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AI brief of an SEC Form 8-K · Sunstone Hotel Investors (SHO)

Sunstone Q1 2024 net income falls 38% to $13.0 million; quarterly dividend raised 29%

Negative Impact 3 of 5 earnings Written later

Sunstone Hotel Investors reported first-quarter 2024 net income of $13.0 million, down 38.2% from a year earlier, as comparable RevPAR fell 5.1% and Adjusted EBITDA re declined 9.2% to $54.5 million. The company said it reaffirmed the midpoint of its prior earnings guidance, as adjusted for its April acquisition of the Hyatt Regency San Antonio Riverwalk for a contractual purchase price of $230.0 million, and raised its quarterly common dividend to $0.09 per share. Stockholders also voted on directors, the auditor and executive pay at the May 3, 2024 annual meeting.

Key points

  • Net income was $13.0 million versus $21.1 million; income attributable to common stockholders was $0.05 per diluted share versus $0.08.
  • Comparable RevPAR fell 5.1% to $223.06; Adjusted EBITDA re fell 9.2% to $54.5 million.
  • Quarterly common dividend increased $0.02 to $0.09 per share (29%), payable July 15, 2024 to holders of record as of June 28, 2024.
  • Full-year 2024 Adjusted EBITDA re guidance is $242 million to $263 million with the midpoint unchanged; the net income guidance midpoint rose $4 million to a range of $56 million to $77 million.

The filing

CompanySunstone Hotel Investors (SHO)
Form8-K, current report
Filed with the SECMay 6, 2024, 7:40 AM ET
Accession number0001558370-24-006696

Items reported: 2.02 Results of Operations5.07 Shareholder Vote Results

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 6:56 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 06, 2024.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.