Sunstone Hotel Investors, Inc.

Listed Company

SHO-PICIK 0001295810NYSELarge AcceleratedHotels & MotelsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$960.13M

Net Income

$24.57M

Total Assets

$3.03B

Equity

$1.94B

Shares Out

189.52M

Op. Cash Flow

$181.76M

Business

Sunstone Hotel Investors, Inc. is a real estate investment trust that owns and actively manages a portfolio of upper upscale and luxury hotels. It provides hotel ownership, asset management and capital repositioning, leases properties to a taxable REIT subsidiary, and engages third‑party operators and franchisors to operate the hotels. Key business segments include hotel ownership and asset management, acquisitions and dispositions, the TRS leasing structure, and corporate functions such as finance and legal. Properties are located in major convention, resort and urban markets across the U.S., distributed through national brand operators, franchise agreements and centralized reservation channels.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	960	906	986	912	509
Advertising and promotion	54	52	52	47	31
Repairs and maintenance	40	36	38	37	34
Utilities	29	27	28	26	21
Franchise costs	18	18	17	16	11
Property tax, ground lease and insurance	76	77	79	69	64
Other property-level expenses	117	111	120	113	71
Corporate overhead	32	29	31	35	40
Depreciation and amortization	135	125	127	126	129
Total operating expenses	884	827	868	816	597
Interest and other income	11	13	11	5	−343,000
Interest expense	−53	−50	−52	−32	—
(Loss) gain on sale of assets, net	−9	457,000	124	23	153
(Loss) gain on extinguishment of debt	−180,000	59,000	10	−936,000	−57,000
Income before income taxes	25	42	211	91	33
Income tax (provision) benefit , net	−216,000	1	−5	−359,000	−109,000
Net Income	25	43	207	91	33
Preferred stock dividends, net of gain on repurchases	−16	−15	−14	−14	−21
Income attributable to common stockholders	8	28	193	73	14
Basic income attributable to common stockholders per common share (in dollars per share)	0.04	0.14	0.93	0.34	0.06
Diluted income attributable to common stockholders per common share (in dollars per share)	0.04	0.14	0.93	0.34	0.06
Basic weighted average common shares outstanding (in shares)	194	202	206	213	216
Diluted weighted average common shares outstanding (in shares)	194	203	206	213	216

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investment in hotel properties, net	2,771	2,856	2,585	2,841	2,720
Operating lease right-of-use assets, net	4	8	13	15	23
Cash and cash equivalents	109	107	426	101	120
Restricted Cash	77	73	67	56	—
Accounts receivable, net	34	34	31	42	—
Prepaid expenses and other assets, net	34	28	26	28	—
Total assets	3,029	3,107	3,149	3,083	3,041
Debt, net of unamortized deferred financing costs	918	841	815	813	—
Operating lease obligations	7	12	17	19	—
Accounts payable and accrued expenses	63	53	48	74	—
Dividends and distributions payable	23	24	30	14	4
Other Liabilities	73	73	73	78	—
Total liabilities	1,084	1,003	983	998	801
Commitments and contingencies (Note 15)	—	—	—	—	—
Common stock, $0.01 par value, 500,000,000 shares authorized, 189,709,516 shares issued and outstanding at December 31, 2025 and 200,824,993 shares issued and outstanding at December 31, 2024	2	2	2	2	2
Additional paid in capital	2,298	2,396	2,416	2,466	2,631
Distributions in excess of retained earnings	−635	−575	−533	−664	—
Total stockholders' equity	1,945	2,104	2,167	2,085	2,199
Total equity	1,945	2,104	2,167	2,085	2,240
Total liabilities and stockholders' equity	3,029	3,107	3,149	3,083	3,041

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Bad debt expense	445,000	474,000	372,000	964,000	323,000
Loss (gain) on sale of assets, net	9	−457,000	−124	−23	−152
Noncash interest on derivatives, net	878,000	−540,000	252,000	−2	−3
Depreciation	133	123	127	126	129
Amortization of franchise fees and other intangibles	2	1	464,000	492,000	63,000
Amortization of deferred financing costs	4	3	3	2	3
Amortization of deferred stock compensation	9	10	11	11	13
Gain on insurance recoveries, net	−1	−430,000	−4	−4	—
Accounts receivable, net	2,000	−171,000	11	−13	−21
Prepaid expenses and other assets	−754,000	−3	−2	4	−18,000
Accounts payable and other liabilities	2	−7	−21	13	26
Operating lease right-of-use assets and obligations	−625,000	−425,000	−102,000	−1	−1
Net cash provided by operating activities	182	170	198	209	28
Proceeds from sales of assets	46	—	364	191	184
Acquisitions of hotel properties and other assets	−1	−229	—	−233	−363
Acquisition-related key money proceeds	8	—	—	—	—
Proceeds from property insurance	1	430,000	4	4	—
Renovations and additions to hotel properties and other assets	−103	−157	−110	−129	−64
Net cash (used in) provided by investing activities	−49	−386	258	−166	−240
Acquisition of noncontrolling interest, including transaction costs	—	—	−299,000	−104	—
Payment of common stock offering costs	—	—	−428,000	−91,000	—
Repurchases of common stock	−103	−27	−56	−108	—
Repurchases of common stock for employee tax obligations	−4	−4	−3	−3	−5
Repurchases of preferred stock	−1	—	—	—	—
Proceeds from credit facility	50	—	—	230	110
Payments on credit facility	−50	—	—	−230	−110
Proceeds from notes payable	150	100	225	244	—
Payments on notes payable	−65	−74	−222	−39	−80
Payments of deferred financing costs	−18	−1	−2	−7	−397,000
Dividends and distributions paid	−86	−91	−60	−25	−14
Net cash used in financing activities	−128	−98	−120	−49	−42
Net increase (decrease) in cash and cash equivalents and restricted cash	5	−313	336	−6	−253
Cash paid for interest, net of capitalized interest	49	49	49	32	31
Cash (refunded) paid for income taxes, net	−1	3	2	709,000	35,000
Changes in operating lease right-of-use assets	5	5	4	4	4
Changes in operating lease obligations	−6	−5	−5	−5	−5
Accrued renovations and additions to hotel properties and other assets	24	17	10	10	9
Gain on repurchases of preferred stock	306,000	—	—	—	—
Operating lease right-of-use assets obtained in exchange for operating lease obligations	852,000	308,000	2	—	864,000
Amortization of deferred stock compensation - construction activities	703,000	200,000	467,000	481,000	490,000

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