SUNSTONE HOTEL INVESTORS PROVIDES OPERATIONS UPDATE
Sunstone Hotel Investors (NYSE: SHO) provided an operations update for Q3 2024 and its impact on the full-year 2024 outlook. The company reported strong performance in July and August, with total portfolio RevPAR growth of 2.4% and Total RevPAR growth of 6.3%, excluding The Confidante Miami Beach. However, labor activity at the Hilton San Diego Bayfront in September led to event cancellations and lower business volume.
The company now anticipates full-year 2024 total portfolio RevPAR growth to be 125 to 150 basis points lower, Adjusted EBITDAre to be $11 million to $13 million lower, and Adjusted FFO per Diluted Share to be approximately $0.06 lower than previously forecasted. Despite this setback, Sunstone remains optimistic about earnings growth in 2025 and beyond, driven by recent brand conversions and acquisitions.
Additionally, Sunstone reported minimal impact from Hurricane Milton on its Florida properties and provided an update on its share repurchase program, having bought back 2.3 million shares in Q3 at an average price of $9.79 per share.
Sunstone Hotel Investors (NYSE: SHO) ha fornito un aggiornamento operativo per il terzo trimestre del 2024 e il suo impatto sulle previsioni per l'intero anno 2024. L'azienda ha riportato un'ottima performance a luglio e agosto, con una crescita del RevPAR del portafoglio totale del 2.4% e una crescita del Total RevPAR del 6.3%, escludendo The Confidante Miami Beach. Tuttavia, l'attività lavorativa presso il Hilton San Diego Bayfront a settembre ha portato a cancellazioni di eventi e a un volume d'affari ridotto.
L'azienda ora prevede una crescita del RevPAR del portafoglio totale per l'intero anno 2024 da 125 a 150 punti base inferiore, un EBITDAre rettificato inferiore di 11 milioni a 13 milioni di dollari e un FFO rettificato per azione diluita di circa 0.06 dollari inferiore rispetto alle previsioni precedenti. Nonostante questo contrattempo, Sunstone rimane ottimista riguardo alla crescita degli utili nel 2025 e oltre, trainata da recenti conversioni di marca e acquisizioni.
Inoltre, Sunstone ha riportato un impatto minimo dell'uragano Milton sulle sue proprietà in Florida e ha fornito un aggiornamento sul suo programma di riacquisto di azioni, avendo riacquistato 2.3 milioni di azioni nel terzo trimestre a un prezzo medio di 9.79 dollari per azione.
Sunstone Hotel Investors (NYSE: SHO) proporcionó una actualización sobre sus operaciones para el tercer trimestre de 2024 y su impacto en las previsiones para el año completo 2024. La empresa reportó un sólido rendimiento en julio y agosto, con un crecimiento del RevPAR del portafolio total del 2.4% y un crecimiento del Total RevPAR del 6.3%, excluyendo The Confidante Miami Beach. Sin embargo, la actividad laboral en el Hilton San Diego Bayfront en septiembre llevó a cancelaciones de eventos y un volumen de negocios más bajo.
Ahora la empresa anticipa un crecimiento del RevPAR del portafolio total para el año 2024 de 125 a 150 puntos básicos por debajo, un EBITDAre ajustado de entre 11 millones y 13 millones de dólares inferior, y un FFO ajustado por acción diluida de aproximadamente 0.06 dólares inferior a las previsiones anteriores. A pesar de este contratiempo, Sunstone sigue siendo optimista sobre el crecimiento de las ganancias en 2025 y más allá, impulsado por recientes conversiones de marca y adquisiciones.
Además, Sunstone reportó un impacto mínimo del huracán Milton en sus propiedades de Florida y proporcionó una actualización sobre su programa de recompra de acciones, habiendo recomprado 2.3 millones de acciones en el tercer trimestre a un precio promedio de 9.79 dólares por acción.
