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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues:        
Total revenues $ 176,807 $ 181,816 $ 558,852 $ 558,692
Expenses:        
Property taxes, insurance and other 13,250 14,369 40,822 43,308
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 0 10 24
Recovery of credit losses 0 (250) 0 (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 0 0 3,000 0
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 (Note 13) (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 allocated to common stockholders - basic $ (4,272) $ (5,438) $ 24,461 $ (11,419)
(Loss) income per common share:        
Basic (in dollars per share) $ (0.04) $ (0.05) $ 0.23 $ (0.11)
Diluted (in dollars per share) $ (0.04) $ (0.05) $ 0.21 $ (0.11)
Weighted-average common shares outstanding:        
Basic (in shares) 106,033 105,650 105,891 105,510
Diluted (in shares) 106,033 105,650 150,003 105,510
Room        
Revenues:        
Total revenues $ 157,408 $ 161,712 $ 497,864 $ 498,982
Expenses:        
Cost of goods and services sold 37,286 37,510 111,303 112,207
Food and beverage        
Revenues:        
Total revenues 9,272 9,949 30,174 30,848
Expenses:        
Cost of goods and services sold 7,289 7,684 23,130 23,679
Other        
Revenues:        
Total revenues 10,127 10,155 30,814 28,862
Expenses:        
Cost of goods and services sold 56,330 55,826 170,061 169,780
Management fees        
Expenses:        
Cost of goods and services sold $ 2,728 $ 4,177 $ 12,059 $ 13,974