Summit Hotel Properties Files Q3 2024 10-Q

TL;DR

**Summit Hotel Properties (INN) Q3 2024 10-Q filed. Key financials and ops data out.**

AI Summary

Summit Hotel Properties, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and operational status. Key financial data and operational metrics for the third quarter of 2024 are presented, reflecting the company's real estate investment trust activities in the hotel sector.

Why It Matters

This filing provides investors with crucial financial and operational data for Summit Hotel Properties, Inc., impacting investment decisions in the real estate and hospitality sectors.

Risk Assessment

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

Key Numbers

• 103 — Public Document Count (Indicates the volume of documents associated with this filing.)
• 2024-09-30 — Conformed Period of Report (Specifies the end date of the financial reporting period.)
• 2024-11-04 — Date as of Change (Date of the most recent amendment or change to the filing.)

Key Players & Entities

• Summit Hotel Properties, Inc. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-11-04 (date) — Filing date
• Austin, TX (location) — Company headquarters

FAQ

Key Financial Figures

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

Filing Documents

• inn-20240930.htm (10-Q) — 2131KB
• exhibit31109-30x2024.htm (EX-31.1) — 13KB
• exhibit31209-30x2024.htm (EX-31.2) — 14KB
• exhibit32109-30x2024.htm (EX-32.1) — 8KB
• exhibit32209-30x2024.htm (EX-32.2) — 7KB
• 0001497645-24-000077.txt ( ) — 11375KB
• inn-20240930.xsd (EX-101.SCH) — 85KB
• inn-20240930_cal.xml (EX-101.CAL) — 89KB
• inn-20240930_def.xml (EX-101.DEF) — 625KB
• inn-20240930_lab.xml (EX-101.LAB) — 909KB
• inn-20240930_pre.xml (EX-101.PRE) — 801KB
• inn-20240930_htm.xml (XML) — 1524KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets — September 30, 2024 (U naudited) and December 31, 2023 1 Condensed Consolidated Statements of Operations (Unaudite d) — Three and Nine Months Ended September 30, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited ) — Three and Nine Months Ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Changes in Equity and Redeemable Non-controlling Interests (Unaudited) — Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows (Unaudited) — Nine Months Ended September 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 32 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 50 Item 4.

Controls and Procedures

Controls and Procedures 51

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 52 Item 1A.

Risk Factors

Risk Factors 52 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52 Item 3. Defaults Upon Senior Securities 52 Item 4. Mine Safety Disclosures 52 Item 5. Other Information 52 Item 6. Exhibits 53 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) 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 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 September 30, 2024 and December 31, 2023 (aggregate liquidation preference of $ 160,861 at September 30, 2024 and December 31, 2023, respectively) 64 64 5.875 % Series F - 4,000,000 shares issued and outstanding at September 30, 2024 and December 31, 2023 (aggregate liquidation preference of $ 100,506 at September 30, 2024 and December 31, 2023, respectively) 40 40 Common stock, $ 0.01 par value per share, 500,000,000 shares authorized, 108,453,266 and 107,593,373 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 1,085 1,076 Additional paid-in capital 1,244,335 1,238,896 Accumulated other comprehensive income 4,959 10,967 Accumulated deficit and distributions in excess of retained earnings ( 339,047 ) ( 339,848 ) Total stockholders' equity 911,436 911,1

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View this 10-Q filing on SEC EDGAR