November 3, 2026
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, and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may," or similar expressions, we intend to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking by their nature:
our ability to increase our dividend per share of common stock;
the state of the U.S. economy generally or in specific geographic regions in which we operate, and the effect of general economic conditions on the lodging industry and our business in particular;
market trends in our industry, interest rates, real estate values and the capital markets;
our business and investment strategy and, particularly, our ability to identify and complete hotel acquisitions and dispositions;
our projected operating results;
actions and initiatives of the U.S. government and changes to U.S. government policies and the execution and impact of such actions, initiatives and policies;
our ability to manage our relationships with our management companies and franchisors;
our ability to maintain our existing and future financing arrangements;
changes in the value of our properties;
the impact of and changes in governmental regulations, tax law and rates, accounting guidance and similar matters;
our ability to satisfy the requirements for qualification as a REIT under the U.S. Tax Code;
our ability to repay or refinance our indebtedness as it matures or becomes callable by lenders;
the availability of qualified personnel;
our ability to make distributions to our stockholders in the future;
the general volatility of the market price of our securities; and
the degree and nature of our competition.
Forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account information currently available to us. You should not place undue reliance on these forward-looking statements. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. These factors are discussed under "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, and in other documents we have filed with the Securities and Exchange Commission. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. Any forward-looking statement is effective only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law we are not obligated to, and do not intend to, publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Additionally, this presentation contains certain unaudited historical and pro forma information and metrics which are based or calculated from historical data that is maintained or produced by Summit Hotel Properties, Inc. or third parties. This presentation contain statistics and other data that may have been obtained from, or compiled from, information made available by third-parties.
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 From Operations ("FFO") and Adjusted Funds from Operations ("AFFO"), (ii) Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA"), Earnings before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") and Adjusted EBITDAre (as described below). We caution investors that amounts presented in accordance with our definitions of non-GAAP financial measures may not be comparable to similar measures disclosed by other companies, since not all companies calculate these non-GAAP financial measures in the same manner. Our non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of our operating performance. Our non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures, property acquisitions, debt service obligations and other commitments and uncertainties. Although we believe that our non-GAAP financial measures can enhance the understanding of our financial condition and results of operations, these non-GAAP financial measures are not necessarily better indicators of any trend as compared to a comparable measure prescribed by GAAP such as net income (loss).
FFO and AFFOAs defined by Nareit, FFO represents net income or loss (computed in accordance with GAAP), excluding preferred dividends, gains (or losses) from sales of real property, impairment losses on real estate assets, items classified by GAAP as extraordinary, the cumulative effect of changes in accounting principles, plus depreciation and amortization related to real estate assets, and adjustments for unconsolidated partnerships, and joint ventures. AFFO represents FFO excluding amortization of deferred financing costs, franchise fees, equity-based compensation expense, transaction costs, debt transaction costs, premiums on redemption of preferred shares, losses from net casualties, non-cash interest income and non-cash income tax related adjustments to our deferred tax asset. Unless otherwise indicated, we present FFO and AFFO applicable to our common shares and common units. We present FFO and AFFO because we consider FFO and AFFO an important supplemental measure of our operational performance and believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs, many of which present FFO and AFFO when reporting their results. FFO and AFFO are intended to exclude GAAP historical cost depreciation and amortization, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO and AFFO exclude depreciation and amortization related to real estate assets, gains and losses from real property dispositions and impairment losses on real estate assets, and certain transaction costs related to lodging property acquisition activities and debt, FFO and AFFO provide performance measures that, when compared year over year, reflect the effect to operations from trends in occupancy, guestroom rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income. Our computation of FFO differs slightly from the computation of Nareit-defined FFO related to the reporting of depreciation and amortization expense on assets at our corporate offices, which is de minimis. Our computation of FFO may also differ from the methodology for calculating FFO used by other equity REITs and, accordingly, may not be comparable to such other REITs. FFO and AFFO should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. Where indicated in this Earnings Release Supplement, FFO is based on our computation of FFO and not the computation of Nareit-defined FFO unless otherwise noted.
EBITDAre and Adjusted EBITDAreIn 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 interest among generalist investors. The conclusion was reached that, while dedicated REIT investors have long been accustomed to utilizing the industry's supplemental measures such as FFO and net operating income ("NOI") to evaluate the investment quality of REITs as real estate companies, it would be helpful to generalist investors for REITs as real estate companies to also present EBITDAre as a more widely known and understood supplemental measure of performance. EBITDAre is intended to be a supplemental non-GAAP performance measure that is independent of a company's capital structure and will provide a uniform basis for one measurement of the enterprise value of a company compared to other REITs.
EBITDAre, as defined by Nareit, is calculated as EBITDA, excluding: (i) loss and gains on disposition of property and (ii) asset impairments, if any. We believe EBITDAre is useful to an investor in evaluating our operating performance because it provides investors with an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures and to fund other cash needs or reinvest cash into our business. We also believe it helps investors meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our asset base (primarily depreciation and amortization) from our operating results.
