outstanding 15,943 15,948 15,949 15,949 15,970 Total common shares and units outstanding 124,396 124,224 124,147 123,542 123,543 Capitalization Market value of common equity at quarter end $ 853,357 $ 744,102 $ 808,197 $ 830,202 $ 716,549 Par value of preferred equity - 6.250% Series E 160,000 160,000 160,000 160,000 160,000 Par value of preferred equity - 5.875% Series F 100,000 100,000 100,000 100,000 100,000 Par value of preferred equity - 5.250% Series Z 50,000 50,000 50,000 50,000 50,000 Consolidated total debt 1,348,544 1,359,186 1,467,349 1,445,839 1,461,340 Less: Consolidated unrestricted cash (51,698) (45,873) (63,435) (37,837) (55,307) Consolidated total enterprise value $ 2,460,203 $ 2,367,415 $ 2,522,111 $ 2,548,204 $ 2,432,582 Noncontrolling interest in consolidated total debt - GIC JV (301,112) (301,196) (304,159) (308,151) (308,182) Noncontrolling interest in consolidated total debt - Other JVs (4,653) (4,700) (4,700) (4,700) (4,700) Noncontrolling interest in consolidated total cash - GIC JV 10,044 7,860 13,334 8,498 11,896 Noncontrolling interest in consolidated total cash - Other JVs 283 340 485 260 253 Pro rata total enterprise value $ 2,164,765 $ 2,069,719 $ 2,227,071 $ 2,244,111 $ 2,131,849
21 As of September 30, 2024 Number of Pro Rata (amounts in thousands) Base Interest Fixed/ Fully-Extended Encumbered Principal Non-controlling Principal Spread Rate Rate Variable Maturity Date Properties Outstanding Interests Outstanding Senior Credit Facility $400 Million Revolver 1.95% 4.95% 6.90% Variable 06/21/2028 n/a — — — $200 Million Term Loan 1.90% 5.35% 7.25% Variable 06/21/2028 n/a 200,000 — 200,000 Total Senior Credit and Term Loan Facility $ 200,000 $ — $ 200,000 $200 Million Unsecured Term Loan 1.90% 5.35% 7.25% Variable 02/26/2029 n/a $ 200,000 $ — $ 200,000 Convertible Notes n/a n/a 1.50% Fixed 02/15/2026 n/a $ 287,500 $ — $ 287,500 $ 687,500 $ — $ 687,500 Brickell Joint Venture Mortgage Loan City National Bank of Florida 3.00% 5.11% 8.11% Variable 06/09/2025 2 46,530 (4,653) 41,877 GIC Joint Venture Credit Facility and Term Loans $125 Million Revolver 2.15% 5.38% 7.53% Variable 09/15/2028 n/a 125,000 (61,250) 63,750 $75 Million Term Loan 2.10% 5.38% 7.48% Variable 09/15/2028 n/a 75,000 (36,750) 38,250 $410 Million Term Loan 2.75% 5.36% 8.11% Variable 01/13/2027 n/a 396,037 (194,058) 201,979 Wells Fargo CMBS Loan n/a n/a 4.99% Fixed 06/06/2028 1 12,593 (6,171) 6,422 PACE Loan n/a n/a 6.10% Fixed 07/31/2040 n/a 5,884 (2,883) 3,001 Total GIC Joint Venture Credit Facility and Term Loans 1 $ 614,514 $ (301,112) $ 313,402 Total Joint Venture Debt 3 $ 661,044 $ (305,765) $ 355,279 Total Debt 3 $ 1,348,544 $ (305,765) $ 1,042,779 Debt Schedule - Part I (Unaudited)
22 Debt Schedule - Part II (Unaudited) As of September 30, 2024 (amounts in thousands) Principal Amount Fixed Debt Variable Debt Effective Interest Outstanding Outstanding Outstanding Rate Total Debt $ 1,348,544 $ 305,977 $ 1,042,567 6.32 % Non-controlling Interests in Joint Ventures (305,765) (9,054) (296,711) Pro Rata Debt $ 1,042,779 $ 296,923 $ 745,856 5.87 % % of Pro Rata Debt 100 % 28 % 72 % Pro Rata Adjustment for Swaps in Effect — 502,000 (502,000) Pro Rata Debt Including Swaps $ 1,042,779 $ 798,923 $ 243,856 4.68 % % of Pro Rata Debt Including Swaps 100 % 77 % 23 % Notional Effective Maturity Interest Rate Swaps Value Swap Rate Date Date Regions - 2018 - $75mm $ 75,000 2.8570 % September 28, 2018 September 30, 2024 Regions - 2018 - 125mm 125,000 2.9170 % December 31, 2018 December 31, 2025 Capital One - 2022 - $100mm 100,000 2.6000 % January 31, 2023 January 31, 2027 Regions - 2022 - $100mm 100,000 2.5625 % January 31, 2023 January 31, 2029 Capital One - 2023 - $100mm 100,000 3.3540 % July 1, 2023 January 13, 2026 Wells Fargo - 2023 - $100mm 100,000 3.3540 % July 1, 2023 January 13, 2026 Current Swaps $ 600,000 2.9433 % Wells Fargo - 2024 - $100mm $ 100,000 3.7650 % October 1, 2024 January 13, 2026 Total Swaps $ 700,000 3.0607 %
