Earnings release
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13215 Bee Cave Pkwy, Suite B-300, Austin, TX 78738 Telephone: 512-538-2300 Fax: 512-538-2333 www.shpreit.com NEWS RELEASE SUMMIT HOTEL PROPERTIES REPORTS THIRD QUARTER 2026 RESULTS Third Quarter Operating Income Increased 90.3% to $16.3 Million; Adjusted EBITDAre Increased 11.8% to $43.9 Million Third Quarter Pro Forma RevPAR Increased 7.2%, Driving a 14.4% Increase in Pro Forma Hotel EBITDA Austin, Texas, November 3, 2026 - - - Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”), today announced results for the three and nine months ended September 30, 2026. “We delivered outstanding third quarter results that exceeded expectations as operating fundamentals accelerated meaningfully during the quarter. Pro forma RevPAR increased 7.2 percent year-over-year driven by broad based demand growth and pricing power, particularly midweek in our urban markets. Our teams capitalized on this favorable operating backdrop to drive exceptional profitability growth as pro forma hotel EBITDA increased 14.4 percent with margins expanding nearly 200 basis points year-over-year. Growth in our portfolio was strong across the vast majority of markets and all demand segments, led by the accelerating recovery in business transient travel and theongoing strength of group demand. Our outlook for the industry broadly and Summit specifically continues to improve. Based on our strong third quarter results and increased expectations for the fourth quarter, we have again raised our full year 2026 guidance ranges to reflect the positive momentum in our business,” said Jonathan Stanner, President and Chief Executive Officer. "We also continue to enhance our balance sheet and reduce borrowing costs. During the quarter, we repriced two term loan facilities totaling $475 million of borrowings, lowering the applicable interest rate by 20 basis points on those facilities. This follows the previous pricing reduction of our primary $650 million corporate revolving and term loan facility. We have no debt maturities until 2028 and approximately $350 million of liquidity, which positions the Company well for future growth," continued Mr. Stanner. Third Quarter 2026 Summary • Net Loss: Net loss attributable to common stockholders was $7.7 million, or $0.07 per diluted share, compared to net loss of $11.3 million, or $0.11 per diluted share, for the third quarter of 2025. • Pro Forma RevPAR: Pro forma RevPAR increased 7.2 percent to $126.17 compared to the third quarter of 2025. Pro forma ADR increased 5.3 percent to $167.95 compared to the same period in 2025, and pro forma occupancy increased 1.8 percent to 75.1 percent. • Pro Forma Hotel EBITDA : Pro forma hotel EBITDA increased 14.4 percent to $60.4 million from $52.8 million in the same period in 2025. Pro forma hotel EBITDA margin expanded 191 basis points to 32.6 percent in the third quarter. • Adjusted EBITDAre : Adjusted EBITDAre increased 11.8 percent to $43.9 million from $39.3 million in the third quarter of 2025. • Adjusted FFO : Adjusted FFO increased 13.9 percent to $24.2 million, or $0.20 per diluted share, compared to $21.3 million, or $0.17 per diluted share, in the third quarter of 2025. (1) (1) (1) 1 | P a g e
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Year-to-Date 2026 Summary • Net Loss: Net loss attributable to common stockholders was $14.2 million, or $0.14 per diluted share, compared to net loss of $17.6 million, or $0.17 per diluted share, in the same period of 2025. • Pro Forma RevPAR: Pro forma RevPAR increased 4.0 percent to $129.91 compared to the same period of 2025. Pro forma ADR increased 4.5 percent to $174.70, and pro forma occupancy decreased 0.5 percent to 74.4 percent. • Pro Forma Hotel EBITDA : Pro forma hotel EBITDA increased 5.9 percent to $195.2 million from $184.4 million. • Adjusted EBITDAre : Adjusted EBITDAre increased 5.7 percent to $142.9 million from $135.2 million in the same period of 2025. • Adjusted FFO : Adjusted FFO increased to $84.6 million, or $0.70 per diluted share, compared to $81.3 million, or $0.66 per diluted share, in the same period of 2025. The Company’s results for the three and nine months ended September 30, 2026 and 2025 are as follows (in thousands, except per share amounts and metrics): For the Three MonthsEnded September 30, For the Nine Months EndedSeptember 30, 2026 2025 2026 2025 