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Financial Statements As Reported
As Reported Financials
Balance Sheet
Income Statement
Cashflow Statement
Cashflow Statement
Balance Sheet
Income Statement
Cashflow Statement
Document Name
As Of Date
Currency Code (in thousands)
2016 Y
10-K
12/31/2016
USD
2017 Y
10-K
12/31/2017
USD
2018 Y
10-K
12/31/2018
USD
2019 Y
10-Q
12/31/2019
USD
2020 Q1 YTD
10-Q
3/31/2020
USD
Document Name
As Of Date
Currency Code
2016 Y
10-K
12/31/2016
USD
2017 Y
10-K
12/31/2017
USD
2018 Y
10-K
12/31/2018
USD
2019 Y
10-Q
12/31/2019
USD
2020 Q1 YTD
10-Q
3/31/2020
USD
ASSETS
Investment in hotel properties, net
1,545,122
2,059,492
2,065,554
2,184,232
2,169,314
Investment in hotel properties under development
0
23,793
NA
NA
NA
Undeveloped land
5,742
2,942
2,267
1,500
1,500
Assets held for sale, net
62,695
1,193
7,633
425
425
Cash and cash equivalents
34,694
36,545
44,088
42,238
131,267
Restricted cash
24,881
29,462
28,468
27,595
28,597
Investment in real estate loans, net
17,585
12,356
30,700
30,936
28,958
Right-of-use assets, net
NA
NA
0
29,884
29,577
Trade receivables, net
11,807
16,985
13,978
13,281
11,356
Prepaid expenses and other
6,474
9,454
10,111
8,844
8,297
Deferred charges, net
3,727
5,221
4,691
4,709
4,594
Other assets
5,778
12,431
14,807
12,039
9,235
Total assets
1,718,505
2,209,874
2,222,297
2,355,683
2,423,120
LIABILITIES AND EQUITY
Liabilities
Debt, net of debt issuance costs
652,414
868,236
958,712
1,016,163
1,135,019
Lease liabilities
NA
NA
0
19,604
19,384
Accounts payable
4,623
7,774
5,391
4,767
5,725
Accrued expenses and other
47,998
56,488
66,050
71,759
76,097
Total liabilities
705,035
932,498
1,030,153
1,112,293
1,236,225
Equity
Preferred stock
7.875% Series B
30
NA
NA
NA
NA
7.125% Series C
34
34
NA
NA
NA
6.45% Series D
30
30
30
30
30
6.25% Series E
0
64
64
64
64
Common stock
935
1,043
1,048
1,052
1,056
Additional paid-in capital
1,011,412
1,262,679
1,185,310
1,190,949
1,191,964
Accumulated other comprehensive loss
(977)
1,451
(1,441)
(16,034)
(35,044)
Distributions in excess of retained earnings
(1,422)
9,201
4,838
(2,283)
(39,868)
Total stockholders' equity
1,010,042
1,274,502
1,189,849
1,173,778
1,118,202
Non-controlling interests in operating partnership
3,428
2,874
2,295
1,809
1,658
Non-controlling interests in joint venture
NA
NA
0
67,803
67,035
Total equity
1,013,470
1,277,376
1,192,144
1,243,390
1,186,895
Total liabilities and equity
1,718,505
2,209,874
2,222,297
2,355,683
2,423,120
Document Name
As Of Date
Currency Code (in thousands)
2016 Y
10-K
12/31/2016
USD
2017 Y
10-K
12/31/2017
USD
2018 Y
10-K
12/31/2018
USD
2019 Y
10-K
12/31/2019
USD
2020 Q1 YTD
10-Q
3/31/2020
USD
Document Name
As Of Date
Currency Code
2016 Y
10-K
12/31/2016
USD
2017 Y
10-K
12/31/2017
USD
2018 Y
10-K
12/31/2018
USD
2019 Y
10-K
12/31/2019
USD
2020 Q1 YTD
10-Q
3/31/2020
USD
Revenues
Room
Room
443,270
479,934
523,439
505,342
98,603
Food and beverage
19,777
21,359
24,225
23,785
4,884
Other
10,888
14,084
19,606
20,221
4,898
Total revenues
Total revenues
473,935
515,377
567,270
549,348
108,385
Expenses
Room
97,358
108,715
119,724
