Summit Hotel Q1 net loss narrows to $5.2M; RevPAR +19.3%, dividend raised 50%

Summit Hotel Properties, Inc.

2023-Q1 EPS reported -$0.05 revenue$182,383,000

Net loss attributable to common stockholders narrowed to $5.2M ($0.05/sh) from $12.4M ($0.12/sh) YoY.
Pro forma RevPAR increased 19.3% to $118.18; ADR up 11.2% to $171.63; occupancy 68.9%.
Adjusted EBITDAre rose 35.0% to $44.4M from $32.9M; Adjusted FFO per share $0.22 vs $0.17.
Common dividend hiked 50% to annualized $0.24 per share; maintains prudent payout ratio.
Urban-market RevPAR up 25% YoY; recently acquired NewcrestImage hotels exceeded 2019 RevPAR.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Summit Hotel Properties, Inc. reported the three months ended March 31, 2023 results: revenue $182,383, net income $(5,228), EPS $(0.05) per diluted share.

Period: the three months ended March 31, 2023
Revenue: $182,383
Net income: $(5,228)
EPS: $(0.05) per diluted share
Result: reported results

Exact text from the filing

the Three Months Ended March 31, 2023 2022 Net loss attributable to common stockholders $ (5,228 ) $ (12,379 ) Net loss per diluted share $ (0.05 ) $ (0.12 ) Total revenues $ 182,383 $ 141,869 EBITDA re (1) $ 55,340 $ 38,738 Adjusted EBITDA re (1) $ 44,428 $ 32,921 FFO (1) $ 22,076 $ 14,493 Adjusted FFO (1) $ 26,261 $ 20,141 FFO per diluted share and unit

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Source: SEC EDGAR

accession 0001104659-23-055532

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