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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________________________________________
FORM 10-Q
____________________________________________________________________________________
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended June 30, 2020

OR 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from                                to                               
 
Commission File Number:  001-35074
 
SUMMIT HOTEL PROPERTIES, INC.
(Exact name of registrant as specified in its charter)
_____________________________________________________________________________________
Maryland 27-2962512
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or organization)  
 
13215 Bee Cave Parkway, Suite B-300
Austin, TX  78738
(Address of principal executive offices, including zip code)
 
(512) 538-2300
(Registrant’s telephone number, including area code)
________________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueINNNew York Stock Exchange
Series D Cumulative Redeemable Preferred Stock, $0.01 par valueINN-PDNew York Stock Exchange
Series E Cumulative Redeemable Preferred Stock, $0.01 par valueINN-PENew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405) of this chapter during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes  No
 



Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
 Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No
 
As of July 31, 2020, the number of outstanding shares of common stock of Summit Hotel Properties, Inc. was 105,696,544.



TABLE OF CONTENTS
 
  Page
   
   
 
 
 
 
 
   
   
   
   
   
   
   
   
   
   
   
 
i




PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Summit Hotel Properties, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share amounts)
 
June 30, 2020December 31, 2019
 (Unaudited) 
ASSETS  
Investment in hotel properties, net$2,145,912  $2,184,232  
Undeveloped land1,500  1,500  
Assets held for sale, net425  425  
Cash and cash equivalents124,554  42,238  
Restricted cash18,658  27,595  
Investment in real estate loans, net29,173  30,936  
Right-of-use assets, net29,181  29,884  
Trade receivables, net10,507  13,281  
Prepaid expenses and other7,249  8,844  
Deferred charges, net4,479  4,709  
Other assets9,237  12,039  
Total assets$2,380,875  $2,355,683  
LIABILITIES AND EQUITY  
Liabilities:  
Debt, net of debt issuance costs$1,159,399  $1,016,163  
Lease liabilities19,069  19,604  
Accounts payable2,672  4,767  
Accrued expenses and other68,199  71,759  
Total liabilities1,249,339  1,112,293  
Commitments and contingencies (Note 10)
Equity:  
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized:
  
6.45% Series D - 3,000,000 shares issued and outstanding at June 30, 2020 and December 31, 2019 (aggregate liquidation preference of $75,403 and $75,417 at June 30, 2020 and December 31, 2019, respectively)
30  30  
6.25% Series E - 6,400,000 shares issued and outstanding at June 30, 2020 and December 31, 2019 (aggregate liquidation preference of $160,833 and $160,861 at June 30, 2020 and December 31, 2019, respectively)
64  64  
Common stock, $0.01 par value per share, 500,000,000 shares authorized, 105,696,833 and 105,169,515 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively
1,057  1,052  
Additional paid-in capital1,194,178  1,190,949  
Accumulated other comprehensive loss(36,086) (16,034) 
Distributions in excess of retained earnings(93,994) (2,283) 
Total stockholders’ equity1,065,249  1,173,778  
Non-controlling interests in operating partnership1,332  1,809  
Non-controlling interests in joint venture (Note 8)64,955  67,803  
Total equity1,131,536  1,243,390  
Total liabilities and equity$2,380,875  $2,355,683  
 
See Notes to the Condensed Consolidated Financial Statements
1


Summit Hotel Properties, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share amounts)
 For the
Three Months Ended
June 30,
For the
Six Months Ended
June 30,
 2020201920202019
Revenues:    
Room$23,828  $131,656  $122,431  $259,756  
Food and beverage248  6,134  5,132  12,154  
Other1,360  5,140  6,258  9,972  
Total revenues25,436  142,930  133,821  281,882  
Expenses:    
Room6,415  28,413  30,988  56,253  
Food and beverage333  4,621  4,370  9,159  
Other hotel operating expenses16,588  39,489  51,871  79,348  
Property taxes, insurance and other11,466  10,695  23,164  22,103  
Management fees644  4,458  3,716  9,604  
Depreciation and amortization27,565  23,779  54,644  49,315  
Corporate general and administrative5,315  5,920  9,983  11,910  
Provision for credit losses    2,530    
Loss on impairment of assets  1,685  782  1,685  
Total expenses68,326  119,060  182,048  239,377  
(Loss) gain on disposal of assets, net(32) 35,520  (35) 39,686  
Operating (loss) income(42,922) 59,390  (48,262) 82,191  
Other income (expense):    
Interest expense(10,749) (9,766) (21,761) (20,618) 
Other income, net876  146  2,982  1,447  
Total other income (expense)(9,873) (9,620) (18,779) (19,171) 
(Loss) income from continuing operations before income taxes(52,795) 49,770  (67,041) 63,020  
Income tax benefit (expense) (Note 12)247  (701) (1,721) (1,051) 
Net (loss) income(52,548) 49,069  (68,762) 61,969  
Less - Loss (income) attributable to non-controlling interests:
Operating Partnership96  (112) 133  (135) 
Joint venture2,035    2,890    
Net (loss) income attributable to Summit Hotel Properties, Inc.(50,417) 48,957  (65,739) 61,834  
Preferred dividends(3,709) (3,709) (7,418) (7,418) 
Net (loss) income attributable to common stockholders$(54,126) $45,248  $(73,157) $54,416  
(Loss) earnings per share:  
Basic and diluted$(0.52) $0.43  $(0.70) $0.52  
Weighted average common shares outstanding:    
Basic104,154  103,896  104,075  103,823  
Diluted104,154  103,937  104,075  103,888  
 