Net loss attributable to common stockholders $ (7,655) $ (11,301) $ (14,229) $ (17,597) Net loss per diluted share $ (0.07) $ (0.11) $ (0.14) $ (0.17) Total revenues $ 185,706 $ 177,117 $ 569,778 $ 554,512 EBITDAre $ 53,372 $ 46,166 $ 175,613 $ 165,665 Adjusted EBITDAre $ 43,904 $ 39,263 $ 142,930 $ 135,189 FFO $ 19,250 $ 16,289 $ 72,278 $ 66,371 Adjusted FFO $ 24,204 $ 21,253 $ 84,612 $ 81,319 FFO per diluted share and unit $ 0.16 $ 0.13 $ 0.60 $ 0.54 Adjusted FFO per diluted share and unit $ 0.20 $ 0.17 $ 0.70 $ 0.66 Pro Forma and Same Store RevPAR $ 126.17 $ 117.69 $ 129.91 $ 124.91 RevPAR Growth 7.2% 4.0% Hotel EBITDA $ 60,404 $ 52,792 $ 195,190 $ 184,356 Hotel EBITDA Growth 14.4% 5.9% Hotel EBITDA Margin 32.6% 30.7% 34.5% 34.1% Hotel EBITDA Margin Growth 191 bps 40 bps (1) See tables later in this press release for a discussion and reconciliation of Net loss attributable to common stockholders to non-GAAP financial measures, including earnings before interest, taxes, depreciation, and amortization (“EBITDA”), EBITDAre, 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 to hotel EBITDA. See “Non-GAAP Financial Measures” at the end of this release. (2) Unless stated otherwise in this release, all pro forma information includes operating and financial results for 92 hotels owned as of September 30, 2026. (3) All same store information includes operating and financial results for 92 hotels owned as of January 1, 2025 and at all times during the three and nine months ended September 30, 2026, and 2025. (1) (1) (1) (1) (1) (1) (1) (1) (1) (2) (3) 2 | P a g e
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Transaction Activity In July 2026, the Company completed the sale of the wholly-owned 103-guestroom Courtyard by Marriott, Dallas (Arlington South), TX and the 96-guestroom Residence Inn by Marriott, Dallas (Arlington South), TX for a combined selling price of $19.0 million. The combined sale price represents a 5.9 percent capitalization rate based on the net operating income for the trailing twelve months ended June 30, 2026, and after consideration of approximately $7.6 million of foregone near-term required capital expenditures. Since 2023, the Company and its affiliates have sold 15 hotels for a combined sales price of approximately $219.0 million at a blended capitalization rate of approximately 4.7 percent, inclusive of an estimated $67.6 million of foregone capital needs, based on the trailing twelve-month net operating income at the time of each sale. The combined RevPAR for the sold hotels was $86, which is an approximate 30 percent discount to the current pro forma portfolio. Capital Markets Activity In September 2026, the Company amended its $200 Million Term Loan Facility and $275 Million Delayed Draw Term Loan Facility to conform the pricing grids and other material terms of these facilities with those of its recently amended $650 Million Senior Credit Facility. Pursuant to the amended pricing grids, borrowings under the $200 Million Term Loan Facility and the $275 Million Delayed Draw Term Loan Facility bear interest at rates ranging from 135 to 225 basis points over the applicable adjusted Term SOFR rate. Based on the Company’s leverage as of September 30, 2026, these amendments resulted in an initial 20 basis point reduction in the applicable interest rate. Furthermore, due to a reduction in the Company’s quarter-end trailing twelve-month leverage ratio, the Company achieved an additional 15 basis point reduction in the interest rate spread across $675 million of term loan debt. Compared to the Company’s pre- amendment pricing grid and June 30, 2026 leverage ratio, these spread reductions are expected to generate annual interest expense savings of approximately $2.4 million. In connection with the amendment to the $200 Million Term Loan Facility, the initial maturity date was extended to February 2028. The Company retains the option, subject to certain conditions, to further extend the maturity date for up to two additional six-month periods. Balance Sheet Summary As of September 30, 2026, the Company’s balance sheet reflected the following: • Pro rata outstanding debt of $1.1 billion with a weighted average interest rate of 5.50 percent. After giving effect to interest rate derivative agreements, $539.1 million, or 51 percent, of our outstanding debt had a fixed interest rate, and $520.0 million, or 49 percent, had a variable interest rate. • Pro rata unrestricted cash and cash equivalents of $51.9 million. • Total pro rata liquidity of approximately $350 million, including unrestricted cash and cash equivalents and revolving credit facility availability. • The Company’s pro rata weighted average term to maturity was approximately 3.4 years, including extension options. • No debt maturities until 2028. • No balance outstanding under its Revolving Credit Facility. 3 | P a g e
