Summit Hotel Properties, Inc. · NYSE:INN
Summit Hotel Properties — Q1 2025 Earnings Presentation
27 slides from Summit Hotel Properties's earnings presentation, May 1, 2025
Slide 1: Earnings Release Supplement First Quarter 2025
Earnings Release Supplement First Quarter 2025 (UNAUDITED) April 30, 2025 1
Slide 2: Table of Contents
Table of Contents Section I Forward-Looking Statements and Non-GAAP Financial Measure Disclosures Section II Corporate Financial Schedules Section III Operating & Property-Level Schedules Section IV Capitalization and Debt Schedules Section V Asset Listing 2
Slide 3: Forward-Looking Statements
Forward-Looking Statements We make forward-looking statements in this presentation that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans,
Slide 4: Non-GAAP Financial Measures
Non-GAAP Financial Measures We disclose certain “non-GAAP financial measures,” which are measures of our historical financial performance. Non-GAAP financial measures are financial measures not prescribed by Generally Accepted Accounting Principles ("GAAP"). These measures are as follows: (i) Funds
Slide 5: Non-GAAP Financial Measures (cont.)
Non-GAAP Financial Measures (cont.) EBITDAre and Adjusted EBITDAre In September 2017, Nareit proposed a standardized performance measure, called EBITDAre, which is based on EBITDA and is expected to provide additional relevant information about REITs as real estate companies in support of growing in
Slide 6: Table of Contents
Table of Contents Section I Forward-Looking Statements and Non-GAAP Financial Measure Disclosures Section II Corporate Financial Schedules Section III Operating & Property-Level Schedules Section IV Capitalization and Debt Schedules Section V Asset Listing 6
Slide 7: Summary Financial Results (Unaudited)
Summary Financial Results (Unaudited) (Amounts in thousands, except per share metrics and statistics) For the Three Months Ended March 31, 2025 2024 Net loss attributable to common stockholders $ (4,684) $ (2,116) Net loss per diluted share $ (0.04) $ (0.02) Total revenues $ 184,478 $ 188,142 EBITDA
Slide 8: Summary Pro Forma Operating Results (Unaudited)
Summary Pro Forma Operating Results (Unaudited) (Amounts in thousands, except operating statistics) Trailing Twelve 2024 2025 Months Ended Pro Forma Operating Data: (1) Q2 Q3 Q4 Q1 March 31, 2025 Pro forma room revenue $ 177,392 $ 162,848 $ 156,955 $ 163,731 $ 660,926 Pro forma other hotel operation
Slide 9: Adjusted EBITDAre Reconciliation (Unaudited)
Adjusted EBITDAre Reconciliation (Unaudited) (Amounts in thousands) For the Three Months Ended March 31, 2025 2024 Net income $ 623 $ 2,833 Depreciation and amortization 37,230 36,799 Interest expense 19,956 21,582 Interest income on cash deposits (113) (157) Income tax expense 754 217 EBITDA 58,450
Slide 10: Adjusted FFO Reconciliation (Unaudited)
Adjusted FFO Reconciliation (Unaudited) (Amounts in thousands, except per share metrics) For the Three Months Ended March 31, 2025 2024 Net income $ 623 $ 2,833 Preferred dividends (3,970) (3,970) Distributions to and accretion of redeemable non-controlling interests (657) (657) Income related to no
Slide 11: Reconciliation to Adjusted EBITDAre - By Ownership Interest (Unaudited)
Reconciliation to Adjusted EBITDAre - By Ownership Interest (Unaudited) (Amounts in thousands, except statistics) Summit GIC Other GIC JV Other JVs Wholly-Owned Joint Venture (2) Joint Ventures (2) Combined Pro Rata Adj Pro Rata Adj Pro Rata For The Three Months Ended March 31, 2025 2024 2025 2024 2
Slide 12: Reconciliation to Adjusted FFO - By Ownership Interest (Unaudited)
Reconciliation to Adjusted FFO - By Ownership Interest (Unaudited) (Amounts in thousands, except per share metrics) Summit GIC Other GIC JV Other JVs Wholly-Owned Joint Venture (1) Joint Ventures (1) Combined Pro Rata Adj Pro Rata Adj Pro Rata For The Three Months Ended March 31, 2025 2024 2025 2024
Slide 13: Table of Contents
Table of Contents Section I Forward-Looking Statements and Non-GAAP Financial Measure Disclosures Section II Corporate Financial Schedules Section III Operating & Property-Level Schedules Section IV Capitalization and Debt Schedules Section V Asset Listing 13
Slide 14: Pro Forma Operating Results - By Ownership Interest (Unaudited)
