9 results
10-Q
2024 Q1
Stirling Hotels & Resorts, Inc.
14 May 24
Quarterly report
1:44pm
(unaudited, in thousands)
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||
2024 | 2023 | Net income (loss) | $ | (1,709) | $ | (435) | Other comprehensive income (loss), net of tax: | Total other comprehensive income (loss) | — | — | Comprehensive income (loss) | $ | (1,709) | $ | (435) | |||||||||||||||||||||
10-Q
2024 Q1
Stirling Hotels & Resorts, Inc.
14 May 24
Quarterly report
1:44pm
The following table summarizes the changes in key line items from Stirling OP’s consolidated and combined consolidated statements of operations for the three months ended March 31, 2024 and 2023 (in thousands):
Three Months Ended March 31, | Favorable (Unfavorable) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | $ Change | % Change | Revenue | Rooms | $ | 3,557 | $ | 3,869 | $ | (312) | (8.1) | % | Other hotel revenue | 65 | 60 | 5 | 8.3 | % | Total hotel revenue | 3,622 | 3,929 | (307) | (7.8) | % | Expenses | Hotel operating expenses: | Rooms | 940 | 925 | (15) | (1.6) | % | Other expenses | 1,475 | 1,494 | 19 | 1.3 | % | Management fees | 173 | 175 | 2 | 1.1 | % | Total hotel expenses | 2,588 | 2,594 | 6 | 0.2 | % | Property taxes, insurance and other | 234 | 208 | (26) | (12.5) | % | Depreciation and amortization | 952 | 904 | (48) | (5.3) | % | Advisory service fee | 304 | 145 | (159) | (109.7) | % | Corporate, general and administrative | 544 | 29 | (515) | (1775.9) | % | Operating income (loss) | (1,000) | 49 | (1,049) | (2,140.8) | % | Interest income | 16 | — | 16 | Interest expense and amortization of loan costs | (725) | (404) | (321) | (79.5) | % | Income tax benefit (expense) | — | (80) | 80 | 100.0 | % | Net income (loss) | $ | (1,709) | $ | (435) | $ | (1,274) | (292.9) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-Q
2024 Q1
Stirling Hotels & Resorts, Inc.
14 May 24
Quarterly report
1:44pm
(unaudited, in thousands)
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | REVENUE | Rooms | $ | 3,557 | $ | 3,869 | Other hotel revenue | 65 | 60 | Total hotel revenue | 3,622 | 3,929 | EXPENSES | Hotel operating expenses: | Rooms | 940 | 925 | Other expenses | 1,475 | 1,494 | Management fees | 173 | 175 | Total hotel expenses | 2,588 | 2,594 | Property taxes, insurance and other | 234 | 208 | Depreciation and amortization | 952 | 904 | Advisory services fee | 304 | 145 | Corporate, general and administrative | 544 | 29 | Total operating expenses | 4,622 | 3,880 | OPERATING INCOME (LOSS) | (1,000) | 49 | Interest income | 16 | — | Interest expense and amortization of loan costs | (725) | (404) | INCOME (LOSS) BEFORE INCOME TAXES | (1,709) | (355) | Income tax (expense) benefit | — | (80) | NET INCOME (LOSS) | $ | (1,709) | $ | (435) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10-K
2023 FY
Stirling Hotels & Resorts, Inc.
28 Mar 24
Annual report
8:25pm
The following table reconciles the income tax (expense) benefit at statutory rates to the actual income tax (expense) benefit recorded (in thousands):
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit at federal statutory income tax rate of 21% | $ | (198) | $ | (204) | $ | (194) | State income tax (expense) benefit, net of U.S. federal income tax benefit | (40) | (31) | (9) | Permanent differences | (124) | — | — | Provision to return adjustment | — | (4) | — | Other | 6 | — | — | Valuation allowance | (49) | (254) | (325) | Total income tax (expense) benefit | $ | (405) | $ | (493) | $ | (528) |
10-K
2023 FY
Stirling Hotels & Resorts, Inc.
28 Mar 24
Annual report
8:25pm
The components of income tax (expense) benefit are as follows (in thousands):
Year Ended December 31, | ||||||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||||||
Current: | Federal | $ | (351) | $ | (433) | $ | (472) | State | (54) | (60) | (56) | Total income tax (expense) benefit | $ | (405) | $ | (493) | $ | (528) |
10-K
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28 Mar 24
Annual report
8:25pm
10-K
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28 Mar 24
Annual report
8:25pm
10-K
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28 Mar 24
Annual report
8:25pm
10-K
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28 Mar 24
Annual report
8:25pm
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