Summit Hotel Properties, Inc
(NYSE:INN)

Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the Upscale segment of the lodging industry. As of November 3, 2020, the Company's portfolio consisted of 72 hotels, 67 of which are w...

Website: http://www.shpreit.com

Full Time Employees: 59

Sector: Real Estate

Industry: REIT-Hotel & Motel

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At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

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Income Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31

revenues:
room	162,564,000	153,142,000	156,323,000	170,599,000	163,731,000	152,849,000	157,408,000	173,025,000	167,431,000	157,081,000	161,712,000	174,181,000	163,089,000	153,623,000	160,133,000	166,804,000	128,810,000	98,577,000	102,521,000	79,995,000	53,245,000	44,439,000	48,636,000	23,828,000	98,603,000	122,474,000	123,112,000	131,656,000	128,100,000	121,788,000	131,429,000	140,650,000	129,572,000	121,824,000	127,246,000	120,514,000	110,350,000	102,613,000	110,777,000	119,285,000	110,595,000	102,771,000	118,292,000	113,714,000	101,425,000	93,085,000	103,155,000
food and beverage	11,460,000	11,011,000	10,017,000	11,195,000	10,990,000	10,691,000	9,272,000	10,069,000	10,833,000	10,665,000	9,949,000	10,269,000	10,630,000	9,937,000	8,854,000	7,664,000	5,662,000	2,643,000	2,097,000	1,556,000	1,003,000	684,000	628,000	248,000	4,884,000	5,803,000	5,540,000	6,280,000	6,162,000	6,110,000	5,817,000	6,517,000	6,329,000
other	11,029,000	10,807,000	10,777,000	11,123,000	9,757,000	9,391,000	10,127,000	10,809,000	9,878,000	9,689,000	10,155,000	10,043,000	8,664,000	8,766,000	9,265,000	8,780,000	7,397,000	5,642,000	6,068,000	4,973,000	3,606,000	3,107,000	3,148,000	1,360,000	4,898,000	5,504,000	5,033,000	4,994,000	4,690,000	4,611,000	5,094,000	5,055,000	4,298,000															369,000	348,000	201,000	183,000	274,000	213,000
total revenues	185,053,000	174,960,000	177,117,000	192,917,000	184,478,000	172,931,000	176,807,000	193,903,000	188,142,000	177,435,000	181,816,000	194,493,000	182,383,000	172,326,000	178,252,000	183,248,000	141,869,000	106,862,000	110,686,000	86,524,000	57,854,000	48,230,000	52,412,000	25,436,000	108,385,000	133,781,000	133,685,000	142,930,000	138,952,000	132,509,000	142,340,000	152,222,000	140,199,000	131,745,000	136,587,000	129,056,000	117,989,000	110,322,000	118,336,000	127,195,000	118,082,000	110,039,000	125,091,000	120,677,000	107,648,000	99,141,000	109,256,000	105,525,000	89,544,000	77,956,000	82,174,000	83,096,000	63,211,000
yoy	0.31%	1.17%	0.18%	-0.51%	-1.95%	-2.54%	-2.75%	-0.30%	3.16%	2.96%	2.00%	6.14%	28.56%	61.26%	61.04%	111.79%	145.22%	121.57%	111.18%	240.16%	-46.62%	-63.95%	-60.79%	-82.20%	-22.00%	0.96%	-6.08%	-6.10%	-0.89%	0.58%	4.21%	17.95%	18.82%	19.42%	15.42%	1.46%	-0.08%	0.26%	-5.40%	5.40%	9.69%	10.99%	14.49%	14.36%	20.22%	27.18%	32.96%	26.99%	41.66%
qoq	5.77%	-1.22%	-8.19%	4.57%	6.68%	-2.19%	-8.82%	3.06%	6.03%	-2.41%	-6.52%	6.64%	5.84%	-3.32%	-2.73%	29.17%	32.76%	-3.45%	27.93%	49.56%	19.95%	-7.98%	106.05%	-76.53%	-18.98%	0.07%	-6.47%	2.86%	4.86%	-6.91%	-6.49%	8.58%	6.42%	-3.54%	5.84%	9.38%	6.95%	-6.77%	-6.96%	7.72%	7.31%	-12.03%	3.66%	12.10%	8.58%	-9.26%	3.54%	17.85%	14.86%	-5.13%	-1.11%	31.46%
expenses:
other lodging property operating expenses	58,650,000	56,842,000	58,575,000	58,943,000	56,922,000	54,348,000	56,330,000	57,470,000	56,261,000	55,121,000	55,826,000	57,829,000	56,125,000
property taxes, insurance and other	13,884,000	13,568,000	14,106,000	13,706,000	13,311,000	13,294,000	13,250,000	13,287,000	14,285,000	11,859,000	14,369,000	14,215,000	14,724,000	9,885,000	13,373,000	13,525,000	13,138,000	8,777,000	10,679,000	10,990,000	10,904,000	10,520,000	11,007,000	11,466,000	11,698,000	11,421,000	10,696,000	10,695,000	11,408,000	11,089,000	10,220,000	11,032,000	10,998,000
management fees	4,221,000	3,712,000	3,142,000	4,411,000	4,495,000	3,807,000	2,728,000	4,434,000	4,897,000	4,478,000	4,177,000	4,992,000	4,805,000	4,297,000	4,308,000	5,042,000	3,795,000	3,101,000	2,888,000	2,314,000	1,555,000	1,225,000	1,335,000	644,000	3,072,000	3,295,000	3,676,000	4,458,000	5,146,000	3,593,000	4,188,000	5,388,000	5,352,000
depreciation and amortization	36,774,000	37,487,000	37,634,000	37,259,000	37,230,000	36,471,000	36,708,000	36,458,000	36,799,000	38,624,000	37,882,000	37,510,000	36,908,000	37,698,000	38,130,000	38,058,000	36,274,000	26,179,000	25,893,000	26,586,000	27,297,000	27,472,000	27,503,000	27,565,000	27,079,000	26,928,000	23,202,000	23,779,000	25,536,000	25,872,000	24,941,000	24,954,000	25,246,000	23,875,000	23,594,000	19,732,000	18,726,000	18,691,000	17,887,000	17,685,000	18,143,000	17,469,000	15,916,000	15,403,000	15,264,000	16,406,000	16,831,000	16,645,000	15,430,000	13,561,000	14,029,000	13,291,000	11,156,000
corporate general and administrative	8,845,000	8,120,000	7,845,000	8,280,000	8,571,000	7,403,000	7,473,000	8,704,000	8,311,000	7,305,000	8,126,000	9,100,000	8,005,000	7,022,000	6,532,000	8,074,000	9,137,000	11,145,000	6,099,000	6,506,000	5,678,000	6,350,000	4,652,000	5,315,000	4,668,000	6,180,000	5,532,000	5,920,000	5,990,000	4,430,000	4,852,000	5,620,000	6,607,000	4,599,000	4,550,000	5,310,000	5,138,000	4,934,000	4,388,000	5,391,000	4,579,000	4,429,000	6,897,000	5,363,000	4,515,000	4,520,000	5,742,000
loss on write-down of assets	3,641,000
total expenses	170,882,000	167,084,000	168,477,000	170,153,000	164,652,000	165,367,000	161,074,000	166,036,000	164,728,000	177,006,000	165,324,000	170,734,000	164,181,000	165,429,000	161,017,000	160,637,000	141,145,000	108,473,000	105,663,000	98,182,000	83,114,000	82,905,000	78,904,000	68,326,000	113,722,000	121,573,000	114,410,000	119,060,000	120,317,000	116,912,000	120,176,000	124,792,000	121,665,000	113,305,000	114,214,000	104,541,000	99,422,000	95,564,000	96,909,000	101,561,000	97,414,000	95,083,000	103,159,000	96,156,000	89,047,000	92,267,000	94,448,000	89,348,000	80,246,000	70,888,000	72,241,000	71,644,000	57,207,000
gain on disposal of assets	-40,000	6,715,000	-57,000	-80,000	1,000	473,000	22,000	28,342,000	75,000	-1,000	-16,000	-320,000		-164,000	-5,000	20,484,000		159,000		31,000	50,000	-192,000	211,000	-32,000	-3,000	5,763,000	-31,000	35,520,000	4,166,000	-640,000	24,826,000	17,331,000	-43,000	-322,000	7,725,000	16,350,000	19,456,000	-142,000	10,491,000	2,726,000	36,780,000							14,000		352,000	5,000		6,000
operating income	14,131,000	14,591,000	8,583,000	22,684,000	19,827,000	8,037,000	15,755,000	56,209,000	23,489,000	428,000	16,476,000	23,439,000	18,202,000	6,733,000	17,230,000	43,095,000	724,000	-1,452,000	5,023,000	-11,627,000	-25,210,000	-34,867,000	-26,281,000	-42,922,000	-5,340,000	17,971,000	19,244,000	59,390,000	22,801,000	57,071,000	22,164,000	27,430,000	18,534,000	18,440,000	22,373,000	24,515,000	18,567,000	14,758,000	21,427,000	25,634,000	20,668,000	14,956,000	21,932,000	24,521,000	18,601,000	6,874,000	14,808,000
yoy	-28.73%	81.55%	-45.52%	-59.64%	-15.59%	1777.80%	-4.38%	139.81%	29.05%	-93.64%	-4.38%	-45.61%	2414.09%	-563.71%	243.02%	-470.65%	-102.87%	-95.84%	-119.11%	-72.91%	372.10%	-294.02%	-236.57%	-172.27%	-123.42%	-68.51%	-13.17%	116.51%	23.02%	209.50%	-0.93%	11.89%	-0.18%	24.95%	4.41%	-4.37%	-10.17%	-1.32%	-2.30%	4.54%	11.11%	117.57%	48.11%
qoq	-3.15%	70.00%	-62.16%	14.41%	146.70%	-48.99%	-71.97%	139.30%	5388.08%	-97.40%	-29.71%	28.77%	170.34%	-60.92%	-60.02%	5852.35%	-149.86%	-128.91%	-143.20%	-53.88%	-27.70%	32.67%	-38.77%	703.78%	-129.71%	-6.62%	-67.60%	160.47%	-60.05%	157.49%	-19.20%	48.00%	0.51%	-17.58%	-8.74%	32.04%	25.81%	-31.12%	-16.41%	24.03%	38.19%	-31.81%	-10.56%	31.83%	170.60%	-53.58%
operating margin %	7.64%	8.34%	4.85%	11.76%	10.75%	4.65%	8.91%	28.99%	12.48%	0.24%	9.06%	12.05%	9.98%	3.91%	9.67%	23.52%	0.51%	-1.36%	4.54%	-13.44%	-43.58%	-72.29%	-50.14%	-168.75%	-4.93%	13.43%	14.40%	41.55%	16.41%	43.07%	15.57%	18.02%	13.22%	14.00%	16.38%	19.00%	15.74%	13.38%	18.11%	20.15%	17.50%	13.59%	17.53%	20.32%	17.28%	6.93%	13.55%	0%	0%	0%	0%	0%	0%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
other income:
interest expense	-20,450,000	-19,432,000	-20,676,000	-20,628,000	-19,956,000	-19,792,000	-20,428,000	-20,830,000	-21,582,000	-21,621,000	-22,020,000	-22,248,000	-20,909,000	-19,379,000	-17,645,000	-15,118,000	-13,439,000	-10,801,000	-10,817,000	-10,962,000	-10,788,000	-10,635,000	-10,904,000	-10,749,000	-11,012,000	-10,962,000	-9,450,000	-9,766,000	-10,852,000	-11,365,000	-10,848,000	-10,402,000	-9,329,000	-8,201,000	-7,768,000	-6,927,000	-6,791,000	-6,859,000	-6,626,000	-7,123,000	-7,483,000												-4,072,000
interest income	246,000	342,000	259,000	301,000	276,000	433,000	450,000	565,000	458,000	498,000	474,000																																					122,000	50,000	31,000	16,000	18,000	18,000
other income	1,052,000	1,184,000	-278,000	858,000	1,230,000	571,000	999,000	2,129,000	685,000	547,000	661,000		265,000	-472,000	-416,000	1,773,000	1,742,000	1,746,000	2,250,000	2,295,000	3,232,000	581,000	1,278,000	876,000	2,106,000	2,217,000	1,808,000	146,000	1,301,000	1,363,000	1,327,000	3,470,000	789,000	931,000	-116,000	568,000	2,395,000	706,000	661,000	853,000	340,000	11,131,000		338,000		-97,000	797,000	64,000	40,000	30,000		63,000	160,000
total other expense	-19,152,000	-17,906,000	-20,695,000	-19,469,000	-18,450,000	-18,788,000	-18,979,000	-15,136,000	-20,439,000	-20,576,000	-20,885,000	-21,758,000	-20,644,000	-19,851,000	-18,061,000
income from continuing operations before income taxes	-5,021,000	-3,315,000	-12,112,000	3,215,000	1,377,000	-10,751,000	-3,224,000	41,073,000	3,050,000	-20,148,000	-4,409,000	1,681,000		-13,118,000	-831,000	29,750,000						-44,921,000	-35,907,000	-52,795,000	-14,246,000	9,226,000	11,602,000	49,770,000	13,250,000	4,955,000	37,469,000	37,829,000	9,951,000	10,848,000	22,214,000	34,506,000	33,627,000	8,463,000	25,953,000	22,090,000	50,305,000	83,725,000	13,790,000	17,204,000	11,090,000	-146,000	8,766,000	9,530,000	3,025,000				2,116,000
income tax expense	-892,000			-1,178,000	-754,000	-731,000	-332,000	-2,375,000		-1,119,000	-1,360,000	-791,000		1,036,000	-210,000	-6,437,000					-105,000				-1,968,000			-701,000	-350,000			-152,000	-260,000			-423,000	-421,000			-135,000	-1,571,000
