NYSE : SHO
Sunstone Hotel Investors, Inc. — Financial statements
Real Estate · REIT - Hotel & Motel · United States
Last price 12.79 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 2.38B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 611.01M | 582.67M | 559.06M | 619.28M | 576.17M | 352.97M |
| Other Revenue | 390.89M | 377.46M | 346.75M | 367.20M | 335.88M | 156.18M |
| Total Revenue | 1.00B | 960.13M | 905.81M | 986.48M | 912.05M | 509.15M |
| Property Expenses | 563.96M | 546.68M | 510.65M | 537.14M | 490.75M | 318.87M |
| Selling, General & Administrative | 208.92M | 203.22M | 193.41M | 203.62M | 195.56M | 142.84M |
| Depreciation & Amortization | 136.54M | 134.51M | 124.51M | 127.06M | 126.40M | 128.68M |
| Total Operating Expenses | 909.42M | 884.41M | 828.56M | 867.82M | 812.71M | 590.39M |
| Operating Income | 92.48M | 75.72M | 77.25M | 118.66M | 99.34M | -81.24M |
| Interest Expense | -50.18M | -52.97M | -50.12M | -51.68M | -32.01M | -30.90M |
| Interest & Investment Income | 5.60M | 5.80M | 12.60M | |||
| Other Non-Operating Income | 3.27M | 4.11M | 149.00K | 10.54M | 5.24M | -343.00K |
| EBT Excluding Unusual Items | 51.18M | 32.66M | 39.87M | 77.51M | 72.58M | -112.48M |
| Gain (Loss) on Sale of Assets | -8.75M | 457.00K | 123.82M | 22.95M | 152.52M | |
| Total Insurance Settlements | 4.75M | 1.05M | 430.00K | |||
| Asset Writedown | -3.47M | -2.69M | ||||
| Other Unusual Items | -2.42M | -180.00K | 1.40M | 9.94M | -936.00K | -4.26M |
| Pretax Income | 53.51M | 24.78M | 42.16M | 211.27M | 91.12M | 33.10M |
| Income Tax Expense | 390.00K | 216.00K | -1.10M | 4.56M | 359.00K | 109.00K |
| Earnings From Continuing Operations | 53.12M | 24.57M | 43.26M | 206.71M | 90.77M | 32.99M |
| Net Income to Company | 53.12M | 24.57M | 43.26M | 206.71M | 90.77M | 32.99M |
| Minority Interest in Earnings | -3.48M | 1.30M | ||||
| Net Income | 53.12M | 24.57M | 43.26M | 206.71M | 87.29M | 34.30M |
| Preferred Dividends & Other Adjustments | 11.20M | 16.36M | 15.50M | 14.98M | 14.70M | 20.73M |
| Net Income to Common | 41.92M | 8.21M | 27.76M | 191.73M | 72.59M | 13.57M |
| Basic Shares Outstanding | 187.99M | 193.61M | 201.74M | 205.59M | 212.61M | 216.30M |
| Diluted Shares Outstanding | 188.44M | 194.32M | 202.64M | 205.87M | 212.65M | 216.30M |
| EPS (Basic) | 0.22 | 0.04 | 0.14 | 0.93 | 0.34 | 0.06 |
| EPS (Diluted) | 0.22 | 0.04 | 0.14 | 0.93 | 0.34 | 0.06 |
| Dividend Per Share | 0.36 | 0.36 | 0.34 | 0.24 | 0.10 | |
| Operating Margin | 9.23% | 7.89% | 8.53% | 12.03% | 10.89% | -15.96% |
| Profit Margin | 4.18% | 0.85% | 3.06% | 19.43% | 7.96% | 2.67% |
| EBITDA | 229.03M | 210.22M | 201.76M | 245.66M | 225.68M | 47.45M |
| EBITDA Margin | 22.86% | 21.89% | 22.27% | 24.90% | 24.74% | 9.32% |
| D&A For Ebitda | 136.54M | 134.51M | 124.51M | 127.01M | 126.33M | 128.68M |
| EBIT | 92.48M | 75.72M | 77.25M | 118.66M | 99.34M | -81.24M |
