Summit Hotel Properties Reports Third Quarter 2016 Results - 02.11.16 - News

AUSTIN, Texas, Nov. 2, 2016

"We are extremely pleased with the continued performance of our diversified portfolio of premium select-service hotels. Our hotels acquired over the past two years led the way during the third quarter, which demonstrates our ability to execute a differentiated investment strategy, targeting higher growth hotels in attractive markets," said Dan Hansen, the Company's President and Chief Executive Officer. "In addition, for the second time this year, we are pleased to have announced another common dividend increase. Our dividend increase of 22.6 percent, which is on top of a 12.8 percent increase earlier in the year, is the result of continued strong cash flows generated by our portfolio of high-quality assets," commented Mr. Hansen.

Third Quarter 2016 Highlights

Net Income: Net income attributable to common stockholders increased by 135.2 percent to $22.1 million, or $0.25 per diluted share, compared with $9.4 million, or $0.11 per diluted share, in the same period of 2015.
Pro Forma RevPAR: Pro forma revenue per available room ("RevPAR") grew to $113.32, an increase of 2.2 percent over the same period in 2015. Pro forma average daily rate ("ADR") grew to $143.56, an increase of 3.3 percent from the same period in 2015. Pro forma occupancy decreased by 1.1 percent to 78.9 percent.
Same-Store RevPAR: Same-store RevPAR grew to $107.33, an increase of 1.6 percent over the same period in 2015. Same-store ADR grew to $137.81, an increase of 3.1 percent from the same period in 2015. Same-store occupancy decreased by 1.5 percent to 77.9 percent compared to the same period in 2015.
Pro Forma Hotel EBITDA: Pro forma hotel EBITDA grew to $45.4 million, an increase of 2.4 percent over the same period in 2015. Pro forma hotel EBITDA margin expanded by 18 basis points to 37.9 percent compared to 37.7 percent in the same period of 2015.
Adjusted EBITDA: Adjusted EBITDA decreased to $42.1 million from $43.7 million in the same period of 2015, a decrease of $1.6 million or 3.7 percent.
Adjusted FFO: Adjusted Funds from Operations ("AFFO") increased to $32.3 million, or $0.37 per diluted share, an increase in AFFO per diluted share of 0.4 percent over the same period in 2015.
Acquisitions: The Company acquired the 157-guestroom Marriott in Boulder, Colorado for a gross purchase price of $61.4 million. The hotel had RevPAR of $166.55 for the trailing twelve months ended June 30, 2016.
Dispositions: The Company sold the 122-guestroom Hyatt Place in Irving (Las Colinas), Texas, for a total sales price of $14.0 million. The hotel had RevPAR of $90.03 for the trailing twelve months ended June 30, 2016.

The Company's results for the three and nine months ended September 30, 2016, and 2015 are as follows:

For the Three Months Ended
September 30,

For the Nine Months Ended

September 30,

ARIVA.DE Börsen-Geflüster

Kurse

SUMMIT HOTEL PROP.

6,07 $

0,00%

2016

2015

2016

2015

(Unaudited)

($ in thousands, except per unit and RevPAR data)