net income	-5,913,000	-2,577,000	-11,760,000	2,037,000	623,000	916,000	-3,556,000	38,698,000	2,833,000	-21,267,000	-5,769,000	890,000	-1,970,000	-12,082,000	-1,041,000		-8,973,000	-10,905,000	-4,239,000	-20,569,000	-32,871,000	-44,708,000	-35,775,000	-52,548,000	-16,214,000	8,753,000	11,626,000	49,069,000	12,900,000	5,757,000	38,001,000	37,677,000	9,691,000	9,787,000	22,445,000	34,083,000	33,206,000	10,374,000	27,198,000	21,955,000	48,734,000	84,758,000	13,606,000	16,301,000	10,591,000	158,000	8,280,000	9,160,000	3,325,000	-2,076,000		6,670,000	1,883,000
yoy	-1049.12%	-381.33%	230.71%	-94.74%	-78.01%	-104.31%	-38.36%	4248.09%	-243.81%	76.02%	454.18%		-78.05%	10.79%	-75.44%		-72.70%	-75.61%	-88.15%	-60.86%	102.73%	-610.77%	-407.72%	-207.09%	-225.69%	52.04%	-69.41%	30.24%	33.11%	-41.18%	69.31%	10.54%	-70.82%	-5.66%	-17.48%	55.24%	-31.86%	-87.76%	99.90%	34.68%	360.15%	53544.30%	64.32%	77.96%	218.53%	-107.61%		37.33%	76.58%
qoq	129.45%	-78.09%	-677.32%	226.97%	-31.99%	-125.76%	-109.19%	1265.97%	-113.32%	268.64%	-748.20%	-145.18%	-83.69%	1060.61%			-17.72%	157.25%	-79.39%	-37.43%	-26.48%	24.97%	-31.92%	224.09%	-285.24%	-24.71%	-76.31%	280.38%	124.08%	-84.85%	0.86%	288.78%	-0.98%	-56.40%	-34.15%	2.64%	220.09%	-61.86%	23.88%	-54.95%	-42.50%	522.95%	-16.53%	53.91%	6603.16%	-98.09%	-9.61%	175.49%	-260.16%			254.22%
net income margin %	-3.20%	-1.47%	-6.64%	1.06%	0.34%	0.53%	-2.01%	19.96%	1.51%	-11.99%	-3.17%	0.46%	-1.08%	-7.01%	-0.58%	0%	-6.32%	-10.20%	-3.83%	-23.77%	-56.82%	-92.70%	-68.26%	-206.59%	-14.96%	6.54%	8.70%	34.33%	9.28%	4.34%	26.70%	24.75%	6.91%	7.43%	16.43%	26.41%	28.14%	9.40%	22.98%	17.26%	41.27%	77.03%	10.88%	13.51%	9.84%	0.16%	7.58%	8.68%	3.71%	-2.66%	0%	8.03%	2.98%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
less - income attributable to non-controlling interests	-99,000			-976,000	680,000
net loss attributable to summit hotel properties, inc. before preferred dividends	-5,814,000
less - distributions to and accretion of redeemable non-controlling interests	-657,000	-656,000	-656,000	-657,000	-657,000	-656,000	-656,000	-657,000	-657,000
less - preferred dividends	-3,970,000	-3,969,000	-3,968,000	-3,968,000	-3,970,000	-3,969,000	-3,968,000	-3,968,000	-3,970,000					-3,969,000	-3,968,000	-3,968,000
net loss attributable to common stockholders	-10,441,000				-4,684,000				-2,116,000	-16,571,000	-5,438,000		-5,228,000	-11,975,000	-517,000		-12,379,000	-17,109,750	-10,964,000	-22,401,000	-35,074,000																												-689,000
loss per common share:
basic and diluted	-100				-40
weighted-average common shares outstanding:
basic and diluted	105,720,000				108,008,000				105,720		105,650		105,312				104,896		104,548	104,495	104,278
transaction costs							10,000			-11,000		260,000								3,849,000
gain on extinguishment of debt								3,000,000
income tax benefit		738,000	352,000						-217,000				472,000				2,000,000	-268,750	-695,000	-275,000		213,000	132,000	247,000		-473,000	24,000			802,000	532,000			-1,061,000	231,000			1,911,000	1,245,000											223,500			-410,000
less - loss attributable to non-controlling interests		-1,231,000	-5,083,000			-5,113,000	3,908,000	-3,224,000	-322,000					4,730,000	5,148,000	-11,401,000
net income attributable to summit hotel properties, inc. before preferred dividends		-930,250	-6,677,000	3,013,000	-57,000	9,584,250	352,000	35,474,000								11,912,000
net income attributable to common stockholders		-5,971,000	-11,301,000	-1,612,000		680,000	-4,272,000	30,849,000				-753,000				7,944,000						-46,764,000	-38,256,000	-54,126,000	-19,031,000	5,532,000	7,824,000	45,248,000	9,168,000	2,047,000	34,191,000	33,867,000	868,000	2,389,000	18,190,000	29,769,000	28,886,000	3,302,000	22,090,000	17,718,000	44,338,000	6,959,250	9,393,000	12,057,000	6,387,000	-3,939,000	4,083,000	4,828,000					-504,000
income per common share:
basic		-50	-110	-20			-40	290
diluted		-50	-110	-20		10	-40	230
weighted-average common shares outstanding:
basic		106,850,000	105,889,000	107,633,000		105,927,000	106,033,000	105,918,000				105,562			105,232	105,199		104,471				104,141	104,200	104,154	103,995	103,887	103,935	103,896	103,749	103,623	103,666	103,643	103,500	99,406	103,253	98,184	92,762	86,874	86,492	86,433	86,360	85,920	85,995	85,831	85,704	85,242	85,303		85,097,000	70,327,000	68,157,000	65,480,000	62,684,000
diluted		106,850,000	105,889,000	107,633,000		132,365,000	106,033,000	149,451,000				105,562			105,232	121,352		104,471				104,141	104,200	104,154	103,995	103,939	103,970	103,937	103,837	103,842	103,821	103,883	103,899	99,780	103,632	98,706	93,230	87,343	87,401	87,355	87,170	87,144	87,065	87,008	86,875	85,566	85,916		85,527,000	70,737,000	68,614,000	65,954,000	62,950,000
recovery of credit losses
recoveries of credit losses										-730,000	-250,000		-250,000	-275,000	-850,000	-250,000
net income attributable to summit hotel properties, inc. before preferred dividends and distributions									2,511,000	-11,946,000	-814,000	3,872,000		-7,352,000	4,107,000
loss per share:
basic and diluted									-0.02	-0.16	-0.05		-0.05				-0.12	-0.165	-0.1	-0.21	-0.34
loss attributable to non-controlling interests										2,326,500	4,955,000	2,982,000	1,369,000
distributions to and accretion of redeemable non-controlling interests										-492,500	-656,000	-657,000	-657,000
preferred dividends										-2,976,500	-3,968,000	-3,968,000	-3,970,000					-4,263,000	-3,750,000	-3,709,000	-3,709,000	-3,710,000	-3,710,000	-3,709,000	-3,709,000	-3,710,000	-3,710,000	-3,709,000	-3,709,000	-3,709,000	-3,710,000	-3,709,000	-5,543,000	-4,808,000	-4,200,000	-4,200,000	-4,200,000	-4,945,000	-4,993,000	-4,147,000	-4,147,000												-2,452,000
interest and other income												490,000
income per share:
basic												-0.01				0.08
diluted												-0.01				0.07
loss from continuing operations before income taxes													-2,442,000				-10,973,000	-14,151,000	-3,544,000	-20,294,000	-32,766,000
net loss attributable to summit hotel properties, inc. before preferred dividends and distributions													-601,000
room expense														25,429,500	37,525,000	35,783,000
food and beverage expense														4,296,750	7,060,000	6,013,000
hotel operating expenses														38,717,750	54,883,000	53,711,000
hotel acquisition and transaction costs														184,250	56,000	681,000
loss on impairment of assets																						195,500			782,000	836,000		1,685,000											577,000				1,115,000			4,573,000	3,614,000	660,000			1,369,000
less - distributions and accretion of redeemable non-controlling interests														-466,500	-656,000
premium on redemption of preferred stock																			-2,710,000														-3,277,000
loss per share:
basic														-0.013
diluted														-0.013
total other income																-13,345,000	-11,697,000	-6,197,500	-8,567,000	-8,667,000	-7,556,000	-7,101,250	-9,626,000	-9,873,000	-8,906,000	-6,703,250	-7,642,000	-9,620,000	-9,551,000	4,280,250	15,305,000	10,399,000	-8,583,000	-7,592,000	-159,000	9,991,000	15,060,000	-6,295,000	4,526,000	-3,544,000	29,637,000												-3,888,000
net income before amounts attributable to non-controlling interests																23,313,000
other hotel operating expenses																	46,277,000	34,954,000	34,713,000	29,385,000	24,574,000	22,100,000	22,535,000	16,588,000	35,283,000	40,049,000	38,913,000	39,422,000	39,797,000	37,444,000	40,437,000	41,578,000	39,458,000
less - loss attributable to non-controlling interests:
operating partnership																	482,000	17,000	10,000	34,000	54,000	68,000	70,000	96,000	37,000	-7,000	-15,000															599,000	66,000	97,000	57,000	-50,000	50,000	61,000				133,000	-28,000
joint venture																	82,000	-124,000	-275,000	1,843,000	1,452,000	1,586,000	1,159,000	2,035,000	855,000	496,000	-77,000																					124,000		-8,000	272,000	89,000	-37,000
net loss attributable to summit hotel properties, inc.																	-8,409,000	-13,640,250	-4,504,000	-18,692,000	-31,365,000
preferred stock dividends																	-3,970,000
(reversal of) provision for credit losses																			-2,632,000
loss on impairment and write-off of assets																			4,361,000
provision for credit losses																						2,291,000			2,530,000
net income attributable to summit hotel properties, inc.																						-43,054,000	-34,546,000	-50,417,000	-15,322,000	9,242,000	11,534,000	48,957,000	12,877,000	5,756,000	37,901,000	37,576,000	9,688,000	9,769,000	22,390,000	33,969,000	33,086,000	10,372,000	27,083,000	21,865,000	48,485,000	84,159,000	13,540,000	16,204,000	10,534,000	208,000	8,230,000	8,975,000	3,458,000	1,939,250		6,448,000	1,948,000
earnings per share:
basic and diluted																						-0.45	-0.37	-0.52	-0.18	0.05	0.07		0.09								0.31
less - income attributable to non-controlling interests:
non-controlling interest in operating partnership																												-112,000	-23,000	-1,000	-100,000	-101,000	-3,000
earnings per share:
basic																												0.43		0.165	0.33	0.33		0.01	0.18	0.3		0.243	0.25
diluted																												0.43		0.165	0.33	0.32		0.01	0.17	0.3		0.24	0.25
hotel property acquisition costs																																					354,000	683,000	527,000	1,728,000	554,000	296,000	837,000	113,000		-9,000	69,000	17,000	692,000	333,000	114,000	786,000	654,000
earnings per share - basic and diluted																																	0.01
other hotel operations revenue																																		9,921,000	9,341,000	8,542,000	7,639,000	7,709,000	7,559,000	7,910,000	7,487,000	7,268,000	6,799,000	6,963,000	6,223,000	6,056,000	6,101,000	5,845,000	4,992,000	4,451,000	4,164,000	4,021,000	3,122,000
hotel operating expenses:
other direct																																		18,001,000	16,846,000	16,619,000	15,790,000	16,012,000	15,513,000	16,843,000	16,240,000	16,042,000	17,073,000	15,860,000	15,035,000	14,778,000	15,376,000	13,214,000	12,020,000	11,479,000	11,072,000	9,977,000	8,244,000