We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional non-recurring or unusual items described below provides useful supplemental information to investors regarding our on-going operating performance. We believe that the presentation of Adjusted EBITDAre, when combined with the primary GAAP presentation of net income, is useful to an investor in evaluating our operating performance because it provides investors with an indication of our ability to incur and service debt, to meet general operating expenses, to make capital expenditures and to fund other cash needs, or reinvest cash into our business. We also believe it helps investors meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our asset base (primarily depreciation and amortization) from our operating results.
Section I Section II Section III Section IV Section V
Forward-Looking Statements and Non-GAAP Financial Measure DisclosuresCorporate Financial Schedules Operating & Property-Level Schedules Capitalization and Debt Schedules Asset Listing
Summary Financial Results (Unaudited)(Amounts in thousands, except per share metrics and statistics)
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2026 | 2025 | 2026 | 2025 | |||
Net loss attributable to common stockholders | $ (7,655) | $ (11,301) | $ (14,229) | $ (17,597) | ||
Net loss per diluted share | $ (0.07) | $ (0.11) | $ (0.14) | $ (0.17) | ||
Total revenues | $ 185,706 | $ 177,117 | $ 569,778 | $ 554,512 | ||
EBITDAre (1) | $ 53,372 | $ 46,166 | $ 175,613 | $ 165,665 | ||
Adjusted EBITDAre (1) | $ 43,904 | $ 39,263 | $ 142,930 | $ 135,189 | ||
FFO (1) | $ 19,250 | $ 16,289 | $ 72,278 | $ 66,371 | ||
Adjusted FFO (1) | $ 24,204 | $ 21,253 | $ 84,612 | $ 81,319 | ||
FFO per diluted share and unit (1) | $ 0.16 | $ 0.13 | $ 0.60 | $ 0.54 | ||
Adjusted FFO per diluted share and unit (1) | $ 0.20 | $ 0.17 | $ 0.70 | $ 0.66 | ||
Pro Forma (2) and Same Store (3) | ||||||
RevPAR | $ 126.17 | $ 117.69 | $ 129.91 | $ 124.91 | ||
RevPAR Growth | 7.2 | % | 4.0 | % | ||
Hotel EBITDA | $ 60,404 | $ 52,792 | $ 195,190 | $ 184,356 | ||
Hotel EBITDA Growth | 14.4 | % | 5.9 | % | ||
Hotel EBITDA Margin | 32.6 | % | 30.7 % | 34.5 | % | 34.1 % |
Hotel EBITDA Margin Growth | 191 | bps | 40 | bps |
See tables later in this presentation for a discussion and reconciliation of Net loss to non-GAAP financial measures, including earnings before interest, taxes, depreciation, and amortization ("EBITDA"), EBITDAre, adjusted EBITDAre, funds from operations ("FFO"), FFO per diluted share and unit, adjusted FFO ("AFFO"), and AFFO per diluted share and unit, as well as a reconciliation of Operating income to hotel EBITDA. See "Non-GAAP Financial Measures" at the end of this presentation.
Unless stated otherwise in this presentation, all pro forma information includes operating and financial results for 92 lodging properties owned as of September 30, 2026.
All same store information includes operating and financial results for 92 hotels owned as of January 1, 2025, and at all times during the three and nine months ended September 30, 2026 and 2025.
(Amounts in thousands, except operating statistics)
Trailing Twelve Months2025 | 2026 | Ended | ||||||||||||
Pro Forma Operating Data: (1) | Q4 | Q1 | Q2 | Q3 | September 30, 2026 | |||||||||
Pro forma room revenue | $ | 150,002 | $ | 160,473 | $ | 174,183 | $ | 162,816 | $ 647,474 | |||||
Pro forma other hotel operations revenue | 21,383 | 22,276 | 22,758 | 22,511 | 88,928 | |||||||||
Pro forma total revenues | 171,385 | 182,749 | 196,941 | 185,327 | 736,402 | |||||||||
Pro forma total hotel operating expenses | 116,856 | 119,737 | 125,167 | 124,923 | 486,683 | |||||||||
Pro forma hotel EBITDA | $ | 54,529 | $ | 63,012 | $ | 71,774 | $ | 60,404 | $ 249,719 | |||||
Pro forma hotel EBITDA Margin | 31.8 % | 34.5 % | 36.4 % | 32.6 % | 33.9 % | |||||||||
Pro Forma Statistics: (1) | ||||||||||||||
Rooms sold | 916,685 | 903,506 | 974,624 | 969,457 | 3,764,272 | |||||||||
Rooms available | 1,290,392 | 1,262,430 | 1,276,457 | 1,290,484 | 5,119,763 | |||||||||
Occupancy | 71.0 % | 71.6 % | 76.4 % | 75.1 % | 73.5 % | |||||||||
ADR | $ | 163.63 | $ | 177.61 | $ | 178.72 | $ | 167.95 | $ | 172.01 | ||||
RevPAR | $ | 116.25 | $ | 127.11 | $ | 136.46 | $ | 126.17 | $ | 126.47 | ||||
Actual Statistics: | ||||||||||||||
Rooms sold | 941,803 | 920,670 | 987,180 | 971,639 | 3,821,292 | |||||||||
Rooms available | 1,325,524 | 1,286,440 | 1,294,566 | 1,294,663 | 5,201,193 | |||||||||
Occupancy | 71.1 % | 71.6 % | 76.3 % | 75.0 % | 73.5 % | |||||||||
ADR | $ | 162.60 | $ | 176.57 | $ | 178.42 | $ | 167.93 | $ | 171.41 | ||||
RevPAR | $ | 115.53 | $ | 126.37 | $ | 136.06 | $ | 126.03 | $ | 125.93 | ||||
Unaudited pro forma information includes operating results for 92 hotels owned as of September 30, 2026. For any hotels sold by the Company after October 1, 2025, the Company excludes the financial results of each of those hotels from October 1, 2025 to the date the hotels were sold by the Company in determining pro forma total revenues and pro forma hotel operating expenses. The pro forma information is included to enable comparison of results for the current reporting period to results for the comparable period of the prior year and are not indicative of future results.