112,244
24,573
Food and beverage
14,841
16,734
19,191
18,552
4,037
Other hotel operating expenses
134,420
144,526
159,173
158,181
35,283
Property taxes, insurance and other
30,250
37,419
43,339
44,220
11,698
Management fees
18,812
18,210
18,521
16,575
3,072
Depreciation and amortization
Depreciation and amortization
72,406
85,927
101,013
99,445
27,079
Corporate general and administrative
19,292
19,597
21,509
23,622
4,668
Hotel property acquisition costs
Hotel property acquisition costs
3,492
354
0
0
NA
Provision for credit losses
NA
NA
NA
NA
2,530
Loss on impairment of assets
Loss on impairment of assets
577
0
1,075
2,521
782
Total expenses
Total expenses
391,448
431,482
483,545
475,360
113,722
(Loss) gain on disposal of assets, net
(Loss) gain on disposal of assets, net
49,855
43,209
41,474
45,418
(3)
Operating (loss) income
Operating (loss) income
132,342
127,104
125,199
119,406
(5,340)
Other income (expense)
Interest expense
Interest expense
(28,091)
(29,687)
(41,944)
(41,030)
(11,012)
Other income, net
Other income, net
2,560
3,778
6,949
5,472
2,106
Total other income (expense)
Total other income (expense)
(25,531)
(25,909)
(34,995)
(35,558)
(8,906)
(Loss) income from continuing operations before income taxes
(Loss) income from continuing operations before income taxes
106,811
101,195
90,204
83,848
(14,246)
Income tax expense
Income tax expense
1,450
(1,674)
922
(1,500)
(1,968)
Net (loss) income
Net (loss) income
108,261
99,521
91,126
82,348
(16,214)
Less - Loss (income) attributable to non-controlling interests
Operating Partnership
Operating Partnership
(456)
(307)
(205)
(157)
37
Joint venture
Joint venture
NA
0
0
419
855
Net (loss) income attributable to Summit Hotel Properties, Inc.
Net (loss) income attributable to Summit Hotel Properties, Inc.
107,805
99,214
90,921
82,610
(15,322)
Preferred dividends
Preferred dividends
(18,232)
(17,408)
(16,671)
(14,838)
(3,709)
Premium on redemption of preferred stock
(2,125)
(2,572)
(3,277)
0
NA
Net (loss) income attributable to common stockholders
Net (loss) income attributable to common stockholders
87,448
79,234
70,973
67,772
(19,031)
(Loss) earnings per share
Basic and diluted
1.00
0.79
0.68
0.65
(0.18)
Weighted average common shares outstanding
Basic
86,874
99,406
103,623
103,887
103,995
Diluted
87,343
99,780
103,842
103,939
103,995
Dividends per share
0.55
0.67
0.72
0.72
NA
Comprehensive (loss) income
Net (loss) income
Net (loss) income
108,261
99,521
91,126
82,348
(16,214)
Other comprehensive (loss) income, net of tax
Changes in fair value of derivative financial instruments
Changes in fair value of derivative financial instruments
693
2,437
(2,900)
(14,596)
(19,044)
Comprehensive (loss) income
Comprehensive (loss) income
108,954
101,958
88,226
67,752
(35,258)
Less - Comprehensive loss (income) attributable to non-controlling interests
Operating Partnership
Operating Partnership
(460)
(316)
(197)
(123)
74
Joint venture
Joint venture
NA
0
0
419
855
Comprehensive (loss) income attributable to Summit Hotel Properties, Inc.
Comprehensive (loss) income attributable to Summit Hotel Properties, Inc.