선스톤 호텔 투자자들(SUNSTONE HOTEL INVESTORS, NYSE: SHO)은 2024년 3분기 운영 업데이트와 올해 전체 2024년 전망에 대한 영향을 제공했습니다. 회사는 7월과 8월에 강력한 실적을 보고하며, 포트폴리오 전체 RevPAR 성장률이 2.4%, Total RevPAR 성장률이 6.3%에 달한다고 밝혔습니다(더 컨피던트 마이애미 비치 제외). 그러나 9월 힐튼 샌디에이고 베이프론트에서의 노동 활동으로 인해 행사 취소와 함께 사업량 감소가 발생했습니다.
회사는 현재 2024년 전체 포트폴리오 RevPAR 성장률이 125~150 베이시스 포인트 감소할 것으로 예상하고 있으며, 조정된 EBITDAre는 1,100만~1,300만 달러 감소, 조정된 주당 FFO는 약 0.06 달러 감소할 것으로 보입니다. 이러한 차질에도 불구하고 선스톤은 브랜드 전환 및 인수에 힘입어 2025년 이후의 수익 성장에 대해 낙관적인 입장을 유지하고 있습니다.
또한 선스톤은 허리케인 밀턴의 플로리다 자산에 대한 최소한의 영향을 보고하였고, 주식 매입 프로그램에 대한 업데이트를 제공하였으며, 3분기 동안 주당 평균 9.79달러에 230만 주를 다시 매입했다고 밝혔습니다.
Sunstone Hotel Investors (NYSE: SHO) a fourni une mise à jour des opérations pour le troisième trimestre 2024 et son impact sur les prévisions pour l'année entière 2024. L'entreprise a rapporté de fortes performances en juillet et en août, avec une croissance du RevPAR du portefeuille total de 2,4 % et une croissance du Total RevPAR de 6,3 %, en excluant The Confidante Miami Beach. Cependant, les activités de travail à l'Hilton San Diego Bayfront en septembre ont conduit à des annulations d'événements et à un volume d'affaires réduit.
L'entreprise anticipe désormais une croissance du RevPAR du portefeuille total pour l'année 2024 entre 125 et 150 points de base inférieure, un EBITDAre ajusté inférieur de 11 à 13 millions de dollars, et un FFO ajusté par action diluée d'environ 0.06 dollars inférieur aux prévisions précédentes. Malgré ce revers, Sunstone reste optimiste quant à la croissance des bénéfices en 2025 et au-delà, stimulée par des conversions de marques récentes et des acquisitions.
De plus, Sunstone a signalé un impact minimal de l'ouragan Milton sur ses propriétés en Floride et a fourni une mise à jour sur son programme de rachat d'actions, ayant racheté 2,3 millions d'actions au troisième trimestre à un prix moyen de 9,79 dollars par action.
Sunstone Hotel Investors (NYSE: SHO) hat ein Betriebsupdate für das dritte Quartal 2024 veröffentlicht und dessen Auswirkungen auf die Gesamtprognose für 2024. Das Unternehmen berichtete von guten Leistungen im Juli und August, mit einem Wachstum des RevPAR des gesamten Portfolios um 2,4 % und einem Wachstum des Total RevPAR um 6,3 %, ohne The Confidante Miami Beach. Allerdings führte die Arbeitsaktivität im Hilton San Diego Bayfront im September zu Veranstaltungsabsagen und einem niedrigeren Geschäftsvolumen.
Das Unternehmen erwartet nun, dass das Gesamtwachstum des RevPAR für das Jahr 2024 um 125 bis 150 Basispunkte sinken wird, dass das Adjusted EBITDAre zwischen 11 und 13 Millionen Dollar niedriger ausfallen wird und dass das Adjusted FFO pro verwässerter Aktie etwa 0,06 Dollar niedriger sein wird als zuvor prognostiziert. Trotz dieses Rückschlags bleibt Sunstone optimistisch hinsichtlich des Gewinnwachstums im Jahr 2025 und darüber hinaus, unterstützt durch kürzliche Markenwechsel und Akquisitionen.
Darüber hinaus meldete Sunstone minimale Auswirkungen des Hurrikans Milton auf seine Immobilien in Florida und gab ein Update zu seinem Aktienrückkaufprogramm, nachdem im dritten Quartal 2,3 Millionen Aktien zu einem durchschnittlichen Preis von 9,79 Dollar pro Aktie zurückgekauft wurden.