(Amounts in thousands)
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2026 | 2025 | 2026 | 2025 | |
Net loss | $ (5,183) | $ (11,760) | $ (1,361) | $ (9,100) |
Depreciation and amortization | 36,108 | 37,634 | 109,295 | 112,123 |
Interest expense | 21,926 | 20,676 | 64,444 | 61,260 |
Interest income on cash deposits | (217) | (89) | (512) | (334) |
Income tax expense (benefit) | 880 | (352) | 342 | 1,580 |
EBITDA | 53,514 | 46,109 | 172,208 | 165,529 |
Loss on write-down of assets | - | - | 3,641 | - |
(Gain) loss on disposal of assets and other dispositions, net | (142) | 57 | (236) | 136 |
EBITDAre | 53,372 | 46,166 | 175,613 | 165,665 |
Amortization of key money liabilities | (178) | (129) | (471) | (387) |
Equity-based compensation | 1,660 | 2,049 | 5,087 | 6,754 |
Debt transaction costs | 46 | 323 | 188 | 338 |
Non-cash lease expense, net | 108 | 108 | 359 | 374 |
Casualty losses, net | 363 | 470 | 985 | 1,194 |
Other | 245 | 885 | 301 | 885 |
Loss (income) related to non-controlling interests in consolidated joint ventures | 1,217 | 3,565 | (727) | 3,051 |
Adjustments related to non-controlling interests in consolidated joint ventures | (12,929) | (14,174) | (38,405) | (42,685) |
Adjusted EBITDAre | $ 43,904 | $ 39,263 | $ 142,930 | $ 135,189 |
(Amounts in thousands, except per share metrics)
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
2026 | 2025 | 2026 | 2025 | |
Net loss | $ (5,183) | $ (11,760) | $ (1,361) | $ (9,100) |
Preferred dividends | (3,968) | (3,968) | (11,906) | (11,906) |
Distributions to and accretion of redeemable non-controlling interests | (656) | (656) | (1,970) | (1,970) |
Loss (income) related to non-controlling interests in consolidated joint ventures | 1,217 | 3,565 | (727) | 3,051 |
Net loss applicable to common shares and Common Units | (8,590) | (12,819) | (15,964) | (19,925) |
Real estate-related depreciation | 35,543 | 37,064 | 107,618 | 110,421 |
Loss on write-down of assets | - | - | 3,641 | - |
(Gain) loss on disposal of assets and other dispositions, net | (142) | 57 | (236) | 136 |
FFO adjustments related to non-controlling interests in consolidated joint ventures | (7,561) | (8,013) | (22,781) | (24,261) |
FFO applicable to common shares and Common Units | 19,250 | 16,289 | 72,278 | 66,371 |
Amortization of deferred financing costs | 1,995 | 1,929 | 5,911 | 5,279 |
Amortization of franchise fees | 175 | 180 | 509 | 530 |
Amortization of intangible assets, net | 210 | 263 | 696 | 787 |
Equity-based compensation | 1,660 | 2,049 | 5,087 | 6,754 |
Debt transaction costs | 46 | 323 | 188 | 338 |
Non-cash lease expense, net | 108 | 108 | 359 | 374 |
Casualty losses, net | 363 | 470 | 985 | 1,194 |
Deferred tax expense (benefit) | 713 | (532) | (250) | 636 |
Other | 245 | 885 | 301 | 885 |
AFFO adjustments related to non-controlling interests in consolidated joint ventures | (561) | (711) | (1,452) | (1,829) |
AFFO applicable to common shares and Common Units | $ 24,204 | $ 21,253 | $ 84,612 | $ 81,319 |
FFO per common share and Common Unit | $ 0.16 | $ 0.13 | $ 0.60 | $ 0.54 |
AFFO per common share and Common Unit | $ 0.20 | $ 0.17 | $ 0.70 | $ 0.66 |
Weighted-average diluted common shares and Common Units | 120,003 | 121,635 | 120,317 | 123,211 |
Summit GIC Other Wholly-Owned Joint Venture (1) Joint Ventures (1) | Combined | GIC JV Other JVs Pro Rata Adj Pro Rata Adj | Pro Rata | |||
For The Three Months Ended September 30, | 2026 2025 2026 2025 2026 2025 | 2026 | 2025 | 2026 2025 2026 2025 | 2026 | 2025 |
Number Rooms Sold | 573,861 582,374 376,575 384,152 21,203 21,307 | 971,639 | 987,833 | |||
Number of Rooms Available | 760,879 786,232 506,276 527,344 27,508 27,508 | 1,294,663 | 1,341,084 | |||
