Every material Form 8-K Sunstone Hotel Investors filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
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.
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
Sunstone Hotel Investors said a labor dispute at its 1,190-room Hilton San Diego Bayfront disrupted business from September and cancelled group events, so it now expects lower full-year 2024 results than its August outlook. The union ratified a renewed contract on October 9, 2024, and the hotel has resumed normal operations. Shareholders face a lower 2024 outlook, with a full update due with third-quarter results on November 12, 2024.
Full-year 2024 total portfolio RevPAR growth expected 125 to 150 basis points lower than prior outlook
Adjusted EBITDAre expected $11 million to $13 million lower; Adjusted FFO per diluted share about $0.06 lower
Union ratified renewed contract on October 9, 2024; hotel has resumed normal operations
Third-quarter 2024 earnings release scheduled for November 12, 2024
Sunstone Hotel Investors reported second quarter 2024 net income of $26.1 million, down from $43.1 million a year earlier, and income per diluted share of $0.11 versus $0.19. The company cut its full-year 2024 net income guidance to $55 million to $65 million from $56 million to $77 million, citing a slower recovery in Maui, which lowers the revenue and earnings outlook for shareholders.
Q2 2024 net income was $26.1 million versus $43.1 million; comparable RevPAR fell 2.0% to $232.59.
Full-year 2024 net income guidance is now $55 million to $65 million, down from $56 million to $77 million; total portfolio RevPAR growth guidance is now -0.25% to +1.75%, down from +2.25% to +5.25%.
Adjusted FFO per diluted share was $0.28 in Q2 2024, down 15.2%; full-year guidance is $0.85 to $0.90 versus $0.84 to $0.94 previously.
Through August 6, 2024, the company repurchased 698,043 shares at an average $9.90; $447.8 million remains under its repurchase authorization.
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.
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.
Sunstone Hotel Investors reported fourth quarter 2023 net income of $127.0 million, up from $17.5 million, mainly due to the $123.8 million gain on the sale of Boston Park Plaza. Excluding that gain, fourth quarter net income would have been $3.2 million, and Adjusted EBITDA re excluding noncontrolling interest fell 20.5% to $54.6 million. For full year 2023, net income was $206.7 million and Adjusted FFO per diluted share rose 9.2% to $0.95, while the company's 2024 guidance projects Adjusted FFO per diluted share of $0.78 to $0.90.
Q4 2023 Adjusted FFO per diluted share was $0.19, down 26.9% from $0.26 a year earlier
Comparable RevPAR fell 2.2% to $206.58 in Q4 2023; full year comparable RevPAR rose 5.6% to $226.56
2024 guidance: net income of $46 million to $71 million and Adjusted EBITDA re of $230 million to $255 million
The company repurchased 5,971,192 shares in 2023 at an average price of $9.43, with $454.7 million remaining under its authorization
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.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Sunstone Hotel Investors filing is on SEC EDGAR ↗. 8-K briefs of other companies →