Financial Statements As Reported

As Reported Financials

Source Document Currency Code (in thousands) 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q3 YTD 9/30/2018 USD
Source Document Currency Code 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q3 YTD 9/30/2018 USD

Revenues

Room

Room 380,472 436,202 443,270 479,934 401,651

Other hotel operations revenue

Other hotel operations revenue 22,994 27,253 30,665 35,443 NA
Food and beverage NA NA NA NA 18,663
Other NA NA NA NA 14,447

Total revenues

Total revenues 403,466 463,455 473,935 515,377 434,761

Expenses

Room 101,150 109,844 110,221 123,129 90,972
Other direct 55,388 64,010 64,608 67,256 NA
Other indirect 104,959 121,974 120,852 135,219 NA
Total hotel operating expenses 261,497 295,828 295,681 325,604 NA
Food and beverage NA NA NA NA 14,790
Other hotel operating expenses NA NA NA NA 121,473
Property taxes, insurance and other NA NA NA NA 32,250
Management fees NA NA NA NA 14,928

Depreciation and amortization

Depreciation and amortization 63,763 64,052 72,406 85,927 75,141
Corporate general and administrative 19,884 21,204 19,292 19,597 17,079

Hotel property acquisition costs

Hotel property acquisition costs 769 1,246 3,492 354 0

Loss on impairment of assets

Loss on impairment of assets 8,847 1,115 577 0 NA

Total expenses

Total expenses 354,760 383,445 391,448 431,482 366,633

Operating income

Operating income 48,706 80,010 82,487 83,895 68,128

Other income (expense)

Interest expense

Interest expense (28,517) (30,414) (28,091) (29,687) (30,579)

Gain on disposal of assets, net

Gain on disposal of assets, net 391 65,067 49,855 43,209 42,114

Other income (expense), net

Other income (expense), net 595 11,146 2,560 3,778 5,586

Total other income (expense)

Total other income (expense) (27,531) 45,799 24,324 17,300 17,121

Income from continuing operations before income taxes

Income from continuing operations before income taxes 21,175 125,809 106,811 101,195 85,249

Income tax benefit (expense)

Income tax benefit (expense) (744) (553) 1,450 (1,674) 120

Income from continuing operations

Income from continuing operations 20,431 NA NA NA NA

Income from discontinued operations, net of taxes

Income from discontinued operations, net of taxes 492 NA NA NA NA

Net income

Net income 20,923 125,256 108,261 99,521 85,369

Non-controlling interest in Operating Partnership

Non-controlling interest in Operating Partnership (51) (819) (456) (307) (204)

Joint venture

Joint venture (1) NA NA NA NA

Net income attributable to Summit Hotel Properties, Inc.

Net income attributable to Summit Hotel Properties, Inc. 20,871 124,437 107,805 99,214 85,165

Preferred dividends

Preferred dividends (16,588) (16,588) (18,232) (17,408) (12,962)
Premium on redemption of preferred stock 0 0 (2,125) (2,572) (3,277)

Net income attributable to common stockholders

Net income attributable to common stockholders 4,283 107,849 87,448 79,234 68,926

Earnings per share

Net income per share from continuing operations 0.04 NA NA NA NA
Net income per share from discontinued operations 0.01 NA NA NA NA
Basic 0.05 1.25 1.00 0.79 0.66
Diluted 0.05 1.24 1.00 0.79 0.66

Weighted average common shares outstanding

Basic 85,242 85,920 86,874 99,406 103,603
Diluted 85,566 87,144 87,343 99,780 103,868
Dividends per share 0.46 0.47 0.55 0.67 NA

Comprehensive income

Net income

Net income 20,923 125,256 108,261 99,521 85,369

Other comprehensive income, net of tax

Changes in fair value of derivative financial instruments
Changes in fair value of derivative financial instruments (371) 81 693 2,437 6,601

Comprehensive income

Comprehensive income 20,552 125,337 108,954 101,958 91,970

Comprehensive income attributable to non-controlling interests

Less - Comprehensive income attributable to non-controlling interest in Operating Partnership
Less - Comprehensive income attributable to non-controlling interest in Operating Partnership (47) (820) (460) (316) (223)
Joint venture
Joint venture (1) NA NA NA NA

Comprehensive income attributable to Summit Hotel Properties, Inc.

Comprehensive income attributable to Summit Hotel Properties, Inc. 20,504 124,517 108,494 101,642 91,747

Preferred dividends

Preferred dividends (16,588) (16,588) (18,232) (17,408) (12,962)
Premium on redemption of preferred stock 0 0 (2,125) (2,572) (3,277)

Comprehensive income attributable to common stockholders

Comprehensive income attributable to common stockholders 3,916 107,929 88,137 81,662 75,508
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