SUMMIT HOTEL PROPERTIES DECLARES FOURTH QUARTER 2022 DIVIDENDS

Rhea-AI Summary

Summit Hotel Properties (NYSE: INN) announced a cash dividend of $0.04 per share for Q4 2022, payable on February 28, 2023. Additionally, the Company declared a $0.390625 dividend for Series E Preferred Stock and $0.3671875 for Series F Preferred Stock for the same payment date. A cash distribution of $0.328125 per unit for Series Z Preferred Units was also declared. The dividends are for shareholders on record as of February 14, 2023. As of January 26, Summit's portfolio included 103 assets, with 61 wholly-owned properties and 15,334 guestrooms across 24 states.

Positive

• Declaring dividend of $0.04 per share indicates confidence in financial stability.
• Additional dividends for Series E and F Preferred Stocks signal shareholder value focus.

Negative

• None.

AUSTIN, Texas, Jan. 26, 2023 /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, 2022, of $0.04 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 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, 2023, 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, 2023.

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, 2023.

The dividends are payable on February 28, 2023, to holders of record as of February 14, 2023.

About Summit Hotel Properties

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 January 26, 2023, the Company's portfolio consisted of 103 assets, 61 of which are wholly owned, with a total of 15,334 guestrooms located in 24 states.

For additional information, please visit the Company's website, www.shpreit.com, and follow the Company on Twitter 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, 2021. 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 the dividend amount declared by Summit Hotel Properties for Q4 2022?

The dividend declared for Q4 2022 is $0.04 per share.

When will Summit Hotel Properties pay its Q4 2022 dividend?

The Q4 2022 dividend will be paid on February 28, 2023.

What are the dividends for the Series E and F Preferred Stocks?

The dividends are $0.390625 for Series E and $0.3671875 for Series F, both payable on February 28, 2023.

What is the cash distribution declared for the Series Z Preferred Units?

The cash distribution for the Series Z Preferred Units is $0.328125 per unit.

What is the record date for Summit Hotel Properties' dividends?

The record date for the dividends is February 14, 2023.