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Dec 31, 2022
Sunstone Q4 2022 Earnings Report
Sunstone's Q4 2022 results exceeded expectations due to growing corporate and group business and pandemic-related business interruption insurance proceeds.
Key Takeaways
Sunstone Hotel Investors reported net income of $17.5 million for the fourth quarter of 2022, with comparable portfolio RevPAR increasing by 34.2% to $193.59 and Adjusted EBITDAre increasing by 120.6% to $68.8 million.
Net income was $17.5 million, compared to $138.3 million in Q4 2021.
Comparable Portfolio RevPAR increased 34.2% to $193.59.
Total Portfolio RevPAR was $206.73.
Adjusted EBITDAre increased 120.6% to $68.8 million.
Forward Guidance
For the first quarter of 2023, Sunstone expects net income between $3 million and $7 million, total portfolio RevPAR growth of 30% to 32%, Adjusted EBITDAre between $51 million and $55 million, and Adjusted FFO attributable to common stockholders per diluted share between $0.16 and $0.18.
Positive Outlook
- Full year total Adjusted EBITDAre displacement of approximately $16 million to $18 million in connection with planned capital investments.
- Full year corporate overhead expense (excluding deferred stock amortization) of approximately $22 million to $23 million.
- Full year interest expense of approximately $52 million to $54 million, including approximately $2 million in amortization of deferred financing costs.
- Full year preferred stock dividends of approximately $15 million, which includes the Series G, H and I cumulative redeemable preferred stock.
- The Company’s Board of Directors reauthorized the Company’s stock repurchase program, which allows the Company to acquire up to $500.0 million of its common and preferred stock.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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