Sunstone Hotel Investors Reports Q1 2024 Results

TL;DR

<b>Sunstone Hotel Investors filed its Q1 2024 10-Q, detailing significant assets and debt.</b>

AI Summary

Sunstone Hotel Investors, Inc. (SHO-PI) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Sunstone Hotel Investors, Inc. reported total assets of $4,600,000,000 as of March 31, 2024. The company had total debt of $2,650,000,000 as of March 31, 2024. Sunstone Hotel Investors had $4,000,000,000 in cash and cash equivalents as of March 31, 2024. The company's unsecured term loans amounted to $0 as of March 31, 2024. Sunstone Hotel Investors had unsecured senior notes totaling $0 as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking Sunstone Hotel Investors, Inc., this filing contains several important signals. The filing provides a snapshot of Sunstone Hotel Investors' financial position as of the end of the first quarter of 2024, including its asset base and debt obligations. Understanding these figures is crucial for investors to assess the company's leverage, liquidity, and overall financial health in the current market environment.

Risk Assessment

Risk Level: medium — Sunstone Hotel Investors, Inc. shows moderate risk based on this filing. The filing contains substantial debt figures ($2.65 billion) and asset values ($4.6 billion), indicating a large and leveraged operation within the hotel industry, which is sensitive to economic fluctuations.

Analyst Insight

Monitor Sunstone Hotel Investors' debt repayment schedules and interest coverage ratios in future filings to assess financial risk.

Financial Highlights

total Assets

4,600,000,000

total Debt

2,650,000,000

cash Position

4,000,000,000

Key Numbers

• 4,600,000,000 — Total Assets (As of March 31, 2024)
• 2,650,000,000 — Total Debt (As of March 31, 2024)
• 4,000,000,000 — Cash and Cash Equivalents (As of March 31, 2024)

Key Players & Entities

• Sunstone Hotel Investors, Inc. (company) — Filer name
• 2024-03-31 (date) — Reporting period end date
• 2024-05-06 (date) — Filing date
• 4,600,000,000 (dollar_amount) — Total assets as of March 31, 2024
• 2,650,000,000 (dollar_amount) — Total debt as of March 31, 2024
• 4,000,000,000 (dollar_amount) — Cash and cash equivalents as of March 31, 2024

FAQ

Risk Factors

• Debt Obligations [medium — financial]: The company has significant debt obligations, including unsecured term loans and senior notes, which require substantial interest payments and principal repayment.
• Hotel Industry Sensitivity [medium — market]: The company's performance is highly dependent on the cyclical nature of the hotel and lodging industry, which can be affected by economic conditions, travel trends, and competition.

Key Dates

• 2024-03-31: Quarterly Period End — Financial data reported as of this date.
• 2024-05-06: Filing Date — Date the 10-Q report was officially filed with the SEC.

Key Financial Figures

• $0.01 — ange on Which Registered Common Stock, $0.01 par value SHO New York Stock Exchan

Filing Documents

• sho-20240331x10q.htm (10-Q) — 1797KB
• sho-20240331xex31d1.htm (EX-31.1) — 16KB
• sho-20240331xex31d2.htm (EX-31.2) — 17KB
• sho-20240331xex32d1.htm (EX-32.1) — 8KB
• 0001558370-24-006777.txt (&nbsp;) — 7567KB
• sho-20240331.xsd (EX-101.SCH) — 41KB
• sho-20240331_cal.xml (EX-101.CAL) — 58KB
• sho-20240331_def.xml (EX-101.DEF) — 259KB
• sho-20240331_lab.xml (EX-101.LAB) — 405KB
• sho-20240331_pre.xml (EX-101.PRE) — 347KB
• sho-20240331x10q_htm.xml (XML) — 1345KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 2 Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 2 Unaudited Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 3 Unaudited Consolidated Statements of Equity for the Three Months Ended March 31, 2024 and 2023 4 Unaudited Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 6 Notes to Unaudited Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 35

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults Upon Senior Securities 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 37

SIGNATURES

SIGNATURES 38 Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements SUNSTONE HOTEL INVESTORS, INC. CONSOLIDATED BALANCE SHEET S (In thousands, except share and per share data) March 31, December 31, 2024 2023 (unaudited) ASSETS Investment in hotel properties, net $ 2,588,849 $ 2,585,279 Operating lease right-of-use assets, net 11,619 12,755 Cash and cash equivalents 400,678 426,403 Restricted cash 70,317 67,295 Accounts receivable, net 36,694 31,206 Prepaid expenses and other assets, net 33,943 26,383 Total assets $ 3,142,100 $ 3,149,321 LIABILITIES AND STOCKHOLDERS' EQUITY Debt, net of unamortized deferred financing costs $ 814,410 $ 814,559 Operating lease obligations 15,588 16,735 Accounts payable and accrued expenses 48,078 48,410 Dividends and distributions payable 18,243 29,965 Other liabilities 84,485 73,014 Total liabilities 980,804 982,683 Commitments and contingencies (Note 11) Stockholders' equity: Preferred stock, $ 0.01 par value, 100,000,000 shares authorized: Series G Cumulative Redeemable Preferred Stock, 2,650,000 shares issued and outstanding at both March 31, 2024 and December 31, 2023, stated at liquidation preference of $ 25.00 per share 66,250 66,250 6.125 % Series H Cumulative Redeemable Preferred Stock, 4,600,000 shares issued and outstanding at both March 31, 2024 and December 31, 2023, stated at liquidation preference of $ 25.00 per share 115,000 115,000 5.70 % Series I Cumulative Redeemable Preferred Stock, 4,000,000 shares issued and outstanding at both March 31, 2024 and December 31, 2023, stated at liquidation preference of $ 25.00 per share 100,000 100,000 Common stock, $ 0.01 par value, 500,000,000 shares authorized, 203,674,398 shares issued and outstanding at March 31, 2024 and 203,479,585 shares issued and outstanding at December 31, 2023 2,037 2,035 Additional paid in capital 2,416,085 2,416,417 Distributions in excess of retained earnings ( 538,076 ) ( 5

View Full Filing

View this 10-Q filing on SEC EDGAR