Summit Hotel Properties Files Q2 2024 10-Q

TL;DR

**Summit Hotel Properties (INN) filed its Q2 2024 10-Q. Check financials.**

AI Summary

Summit Hotel Properties, Inc. filed a 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the company, which operates as a Real Estate Investment Trust. Key financial data and disclosures relevant to investors are presented.

Why It Matters

This filing provides investors with crucial financial and operational details for Summit Hotel Properties, Inc. during the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — As a real estate investment trust, the company is subject to market fluctuations and interest rate risks inherent in the hospitality sector.

Key Numbers

• 2024-06-30 — Period End Date (Indicates the end of the reporting quarter)
• 2024-07-30 — Filing Date (Date the 10-Q was officially submitted)
• 2024-01-01 — Period Start Date (Indicates the beginning of the reporting period)

Key Players & Entities

• Summit Hotel Properties, Inc. (company) — Filer of the 10-Q
• 2024-06-30 (date) — End of reporting period
• 2024-07-30 (date) — Filing date
• 2024-01-01 (date) — Start of reporting period
• 2023-12-31 (date) — Previous fiscal year end

FAQ

Key Financial Figures

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

Filing Documents

• inn-20240630.htm (10-Q) — 2117KB
• exhibit31106-30x2024.htm (EX-31.1) — 13KB
• exhibit31206-30x2024.htm (EX-31.2) — 14KB
• exhibit32106-30x2024.htm (EX-32.1) — 8KB
• exhibit32206-30x2024.htm (EX-32.2) — 7KB
• 0001497645-24-000067.txt ( ) — 11011KB
• inn-20240630.xsd (EX-101.SCH) — 83KB
• inn-20240630_cal.xml (EX-101.CAL) — 88KB
• inn-20240630_def.xml (EX-101.DEF) — 582KB
• inn-20240630_lab.xml (EX-101.LAB) — 893KB
• inn-20240630_pre.xml (EX-101.PRE) — 758KB
• inn-20240630_htm.xml (XML) — 1491KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets — June 30, 2024 (U naudited) and December 31, 2023 1 Condensed Consolidated Statements of Operations (Unaudite d) — Three and Six Months Ended June 30, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited ) — Three and Six Months Ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Changes in Equity and Redeemable Non-controlling Interests (Unaudited) — Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows (Unaudited) — Six Months Ended June 30, 2024 and 2023 6 Notes to the Condensed Consolidated Financial Statements (Unaudited) 7 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 30 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 49 Item 4.

Controls and Procedures

Controls and Procedures 50

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 51 Item 1A.

Risk Factors

Risk Factors 51 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 51 Item 3. Defaults Upon Senior Securities 51 Item 4. Mine Safety Disclosures 51 Item 5. Other Information 51 Item 6. Exhibits 52 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) June 30, 2024 December 31, 2023 (Unaudited) ASSETS Investments in lodging property, net $ 2,702,038 $ 2,729,049 Investment in lodging property under development 3,955 1,451 Assets held for sale, net 9,715 73,740 Cash and cash equivalents 45,873 37,837 Restricted cash 6,766 9,931 Right-of-use assets, net 33,851 34,814 Trade receivables, net 27,967 21,348 Prepaid expenses and other 14,142 8,865 Deferred charges, net 6,357 6,659 Other assets 20,571 15,554 Total assets $ 2,871,235 $ 2,939,248 LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY Liabilities: Debt, net of debt issuance costs $ 1,345,492 $ 1,430,668 Lease liabilities, net 25,158 25,842 Accounts payable 6,637 4,827 Accrued expenses and other 84,412 81,215 Total liabilities 1,461,699 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 June 30, 2024 and December 31, 2023 (aggregate liquidation preference of $ 160,861 at June 30, 2024 and December 31, 2023, respectively) 64 64 5.875 % Series F - 4,000,000 shares issued and outstanding at June 30, 2024 and December 31, 2023 (aggregate liquidation preference of $ 100,506 at June 30, 2024 and December 31, 2023, respectively) 40 40 Common stock, $ 0.01 par value per share, 500,000,000 shares authorized, 108,276,243 and 107,593,373 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 1,083 1,076 Additional paid-in capital 1,242,436 1,238,896 Accumulated other comprehensive income 14,432 10,967 Accumulated deficit and distributions in excess of retained earnings ( 326,108 ) ( 339,848 ) Total stockholders' equity 931,947 911,195 Non-controlling interest

View Full Filing

View this 10-Q filing on SEC EDGAR