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Sunstone Hotel Investors, Inc. (SHO) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

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

 

Aaron Reyes

Sunstone Hotel Investors, Inc.

(949) 382-3018

 

 

SUNSTONE HOTEL INVESTORS REPORTS RESULTS FOR THIRD QUARTER 2019

 

Completes the Sale of the Leasehold Interest in the Courtyard by Marriott Los Angeles

 

 

IRVINE, CA  – November 4, 2019 – Sunstone Hotel Investors, Inc. (the “Company” or “Sunstone”) (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the hospitality sector, today announced results for the third quarter ended September 30, 2019.

 

Third Quarter 2019 Operational Results (as compared to Third Quarter 2018):

 

·

Net income decreased 63.4% to $33.5 million. Excluding the effect of the four hotels sold during the third and fourth quarters of 2018, net income would have decreased 12.0%.

·

Income attributable to common stockholders per diluted common share decreased 68.4% to $0.12. Excluding the effect of the four hotels sold during the third and fourth quarters of 2018, income attributable to common stockholders per diluted common share would have decreased 14.3%. 

·

21 Hotel Total Portfolio RevPAR increased 0.9% to $201.93.

·

20 Hotel Comparable Portfolio RevPAR increased 0.9% to $202.57.

·

20 Hotel Comparable Portfolio Adjusted EBITDAre, excluding prior year property tax adjustments, net decreased 1.5% to $85.8 million.

·

20 Hotel Comparable Portfolio Adjusted EBITDAre Margin, excluding prior year property tax adjustments, net decreased 100 basis points to 30.8%.

·

Adjusted EBITDAre, excluding noncontrolling interest decreased 4.0% to $81.2 million. Excluding the effect of the four hotels sold during the third and fourth quarters of 2018, Adjusted EBITDAre, excluding noncontrolling interest would have decreased 2.3%.

·

Adjusted FFO attributable to common stockholders per diluted share decreased 3.3% to $0.29. Excluding the effect of the four hotels sold during the third and fourth quarters of 2018, Adjusted FFO attributable to common stockholders per diluted share would have remained constant at $0.29.

 

John Arabia,  President and Chief Executive Officer, stated, “We are pleased with our third quarter operating results and earnings, which met or exceeded our previously provided guidance despite moderating revenue growth and a challenging expense environment. Our favorable geographic concentration combined with the quality and condition of our hotels resulted in above average revenue growth compared to the industry average of the Luxury and Upper Upscale hotels in the top 25 markets.”

 

Mr. Arabia added, “Subsequent to the end of the quarter, we were able to take advantage of a favorable transaction market and dispose of the leasehold interest in the Courtyard by Marriott Los Angeles at a trailing cap rate considerably lower than that implied by our current share price. This transaction not only makes sense financially, but further concentrates our 20-hotel portfolio in Long-Term Relevant Real Estate. We expect to distribute the gain on this sale to our stockholders through our fourth quarter dividend. Additionally, we retain significant liquidity that provides us with the ability to create long-term shareholder value through the continued repurchases of our common stock or through the acquisition of additional Long-Term Relevant Real Estate.”

1

UNAUDITED SELECTED STATISTICAL AND FINANCIAL DATA

($ in millions, except RevPAR, ADR and per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2019

    

2018

    

Change

 

 

2019

 

2018

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

$

33.5

 

$

91.6

 

(63.4)

 %

 

$

97.4

 

$

181.3

 

(46.3)

 %

Income Attributable to Common Stockholders per Diluted Share

$

0.12

 

$

0.38

 

(68.4)

 %

 

$

0.36

 

$

0.73

 

(50.7)

 %

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21 Hotel Total Portfolio RevPAR (1)

$

201.93

 

$

200.21

 

0.9

 %

 

$

197.26

 

$

192.91

 

2.3

 %

20 Hotel Comparable Portfolio RevPAR (1)

$

202.57

 

$

200.73

 

0.9

 %

 

$

197.97

 

$

193.50

 

2.3

 %

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20 Hotel Comparable Portfolio Occupancy (1)

 

86.2

%  

 

86.4

%  

(20)

bps

 

 

84.1

%  

 

84.1

%  

 —

bps

20 Hotel Comparable Portfolio ADR (1)

$

235.00

 

$

232.33

 

1.1

 %

 

$

235.40

 

$

230.08

 

2.3

 %

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20 Hotel Comparable Portfolio Adjusted EBITDAre Margin (1) (2)

 

30.8

%  

 

31.8

%  

(100)

bps

 

 

30.7

%  

 

31.0

%  

(30)

bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDAre, excluding noncontrolling interest

$

81.2

 

$

84.6

 

(4.0)

 %

 

$

244.8

 

$

248.2

 

(1.4)

 %

Adjusted FFO Attributable to Common Stockholders

$

65.7

 

$

67.9

 

(3.1)

 %

 

$

195.0

 

$

197.5

 

(1.3)

 %

Adjusted FFO Attributable to Common Stockholders per Diluted Share

$

0.29

 

$

0.30

 

(3.3)

 %

 

$

0.86

 

$

0.87

 

(1.1)

 %


The following information was filed by Sunstone Hotel Investors, Inc. (SHO) on Monday, November 4, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Sunstone Hotel Investors, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

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Inside Sunstone Hotel Investors, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly 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 Equity
Consolidated Statements Of Operations
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Management Fees, Franchise Costs And Renovation Commitments (Details)
Commitments And Contingencies - Other Commitments And Concentration Of Risk (Details)
Disposals
Disposals (Details)
Disposals (Tables)
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)
Investment In Hotel Properties
Investment In Hotel Properties (Details)
Investment In Hotel Properties (Tables)
Leases
Leases (Tables)
Leases - Components Of Lease Cost (Details)
Leases - Future Maturities Of Lease Liabilities (Details)
Leases - Lessor Information (Details)
Leases - Supplemental Balance Sheet Information Related To Leases (Details)
Leases - Supplemental Cash Flow Information Related To Leases (Detail)
Long-Term Incentive Plan
Long-Term Incentive Plan (Details)
Long-Term Incentive Plan (Tables)
Notes Payable
Notes Payable (Details)
Notes Payable (Tables)
Notes Payable - Interest Expense (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 Current Liabilities And Other Liabilities
Other Current Liabilities And Other Liabilities (Details)
Other Current Liabilities And Other Liabilities (Tables)
Stockholders' Equity
Stockholders' Equity - Common Stock (Details)
Stockholders' Equity - Preferred Stock (Details)
Subsequent Event
Subsequent Event (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Adoption Of New Lease Standard (Details)
Summary Of Significant Accounting Policies - Earnings Per Share (Details)

Material Contracts, Statements, Certifications & more

Sunstone Hotel Investors, Inc. provided additional information to their SEC Filing as exhibits

Ticker: SHO
CIK: 1295810
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-19-009930
Submitted to the SEC: Tue Nov 05 2019 8:29:49 AM EST
Accepted by the SEC: Tue Nov 05 2019
Period: Monday, September 30, 2019
Industry: Hotels And Motels

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