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"google/gemini-2.5-flash", "runId": null, "at": "2026-05-01 23:14:06.011+00", "seconds": 6.987, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de518-3090-72a1-bd91-9840a49ed4b4/3", "deck": "/decks/019de518-3090-72a1-bd91-9840a49ed4b4", "deckAnchor": "/decks/019de518-3090-72a1-bd91-9840a49ed4b4#slide-3", "deckJson": "/decks/019de518-3090-72a1-bd91-9840a49ed4b4.json" }, "components": [ { "bbox": { "h": 0.046, "w": 0.12, "x": 0.843, "y": 0.93 }, "kind": "image", "text": "SUMMIT\nHOTEL PROPERTIES", "attrs": {}, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:14:06.011+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6428ff31-d8e6-418f-9b98-bb3cb13bb569", "parentComponentId": null }, { "bbox": { "h": 0.306, "w": 0.833, "x": 0.108, "y": 0.272 }, "kind": "list", "text": "our ability to increase our dividend per share of common stock;\nthe state of the U.S. economy generally or in specific geographic regions in which we operate, and the effect of general economic conditions on the lodging industry and our business in particular;\nmarket trends in our industry, interest rates, real estate values and the capital markets;\nour business and investment strategy and, particularly, our ability to identify and complete hotel acquisitions and dispositions;\nour projected operating results;\nactions and initiatives of the U.S. government and changes to U.S. government policies and the execution and impact of such actions, initiatives and policies;\nour ability to manage our relationships with our management companies and franchisors;\nour ability to maintain our existing and future financing arrangements;\nchanges in the value of our properties;\nthe impact of and changes in governmental regulations, tax law and rates, accounting guidance and similar matters;\nour ability to satisfy the requirements for qualification as a REIT under the U.S. Tax Code;\nour ability to repay or refinance our indebtedness as it matures or becomes callable by lenders;\nthe availability of qualified personnel;\nour ability to make distributions to our stockholders in the future;\nthe general volatility of the market price of our securities; and\nthe degree and nature of our competition.", "attrs": {}, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:14:06.011+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "71166885-66f1-4a59-ab20-c677844877b0", "parentComponentId": null }, { "bbox": { "h": 0.046, "w": 0.88, "x": 0.061, "y": 0.733 }, "kind": "paragraph", "text": "Additionally, this presentation contains certain unaudited historical and pro forma information and metrics which are based or calculated from historical data that is maintained or produced by Summit Hotel Properties, Inc. or third parties. This presentation contain statistics and other data that may have been obtained from, or compiled from, information made available by third-parties.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:14:06.011+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4bf0938d-7b2e-4120-ba4f-e048d654cf37", "parentComponentId": null }, { "bbox": { "h": 0.086, "w": 0.88, "x": 0.061, "y": 0.181 }, "kind": "paragraph", "text": "We make forward-looking statements in this presentation that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans, and objectives. When we use the words \"believe,\" \"expect,\" \"anticipate,\" \"estimate,\" \"plan,\" \"continue,\" \"intend,\" \"should,\" \"may,\" or similar expressions, we intend to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking by their nature:", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:14:06.011+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69688951-5231-46e7-81a0-995093c0855d", "parentComponentId": null }, { "bbox": { "h": 0.146, "w": 0.88, "x": 0.061, "y": 0.589 }, "kind": "paragraph", "text": "Forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account information currently available to us. You should not place undue reliance on these forward-looking statements. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. These factors are discussed under \"Item 1A. Risk Factors\" in our Annual Report on Form 10-K for the year ended December 31, 2023, and in other documents we have filed with the Securities and Exchange Commission. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. Any forward-looking statement is effective only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law we are not obligated to, and do not intend to, publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:14:06.011+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c33dae60-02b8-472c-a181-ce9905c851b5", "parentComponentId": null }, { "bbox": { "h": 0.013, "w": 0.007, "x": 0.029, "y": 0.963 }, "kind": "source-note", "text": "3", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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AFFO represents FFO excluding amortization of deferred financing costs, franchise fees, equity-based compensation expense, transaction costs, debt transaction costs, premiums on redemption of preferred shares, losses from net casualties, non-cash interest income and non-cash income tax related adjustments to our deferred tax asset. Unless otherwise indicated, we present FFO and AFFO applicable to our common shares and common units. We present FFO and AFFO because we consider FFO and AFFO an important supplemental measure of