SUMMIT HOTEL PROPERTIES DECLARES THIRD QUARTER 2024 DIVIDENDS

Rhea-AI Summary

Summit Hotel Properties (NYSE: INN) has declared its third quarter 2024 dividends. The company announced a cash dividend of $0.08 per share of common stock and per common unit, representing an annualized dividend yield of 5.2%. Additionally, the company declared dividends for its preferred stocks: $0.390625 per share for Series E (6.25%), $0.3671875 per share for Series F (5.875%), and $0.328125 per unit for Series Z (5.25%) preferred units. All dividends will be paid on November 29, 2024, to shareholders of record as of November 15, 2024.

Positive

• Maintained quarterly dividend distribution, showing financial stability
• 5.2% annualized dividend yield offers attractive return for investors

Negative

• None.

Insights

Financial Analyst

Summit Hotel Properties maintains its quarterly dividend structure, offering a $0.08 per share common dividend yielding 5.2%. The company continues its commitment to preferred shareholders with payouts on three series: Series E at $0.390625, Series F at $0.3671875 and Series Z units at $0.328125. The consistent dividend policy suggests stable cash flow generation, though the relatively modest common dividend reflects a conservative capital allocation strategy typical in the hotel REIT sector. The 5.2% yield is competitive within the hospitality REIT space but indicates the market's pricing of risk in the sector. The maintenance of preferred dividends demonstrates financial stability and commitment to capital structure obligations.

AUSTIN, Texas, Oct. 24, 2024 /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 third quarter ended September 30, 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 third quarter common dividend represents an annualized dividend yield of 5.2 percent based on the closing price of shares of the common stock on October 23, 2024.

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 November 30, 2024, 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 November 30, 2024.

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 November 30, 2024.

The dividends are payable on November 29, 2024, to holders of record as of November 15, 2024.

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 September 30, 2024, the Company's portfolio consisted of 96 assets, 54 of which are wholly owned, with a total of 14,255 guestrooms located in 24 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) dividend per share for Q3 2024?

Summit Hotel Properties declared a cash dividend of $0.08 per share for Q3 2024.

What is the dividend yield for Summit Hotel Properties (INN) based on October 23, 2024?

Summit Hotel Properties' annualized dividend yield is 5.2% based on the closing price of shares on October 23, 2024.

When will Summit Hotel Properties (INN) pay its Q3 2024 dividend?

Summit Hotel Properties will pay its Q3 2024 dividend on November 29, 2024, to holders of record as of November 15, 2024.

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

Summit Hotel Properties declared $0.390625 per share for Series E (6.25%), $0.3671875 for Series F (5.875%), and $0.328125 for Series Z (5.25%) preferred units.