other indirect																																		34,922,000	35,820,000	33,577,000	30,900,000	27,982,000	29,312,000	32,929,000	30,629,000	29,666,000	31,893,000	31,688,000	28,727,000	26,891,000	26,451,000	27,041,000	23,859,000	21,221,000	20,601,000	21,340,000	16,242,000
total hotel operating expenses																																		84,831,000	86,070,000	79,499,000	75,204,000	71,256,000	73,530,000	76,757,000	74,138,000	72,889,000	78,394,000	75,277,000	69,268,000	66,777,000	68,192,000	66,609,000	59,919,000	54,110,000	53,783,000	53,545,000	42,320,000
less - income attributable to non-controlling interests in operating partnership																																		-72,250	-55,000	-114,000	-120,000
less - income attributable to operating partnership																																						-113,500	-115,000	-90,000	-249,000
earnings per share:
basic net income per share																																								0.2
diluted net income per share																																								0.2
basic and diluted net income per share																																									0.51			0.14	0.07	-0.05	0.05	0.06		-0.08	-0.07	0.04	-0.01
income from continuing operations																																										84,758,000	13,606,000	16,301,000	10,591,000	-56,000	8,339,000	9,201,000	2,947,000	-5,645,000	1,116,000	6,285,000
income from discontinued operations																																														214,000			378,000			385,000	177,000
income attributable to non-controlling interests:
basic and diluted net income (loss) per share from continuing operations																																										0.08	0.11
basic and diluted net income per share from discontinued operations
basic and diluted net income (loss) per share																																										0.08	0.11
basic and diluted net income per share from continuing operations																																												0.14	0.07	-0.05	0.05	0.06					-0.01
revenues
room revenue																																																99,680,000	84,552,000	73,505,000	78,010,000	79,075,000	60,089,000
expenses
rooms																																																25,985,000	23,692,000	21,209,000	21,927,000	21,954,000	17,621,000
corporate general and administrative:
salaries and other compensation																																																3,330,000	2,159,000	1,629,000	1,874,000	2,294,000	2,421,000
income from operations																																																16,177,000	9,298,000	7,068,000	9,933,000	11,452,000	6,004,000
gain (loss) on derivative financial instruments
income (loss) from discontinued operations
income attributable to non-controlling interests
weighted average common shares outstanding
basic																																																85,165,000
diluted																																																85,663,000
earnings per share
loss attributable to noncontrolling interests
weighted-average common shares outstanding
basic		106,850,000	105,889,000	107,633,000		105,927,000	106,033,000	105,918,000				105,562			105,232	105,199		104,471				104,141	104,200	104,154	103,995	103,887	103,935	103,896	103,749	103,623	103,666	103,643	103,500	99,406	103,253	98,184	92,762	86,874	86,492	86,433	86,360	85,920	85,995	85,831	85,704	85,242	85,303		85,097,000	70,327,000	68,157,000	65,480,000	62,684,000
diluted		106,850,000	105,889,000	107,633,000		132,365,000	106,033,000	149,451,000				105,562			105,232	121,352		104,471				104,141	104,200	104,154	103,995	103,939	103,970	103,937	103,837	103,842	103,821	103,883	103,899	99,780	103,632	98,706	93,230	87,343	87,401	87,355	87,170	87,144	87,065	87,008	86,875	85,566	85,916		85,527,000	70,737,000	68,614,000	65,954,000	62,950,000
loss per share
basic and diluted net loss per share from continuing operations																																																	-0.01
basic and diluted net loss per share																																																	-0.01
debt transaction costs
gain on derivative financial instruments																																																				2,000
income from continuing operations before income tax																																																		2,844,000	3,800,000	6,636,000
net income attributable to noncontrolling interests in:
net income attributable to common shareholders																																																		-6,026,000	-4,817,000	2,604,000
basic and diluted net income per share from:
continuing operations																																																		-0.13	-0.05	0.03
discontinued operations																																																				0.01
income for continuing operations																																																					1,706,000
net income attributable to noncontrolling interests

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31

assets
investments in lodging property	2,592,231,000	2,640,367,000	2,677,174,000	2,722,459,000	2,727,510,000	2,746,340,000	2,669,478,000	2,702,038,000	2,715,009,000	2,729,049,000	2,831,247,000	2,856,006,000	2,776,947,000	2,792,552,000
assets held for sale	18,405,000	11,967,000	31,548,000			1,650,000	18,621,000	9,715,000	64,019,000	73,740,000	9,163,000	1,650,000	79,172,000	78,576,000	425,000	425,000	52,801,000	425,000	425,000	425,000	425,000	425,000	425,000	425,000	425,000	425,000	17,370,000	493,000	96,523,000	7,633,000	1,193,000	37,878,000	23,161,000	1,193,000	1,193,000	20,820,000	62,816,000	62,695,000	62,613,000	69,162,000	86,785,000	133,138,000	216,335,000	216,357,000	1,292,000	300,000	7,860,000	8,663,000	9,723,000	12,224,000	33,463,000	12,339,000	26,920,000	4,836,000		1,629,412	15,901,437
cash and cash equivalents	44,773,000	36,110,000	41,135,000	39,490,000	48,194,000	40,637,000	51,698,000	45,873,000	63,435,000	37,837,000	55,307,000	58,456,000	60,678,000	51,255,000	72,617,000	109,999,000	82,397,000	64,485,000	59,650,000	56,069,000	27,356,000	20,719,000	39,075,000	124,554,000	131,267,000	42,238,000	48,091,000	48,796,000	42,913,000	44,088,000	60,533,000	48,885,000	43,435,000	36,545,000	52,451,000	29,819,000	68,046,000	34,694,000	40,491,000	76,437,000	33,972,000	29,326,000	31,954,000	36,963,000	28,541,000	38,581,000	34,778,000	41,728,000	36,551,000	46,706,000	45,474,000	34,413,000	20,790,000	13,980,000	10,287,841	11,623,207	10,869,944	10,537,132	17,118,080	29,589,139	15,610,861	7,977,418
restricted cash	5,661,000	5,102,000	6,270,000	8,734,000	8,138,000	7,721,000	7,339,000	6,766,000	8,916,000	9,931,000	11,268,000	11,953,000	11,153,000	10,553,000	18,628,000	36,061,000	32,836,000	32,459,000	25,521,000	22,103,000	20,032,000	18,177,000	17,532,000	18,658,000	28,597,000	27,595,000	27,819,000	27,066,000	28,026,000	28,468,000	31,567,000	32,479,000	31,483,000	29,462,000	28,933,000	25,560,000	27,141,000	24,881,000	25,567,000	25,363,000	24,775,000	23,073,000	28,904,000	31,187,000	34,192,000	34,395,000	35,306,000	54,637,000	52,181,000	38,498,000	35,437,000	27,809,000	22,261,000	3,624,000	4,275,143	3,107,998	1,542,804	1,464,032	1,529,487	1,024,109	649,694	1,192,131
right-of-use assets	31,563,000	32,028,000	32,482,000	32,933,000	32,887,000	33,309,000	33,454,000	33,851,000	34,244,000	34,814,000	35,215,000	35,624,000	35,697,000	35,023,000	35,416,000	31,453,000	31,841,000	26,942,000	27,290,000	27,656,000	28,032,000	28,420,000	28,809,000	29,181,000	29,577,000	29,884,000	28,942,000	29,313,000	29,722,000
trade receivables	23,528,000	17,347,000	19,022,000	22,554,000	23,568,000	18,625,000	20,724,000	27,967,000	27,985,000	21,348,000	24,209,000	22,112,000	24,070,000	21,015,000	23,512,000	21,019,000	28,202,000	14,476,000	14,209,000	14,777,000	14,715,000	11,775,000	12,512,000	10,507,000	11,356,000	13,281,000	18,453,000	21,253,000	23,623,000	13,978,000	23,969,000	20,916,000	20,844,000	16,985,000	20,899,000	17,939,000	16,548,000	11,807,000	15,232,000	14,937,000	15,009,000	9,437,000	12,370,000	12,531,000	12,384,000	7,681,000	11,924,000	13,142,000	12,611,000	7,231,000	9,685,000	11,728,000	12,677,000	5,478,000	6,666,212	6,946,025	6,155,365	3,424,630	5,478,840	4,484,399	3,384,494	2,665,076
prepaid expenses and other	14,610,000	7,104,000	14,319,000	14,197,000	15,677,000	9,580,000	16,647,000	14,142,000	17,183,000	8,865,000	12,973,000	15,641,000	19,348,000	8,378,000	15,266,000	15,914,000	17,000,000	24,496,000	7,308,000	8,698,000	9,142,000	9,763,000	6,659,000	7,249,000	8,297,000	8,844,000	10,507,000	7,634,000	9,149,000	10,111,000	6,254,000	7,371,000	8,654,000	9,454,000	5,294,000	8,731,000	7,065,000	6,474,000	8,013,000	8,319,000	6,258,000	15,281,000	21,532,000	7,728,000	6,563,000	6,181,000	6,172,000	5,681,000	6,305,000	8,876,000	21,006,000	6,251,000	2,889,000	5,311,000	4,390,302	3,329,337	3,704,500	4,268,393	2,233,465	3,118,765	1,744,567	1,738,645
deferred charges	5,585,000	10,051,000	10,335,000	10,468,000	10,632,000	6,460,000	6,237,000	6,357,000	6,495,000	6,659,000	7,066,000	7,079,000	6,932,000	7,074,000	7,353,000	7,520,000	7,832,000	4,347,000	4,249,000	4,194,000	4,311,000	4,429,000	4,364,000	4,479,000	4,594,000	4,709,000	4,125,000	4,118,000	4,220,000	4,691,000	4,854,000	4,782,000	5,050,000	5,221,000	4,669,000	4,618,000	3,851,000	3,727,000	3,729,000	3,694,000	3,842,000	9,188,000	9,592,000	8,806,000	9,134,000	9,641,000	10,128,000	10,413,000	10,585,000	10,270,000	9,543,000	9,696,000	9,324,000	8,895,000
other assets	18,208,000	15,954,000	16,195,000	17,335,000	20,275,000	24,291,000	7,688,000	20,571,000	21,182,000	15,554,000	28,741,000	25,166,000	14,260,000	17,844,000	19,021,000	2,274,000	3,789,000	3,799,000	3,785,000	8,165,000	8,140,000	8,176,000	9,185,000	9,237,000	9,235,000	12,039,000	11,596,000	8,751,000	9,754,000	14,807,000	19,627,000	17,483,000	16,037,000	12,431,000	5,794,000	5,754,000	11,986,000	12,032,000	10,510,000	9,307,000	9,375,000	22,250,000	16,150,000	16,077,000	16,759,000	14,152,000	8,988,000	8,525,000	6,581,000	6,654,000	3,442,000	4,137,000	4,169,000	4,201,000	4,257,462	4,758,390	4,022,180	4,019,870	3,581,178	3,594,787	3,995,826