| EBIT Margin | 9.23% | 7.89% | 8.53% | 12.03% | 10.89% | -15.96% |
| Funds From Operations (FFO) | 179.03M | 150.32M | 150.67M | 195.34M | 173.46M | -13.11M |
| FFO Per Share | 0.95 | 0.77 | 0.74 | 0.95 | 0.81 | |
| Adjusted Funds From Operations (AFFO) | 179.78M | 167.85M | 163.01M | 196.51M | 184.63M | 8.36M |
| AFFO Per Share | 0.86 | 0.80 | 0.95 | 0.87 | ||
| Effective Tax Rate | 0.73% | 0.87% | 2.16% | 0.39% | 0.33% | |
| Revenue as Reported | 1.00B | 960.13M | 905.81M | 986.48M | 912.05M | 509.15M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 2.51B | 2.78B | 2.87B | 2.60B | 2.86B | 2.75B |
| Total Real Estate Assets | 2.51B | 2.78B | 2.87B | 2.60B | 2.86B | 2.75B |
| Cash & Equivalents | 94.43M | 109.19M | 107.20M | 426.40M | 101.22M | 120.48M |
| Accounts Receivable | 50.78M | 16.64M | 18.69M | 14.43M | 42.09M | 16.05M |
| Other Receivables | 17.02M | 15.42M | 16.77M | 12.68M | ||
| Other Intangible Assets | 930.00K | 930.00K | 930.00K | 930.00K | 826.00K | |
| Restricted Cash | 109.27M | 76.53M | 73.08M | 67.30M | 55.98M | 42.23M |
| Other Current Assets | 261.45M | 22.20M | 20.98M | 17.31M | 27.30M | 90.64M |
| Trading Asset Securities | 3.90M | 480.00K | 556.00K | 417.00K | 268.00K | 3.00K |
| Deferred Long-Term Charges | 6.47M | 8.27M | 2.22M | 3.63M | 2.58M | |
| Other Long-Term Assets | 768.00K | 580.00K | 796.00K | 981.00K | 6.46M | |
| Total Assets | 3.03B | 3.03B | 3.11B | 3.15B | 3.08B | 3.04B |
| Current Portion of Long-Term Debt | 65.00M | 299.05M | 21.44M | |||
| Current Portion of Leases | 2.65M | 2.56M | 5.59M | |||
| Long-Term Debt | 968.51M | 853.89M | 841.05M | 515.91M | 812.68M | 590.23M |
| Long-Term Leases | 3.87M | 4.79M | 12.02M | 16.73M | 19.01M | 25.12M |
| Accounts Payable | 53.58M | 63.15M | 52.72M | 48.41M | 73.73M | 42.12M |
| Accrued Expenses | 17.51M | 18.01M | 16.36M | 14.57M | 16.00M | 40.89M |
| Current Income Taxes Payable | 2.86M | |||||
| Current Unearned Revenue | 33.75M | |||||
| Other Current Liabilities | 21.91M | 22.98M | 24.14M | 29.96M | 13.99M | 31.98M |
| Long-Term Unearned Revenue | 52.62M | 47.94M | 50.07M | 48.14M | 54.20M | 6.67M |
| Other Long-Term Liabilities | 33.30M | 6.08M | 6.26M | 7.04M | 8.23M | 3.50M |
| Total Liabilities | 1.15B | 1.08B | 1.00B | 982.68M | 997.86M | 801.27M |
| Preferred Stock, Redeemable | 245.15M | 279.67M | 281.25M | 281.25M | 281.25M | 281.25M |
| Total Preferred Equity | 245.15M | 279.67M | 281.25M | 281.25M | 281.25M | 281.25M |
| Common Stock | 1.86M | 1.90M | 2.01M | 2.04M | 2.09M | 2.19M |
| Additional Paid-In Capital | 2.26B | 2.30B | 2.40B | 2.42B | 2.47B | 2.63B |
| Distributions in Excess of Earnings | -627.03M | -635.35M | -574.94M | -533.06M | -663.98M | -715.96M |
| Total Common Equity | 1.64B | 1.66B | 1.82B | 1.89B | 1.80B | 1.92B |
| Minority Interest | 40.81M | |||||
| Shareholders' Equity | 1.88B | 1.94B | 2.10B | 2.17B | 2.08B | 2.24B |
