SUMMIT HOTEL PROPERTIES REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS

"Since the beginning of 2023, we have successfully completed approximately $1 billion of financing activity that has further enhanced our well-positioned balance sheet by extending debt maturity dates, maintaining attractive pricing and preserving overall flexibility to execute on our strategic initiatives. Most recently, our new $200 million term loan financing replaced our last remaining meaningful tranche of debt scheduled to mature in 2025. As a result, we have no significant debt maturities until 2026, nearly $400 million of liquidity, a weighted average cost of debt of approximately 4.75 percent and, inclusive of attractively priced interest rate swaps and preferred equity, approximately 80 percent of our balance sheet has fixed interest rates. Our outlook for 2024 remains positive, supported by stable demand trends and the expectation that growth in our urban markets will continue to lead portfolio performance, which we believe is positioned to once again outperform the broader industry in 2024," commented Mr. Stanner.

Full Year 2023 Summary

• Net Loss: Net loss attributable to common stockholders was $28.0 million, or $0.27 per diluted share, compared to a net loss of $16.9 million, or $0.16 per diluted share, in the same period of 2022.
  
  
• Pro Forma RevPAR: Pro forma RevPAR increased 6.6 percent to $120.12 compared to the same period of 2022. Pro forma ADR increased 3.1 percent to $166.27, and pro forma occupancy increased 3.4 percent to 72.2 percent.
  
  
• Same Store RevPAR: Same Store RevPAR increased 6.6 percent to $119.33 compared to the same period of 2022. Same store ADR increased 3.2 percent to $165.09, and same store occupancy increased 3.3 percent to 72.3 percent.
  
  
• Pro Forma Hotel EBITDA ⁽¹⁾: Pro forma hotel EBITDA increased 6.0 percent to $260.5 million from $245.8 million, and pro forma hotel EBITDA margin contracted to 35.5 percent from 36.1 percent in the same period of 2022.
  
  
• Same Store Hotel EBITDA ⁽¹⁾: Same store hotel EBITDA increased 5.8 percent to $246.7 million from $233.2 million, and same store hotel EBITDA margin contracted to 35.7 percent from 36.2 percent in the same period of 2022.
  
  
• Adjusted EBITDAre ⁽¹⁾: Adjusted EBITDAre increased 5.1 percent to $190.0 million from $180.8 million, in the same period of 2022.
  
  
• Adjusted FFO ⁽¹⁾: Adjusted FFO was $112.8 million, or $0.92 per diluted share and unit, compared to $114.0 million, or $0.94 per diluted share and unit in the same period of last year.

Fourth Quarter 2023 Summary

• Net Loss: Net loss attributable to common stockholders was $16.6 million, or $0.16 per diluted share, compared to a net loss of $12.0 million, or $0.11 per diluted share, for the fourth quarter of 2022.
  
  
• Pro Forma RevPAR: Pro forma RevPAR increased 2.9 percent to $114.05 compared to the fourth quarter of 2022. Pro forma ADR increased 0.4 percent to $162.10 compared to the same period in 2022, and pro forma occupancy increased 2.4 percent to 70.4 percent.
  
  
• Same Store RevPAR: Same Store RevPAR increased 3.2 percent to $113.11 compared to the fourth quarter of 2022. Same store ADR increased 0.6 percent to $160.96, and same store occupancy increased 2.6 percent to 70.3 percent.
  
  
• Pro Forma Hotel EBITDA ⁽¹⁾: Pro forma hotel EBITDA decreased 0.7 percent to $62.4 million from $62.8 million in the same period in 2022. Pro forma hotel EBITDA margin contracted to 35.3 percent from 36.8 percent in the same period of 2022. Adjusting for significant real estate tax credits received in 2022, pro forma hotel EBITDA margin contracted by approximately 70 basis points in the fourth quarter.
  
  
• Same Store Hotel EBITDA ⁽¹⁾: Same store hotel EBITDA decreased 0.7 percent to $58.3 million from $58.7 million in the same period in 2022. Same store hotel EBITDA margin contracted to 35.2 percent from 36.6 percent in the same period of 2022. Adjusting for significant real estate tax credits received in 2022, same store hotel EBITDA margin contracted by approximately 60 basis points in the fourth quarter.
  
  
• Adjusted EBITDAre ⁽¹⁾: Adjusted EBITDAre increased 0.6 percent to $46.4 million from $46.1 million in the fourth quarter of 2022.
  
  
• Adjusted FFO ⁽¹⁾: Adjusted FFO was $26.9 million, or $0.22 per diluted share and unit, compared to $30.3 million, or $0.25 per diluted share and unit, in the fourth quarter of 2022.

The Company's results for the three months and full year ended December 31, 2023, are as follows (in thousands, except per share amounts):

	For the Three Months Ended December 31,				For the Years Ended December 31,
	2023		2022		2023		2022
	(unaudited)
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		$        95,253
Adjusted FFO (1)	$        26,935		$        30,340		$      112,826		$      113,970
FFO per diluted share and unit (1)	$            0.20		$            0.21		$            0.79		$            0.79
Adjusted FFO per diluted share and unit (1)	$            0.22		$            0.25		$            0.92		$            0.94
Pro Forma (2)
RevPAR	$        114.05		$        110.85		$        120.12		$        112.67
RevPAR Growth	2.9 %				6.6 %
Hotel EBITDA	$        62,363		$        62,782		$      260,536		$      245,752
Hotel EBITDA margin	35.3 %		36.8 %		35.5 %		36.1 %
Hotel EBITDA margin change	-152 bps				-58 bps
Same Store (3)
RevPAR	$        113.11		$       109.62		$        119.33		$        111.90
RevPAR Growth	3.2 %				6.6 %
Hotel EBITDA	$       58,300		$       58,693		$      246,743 Werbung Mehr Nachrichten zur SUMMIT HOTEL PROP. Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 11:23 - ARIVA.DE Redaktion Aktie der Mercedes-Benz Group: Kurs nur geringfügig im Minus (67,89 €) 11:19 - ARIVA.DE Redaktion Aktienmarkt: Infineon-Aktie tritt auf der Stelle (37,125 €) 02:00 - PR Newswire Vesuvius Plc - Transaction in Own Shares