our operational performance and believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO and AFFO when reporting their results. FFO and AFFO are intended to exclude GAAP historical cost depreciation and amortization, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO and AFFO exclude depreciation and amortization related to real estate assets, gains and losses from real property dispositions and impairment losses on real estate assets, and certain transaction costs related to lodging property acquisition activities and debt, FFO and AFFO provide performance measures that, when compared year over year, reflect the effect to operations from trends in occupancy, guestroom rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income. Our computation of FFO differs slightly from the computation of Nareit-defined FFO related to the reporting of depreciation and amortization expense on assets at our corporate offices, which is de minimus. Our computation of FFO may also differ from the methodology for calculating FFO used by other equity REITs and, accordingly, may not be comparable to such other REITs. FFO and AFFO should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. Where indicated in this Earnings Release Supplement, FFO is based on our computation of FFO and not the computation of Nareit-defined FFO unless otherwise noted.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:14:08.232+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "980d721a-4862-42ba-804d-0337be7928e6", "parentComponentId": null }, { "bbox": { "h": 0.216, "w": 0.878, "x": 0.061, "y": 0.182 }, "kind": "paragraph", "text": "We disclose certain \"non-GAAP financial measures,\" which are measures of our historical financial performance. Non-GAAP financial measures are financial measures not prescribed by Generally Accepted Accounting Principles (\"GAAP\"). These measures are as follows: (i) Funds From Operations (\"FFO\") and Adjusted Funds from Operations (\"AFFO\"), (ii) Earnings before Interest, Taxes, Depreciation and Amortization (\"EBITDA\"), Earnings before Interest, Taxes, Depreciation and Amortization for Real Estate (\"EBITDAre\") and Adjusted EBITDAre (as described below). We caution investors that amounts presented in accordance with our definitions of non-GAAP financial measures may not be comparable to similar measures disclosed by other companies, since not all companies calculate these non-GAAP financial measures in the same manner. Our non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss) as a measure of our operating performance. Our non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures, property acquisitions, debt service obligations and other commitments and uncertainties. Although we believe that our non-GAAP financial measures can enhance the understanding of our financial condition and results of operations, these non-GAAP financial measures are not necessarily better indicators of any trend as compared to a comparable measure prescribed by GAAP such as net income (loss).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:14:08.232+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa99db99-4278-4639-87be-cd411a27a1b9", "parentComponentId": null }, { "bbox": { "h": 0.013, "w": 0.007, "x": 0.02, "y": 0.963 }, "kind": "source-note", "text": "4", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We believe that the presentation of Adjusted EBITDAre, when combined with the primary GAAP presentation of net income, is useful to an investor in evaluating our operating performance because it provides investors with an indication of our ability to incur and service debt, to meet general operating expenses, to make capital expenditures and to fund other cash needs, or reinvest cash into our business. We also believe it helps investors meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our asset base (primarily depreciation and amortization) from our operating results.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:14:05.22+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1881fa63-907b-4536-8366-9bfe596db3e1", "parentComponentId": null }, { "bbox": { "h": 0.14, "w": 0.877, "x": 0.062, "y": 0.224 }, "kind": "paragraph", "text": "In September 2017, Nareit proposed a standardized performance measure, called EBITDAre, which is based on EBITDA and is expected to provide additional relevant information about REITs as real estate companies in support of growing interest among generalist investors. The conclusion was reached that, while dedicated REIT investors have long been accustomed to utilizing the industry's supplemental measures such as FFO and net operating income (\"NOI\") to evaluate the investment quality of REITs as real estate companies, it would be helpful to generalist investors for REITs as real estate companies to also present EBITDAre as a more widely known and understood supplemental measure of performance. 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We believe EBITDAre is useful to an investor in evaluating our operating performance because it provides investors with an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures and to fund other cash needs or reinvest cash into our business. 