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

Sunstone cuts 2024 guidance as Q3 net income falls to $3.2 million from $15.6 million

Negative Impact 4 of 5 earnings Written later

Sunstone Hotel Investors reported third-quarter 2024 net income of $3.2 million, down from $15.6 million a year earlier, and lowered its full-year 2024 net income and Adjusted FFO per share guidance, citing labor activity at the Hilton San Diego Bayfront, Florida weather and a slower recovery in Maui. The company also entered a $100 million unsecured delayed draw term loan that it expects to draw in early December to repay a $72.1 million loan secured by the JW Marriott New Orleans, which it says would leave all its hotels unencumbered and no debt maturities before 2026.

Key points

  • Q3 2024 net income was $3.2 million versus $15.6 million in Q3 2023; Adjusted EBITDAre fell 15.9% to $53.6 million
  • Adjusted FFO per diluted share was $0.18 versus $0.23, down 21.7%; comparable RevPAR fell 1.3% to $207.56
  • Full-year 2024 net income guidance is now $31 million to $41 million, down from $43 million to $53 million; Adjusted FFO per share guidance is $0.75 to $0.80, down from $0.79 to $0.84
  • The $100 million term loan matures November 7, 2025, with two six-month extension options; the company repurchased 2,688,582 shares year to date through November 11, 2024

The filing

CompanySunstone Hotel Investors (SHO)
Form8-K, current report
Filed with the SECNov 12, 2024, 7:45 AM ET
Accession number0001558370-24-015163

Items reported: 1.01 Material Definitive Agreement2.02 Results of Operations

Read the filing on SEC.gov ↗

Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 6:56 AM ET, from the text of the filing and its press-release exhibits 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 November 12, 2024.

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