- Strong performance in July and August with 2.4% RevPAR growth and 6.3% Total RevPAR growth
- Renewed contract terms ratified with union at Hilton San Diego Bayfront
- Minimal impact from Hurricane Milton on Florida properties
- Repurchased 2.3 million shares at $9.79 per share in Q3, totaling $22.8 million
- Positive outlook for earnings growth in 2025 and beyond due to brand conversions and acquisitions
- Labor activity at Hilton San Diego Bayfront led to event cancellations and lower business volume
- Full-year 2024 total portfolio RevPAR growth expected to be 125 to 150 basis points lower than previous outlook
- Adjusted EBITDAre projected to be $11 million to $13 million lower for full-year 2024
- Adjusted FFO per Diluted Share estimated to be $0.06 lower than previous 2024 outlook
Insights
The labor dispute at the Hilton San Diego Bayfront has significantly impacted Sunstone's 2024 outlook. The company expects a
Despite this setback, there are positive indicators:
- Strong performance in July and August with
2.4% RevPAR growth and6.3% Total RevPAR growth (excluding The Confidante Miami Beach) - Continued strength in group activity and accelerating business travel
- Recent acquisitions and conversions expected to drive earnings growth in 2025 and beyond
The company's share repurchase activity, totaling
The labor dispute at the Hilton San Diego Bayfront highlights the ongoing challenges in the hospitality sector regarding workforce management. While the resolution of this specific issue is positive, it serves as a reminder of the potential for similar disruptions across the industry.
The company's performance metrics reveal interesting trends:
- Total RevPAR growth of
2.4% in Q3 2024 (for all 15 hotels) indicates resilience despite challenges - YTD RevPAR decline of
2.8% suggests some lingering recovery issues - September's performance dip (RevPAR down
6.1% ) shows the immediate impact of the labor dispute
The company's strategy of brand conversions and acquisitions, such as the Hyatt Regency San Antonio Riverwalk, aligns with industry trends towards portfolio optimization. The planned debut of Andaz Miami Beach also positions Sunstone in the luxury segment, which has shown strong recovery post-pandemic. However, the moderation in Maui's leisure demand warrants attention, as it could signal broader shifts in travel patterns.
Operations Update
The Company's operations for July and August 2024 were consistent with its prior expectations and reflect continued strength in group activity, an acceleration in business travel and an anticipated market-wide moderation in leisure demand in
Beginning in September, the Company's operations were impacted by labor activity at the 1,190-room Hilton San Diego Bayfront (the "Hotel"), which led to the cancellation of certain group events and overall lower business volume at the Hotel. Hilton, the Company's manager of the Hotel, has been in negotiations with the union that represents a majority of the employees of the Hotel and has reached an agreement on renewed contract terms. The renewed contract terms were ratified by the union members on October 9, 2024, and the Hotel has resumed normal operations.
Based on the business that has been disrupted at the Hotel as a result of the labor activity, the Company anticipates that full-year 2024 total portfolio RevPAR growth will be 125 to 150 basis points lower, Adjusted EBITDAre will be
The estimated impact on the Company's prior full-year 2024 outlook is based only upon business that has been disrupted at the Hotel as a result of the labor activity and the Company expects to provide an updated 2024 outlook, including any changes in expectations for the remainder of its portfolio, as part of its third quarter earnings release on November 12, 2024.
Despite the isolated disruption resulting from the labor activity at the Hotel, Sunstone remains well positioned to deliver significant earnings growth into 2025 and beyond driven by the contribution from the Company's recent brand conversions, including the full-year contribution and recapture of displacement at the recently converted Marriott Long Beach Downtown, the continued ramp-up of multiple assets in the portfolio, the full-year contribution from its recently completed acquisition of the Hyatt Regency San Antonio Riverwalk and the debut of Andaz Miami Beach.
