Summit hotel properties, inc. (INN)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
OPERATING ACTIVITIES
Net (loss) income

-16,214

8,753

11,626

49,069

12,900

5,757

38,001

37,677

9,691

9,787

22,445

34,083

33,206

10,374

27,198

21,955

48,734

84,758

13,606

16,301

10,591

4,731

3,707

9,160

3,325

-2,076

-580

6,670

1,883

-749

1,640

-356

-2,805

2,998

41

603

-7,820

Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization

27,079

26,928

23,202

23,779

25,536

25,872

24,941

24,954

25,246

23,875

23,594

19,732

18,726

18,691

17,887

17,685

18,143

17,469

15,916

15,403

15,264

16,010

16,439

16,262

15,065

12,049

14,426

13,324

11,490

9,710

8,503

8,178

8,480

-

-

-

6,858

Amortization of deferred financing costs

457

444

327

333

381

478

497

504

494

469

539

496

518

518

522

540

563

473

431

421

398

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on impairment of assets

800

836

0

1,685

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

390

7,154

0

1,500

867

0

1,166

932

-

-

-

-

Provision for credit losses

2,530

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of prepaid lease

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

12

-

12

12

12

37

12

12

12

11

11

11

11

Equity-based compensation

1,475

1,453

1,450

1,964

1,352

1,298

1,319

1,821

2,227

1,404

1,489

1,864

1,130

1,019

1,020

1,389

793

785

1,960

1,372

636

681

1,075

1,301

467

508

346

849

421

422

268

389

126

126

51

175

126

Deferred tax asset, net

2,058

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-14

-57

-65

0

-5

4,912

-1,531

463

104

-1,288

263

-313

-463

-

-

-

-

Realization of deferred gain

-

-

-

-

-

-

-

-

-

0

0

0

15,000

0

3,000

2,000

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss (gain) on disposal of assets, net

-3

5,763

-31

35,520

4,166

-640

24,826

17,331

-43

-322

7,725

16,350

4,456

-142

7,491

726

36,780

65,779

-1

-208

-503

162

256

-33

61

3,420

-778

26

1,640

-

-

-

-

-

-

-

-

Non-cash interest income

791

764

694

512

507

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Debt transaction costs

1

45

12

1,122

713

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

-108

-100

-108

-112

-149

-893

509

-613

227

-234

-43

-206

198

-753

847

675

-949

69

-903

-431

-22

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in operating assets and liabilities:
Accrued expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

386

5,128

-1,597

Restricted cash - operating

-

-

-

-

-

-

-

-

-

-

-

-

-

-

524

-277

634

-2,404

1,154

557

675

-2,806

1,203

545

1,689

-1,573

2,161

1,592

-871

-196

466

57

-258

-381

505

-358

-550

Trade receivables, net

-1,925

-5,025

-2,787

-2,344

9,645

-9,841

2,997

104

3,953

-4,108

3,008

1,391

4,741

-3,193

288

-12

5,572

-2,933

-161

119

4,702

-4,227

-1,265

530

5,381

-2,454

-2,043

-949

7,199

-1,480

-279

639

2,544

-2,054

629

1,099

719

Prepaid expenses and other

-411

1,202

842

-1,850

-746

3,856

-1,184

-1,046

-499

4,271

-1,222

-546

-49

1,735

-934

-2,633

2,458

1,562

-3,783

2,018

175

-10

-502

-207

-2,899

-12,040

14,754

3,363

-2,423

1,374

608

-390

-549

2,488

-885

1,374

-4,614

Accounts payable

1,334

-440

295

341

-510

203

-594

415

-448

-258

-77

-935

779

461

-668

1,048

835

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,639

-

-41

-492

-202

Accrued expenses and other

-13,852

-6,539

6,012

-1,507

3,291

-8,699

7,999

-2,133

4,174

-5,185

7,951

927

902

-7,545

7,518

2,863

-33

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accounts payable and Accrued expenses and other

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,403

-

166

-236

6,675

-4,106

5,600

6,545

1,220

-

-

-

-

-

-

-

-

NET CASH PROVIDED BY OPERATING ACTIVITIES

7,306

28,864

44,314

45,060

30,240

32,691

44,546

46,668

37,746

31,283

46,473

39,178

30,915

24,361

42,838

45,001

24,540

35,844

41,294

34,633

20,445

23,126

30,224

27,482

21,307

26,189

11,333

23,829

11,085

10,082

11,483

10,232

2,906

3,563

8,592

10,167

1,822

INVESTING ACTIVITIES
Acquisition of hotel properties and land

0

-

-

-

4,178

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Acquisition of land held for development

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

2,800

-

-

-

-

-

-

-

-

Improvements to hotel properties

11,050

12,560

14,132

15,328

17,248

17,087

18,875

17,690

12,958

11,939

11,299

5,656

8,297

11,335

12,893

8,540

9,665

8,765

8,392

9,951

16,089

7,503

8,473

7,419

19,037

19,382

15,548

9,772

8,520

11,412

6,318

4,833

6,833

-

-

-

-

Payments to Acquire Real Estate

-

-

-

-

-

-

71,002

0

0

-

57,599

306,668

60,467

75,060

60,472

0

109,182

82,720

57,184

96,614

0

-127

87,962

992

88,993

53,117

0

178,121

210,335

150,943

15,424

20,787

29,738

-

-

-

-

Investment in hotel properties under development

-

-

-

-

-

1,222

1,380

6,354

4,474

5,039

6,089

4,777

5,088

0

0

0

0

-

-

10

66

-

-

-

-

-

10,092

77

77

-

-

-

-

-

-

-

-

Purchases of office furniture and equipment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6