23 Debt Schedule - Part III (Unaudited) (1) Amounts are in millions ($) and assumes fully-extended maturities for all loans. Reflects pro rata debt totals. Pro Rata Debt Maturity Ladder at September 30, 2024 $0.0 $287.5 $200.0 $102.0 $41.9 $200.0$202.0 $0.0 $6.4 $3.0 $400M Senior Revolver Convertible Senior Notes $200M Senior Term Loan $200M GIC JV Credit Facility Brickell JV Mortgage Debt $200M Senior Term Loan $410M GIC JV Term Loan Mortgage Debt 2024 2025 2026 2027 2028 2029 2030 $0 $100 $200 $300 $400 (1)
24 Table of Contents Section I Section II Section III Section IV Section V Forward-Looking Statements and Non-GAAP Financial Measure Disclosures Corporate Financial Schedules Operating & Property-Level Schedules Capitalization and Debt Schedules Asset Listing
25 Asset Listing (Unaudited) Hotels Rooms STR Chain Scale STR Location INN Wholly-Owned (100% Ownership) Hyatt Place - Denver South/Park Meadows 1 127 Upscale Suburban Hyatt Place - Denver Tech Center 1 126 Upscale Suburban Hyatt Place - Scottsdale/Old Town 1 126 Upscale Resort Holiday Inn Express & Suites - San Francisco/Fisherman's Wharf 1 252 Upper Midscale Urban Courtyard - Dallas/Arlington South 1 103 Upscale Suburban Residence Inn - Dallas/Arlington South 1 96 Upscale Suburban Hyatt Place - Orlando/Convention Center 1 151 Upscale Resort Hyatt Place - Orlando/Universal 1 150 Upscale Resort Hyatt Place - Minneapolis/Downtown 1 213 Upscale Urban Springhill Suites - Nashville MetroCenter 1 78 Upscale Urban Courtyard - New Orleans Downtown Near the French Quarter 1 140 Upscale Urban Hyatt Place - Portland Airport/Cascade Station 1 136 Upscale Airport Residence Inn - Portland Airport at Cascade Station 1 124 Upscale Airport Courtyard - New Orleans/Metairie 1 153 Upscale Airport Staybridge Suites - Denver/Cherry Creek 1 121 Upscale Suburban Hyatt House - Denver Tech Center 1 135 Upscale Suburban Courtyard - Atlanta Downtown 1 150 Upscale Urban Hyatt Place - Garden City 1 122 Upscale Suburban Residence Inn - New Orleans/Metairie 1 120 Upscale Airport Hilton Garden Inn - Greenville 1 120 Upscale Suburban Fairfield Inn & Suites - Louisville Downtown 1 140 Upper Midscale Urban
26 Asset Listing (Unaudited) (1) The Four Points - San Francisco Airport was sold in October 2024. Hotels Rooms STR Chain Scale STR Location INN Wholly-Owned (100% Ownership), (cont.) SpringHill Suites - Louisville Downtown 1 198 Upscale Urban SpringHill Suites - Indianapolis Downtown 1 156 Upscale Urban Courtyard - Indianapolis Downtown 1 297 Upscale Urban Hampton Inn & Suites - San Diego/Poway 1 108 Upper Midscale Suburban Hampton Inn & Suites - Camarillo 1 116 Upper Midscale Suburban Hilton Garden Inn - Houston/Galleria Area 1 182 Upscale Urban Doubletree by Hilton San Francisco Airport North Bayfront 1 210 Upscale Airport Four Points - San Francisco Airport ¹ 1 101 Upscale Airport Hilton Garden Inn - Houston/Energy Corridor 1 190 Upscale Suburban Hampton Inn & Suites - Austin/Downtown/Convention Center 1 209 Upper Midscale Urban Hampton Inn & Suites - Minneapolis/Downtown 1 211 Upper Midscale Urban Residence Inn - Bridgewater/Branchburg 1 101 Upscale Suburban Hyatt House - Across From Universal Orlando Resort 1 168 Upscale Resort Residence Inn - Baltimore/Hunt Valley 1 141 Upscale Suburban Hotel Indigo - Asheville Downtown 1 116 Upper Upscale Small Metro/Town Courtyard - Atlanta Decatur Downtown/Emory 1 179 Upscale Suburban Courtyard - Nashville Vanderbilt/West End 1 226 Upscale Urban Residence Inn - Atlanta Midtown/Peachtree at 17th 1 160 Upscale Urban Hyatt House - Miami Airport 1 163 Upscale Airport Marriott - Boulder 1 165 Upper Upscale Urban Hyatt Place - Chicago/Downtown-The Loop 1 206 Upscale Urban Hyatt Place - Phoenix/Mesa 1 152 Upscale Suburban Courtyard - Fort Lauderdale Beach 1 261 Upscale Resort
