Summit Hotel Properties, Inc.

Listed Company

INNCIK 0001497645NYSEAcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$729.47M

Net Income

—

Total Assets

$2.78B

Equity

$862.15M

Shares Out

108.37M

Op. Cash Flow

$149.03M

Business

Summit Hotel Properties, Inc. is a self-managed lodging property investment company that acquires, owns and manages a portfolio of franchised lodging properties through consolidated ownership interests in its Operating Partnership. It offers ownership and asset management of hotels, leases properties to its taxable REIT subsidiaries, earns management and ancillary fees, and engages in acquisitions, dispositions, selective development and mezzanine lending. The company reports one operating segment and operates both wholly owned assets and joint ventures, including a controlling GIC joint venture and other minority‑interest joint ventures. Its properties are located across 25 U.S. states, concentrated in top metropolitan statistical areas, and operate predominantly under Marriott, Hilton, Hyatt and IHG franchise distribution channels.

Summary from filing dated 2025-02-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	729	732	736	676	362
Property taxes, insurance and other	55	54	55	50	41
Management fees	16	16	18	17	—
Depreciation and amortization	150	146	151	150	106
Corporate general and administrative	33	32	33	31	29
Transaction costs	0	10,000	13,000	749,000	4
Loss on impairment and write-down of assets	2	7	17	10	4
Recovery of credit losses	0	0	−1	−1	—
Total expenses	670	657	677	628	395
Gain (loss) on disposal of assets, net	7	29	−337,000	20	—
Operating income	66	103	59	68	−33
Interest expense	−81	−83	−87	−66	—
Interest income	1	2	2	2	7
Gain on extinguishment of debt	0	3	0	0	—
Other income, net	3	4	1	1	3
Total other expense, net	−77	−73	−84	−63	−34
(Loss) income from continuing operations before income taxes	−11	30	−25	5	−67
Income tax (expense) benefit	−842,000	9	−3	−4	−1
Net (loss) income	−12	39	−28	1	−69
Less - Loss attributable to non-controlling interests	−7	−5	−19	−249,000	3
Net (loss) income attributable to Summit Hotel Properties, Inc. before preferred dividends and distributions	−5	44	−9	1	—
Less - Distributions to and accretion of redeemable non-controlling interests	−3	−3	−3	−3	0
Less - Preferred dividends	−16	−16	−16	−16	−15
Net (loss) income attributable to common stockholders	−24	25	−28	−17	—
Basic (in usd per shares)	−0.22	0.23	−0.27	−0.16	−0.8
Diluted (in usd per shares)	−0.22	0.22	−0.27	−0.16	−0.8
Weighted average common shares outstanding - basic (in shares)	107	106	106	105	104
Weighted average common shares outstanding - diluted (in shares)	107	132	106	105	104
Dividends per common share (in dollars per share)	0.32	0.3	0.22	0.08	0

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investments in lodging property, net	2,640	2,747	2,737	2,842	2,092
Investment in lodging property under development	0	8	1	0	2
Assets held for sale, net	12	1	66	29	425,000
Cash and cash equivalents	36	41	38	51	64
Restricted cash	5	8	10	11	32
Right-of-use assets, net	32	33	35	35	27
Trade receivables, net	17	19	21	21	14
Prepaid expenses and other	7	10	9	8	24
Deferred charges, net	10	6	7	7	4
Other assets	16	24	16	18	4
Total assets	2,776	2,896	2,939	3,022	2,265
Debt, net of debt issuance costs	1,394	1,397	1,431	1,452	1,070
Lease liabilities, net	24	25	26	25	17
Accounts payable	8	7	5	6	4
Accrued expenses and other	76	82	81	81	66
Total liabilities	1,502	1,511	1,543	1,564	1,158
Commitments and contingencies (Note 12)	—	—	—	—	—
Redeemable non-controlling interests	50	50	50	50	0
Common stock, $0.01 par value per share, 500,000,000 shares authorized, 108,798,686 and 108,435,663 shares issued and outstanding at December 31, 2025 and 2024 respectively	1	1	1	1	1
Additional paid-in capital	1,264	1,246	1,239	1,232	1,225
Accumulated other comprehensive income	2	9	11	15	−16
Accumulated deficit and distributions in excess of retained earnings	−406	−347	−340	−288	−263
Total stockholders equity	862	910	911	960	948
Non-controlling interests	362	425	435	448	159
Total equity	1,224	1,335	1,346	1,408	1,107
Total liabilities, redeemable non-controlling interests and equity	2,776	2,896	2,939	3,022	2,265

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of debt issuance costs	7	7	6	6	4
Recovery of credit losses	0	0	−1	−1	—
Equity-based compensation	9	8	8	8	11
Deferred tax (benefit) expense	−331,000	762,000	84,000	−59,000	−19,000
Reversal of valuation allowance on deferred tax assets	0	−12	0	0	—
Non-cash interest income	0	−400,000	−531,000	−113,000	−1
Debt transaction costs	0	647,000	395,000	2	220,000
Other	939,000	450,000	793,000	232,000	412,000
Trade receivables, net	1	3	−334,000	−7	−3
Prepaid expenses and other	2	−1	−636,000	2	−1
Accounts payable	225,000	3	−380,000	−438,000	2
Accrued expenses and other	−4	−2	2	19	15
NET CASH PROVIDED BY OPERATING ACTIVITIES	149	166	154	170	66
Acquisitions of lodging properties	0	−96	−45	−287	−59
Improvements to lodging properties	−75	−89	−90	−76	−20
Investment in property under development	−8	−5	−826,000	0	—
Proceeds from tax incentive payment	0	10	0	0	—
Proceeds from asset dispositions, net	40	109	35	74	0
Funding of real estate loans and related expenses	0	0	−5	−2	−10
Proceeds from principal payments on real estate loans	0	0	1	1	26
Transaction escrow activity and other	−76,000	−52,000	1	—	—
NET CASH USED IN INVESTING ACTIVITIES	−43	−71	−102	−291	−74
Proceeds from borrowings on revolving line of credit	70	115	75	532	517
Repayments of revolving line of credit borrowings	−80	−105	−90	−25	−185
Proceeds from mortgage loan	58	0	0	0	—
Repayment of mortgage loan	−45	0	0	—	—
Scheduled principal payments on mortgage loans	−1	−1	−2	—	—
Proceeds from term loans	95	50	0	—	—
Repayment of term loans	−100	−93	0	—	—
Financing fees, debt transactions costs and other issuance costs	−10	−4	−10	−7	−11
Repurchases of common shares	−15	0	0	—	—
Redemption of subsidiary preferred stock	−625,000	0	−413,000	—	—
Common dividends and distributions paid	−39	−37	−27	−10	0
Preferred dividends and distributions paid	−19	−19	−19	−18	−16
Proceeds from contributions by non-controlling interests in joint venture	944,000	22	21	204	116
Distributions to joint venture partner	−24	−22	−12	−80	0
Repurchase of common shares for employee tax withholding requirements	−2	−939,000	−1	−2	−3
Proceeds from the sale of subsidiary preferred stock	0	0	1	0	97
NET CASH USED IN FINANCING ACTIVITIES	−113	−94	−66	86	66
Net change in cash, cash equivalents and restricted cash	−7	590,000	−14	−35	58

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