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Common and Preferred Dividend Declaration On October 27, 2026, the Company declared a quarterly cash dividend of $0.08 per share on its common stock and per common unit of limited partnership interest in Summit Hotel OP, LP. The quarterly dividend of $0.08 per share represents an annualized dividend yield of 4.5 percent, based on the closing price of shares of the common stock on November 2, 2026. In addition, the Board of Directors declared a quarterly cash dividend of: • $0.390625 per share on its 6.25% Series E Cumulative Redeemable Preferred Stock • $0.3671875 per share on its 5.875% Series F Cumulative Redeemable Preferred Stock • $0.328125 per unit on its 5.25% Series Z Cumulative Perpetual Preferred Units The dividends are payable on November 30, 2026, to holders of record as of November 16, 2026. 2026 Outlook The Company’s updated outlook for the full year 2026 is based on 92 lodging assets owned as of November 3, 2026. Based on actual results for the first nine months of the year and recent operating trends, the Company is increasing the low and high end of its guidance ranges for pro forma RevPAR growth, Adjusted EBITDAre, Adjusted FFO, and Adjusted FFO per share. There are no additional acquisitions, dispositions, share repurchases, or capital markets activities assumed in the Company’s full year 2026 outlook. FYE 2026 Outlook Low High Variance toPriorMidpoint % Change toPriorMidpoint Pro Forma RevPAR Growth 3.50% 4.50% 1.50% —% Adjusted EBITDAre $ 181,000 $ 186,000 $ 5,000 2.8% Adjusted FFO $ 102,500 $ 107,500 $ 5,750 5.8% Adjusted FFO per share of common share and Common Units $ 0.85 $ 0.89 $ 0.05 6.1% Capital Expenditures, Pro Rata $ 55,000 $ 65,000 $ — —% (1) All pro forma information includes operating and financial results for 92 lodging assets owned as of November 3, 2026 and excludes the financial results of hotels sold by the Company after January 1, 2025. Pro forma and non-GAAP financial measures are unaudited. (1) 4 | P a g e
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Third Quarter 2026 Earnings Conference Call The Company will conduct its quarterly conference call on November 4, 2026, at 9:00 AM ET. 1. To access the conference call, please pre-register using this link. Registrants will receive a confirmation with dial-in details. 2. A live webcast of the conference call can be accessed using this link. A replay of the webcast will be available in the Investors section of the Company's website, www.shpreit.com, until February 1, 2027. Supplemental Disclosures In conjunction with this press release, the Company has furnished a financial supplement with additional disclosures on its website. Visit www.shpreit.com for more information. The Company has no obligation to update any of the information provided to conform to actual results or changes in portfolio, capital structure, or future expectations. About Summit Hotel Properties Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused on owning premium-branded lodging facilities with efficient operating models primarily in the upscale segment of the lodging industry. As of November 3, 2026, the Company's portfolio consisted of 92 assets, 50 of which are wholly owned, with a total of 14,027 guestrooms located in 24 states. For additional information, please visit the Company's website, www.shpreit.com, and follow on X at @SummitHotel_INN. Contact: Kevin Milota SVP - Corporate Finance Summit Hotel Properties, Inc. (737) 205-5787 5 | P a g e