See Notes to the Condensed Consolidated Financial Statements
2


Summit Hotel Properties, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(in thousands)
 For the
Three Months Ended
June 30,
For the
Six Months Ended
June 30,
 2020201920202019
Net (loss) income$(52,548) $49,069  $(68,762) $61,969  
Other comprehensive loss, net of tax:    
Changes in fair value of derivative financial instruments(1,023) (9,274) (20,067) (14,832) 
Comprehensive (loss) income(53,571) 39,795  (88,829) 47,137  
Less - Comprehensive loss (income) attributable to non-controlling interests:    
Operating Partnership96  (89) 170  (98) 
Joint venture2,035    2,890    
Comprehensive (loss) income attributable to Summit Hotel Properties, Inc.(51,440) 39,706  (85,769) 47,039  
Preferred dividends(3,709) (3,709) (7,418) (7,418) 
Comprehensive (loss) income attributable to common stockholders$(55,149) $35,997  $(93,187) $39,621  
 
See Notes to the Condensed Consolidated Financial Statements


3


Summit Hotel Properties, Inc.
Condensed Consolidated Statements of Changes in Equity
For the Three Months Ended June 30, 2020 and 2019
(Unaudited)
(in thousands, except share amounts)

Shares
of Preferred
Stock
Preferred
Stock
Shares
of Common
Stock
Common
Stock
Additional
Paid-In Capital
Accumulated Other
Comprehensive
Loss
Retained Earnings
(Deficit) and
Distributions
Total
Stockholders’
Equity
Non-controlling InterestsTotal
Equity
Operating
Partnership
Joint
Venture
Balance at March 31, 20209,400,000  $94  105,574,400  $1,056  $1,191,964  $(35,044) $(39,868) $1,118,202  $1,658  $67,035  $1,186,895  
Common stock redemption of common units—  —  28,623  —  252  (19) —  233  (233) —  —  
Dividends—  —  —  —  —  —  (3,709) (3,709) —  (45) (3,754) 
Equity-based compensation—  —  93,810  1  1,962  —  —  1,963  3  —  1,966  
Other comprehensive loss—  —  —  —  —  (1,023) —  (1,023) —  —  (1,023) 
Net loss—  —  —  —  —  —  (50,417) (50,417) (96) (2,035) (52,548) 
Balance at June 30, 20209,400,000  $94  105,696,833  $1,057  $1,194,178  $(36,086) $(93,994) $1,065,249  $1,332  $64,955  $1,131,536  
Balance at March 31, 20199,400,000  $94  105,080,113  $1,051  $1,185,790  $(6,985) $(4,241) $1,175,709  $2,260  $  $1,177,969  
Common stock redemption of common units—  —  6,076  —  53  —  —  53  (53) —  —  
Dividends—  —  —  —  —  —  (22,537) (22,537) (47) —  (22,584) 
Equity-based compensation—  —  40,885    1,959  —  —  1,959  5  —  1,964  
Shares acquired for employee withholding requirements—  —  (448)   (5) —  —  (5) —  —  (5) 
Other—  —  —  —  (82) —  —  (82) —  —  (82) 
Other comprehensive loss—  —  —  —  —  (9,251) —  (9,251) (23) —  (9,274) 
Net income—  —  —  —  —  —  48,957  48,957  112  —  49,069  
Balance at June 30, 20199,400,000  $94  105,126,626  $1,051  $1,187,715  $(16,236) $22,179  $1,194,803  $2,254  $  $1,197,057  


See Notes to the Condensed Consolidated Financial Statements

4


Summit Hotel Properties, Inc.
Condensed Consolidated Statements of Changes in Equity
For the Six Months Ended June 30, 2020 and 2019
(Unaudited)
(in thousands, except share amounts)
 Shares
of Preferred
Stock
Preferred
Stock
Shares
of
Common
Stock
Common
Stock
Additional
Paid-In Capital
Accumulated Other
Comprehensive
Loss
Retained Earnings (Deficit)
and
Distributions
Total
Stockholders’
Equity
Non-controlling InterestsTotal
Equity
Operating
Partnership
Joint
Venture
Balance at December 31, 20199,400,000  $94  105,169,515  $1,052  $1,190,949  $(16,034) $(2,283) $1,173,778  $1,809  $67,803  $1,243,390  
Contribution by non-controlling interests in joint venture—  —  —  —  —  —  —  —  —  577  577  
Common stock redemption of common units—  —  33,579  —  298  (22) —  276  (276) —  —  
Dividends—  —  —  —  —  —  (25,972) (25,972) (37) (535) (26,544) 
Equity-based compensation—  —  559,084  6  3,429  —  —  3,435  6  —  3,441  
Shares acquired for employee withholding requirements—  —  (65,345) (1) (468) —  —  (469) —  —  (469) 
Other—  —  —  —  (30) —  —