27 Asset Listing (Unaudited) Hotels Rooms STR Chain Scale STR Location INN Wholly-Owned (100% Ownership), (cont.) Courtyard - Charlotte City Center 1 181 Upscale Urban Hampton Inn & Suites - Baltimore Inner Harbor 1 116 Upper Midscale Urban Residence Inn - Baltimore Downtown/Inner Harbor 1 189 Upscale Urban Courtyard - Kansas City Country Club Plaza 1 123 Upscale Suburban Courtyard - Fort Worth Downtown/Blackstone 1 203 Upscale Urban AC Hotel - Atlanta Downtown 1 255 Upscale Urban Hilton Garden Inn - Waltham 1 148 Upscale Suburban Residence Inn - Cleveland Downtown 1 175 Upscale Urban Courtyard - New Haven at Yale 1 207 Upscale Urban Residence Inn - Boston/Watertown 1 150 Upscale Suburban INN Wholly-Owned (100% Ownership) 54 8,646
28 Asset Listing (Unaudited) Hotels Rooms STR Chain Scale STR Location GIC Joint Venture (51% Ownership) Courtyard - Scottsdale North 1 153 Upscale Resort Springhill Suites - Scottsdale North 1 121 Upscale Resort Hampton Inn & Suites - Tampa/Ybor City/Downtown 1 138 Upper Midscale Urban Homewood Suites - Aliso Viejo/Laguna Beach 1 129 Upscale Suburban Courtyard - Pittsburgh Downtown 1 183 Upscale Urban Homewood Suites - Tucson/St. Philip's Plaza University 1 122 Upscale Resort Hampton Inn & Suites - Silverthorne 1 88 Upper Midscale Resort Hilton Garden Inn - San Jose / Milpitas 1 161 Upscale Suburban Residence Inn - Portland Downtown / Riverplace 1 258 Upscale Urban Residence Inn - Portland / Hillsboro 1 122 Upscale Suburban Residence Inn - Steamboat Springs 1 110 Upscale Small Metro/Town Embassy Suites - Tucson / Paloma Village 1 120 Upper Upscale Resort Residence Inn - Scottsdale North 1 120 Upscale Resort AC Hotel - Dallas Downtown 1 128 Upscale Urban Residence Inn - Dallas Downtown 1 121 Upscale Urban Hampton Inn & Suites - Dallas Downtown 1 176 Upper Midscale Urban SpringHill Suites - Dallas Downtown 1 148 Upscale Urban Hilton Garden Inn - Grapevine at Silver Lake Crossing 1 152 Upscale Airport Holiday Inn Express & Suites - DFW / Grapevine 1 95 Upper Midscale Airport Courtyard - Dallas DFW Airport / North Grapevine 1 181 Upscale Airport TownePlace Suites - Dallas / Grapevine 1 120 Upper Midscale Airport Hyatt Place - Dallas / Grapevine 1 125 Upscale Airport
29 Asset Listing (Unaudited) Hotels Rooms STR Chain Scale STR Location GIC Joint Venture (51% Ownership) AC Hotel - Dallas / Frisco 1 150 Upscale Suburban Residence Inn - Dallas / Frisco 1 150 Upscale Suburban Canopy Hotel - Dallas / Frisco Station 1 150 Upper Upscale Suburban Residence Inn - Tyler 1 119 Upscale Small Metro/Town Hilton Garden Inn - Longview 1 122 Upscale Small Metro/Town AC Hotel - Houston Downtown 1 195 Upscale Urban Homewood Suites - Midland 1 118 Upscale Suburban Hyatt Place - Lubbock 1 125 Upscale Urban Courtyard - Amarillo Downtown 1 107 Upscale Suburban Embassy Suites - Amarillo Downtown 1 226 Upper Upscale Suburban AC Hotel - Oklahoma City / Bricktown 1 142 Upscale Urban Hyatt Place - Oklahoma City / Bricktown 1 134 Upscale Urban Holiday Inn Express & Suites - Oklahoma City Downtown / Bricktown 1 124 Upper Midscale Urban SpringHill Suites - New Orleans Downtown / Canal Street 1 74 Upscale Urban TownePlace Suites - New Orleans Downtown / Canal Street 1 105 Upper Midscale Urban Canopy Hotel - New Orleans Downtown 1 176 Upper Upscale Urban The Nordic Lodge - Steamboat Springs 1 46 Independent Small Metro/Town GIC Joint Venture (51% Ownership) 39 5,334
30 Asset Listing (Unaudited) (1) Asset listing excludes two parking garages located in Dallas, TX and Frisco, TX. Hotels Rooms STR Chain Scale STR Location Other Joint Ventures (90% Ownership) AC Hotels by Marriott - Miami Brickell 1 156 Upscale Urban Element - Miami Brickell 1 108 Upscale Urban Onera - Fredericksburg 1 11 N/A N/A Other Joint Ventures (90% Ownership) 3 275 Pro Forma 96 14,255
31
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MD
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Austin
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TX
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