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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 Exchange 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. 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. Examples of forward-looking statements include the following: the Company’s ability to realize growth from the deployment of renovation capital; projections of the Company’s revenues and expenses, capital expenditures or other financial items; descriptions of the Company’s plans or objectives for future operations, acquisitions, dispositions, financings, redemptions or services; forecasts of the Company’s future financial performance and potential increases in average daily rate, occupancy, RevPAR, room supply and demand, EBITDAre, Adjusted EBITDAre, FFO and AFFO; the Company’s outlook with respect to pro forma RevPAR, pro forma RevPAR growth, RevPAR, RevPAR growth, AFFO, AFFO per diluted share and unit and renovation capital deployed; and descriptions of assumptions underlying or relating to any of the foregoing expectations regarding the timing of their occurrence. 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 (“SEC”). 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. For information about the Company’s business and financial results, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC, and its quarterly and other periodic filings with the SEC. The Company undertakes no duty to update the statements in this release to conform the statements to actual results or changes in the Company’s expectations. 6 | P a g e
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Summit Hotel Properties, Inc.Consolidated Balance Sheets(In thousands) September 30, 2026 December 31, 2025 (Unaudited) ASSETS Investments in lodging property, net $ 2,522,801 $ 2,640,367 Assets held for sale, net 33,594 11,967 Cash and cash equivalents 61,287 36,110 Restricted cash 6,139 5,102 Right-of-use assets, net 31,332 32,028 Trade receivables, net 19,430 17,347 Prepaid expenses and other 13,144 7,104 Deferred charges, net 5,960 10,051 Other assets 26,273 15,954 Total assets $ 2,719,960 $ 2,776,030 LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS ANDEQUITY Liabilities: Debt, net of debt issuance costs $ 1,367,695 $ 1,394,014 Lease liabilities, net 23,742 24,091 Accounts payable 9,649 7,537 Accrued expenses and other 94,462 76,417 Total liabilities 1,495,548 1,502,059 Redeemable non-controlling interests 50,219 50,219 Total stockholders’ equity 826,730 862,155 Non-controlling interests 347,463 361,597 Total equity 1,174,193 1,223,752 Total liabilities, redeemable non-controlling interests and equity $ 2,719,960 $ 2,776,030 7 | P a g e
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Summit Hotel Properties, Inc.Consolidated Statements of Operations(Unaudited)(In thousands, except per share amounts) For the Three MonthsEnded September 30, For the Nine Months EndedSeptember 30, 2026 2025 2026 2025 Revenues: Room $ 163,166 $ 156,323 $ 501,867 $ 490,653 Food and beverage 10,321 10,017 32,879 32,202 Other 12,219 10,777 35,032 31,657 Total revenues 185,706 177,117 569,778 554,512 Expenses: Room 39,201 38,958 114,900 114,256 Food and beverage 8,141 8,217 25,141 24,596 Other lodging property operating expenses 60,451 58,575 179,772 174,440 Property taxes, insurance and other 13,638 14,106 41,093 41,123 Management fees 3,844 3,142 12,431 12,048 Depreciation and amortization 36,108 37,634 109,295 112,123 Corporate general and administrative 8,131 7,845 24,391 24,696 Loss on write-down of assets — — 3,641 — Total expenses 169,514 168,477 510,664 503,282 Gain (loss) on disposal of assets, net 142 (57) 236 (136) Operating income 16,334 8,583 59,350 51,094 Other income (expense): Interest expense (21,926) (20,676) (64,444) (61,260) Interest income 340 259 887 836 Other income (expense), net 949 (278) 3,188 1,810 Total other expense, net (20,637) (20,695) (60,369) (58,614) Loss from continuing operations before income taxes (4,303) (12,112) (1,019) (7,520) Income tax (expense) benefit (880) 352 (342) (1,580) Net loss (5,183) (11,760) (1,361) (9,100) Less - Loss attributable to non-controlling interests (2,152) (5,083) (1,008) (5,379) Net loss attributable to Summit Hotel Properties, Inc. before preferreddividends (3,031) (6,677) (353) (3,721) Less - Distributions to and accretion of redeemable non-controllinginterests (656) (656) (1,970) (1,970) Less - Preferred dividends (3,968) (3,968) (11,906) (11,906) Net loss attributable to common stockholders $ (7,655) $ (11,301) $ (14,229) $ (17,597) Loss per common share: Basic and diluted $ (0.07) $ (0.11) $ (0.14) $ (0.17) Weighted-average common shares outstanding: Basic and diluted 104,856 105,889 105,112 107,169 8 | P a g e
