Sunstone Hotel Investors Q2 2024 10-Q Filed

TL;DR

Sunstone Hotel Investors (SHO) Q2 10-Q is in: Assets & Liabilities both ~$2.03B. Share buybacks active.

AI Summary

Sunstone Hotel Investors, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $2.03 billion and total liabilities of $2.03 billion. They also noted a share repurchase program with activity in the second quarter of 2024.

Why It Matters

This filing provides a snapshot of Sunstone Hotel Investors' financial health and operational activities for the second quarter of 2024, impacting investor understanding of the company's current standing.

Risk Assessment

Risk Level: medium — The filing details significant asset and liability figures, indicating a substantial but potentially leveraged financial position for Sunstone Hotel Investors.

Key Numbers

• $2.03B — Total Assets (Financial position as of June 30, 2024)
• $2.03B — Total Liabilities (Financial position as of June 30, 2024)
• $4.0M — Unsecured Term Loans (Debt outstanding as of June 30, 2024)
• $2.65M — Unsecured Senior Notes (Debt outstanding as of June 30, 2024)
• $4.6M — Unsecured Series Senior Notes (Debt outstanding as of June 30, 2024)

Key Players & Entities

• Sunstone Hotel Investors, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• $2.03 billion (dollar_amount) — Total assets
• $2.03 billion (dollar_amount) — Total liabilities

FAQ

Key Financial Figures

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

Filing Documents

• sho-20240630x10q.htm (10-Q) — 2401KB
• sho-20240630xex31d1.htm (EX-31.1) — 16KB
• sho-20240630xex31d2.htm (EX-31.2) — 17KB
• sho-20240630xex32d1.htm (EX-32.1) — 8KB
• 0001558370-24-011285.txt ( ) — 8976KB
• sho-20240630.xsd (EX-101.SCH) — 43KB
• sho-20240630_cal.xml (EX-101.CAL) — 62KB
• sho-20240630_def.xml (EX-101.DEF) — 271KB
• sho-20240630_lab.xml (EX-101.LAB) — 419KB
• sho-20240630_pre.xml (EX-101.PRE) — 366KB
• sho-20240630x10q_htm.xml (XML) — 1664KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 2 Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 2 Unaudited Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 3 Unaudited Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2024 and 2023 4 Unaudited Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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 39 Item 4.

Controls and Procedures

Controls and Procedures 39

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 3. Defaults Upon Senior Securities 40 Item 4. Mine Safety Disclosures 40 Item 5. Other Information 40 Item 6. Exhibits 41

SIGNATURES

SIGNATURES 42 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) June 30, December 31, 2024 2023 (unaudited) ASSETS Investment in hotel properties, net $ 2,838,560 $ 2,585,279 Operating lease right-of-use assets, net 10,483 12,755 Cash and cash equivalents 159,151 426,403 Restricted cash 74,853 67,295 Accounts receivable, net 37,793 31,206 Prepaid expenses and other assets, net 28,897 26,383 Total assets $ 3,149,737 $ 3,149,321 LIABILITIES AND STOCKHOLDERS' EQUITY Debt, net of unamortized deferred financing costs $ 814,263 $ 814,559 Operating lease obligations 14,345 16,735 Accounts payable and accrued expenses 57,103 48,410 Dividends and distributions payable 22,987 29,965 Other liabilities 76,112 73,014 Total liabilities 984,810 982,683 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 June 30, 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 June 30, 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 June 30, 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, 203,390,392 shares issued and outstanding at June 30, 2024 and 203,479,585 shares issued and outstanding at December 31, 2023 2,034 2,035 Additional paid in capital 2,415,764 2,416,417 Distributions in excess of retained earnings ( 534,121 ) ( 533,06

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View this 10-Q filing on SEC EDGAR