total assets	2,754,564,000	2,776,030,000	2,848,480,000	2,868,170,000	2,897,459,000	2,896,230,000	2,837,283,000	2,871,235,000	2,960,832,000	2,939,248,000	3,015,189,000	3,033,687,000	3,028,257,000	3,022,270,000	3,075,881,000	3,124,677,000	3,106,599,000	2,264,902,000	2,248,320,000	2,231,463,000	2,221,105,000	2,233,019,000	2,275,196,000	2,380,875,000	2,423,120,000	2,355,683,000	2,149,358,000	2,123,221,000	2,229,642,000	2,222,297,000	2,262,931,000	2,216,268,000	2,221,878,000	2,209,874,000	2,043,878,000	1,996,541,000	1,796,119,000	1,718,505,000	1,660,228,000	1,647,176,000	1,637,437,000	1,580,954,000	1,609,700,000	1,551,114,000	1,454,222,000	1,459,024,000	1,472,626,000	1,428,323,000	1,428,892,000	1,294,476,000	1,279,802,000	1,251,542,000	1,061,990,000	810,789,000	633,104,392	621,492,416	604,077,730	554,004,994	553,170,777	550,684,205	491,759,405	493,008,530
liabilities, redeemable non-controlling interests and equity
liabilities:
debt, net of debt issuance costs	1,396,385,000	1,394,014,000	1,421,777,000	1,425,799,000	1,417,690,000	1,396,710,000	1,336,095,000	1,345,492,000	1,452,002,000	1,430,668,000	1,444,637,000	1,450,854,000	1,467,123,000	1,451,796,000	1,468,341,000	1,523,530,000	1,481,895,000	1,069,797,000	1,056,667,000	1,078,522,000	1,140,214,000	1,094,745,000	1,084,092,000	1,159,399,000	1,135,019,000	1,016,163,000	843,531,000	829,001,000	961,826,000	958,712,000	969,146,000	950,497,000	975,316,000	868,236,000	772,275,000	735,206,000	714,306,000	652,414,000	618,892,000	622,397,000	697,298,000
lease liabilities	23,749,000	24,091,000	24,421,000	24,763,000	24,584,000	24,871,000	24,879,000	25,158,000	25,413,000	25,842,000	26,102,000	26,383,000	26,309,000	25,484,000	25,753,000	21,724,000	22,049,000	17,232,000	17,527,000	17,821,000	18,123,000	18,438,000	18,752,000	19,069,000	19,384,000	19,604,000	18,580,000	18,887,000	19,273,000
accounts payable	7,128,000	7,537,000	9,859,000	7,285,000	8,760,000	7,450,000	6,130,000	6,637,000	7,303,000	4,827,000	6,880,000	5,479,000	5,460,000	5,517,000	5,901,000	8,332,000	5,341,000	4,462,000	4,330,000	3,042,000	3,268,000	2,674,000	3,610,000	2,672,000	5,725,000	4,767,000	5,273,000	5,288,000	4,645,000	5,391,000	5,200,000	6,224,000	4,748,000	7,774,000	7,257,000	7,647,000	5,402,000	4,623,000	4,162,000	4,830,000	3,782,000	2,947,000	4,304,000	3,113,000	6,130,000	7,271,000	5,032,000	6,256,000	10,277,000	7,583,000	9,276,000	7,469,000	3,875,000	5,013,000	1,254,050	1,933,060	1,654,708	1,670,994	899,535	940,827	1,433,438	864,560
accrued expenses and other	77,682,000	76,417,000	92,907,000	81,142,000	78,588,000	82,153,000	96,679,000	84,412,000	81,719,000	81,215,000	92,209,000	88,776,000	86,499,000	81,304,000	94,623,000	85,803,000	75,699,000	66,219,000	70,289,000	66,356,000	58,890,000	65,099,000	72,340,000	68,199,000	76,097,000	71,759,000	84,917,000	72,988,000	65,929,000	66,050,000	71,350,000	61,491,000	60,941,000	56,488,000	56,306,000	47,549,000	47,635,000	46,880,000	53,829,000	46,982,000	43,112,000	42,174,000
total liabilities	1,504,944,000	1,502,059,000	1,548,964,000	1,538,989,000	1,529,622,000	1,511,184,000	1,463,783,000	1,461,699,000	1,566,437,000	1,542,552,000	1,569,828,000	1,571,492,000	1,585,391,000	1,564,101,000	1,594,618,000	1,639,389,000	1,584,984,000	1,157,710,000	1,148,813,000	1,165,741,000	1,220,495,000	1,180,956,000	1,178,794,000	1,249,339,000	1,236,225,000	1,112,293,000	952,301,000	926,164,000	1,051,673,000	1,030,153,000	1,045,696,000	1,018,212,000	1,041,005,000	932,498,000	836,276,000	790,997,000	768,112,000	705,035,000	678,796,000	676,686,000	746,635,000	724,028,000	824,915,000	766,517,000	673,370,000	673,823,000	673,263,000	624,806,000	612,997,000	472,098,000	442,345,000	551,946,000	358,683,000	337,252,000	331,750,010	316,054,132	292,991,751	234,556,299	273,898,936	267,284,961	206,642,541
commitments and contingencies
redeemable non-controlling interests	50,219,000	50,219,000	50,219,000	50,219,000	50,219,000	50,219,000	50,219,000	50,219,000	50,219,000	50,219,000	50,219,000	50,219,000	50,219,000	50,219,000	50,223,000	50,223,000	50,220,000
equity:
preferred stock, 0.01 par value per share...
6.25% series e - 6,400,000 shares issued and outstanding at march 31, 2026 and december 31, 2025	64,000
5.875% series f - 4,000,000 shares issued and outstanding at march 31, 2026 and december 31, 2025	40,000
common stock, 0.01 par value per share...	1,084,000	1,088,000	1,088,000	1,088,000	1,122,000	1,084,000	1,085,000	1,083,000	1,082,000	1,076,000	1,076,000	1,076,000	1,075,000	1,069,000	1,069,000	1,069,000	1,069,000	1,063,000	1,064,000	1,064,000	1,061,000	1,057,000	1,057,000	1,057,000	1,056,000	1,052,000	1,052,000	1,051,000	1,051,000	1,048,000	1,047,000	1,047,000	1,047,000	1,043,000
additional paid-in capital	1,259,345,000	1,264,470,000	1,262,451,000	1,260,433,000	1,273,164,000	1,246,225,000	1,244,335,000	1,242,436,000	1,239,905,000	1,238,896,000	1,236,864,000	1,234,947,000	1,232,457,000	1,232,302,000	1,230,848,000	1,229,660,000	1,230,094,000	1,225,184,000	1,221,426,000	1,195,002,000	1,176,150,000	1,197,320,000	1,195,700,000	1,194,178,000	1,191,964,000	1,190,949,000	1,189,501,000	1,187,715,000	1,185,790,000	1,185,310,000	1,183,694,000	1,182,398,000	1,180,421,000	1,262,679,000	1,178,896,000	1,177,264,000	1,011,938,000	1,011,412,000	968,746,000	968,262,000	894,482,000	894,060,000	892,621,000	890,392,000	888,515,000	888,191,000	885,830,000	884,420,000	883,345,000	882,858,000	867,308,000	706,370,000		468,820,000	285,168,804	279,911,652	288,705,701	288,902,331	240,921,363	240,885,162	241,104,130
accumulated other comprehensive income	4,265,000	2,115,000	3,036,000	4,400,000	6,453,000	9,173,000	4,959,000	14,432,000	14,969,000	10,967,000	20,832,000	18,007,000	10,270,000	14,538,000	15,533,000	1,000,000														-1,441,000	8,033,000	5,545,000	5,183,000	1,451,000																		251,000		-528,000	-430,921	-228,980
accumulated deficit and distributions in excess of retained earnings	-424,392,000	-405,622,000	-390,885,000	-370,879,000	-360,404,000	-347,041,000	-339,047,000	-326,108,000	-348,302,000	-339,848,000	-316,780,000	-304,888,000	-297,687,000	-288,200,000	-271,951,000	-267,159,000	-275,018,000	-262,639,000	-247,364,000	-236,400,000	-213,999,000	-179,013,000
total stockholders’ equity	840,406,000	862,155,000	875,794,000	895,146,000	920,439,000	909,545,000	911,436,000	931,947,000	907,758,000	911,195,000	942,096,000	949,246,000	946,219,000	959,813,000	975,603,000	964,674,000	951,346,000	948,073,000	954,305,000	936,599,000	938,783,000	988,742,000	1,031,341,000	1,065,249,000	1,118,202,000	1,173,778,000	1,181,355,000	1,194,803,000	1,175,709,000	1,189,849,000	1,214,516,000	1,195,394,000	1,178,035,000	1,274,502,000	1,204,516,000	1,202,262,000	1,024,609,000	1,010,042,000	977,436,000	966,493,000	886,649,000	852,711,000	780,429,000	779,673,000	775,442,000	779,611,000	791,768,000	795,525,000	799,950,000		809,483,000	662,636,000
non-controlling interests	358,995,000	361,597,000	373,503,000	383,816,000	397,179,000	425,282,000	411,845,000	427,370,000	436,418,000	435,282,000	453,046,000	462,730,000	446,428,000	448,137,000	455,437,000	470,391,000
total equity	1,199,401,000	1,223,752,000	1,249,297,000	1,278,962,000	1,317,618,000	1,334,827,000	1,323,281,000	1,359,317,000	1,344,176,000	1,346,477,000	1,395,142,000	1,411,976,000	1,392,647,000	1,407,950,000	1,431,040,000	1,435,065,000	1,471,395,000	1,107,192,000	1,099,507,000	1,065,722,000	1,000,610,000	1,052,063,000	1,096,402,000	1,131,536,000	1,186,895,000	1,243,390,000	1,197,057,000	1,197,057,000	1,177,969,000	1,192,144,000	1,217,235,000	1,198,056,000	1,180,873,000	1,277,376,000	1,207,602,000	1,205,544,000	1,028,007,000	1,013,470,000	981,432,000	970,490,000	890,802,000	856,926,000	784,785,000	784,597,000	780,852,000	785,201,000	799,363,000	803,517,000	815,895,000	822,378,000	837,457,000	699,596,000	703,307,000	473,537,000	301,354,382	305,438,284	311,085,979	319,448,695	279,271,841	283,399,244	285,116,864	59,843,566
total liabilities, redeemable non-controlling interests and equity	2,754,564,000	2,776,030,000	2,848,480,000	2,868,170,000	2,897,459,000	2,896,230,000	2,837,283,000	2,871,235,000	2,960,832,000	2,939,248,000	3,015,189,000	3,033,687,000	3,028,257,000	3,022,270,000	3,075,881,000	3,124,677,000	3,106,599,000
investment in lodging property under development					10,578,000	7,617,000	5,397,000	3,955,000	2,364,000
6.25% series e - 6,400,000 shares issued and outstanding at december 31, 2025 and 2024		64,000
5.875% series f - 4,000,000 shares issued and outstanding at december 31, 2025 and 2024		40,000
6.25% series e - 6,400,000 shares issued and outstanding at september 30, 2025 and december 31, 2024			64,000
5.875% series f - 4,000,000 shares issued and outstanding at september 30, 2025 and december 31, 2024			40,000
6.25% series e - 6,400,000 shares issued and outstanding at june 30, 2025 and december 31, 2024				64,000
5.875% series f - 4,000,000 shares issued and outstanding at june 30, 2025 and december 31, 2024				40,000
6.25% series e - 6,400,000 shares issued and outstanding at march 31, 2025 and december 31, 2024					64,000
5.875% series f - 4,000,000 shares issued and outstanding at march 31, 2025 and december 31, 2024					40,000
6.25% series e - 6,400,000 shares issued and outstanding at december 31, 2024 and 2023						64,000
5.875% series f - 4,000,000 shares issued and outstanding at december 31, 2024 and 2023						40,000
6.25% series e - 6,400,000 shares issued and outstanding at september 30, 2024 and december 31, 2023							64,000
5.875% series f - 4,000,000 shares issued and outstanding at september 30, 2024 and december 31, 2023							40,000
6.25% series e - 6,400,000 shares issued and outstanding at june 30, 2024 and december 31, 2023								64,000
5.875% series f - 4,000,000 shares issued and outstanding at june 30, 2024 and december 31, 2023								40,000
6.25% series e - 6,400,000 shares issued and outstanding at march 31, 2024 and december 31, 2023									64,000
5.875% series f - 4,000,000 shares issued and outstanding at march 31, 2024 and december 31, 2023									40,000
investment in hotel properties under development										1,451,000																							28,267,000	23,793,000	18,754,000	12,665,000	7,888,000								319,000	253,000	186,000	160,000	90,000		20,549,000	10,457,000	10,380,000	10,303,000