Occupancy | 75.4 % 74.1 % 74.4 % 72.8 % 77.1 % 77.5 % | 75.0 % 73.7 % | ||||
Average Daily Rate | $ 172.25 $ 162.80 $ 160.80 $ 151.35 $ 177.59 $ 158.15 | $ 167.93 | $ 158.25 | |||
Room Revenue PAR | $ 129.91 $ 120.59 $ 119.61 $ 110.26 $ 136.88 $ 122.50 | $ 126.03 | $ 116.57 | |||
Room Revenue | $ 98,846 $ 94,810 $ 60,555 $ 58,143 $ 3,765 $ 3,370 | $ 163,166 | $ 156,323 | |||
Other revenue | 11,911 11,055 7,916 7,215 2,713 2,524 | 22,540 | 20,794 | |||
Total Revenue | $ 110,757 $ 105,865 $ 68,471 $ 65,358 $ 6,478 $ 5,894 | $ 185,706 | $ 177,117 | |||
Hotel EBITDA | $ 34,863 $ 31,598 $ 24,278 $ 21,784 $ 1,290 $ 737 | $ 60,431 | $ 54,119 | |||
% margin | 31.5 % 29.8 % 35.5 % 33.3 % 19.9 % 12.5 % | 32.5 % 30.6 % | ||||
Net loss | $ (2,216) $ (3,053) $ (2,436) $ (7,007) $ (531) $ (1,700) | $ (5,183) | $ (11,760) | $ 1,164 $ 3,395 $ 53 $ 170 | $ (3,966) $ (8,195) | |
Depreciation and amortization | 19,166 19,809 15,521 16,419 1,421 1,406 | 36,108 | 37,634 | (7,605) (8,045) (142) (141) | 28,361 | 29,448 |
Interest expense | 11,268 8,059 10,249 11,588 409 1,029 | 21,926 | 20,676 | (5,022) (5,678) (41) (103) | 16,863 | 14,895 |
Interest income | (182) (73) (28) (16) (7) - | (217) | (89) | 14 8 1 - | (202) (81) | |
Income tax expense (benefit) | 568 (351) 312 (1) - - | 880 | (352) | (153) - - - | 727 (352) | |
EBITDA | 28,604 24,391 23,618 20,983 1,292 735 | 53,514 | 46,109 | (11,602) (10,320) (129) (74) | 41,783 | 35,715 |
(Gain) loss on disposal of assets and other dispositions, net | (168) - 30 57 (4) - | (142) 57 | (15) (28) - - | (157) 29 | ||
EBITDAre | 28,436 24,391 23,648 21,040 1,288 735 | 53,372 | 46,166 | (11,617) (10,348) (129) (74) | 41,626 | 35,744 |
Amortization of key money liabilities | (109) (60) (51) (51) (18) (18) | (178) | (129) | 25 25 2 2 | (151) (102) | |
Equity-based compensation | 1,660 2,049 - - - - | 1,660 | 2,049 | - - - - | 1,660 | 2,049 |
Debt transaction costs | 46 1 - 323 - (1) | 46 | 323 | - (158) - - | 46 | 165 |
Non-cash lease expense, net | 103 101 5 7 - - | 108 | 108 | (2) (3) - - | 106 | 105 |
Casualty losses, net | 256 340 91 121 16 9 | 363 | 470 | (45) (59) (2) (1) | 316 | 410 |
Other | 801 956 - - (556) (71) | 245 | 885 | - (3) 56 10 | 301 | 892 |
Adjusted EBITDAre | $ 31,193 $ 27,778 $ 23,693 $ 21,440 $ 730 $ 654 | $ 55,616 | $ 49,872 | $ (11,639) $ (10,546) $ (73) $ (63) | $ 43,904 | $ 39,263 |
Summit GIC Other Wholly-Owned Joint Venture (2) Joint Ventures (2) | Combined | GIC JV Other JVs Pro Rata Adj Pro Rata Adj | Pro Rata | |||
For The Nine Months Ended September 30, | 2026 2025 2026 2025 2026 2025 | 2026 | 2025 | 2026 2025 2026 2025 | 2026 | 2025 |
Number Rooms Sold | 1,698,444 1,728,852 1,113,648 1,168,670 67,397 65,999 | 2,879,489 | 2,963,521 | |||
Number of Rooms Available | 2,285,623 2,332,938 1,508,419 1,565,138 81,627 77,556 | 3,875,669 | 3,975,632 | |||
Occupancy | 74.3 % 74.1 % 73.8 % 74.7 % 82.6 % 85.1 % | 74.3 % 74.5 % | ||||
Average Daily Rate | $ 174.79 $ 164.98 $ 169.80 $ 163.46 $ 235.89 $ 218.14 | $ 174.29 | $ 165.56 | |||
Room Revenue PAR | $ 129.89 $ 122.26 $ 125.36 $ 122.05 $ 194.77 $ 185.63 | $ 129.49 | $ 123.42 | |||
Room Revenue | $ 296,870 $ 285,228 $ 189,099 $ 191,028 $ 15,898 $ 14,397 | $ 501,867 | $ 490,653 | |||
Other revenue | 35,667 31,984 23,484 23,168 8,760 8,707 | 67,911 | 63,859 | |||
Total Revenue | $ 332,537 $ 317,212 $ 212,583 $ 214,196 $ 24,658 $ 23,104 | $ 569,778 | $ 554,512 | |||
Hotel EBITDA | $ 108,135 $ 99,038 $ 80,299 $ 81,535 $ 8,007 $ 7,476 | $ 196,441 | $ 188,049 | |||
% margin | 32.5 % 31.2 % 37.8 % 38.1 % 32.5 % 32.4 % | 34.5 % 33.9 % | ||||
Net (loss) income | $ (4,438) $ (3,217) $ 854 $ (6,462) $ 2,223 $ 579 | $ (1,361) | $ (9,100) | $ (505) $ 3,109 $ (222) $ (58) | $ (2,088) $ (6,049) | |
