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Sunstone Hotel Investors, Inc. (SHO) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

SEC Filings

Sunstone Hotel Investors, Inc.

CIK: 1295810 Ticker: SHO

Exhibit 99.1

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For Additional Information:

Bryan Giglia

Sunstone Hotel Investors, Inc.

(949) 382-3036

 

SUNSTONE HOTEL INVESTORS REPORTS RESULTS FOR FOURTH QUARTER AND FULL YEAR 2016

 

ALISO VIEJO, CA  – February 21, 2017 – Sunstone Hotel Investors, Inc. (the “Company” or “Sunstone”) (NYSE: SHO) today announced results for the fourth quarter and year ended December 31, 2016.

 

Fourth Quarter 2016 Operational Results (as compared to Fourth Quarter 2015):

 

·

Net income decreased 85.6% to $34.3 million.

·

Income attributable to common stockholders per diluted share decreased 87.5% to $0.14.

·

Comparable Portfolio Hotel RevPAR increased 0.4% to $153.33.

·

Total Portfolio Hotel RevPAR increased 1.6% to $155.34.

·

Comparable Hotel Adjusted EBITDA Margin,  excluding prior year property tax adjustments, net decreased 80 basis points to 28.8%. Excluding the impact related to the end of the ground rent abatement at the Hilton San Diego Bayfront, Comparable Hotel Adjusted EBITDA Margin, excluding prior year property tax adjustments, net would have decreased by 30 basis points.

·

Adjusted EBITDA decreased 2.4% to $79.1 million.

·

Adjusted FFO attributable to common stockholders per diluted share decreased 3.3% to $0.29.

 

Full Year 2016 Operational Results (as compared to Full Year 2015):

 

·

Net income decreased 60.4% to $140.7 million.

·

Income attributable to common stockholders per diluted share decreased 66.0% to $0.55.

·

Comparable Portfolio Hotel RevPAR increased 1.3% to $163.75.

·

Total Portfolio Hotel RevPAR increased 0.7% to $164.22.

·

Comparable Hotel Adjusted EBITDA Margin, excluding prior year property tax adjustments, net decreased 30 basis points to 30.5%. Excluding the impact related to the end of the ground rent abatement at the Hilton San Diego Bayfront, Comparable Hotel Adjusted EBITDA Margin, excluding prior year property tax adjustments, net would have increased by 20 basis points.

·

Adjusted EBITDA decreased 6.1% to $330.0 million.

·

Adjusted FFO attributable to common stockholders per diluted share decreased 7.6% to $1.21.

 

John Arabia,  President and Chief Executive Officer, stated, “During the quarter, transient demand and rates increased relative to the prior year, group attendance was healthy relative to its historic norms, and group spend on banquets and audio visual demonstrated strength. These better-than-anticipated top line results, coupled with energy, overhead and property tax savings, resulted in portfolio and company profits well ahead of our expectations.” Mr. Arabia continued, “Following the recent sale of the Fairmont Newport Beach, as well as other recent capital transactions, we have significant liquidity and are pursuing the acquisition of quality hotels that satisfy our long-term return requirements. At the same time, we expect to continue to capital recycle various assets within our portfolio, including legacy assets that no longer meet our investment criteria or hotels  in which we believe we can harvest at a material premium to our internal valuation.”

 

 

1


The following information was filed by Sunstone Hotel Investors, Inc. (SHO) on Tuesday, February 21, 2017 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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Inside Sunstone Hotel Investors, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statement Of Equity (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Equity
Consolidated Statements Of Operations
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Commitments And Contingencies - Capital And Operating Leases (details)
Commitments And Contingencies - Concentration Of Risk And Other (details)
Disposals And Discontinued Operations
Disposals And Discontinued Operations (tables)
Disposals And Discontinued Operations - Discontinued Operations (details)
Disposals And Discontinued Operations - Disposals (details)
Fair Value Measurements And Interest Rate Derivatives
Fair Value Measurements And Interest Rate Derivatives (tables)
Fair Value Measurements And Interest Rate Derivatives - Fair Value Measurements (details)
Fair Value Measurements And Interest Rate Derivatives - Fair Value Of Debt (details)
Fair Value Measurements And Interest Rate Derivatives - Interest Rate Derivatives (details)
Income Taxes
Income Taxes (details)
Income Taxes (tables)
Income Taxes - Characterization Of Distributions (details)
Investment In Hotel Properties
Investment In Hotel Properties (details)
Investment In Hotel Properties (tables)
Investment In Hotel Properties - Acquisitions (details)
Investment In Hotel Properties - Future Amortization Of Intangible Assets (details)
Investment In Hotel Properties - Intangible Assets (details)
Long-term Incentive Plan
Long-term Incentive Plan (details)
Long-term Incentive Plan (tables)
Notes Payable
Notes Payable (details)
Notes Payable (tables)
Notes Payable - Deferred Financing Fees And Interest Expense (details)
Notes Payable - Transactions (details)
Organization And Description Of Business
Organization And Description Of Business (details)
Organization And Description Of Business (tables)
Other Assets
Other Assets (details)
Other Assets (tables)
Other Assets - Property And Equipment (details)
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)
Schedule Iii-reconciliation Of Carrying Amounts And Accumulated Depreciation (details)
Stockholders' Equity
Stockholders' Equity (details)
Stockholders' Equity (tables)
Stockholders' Equity - Dividends (details)
Subsequent Events
Subsequent Events (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - New Accounting Pronouncements (details)
Ticker: SHO
CIK: 1295810
Form Type: 10-K Annual Report
Accession Number: 0001558370-17-000849
Submitted to the SEC: Thu Feb 23 2017 1:38:05 PM EST
Accepted by the SEC: Thu Feb 23 2017
Period: Saturday, December 31, 2016
Industry: Hotels And Motels

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