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

·

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.

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)

%  

31.8

%  

(100)

bps

%  

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)

 %