| Total Liabilities & Equity | 3.03B | 3.03B | 3.11B | 3.15B | 3.08B | 3.04B |
| Total Debt | 975.03M | 926.24M | 853.07M | 831.70M | 831.69M | 642.37M |
| Net Cash (Debt) | -876.70M | -816.57M | -745.31M | -404.88M | -730.20M | -521.88M |
| Net Cash Per Share | -4.65 | -4.20 | -3.68 | -1.97 | -3.43 | -2.41 |
| Filing Date Shares Outstanding | 185.94M | 189.52M | 201.02M | 203.53M | 208.17M | 219.33M |
| Total Common Shares Outstanding | 185.94M | 189.71M | 200.82M | 203.48M | 209.32M | 219.33M |
| Book Value Per Share | 8.80 | 8.78 | 9.08 | 9.27 | 8.62 | 8.74 |
| Tangible Book Value | 1.63B | 1.66B | 1.82B | 1.88B | 1.80B | 1.92B |
| Tangible Book Value Per Share | 8.79 | 8.77 | 9.07 | 9.26 | 8.62 | 8.74 |
| Land | 524.66M | 641.36M | 645.88M | 614.11M | 672.53M | 604.69M |
| Buildings | 2.69B | 2.91B | 2.82B | 2.59B | 2.79B | 2.73B |
| Construction In Progress | 48.19M | 48.49M | 147.25M | 61.25M | 71.69M | 41.26M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 53.12M | 24.57M | 43.26M | 206.71M | 87.29M | 34.30M |
| Depreciation & Amortization | 136.54M | 134.51M | 124.51M | 127.01M | 126.33M | 128.68M |
| Other Amortization | 4.08M | 3.80M | 3.05M | 2.70M | 2.49M | 2.92M |
| Gain (Loss) on Sale of Assets | 8.75M | -457.00K | -123.82M | -22.95M | -152.44M | |
| Asset Writedown | 1.64M | 3.47M | 2.69M | |||
| Stock-Based Compensation | 9.31M | 8.70M | 10.46M | 10.78M | 10.89M | 12.79M |
| Change in Accounts Receivable | -6.39M | 2.00K | -171.00K | 10.61M | -12.74M | -20.52M |
| Change in Accounts Payable | 6.98M | 2.36M | -6.66M | -20.84M | 12.74M | 25.64M |
| Change in Other Net Operating Assets | 123.00K | -1.38M | -3.06M | -1.97M | 3.05M | -1.36M |
| Other Operating Activities | -7.74M | 8.00K | -1.03M | -13.41M | -2.15M | -4.65M |
| Operating Cash Flow | 198.44M | 181.76M | 170.38M | 198.13M | 209.38M | 28.37M |
| Acquisition of Real Estate Assets | -101.64M | -104.31M | -386.71M | -110.13M | -361.08M | -427.16M |
| Sale of Real Estate Assets | 46.35M | 364.49M | 191.29M | 183.55M | ||
| Net Sale / Acq. of Real Estate Assets | -101.64M | -57.97M | -386.71M | 254.36M | -169.79M | -243.61M |
| Other Investing Activities | 34.27M | 9.16M | 430.00K | 3.72M | 4.07M | 3.92M |
| Investing Cash Flow | -67.36M | -48.80M | -386.28M | 258.08M | -165.72M | -239.69M |
| Short-Term Debt Issued | 50.00M | 230.00M | 110.00M | |||
| Long-Term Debt Issued | 149.60M | 100.00M | 225.00M | 243.62M | ||
| Total Debt Issued | 287.60M | 199.60M | 100.00M | 225.00M | 473.62M | 110.00M |
| Short-Term Debt Repaid | -50.00M | -230.00M | -110.00M | |||
| Long-Term Debt Repaid | -64.60M | -74.05M | -222.09M | -38.92M | -79.88M | |
| Total Debt Repaid | -179.60M | -114.60M | -74.05M | -222.09M | -268.92M | -189.88M |
| Net Debt Issued (Repaid) | 108.00M | 85.00M | 25.95M | 2.91M | 204.70M | -79.88M |
| Issuance of Common Stock | 38.44M | |||||
