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Sunstone Hotel Investors, Inc. (SHO) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

SEC Filings

Sunstone Hotel Investors, Inc.

CIK: 1295810 Ticker: SHO

Exhibit 99.1

2007 Logo Med

For Additional Information:

Bryan Giglia

Sunstone Hotel Investors, Inc.

(949) 382-3036

 

SUNSTONE HOTEL INVESTORS REPORTS RESULTS FOR FOURTH QUARTER AND FULL YEAR 2015

 

ALISO VIEJO, CA  – February 22, 2016 – Sunstone Hotel Investors, Inc. (the “Company” or “Sunstone”) (NYSE: SHO) today announced results for the fourth quarter and full year ended December 31, 2015.

 

Fourth Quarter 2015 Operational Results (as compared to Fourth Quarter 2014):

 

·

Comparable Hotel RevPAR, including adoption of the industry’s Uniform System of Accounts for the Lodging Industry, Eleventh Revised Edition (“USALI Eleventh Revised Edition”), which became effective January 1, 2015, increased 4.1% to $152.40.

·

Comparable Hotel Adjusted EBITDA Margin, including adoption of the USALI Eleventh Revised Edition and excluding prior year property taxes, net increased 120 basis points to 29.4%.

·

Adjusted EBITDA increased 4.6% to $81.1 million.

·

Adjusted FFO attributable to common stockholders per diluted share increased 11.1% to $0.30.

·

Income attributable to common stockholders, which includes a gain of $214.5 million recognized on the Company’s sale of its interests in the Doubletree Guest Suites Times Square, increased 2,034.2% to $233.8 million.

·

Income attributable to common stockholders per diluted share increased 2,140.0% to $1.12.

 

Full Year 2015 Operational Results (as compared to Full Year 2014):

 

·

Comparable Hotel RevPAR, including adoption of the USALI Eleventh Revised Edition, increased 5.9% to $162.42.

·

Comparable Hotel Adjusted EBITDA Margin, including adoption of the USALI Eleventh Revised Edition and excluding prior year property taxes, net increased 120 basis points to 30.8%.

·

Adjusted EBITDA increased 12.4% to $351.3 million.

·

Adjusted FFO attributable to common stockholders per diluted share increased 12.0% to $1.31.

·

Income attributable to common stockholders, which includes gains of $226.2 million recognized on the Company’s sales of its interests in the Doubletree Guest Suites Times Square as well as BuyEfficient, increased 369.5% to $338.2 million.

·

Income attributable to common stockholders per diluted share increased 337.8% to $1.62.

 

John Arabia,  President and Chief Executive Officer, stated, “During the fourth quarter, our portfolio continued to meet or exceed our expectations, benefiting from robust group business and out-of-room group spend. Group food and beverage and ancillary revenue spend increased throughout the year, driving profitability. Additionally, we enhanced our already strong growth prospects, balance sheet and liquidity with the sale of the leasehold interest of the Doubletree Guest Suites Times Square, which we sold in December for nearly $1.2 million per key. Looking forward to 2016, there is considerable uncertainty and various headwinds in the broad economy that may negatively impact lodging demand. While our hotel-specific indicators, such as group booking pace and group night production remain robust, these headwinds warrant more conservative than normal forecasting, and increase the risk of falling short of our earnings guidance. The economy and general hotel demand are factors out of our control. However,  the factors within our control, such as having one of the lowest levered balance sheets in the REIT industry and being positioned to deliver strong earnings growth through our various hotel repositionings, give us confidence that we are well positioned to take advantage of nearly any economic situation that comes our way.”  


The following information was filed by Sunstone Hotel Investors, Inc. (SHO) on Monday, February 22, 2016 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 Comprehensive Income
Consolidated Statements Of Equity
Consolidated Statements Of Equity (parenthetical)
Consolidated Statements Of Operations
Commitments And Contingencies
Commitments And Contingencies (details 2)
Commitments And Contingencies (details 3)
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Disposals And Discontinued Operations
Disposals And Discontinued Operations (details 2)
Disposals And Discontinued Operations (details 3)
Disposals And Discontinued Operations (details)
Disposals And Discontinued Operations (tables)
Fair Value Measurements And Interest Rate Derivative Agreements
Fair Value Measurements And Interest Rate Derivative Agreements (details 2)
Fair Value Measurements And Interest Rate Derivative Agreements (details 3)
Fair Value Measurements And Interest Rate Derivative Agreements (details)
Fair Value Measurements And Interest Rate Derivative Agreements (tables)
Income Taxes
Income Taxes (details 2)
Income Taxes (details)
Income Taxes (tables)
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)
Long-term Incentive Plan
Long-term Incentive Plan (details)
Long-term Incentive Plan (tables)
Notes Payable
Notes Payable (details 2)
Notes Payable (details 3)
Notes Payable (details 4)
Notes Payable (details)
Notes Payable (tables)
Organization And Description Of Business
Organization And Description Of Business (details)
Organization And Description Of Business (tables)
Other Assets
Other Assets (details 2)
Other Assets (details)
Other Assets (tables)
Other Current Liabilities And Other Liabilities
Other Current Liabilities And Other Liabilities (details)
Other Current Liabilities And Other Liabilities (tables)
Quarterly Operating Results (unaudited)
Quarterly Operating Results (unaudited) (details)
Quarterly Operating Results (unaudited) (tables)
Schedule Iii-real Estate And Accumulated Depreciation
Schedule Iii-real Estate And Accumulated Depreciation (details 2)
Schedule Iii-real Estate And Accumulated Depreciation (details)
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)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Ticker: SHO
CIK: 1295810
Form Type: 10-K Annual Report
Accession Number: 0001558370-16-003377
Submitted to the SEC: Tue Feb 23 2016 2:40:10 PM EST
Accepted by the SEC: Tue Feb 23 2016
Period: Thursday, December 31, 2015
Industry: Hotels And Motels

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