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"logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:14:05.235+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "28b025a8-c166-4eed-96fa-c95baafc9212", "parentComponentId": null }, { "bbox": { "h": 0.076, "w": 0.776, "x": 0.073, "y": 0.901 }, "kind": "source-note", "text": "(1) See tables later in this presentation for a discussion and reconciliation of net loss to non-GAAP financial measures, including earnings before interest, taxes, depreciation, and amortization (\"EBITDA\"),\nEBITDAre, adjusted EBITDAre, funds from operations (\"FFO\"), FFO per diluted share and unit, adjusted FFO (\"AFFO\"), and AFFO per diluted share and unit, as well as a reconciliation of operating income\n(loss) to hotel EBITDA. See \"Non-GAAP Financial Measures\" at the end of this presentation.\n(2) Unless stated otherwise in this presentation, all pro forma information includes operating and financial results for 100 hotels owned as of December 31, 2023, as if each hotel had been owned by the\nCompany since January 1, 2022 and remained open for the entirety of the measurement period. As a result, all pro forma information includes operating and financial results for hotels acquired since\nJanuary 1, 2022, which may include periods prior to the Company's ownership. Pro forma and non-GAAP financial measures are unaudited.\n(3) All same store information includes 94 hotels owned as of December 31, 2023, with operating and financial results for the three months ended December 31, 2023 and 2022.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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- (568) (65) 22 6 - - (546) (59) Income tax expense (benefit) 428 500 2,370 3,111 - - 2,798 3,611 (1,161) (1,524) - - 1,637 2,087 EBITDA $ 114,306 $ 112,664 $ 89,064 $ 105,218 $ 8,466 $ 2,622 $ 211,836 $ 220,504 $ (43,767) $ (50,877) $ (847) $ (262) $ 167,222 $ 169,365 Loss on write-down or impairment of assets 11,270 10,420 5,391 - - 16,661 10,420 14,019 10,420 Loss (gain) on disposal of assets and other dispositions, net 338 190 47 (20,505) - - 385 (20,315) (23) 10,047 - - 362 (10,268) EBITDAre $ 125,914 $ 123,274 $ 94,502 $ 84,713 $ 8,466 $ 2,622 $ 228,882 $ 210,609 $ (46,432) $ (40,830) $ (847) $ (262) $ 181,603 $ 169,517 Recoveries of provisions for credit losses (1,230) (1,100) - - - - (1,230) (1,100) (1,230) (1,100) Amortization of key money liabilities (220) (128) (206) (193) (72) (42) (498) (363) 101 95 7 4 (390) (264) Equity-based compensation 7,742 8,446 - - - - 7,742 8,446 7,742 8,446 Transaction costs and other 14 12 (1) 737 - - 13 749 (361) - 13 388 Debt transaction costs 270 1,492 125 36 - 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"page": 19, "type": "setup", "function": "summarize", "rawType": "kpi_overview", "block": null, "metadata": { "slideType": "kpi_overview", "slideTypeCanon": { "name": "KPI overview (contrarian)", "slug": "kpi_overview", "status": "active", "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "dense", "densityScore": 65, "componentCount": 4, "textChars": 1453, "nDataPoints": 72, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-01 23:14:13.822+00", "seconds": 5.477, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de518-3090-72a1-bd91-9840a49ed4b4/19", "deck": "/decks/019de518-3090-72a1-bd91-9840a49ed4b4", "deckAnchor": 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For any hotels acquired by the Company after January 1, 2022 (the \"Acquired Hotels\"), the Company has included in the pro forma information the financial results of each of the Acquired Hotels for the period from January 1, 2022, to the date the Acquired Hotels were purchased by the Company (the \"Pre-acquisition Period\"). The financial results for the Pre-acquisition Period were provided by the third-party owner of such Acquired Hotel prior to purchase by the Company and have not been audited or reviewed by our auditors or adjusted by us. The pro forma information is included to enable comparison of results for the current reporting period to results for the comparable periods of the prior years and are not indicative of future results.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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For any hotels acquired by the Company after January 1, 2022 (the \"Acquired Hotels\"), the Company has included in the same store information the financial results of each of the Acquired Hotels for the period from January 1, 2022, to the date the Acquired Hotels were purchased by the Company (the \"Pre-acquisition Period\"). The financial results for the Pre-acquisition Period were provided by the third-party owner of such Acquired Hotel prior to purchase by the Company and have not been audited or reviewed by our auditors or adjusted by us. The same store information is included to enable comparison of results for the current reporting period to results for the comparable periods of the prior years and are not indicative of future results.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:14:15.75+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2c430d24-bd25-467c-9c08-bcd9da663e3b", "parentComponentId": null }, { "bbox": { "h": 0.129, "w": 0.905, "x": 0.047, "y": 0.51 }, "kind": "table", "text": "2022 Variance\nOccupancy change vs 2022\n7.5%\n1.4%\n2.3%\n1.2%\n3.1%\n3.8%\n2.6%\n3.3%\nADR change vs 2022\n11.1%\n2.2%\n0.0%\n2.3%\n0.5%\n-1.5%\n0.6%\n3.2%\nRevPAR change vs 2022\n19.4%\n3.6%\n2.4%\n3.5%\n3.7%\n2.2%\n3.2%\n6.6%", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { 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