Comparable operating statistics for all hotels excluding The Confidante Miami Beach were as follows (1):
Q3 2024 to August (2) | September 2024 (3) | Q3 2024 (3) | 2024 YTD (3) | |||||||||||||
Occupancy | 74 | % | 67 | % | 72 | % | 72 | % | ||||||||
ADR | $ | 295 | $ | 316 | $ | 302 | $ | 313 | ||||||||
RevPAR | $ | 218 | $ | 212 | $ | 216 | $ | 227 | ||||||||
RevPAR Change vs. Prior Year | 2.4 | % | (5.4) | % | (0.2) | % | (0.2) | % | ||||||||
Total RevPAR | $ | 354 | $ | 345 | $ | 351 | $ | 368 | ||||||||
Total RevPAR Change vs. Prior Year | 6.3 | % | (4.9) | % | 2.4 | % | 1.3 | % | ||||||||
Comparable operating statistics for all 15 hotels were as follows (1):
Q3 2024 to August (2) | September 2024 (3) | Q3 2024 (3) | 2024 YTD (3) | |||||||||||||
Occupancy | 71 | % | 64 | % | 69 | % | 70 | % | ||||||||
ADR | $ | 295 | $ | 316 | $ | 302 | $ | 313 | ||||||||
RevPAR | $ | 209 | $ | 203 | $ | 208 | $ | 219 | ||||||||
RevPAR Change vs. Prior Year | 1.0 | % | (6.1) | % | (1.4) | % | (2.8) | % | ||||||||
Total RevPAR | $ | 340 | $ | 332 | $ | 338 | $ | 355 | ||||||||
Total RevPAR Change vs. Prior Year | 4.7 | % | (5.7) | % | 1.1 | % | (1.6) | % | ||||||||
(1) | Comparable operating statistics presented in this release include both prior ownership results and the Company's results for the Hyatt Regency San Antonio Riverwalk, acquired by the Company in April 2024. |
(2) | Reflects results for July and August 2024. |
(3) | Includes preliminary results for September which may change during the Company's month-end closing process. |
Hurricane Milton Update
The Company's Renaissance Orlando at SeaWorld® and Oceans Edge Resort & Marina in
Share Repurchase Update
Since the beginning of the third quarter, the Company repurchased 2.3 million shares of its common stock at an average purchase price of
About Sunstone Hotel Investors
Sunstone Hotel Investors, Inc. is a lodging real estate investment trust ("REIT"). Sunstone's strategy is to create long-term stakeholder value through the acquisition, active ownership, and disposition of well-located hotel and resort real estate. For further information, please visit Sunstone's website at www.sunstonehotels.com.
For Additional Information
Aaron Reyes
Chief Financial Officer
Sunstone Hotel Investors, Inc.
(949) 382-3018
Forward Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will" and other similar terms and phrases, including opinions, references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: we own upper upscale and luxury hotels located in urban and resort destinations in an industry that is highly competitive; events beyond our control, including economic slowdowns or recessions, pandemics, natural disasters, civil unrest and terrorism; inflation adversely affecting our financial condition and results of operations; system security risks, data protection breaches, cyber-attacks and systems integration issues, including those impacting the Company's suppliers, hotel managers or franchisors; a significant portion of our hotels are geographically concentrated so we may be disproportionately harmed by economic conditions, competition, new hotel supply, real and personal property tax rates or natural disasters in these areas of the country; we face possible risks associated with the physical and transitional effects of climate change; uninsured or underinsured losses could harm our financial condition; the operating results of some of our hotels are significantly reliant upon group and transient business generated by large corporate customers, and the loss of such customers for any reason could harm our operating results; the increased use of virtual meetings and other similar technologies could lessen the need for business-related travel, and, therefore, demand for rooms in our hotels may be adversely affected; our hotels require ongoing capital investment and we may incur significant capital expenditures in connection with acquisitions, repositionings and other improvements, some of which are mandated by applicable laws or regulations or agreements with third parties, and the costs of such renovations, repositionings or improvements may exceed our expectations or cause other problems; delays in the acquisition, renovation or repositioning of hotel properties may have adverse effects on our results of operations and returns to our stockholders; accounting for the acquisition of a hotel property or other entity involves assumptions and estimations to determine fair value that could differ materially from the actual results achieved in future periods; volatility in the debt and equity markets may adversely affect our ability to acquire, renovate, refinance or sell our hotels; we may pursue joint venture investments that could be adversely affected by our lack of sole decision-making authority, our reliance on a co-venturer's financial condition and disputes between us and our co-venturer; we may be subject to unknown or contingent liabilities related to recently sold or acquired hotels, as well as hotels we may sell or acquire in the future; we may seek to acquire a portfolio of hotels or a company, which