Pro Forma Operating Results - By Ownership Interest (Unaudited) (Amounts in thousands, except statistics) INN Wholly-Owned GIC Joint Venture Other Joint Ventures Pro Forma (53 Hotels) (41 Hotels) (3 Hotels) (97 Hotels) For The Three Months Ended March 31, 2025 2024 2025 2024 2025 2024 2025 2024 (1)
Slide 15: Table of Contents
Table of Contents Section I Forward-Looking Statements and Non-GAAP Financial Measure Disclosures Section II Corporate Financial Schedules Section III Operating & Property-Level Schedules Section IV Capitalization and Debt Schedules Section V Asset Listing 15
Slide 16: Capitalization - Total Enterprise Value
Capitalization - Total Enterprise Value (Unaudited) (Amounts in thousands, except common share price & dividends) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Common Share Price & Dividends At quarter ended $ 5.41 $ 6.85 $ 6.86 $ 5.99 $ 6.51 High during quarter en
Slide 17: Debt Schedule - Part I (Unaudited)
Debt Schedule - Part I (Unaudited) (Amounts in thousands except for number of properties) Number of Pro Rata Base Interest Fixed/ Fully-Extended Encumbered Principal Non-controlling Principal As of March 31, 2025 Spread Rate Rate Variable Maturity Date Properties Outstanding Interests Outstanding Se
Slide 18: Debt Schedule - Part II (Unaudited)
Debt Schedule - Part II (Unaudited) (Amounts in thousands) Principal Amount Fixed Debt Variable Debt Effective Interest As of March 31, 2025 Outstanding Outstanding Outstanding Rate Total Debt $ 1,427,359 $ 305,732 $ 1,121,627 5.62 % Non-controlling Interests in Joint Ventures (330,051) (8,934) (321
Slide 19: Debt Schedule - Part III (Unaudited)
Debt Schedule - Part III (Unaudited) (1) Pro Rata Debt Maturity Ladder at March 31, 2025 400 _ _$275 _ _ Million _ _ _ Delayed _ _ _ _Draw _ _ _Term _ _Loan _ _ in __ place to refinance Convertible Senior Notes in February 2026 ____________________________ | $6.4 | | | | | | | 300 | | $127.5 200 $28
Slide 20: Table of Contents
Table of Contents Section I Forward-Looking Statements and Non-GAAP Financial Measure Disclosures Section II Corporate Financial Schedules Section III Operating & Property-Level Schedules Section IV Capitalization and Debt Schedules Section V Asset Listing 20
Slide 21: Asset Listing (Unaudited)
Asset Listing (Unaudited) STR STR Hotels Rooms Chain Scale Location INN Wholly-Owned (100% Ownership) Hyatt Place - Denver South/Park Meadows 1 127 Upscale Suburban Hyatt Place - Denver Tech Center 1 126 Upscale Suburban Hyatt Place - Scottsdale/Old Town 1 126 Upscale Resort Holiday Inn Express & Su
Slide 22: Asset Listing (Unaudited)
Asset Listing (Unaudited) STR STR Hotels Rooms Chain Scale Location INN Wholly-Owned (100% Ownership), (cont.) SpringHill Suites - Louisville Downtown 1 198 Upscale Urban SpringHill Suites - Indianapolis Downtown 1 156 Upscale Urban Courtyard - Indianapolis Downtown 1 297 Upscale Urban Hampton Inn &
Slide 23: Asset Listing (Unaudited)
Asset Listing (Unaudited) STR STR Hotels Rooms Chain Scale Location INN Wholly-Owned (100% Ownership), (cont.) Courtyard - Charlotte City Center 1 181 Upscale Urban Hampton Inn & Suites - Baltimore Inner Harbor 1 116 Upper Midscale Urban Residence Inn - Baltimore Downtown/Inner Harbor 1 189 Upscale
Slide 24: Asset Listing (Unaudited)
Asset Listing (Unaudited) STR STR Hotels Rooms Chain Scale Location GIC Joint Venture (51% Ownership) Courtyard - Scottsdale North 1 153 Upscale Resort Springhill Suites - Scottsdale North 1 121 Upscale Resort Hampton Inn & Suites - Tampa/Ybor City/Downtown 1 138 Upper Midscale Urban Homewood Suites
Slide 25: Asset Listing (Unaudited)
Asset Listing (Unaudited) STR STR Hotels Rooms Chain Scale Location GIC Joint Venture (51% Ownership) AC Hotel - Dallas / Frisco 1 150 Upscale Suburban Residence Inn - Dallas / Frisco 1 150 Upscale Suburban Canopy Hotel - Dallas / Frisco Station 1 150 Upper Upscale Suburban Residence Inn - Tyler 1 1
Slide 26: Asset Listing (Unaudited)
Asset Listing (Unaudited) STR STR Hotels Rooms Chain Scale Location Other Joint Ventures (90% Ownership) AC Hotels by Marriott - Miami Brickell 1 156 Upscale Urban Element - Miami Brickell 1 108 Upscale Urban Onera - Fredericksburg 1 12 N/A N/A Other Joint Ventures (90% Ownership) 3 276 Pro Forma 97
Slide 27: Summit Hotel Properties
APX*SUMMIT HOTEL PROPERTIES
Summit Hotel Properties — Q1 2025 Earnings Presentation on 6ix