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SUMMIT HOTEL PR   FYE=12 (December)

Annual - Income Statement - Company Specific

Fiscal period2020201920182017201620152014201320122011
Period End Date12/31/202012/31/201912/31/201812/31/201712/31/201612/31/201512/31/201412/31/201312/31/201212/31/2011
Room revenues215.51505.34523.44479.93443.27436.20380.47283.28154.60112.73
Other hotel operations revenues12.5120.2219.6114.0810.8927.2522.9915.687.104.80
Revenues:Food and beverage6.4423.7924.2321.3619.78----------
Total Revenues234.46549.35567.27515.38473.94463.46403.47298.96161.70117.53
Rooms53.78112.24119.72108.7297.36109.84101.1580.3945.1333.89
Repairs and maintenance--------------------
Property taxes, insurance and other44.6944.2243.3437.4230.25----------
Management Fees6.2816.5818.5218.2118.81----------
Direct hotel operations----------64.0155.3939.8221.2817.77
Other hotel operating expenses96.51158.18159.17144.53134.42--------0.52
Other indirect----------121.97104.9678.1444.0331.41
Expenses:Food and beverage5.4218.5519.1916.7314.84----------
Depreciation and amortization109.6299.45101.0185.9372.4164.0563.7649.3330.6524.30
General, selling and administrative20.9923.6221.5119.6019.2921.2019.8812.939.57--
Corporate general and administrative : Salaries and other compensation------------------3.12
Corporate general and administrative : Other------------------3.44
Provision for credit losses(4.82)------------------
Loss on impairment of assets(1.76)(2.52)(1.08)--(0.58)(1.12)(8.85)(1.37)(0.66)0.00
Hotel property acquisition costs------(0.35)(3.49)(1.25)(0.77)(1.89)(3.05)(0.25)
Loan transaction costs--------------------
Gain (loss) on disposal of assets, net(0.02)45.4241.4743.2149.86----------
Total expenses343.86475.36483.55431.48391.45383.45354.76263.86154.37--
Income (loss) from operations(109.41)119.41125.20127.10132.3480.0148.7135.107.332.82
Interest (expense)43.3041.0341.9429.6928.0930.4128.5221.9914.9113.43
Gain (loss) on disposal of assets----------65.070.390.36--(0.04)
Interest income------------------0.00
Other income4.845.476.953.782.5611.150.60(1.96)(0.10)0.00
Gain (loss) on derivatives------------------0.00
Income (loss) from discontinued operations--------------------
Debt transaction costs------------------0.00
Total other income (expense)------------(27.53)(23.58)(15.01)--
Net income (loss) before income taxes(147.87)83.8590.20101.20106.81125.8121.1811.52(7.68)(10.64)
Current : Federal------------------0.00
STATE INCOME TAX (EXPENSE)1.381.50(0.92)1.67(1.45)0.550.744.89(0.73)(1.71)
Current : State and local------------------0.21
Deferred : Federal------------------(1.87)
Deferred : State and local------------------(0.33)
Income (loss) from continuing operations------------20.436.63(6.95)(8.93)
Income (loss) from Discontinued operations------------0.49(0.73)4.68(1.45)
Consolidated net income (loss)(149.25)82.3591.1399.52108.26125.2620.925.90(2.27)(10.38)
Net income (loss) attributable to noncontrolling interest(0.27)0.160.210.310.460.820.05(0.30)(1.19)(1.24)
Net income (loss) attributable to noncontrolling interest-Joint venture(5.64)(0.42)--------0.000.32--0.00
Net Income (Loss) Attributable to Parent Company------------20.875.88(1.08)(9.14)
Premium on redemption of Preferred Shares----3.282.572.13----------
Continuing Operations-Preferred dividends14.8414.8416.6717.4118.2316.5916.5914.594.630.41
Net income (loss) available to common shareholders(158.18)67.7770.9779.2387.45107.854.28(8.71)(5.70)(9.56)
EPS (Basic) : Income (loss) from continuing operations------------0.04(0.11)(0.28)(0.33)
EPS (Basic) : Income (loss) from discontinued operations:------------0.01(0.01)0.11(0.05)
Net Earnings Per Share (Basic)(1.52)0.650.680.791.001.250.05(0.12)(0.17)(0.35)
EPS (Diluted) : Income (loss) from continuing operations------------0.04(0.11)(0.28)(0.33)
EPS (Diluted) : Income (loss) from discontinued operations:------------0.01(0.01)0.11(0.05)
Net Earnings Per Share (Diluted)(1.52)0.650.680.791.001.240.05(0.12)(0.17)(0.35)
Weighted Average Shares Outstanding (Basic)104.14103.89103.6299.4186.8785.9285.2470.3333.7227.28
Weighted Average Shares Outstanding (Diluted)104.14103.94103.8499.7887.3487.1485.5770.3333.7227.28
Fund from operation (FFO)(48.64)122.49131.32121.86110.69108.3976.2248.5628.13--