could present more risks to our business and financial results than the acquisition of a single hotel; the sale of a hotel or portfolio of hotels is typically subject to contingencies, risks and uncertainties, any of which may cause us to be unsuccessful in completing the disposition; the illiquidity of real estate investments and the lack of alternative uses of hotel properties could significantly limit our ability to respond to adverse changes in the performance of our hotels; we may issue or invest in hotel loans, including subordinated or mezzanine loans, which could involve greater risks of loss than senior loans secured by income-producing real properties; if we make or invest in mortgage loans with the intent of gaining ownership of the hotel secured by or pledged to the loan, our ability to perfect an ownership interest in the hotel is subject to the sponsor's willingness to forfeit the property in lieu of the debt; one of our hotels is subject to a ground lease with an unaffiliated party, the termination of which by the lessor for any reason, including due to our default on the lease, could cause us to lose the ability to operate the hotel altogether and may adversely affect our results of operations; because we are a REIT, we depend on third-parties to operate our hotels; we are subject to risks associated with our operators' employment of hotel personnel; most of our hotels operate under a brand owned by Marriott, Hyatt, Hilton, Four Seasons or Montage, and should any of these brands experience a negative event, or receive negative publicity, our operating results may be harmed; our franchisors and brand managers may adopt new policies or change existing policies which could result in increased costs that could negatively impact our hotels; future adverse litigation judgments or settlements resulting from legal proceedings could have an adverse effect on our financial condition; claims by persons regarding our properties could affect the attractiveness of our hotels or cause us to incur additional expenses; the hotel business is seasonal and seasonal variations in business volume at our hotels will cause quarterly fluctuations in our revenue and operating results; changes in the debt and equity markets may adversely affect the value of our hotels; certain of our hotels have in the past become impaired and additional hotels may become impaired in the future; laws and governmental regulations may restrict the ways in which we use our hotel properties and increase the cost of compliance with such regulations, and noncompliance with such regulations could subject us to penalties, loss of value of our properties or civil damages; corporate responsibility, specifically related to environmental sustainability, social responsibility and corporate governance, or ESG, factors and commitments, may impose additional costs and expose us to new risks that could adversely affect our results of operations, financial condition and cash flows; our franchisors and brand managers may require us to make capital expenditures pursuant to property improvement plans or to comply with brand standards; termination of any of our franchise, management or operating lease agreements could cause us to lose business or lead to a default or acceleration of our obligations under certain of our debt instruments; the growth of alternative reservation channels could adversely affect our business and profitability; the failure of tenants in our hotels to make rent payments or otherwise comply with the material terms of our retail and restaurant leases may adversely affect our results of operations; we rely on our corporate and hotel senior management teams, the loss of whom may cause us to incur costs and harm our business; we could be harmed by inadvertent errors, misconduct or fraud that is difficult to detect; if we fail to maintain effective internal control over financial reporting and disclosure controls and procedures, we may not be able to accurately report our financial results or identify and prevent fraud; we have outstanding debt which may restrict our financial flexibility; certain of our debt is subject to variable interest rates, which creates uncertainty in the amount of interest expense we will incur in the future and may negatively impact our operating results; our stock repurchase program may not enhance long-term stockholder value, could cause volatility in the price of our common and preferred stock and could diminish our cash reserves; and other risks and uncertainties associated with the Company's business described in its filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All forward-looking information provided herein is as of the date of this release, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.
This release should be read together with the consolidated financial statements and notes thereto included in our most recent reports on Form 10-K and Form 10-Q. Copies of these reports are available on our website at www.sunstonehotels.com and through the SEC's Electronic Data Gathering Analysis and Retrieval System ("EDGAR") at www.sec.gov.
