SUMMIT HOTEL PROPERTIES DECLARES FOURTH QUARTER 2024 DIVIDENDS

Rhea-AI Summary

Summit Hotel Properties (NYSE: INN) has declared its dividends for Q4 2024. The company will pay a cash dividend of $0.08 per share of common stock and per common unit of partnership interest, representing an annualized dividend yield of 4.8% based on the January 22, 2025 closing price.

The company also declared dividends for its preferred stocks: $0.390625 per share for the 6.25% Series E and $0.3671875 per share for the 5.875% Series F Cumulative Redeemable Preferred Stock. Additionally, a distribution of $0.328125 per unit was declared for the operating partnership's 5.25% Series Z Preferred Units. All dividends are payable on February 28, 2025, to holders of record as of February 14, 2025.

Positive

• Maintained quarterly dividend distribution, indicating financial stability
• 4.8% annualized dividend yield provides meaningful shareholder returns

Negative

• None.

Insights

Financial Analyst

The Q4 2024 dividend declaration from Summit Hotel Properties reveals several key insights for investors. The maintained $0.08 common share dividend, yielding 4.8%, positions the company in the mid-range of hospitality REIT dividend yields, reflecting a balanced approach between shareholder returns and operational reinvestment.

The structured hierarchy of payments - including three tiers of preferred dividends (Series E at 6.25%, Series F at 5.875% and Series Z at 5.25%) - demonstrates a sophisticated capital structure that provides both flexibility and stability. This multi-tiered approach allows the company to attract different types of investors while managing its cost of capital effectively.

What's particularly noteworthy is the consistency in dividend maintenance, suggesting:

• Strong underlying cash flow generation from hotel operations
• Prudent balance sheet management with sustainable payout ratios
• Strategic positioning that allows for both shareholder returns and operational investment

The February 28 payment date, with a February 14 record date, maintains the company's traditional dividend calendar, providing predictability for income-focused investors. This regularity in dividend payments, combined with the maintained yield levels, indicates management's confidence in the company's near-term operational outlook and cash flow generation capabilities.

AUSTIN, Texas, Jan. 23, 2025 /PRNewswire/ -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), announced today that its Board of Directors has authorized, and the Company has declared, a cash dividend for the fourth quarter ended December 31, 2024, of $0.08 per share of common stock of the Company and per common unit of limited partnership interest in Summit Hotel OP, LP, the Company's operating partnership. The Company's fourth quarter common dividend represents an annualized dividend yield of 4.8 percent based on the closing price of shares of the common stock on January 22, 2025.

The Board of Directors has also authorized, and the Company has declared, a cash dividend of $0.390625 per share of the Company's 6.25% Series E Cumulative Redeemable Preferred Stock for the dividend period ending on February 28, 2025, and a cash dividend of $0.3671875 per share of the Company's 5.875% Series F Cumulative Redeemable Preferred Stock for the dividend period ending on February 28, 2025.

Additionally, the Board of Directors has authorized a cash distribution, and the Company has declared on behalf of the operating partnership, distributions of $0.328125 per unit pertaining to the operating partnership's unregistered 5.25% Series Z Cumulative Perpetual Preferred Units for the distribution period ending on February 28, 2025.

The dividends are payable on February 28, 2025, to holders of record as of February 14, 2025.

About Summit Hotel Properties

Summit Hotel Properties, Inc. is a publicly-traded real estate investment trust focused on owning premium-branded lodging properties with efficient operating models primarily in the Upscale segment of the lodging industry. As of January 23, 2025, the Company's portfolio consisted of 97 assets, 53 of which are wholly owned, with a total of 14,553 guestrooms located in 25 states.

For additional information, please visit the Company's website, www.shpreit.com, and follow the Company on X at @SummitHotel_INN.

Forward Looking Statements

This press release contains statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "seek," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," "forecast," "continue," "plan," "likely," "would" or other similar words or expressions. These forward-looking statements relate to the payment of dividends. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections or other forward-looking information. These forward-looking statements are subject to various risks and uncertainties, not all of which are known to the Company and many of which are beyond the Company's control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy, supply and demand in the hotel industry and other factors as are described in greater detail in the Company's filings with the Securities and Exchange Commission, including, without limitation, the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

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SOURCE Summit Hotel Properties, Inc.

FAQ

What is Summit Hotel Properties' (INN) Q4 2024 dividend per share?

Summit Hotel Properties declared a cash dividend of $0.08 per share for Q4 2024.

What is the annualized dividend yield for Summit Hotel Properties (INN) based on January 22, 2025?

The annualized dividend yield is 4.8% based on the closing price of shares on January 22, 2025.

When will Summit Hotel Properties (INN) pay its Q4 2024 dividends?

The dividends will be paid on February 28, 2025, to holders of record as of February 14, 2025.

What are the preferred stock dividend rates for Summit Hotel Properties (INN)?

The company declared $0.390625 per share for Series E (6.25%) and $0.3671875 per share for Series F (5.875%) preferred stocks.

What is the distribution amount for Summit Hotel Properties' (INN) Series Z Preferred Units?

The distribution amount for Series Z Preferred Units is $0.328125 per unit for the period ending February 28, 2025.