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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues:        
Total revenues $ 193,903 $ 194,493 $ 382,045 $ 376,876
Expenses:        
Property taxes, insurance and other 13,287 14,215 27,572 28,939
Depreciation and amortization 36,458 37,510 73,257 74,418
Corporate general and administrative 8,704 9,100 17,015 17,099
Transaction costs 0 260 0 266
Recovery of credit losses 0 0 0 (250)
Total expenses 166,036 170,734 330,764 334,915
Gain (loss) on disposal of assets, net 28,342 (320) 28,417 (320)
Operating income 56,209 23,439 79,698 41,641
Other income (expense):        
Interest expense (20,830) (22,248) (42,412) (43,157)
Interest income 565 411 1,023 717
Gain on extinguishment of debt 3,000 0 3,000 0
Other income, net 2,129 79 2,814 38
Total other expense, net (15,136) (21,758) (35,575) (42,402)
Income (loss) from continuing operations before income taxes 41,073 1,681 44,123 (761)
Income tax expense (Note 13) 2,375 791 2,592 319
Net income (loss) 38,698 890 41,531 (1,080)
Less - (income) loss attributable to non-controlling interests (3,224) 2,982 (3,546) 4,351
Net income attributable to Summit Hotel Properties, Inc. before preferred dividends 35,474 3,872 37,985 3,271
Less - Distributions to and accretion of redeemable non-controlling interests (657) (657) (1,314) (1,314)
Less - Preferred dividends (3,968) (3,968) (7,938) (7,938)
Net income (loss) allocated to common stockholders - basic 30,849 (753) 28,733 (5,981)
Net income (loss) allocated to common stockholders - diluted $ 34,071 $ (753) $ 30,644 $ (5,981)
Income (loss) per common share:        
Basic (in dollars per share) $ 0.29 $ (0.01) $ 0.27 $ (0.06)
Diluted (in dollars per share) $ 0.23 $ (0.01) $ 0.21 $ (0.06)
Weighted-average common shares outstanding:        
Basic (in shares) 105,918 105,562 105,819 105,438
Diluted (in shares) 149,451 105,562 149,112 105,438
Room        
Revenues:        
Total revenues $ 173,025 $ 174,181 $ 340,456 $ 337,270
Expenses:        
Cost of goods and services sold 38,044 38,788 74,017 74,697
Food and beverage        
Revenues:        
Total revenues 10,069 10,269 20,902 20,899
Expenses:        
Cost of goods and services sold 7,639 8,040 15,841 15,995
Other        
Revenues:        
Total revenues 10,809 10,043 20,687 18,707
Expenses:        
Cost of goods and services sold 57,470 57,829 113,731 113,954
Management fees        
Expenses:        
Cost of goods and services sold $ 4,434 $ 4,992 $ 9,331 $ 9,797