Summit Hotel Properties Inc. (INN) Financial Statements (2024 and earlier)

Company Profile

Business Address 13215 BEE CAVE PARKWAY
AUSTIN, TX 78738
State of Incorp. MD
Fiscal Year End December 31
Industry (SIC) 6798 - Real Estate Investment Trusts (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

3/31/2024
MRQ
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments37,83751,25564,48520,71942,23844,088
Cash and cash equivalents37,83751,25564,48520,71942,23844,088
Prepaid expense 3,4233,3478,4046,7455,5332,822
Derivative instruments and hedges, assets 13,95816,841    
Total current assets:55,21871,44372,88927,46447,77146,910
Noncurrent Assets
Operating lease, right-of-use asset34,81435,02326,94228,42029,884
Intangible assets, net (including goodwill)30,70334,84410,83410,92111,00720,956
Intangible assets, net (excluding goodwill)30,70334,84410,83410,92111,00720,956
Regulated entity, other noncurrent assets15,17111,32811,5186,7336,5636,299
Total noncurrent assets:80,68881,19549,29446,07447,45427,255
Other undisclosed assets2,803,3422,869,6322,142,7192,159,4812,260,4582,148,132
TOTAL ASSETS:2,939,2483,022,2702,264,9022,233,0192,355,6832,222,297
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Noncurrent Liabilities
Liabilities, other than long-term debt      4,623
Off-market lease, unfavorable      4,623
Total noncurrent liabilities:      4,623
Other undisclosed liabilities1,542,5521,564,1011,157,7101,180,9561,112,2931,025,530
Total liabilities:1,542,5521,564,1011,157,7101,180,9561,112,2931,030,153
Temporary equity, carrying amount50,21950,219    
Equity
Equity, attributable to parent, including:911,195959,813948,073988,7421,173,7781,189,849
Common stock1,0761,0691,0631,0571,0521,048
Additional paid in capital1,238,8961,232,3021,225,1841,197,3201,190,9491,185,310
Accumulated other comprehensive income (loss)10,96714,538(15,639)(30,716)(16,034)(1,441)
Retained earnings (accumulated deficit)(339,848)(288,200)(262,639)(179,013)(2,283)4,838
Other undisclosed equity, attributable to parent104104104949494
Equity, attributable to noncontrolling interest435,282448,137159,11963,32169,6122,295
Total equity:1,346,4771,407,9501,107,1921,052,0631,243,3901,192,144
TOTAL LIABILITIES AND EQUITY:2,939,2483,022,2702,264,9022,233,0192,355,6832,222,297

Income Statement (P&L) ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Revenues736,127675,695361,926234,463549,348567,270
Cost of revenue(476,875)(436,134)(357,794)(321,113)(449,217)(460,961)
Gross profit:259,252239,5614,132(86,650)100,131106,309
Operating expenses(200,128)(192,094)(37,638)(22,744)(26,143)(22,584)
Other undisclosed operating income (loss)(337)20,315240(16)45,41841,474
Operating income (loss):58,78767,782(33,266)(109,410)119,406125,199
Nonoperating expense(84,105)(62,954)(33,845)(38,459)(35,558)(34,995)
Other nonoperating income1,0052,6279,5234,8415,4726,949
Interest and debt expense(86,798)(65,581)(43,368)(43,300)(41,030)(41,944)
Income (loss) from continuing operations before equity method investments, income taxes:(112,116)(60,753)(110,479)(191,169)42,81848,260
Other undisclosed income from continuing operations before income taxes86,79865,58143,36843,30041,03041,944
Income (loss) from continuing operations before income taxes:(25,318)4,828(67,111)(147,869)83,84890,204
Income tax expense (benefit)(2,798)(3,611)(1,473)(1,376)(1,500)922
Income (loss) from continuing operations:(28,116)1,217(68,584)(149,245)82,34891,126
Income (loss) before gain (loss) on sale of properties:(68,584)(149,245)82,34891,126
Net income (loss):(28,116)1,217(68,584)(149,245)82,34891,126
Net income (loss) attributable to noncontrolling interest18,6272493,0115,906262(205)
Net income (loss) attributable to parent:(9,489)1,466(65,573)(143,339)82,61090,921
Preferred stock dividends and other adjustments(18,501)(18,395)(18,141)(14,838)(14,838)(19,948)
Undistributed earnings (loss) allocated to participating securities, basic    (81)  
Net income (loss) available to common stockholders, basic:(27,990)(16,929)(83,714)(158,258)67,77270,973
Dilutive securities, effect on basic earnings per share      
Other undisclosed net income available to common stockholders, diluted      
Net income (loss) available to common stockholders, diluted:(27,990)(16,929)(83,714)(158,258)67,77270,973

Comprehensive Income ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Net income (loss):(28,116)1,217(68,584)(149,245)82,34891,126
Other comprehensive income (loss)(2,884)32,56415,127(14,673)(14,596)(2,900)
Comprehensive income (loss):(31,000)33,781(53,457)(163,918)67,75288,226
Comprehensive income (loss), net of tax, attributable to noncontrolling interest17,940(2,138)   (197)
Other undisclosed comprehensive income, net of tax, attributable to parent   2,9905,931296 
Comprehensive income (loss), net of tax, attributable to parent:(13,060)31,643(50,467)(157,987)68,04888,029

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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