Depreciation and amortization | 58,218 58,545 46,795 49,895 4,282 3,683 | 109,295 | 112,123 | (22,930) (24,449) (428) (368) | 85,937 | 87,306 |
Interest expense | 32,484 23,528 30,420 34,540 1,540 3,192 | 64,444 | 61,260 | (14,906) (16,925) (154) (319) | 49,384 | 44,016 |
Interest income | (426) (294) (77) (40) (9) - | (512) | (334) | 38 20 1 - | (473) (314) | |
Income tax expense | 177 888 165 692 - - | 342 | 1,580 | (81) (339) - - | 261 | 1,241 |
EBITDA | 86,015 79,450 78,157 78,625 8,036 7,454 | 172,208 | 165,529 | (38,384) (38,584) (803) (745) | 133,021 | 126,200 |
Loss on write-down of assets | 3,641 - - - - - | 3,641 | - | - - - - | 3,641 | - |
(Gain) loss on disposal of assets and other dispositions, net | (276) 38 44 98 (4) - | (236) 136 | (22) (48) - - | (258) 88 | ||
EBITDAre | 89,380 79,488 78,201 78,723 8,032 7,454 | 175,613 | 165,665 | (38,406) (38,632) (803) (745) | 136,404 | 126,288 |
Amortization of key money liabilities | (263) (179) (154) (154) (54) (54) | (471) | (387) | 75 75 5 5 | (391) (307) | |
Equity-based compensation | 5,087 6,754 - - - - | 5,087 | 6,754 | - - - - | 5,087 | 6,754 |
Debt transaction costs | 187 1 1 323 - 14 | 188 | 338 | - (158) - (1) | 188 | 179 |
Non-cash lease expense, net | 349 354 10 20 - - | 359 | 374 | (5) (10) - - | 354 | 364 |
Casualty losses, net | 687 880 276 291 22 23 | 985 | 1,194 | (135) (143) (2) (2) | 848 | 1,049 |
Other | 1,681 640 - - (1,380) 245 | 301 | 885 | - 2 139 (25) | 440 | 862 |
Adjusted EBITDAre | $ 97,108 $ 87,938 $ 78,334 $ 79,203 $ 6,620 $ 7,682 | $ 182,062 | $ 174,823 | $ (38,471) $ (38,866) $ (661) $ (768) | $ 142,930 | $ 135,189 |
Summit GIC Wholly-Owned Joint Venture (1) | Other Joint Ventures (1) | Combined | GIC JV Pro Rata Adj | Other JVs Pro Rata Adj | Pro Rata | ||||||||
For The Three Months Ended September 30, | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 2025 | 2026 | 2025 |
Net loss | $ (2,216) $ | (3,053) $ | (2,436) $ | (7,007) $ | (531) $ | (1,700) | $ (5,183) $ (11,760) | $ 1,164 | $ 3,395 | $ 53 $ 170 | $ (3,966) $ (8,195) | ||
Preferred dividends | (3,968) | (3,968) | - | - | - | - | (3,968) (3,968) | - | - | - - | (3,968) (3,968) | ||
Distributions to and accretion of redeemable noncontrolling interests | (656) | (656) | - | - | - | - | (656) (656) | - | - | - - | (656) (656) | ||
Net loss applicable to common shares and Common Units | (6,840) | (7,677) | (2,436) | (7,007) | (531) | (1,700) | (9,807) (16,384) | 1,164 | 3,395 | 53 170 | (8,590) (12,819) | ||
Real estate-related depreciation | 19,023 | 19,664 | 15,117 | 16,012 | 1,403 | 1,388 | 35,543 | 37,064 | (7,406) | (7,846) | (140) (139) | 27,997 | 29,079 |
Loss on write-down of assets | - | - | - | - | - | - | - | - | - | - | - - | - | - |
(Gain) loss on disposal of assets and other dispositions, net | (168) | - | 30 | 57 | (4) | - | (142) 57 | (15) | (28) | - - | (157) 29 | ||
FFO applicable to common shares and Common Units | 12,015 | 11,987 | 12,711 | 9,062 | 868 | (312) | 25,594 | 20,737 | (6,257) | (4,479) | (87) 31 | 19,250 | 16,289 |
Amortization of deferred financing costs | 1,272 | 1,064 | 645 | 792 | 78 | 73 | 1,995 | 1,929 | (316) | (388) | (8) (7) | 1,671 | 1,534 |
Amortization of franchise fees | 93 | 94 | 82 | 86 | - | - | 175 | 180 | (40) | (42) | - - | 135 | 138 |
Amortization of intangible assets | (61) | (8) | 271 | 271 | - | - | 210 | 263 | (133) | (133) | - - | 77 | 130 |
Equity based compensation | 1,660 | 2,049 | - | - | - | - | 1,660 | 2,049 | - | - | - - | 1,660 | 2,049 |
Debt transaction costs | 46 | 1 | - | 323 | - | (1) | 46 | 323 | - | (158) | - - | 46 | 165 |
Non-cash lease expense, net | 103 | 102 | 5 | 6 | - | - | 108 | 108 | (2) | (3) | - - | 106 | 105 |