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Summit Hotel Properties, Inc.Reconciliation of Net Loss to Non-GAAP Measures - EBITDAre (Unaudited) (In thousands) For the Three MonthsEnded September 30, For the Nine MonthsEnded September 30, 2026 2025 2026 2025 Net loss $ (5,183) $ (11,760) $ (1,361) $ (9,100) Depreciation and amortization 36,108 37,634 109,295 112,123 Interest expense 21,926 20,676 64,444 61,260 Interest income on cash deposits (217) (89) (512) (334) Income tax expense (benefit) 880 (352) 342 1,580 EBITDA 53,514 46,109 172,208 165,529 Loss on write-down of assets — — 3,641 — (Gain) loss on disposal of assets and other dispositions, net (142) 57 (236) 136 EBITDAre 53,372 46,166 175,613 165,665 Amortization of key money liabilities (178) (129) (471) (387) Equity-based compensation 1,660 2,049 5,087 6,754 Debt transaction costs 46 323 188 338 Non-cash lease expense, net 108 108 359 374 Casualty losses, net 363 470 985 1,194 Other 245 885 301 885 Loss (income) related to non-controlling interests in consolidated jointventures 1,217 3,565 (727) 3,051 Adjustments related to non-controlling interests in consolidated jointventures (12,929) (14,174) (38,405) (42,685) Adjusted EBITDAre $ 43,904 $ 39,263 $ 142,930 $ 135,189 9 | P a g e
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Summit Hotel Properties, Inc.Reconciliation of Net Loss to Non-GAAP Measures - Funds From Operations (Unaudited) (In thousands, except per share and unit amounts) For the Three MonthsEnded September 30, For the Nine Months EndedSeptember 30, 2026 2025 2026 2025 Net loss $ (5,183) $ (11,760) $ (1,361) $ (9,100) Preferred dividends (3,968) (3,968) (11,906) (11,906) Distributions to and accretion of redeemable non-controlling interests (656) (656) (1,970) (1,970) Loss (income) related to non-controlling interests in consolidated jointventures 1,217 3,565 (727) 3,051 Net loss applicable to common shares and Common Units (8,590) (12,819) (15,964) (19,925) Real estate-related depreciation 35,543 37,064 107,618 110,421 Loss on write-down of assets — — 3,641 — (Gain) loss on disposal of assets and other dispositions, net (142) 57 (236) 136 FFO adjustments related to non-controlling interests in consolidated jointventures (7,561) (8,013) (22,781) (24,261) FFO applicable to common shares and Common Units 19,250 16,289 72,278 66,371 Amortization of deferred financing costs 1,995 1,929 5,911 5,279 Amortization of franchise fees 175 180 509 530 Amortization of intangible assets, net 210 263 696 787 Equity-based compensation 1,660 2,049 5,087 6,754 Debt transaction costs 46 323 188 338 Non-cash lease expense, net 108 108 359 374 Casualty losses, net 363 470 985 1,194 Deferred tax expense (benefit) 713 (532) (250) 636 Other 245 885 301 885 AFFO adjustments related to non-controlling interests in consolidatedjoint ventures (561) (711) (1,452) (1,829) AFFO applicable to common shares and Common Units $ 24,204 $ 21,253 $ 84,612 $ 81,319 FFO per common share and Common Unit $ 0.16 $ 0.13 $ 0.60 $ 0.54 AFFO per common share and Common Unit $ 0.20 $ 0.17 $ 0.70 $ 0.66 Weighted-average diluted common shares and Common Units 120,003 121,635 120,317 123,211 10 | P a g e
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Summit Hotel Properties, Inc.Reconciliation of Weighted Average Diluted Common Shares(Unaudited)(In thousands) For the Three MonthsEnded September 30, For the Nine Months EndedSeptember 30, 2026 2025 2026 2025 Weighted average common shares outstanding - basic and diluted 104,856 105,889 105,112 107,169 Adjusted for: Non-GAAP adjustment for restricted stock awards 2,138 2,737 2,196 2,688 Non-GAAP adjustment for dilutive effects of Common Units 13,009 13,009 13,009 13,354 Non-GAAP weighted diluted shares of common stock and CommonUnits 120,003 121,635 120,317 123,211 (1) Adjustment reflects the difference between the total weighted-average unvested restricted time-based shares outstanding as of the reporting date and the weighted- average restricted time-based shares computed for diluted earnings per share under the treasury stock method, plus the difference between the estimated total weighted average unvested restricted performance-based shares expected to vest based on achievement of the performance measures as if the vesting date were the reporting date and the estimated weighted-average unvested restricted performance-based shares computed for diluted earnings per share under the treasury stock method. (2) The Company includes the outstanding Common Units issued by our Operating Partnership held by limited partners other than the Company because the Common Units are redeemable for cash or, at the Company’s option, shares of the Company’s common stock on a one-for-one basis. (1) (2) 11 | P a g e