Non-GAAP Financial Measures
We present the non-GAAP financial measure earnings before interest expense, taxes, depreciation and amortization for real estate, as adjusted for items defined below, or Adjusted EBITDAre, because we believe it is useful to investors as a key supplemental measure of our operating performance. This measure should not be considered in isolation or as a substitute for measures of performance in accordance with GAAP. In addition, our calculation of this measure may not be comparable to other companies that do not define Adjusted EBITDAre the same as the Company. This non-GAAP measure is used in addition to and in conjunction with results presented in accordance with GAAP. It should not be considered as an alternative to net income (loss), cash flow from operations, or any other operating performance measure prescribed by GAAP. This non-GAAP financial measure reflects an additional way of viewing our operations that we believe, when viewed with our GAAP results and the reconciliation to its corresponding GAAP financial measure, provides a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. We strongly encourage investors to review our financial information in its entirety and not to rely on a single financial measure.
We present EBITDAre in accordance with guidelines established by the National Association of Real Estate Investment Trusts ("Nareit"), as defined in its September 2017 white paper "Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate." We believe EBITDAre is a useful performance measure to help investors evaluate and compare the results of our operations from period to period in comparison to our peers. Nareit defines EBITDAre as net income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property in the affiliate, and adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates.
We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional items described below provides useful information to investors regarding our operating performance, and that the presentation of Adjusted EBITDAre, when combined with the primary GAAP presentation of net income, is beneficial to an investor's complete understanding of our operating performance. In addition, we use both EBITDAre and Adjusted EBITDAre as measures in determining the value of hotel acquisitions and dispositions.
We adjust EBITDAre for the following items, which may occur in any period, and refer to this measure as Adjusted EBITDAre:
- Amortization of deferred stock compensation: we exclude the noncash expense incurred with the amortization of deferred stock compensation as this expense is based on historical stock prices at the date of grant to our corporate employees and does not reflect the underlying performance of our hotels.
- Amortization of contract intangibles: we exclude the noncash amortization of any favorable or unfavorable contract intangibles recorded in conjunction with our hotel acquisitions. We exclude the noncash amortization of contract intangibles because it is based on historical cost accounting and is of lesser significance in evaluating our actual performance for the current period.
- Amortization of right-of-use assets and obligations: we exclude the amortization of our right-of-use assets and related lease obligations, as these expenses are based on historical cost accounting and do not reflect the actual rent amounts due to the respective lessors or the underlying performance of our hotels.
- Undepreciated asset transactions: we exclude the effect of gains and losses on the disposition of undepreciated assets because we believe that including them in Adjusted EBITDAre is not consistent with reflecting the ongoing performance of our assets.
- Gains or losses from debt transactions: we exclude the effect of finance charges and premiums associated with the extinguishment of debt, including the acceleration of deferred financing costs from the original issuance of the debt being redeemed or retired because, like interest expense, their removal helps investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure.
- Cumulative effect of a change in accounting principle: from time to time, the FASB promulgates new accounting standards that require the consolidated statement of operations to reflect the cumulative effect of a change in accounting principle. We exclude these one-time adjustments, which include the accounting impact from prior periods, because they do not reflect our actual performance for that period.
- Other adjustments: we exclude other adjustments that we believe are outside the ordinary course of business because we do not believe these costs reflect our actual performance for the period and/or the ongoing operations of our hotels. Such items may include: lawsuit settlement costs; the write-off of development costs associated with abandoned projects; property-level restructuring, severance, and management transition costs; pre-opening costs associated with extensive renovation projects such as the work being performed at The Confidante Miami Beach; debt resolution costs; lease terminations; property insurance restoration proceeds or uninsured losses; and other nonrecurring identified adjustments.
Adjusted EBITDAre Reconciliation (Unaudited and in thousands) | |||
Q3 2024 To August | |||
Net income | $ | 2,180 | |
Depreciation and amortization | 21,044 | ||
Interest expense | 11,365 | ||
Income tax provision | 159 | ||
EBITDAre | 34,748 | ||
Amortization of deferred stock compensation | 1,584 | ||
Amortization of right-of-use assets and obligations | (99) | ||
Pre-opening costs | 522 | ||
Adjustments to EBITDAre, net | 2,007 | ||
Adjusted EBITDAre | $ | 36,755 | |
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SOURCE Sunstone Hotel Investors, Inc.
FAQ
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