Net income attributable to common stockholders

$ 22,090

$ 9,393

$ 84,146

$ 27,837

Net income per diluted share and unit

$ 0.25

$ 0.11

$ 0.96

$ 0.32

Total revenues

$ 118,336

$ 125,091

$ 363,613

$ 353,416

EBITDA ⁽¹⁾

$ 50,453

$ 37,535

$ 173,277

$ 110,907

Adjusted EBITDA ⁽¹⁾

$ 42,105

$ 43,735

$ 130,382

$ 119,940

FFO ⁽¹⁾

$ 30,093

$ 26,415

$ 88,638

$ 76,170

Adjusted FFO ⁽¹⁾

$ 32,266

$ 32,006

$ 97,045

$ 84,923

FFO per diluted share and unit ^{(1) (2)}

$ 0.34

$ 0.30

$ 1.02

$ 0.88

Adjusted FFO per diluted share and unit ^{(1) (2)}

$ 0.37

$ 1.11

$ 0.98

Pro Forma ⁽³⁾

RevPAR

$ 113.32

$ 110.84

$ 115.16

$ 110.67

RevPAR growth

2.2%

4.1%

Hotel EBITDA

$ 45,401

$ 44,336

$ 140,232

$ 130,532

Hotel EBITDA margin

37.9%

37.7%

38.6%

37.7%

Hotel EBITDA margin growth

18 bps

88 bps

(1)	See tables later in this press release for a discussion and reconciliation of net income to non-GAAP financial measures, including earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted EBITDA, funds from operations ("FFO"), FFO per diluted share and unit, adjusted FFO ("AFFO"), and AFFO per diluted share and unit, as well as a discussion of hotel EBITDA. See "Non-GAAP Financial Measures" at the end of this release. Non-GAAP financial measures are unaudited.

(2)	Amounts are based on 87,401,000 weighted average diluted common shares and units and 87,065,000 weighted average diluted common shares and units for the three months ended September 30, 2016, and 2015, respectively, and 87,319,000 weighted average diluted common shares and units and 87,000,000 weighted average diluted common shares and units for the nine months ended September 30, 2016, and 2015, respectively. The Company includes the outstanding common units of limited partnership interests ("OP Units") in Summit Hotel OP, LP, the Company's operating partnership, held by limited partners other than the Company in the determination of weighted average diluted common shares and units because the OP Units are redeemable for cash or, at the Company's option, shares of the Company's common stock on a one-for-one basis.

(3)	Unless stated otherwise in this release, all pro forma information includes operating and financial results for 80 hotels owned as of September 30, 2016, as if each hotel had been owned by the Company since January 1, 2015. As a result, all pro forma information includes operating and financial results for hotels acquired since January 1, 2015, which includes periods prior to the Company's ownership. Pro forma and non-GAAP financial measures are unaudited.

Year-To-Date 2016 Highlights

Net Income: Net income attributable to common stockholders increased to $84.1 million, or $0.96 per diluted share, compared with $27.8 million, or $0.32 per diluted share, for the same period of 2015.
Pro Forma RevPAR: Pro forma RevPAR grew to $115.16, an increase of 4.1 percent over the same period in 2015. Pro forma ADR grew to $144.62, an increase of 3.0 percent from the same period in 2015. Pro forma occupancy increased by 1.1 percent to 79.6 percent.
Same-Store RevPAR: Same-store RevPAR grew to $111.22, an increase of 4.3 percent over the same period in 2015. Same-store ADR grew to $140.32, an increase of 2.7 percent from the same period in 2015. Same-store occupancy increased by 1.5 percent to 79.3 percent compared to the same period in 2015.
Pro Forma Hotel EBITDA: Pro forma hotel EBITDA grew to $140.2 million, an increase of 7.4 percent over the same period in 2015. Pro forma hotel EBITDA margin expanded by 88 basis points to 38.6 percent compared to 37.7 percent in the same period of 2015.
Adjusted EBITDA: Adjusted EBITDA increased to $130.4 million from $119.9 million in the same period of 2015, an increase of $10.5 million or 8.7 percent.
Adjusted FFO: AFFO increased to $97.0 million, or $1.11 per diluted share, an increase in AFFO per diluted share of 13.9 percent over the same period in 2015.
Acquisitions: The Company acquired three hotels containing 543 guestrooms for a total purchase price of $170.4 million. The three acquired hotels had RevPAR of $139.44 for the year ended December 31, 2015.
Dispositions: The Company sold ten hotels containing 1,212 guestrooms for a total sales price of $147.3 million. The ten hotels sold had RevPAR of $85.18 for the year ended December 31, 2015.

Summit vs. Industry Results (% change)

For the Three Months Ended September 30, 2016

Occupancy

ADR

RevPAR

Summit Pro Forma (80)

-1.1%

3.3%

2.2%

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