6.25% series e - 6,400,000 shares issued and outstanding at december 31, 2023 and 2022										64,000
5.875% series f - 4,000,000 shares issued and outstanding at december 31, 2023 and 2022										40,000
6.25% series e - 6,400,000 shares issued and outstanding at september 30, 2023 and december 31, 2022											64,000
5.875% series f - 4,000,000 shares issued and outstanding at september 30, 2023 and december 31, 2022											40,000
6.25% series e - 6,400,000 shares issued and outstanding at june 30, 2023 and december 31, 2022												64,000
5.875% series f - 4,000,000 shares issued and outstanding at june 30, 2023 and december 31, 2022												40,000
6.25% series e - 6,400,000 shares issued and outstanding at march 31, 2023 and december 31, 2022													64,000
5.875% series f - 4,000,000 shares issued and outstanding at march 31, 2023 and december 31, 2022													40,000
undeveloped land															1,500,000	1,500,000	1,500,000	1,500,000	1,500,000	1,500,000	1,500,000	1,500,000	1,500,000	1,500,000	1,500,000	1,500,000	2,267,000	2,267,000	2,267,000	2,267,000
6.25% series e - 6,400,000 shares issued and outstanding at december 31, 2022 and 2021														64,000
5.875% series f - 4,000,000 shares issued and outstanding at december 31, 2022														40,000
investment in hotel properties															2,882,143,000	2,898,512,000	2,848,401,000	2,091,973,000	2,078,014,000	2,064,169,000	2,084,284,000	2,105,946,000	2,125,446,000	2,145,912,000	2,169,314,000	2,184,232,000	1,949,160,000	1,941,674,000	1,952,161,000	2,065,554,000	2,082,605,000	2,014,587,000	2,023,551,000	2,059,492,000	1,902,949,000	1,857,548,000	1,577,751,000	1,538,868,000	1,470,749,000	1,416,633,000	1,434,015,000	1,333,407,000	1,267,121,000	1,215,012,000	1,336,665,000	1,339,415,000	1,343,199,000	1,271,539,000	1,280,255,000	1,149,967,000	1,082,395,000	1,112,608,000	934,842,000	734,362,000
6.25% series e - 6,400,000 shares issued and outstanding at september 30, 2022 and december 31, 2021															64,000
5.875% series f - 4,000,000 shares issued and outstanding at september 30, 2022 and december 31, 2021															40,000
6.25% series e - 6,400,000 shares issued and outstanding at june 30, 2022 and december 31, 2021																64,000
5.875% series f - 4,000,000 shares issued and outstanding at june 30, 2022																40,000
6.25% series e - 6,400,000 shares issued and outstanding at march 31, 2022 and december 31, 2021																	64,000
5.875% series f - 4,000,000 shares issued and outstanding at march 31, 2022																	40,000
accumulated other comprehensive loss																	-4,903,000	-15,639,000	-20,925,000	-23,161,000	-24,523,000	-30,716,000	-33,260,000	-36,086,000	-35,044,000	-16,034,000	-20,395,000	-16,236,000	-6,985,000						-300,000	-456,000	-629,000	-977,000	-1,767,000	-2,309,000	-2,294,000
non-controlling interests in operating partnership																	158,646,000	793,000	828,000	1,024,000	1,069,000	1,111,000	1,265,000	1,332,000	1,658,000	1,809,000	1,861,000	2,254,000	2,260,000	2,295,000	2,719,000	2,662,000	2,838,000	2,874,000	3,086,000	3,282,000	3,398,000	3,428,000	3,996,000	3,997,000	4,153,000	4,215,000	4,356,000					7,992,000
non-controlling interests in joint venture																	361,403,000	158,326,000	144,374,000	128,099,000	60,758,000	62,210,000	63,796,000	64,955,000	67,035,000	67,803,000
investment in real estate loans																			26,369,000	23,707,000	23,168,000	23,689,000	29,689,000	29,173,000	28,958,000	30,936,000	31,028,000	31,856,000	31,284,000	30,700,000	29,387,000	28,945,000	18,454,000	12,356,000		10,145,000	10,085,000	17,585,000	17,582,000	17,582,000	17,664,000
liabilities and equity
6.45% series d - 3,000,000 shares issued and outstanding at december 31, 2020
6.25% series e - 6,400,000 shares issued and outstanding at december 31, 2021 and 2020																		64,000
5.875% series f - 4,000,000 shares issued and outstanding at december 31, 2021																		40,000
total liabilities and equity																		2,264,902,000	2,248,320,000	2,231,463,000	2,221,105,000	2,233,019,000	2,275,196,000	2,380,875,000	2,423,120,000	2,355,683,000	2,149,358,000	2,123,221,000	2,229,642,000	2,222,297,000	2,262,931,000	2,216,268,000	2,221,878,000	2,209,874,000	2,043,878,000	1,996,541,000	1,796,119,000	1,718,505,000	1,660,228,000	1,647,176,000	1,637,437,000	1,580,954,000	1,609,700,000	1,551,114,000	1,454,222,000	1,459,024,000	1,472,626,000	1,428,323,000	1,428,892,000	1,294,476,000	1,279,802,000	1,251,542,000	1,061,990,000	810,789,000	633,104,392	621,492,416	604,077,730	554,004,994	553,170,777	550,684,205	491,759,405
6.45% series d - 3,000,000 shares issued and outstanding december 31, 2020
6.25% series e - 6,400,000 shares issued and outstanding at september 30, 2021 and december 31, 2020																			64,000
5.875% series f - 4,000,000 shares issued and outstanding at september 30, 2021																			40,000
6.45% series d - 3,000,000 shares issued and outstanding at june 30, 2021 and december 31, 2020																				30,000
6.25% series e - 6,400,000 shares issued and outstanding at june 30, 2021 and december 31, 2020																				64,000
6.45% series d - 3,000,000 shares issued and outstanding at march 31, 2021 and december 31, 2020																					30,000
6.25% series e - 6,400,000 shares issued and outstanding at march 31, 2021 and december 31, 2020																					64,000
6.45% series d - 3,000,000 shares issued and outstanding at december 31, 2020 and 2019																						30,000
6.25% series e - 6,400,000 shares issued and outstanding at december 31, 2020 and 2019																						64,000
6.45% series d - 3,000,000 shares issued and outstanding at september 30, 2020 and december 31, 2019																							30,000
6.25% series e - 6,400,000 shares issued and outstanding at september 30, 2020 and december 31, 2019																							64,000
distributions in excess of retained earnings																							-132,250,000	-93,994,000	-39,868,000
6.45% series d - 3,000,000 shares issued and outstanding at june 30, 2020 and december 31, 2019																								30,000
6.25% series e - 6,400,000 shares issued and outstanding at june 30, 2020 and december 31, 2019																								64,000
6.45% series d - 3,000,000 shares issued and outstanding at march 31, 2020 and december 31, 2019																									30,000
6.25% series e - 6,400,000 shares issued and outstanding at march 31, 2020 and december 31, 2019																									64,000
6.45% series d - 3,000,000 shares issued and outstanding at december 31, 2019 and 2018																										30,000
6.25% series e - 6,400,000 shares issued and outstanding at december 31, 2019 and 2018																										64,000
(distributions in excess of retained earnings) retained earnings																										-2,283,000			-4,241,000				-8,710,000
6.45% series d - 3,000,000 shares issued and outstanding at september 30, 2019 and december 31, 2018																											30,000
6.25% series e - 6,400,000 shares issued and outstanding at september 30, 2019 and december 31, 2018																											64,000
retained earnings																											11,103,000	22,179,000		4,838,000	21,648,000	6,310,000		9,201,000
non-controlling interest in joint venture																											13,841,000
6.45% series d - 3,000,000 shares issued and outstanding at june 30, 2019 and december 31, 2018																												30,000
6.25% series e - 6,400,000 shares issued and outstanding at june 30, 2019 and december 31, 2018																												64,000
6.45% series d - 3,000,000 shares issued and outstanding at march 31, 2019 and december 31, 2018																													30,000
6.25% series e - 6,400,000 shares issued and outstanding at march 31, 2019 and december 31, 2018																													64,000
7.125% series c - 3,400,000 shares issued and outstanding at december 31, 2017
6.45% series d - 3,000,000 shares issued and outstanding at december 31, 2018 and 2017																														30,000
6.25% series e - 6,400,000 shares issued and outstanding at december 31, 2018 and 2017																														64,000
land held for development																															2,942,000	2,942,000	2,942,000	2,942,000	2,942,000	2,942,000	2,942,000	5,742,000	5,742,000	5,742,000	5,742,000	5,742,000	5,742,000	6,453,000	8,183,000	8,183,000	13,748,000	13,748,000	13,748,000	13,748,000	13,748,000	18,475,000	13,844,000	15,802,000	19,006,473	19,006,473	20,294,973	20,294,973	20,294,973	20,294,973
6.45% series d - 3,000,000 shares issued and outstanding at september 30, 2018 and december 31, 2017																															30,000
6.25% series e - 6,400,000 shares issued and outstanding at september 30, 2018 and december 31, 2017																															64,000
6.45% series d - 3,000,000 shares issued and outstanding at june 30, 2018 and december 31, 2017																																30,000
6.25% series e - 6,400,000 shares issued and outstanding at june 30, 2018 and december 31, 2017																																64,000
6.45% series d - 3,000,000 shares issued and outstanding at march 31, 2018 and december 31, 2017																																	30,000
6.25% series e - 6,400,000 shares issued and outstanding at march 31, 2018 and december 31, 2017																																	64,000
7.875% series b - 3,000,000 shares issued and outstanding at december 31, 2016
7.125% series c - 3,400,000 shares issued and outstanding at december 31, 2017 and 2016																																		34,000
6.45% series d - 3,000,000 shares issued and outstanding at december 31, 2017 and 2016																																		30,000
6.25% series e - 6,400,000 shares issued and outstanding at december 31, 2017																																		64,000
derivative financial instruments																																			438,000	595,000	769,000	1,118,000	1,913,000	2,477,000	2,443,000					66,000	218,000	33,000	208,000	253,000	98,000	199,000	534,000	641,000
preferred stock, .01 par value per share...
