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Sunstone Hotel Investors, Inc. (SHO) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

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 SECOND QUARTER 2021

Resumes Corporate-Level Profitability

IRVINE, CA – August 3, 2021 – 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 second quarter ended June 30, 2021.

Second Quarter 2021 Operational Results (as compared to Second Quarter 2020):

Net Loss: Net loss was $27.9 million as compared to $117.5 million.
17 Hotel Portfolio RevPAR: RevPAR at the comparable 17 hotels the Company owned during both 2021 and 2020 (the “17 Hotel Portfolio”) increased 3,182.2% to $95.84. The average daily rate was $219.82 and occupancy was 43.6%.
All Open Hotel Portfolio RevPAR: RevPAR at the Open Hotels, which includes the 18 hotels the Company owned as of June 30, 2021 except the Renaissance Westchester and also includes prior ownership results for the Montage Healdsburg, was $107.36, comprised of an average daily rate of $235.43 and occupancy of 45.6%.
Adjusted EBITDAre: Adjusted EBITDAre, excluding noncontrolling interest increased 132.6% to $15.3 million.
Adjusted FFO: Adjusted FFO attributable to common stockholders per diluted share increased 96.8% to $(0.01).

Information regarding the non-GAAP financial measures disclosed in this release is provided below in “Non-GAAP Financial Measures.” Reconciliations of non-GAAP financial measures to the most comparable GAAP measure for each of the periods presented are included later in this release.

John Arabia, President and Chief Executive Officer, stated, “Second quarter results materially exceeded our expectations for both revenues and profitability. While leisure demand continues to be robust, business transient demand and group demand have witnessed sequential growth, and made meaningful contributions to our recent operating results and earnings. As a result of these factors, we achieved not only positive hotel EBITDA in the quarter but also positive corporate-level Adjusted EBITDAre profit every month during the second quarter - a full quarter earlier than we previously expected. It is clear that the operational decisions and investments made during the depths of the COVID-19 pandemic, as well as the portfolio transformation made over the past several years, are paying off and should result in outsized growth going forward. We expect continued growth for the remainder of the year, as business transient and group demand become a larger portion of our business mix.”

Mr. Arabia continued, “During the second quarter, we completed the acquisition of the Montage Healdsburg, which in the first four months of ownership, has materially exceeded our underwriting expectations. We also recently refinanced two series of perpetual preferred stock – each at historic low dividend yields for a non-rated Hotel REIT at the time – and amended our unsecured debt covenant waivers to allow for greater investment and financing flexibility. These recent financing initiatives, coupled with our low-levered balance sheet, provide us not only with an advantageous cost of capital relative to our peers, but also with ample investment capacity without having to rely on the equity markets. We expect to continue to enhance the overall quality of our portfolio through additional acquisitions of Long-Term Relevant Real Estate and through selective dispositions as value creation opportunities arise.”

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The following information was filed by Sunstone Hotel Investors, Inc. (SHO) on Tuesday, August 3, 2021 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 2021 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)
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)
Investment In Hotel Properties - Acquisitions (Details)
Leases
Leases (Tables)
Leases - Components Of Lease Cost (Details)
Leases - Supplemental Balance Sheet Information Related To Leases (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 - Interest Expense (Details)
Notes Payable - Narrative (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 (Details)
Subsequent Events
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - (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: 0001558370-21-010147
Submitted to the SEC: Wed Aug 04 2021 12:40:59 PM EST
Accepted by the SEC: Wed Aug 04 2021
Period: Wednesday, June 30, 2021
Industry: Hotels And Motels

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