Slide 1: Earnings Release Supplement Second Quarter 2024
Earnings Release Supplement Second Quarter 2024 (UNAUDITED) July 29, 2024 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 VI 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 VI Asset Listing 6
Slide 7: Summary Financial Results (Unaudited)
Summary Financial Results (Unaudited) For the Three Months Ended June 30, For the Six Months Ended June 30, (Amounts in thousands, except per share metrics and statistics) 2024 2023 2024 2023 Net income (loss) attributable to common stockholders $ 30,849 $ (753) $ 28,733 $ (5,981) Net income (loss)
Slide 8: Summary Pro Forma Operating Results (Unaudited)
Summary Pro Forma Operating Results (Unaudited) Trailing Twelve (Amounts in thousands, except operating statistics) 2023 2024 Months Ended Pro Forma Operating Data (1) Q3 Q4 Q1 Q2 June 30, 2024 Pro forma room revenue $ 157,247 $ 150,382 $ 160,705 $ 171,776 $ 640,110 Pro forma other hotel operations
Slide 9: Adjusted EBITDAre Reconciliation (Unaudited)
Adjusted EBITDAre Reconciliation (Unaudited) (Amounts in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Net income (loss) $ 38,698 $ 890 $ 41,531 $ (1,080) Depreciation and amortization 36,458 37,510 73,257 74,418 Interest expense 20,830 22,248 4
Slide 10: Adjusted FFO Reconciliation (Unaudited)
Adjusted FFO Reconciliation (Unaudited) (Amounts in thousands, except per share metrics) For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Net income (loss) $ 38,698 $ 890 $ 41,531 $ (1,080) Preferred dividends (3,968) (3,968) (7,938) (7,938) Distributions to
Slide 11: Reconciliation to Adjusted EBITDAre - By Ownership Interest (Unaudited)
Reconciliation to Adjusted EBITDAre - By Ownership Interest (Unaudited) Q2 2024 Summit GIC Other GIC JV Other JVs (Amounts in thousands, except statistics) Wholly-Owned Joint Venture (1) Joint Ventures (1) Combined Pro Rata Adj Pro Rata Adj Pro Rata 2Q 2024 2Q 2023 2Q 2024 2Q 2023 2Q 2024 2Q 2023 2Q
Slide 12: Reconciliation to Adjusted EBITDAre - By Ownership Interest (Unaudited)
Reconciliation to Adjusted EBITDAre - By Ownership Interest (Unaudited) YTD 2024 Summit GIC Other GIC JV Other JVs (Amounts in thousands, except statistics) Wholly-Owned Joint Venture (2) Joint Ventures (2) Combined Pro Rata Adj Pro Rata Adj Pro Rata YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD
Slide 13: Reconciliation to Adjusted FFO - By Ownership Interest (Unaudited)
Reconciliation to Adjusted FFO - By Ownership Interest (Unaudited) Summit GIC Other GIC JV Other JVs 2Q 2024 Wholly-Owned Joint Venture (1) Joint Ventures (1) Combined Pro Rata Adj Pro Rata Adj Pro Rata (Amounts in thousands, except statistics) 2Q 2024 2Q 2023 2Q 2024 2Q 2023 2Q 2024 2Q 2023 2Q 2024
Slide 14: Reconciliation to Adjusted FFO - By Ownership Interest (Unaudited)
Reconciliation to Adjusted FFO - By Ownership Interest (Unaudited) Summit GIC Other GIC JV Other JVs YTD 2024 Wholly-Owned Joint Venture Joint Ventures Combined Pro Rata Adj Pro Rata Adj Pro Rata (Amounts in thousands, except statistics) YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024
Slide 15: Full Year 2024 Outlook (Unaudited)
Full Year 2024 Outlook (Unaudited) FYE 2024 Outlook (Amounts in thousands, except per share metrics and statistics) Variance to Prior % Change to Prior Low High Midpoint Midpoint Pro Forma RevPAR Growth (1) 1.00 % 2.50 % (1.25)% —% Adjusted EBITDAre $ 188,000 $ 196,000 $ (2,000) (1.0)% Adjusted FFO
Slide 16: 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 VI Asset Listing 16
Slide 17: Pro Forma Operating Results - By Ownership Interest (Unaudited)
Pro Forma Operating Results - By Ownership Interest (Unaudited) INN Wholly-Owned GIC Joint Venture Other Joint Ventures Pro Forma Q2 2024 (54 Hotels) (39 Hotels) (3 Hotels) (96 Hotels) (Amounts in thousands, except statistics) 2024 2023 2024 2023 2024 2023 2024 2023 (1) Pro Forma Operating Data Occu
Slide 18: Pro Forma Operating Results - By Ownership Interest (Unaudited)
Pro Forma Operating Results - By Ownership Interest (Unaudited) INN Wholly-Owned GIC Joint Venture Other Joint Ventures Pro Forma YTD 2024 (54 Hotels) (39 Hotels) (3 Hotels) (96 Hotels) (Amounts in thousands, except statistics) 2024 2023 2024 2023 2024 2023 2024 2023 (1) Pro Forma Operating Data Occ
Slide 19: 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 VI Asset Listing 19
Slide 20: Capitalization - Total Enterprise Value (Unaudited)
Capitalization - Total Enterprise Value (Unaudited) (Amounts in thousands, except common share price & dividends) June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Common Share Price & Dividends At quarter ended $ 5.99 $ 6.51 $ 6.72 $ 5.80 $ 6.51 High during quarter end
Slide 21: Debt Schedule - Part I (Unaudited)
Debt Schedule - Part I (Unaudited) As of June 30, 2024 Number of Pro Rata (amounts in thousands) Base Interest Fixed/ Fully-Extended Encumbered Principal Non-controlling Principal Spread Rate Rate Variable Maturity Date Properties Outstanding Interests Outstanding Senior Credit Facility $400 Million
Slide 22: Debt Schedule - Part II (Unaudited)
Debt Schedule - Part II (Unaudited) As of June 30, 2024 (amounts in thousands) Principal Amount Fixed Debt Variable Debt Effective Interest Outstanding Outstanding Outstanding Rate Total Debt $ 1,359,186 $ 306,149 $ 1,053,037 6.40 % Non-controlling Interests in Joint Ventures (305,896) (9,138) (296,
Slide 23: Debt Schedule - Part III (Unaudited)
Debt Schedule - Part III (Unaudited) (1) Pro Rata Debt Maturity Ladder at June 30, 2024 $400 $6.5 $300 $102.0 $200 $287.5 $200.0 $100 $202.0 $200.0 $0.0 $42.3 $10.0 $3.1 $0 2024 2025 2026 2027 2028 2029 2030 $400M Senior Revolver Convertible Senior Notes $200M Senior Term Loan $200M GIC JV Credit Fa
Slide 24: 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 VI Asset Listing 24
Slide 25: 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 26: 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 27: 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 28: 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 29: 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 30: 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 11 N/A N/A Other Joint Ventures (90% Ownership) 3 275 Pro Forma 96
Slide 31: Summit Hotel Properties
APX*SUMMIT HOTEL PROPERTIES