7.875% series b - 3,000,000 shares issued and outstanding at september 30, 2017 and december 31, 2016																																			30,000
7.125% series c - 3,400,000 shares issued and outstanding at september 30, 2017 and december 31, 2016																																			34,000
6.45% series d - 3,000,000 shares issued and outstanding at september 30, 2017 and december 31, 2016																																			30,000
common stock, .01 par value per share...																																			1,043,000	1,042,000	938,000	935,000	873,000	873,000	872,000	868,000	866,000	865,000	864,000	861,000	859,000	859,000	855,000	854,000	835,000	660,000									272,780
retained earnings (deficit) and distributions																																			24,783,000	24,318,000	12,268,000
7.875% series b - 3,000,000 shares issued and outstanding at june 30, 2017 and december 31, 2016																																				30,000
7.125% series c - 3,400,000 shares issued and outstanding at june 30, 2017 and december 31, 2016																																				34,000
6.45% series d - 3,000,000 shares issued and outstanding at june 30, 2017 and december 31, 2016																																				30,000
7.875% series b - 3,000,000 shares issued and outstanding at march 31, 2017 and december 31, 2016																																					30,000
7.125% series c - 3,400,000 shares issued and outstanding at march 31, 2017 and december 31, 2016																																					34,000
6.45% series d - 3,000,000 shares issued and outstanding at march 31, 2017 and december 31, 2016																																					30,000
9.25% series a - 2,000,000 shares issued and outstanding at december 31, 2015
7.875% series b - 3,000,000 shares issued and outstanding at december 31, 2016 and 2015																																						30,000
7.125% series c - 3,400,000 shares issued and outstanding at december 31, 2016 and 2015																																						34,000
6.45% series d - 3,000,000 shares issued and outstanding at december 31, 2016																																						30,000
accumulated deficit and distributions																																						-1,422,000	9,470,000	-447,000	-6,495,000													-31,985,000	-24,813,858	-21,666,806	-16,979,659	-11,020,151	-5,311,755	-2,272,324	-1,178,308
9.25% series a - 2,000,000 shares issued and outstanding at september 30, 2016 and december 31, 2015																																							20,000
7.875% series b - 3,000,000 shares issued and outstanding at september 30, 2016 and december 31, 2015																																							30,000
7.125% series c - 3,400,000 shares issued and outstanding at september 30, 2016 and december 31, 2015																																							34,000
6.45% series d - 3,000,000 shares issued and outstanding at september 30, 2016																																							30,000
9.25% series a - 2,000,000 shares issued and outstanding at june 30, 2016 and december 31, 2015																																								20,000
7.875% series b - 3,000,000 shares issued and outstanding at june 30, 2016 and december 31, 2015																																								30,000
7.125% series c - 3,400,000 shares issued and outstanding at june 30, 2016 and december 31, 2015																																								34,000
6.45% series d - 3,000,000 shares issued and outstanding at june 30, 2016																																								30,000
9.25% series a - 2,000,000 shares issued and outstanding at march 31, 2016 and december 31, 2015																																									20,000
7.875% series b - 3,000,000 shares issued and outstanding at march 31, 2016 and december 31, 2015																																									30,000
7.125% series c - 3,400,000 shares issued and outstanding at march 31, 2016 and december 31, 2015																																									34,000
deferred tax asset																																										112,000			190,000	176,000	119,000	54,000	54,000	49,000	4,962,000	3,430,000	3,894,000	3,997,000
debt																																										677,096,000	770,040,000	721,010,000	628,773,000	626,533,000	624,303,000	579,932,000	567,396,000	435,589,000	400,255,000	517,485,000	325,673,000	312,613,000
9.25% series a - 2,000,000 shares issued and outstanding at december 31, 2015 and 2014																																										20,000
7.875% series b - 3,000,000 shares issued and outstanding at december 31, 2015 and 2014																																										30,000
7.125% series c - 3,400,000 shares issued and outstanding at december 31, 2015 and 2014																																										34,000
accrued expenses																																											47,087,000	40,207,000	35,814,000	38,062,000	42,302,000	36,322,000	33,528,000	27,154,000	30,767,000	26,973,000	21,886,000	18,985,000	17,723,139	15,351,899	13,913,620	15,781,577	15,408,319	14,623,459	9,494,657	11,092,131
other liabilities																																											3,484,000
9.25% series a - 2,000,000 shares issued and outstanding at september 30, 2015 and december 31, 2014																																											20,000
7.875% series b - 3,000,000 shares issued and outstanding at september 30, 2015 and december 31, 2014																																											30,000
7.125% series c - 3,400,000 shares issued and outstanding at september 30, 2015 and december 31, 2014																																											34,000
9.25% series a - 2,000,000 shares issued and outstanding at june 30, 2015 and december 31, 2014																																												20,000
7.875% series b - 3,000,000 shares issued and outstanding at june 30, 2015 and december 31, 2014																																												30,000
7.125% series c - 3,400,000 shares issued and outstanding at june 30, 2015 and december 31, 2014																																												34,000
noncontrolling interests in operating partnership																																												4,924,000	5,410,000	5,590,000	7,595,000		8,252,000	4,722,000	20,150,000	29,408,000
9.25% series a - 2,000,000 shares issued and outstanding at march 31, 2015 and december 31, 2014																																													20,000
7.875% series b - 3,000,000 shares issued and outstanding at march 31, 2015 and december 31, 2014																																													30,000
7.125% series c - 3,400,000 shares issued and outstanding at march 31, 2015 and december 31, 2014																																													34,000
9.25% series a - 2,000,000 shares issued and outstanding at december 31, 2014 and 2013																																														20,000
7.875% series b - 3,000,000 shares issued and outstanding at december 31, 2014 and 2013																																														30,000
7.125% series c - 3,400,000 shares issued and outstanding at december 31, 2014 and 2013																																														34,000
noncontrolling interests in joint venture																																																	7,693,000	7,816,000	7,824,000	7,552,000	7,463,000
9.25% series a - 2,000,000 shares authorized, issued and outstanding at september 30, 2014 and december 31, 2013																																															20,000
7.875% series b - 3,000,000 shares authorized, issued and outstanding at september 30, 2014 and december 31, 2013																																															30,000
7.125% series c - 3,400,000 shares authorized, issued and outstanding at september 30, 2014 and december 31, 2013																																															34,000
liabilities
equity
9.25% series a - 2,000,000 shares issued and outstanding at june 30, 2014 and december 31, 2013																																																20,000
7.875% series b - 3,000,000 shares issued and outstanding at june 30, 2014 and december 31, 2013																																																30,000
7.125% series c - 3,400,000 shares issued and outstanding at june 30, 2014 and december 31, 2013																																																34,000
9.25% series a - 2,000,000 shares issued and outstanding at march 31, 2014 and december 31, 2013																																																	20,000
7.875% series b - 3,000,000 shares issued and outstanding at march 31, 2014 and december 31, 2013																																																	30,000
7.125% series c - 3,400,000 shares issued and outstanding at march 31, 2014 and december 31, 2013																																																	34,000
9.25% series a - 2,000,000 shares issued and outstanding at december 31, 2013 and 2012																																																		20,000
7.875% series b - 3,000,000 shares issued and outstanding at december 31, 2013 and 2012																																																		30,000
7.125% series c - 3,400,000 shares issued and outstanding at december 31, 2013																																																		34,000
total shareholders’ equity																																																		809,840,000
9.25% series a - 2,000,000 shares issued and outstanding at september 30, 2013 and december 31, 2012																																																			20,000
7.875% series b - 3,000,000 shares issued and outstanding at september 30, 2013 and december 31, 2012																																																			30,000
7.125% series c - 3,400,000 shares issued and outstanding at september 30, 2013																																																			34,000
9.25% series a - 2,000,000 shares issued and outstanding at june 30, 2013 and december 31, 2012																																																				20,000
7.875% series b - 3,000,000 shares issued and outstanding at june 30, 2013 and december 31, 2012																																																				30,000
7.125% series c - 3,400,000 shares issued and outstanding at june 30, 2013																																																				34,000
debt related to assets held for sale																																																					6,715,000
summit hotel properties, inc., 65,678,025 and 46,159,652 common units outstanding
at march 31, 2013 and december 31, 2012, respectively, and 8,400,000 and
5,000,000 preferred units outstanding at march 31, 2013 and december 31, 2012,
respectively (preferred units liquidation preference of 211,078 and 125,717 at
march 31, 2013 and december 31, 2012, respectively)																																																					666,082,000
unaffiliated limited partners, 3,251,706 and 5,226,375 common units outstanding at
march 31, 2013 and december 31, 2012, respectively																																																					29,762,000
total partners' equity																																																					695,844,000
9.25% series a - 2,000,000 shares issued and outstanding at december 31,
2012 and 2011 (liquidation preference of 50,393 at december 31,
2012 and 2011)																																																						20,000
7.875% series b - 3,000,000 shares issued and outstanding at december 31,
2012																																																						30,000
46,159,652 and 27,278,000 shares issued and outstanding at december 31,
2012 and 2011, respectively																																																						462,000
total stockholders' equity																																																						436,819,000	260,259,037	258,343,427	272,018,822	278,174,960	235,882,388	238,885,618	240,198,602
noncontrolling interests																																																						36,718,000
property and equipment																																																							572,525,464	558,546,155	529,775,110	498,876,238	493,902,474	478,633,469	460,195,576	466,010,777
deferred charges and other assets																																																							8,986,646	9,574,069	9,152,713	8,923,906	9,032,280	9,944,564	6,178,387	4,051,295
deferred tax benefit																																																							2,708,849	2,971,350	2,658,704	2,195,820
derivative liabilities																																																							522,564	280,841
mortgages and notes payable																																																							312,250,257	298,432,922	271,459,463	217,103,728	257,591,082	251,720,675	195,714,446
100,000,000 shares authorized, 2,000,000 issued and outstanding																																																							20,000
31,501,219 and 27,278,000 issued and outstanding, respectively																																																							315,012
noncontrolling interest																																																							41,095,345	47,094,857	39,067,157	41,273,735	43,389,453	44,513,626	44,918,262	-1,624,463
liabilities related to assets held for sale																																																								55,410	5,963,960
2,000,000 issued and outstanding																																																								20,000	20,000
30,756,089 and 27,278,000 issued and oustanding, respectively																																																								307,561
27,278,000 issued and oustanding																																																									272,780
receivable due from affiliate																																																														4,620,059
related party accounts payable																																																														771,066
members' equity
2,000,000 issued and outstanding as of december 31, 2011																																																										20,000
27,278,000 issued and oustanding as of december 31, 2011																																																										272,780
27,278,000 issued and oustanding as of september 30, 2011																																																											272,780
27,278,000 issued and oustanding as of june 30, 2011																																																												272,780
current assets
total current assets																																																														18,193,329
land held for sale
other noncurrent assets																																																														4,011,992
total other assets																																																														8,804,424
liabilities and members' equity
current liabilities
current portion of long-term debt																																																														147,612,930