Casualty losses, net | 256 | 340 | 91 | 121 | 16 | 9 | 363 | 470 | (45) | (59) | (2) (1) | 316 | 410 |
Deferred tax expense (benefit) | 568 | (386) | 145 | (146) | - | - | 713 (532) | (71) 72 | - - | 642 (460) | |||
Other | 801 | 956 | - | - | (556) | (71) | 245 | 885 | - | 1 | 56 7 | 301 | 893 |
AFFO applicable to common shares and common units (2) | $ 16,753 $ 16,199 $ 13,950 $ 10,515 $ | 406 $ | (302) | $ 31,109 | $ 26,412 | $ (6,864) | $ (5,189) | $ (41) $ 30 | $ 24,204 | $ 21,253 | |||
FFO per common share and Common Unit | $ 0.16 | $ 0.13 | |||||||||||
AFFO per common share and Common Unit | $ 0.20 | $ 0.17 | |||||||||||
Weighted-average diluted common shares and Common Units (2) | 120,003 | 121,635 | |||||||||||
Summit GIC Other Wholly-Owned Joint Venture (1) Joint Ventures (1) | Combined | GIC JV Pro Rata Adj | Other JVs Pro Rata Adj | Pro Rata | ||||||||||
For The Nine Months Ended September 30, | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
Net (loss) income | $ (4,438) $ | (3,217) $ | 854 | $ (6,462) $ | 2,223 | $ 579 | $ (1,361) $ (9,100) | $ (505) | $ 3,109 | $ (222) $ | (58) | $ (2,088) $ (6,049) | ||
Preferred dividends | (11,906) | (11,906) | - | - | - | - | (11,906) (11,906) | - | - | - | - | (11,906) (11,906) | ||
Distributions to and accretion of redeemable noncontrolling interests | (1,970) | (1,970) | - | - | - | - | (1,970) (1,970) | - | - | - | - | (1,970) (1,970) | ||
Net (loss) income applicable to common shares and Common Units | (18,314) | (17,093) | 854 | (6,462) | 2,223 | 579 | (15,237) (22,976) | (505) | 3,109 | (222) | (58) | (15,964) (19,925) | ||
Real estate-related depreciation | 57,804 | 58,118 | 45,586 | 48,674 | 4,228 | 3,629 | 107,618 | 110,421 | (22,336) | (23,850) | (423) | (362) | 84,859 | 86,209 |
Loss on write-down of assets | 3,641 | - | - | - | - | - | 3,641 | - | - | - | - | - | 3,641 | - |
(Gain) loss on disposal of assets and other dispositions, net | (276) | 38 | 44 | 98 | (4) | - | (236) 136 | (22) | (49) | - | - | (258) 87 | ||
FFO applicable to common shares and Common Units | 42,855 | 41,063 | 46,484 | 42,310 | 6,447 | 4,208 | 95,786 | 87,581 | (22,863) | (20,790) | (645) | (420) | 72,278 | 66,371 |
Amortization of deferred financing costs | 3,747 | 3,231 | 1,935 | 1,899 | 229 | 149 | 5,911 | 5,279 | (948) | (931) | (23) | (15) | 4,940 | 4,333 |
Amortization of franchise fees | 265 | 273 | 244 | 257 | - | - | 509 | 530 | (120) | (126) | - | - | 389 | 404 |
Amortization of intangible assets | (115) | (24) | 811 | 811 | - | - | 696 | 787 | (397) | (397) | - | - | 299 | 390 |
Equity based compensation | 5,087 | 6,754 | - | - | - | - | 5,087 | 6,754 | - | - | - | - | 5,087 | 6,754 |
Debt transaction costs | 187 | 1 | 1 | 323 | - | 14 | 188 | 338 | - | (158) | - | (1) | 188 | 179 |
Non-cash lease expense, net | 349 | 354 | 10 | 20 | - | - | 359 | 374 | (5) | (10) | - | - | 354 | 364 |
Casualty losses, net | 687 | 880 | 276 | 291 | 22 | 23 | 985 | 1,194 | (135) | (143) | (2) | (2) | 848 | 1,049 |
Deferred tax (benefit) expense | (167) | 588 | (83) | 48 | - | - | (250) 636 | 41 | (24) | - | - | (209) 612 | ||
Other | 1,681 | 640 | - | - | (1,380) | 245 | 301 | 885 | (1) | 3 | 138 | (25) | 438 | 863 |
AFFO applicable to common shares and common units (3) $ 54,576 $ 53,760 $ 49,678 $ 45,959 $ 5,318 $ 4,639 | $ 109,572 | $ 104,358 | $ (24,428) | $ (22,576) | $ (532) $ | (463) | $ 84,612 | $ 81,319 | ||||||
FFO per common share and Common Unit | $ 0.60 | $ 0.54 | ||||||||||||
AFFO per common share and Common Unit | $ 0.70 | $ 0.66 | ||||||||||||
Weighted-average diluted common shares and Common Units (3) | 120,317 | 123,211 | ||||||||||||
The Company's updated outlook for the full year 2026 is based on 92 lodging assets owned as of November 3, 2026.