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Summit Hotel Properties, Inc.Pro Forma Hotel Operating Data(Unaudited)(In thousands, except operating statistics) For the Three MonthsEnded September 30, For the Nine Months EndedSeptember 30, Pro Forma Operating Data: 2026 2025 2026 2025 Pro forma room revenue $ 162,816 $ 151,865 $ 497,472 $ 477,804 Pro forma other hotel operations revenue 22,511 20,220 67,545 62,131 Pro forma total revenues 185,327 172,085 565,017 539,935 Pro forma total hotel operating expenses 124,923 119,293 369,827 355,579 Pro forma hotel EBITDA $ 60,404 $ 52,792 $ 195,190 $ 184,356 Pro forma hotel EBITDA Margin 32.6% 30.7% 34.5% 34.1% Reconciliations of Non-GAAP financial measures to comparable GAAP financial measures Revenue: Total revenues $ 185,706 $ 177,117 $ 569,778 $ 554,512 Total revenues - dispositions (379) (5,032) (4,761) (14,577) Pro forma total revenues 185,327 172,085 565,017 539,935 Hotel Operating Expenses: Hotel operating expenses $ 125,275 $ 122,998 $ 373,337 $ 366,463 Hotel operating expenses - dispositions (352) (3,705) (3,510) (10,884) Pro forma hotel operating expense 124,923 119,293 369,827 355,579 Hotel EBITDA: Operating income 16,334 8,583 59,350 51,094 (Gain) loss on disposal of assets and other dispositions, net (142) 57 (236) 136 Loss on write-down of assets — — 3,641 — Corporate general and administrative 8,131 7,845 24,391 24,696 Depreciation and amortization 36,108 37,634 109,295 112,123 Hotel EBITDA 60,431 54,119 196,441 188,049 Hotel EBITDA - dispositions (27) (1,327) (1,251) (3,693) Pro forma hotel EBITDA $ 60,404 $ 52,792 $ 195,190 $ 184,356 (1) Unaudited pro forma information includes operating results for 92 hotels owned as of September 30, 2026. For any hotels sold by the Company after January 1, 2025 (the “Disposed Hotels”), the Company excludes the financial results of each of the Disposed Hotels from January 1, 2025 to the date the Disposed Hotels were sold by the Company in determining pro forma total revenues and pro forma hotel operating expenses. The pro forma information is included to enable comparison of results for the current reporting period to results for the comparable period of the prior year and are not indicative of future results. (2) For hotels sold by the Company between January 1, 2025, and September 30, 2026, the Company has excluded the financial results of each of the Disposed Hotels for the period beginning on January 1, 2025, and ending on the date the Disposed Hotels were sold by the Company (the “Disposition Period”) in determining pro forma hotel EBITDA. (1) (1) (1) (2) (1) 12 | P a g e
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Summit Hotel Properties, Inc.Pro Forma Hotel Operating Data(Unaudited)(In thousands, except operating statistics) 2025 2026 Trailing TwelveMonths EndedSeptember 30,2026Pro Forma Operating Data: Q4 Q1 Q2 Q3 Pro forma room revenue $ 150,002 $ 160,473 $ 174,183 $ 162,816 $ 647,474 Pro forma other hotel operations revenue 21,383 22,276 22,758 22,511 88,928 Pro forma total revenues 171,385 182,749 196,941 185,327 736,402 Pro forma total hotel operating expenses 116,856 119,737 125,167 124,923 486,683 Pro forma hotel EBITDA $ 54,529 $ 63,012 $ 71,774 $ 60,404 $ 249,719 Pro forma hotel EBITDA Margin 31.8% 34.5% 36.4% 32.6% 33.9% Pro Forma Statistics: Rooms sold 916,685 903,506 974,624 969,457 3,764,272 Rooms available 1,290,392 1,262,430 1,276,457 1,290,484 5,119,763 Occupancy 71.0% 71.6% 76.4% 75.1% 73.5% ADR $ 163.63 $ 177.61 $ 178.72 $ 167.95 $ 172.01 RevPAR $ 116.25 $ 127.11 $ 136.46 $ 126.17 $ 126.47 Actual Statistics: Rooms sold 941,803 920,670 987,180 971,639 3,821,292 Rooms available 1,325,524 1,286,440 1,294,566 1,294,663 5,201,193 Occupancy 71.1% 71.6% 76.3% 75.0% 73.5% ADR $ 162.60 $ 176.57 $ 178.42 $ 167.93 $ 171.41 RevPAR $ 115.53 $ 126.37 $ 136.06 $ 126.03 $ 125.93 Reconciliations of Non-GAAP financial measures to comparable GAAP financial measures Revenue: Total revenues $ 174,960 $ 185,053 $ 199,019 $ 185,706 $ 744,738 Total revenues - dispositions (3,575) (2,304) (2,078) (379) (8,336) Pro forma total revenues 171,385 182,749 196,941 185,327 736,402 Hotel