5

-201

283

92

224

-

-

-

-

-

10,086

8,060

3,087

Proceeds from asset dispositions, net

0

21,762

5

132,647

11,310

443

61,852

41,735

0

-168

27,629

78,358

14,914

-19

10,855

27,034

107,477

149,933

0

121

0

7,683

8,929

-13

2,681

19,305

8,451

15,896

9,198

7,466

1,635

16,784

2

1

2

353

4

Funding of real estate loans

1,670

1,135

6,728

0

500

1,000

0

9,911

5,334

17,935

0

0

0

0

0

0

27,500

0

0

0

2,634

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from principal payments on real estate loans

0

-

1,500

250

300

-

0

0

0

-

9,994

6

22,500

-

5,814

2,000

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(Increase) decrease in restricted cash - FF&E reserve

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-320

865

1,068

-3,427

-3,436

-3,563

-878

1,895

-20,534

1,912

452

2,668

5,467

126

14,030

-455

701

1,508

337

-

-

-

-733

Decrease in escrow deposits for acquisitions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-550

-3,050

10,046

-

-17,696

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

NET CASH USED IN INVESTING ACTIVITIES

-12,720

-238,963

-49,629

116,744

-10,316

-18,666

-29,405

7,780

-22,766

-199,169

-35,024

-241,077

-36,438

-81,201

-56,926

16,579

-29,892

69,450

-79,760

-102,891

-17,911

-6,986

-67,182

-20,574

-105,806

-45,415

-22,939

-172,292

-226,788

-164,947

-20,808

-10,344

-36,906

-12,594

-22,401

-46,139

-2,350

Proceeds from issuance of debt

165,000

225,000

35,000

55,000

45,000

345,000

50,000

150,000

270,000

182,640

225,000

160,000

100,000

155,000

55,000

45,000

150,000

119,999

193,408

262,000

25,000

47,600

85,003

40,000

90,998

211,500

107,595

194,150

74,000

-11,926

15,500

15,535

111,550

0

7,500

57,426

456

Repayments of Debt

45,931

50,927

20,798

188,236

42,326

353,951

31,850

175,263

162,034

86,995

186,909

139,526

38,652

121,999

59,037

120,474

123,035

213,249

144,379

169,763

22,759

45,370

40,631

27,464

2,364

176,165

224,826

19,161

77,649

1,770

1,683

8,309

70,550

40,487

1,629

1,420

225,178

Proceeds from equity offerings, net of issuance costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-7,594

152,127

-341

237,603

179,565

-358

-26

-323

-

-

-

241,250

Redemption of preferred stock

-

-

-

-

-

-

0

0

85,000

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Dividends paid

23,031

23,032

22,541

22,542

22,668

22,490

22,490

22,483

24,782

22,487

21,878

21,876

19,394

19,207

17,226

15,878

14,402

14,496

14,351

14,390

14,365

14,363

14,364

13,931

13,892

13,846

11,905

11,598

10,245

-

-

-

-

-

-

-

-

Proceeds from contribution by non-controlling interests in joint venture

577

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Financing fees on debt and other issuance costs

701

1,967

62

1,098

713

2,128

65

256

1,529

311

1,443

68

131

0

0

0

1,948

150

936

1,164

0

48

0

336

398

937

324

964

1,196

374

76

961

983

322

312

3,558

82

Repurchase of common shares for withholding requirements

469

0

0

5

834

0

0

0

2,724

0

0

273

688

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-617

-26

-285

-3

-450

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Dividends paid and distributions to members

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,361

-

4,205

2,102

8,282

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES

95,445

204,022

5,363

-156,881

-21,541

-33,569

-4,405

-48,002

-6,069

152,509

14,556

162,091

41,135

52,851

-21,858

-19,115

9,998

-107,922

33,457

76,680

-12,574

-12,337

30,008

-1,731

74,344

20,458

22,667

162,086

222,513

158,558

7,989

865

34,333

2,449

1,338

49,950

8,161

Net change in cash, cash equivalents and restricted cash

90,031

-6,077

48

4,923

-1,617

-19,544

10,736

6,446

8,911

-15,377

26,005

-39,808

35,612

-3,989

-35,946

42,465

4,646

-2,628

-5,009

8,422

-10,040

3,803

-6,950

5,177

-10,155

1,232

11,061

13,623

6,810

3,693

-1,336

753

333

-6,580

-12,471

13,978

7,633

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest

9,977

10,826

9,359

9,584

11,879

9,705

10,400

10,216

8,422

7,120

7,499

6,856

5,887

6,731

6,409

6,233

6,783

6,662

8,058

7,295

6,912

7,054

6,958

6,885

6,028

5,350

6,144

4,570

3,925

3,955

3,980

4,269

3,388

3,219

3,509

3,000

9,121

Accrued improvements to hotel properties

3,924

-

1,254

-288

5,306

-

2,088

342

5,423

-

-415

1,107

2,790

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Capitalized interest

-

-

-

-

-

0

0

259

187

129

99

52

21

0

0

0

0

-1

0

10

66

67

70

71

45

154

92

77

77

-

-

-

-

-

-

-

-

Cash payments for income taxes, net of refunds

27

140

433

247

-1,049

90

127

410

212

23

137

463

0

93

267

853

15

1,414

-209

1,161

70

187

122

482

135

-2

7

595

81

40

76

197

120

-

-

-

19

Mortgage debt assumed for acquisitions of hotel properties

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

43,172

0

0

10,109

23,423

-

-

-

-

-

-

-

-

Fair value of common units issued for acquisition of hotel

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

3,685

-

-

-

-

-

-

-

-

-

-

-

-