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SUMMIT HOTEL PROPERTIES REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS
INNSummit Hotel Properties(INN) Prnewswire·2025-02-24 21:35

Core Insights - Summit Hotel Properties, Inc. reported a full-year operating income of 103.5millionandanadjustedEBITDAreof103.5 million and an adjusted EBITDAre of 192.2 million for 2024, with an AFFO increase of 5.6% to 0.96pershare[1][5][7]−Thecompanycompletedover0.96 per share [1][5][7] - The company completed over 200 million in accretive transaction activity in 2024, including the acquisition of two hotels for 96million,whichreflectsan8.896 million, which reflects an 8.8% net capitalization rate based on 2024 net operating income [2][11][12] - The outlook for 2025 is positive, driven by stable demand trends and anticipated growth in urban markets, with expected pro forma RevPAR growth between 1.00% and 3.00% [3][20] Financial Performance - For Q4 2024, net income attributable to common stockholders was 0.7 million, or 0.01perdilutedshare,comparedtoanetlossof0.01 per diluted share, compared to a net loss of 16.6 million, or 0.16perdilutedshare,inQ42023[7][8]−ProformaRevPARincreasedby1.40.16 per diluted share, in Q4 2023 [7][8] - Pro forma RevPAR increased by 1.4% to 117.21 in Q4 2024, while same-store RevPAR increased by 1.3% to 116.52[7][8]−Totalrevenuesforthefullyear2024were116.52 [7][8] - Total revenues for the full year 2024 were 731.8 million, a slight decrease from 736.1millionin2023[8][33]AcquisitionandDispositionActivity−ThecompanyacquiredtheHamptonInnBoston−LoganAirportandHiltonGardenInnTysonsCorner,enhancingitsportfolioqualityandgrowthprofile[2][11]−In2024,thecompanysoldfivehotelsfornearly736.1 million in 2023 [8][33] Acquisition and Disposition Activity - The company acquired the Hampton Inn Boston-Logan Airport and Hilton Garden Inn Tysons Corner, enhancing its portfolio quality and growth profile [2][11] - In 2024, the company sold five hotels for nearly 112 million, contributing to a total of 10 hotels sold since 2023 for approximately 150million[14][15]CapitalStructureandDividends−AsofDecember31,2024,thecompanyhadoutstandingdebtof150 million [14][15] Capital Structure and Dividends - As of December 31, 2024, the company had outstanding debt of 1.1 billion with a weighted average interest rate of 4.55% [21] - The company declared a quarterly cash dividend of 0.08pershare,representinganannualizedyieldof5.10.08 per share, representing an annualized yield of 5.1% based on the closing price on February 21, 2025 [17][18] 2025 Outlook - The company anticipates adjusted EBITDAre for 2025 to be between 184 million and 198million,withadjustedFFOprojectedbetween198 million, with adjusted FFO projected between 111.9 million and 125.6million[20][19]−Capitalexpendituresfor2025areexpectedtorangefrom125.6 million [20][19] - Capital expenditures for 2025 are expected to range from 65 million to $85 million [20]