lines of credit																																																														19,601,215
total current liabilities																																																														179,941,902
long-term debt																																																														253,223,062
class a, 1,166.62 units issued and outstanding																																																														50,838,540
class a-1, 437.83 units issued and outstanding																																																														32,554,188
class b, 81.36 units issued and outstanding																																																														262,669
class c, 173.60 units issued and outstanding																																																														-22,187,368
total summit hotel properties, llc members' equity																																																														61,468,029
total liabilities and members' equity																																																														493,008,530

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-09-30	2011-06-30	2011-03-31

operating activities:
net income	-11,667,900	-11,760	2,037	623	916,000	-3,556,000	38,698,000	2,833,000	-21,267,000	-5,769,000			-12,082,000	-1,041,000							-44,708,000	-35,775,000	-52,548,000	-16,214,000	8,753,000	11,626,000	49,069,000	12,900,000	5,757,000	38,001,000	37,677,000	9,691,000	9,787,000	22,445,000	34,083,000	33,206,000	10,374,000	27,198,000	21,955,000	48,734,000	84,758,000	13,606,000	16,301,000	10,591,000	158,000	8,280,000	9,160,000	3,325,000	-2,076,000	8,553,000	1,883,000	-1,520,775	-3,161,601	-2,804,810	-7,175,394	-7,216,816	-7,820,677
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	149,497,877	37,634	37,259	37,230	36,471,000	36,708,000	36,458,000	36,799,000	38,624,000	37,882,000	37,510,000	36,908,000	37,698,000	38,130,000	38,058,000	36,274,000	26,179,000	25,893,000	26,586,000	27,297,000	27,472,000	27,503,000	27,565,000	27,079,000	26,928,000	23,202,000	23,779,000	25,536,000	25,872,000	24,941,000	24,954,000	25,246,000	23,875,000	23,594,000	19,732,000	18,726,000	18,691,000	17,887,000	17,685,000	18,143,000	17,469,000	15,916,000	15,403,000	15,264,000	16,406,000	16,835,000	16,650,000	15,434,000	13,903,000	24,814,000	11,490,000	25,161,462	16,657,621	8,480,288	22,069,954	13,678,039	6,858,431
amortization of debt issuance costs	6,878,721	1,929	1,677	1,673	1,702,000	1,640,000	1,621,000	1,619,000	1,531,000	1,594,000	1,386,000	1,399,000
loss on impairment and write-down of assets
recovery of credit losses
equity-based compensation	8,786,246	2,049	2,789	1,916	1,795,000	1,854,000	2,635,000	1,848,000	1,829,000	1,867,000	2,578,000	1,468,000	1,376,000	1,230,000	2,142,000	3,698,000	4,820,000	1,892,000	2,400,000	1,569,000	1,518,000	1,517,000	1,966,000	1,475,000	1,453,000	1,450,000	1,964,000	1,352,000	1,298,000	1,319,000	1,821,000	2,227,000	1,404,000	1,489,000	1,864,000	1,130,000	1,019,000	1,020,000	1,389,000	793,000	785,000	1,960,000	1,372,000	636,000	681,000	1,075,000	1,301,000	467,000	508,000	1,270,000	421,000	783,253	514,569	125,874	353,685	302,484	126,828
deferred tax expense	-331,636	-532	843	325
reversal of valuation allowance on deferred tax assets
loss on disposal of assets	-6,579,136	57			-473,000	-22,000			1,000	16,000									-31,000	-50,000			32,000	3,000				-4,166,000				43,000						-10,491,000	-2,726,000	-36,780,000		1,000	208,000	503,000							-1,640,000	198,795	186,589		36,031	36,031
gain on extinguishment of debt					0	0
non-cash interest income					0	-134,000	-133,000	-133,000	-98,000	-145,000	-145,000	-143,000	0	0	9,000	-122,000	-263,000	-262,000	-260,000	-257,000	-551,000	-757,000	-749,000	-791,000	-764,000	-694,000
debt transaction costs					0	66,000	17,000	564,000	43,000			87,000	362,000				60,000	17,000	27,000	116,000	29,000	65,000	270,000	1,000	45,000	12,000
other	938,253	302	285	160	240,000	204,000	-54,000	60,000	233,000	47,000	228,000	285,000	-71,000	261,000	-27,000	69,000	86,000	92,000	91,000	143,000	81,000	94,000	101,000	108,000	100,000	108,000	-94,000	355,000	2,557,000	-978,000	-181,000	-227,000	272,000	43,000	206,000	-198,000	753,000	-847,000	80,000	194,000	661,000	362,000	255,000	9,000
changes in operating assets and liabilities:
trade receivables	1,024,614	3,440	889	-4,943	2,099,000	7,244,000	18,000	-6,637,000	2,861,000	-2,098,000	1,958,000	-3,055,000	2,498,000	-2,494,000	6,465,000	-13,726,000	-267,000	568,000	-62,000	-2,940,000	554,000	-2,042,000	849,000	1,925,000	5,025,000	2,787,000	2,344,000	-9,645,000	9,841,000	-2,997,000	-104,000	-3,953,000	4,108,000	-3,008,000	-1,391,000	-4,741,000	3,193,000	-288,000	12,000	-5,572,000											-7,199,000	-2,903,582	-3,183,395	-2,543,735	-2,448,764	-1,819,323	-719,418
prepaid expenses and other	2,155,986	-317	1,480	-6,149	3,819,000	402,000	3,063,000	-8,318,000	-7,281,000	2,790,000	3,467,000	388,000	6,673,000	3,054,000	1,172,000	-9,054,000	-4,492,000	1,237,000	713,000	1,180,000	-3,040,000	584,000	1,048,000	411,000	-1,202,000	-842,000	1,850,000	746,000	-3,856,000	1,184,000	1,046,000	499,000	-4,271,000	1,222,000	546,000	49,000	-1,735,000	934,000	2,633,000	-2,458,000	-1,562,000			223,000	10,000	502,000	576,000	2,530,000			2,423,000	-121,909	939,056	563,893	4,125,239	3,239,939	4,614,137
accounts payable	223,962	2,479	-681	-760	1,715,000	861,000	-2,122,000	2,059,000	-1,385,000	1,155,000	-112,000	-38,000	-194,000	-69,000	-1,075,000	900,000	-197,000	1,331,000	-362,000	1,082,000	-1,111,000	639,000	-2,284,000	1,334,000	-440,000	295,000	341,000	-510,000	203,000	-594,000	415,000	-448,000	-258,000	-77,000	-935,000	779,000	461,000	-668,000
accrued expenses and other	-3,850,475	10,536	2,163	-4,224	-11,523,000	10,396,000	1,466,000	-2,469,000	-569,000	6,937,000	-1,273,000	-3,073,000					-195,000	6,086,000	8,351,000	553,000	-4,975,000	7,180,000	-4,942,000	-13,852,000	-6,539,000	6,012,000	-1,507,000	3,291,000	-8,699,000	7,999,000	-2,133,000	4,174,000	-5,185,000	7,951,000	927,000	902,000	-7,545,000	7,518,000
net cash from operating activities	148,909,512	45,802	48,836	25,850	32,185,000	55,663,000	50,325,000	28,150,000	30,474,000	44,113,000	47,048,000	32,006,000	33,934,000	48,778,000	61,398,000	25,505,000	15,762,000	35,459,000	17,997,000	-3,167,000	-20,661,000	-560,000	-28,137,000	7,306,000	28,864,000	44,314,000	45,060,000	30,240,000	32,691,000	44,546,000	46,668,000	37,746,000	32,683,000	45,057,000	38,577,000	30,606,000	25,556,000	42,838,000	45,001,000	24,540,000				20,445,000	23,126,000	30,224,000	26,490,000	22,299,000	26,189,000	34,914,000		24,621,107					1,271,489
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0				0	0	0	0	0	0	0		-17,984,149					-3,087,798
free cash flows	148,909,512	45,802	48,836	25,850	32,185,000	55,663,000	50,325,000	28,150,000	30,474,000	44,113,000	47,048,000	32,006,000	33,934,000	48,778,000	61,398,000	25,505,000	15,762,000	35,459,000	17,997,000	-3,167,000	-20,661,000	-560,000	-28,137,000	7,306,000	28,864,000	44,314,000	45,060,000	30,240,000	32,691,000	44,546,000	46,668,000	37,746,000	32,683,000	45,057,000	38,577,000	30,606,000	25,556,000	42,838,000	45,001,000	24,540,000				20,445,000	23,126,000	30,224,000	26,490,000	22,299,000	26,189,000	34,914,000		6,636,958					-1,816,309
investing activities:
acquisitions of lodging properties										-1,801,000
improvements to lodging properties	-75,422,608	-21,822	-18,846	-15,724	-27,777,000	-22,522,000	-20,891,000	-18,116,000	-26,553,000	-20,138,000	-18,801,000	-24,088,000
investment in property under development
proceeds from tax incentive payment
proceeds from asset dispositions	39,673,698	59	1	1,242	17,274,000	0	83,125,000	9,043,000	7,544,000	0															21,762,000	5,000	132,647,000	11,310,000
funding of real estate loans and related expenses
proceeds from principal payments on real estate loans																					3,781,000	0			250,000
transaction escrow activity and other
net cash from investing activities	-43,325,211	-22,687	-22,230	-16,872	-105,188,000	-16,969,000	60,644,000	-9,986,000	-17,623,000	-23,605,000	-35,322,000	-25,408,000	-33,108,000	-22,641,000	50,054,000	-284,818,000	-22,364,000	-39,338,000	-6,299,000	-6,243,000	-3,355,000	-6,320,000	-8,315,000	-12,720,000	-238,963,000	-49,629,000	116,744,000	-10,316,000	-18,666,000	-29,405,000	7,780,000	-22,766,000	-201,255,000	-36,981,000	-238,895,000	-38,389,000	-84,204,000	-56,926,000	16,579,000	-29,892,000												-68,057,781
financing activities:
proceeds from borrowings on revolving line of credit	69,930,000	15,000	25,000	30,000	15,000,000	10,000,000	30,000,000	60,000,000	10,000,000
repayments of revolving line of credit borrowings	-79,940,000	-20,000	-30,000	-10,000
proceeds from mortgage loan	57,942,000	0
repayment of mortgage loan
scheduled principal payments on mortgage loans
proceeds from term loans
repayment of term loans
financing fees, debt transactions costs and other issuance costs											-7,402,000	-634,000
repurchases of common shares	-15,386,598	0
redemption of subsidiary preferred stock
common dividends and distributions paid	-38,959,635	-9,625	-9,783	-9,957						-7,349,000
preferred dividends and distributions paid	-18,786,974	-4,624	-4,775	-4,627	-4,775,000	-4,624,000	-4,775,000	-4,627,000	-4,792,000	-4,624,000	-4,788,000	-4,625,000
proceeds from contributions by non-controlling interests in joint venture								76,000	260,000	0
distributions to joint venture partner													-2,450,000	-11,270,000
repurchase of common shares for employee tax withholding requirements
proceeds from the sale of subsidiary preferred stock
net cash from financing activities	-112,729,348	-23,934	-34,714	-1,004	62,324,000	-32,296,000	-130,681,000	6,419,000	-31,658,000	-24,342,000	-13,148,000	3,425,000	-30,263,000	-80,952,000	-80,625,000	277,602,000	18,375,000	10,878,000	19,086,000	17,902,000	6,305,000	-79,725,000	19,800,000	95,445,000	204,022,000	5,363,000	-156,881,000	-21,541,000	-33,569,000	-4,405,000	-48,002,000	-6,069,000	152,666,000	14,556,000	162,091,000	41,135,000	52,851,000	-21,858,000	-19,115,000	9,998,000					-12,337,000	30,008,000	-1,731,000	74,344,000	20,458,000	384,599,000		43,187,383
net change in cash, cash equivalents and restricted cash	-7,145,047	-819	-8,108	7,974	-10,679,000	6,398,000	-19,712,000	24,583,000	-18,807,000	-3,834,000	-1,422,000	10,023,000	-29,437,000	-54,815,000	30,827,000	18,289,000	11,773,000	6,999,000	30,784,000	8,492,000	-17,711,000	-86,605,000	-16,652,000	90,031,000	-6,077,000	48,000	4,923,000	-1,617,000	-19,544,000	10,736,000	6,446,000	8,911,000
cash, cash equivalents and restricted cash
beginning of period	48,309,642	0	0	48,358	0	0	0	47,768,000	0	0	0	61,808,000	0	0	0	96,944,000	0	0	0	38,896,000	0	0	0	69,833,000	0	0	0	72,556,000	0	0	0	66,007,000	0	0	0	34,694,000	0	0	0	29,326,000	0	0	0	38,581,000			0	46,706,000	0	13,980,000	13,980,000	10,537,132	10,537,132	10,537,132	7,977,418	7,977,418
end of period	41,164,595	-819	-8,108	56,332	-10,679,000	6,398,000	-19,712,000	72,351,000	-18,807,000	-3,834,000	-1,422,000	71,831,000	-29,437,000	-54,815,000	30,827,000	115,233,000	11,773,000	6,999,000	30,784,000	47,388,000	-17,711,000	-86,605,000	-16,652,000	159,864,000	-6,077,000	48,000	4,923,000	70,939,000	-19,544,000	10,736,000	6,446,000	74,918,000	-15,906,000	22,632,000	-38,227,000	68,046,000	-5,797,000	-35,946,000	42,465,000	33,972,000	-2,628,000	-5,009,000	8,422,000	28,541,000			5,177,000	36,551,000	1,232,000	34,413,000	20,790,000	10,287,841	11,623,207	10,869,944	17,118,080	29,589,139	15,610,861
reconciliation of cash, cash equivalents and restricted cash within the consolidated balance sheets to the amounts shown in the statements of cash flows above:
cash and cash equivalents	36,068,865	1,645	-8,704	48,194	-11,061,000	5,825,000	-17,562,000	63,435,000	-17,470,000	-3,149,000	-2,222,000	60,678,000
restricted cash	5,095,730	-2,464	596	8,138	382,000	573,000	-2,150,000	8,916,000	-1,337,000	-685,000	800,000	11,153,000
total cash, cash equivalents and restricted cash	41,164,595	-819	-8,108	56,332	-10,679,000	6,398,000	-19,712,000	72,351,000	-18,807,000	-3,834,000	-1,422,000	71,831,000
operating activities																																																			11,085,000
investing activities																																																			-226,788,000
investment in lodging property under development		-924	-3,257	-2,390		-1,443,000	-1,590,000	-913,000
proceeds from tax incentive
escrow deposits
financing activities																																																			222,513,000
principal payments on debt		-182	-45,657	-648	-537,000	-641,000	-60,007,000	-33,490,000	-500,000	-597,000	-495,000	-692,000	-38,024,000	-75,935,000	-63,057,000	-329,882,000	-1,016,000	-22,971,000	-63,460,000	-264,485,000	-959,000	-75,932,000	-926,000	-45,931,000	-50,927,000	-20,798,000	-188,236,000	-42,326,000	-353,951,000	-31,850,000	-175,263,000	-162,034,000	-86,995,000	-186,909,000	-139,526,000	-38,652,000	-121,999,000	-59,037,000	-120,474,000	-123,035,000											-77,649,000	-80,541,737	-78,859,072	-70,549,589	-228,228,653	-226,599,060	-225,178,820
proceeds from term loan
repayment of term loan
contributions by non-controlling interests in joint venture		78	343	411		135,000
distributions to joint venture partners		-3,724	-11,174	-431		-6,862,000				-4,518,000	-3,365,000	-790,000
financing fees, debt transaction costs and other issuance costs		-4,789	-1,266	-4,166		-461,000	-143,000	-2,358,000
repurchase of common stock for tax withholding requirements		-31	0	-1,586
reconciliation of cash, cash equivalents and restricted cash within the condensed consolidated balance sheet to the amounts shown in the statement of cash flows above:
gain on disposal of assets				-1				-75,000						5,000											-5,763,000	31,000			640,000	-24,826,000			322,000	-7,725,000	-16,350,000	-4,456,000
escrow (deposits) receipts
proceeds from term-loan borrowings
proceeds from the sale of non-controlling interests									0	0	0	1,353,000	0	0	0	674,000
redemption of preferred stock																	0												0	0	0	-85,000,000
funding of real estate loans										-1,659,000	-1,597,000	-1,320,000		0	-252,000	-1,915,000		-2,194,000	-2,558,000	-2,664,000		-2,938,000	-1,563,000	-1,670,000	-1,135,000	-6,728,000	0	-500,000	-1,000,000	0	-9,911,000	-5,334,000					0	0	0	-27,500,000
repayments of real estate loans										-7,000
repayments of revolving line of credit						-20,000,000	-75,000,000	-5,000,000