| Repurchase of Common Stock | -48.41M | -106.87M | -31.40M | -59.75M | -111.79M | -4.88M |
| Preferred Stock Issued | 215.00M | |||||
| Preferred Share Repurchases | -29.46M | -1.27M | -190.00M | |||
| Preferred Dividends Paid | -13.69M | |||||
| Common & Preferred Dividends Paid | -84.63M | -86.39M | -90.97M | -59.83M | -24.82M | |
| Total Dividends Paid | -84.63M | -86.39M | -90.97M | -59.83M | -24.82M | -13.69M |
| Other Financing Activities | -17.78M | -17.98M | -1.10M | -3.06M | -117.26M | -7.09M |
| Net Cash Flow | 58.78M | 5.44M | -313.42M | 336.49M | -5.51M | -253.42M |
| Levered Free Cash Flow | -112.62M | 167.92M | 140.01M | 183.98M | 173.03M | 44.67M |
| Unlevered Free Cash Flow | -85.33M | 197.22M | 168.30M | 213.58M | 190.55M | 61.06M |
| Cash Interest Paid | 52.52M | 48.82M | 48.86M | 49.30M | 31.66M | 31.43M |
| Cash Income Tax Paid | -1.40M | 3.14M | 1.73M | 709.00K | 35.00K | |
| Change in Working Capital | 714.00K | 984.00K | -9.88M | -12.20M | 3.05M | 3.76M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.41B | 1.70B | 2.38B | 2.20B | 2.03B | 2.57B |
| Enterprise Value | 3.29B | 2.78B | 3.37B | 3.20B | 3.03B | 3.51B |
| Last Close Price | 12.79 | 8.71 | 11.10 | 9.75 | 8.52 | 10.23 |
| Price/FFO Ratio | 11.97 | 11.31 | 14.99 | 10.26 | 10.51 | |
| Price/AFFO Ratio | 10.13 | 13.87 | 10.26 | 9.79 | ||
| PE Ratio | 59.59 | 206.76 | 85.68 | 11.50 | 28.00 | 189.62 |
| PS Ratio | 2.37 | 1.77 | 2.63 | 2.23 | 2.23 | 5.05 |
| PB Ratio | 1.45 | 0.87 | 1.13 | 1.02 | 0.97 | 1.15 |
| P/OCF Ratio | 11.98 | 9.34 | 13.96 | 11.13 | 9.71 | 90.69 |
| EV/Sales Ratio | 3.25 | 2.90 | 3.72 | 3.25 | 3.33 | 6.89 |
| EV/EBITDA Ratio | 14.21 | 13.24 | 16.72 | 13.03 | 13.44 | 73.96 |
| EV/EBIT Ratio | 35.19 | 36.77 | 43.66 | 26.98 | 30.53 | |
| Debt / Equity Ratio | 0.52 | 0.48 | 0.41 | 0.38 | 0.40 | 0.29 |
| Debt / EBITDA Ratio | 4.03 | 4.16 | 3.99 | 3.22 | 3.50 | 12.05 |
| Net Debt / Equity Ratio | 0.47 | 0.42 | 0.35 | 0.19 | 0.35 | 0.23 |
| Net Debt / EBITDA Ratio | 3.83 | 3.88 | 3.69 | 1.65 | 3.24 | 11.00 |
| Asset Turnover | 0.33 | 0.31 | 0.29 | 0.32 | 0.30 | 0.17 |
| Inventory Turnover | 48.64 | 49.52 | 51.89 | |||
| Quick Ratio | 1.56 | 0.83 | 1.52 | 1.16 | 1.38 | 0.85 |
| Current Ratio | 5.43 | 1.41 | 2.53 | 1.37 | 2.19 | 1.60 |
| Return on Equity (ROE) | 2.75% | 1.21% | 2.03% | 9.72% | 4.20% | 1.52% |
| Return on Assets (ROA) | 1.91% | 1.54% | 1.54% | 2.38% | 2.03% | -1.69% |
| Return on Invested Capital (ROIC) | 3.22% | 2.58% | 2.59% | 3.92% | 3.41% | -2.80% |
| Earnings Yield | 1.68% | 1.45% | 1.82% | 9.38% | 4.29% | 1.33% |
| Dividend Yield | 2.78% | 4.02% | 2.87% | 2.21% | 1.03% | |
| Payout Ratio | 165.54% | 351.65% | 210.27% | 28.94% | 28.44% | 39.92% |
| Buyback Yield / Dilution | 6.00% | 4.11% | 1.57% | 3.19% | 1.68% | -0.17% |
| Total Shareholder Return | 8.81% | 8.13% | 4.44% | 5.41% | 2.71% | -0.17% |