Summit Hotel Q3 net loss $5.4M; RevPAR up 2.4%; raises FY23 guidance midpoint

Summit Hotel Properties, Inc.

2023-Q3 EPS reported -$0.11 revenue$558,692,000

Net loss attributable to common stockholders $5.4M ($0.05 per share) vs $0.5M loss in prior year.
Pro forma RevPAR $116.91 (+2.4%), occupancy 73.4% (+2.6%), ADR $159.35 (-0.2%).
Adjusted EBITDAre $46.3M (-1.9% YoY); Adjusted FFO $0.22 per share vs $0.25 prior.
Full year 2023 Adjusted EBITDAre and Adjusted FFO guidance midpoint increased.
Pro forma hotel EBITDA $62.3M (+2.6%), margin 34.3% (-25bps).

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Summit Hotel Properties, Inc. reported three and nine months ended September 30, 2023 results: revenue $181,816, net income $(5,438), EPS $(0.05) per diluted share. Guidance raised.

Period: three and nine months ended September 30, 2023
Revenue: $181,816
Net income: $(5,438)
EPS: $(0.05) per diluted share
Guidance: raised
Result: reported results

Exact text from the filing

(unaudited) Net loss attributable to common stockholders $ (5,438) $ (517) $ (11,419) $ (4,954) Net loss per diluted share $ (0.05) $ (0.00) $ (0.11) $ (0.05) Total revenues $ 181,816 $ 178,252 $ 558,692 $ 503,369 EBITDAre (1) $ 55,359 $ 54,935 $ 172,301 $ 156,111 Adjusted EBITDAre (1) $ 46,315 $ 47,218 $ 143,580 $ 134,731 FFO (1) $ 22,669 $ 28,085 $ 72,592 $

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Source: SEC EDGAR

accession 0001497645-23-000060

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