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 Q1 YTD 3/31/2018 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 Q1 YTD 3/31/2018 USD

Revenues

Room

Room 380,472 436,202 443,270 479,934 129,572

Other hotel operations revenue

Other hotel operations revenue 22,994 27,253 30,665 35,443 NA
Food and beverage NA NA NA NA 6,329
Other NA NA NA NA 4,298

Total revenues

Total revenues 403,466 463,455 473,935 515,377 140,199

Expenses

Room 101,150 109,844 110,221 123,129 29,005
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 4,999
Other hotel operating expenses NA NA NA NA 39,458
Property taxes, insurance and other NA NA NA NA 10,998
Management fees NA NA NA NA 5,352

Depreciation and amortization

Depreciation and amortization 63,763 64,052 72,406 85,927 25,246
Corporate general and administrative 19,884 21,204 19,292 19,597 6,607

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 354,760 383,445 391,448 431,482 121,665

Operating income

Operating income 48,706 80,010 82,487 83,895 18,534

Other income (expense)

Interest expense

Interest expense (28,517) (30,414) (28,091) (29,687) (9,329)

(Loss) gain on disposal of assets, net

(Loss) gain on disposal of assets, net 391 65,067 49,855 43,209 (43)

Other income, net

Other income, net 595 11,146 2,560 3,778 789

Total other income (expense)

Total other income (expense) (27,531) 45,799 24,324 17,300 (8,583)

Income from continuing operations before income taxes

Income from continuing operations before income taxes 21,175 125,809 106,811 101,195 9,951

Income tax expense

Income tax expense (744) (553) 1,450 (1,674) (260)

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 9,691

Non-controlling interest in Operating Partnership

Non-controlling interest in Operating Partnership (51) (819) (456) (307) (3)

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 9,688

Preferred dividends

Preferred dividends (16,588) (16,588) (18,232) (17,408) (5,543)
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 79,234 868

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 NA
Diluted 0.05 1.24 1.00 0.79 NA
Earnings per share - basic and diluted NA NA NA NA 0.01

Weighted average common shares outstanding

Basic 85,242 85,920 86,874 99,406 103,500
Diluted 85,566 87,144 87,343 99,780 103,899
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 9,691

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 3,744

Comprehensive income

Comprehensive income 20,552 125,337 108,954 101,958 13,435
Less - Comprehensive income attributable to non-controlling interest in Operating Partnership (47) (820) (460) (316) (15)
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 13,420

Preferred dividends

Preferred dividends (16,588) (16,588) (18,232) (17,408) (5,543)
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 4,600
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