Based on actual results for the first nine months of the year and recent operating trends, the Company is increasing the low and high end of its guidance ranges for pro forma RevPAR growth, Adjusted EBITDAre, Adjusted FFO, and Adjusted FFO per share. There are no additional acquisitions, dispositions, share repurchases, or capital markets activities assumed in the Company's full year 2026 outlook.
FYE 2026 Outlook % Change to PriorLow | High | Variance to Prior | Midpoint | Midpoint | |||
Pro Forma RevPAR Growth (1) | 3.50 % | 4.50 % | 1.50 % | - % | |||
Adjusted EBITDAre | $ | 181,000 $ | 186,000 | $ | 5,000 | 2.8 % | |
Adjusted FFO | $ | 102,500 $ | 107,500 | $ | 5,750 | 5.8 % | |
Adjusted FFO per share of common share and Common Units | $ | 0.85 $ | 0.89 | $ | 0.05 | 6.1 % | |
Capital Expenditures, Pro Rata | $ | 55,000 $ | 65,000 | $ | - | - % | |
1. All pro forma information includes operating and financial results for 92 lodging assets owned as of November 3, 2026 and excludes the financial results of hotels sold by the Company after January 1, 2025. Pro forma and non-GAAP financial measures are unaudited.
Section I Section II Section III Section IV Section V
Forward-Looking Statements and Non-GAAP Financial Measure Disclosures Corporate Financial Schedules
Operating & Property-Level Schedules Capitalization and Debt Schedules Asset ListingINN Wholly-Owned GIC Joint Venture Other Joint Ventures (50 Hotels) (39 Hotels) (3 Hotels) | Pro Forma (92 Hotels) | |||||||||
For The Three Months Ended September 30, | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||
Pro Forma Operating Data (1) | ||||||||||
Occupancy | 75.5 % | 74.4 % | 74.4 % | 72.7 % | 77.1 % | 77.5 % | 75.1 | % | 73.8 | % |
ADR | $ 172.29 | $ 164.27 | $ 160.80 | $ 152.20 | $ 177.59 | $ 158.15 | $ 167.95 | $ 159.47 | ||
RevPAR | $ 130.17 | $ 122.22 | $ 119.61 | $ 110.65 | $ 136.88 | $ 122.50 | $ 126.17 | $ 117.69 | ||
Occupancy change | 1.5 % | 2.3 % | (0.5)% | 1.8 % | ||||||
ADR change | 4.9 % | 5.7 % | 12.3 % | 5.3 % | ||||||
RevPAR change | 6.5 % | 8.1 % | 11.7 % | 7.2 % | ||||||
Pro forma total revenues | $ 110,379 | $ 103,339 | $ 68,471 | $ 62,851 | $ 6,477 | $ 5,895 | $ 185,327 | $ 172,085 | ||
Pro forma hotel EBITDA | $ 34,837 | $ 31,219 | $ 24,276 | $ 20,836 | $ 1,291 | $ 737 | $ 60,404 | $ 52,792 | ||
Pro forma hotel EBITDA Margin | 31.6 % | 30.2 % | 35.5 % | 33.2 % | 19.9 % | 12.5 % | 32.6 % 30.7 % | |||
Unaudited pro forma information includes operating results for 92 hotels owned as of September 30, 2026. For any hotels sold by the Company after January 1, 2025 (the "Disposed Hotels"), the Company excludes the financial results of each of the Disposed Hotels from January 1, 2025 to the date the Disposed Hotels were sold by the Company in determining pro forma total revenues and pro forma hotel operating expenses. The pro forma information is included to enable comparison of results for the current reporting period to results for the comparable period of the prior year and are not indicative of future results.