dividends and distributions paid on common stock and common units						-9,843,000
repurchase of shares of common stock for withholding requirements						0	-106,000	-833,000		-17,000	-87,000	-1,283,000
recoveries of credit losses									-730,000	-250,000	0	-250,000		-850,000
common dividends paid								-7,349,000				-4,904,000	-4,874,000
loss on write-down of assets
deferred tax asset									21,000												-2,000	0	0	2,058,000																	-666,000	541,000								567,000	104,000
acquisitions of real estate property
investment in hotel properties under development																													-1,222,000	-1,380,000	-6,354,000	-4,474,000	-5,039,000	-6,089,000	-4,777,000	-5,088,000															-77,000
escrow deposits and deferred acquisition costs
repayments of line of credit borrowings									-25,000,000	-15,000,000	-40,000,000	-10,000,000
proceeds from equity offerings, net of issuance costs																	0																	-214,000
purchases of capped call options																	0	0	0	-21,131,000
reconciliation of cash, cash equivalents and restricted cash within the consolidated balance sheet to the amounts shown in the statement of cash flows above:
adjustments to reconcile net loss to net cash from operating activities:
transaction costs
proceeds from borrowing on revolving line of credit											30,000,000	25,000,000
net loss												-1,970,000				-8,973,000		-4,239,000	-20,569,000	-32,871,000
loss on write-down or impairment of assets
(recoveries of) provision for credit losses
contract termination payment for asset disposition
proceeds from issuance of debt													20,000,000	20,000,000	56,500,000	410,000,000	13,267,000	0	1,000,000	317,500,000				165,000,000	225,000,000	35,000,000	55,000,000	45,000,000	345,000,000	50,000,000	150,000,000	270,000,000	182,640,000	225,000,000	160,000,000	100,000,000	155,000,000	55,000,000	45,000,000	150,000,000	119,999,000	193,408,000	262,000,000	25,000,000	47,600,000	85,003,000	40,000,000	90,998,000	211,500,000	268,150,000	74,000,000	142,585,266	127,085,266	111,550,022	65,382,528	57,882,528	456,059
deferred finance cost amortization														1,413,000	1,413,000	1,412,000																							540,000	563,000	473,000	431,000
loss on impairment of assets																						0	0	782,000	836,000	0											0				0				4,573,000	3,614,000			390,000	1,500,000	1,500,000	2,098,000	2,098,000	932,000
accrued expenses														7,973,000	10,662,000	15,027,000																																				1,630,562	-617,719	-1,644,401	3,918,188	3,531,328	-1,597,474
acquisitions of hotel and other properties														0	-8,518,000	-272,556,000
improvements and additions to hotel properties														-23,491,000	-14,934,000	-10,347,000																																			-8,520,000
proceeds from asset dispositions, net of closing costs														0															443,000	61,852,000			-168,000	27,629,000	78,358,000	14,914,000	-19,000	10,855,000	27,034,000	107,477,000	149,933,000				7,683,000	8,929,000	-13,000	2,681,000	19,305,000	25,094,000	9,198,000	18,421,047	16,786,568	2,156	359,936	357,843	4,316
escrow deposits for acquisitions																																						-550,000	-3,050,000	10,046,000
purchases of capped calls for convertible senior notes
redemption of preferred shares
financing fees on debt and other issuance costs														-4,268,000	-347,000	-2,588,000	-2,349,000	-18,000	-373,000	-8,671,000	-28,000	-83,000	-2,020,000	-701,000	-1,967,000	-62,000	-1,098,000	-713,000	-2,128,000	-65,000	-256,000	-1,529,000
preferred dividends
contributions by joint venture partner to acquire a portfolio of hotels														19,000
repurchase of common shares for withholding requirements														0						-1,602,000	0	0	0	-469,000	0	0	-5,000	-834,000	0	0	0	-2,724,000
amounts drawn under note funding obligation
dividends paid															-5,003,000	-4,305,000	-4,308,000	-3,750,000	-3,754,000	-3,709,000	-3,753,000	-3,710,000	-3,754,000	-23,031,000	-23,032,000	-22,541,000	-22,542,000	-22,668,000	-22,490,000	-22,490,000	-22,483,000	-24,782,000	-22,487,000	-21,878,000	-21,876,000	-19,394,000	-19,207,000	-17,226,000	-15,878,000	-14,402,000
proceeds from contributions by joint venture partner																203,703,000
supplemental disclosure of cash flow information
cash payments for interest																-11,213,000	66,893,000	-11,200,000	-9,294,000	-8,890,000	71,854,000	-10,402,000	-30,502,000	9,977,000	10,826,000	9,359,000	9,584,000	11,879,000	9,705,000	10,400,000	10,216,000	8,422,000	7,120,000	7,499,000	6,856,000	5,887,000	6,731,000	6,409,000	6,233,000	6,783,000	6,662,000	8,058,000	7,295,000	6,912,000	6,873,000	6,958,000	6,885,000	6,028,000	5,350,000	8,495,000	3,925,000				15,632,256
accrued acquisitions and improvements to hotel properties																-3,749,000
cash payments for income taxes, net of refunds																60,000				-39,000				27,000					90,000	127,000	410,000	212,000	23,000	137,000			93,000	267,000	853,000	15,000	1,414,000	-209,000	1,161,000	70,000			482,000	135,000	-2,000	676,000	81,000
debt assumed to complete acquisition of a portfolio of properties																335,205,000
assumption of leases and other assets and liabilities in connection with the acquisition of a portfolio of properties																9,206,000
non-controlling interests in operating partnership issued to complete acquisition of a portfolio of properties																157,513,000
redeemable non-controlling interests in operating partnership issued to complete acquisition of a portfolio of properties																50,000,000
amortization of deferred financing costs																	1,114,000	1,115,000	1,113,000	1,011,000	612,000	643,000	555,000	457,000	444,000	327,000	333,000	381,000	478,000	497,000	504,000	494,000	469,000	539,000	496,000	518,000	518,000
loss on impairment and write-off of assets																	0
(reversal of) provision for credit losses																	0
acquisitions of hotel properties and land
improvements to hotel properties																	-9,697,000	-4,164,000	-2,916,000	-3,579,000	-3,398,000	-3,382,000	-4,802,000	-11,050,000	-12,560,000	-14,132,000	-15,328,000	-17,248,000	-17,087,000	-18,875,000	-17,690,000	-12,958,000	-11,939,000	-11,299,000	-5,656,000	-8,297,000	-11,335,000	-12,893,000	-8,540,000	-9,665,000
increase in escrow deposits and deferred acquisition costs
proceeds from contribution by non-controlling interests in joint venture																	13,873,000	16,000,000			45,000	0	0	577,000
accrued improvements to hotel properties																	-1,622,000	27,000	-620,000	-1,184,000	-474,000	-287,000	-5,305,000	3,924,000
mortgage debt assumed for acquisitions of hotel properties
acquisition of hotel properties
contract termination payment for asset dispositions																						0
increase in escrow deposits for acquisitions																		190,000								-2,175,000
income tax cash (payments) refunds																		-312,000
provision for credit losses																					2,291,000	0	0	2,530,000
capitalized interest																													0	0	259,000	187,000	129,000	99,000	52,000	21,000					-1,000	0	10,000	66,000	67,000	70,000	71,000	45,000	154,000	154,000	77,000
acquisition of hotel properties and land
borrowings on revolving credit facilities																						0
cash receipts from income tax refunds																						-98,000
realization of deferred gain																																	0	0	0	-15,000,000
proceeds from contribution by joint venture partner																									54,948,000
acquisition of hotel properties and land under ground lease
accrued acquisition costs and improvements to hotel properties																										1,254,000	-288,000	5,306,000	-1,769,000	2,088,000	342,000	5,423,000	3,592,000
net cash (refunds) payments for income taxes																										433,000	247,000	-1,049,000
acquisition of land under ground lease
proceeds from collection of real estate loans																											250,000	300,000						9,994,000	6,000	22,500,000
acquisitions of hotel properties																												-4,178,000	0				-164,088,000	-57,599,000	-306,668,000	-60,467,000	-75,060,000	-60,472,000	0	-109,182,000											-213,135,000
proceeds from repayment or sale of real estate loans																																					0
decrease in escrow deposits for acquisitions
restricted cash - operating																																	1,557,000	-1,416,000	-601,000	-309,000	2,076,000	-524,000	277,000	-634,000
decrease in restricted cash - ff&e reserve
proceeds from equity offerings, net of offering costs																																																	-7,594,000	237,262,000	237,603,000	-707,101	-348,608	-322,504
financing fees on debt																																	-154,000	-1,443,000	-68,000	-131,000				-1,948,000											-1,196,000	-2,020,132	-1,944,604	-983,853	-3,953,546	-3,641,499	-82,524
net change in cash and cash equivalents																																	-15,906,000	22,632,000	-38,227,000	33,352,000				4,646,000									1,232,000	20,433,000	6,810,000	-249,291	1,086,075	332,812	9,140,662	21,611,721	7,633,443
increase in restricted cash - ff&e reserve																																				-1,951,000
repurchase of common shares to satisfy employee withholding requirements																																		0
acquisition of non-controlling interest in joint venture
fair value of common units issued for acquisition of hotel
restricted cash - ff&e reserve																																						320,000	-865,000	-1,068,000			3,563,000	878,000
proceeds from preferred stock offering																																						-47,000
payment of debt-related financing costs																																						0
net increase in cash and cash equivalents																																						-35,946,000
proceeds from repayments of real estate loans
deferred income taxes																																								755,000
accounts payable and accrued expenses and other																																								802,000
net cash provided by operating activities
acquisition of land held for development
purchases of office furniture and equipment																																																			-224,000
net cash (used in) provided by financing activities
accounts payable and accrued expenses																																										4,572,000			-5,528,000	166,000	-1,228,000	7,667,000	-4,106,000	7,765,000	1,220,000
net release of restricted cash - ff&e reserve
net cash provided by financing activities
adjustments to reconcile net income to net cash provided by operating activities:
amortization of prepaid lease																																												12,000	11,000	12,000	12,000	12,000	11,000	24,000	12,000	35,550	23,700	11,850	35,550	23,700	11,850
loss on derivative financial instruments																																												1,000
amounts extended under note funding obligation
net used in investing activities
supplemental disclosure of
cash flow information
gain on derivative financial instruments
advances under note funding obligation
dividends paid and distributions to members																																																			-10,245,000
cash and cash equivalents, beginning of year
cash and cash equivalents, end of period
supplemental disclosure of cash flow information:
cash payments for taxes, net of refunds
mortgage debt from acquisitions of hotel properties																																														0	0	43,172,000
common units issued for acquisition																																																3,685,000
fair value of common units issued for acquisition
restricted cash — operating
restricted cash — ff&e reserve
restricted cash released																																																			871,000	-265,432	201,291	258,361	403,781	909,159	1,283,574
restricted cash funded
adjustments to reconcile net income to
net cash from operating activities:
net cash from																																																					13,137,544	2,905,540	20,582,179	11,989,742	-1,799,908
loss on derivatives																																																				1,787	1,012
deferred tax benefit																																																				-513,029	-775,530	-462,884
accounts payable and related party accounts payable																																																				-416,944	270,517	5,420	-736,091	-694,799	-202,188
income tax receivable																																																				453,369	-16,566	-16,316
land and hotel acquisitions																																																				-65,949,000	-50,525,000	-29,738,000
purchases of other property and equipment																																																				-17,984,149	-11,665,820	-6,832,551	-21,234,766	-11,147,843	-3,087,798
distributions to members and dividends paid																																																				-16,128,913	-10,734,942	-5,361,276	-14,590,474
unsuccessful project costs
land and hotel acquisitions and construction in progress																																																							-50,017,000	-37,700,000
proceeds from sale of common stock, net of offering costs																																																							240,840,458	240,855,458	241,250,082
cash flow information:
cash payments for state income taxes, net of refunds																																																							616,276
distributions to members																																																								-10,385,448	-8,282,935
cash and cash equivalents beginning of period																																																									7,977,418
adjustments to reconcile net income to net cash provided
by operating activities:
noncontrolling interests in operations of consolidated llc
changes in assets and liabilities:
prepaid expenses and other assets
proceeds from issuance of long-term debt
principal payments on long-term debt
financing fees on long-term debt
proceeds from issuance of notes payable and line of credit
principal payments on notes payable and line of credit
proceeds from equity contributions, net of commissions
distributions to noncontrolling interest
cash and cash equivalents at
beginning of year
cash and cash equivalents at end of year

Summit Hotel Properties, Inc(NYSE:INN)

Summit Hotel Properties, Inc
(NYSE:INN)