Summit Hotel Properties: FY2023 net loss $0.27/share; RevPAR up 6.6%; adjusted FFO $0.92/share

Summit Hotel Properties, Inc.

2023-FY EPS reported -$0.27 revenue$736,127,000

Full year 2023 net loss attributable to common stockholders $28.0M ($0.27/diluted share) vs $16.9M ($0.16) in 2022.
Pro forma RevPAR +6.6% to $120.12; ADR +3.1% to $166.27; occupancy +3.4% to 72.2%.
Adjusted EBITDAre up 5.1% to $190.0M from $180.8M; Adjusted FFO per diluted share $0.92 vs $0.94.
Completed new $200M term loan financing; no significant debt maturities until 2026; weighted avg cost of debt ~4.75%.
Sold six hotels in 2023 for ~$50M at 2.6% cap rate; increased common dividend 50% during year.

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 the fourth quarter and year ended December 31, 2023 results: revenue $177,435, net income Net loss attributable to common stockholders was $16.6 million, or $0.16 per diluted share.

Period: the fourth quarter and year ended December 31, 2023
Revenue: $177,435
Net income: Net loss attributable to common stockholders was $16.6 million, or $0.16 per diluted share
Result: reported results

Exact text from the filing

Net loss attributable to common stockholders $ (16,571) $ (11,975) $ (27,990) $ (16,929) Net loss per diluted share $ (0.16) $ (0.11) $ (0.27) $ (0.16) Total revenues $ 177,435 $ 172,326 $ 736,127 $ 675,695 EBITDAre (1) $ 56,581 $ 54,498 $ 228,882 $ 210,609 Adjusted EBITDAre (1) $ 46,384 $ 46,084 $ 189,964 $ 180,815 FFO (1) $ 24,186 $ 25,542 $ 96,778 $

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Source: SEC EDGAR

accession 0001497645-24-000009

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