INN Wholly-Owned GIC Joint Venture Other Joint Ventures (50 Hotels) (39 Hotels) (3 Hotels)
Pro Forma (92 Hotels)
For The Nine Months Ended September 30,
2026
2025
2026
2025
2026
2025
2026
2025
Pro Forma Operating Data (1)
Occupancy
74.4 %
74.4 %
73.8 %
74.7 %
82.6 %
85.1 %
74.4
%
74.7
%
ADR
$ 175.35
$ 166.57
$ 170.01
$ 165.02
$ 235.89
$ 218.14
$ 174.70
$ 167.15
RevPAR
$ 130.48
$ 123.96
$ 125.53
$ 123.19
$ 194.77
$ 185.63
$ 129.91
$ 124.91
Occupancy change
- %
(1.1)%
(3.0)%
(0.5)%
ADR change
5.3 %
3.0 %
8.1 %
4.5 %
RevPAR change
5.3 %
1.9 %
4.9 %
4.0 %
Pro forma total revenues
$ 328,383
$ 309,675
$ 211,976
$ 207,156
$ 24,658
$ 23,104
$ 565,017
$ 539,935
Pro forma hotel EBITDA
$ 107,040
$ 97,860
$ 80,143
$ 79,020
$ 8,007
$ 7,476
$ 195,190
$ 184,356
Pro forma hotel EBITDA Margin
32.6 %
31.6 %
37.8 %
38.1 %
32.5 %
32.4 %
34.5 % 34.1 %
Unaudited pro forma information includes operating results for 92 hotels owned as of September 30, 2026, as if all such hotels had been owned by the Company since January 1, 2025. For any Acquired Hotels, the Company has included in the pro forma information the financial results of each of the Acquired Hotels for the Pre-acquisition Period. The financial results for the Pre-acquisition Period were provided by the third-party owner of such Acquired Hotel prior to purchase by the Company and have not been audited or reviewed by our auditors or adjusted by us. For any Disposed Hotels, the Company excludes the financial results of each of the Disposed Hotels from January 1, 2025 to the date the Disposed Hotels were sold by the Company in determining pro forma total revenues and pro forma hotel operating expenses. The pro forma information is included to enable comparison of results for the current reporting period to results for the comparable period of the prior year and are not indicative of future results.
Section I Section II Section III Section IV Section V
Forward-Looking Statements and Non-GAAP Financial Measure Disclosures Corporate Financial SchedulesOperating & Property-Level Schedules Capitalization and Debt Schedules Asset Listing
(Amounts in thousands, except common share price & dividends)
September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025
Common Share Price & Dividends
At quarter ended | $ | 5.97 | $ | 7.01 | $ | 4.42 | $ | 4.87 | $ | 5.49 |
High during quarter ended | $ | 7.17 | $ | 7.15 | $ | 4.97 | $ | 5.79 | $ | 6.00 |
Low during quarter ended | $ | 5.52 | $ | 4.19 | $ | 3.98 | $ | 4.73 | $ | 4.61 |
Common dividends per share | $ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.08 | $ | 0.08 |
Common Shares & Units | ||||||||||
Common shares outstanding | 107,853 | 107,854 | 108,414 | 108,799 | 108,803 | |||||
Common units outstanding | 13,009 | 13,009 | 13,009 | 13,009 | 13,009 | |||||
Total common shares and units outstanding | 120,862 | 120,863 | 121,423 | 121,808 | 121,812 | |||||
Capitalization | ||||||||||
Market value of common equity at quarter end | $ 721,546 | $ 847,250 | $ 536,690 | $ 593,205 | $ 668,748 | |||||
Par value of preferred equity - 6.250% Series E | 160,000 | 160,000 | 160,000 | 160,000 | 160,000 | |||||
Par value of preferred equity - 5.875% Series F | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | |||||
Par value of preferred equity - 5.250% Series Z | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | |||||
Consolidated total debt | 1,383,891 | 1,389,084 | 1,409,154 | 1,404,143 | 1,433,483 | |||||
Less: Consolidated unrestricted cash | (61,287) | (36,933) | (44,773) | (36,110) | (41,135) | |||||
Consolidated total enterprise value | 2,354,150 | 2,509,401 | 2,211,071 | 2,271,238 | 2,371,096 | |||||
Noncontrolling interest in consolidated total debt - GIC JV | (318,937) | (319,032) | (319,066) | (322,735) | (327,311) | |||||
Noncontrolling interest in consolidated total debt - Other JVs | (5,800) | (5,800) | (5,800) | (5,800) | (5,800) | |||||
Noncontrolling interest in consolidated total cash - GIC JV | 9,094 | 7,372 | 9,690 | 5,759 | 7,116 | |||||
Noncontrolling interest in consolidated total cash - Other JVs | 317 | 213 | 272 | 256 | 239 | |||||
Pro rata total enterprise value | $ 2,038,824 | $ 2,192,154 | $ 1,896,167 | $ 1,948,718 | $ 2,045,340 | |||||
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