108,494
101,642
88,029
68,048
(34,329)
Preferred dividends
Preferred dividends
(18,232)
(17,408)
(16,671)
(14,838)
(3,709)
Premium on redemption of preferred stock
(2,125)
(2,572)
(3,277)
0
NA
Comprehensive (loss) income attributable to common stockholders
Comprehensive (loss) income attributable to common stockholders
88,137
81,662
68,081
53,210
(38,038)
Document Name
As Of Date
Currency Code (in thousands)
2016 Y
10-K
12/31/2016
USD
2017 Y
10-K
12/31/2017
USD
2018 Y
10-K
12/31/2018
USD
2019 Y
10-K
12/31/2019
USD
2020 Q1 YTD
10-Q
3/31/2020
USD
Document Name
As Of Date
Currency Code
2016 Y
10-K
12/31/2016
USD
2017 Y
10-K
12/31/2017
USD
2018 Y
10-K
12/31/2018
USD
2019 Y
10-K
12/31/2019
USD
2020 Q1 YTD
10-Q
3/31/2020
USD
OPERATING ACTIVITIES
Net (loss) income
108,261
99,521
91,126
82,348
(16,214)
Adjustments to reconcile net (loss) income to net cash provided by operating activities
Depreciation and amortization
72,406
85,927
101,013
99,445
27,079
Amortization of deferred financing costs
2,143
2,022
1,973
1,485
457
Loss on impairment of assets
577
0
1,075
2,521
782
Provision for credit losses
NA
NA
NA
NA
2,530
Equity-based compensation
4,221
5,887
6,665
6,219
1,475
Deferred tax asset, net
(2,391)
887
(430)
(12)
2,058
Realization of deferred gain
(5,000)
(15,000)
0
0
NA
Loss (gain) on disposal of assets, net
(44,855)
(28,209)
(41,474)
(45,418)
3
Non-cash interest income
0
(284)
(2,045)
(2,477)
(791)
Debt transaction costs
NA
195
401
1,892
1
Other
180
285
770
469
108
Changes in operating assets and liabilities
Trade receivables, net
(2,655)
(5,032)
2,787
511
1,925
Prepaid expenses and other
(626)
(2,454)
(1,127)
552
411
Accounts payable
1,676
(491)
(424)
(314)
1,334
Accrued expenses and other
2,803
4,595
1,341
1,257
(13,852)
NET CASH PROVIDED BY OPERATING ACTIVITIES
136,740
147,849
161,651
148,478
7,306
INVESTING ACTIVITIES
Acquisition of hotel properties and land
(244,714)
(588,822)
(71,002)
(282,557)
0
Improvements to hotel properties
(42,433)
(37,191)
(66,610)
(59,268)
(11,050)
Investment in hotel properties under development
0
(20,993)
(13,430)
0
NA
Proceeds from asset dispositions, net
145,347
120,733
104,030
165,724
0
Funding of real estate loans
(27,500)
(17,935)
(16,245)
(8,363)
(1,670)
Increase in escrow deposits for acquisitions
10,046
NA
NA
NA
NA
Proceeds from principal payments on real estate loans
7,814
32,500
200
2,300
0
NET CASH USED IN INVESTING ACTIVITIES
(151,440)
(511,708)
(63,057)
(182,164)
(12,720)
FINANCING ACTIVITIES
Proceeds from issuance of debt
405,000
667,640
815,000
360,000
165,000
Principal payments on debt
(424,545)
(452,082)
(723,098)
(302,287)
(45,931)
Proceeds from equity offerings, net of issuance costs
161,347
318,307
0
0
NA
Redemption of preferred stock
(50,000)
(75,025)
(85,000)
0
NA
Dividends paid
(66,713)
(85,635)
(92,245)
(90,783)
(23,031)
Proceeds from contribution by joint venture partner
NA
0
0
68,712
NA
Proceeds from contribution by non-controlling interests in joint venture
NA
NA
NA
NA
577
Financing fees on debt and other issuance costs
(1,948)
(1,953)
(3,978)
(3,840)
(701)
Repurchase of common shares for withholding requirements
(1,265)
(961)
(2,724)
(839)
(469)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
21,876
370,291
(92,045)
30,963
95,445
Net change in cash, cash equivalents and restricted cash
7,176
6,432
6,549
(2,723)
90,031
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period
52,399
59,575
66,007
72,556
69,833
End of period
59,575
66,007
72,556
69,833
159,864
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest
26,156
27,362
38,743
41,648
9,977
Accrued improvements to hotel properties
3,071
7,074
6,084
4,856
3,924
Capitalized interest
0
301
446
0
NA
Cash payments for income taxes, net of refunds
1,228
623
839
(229)
27
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.
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