Summit Hotel Properties, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Summit Hotel Properties, Inc. filed its Q1 2024 10-Q, detailing financial performance and capital structure.</b>

AI Summary

Summit Hotel Properties, Inc. (INN-PF) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Summit Hotel Properties, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. Key financial data from previous periods (December 31, 2023, and March 31, 2023) are referenced. The report includes details on common stock, preferred stock (Series E and F), and additional paid-in capital. Information on occupancy, food & beverage, and hotel other revenue segments is provided for Q1 2024 and Q1 2023.

Why It Matters

For investors and stakeholders tracking Summit Hotel Properties, Inc., this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial snapshot of Summit Hotel Properties, Inc., crucial for assessing performance trends and financial health. The inclusion of comparative data from prior periods allows for an analysis of year-over-year and sequential changes in revenue, capital, and other key financial metrics.

Risk Assessment

Risk Level: medium — Summit Hotel Properties, Inc. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) for a publicly traded REIT, which inherently carries market and financial risks associated with the real estate and hospitality sectors. Specific risks would be detailed within the full report.

Analyst Insight

Review the detailed financial statements and risk factors within the full 10-Q to understand the company's current operational and financial standing.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Reporting Period End Date (The 10-Q covers financial data up to this date.)
• 2024-05-01 — Filing Date (The date the 10-Q was officially filed with the SEC.)
• 2023-12-31 — Prior Year End Date (Comparative financial data from this date is included.)
• 2023-03-31 — Prior Year Q1 End Date (Comparative financial data from this date is included.)

Key Players & Entities

• Summit Hotel Properties, Inc. (company) — Filer of the 10-Q report.
• 2024-03-31 (date) — Reporting period end date for the 10-Q.
• 2024-05-01 (date) — Filing date of the 10-Q.
• 2023-12-31 (date) — Prior period end date referenced in the filing.
• 2023-03-31 (date) — Prior period end date referenced in the filing.

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q was submitted to the SEC.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value INN New York Stock Exchange

Filing Documents

• inn-20240331.htm (10-Q) — 1608KB
• exhibit31103-31x2024.htm (EX-31.1) — 13KB
• exhibit31203-31x2024.htm (EX-31.2) — 14KB
• exhibit32103-31x2024.htm (EX-32.1) — 8KB
• exhibit32203-31x2024.htm (EX-32.2) — 7KB
• 0001497645-24-000046.txt (&nbsp;) — 9959KB
• inn-20240331.xsd (EX-101.SCH) — 78KB
• inn-20240331_cal.xml (EX-101.CAL) — 79KB
• inn-20240331_def.xml (EX-101.DEF) — 632KB
• inn-20240331_lab.xml (EX-101.LAB) — 844KB
• inn-20240331_pre.xml (EX-101.PRE) — 775KB
• inn-20240331_htm.xml (XML) — 1266KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets — March 31, 2024 (U naudited) and December 31, 2023 1 Condensed Consolidated Statements of Operations (Unaudite d) — Three Months Ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited ) — Three Months Ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Changes in Equity and Redeemable Non-controlling Interests (Unaudited) — Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows (Unaudited) — Three Months Ended March 31, 2024 and 2023 5 Notes to the Condensed Consolidated Financial Statements (Unaudited) 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 43 Item 4.

Controls and Procedures

Controls and Procedures 44

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 45 Item 1A.

Risk Factors

Risk Factors 45 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45 Item 3. Defaults Upon Senior Securities 45 Item 4. Mine Safety Disclosures 45 Item 5. Other Information 45 Item 6. Exhibits 46 i

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Summit Hotel Properties, Inc. Condensed Consolidated Balance Sheets (In thousands, except share amounts) March 31, 2024 December 31, 2023 (Unaudited) ASSETS Investments in lodging property, net $ 2,715,009 $ 2,729,049 Investment in lodging property under development 2,364 1,451 Assets held for sale, net 64,019 73,740 Cash and cash equivalents 63,435 37,837 Restricted cash 8,916 9,931 Right-of-use assets, net 34,244 34,814 Trade receivables, net 27,985 21,348 Prepaid expenses and other 17,183 8,865 Deferred charges, net 6,495 6,659 Other assets 21,182 15,554 Total assets $ 2,960,832 $ 2,939,248 LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY Liabilities: Debt, net of debt issuance costs $ 1,452,002 $ 1,430,668 Lease liabilities, net 25,413 25,842 Accounts payable 7,303 4,827 Accrued expenses and other 81,719 81,215 Total liabilities 1,566,437 1,542,552 Commitments and contingencies (Note 11) — — Redeemable non-controlling interests 50,219 50,219 Equity: Preferred stock, $ 0.01 par value per share, 100,000,000 shares authorized: 6.25 % Series E - 6,400,000 shares issued and outstanding at March 31, 2024 and December 31, 2023 (aggregate liquidation preference of $ 160,861 at March 31, 2024 and December 31, 2023, respectively) 64 64 5.875 % Series F - 4,000,000 shares issued and outstanding at March 31, 2024 and December 31, 2023 (aggregate liquidation preference of $ 100,506 at March 31, 2024 and December 31, 2023, respectively) 40 40 Common stock, $ 0.01 par value per share, 500,000,000 shares authorized, 108,198,141 and 107,593,373 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 1,082 1,076 Additional paid-in capital 1,239,905 1,238,896 Accumulated other comprehensive income 14,969 10,967 Accumulated deficit and distributions in excess of retained earnings ( 348,302 ) ( 339,848 ) Total stockholders' equity 907,758 911,195 Non-controlling in

View Full Filing

View this 10-Q filing on SEC EDGAR