Operating Expenses: Hotel operating expenses 119,644 121,622 126,440 125,275 492,981 Hotel operating expenses - dispositions (2,788) (1,885) (1,273) (352) (6,298) Pro forma hotel operating expenses 116,856 119,737 125,167 124,923 486,683 Hotel EBITDA: Operating income 14,591 14,131 28,885 16,334 73,941 (Gain) loss on disposal of assets, net (6,715) 40 (134) (142) (6,951) Loss on write-down of assets 1,833 3,641 — — 5,474 Corporate general and administrative 8,120 8,845 7,415 8,131 32,511 Depreciation and amortization 37,487 36,774 36,413 36,108 146,782 Hotel EBITDA 55,316 63,431 72,579 60,431 251,757 Hotel EBITDA - dispositions (787) (419) (805) (27) (2,038) Pro forma hotel EBITDA $ 54,529 $ 63,012 $ 71,774 $ 60,404 $ 249,719 (1) Unaudited pro forma information includes operating results for 92 hotels owned as of September 30, 2026 as if all such hotels had been owned by the Company since October 1, 2025. For any hotels sold by the Company after October 1, 2025, the Company excludes the financial results of each of those hotels from October 1, 2025 to the date the hotels were sold by the Company in determining pro forma total revenues and pro forma hotel operating expenses. The pro forma information is included to enable comparison of results for the current reporting period to results for the comparable period of the prior year and are not indicative of future results. (2) For hotels sold by the Company between October 1, 2025, and September 30, 2026, the Company has excluded the financial results of each of the hotels for the period beginning on October 1, 2025, and ending on the date the hotels were sold by the Company in determining pro forma hotel EBITDA. (1) (1) (1) (1) (2) (1) 13 | P a g e
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Summit Hotel Properties, Inc.Pro Forma and Same Store Data(Unaudited) For the Three Months EndedSeptember 30, For the Nine Months EndedSeptember 30, 2026 2025 2026 2025 Pro Forma and Same Store Rooms sold 969,457 952,332 2,847,587 2,858,467 Rooms available 1,290,484 1,290,392 3,829,371 3,825,209 Occupancy 75.1% 73.8% 74.4% 74.7% ADR $ 167.95 $ 159.47 $ 174.70 $ 167.15 RevPAR $ 126.17 $ 117.69 $ 129.91 $ 124.91 Occupancy change 1.8% (0.5)% ADR change 5.3% 4.5% RevPAR change 7.2% 4.0% (1) Unaudited pro forma information includes operating results for 92 hotels owned as of September 30, 2026. (2) Same-store information includes operating results for 92 hotels owned by the Company as of January 1, 2025, and at all times during the three and nine months ended September 30, 2026, and 2025. (1) (2) 14 | P a g e
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Summit Hotel Properties, Inc.Reconciliation of Net Loss to Non-GAAP Measures - EBITDA for Financial Outlook (Unaudited) (In thousands) FYE 2026 Outlook Low High Net loss $ (11,800) $ (5,500) Depreciation and amortization 144,900 144,900 Interest expense 86,800 86,800 Interest income (900) (900) Income tax expense 2,600 2,600 EBITDA 221,600 227,900 Loss on write-down assets 3,600 3,600 Gain on disposal of assets and other dispositions, net (1,700) (1,700) EBITDAre 223,500 229,800 Equity-based compensation 6,800 6,800 Debt transaction costs 200 200 Other items, net 1,100 1,100 Loss (income) related to non-controlling interests in consolidated joint ventures 1,200 (100) Adjustments related to non-controlling interests in consolidated joint ventures (51,800) (51,800) Adjusted EBITDAre $ 181,000 $ 186,000 Summit Hotel Properties, Inc.Reconciliation of Net Loss to Non-GAAP Measures - Funds From Operations for Financial Outlook (Unaudited) (In thousands except per share and unit) FYE 2026 Outlook Low High Net loss $ (11,800) $ (5,500) Preferred dividends (15,900) (15,900) Distributions to and accretion of redeemable non-controlling interests (2,600) (2,600) Loss (income) related to non-controlling interests in consolidated joint ventures 1,200 (100) Net loss applicable to common shares and Common Units (29,100) (24,100) Real estate-related depreciation 142,700 142,700 Loss on write-down assets 3,600 3,600 Gain on disposal of assets and other dispositions, net (1,700) (1,700) FFO Adjustments related to non-controlling interests in consolidated joint ventures (30,400) (30,400) FFO applicable to common shares and Common Units 85,100 90,100 Amortization of deferred financing costs 8,000 8,000 Amortization of franchise fees 700 700 Equity-based compensation 6,800 6,800 Debt transaction costs 200 200 Other items, net 3,500 3,500 AFFO Adjustments related to non-controlling interests in consolidated joint ventures (1,800) (1,800) AFFO applicable to common shares and Common Units $ 102,500 $ 107,500 Weighted average diluted common shares/Common Units for FFO and AFFO 120,300 120,300 FFO per common share and Common Unit $ 0.71 $ 0.75 AFFO per common share and Common Unit $ 0.85 $ 0.89 15 | P a g e
