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Sunstone Hotel Investors, Inc. (SHO) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

SEC Filings

Sunstone Hotel Investors, Inc.

CIK: 1295810 Ticker: SHO

Exhibit 99.1

 

GRAPHIC

 

For Additional Information:

 

Bryan Giglia

Sunstone Hotel Investors, Inc.

(949) 382-3036

 

SUNSTONE HOTEL INVESTORS REPORTS RESULTS FOR FOURTH QUARTER AND FULL YEAR 2012

Announces Executive Promotions

 

ALISO VIEJO, CA — February 19, 2013 — Sunstone Hotel Investors, Inc. (the “Company” or “Sunstone”) (NYSE: SHO) today announced results for the fourth quarter and year ended December 31, 2012.

 

Fourth Quarter 2012 Operational Results (as compared to Fourth Quarter 2011) (1):

 

·                  Comparable Hotel RevPAR increased 3.6% to $137.02.

·                  Comparable Hotel EBITDA Margin increased by 120 basis points to 30.2%.

·                  Adjusted EBITDA increased by 6.6% to $68.2 million.

·                  Adjusted FFO per diluted share increased by 3.4% to $0.30.

·                  Income available to common stockholders was $3.6 million (vs. $43,000 in 2011).

·                  Income available to common stockholders per diluted share was $0.03 (vs. zero in 2011).

 

Full Year 2012 Operational Results (as compared to Full Year 2011) (1):

 

·                  Comparable Hotel RevPAR increased 5.6% to $139.22.

·                  Comparable Hotel EBITDA Margin increased by 110 basis points to 28.9%.

·                  Adjusted EBITDA increased by 14.1% to $242.5 million.

·                  Adjusted FFO per diluted share increased by 16.1% to $1.01.

·                  Income available to common stockholders was $17.8 million (vs. $53.0 million in 2011).

·                  Income available to common stockholders per diluted share was $0.14 (vs. $0.45 in 2011).

 

Ken Cruse, Chief Executive Officer, stated, “In 2012 and thus far in 2013, we have made solid progress against our plan to create significant shareholder value while improving the quality and scale of our portfolio and gradually deleveraging our balance sheet.  We are currently working to further improve the quality and competitiveness of our portfolio through a number of high-quality renovations, and earlier this year we completed the sale of our low RevPAR Rochester hotel and laundry portfolio at an attractive valuation.  Also in January, we continued to improve our balance sheet by repaying our final $58 million of exchangeable senior notes and by initiating the par redemption of our $176 million 8% Series A Preferred securities.  Upon completion of the Series A redemption, we will have eliminated approximately $420 million of balance sheet leverage over the past year, which puts us on a clear path to achieve our long-term credit targets.”

 

Mr. Cruse continued, “Our portfolio is now comprised primarily of institutional grade hotels, well located within key growth markets.  Moreover, we now hold approximately $300 million of investable cash, a significant portion of which we intend to deploy toward quality hotel acquisitions, further improving the competitiveness and scale of our portfolio.  With the U.S. demand-to-supply ratio well above historical norms and our portfolio running at nearly 80% occupancy, industry fundamentals are constructive. We expect to see material growth in Hotel EBITDA as the recovery in the lodging cycle continues.”

 


The following information was filed by Sunstone Hotel Investors, Inc. (SHO) on Tuesday, February 19, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Equity
Consolidated Statements Of Equity (parenthetical)
Consolidated Statements Of Operations And Comprehensive Income
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Discontinued Operations
Discontinued Operations (details 2)
Discontinued Operations (details)
Discontinued Operations (tables)
Due To Third-party Managers, Other Current Liabilities And Other Liabilities
Due To Third-party Managers, Other Current Liabilities And Other Liabilities (details)
Due To Third-party Managers, Other Current Liabilities And Other Liabilities (tables)
Income Taxes
Income Taxes (details 2)
Income Taxes (details)
Income Taxes (tables)
Interest Rate Derivative Agreements
Interest Rate Derivative Agreements (details)
Investment In Hotel Properties
Investment In Hotel Properties (details 2)
Investment In Hotel Properties (details 3)
Investment In Hotel Properties (details 4)
Investment In Hotel Properties (details)
Investment In Hotel Properties (tables)
Investments In Unconsolidated Joint Ventures
Investments In Unconsolidated Joint Ventures (details)
Long-term Incentive Plan
Long-term Incentive Plan (details)
Long-term Incentive Plan (tables)
Notes Payable
Notes Payable (details 2)
Notes Payable (details)
Notes Payable (tables)
Organization And Description Of Business
Organization And Description Of Business (details)
Other Assets
Other Assets (details 2)
Other Assets (details)
Other Assets (tables)
Quarterly Operating Results (unaudited)
Quarterly Operating Results (unaudited) (details)
Quarterly Operating Results (unaudited) (tables)
Schedule Ii-valuation And Qualifying Accounts
Schedule Ii-valuation And Qualifying Accounts (details)
Schedule Iii - Real Estate And Accumulated Depreciation (details 2)
Schedule Iii - Real Estate And Accumulated Depreciation (details)
Schedule Iii-real Estate And Accumulated Depreciation
Series C Cumulative Convertible Redeemable Preferred Stock
Series C Cumulative Convertible Redeemable Preferred Stock (details)
Stockholders' Equity
Stockholders' Equity (details 2)
Stockholders' Equity (details)
Stockholders' Equity (tables)
Subsequent Events
Subsequent Events (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details 2)
Summary Of Significant Accounting Policies (details 3)
Summary Of Significant Accounting Policies (details 4)
Summary Of Significant Accounting Policies (details 5)
Summary Of Significant Accounting Policies (details 6)
Summary Of Significant Accounting Policies (details 7)
Summary Of Significant Accounting Policies (details 8)
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Ticker: SHO
CIK: 1295810
Form Type: 10-K Annual Report
Accession Number: 0001104659-13-013600
Submitted to the SEC: Mon Feb 25 2013 9:00:52 AM EST
Accepted by the SEC: Mon Feb 25 2013
Period: Monday, December 31, 2012
Industry: Hotels And Motels

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