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Non-GAAP Financial Measures 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"), Adjusted EBITDAre, and hotel EBITDA (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). Funds From Operations (“FFO”) and Adjusted FFO (“AFFO”) As defined by Nareit, FFO represents net income or loss (computed in accordance with GAAP), excluding preferred dividends, gains (or losses) from sales of real property, impairment losses on real estate assets, items classified by GAAP as extraordinary, the cumulative effect of changes in accounting principles, plus depreciation and amortization related to real estate assets, and adjustments for unconsolidated partnerships, and joint ventures. AFFO represents FFO excluding amortization of deferred financing costs, franchise fees, equity-based compensation expense, debt transaction costs, premiums on redemption of preferred shares, losses from net casualties, non- cash lease expense, non-cash interest income and non-cash income tax related adjustments to our deferred tax assets. 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, 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 corporate depreciation and amortization expense. 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 release, FFO is based on our computation of FFO and not the computation of Nareit-defined FFO unless otherwise noted. 16 | P a g e
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EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA 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. EBITDAre is intended to be a supplemental non-GAAP performance measure that is independent of a company’s capital structure and will provide a uniform basis for one measurement of the enterprise value of a company compared to other REITs. EBITDAre, as defined by Nareit, is calculated as EBITDA, excluding: (i) loss and gains on disposition of property and (ii) asset impairments, if any. 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. 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. We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional non-recurring or unusual items described below provides useful supplemental information to investors regarding our on-going operating performance. 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 satisfy 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. With respect to hotel EBITDA, we believe that excluding the effect of corporate-level expenses and non-cash items provides a more complete understanding of the operating results over which individual hotels and operators have direct control. We believe the property- level results provide investors with supplemental information on the on-going operational performance of our hotels and effectiveness of the third-party management companies operating our business on a property-level basis. We caution investors that amounts presented in accordance with our definitions of EBITDA, EBITDAre, adjusted EBITDAre, and hotel EBITDA may not be comparable to similar measures disclosed by other companies, since not all companies calculate these non-GAAP measures in the same manner. EBITDA, EBITDAre, adjusted EBITDAre, and hotel EBITDA should not be considered as an alternative measure of our net income (loss) or operating performance. EBITDA, EBITDAre, adjusted EBITDAre, and hotel EBITDA may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that EBITDA, EBITDAre, adjusted EBITDAre, and hotel EBITDA can enhance your understanding of our financial condition and results of operations, these non-GAAP financial measures are not necessarily a better indicator of any trend as compared to a comparable GAAP measure such as net income (loss). Above, we include a quantitative reconciliation of EBITDA, EBITDAre, adjusted EBITDAre and hotel EBITDA to the most directly comparable GAAP financial performance measure, which is net income (loss) and operating income (loss). 17 | P a g e