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10-Q Filing

SUNSTONE HOTEL INVESTORS, INC. CIK: 1295810 Q1 2016
Filing Information
Form Type 10-Q
Accession Number 0001558370-16-005174
Period End Date 20160331
Filing Date 20160503
Fiscal Year 2016
Fiscal Period Q1
XBRL Instance sho-20160331.xml
Filing Contents
Balance Sheet 72 line items
Line Item Tag Value Unit Period
Preferred stock, par value (in dollars per share) PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Preferred stock, par value (in dollars per share) PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Preferred stock, shares authorized (in shares) PreferredStockSharesAuthorized 100.00M shares Point-in-time
Preferred stock, shares authorized (in shares) PreferredStockSharesAuthorized 100.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $222.10M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $396.67M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $156.97M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $499.07M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $76.18M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $68.31M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $32.02M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $46.31M USD Point-in-time
Inventories InventoryNet $1.40M USD Point-in-time
Inventories InventoryNet $1.36M USD Point-in-time
Prepaid expenses PrepaidExpenseCurrent $10.88M USD Point-in-time
Prepaid expenses PrepaidExpenseCurrent $12.78M USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 500.00M shares Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 500.00M shares Point-in-time
Total current assets AssetsCurrent $619.54M USD Point-in-time
Total current assets AssetsCurrent $525.43M USD Point-in-time
Investment in hotel properties, net RealEstateInvestmentPropertyNet $3.24B USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 207.60M shares Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 216.52M shares Point-in-time
Investment in hotel properties, net RealEstateInvestmentPropertyNet $3.23B USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 216.52M shares Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 207.60M shares Point-in-time
Deferred financing fees, net DeferredFinanceCostsNoncurrentNet $4.31M USD Point-in-time
Deferred financing fees, net DeferredFinanceCostsNoncurrentNet $3.10M USD Point-in-time
Other assets, net OtherAssetsNoncurrent $10.39M USD Point-in-time
Other assets, net OtherAssetsNoncurrent $9.29M USD Point-in-time
Total assets Assets $3.86B USD Point-in-time
Total assets Assets $3.78B USD Point-in-time
Accounts payable and accrued expenses AccountsPayableAndAccruedLiabilitiesCurrent $30.19M USD Point-in-time
Accounts payable and accrued expenses AccountsPayableAndAccruedLiabilitiesCurrent $39.46M USD Point-in-time
Accrued payroll and employee benefits EmployeeRelatedLiabilitiesCurrent $18.91M USD Point-in-time
Accrued payroll and employee benefits EmployeeRelatedLiabilitiesCurrent $28.02M USD Point-in-time
Dividends payable DividendsPayableCurrent $265.12M USD Point-in-time
Dividends payable DividendsPayableCurrent $13.59M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $41.88M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $45.48M USD Point-in-time
Current portion of notes payable, net NotesPayableCurrent $85.78M USD Point-in-time
Current portion of notes payable, net NotesPayableCurrent $149.02M USD Point-in-time
Total current liabilities LiabilitiesCurrent $450.99M USD Point-in-time
Total current liabilities LiabilitiesCurrent $266.46M USD Point-in-time
Notes payable, less current portion, net LongTermNotesPayable $929.39M USD Point-in-time
Notes payable, less current portion, net LongTermNotesPayable $1.01B USD Point-in-time
Capital lease obligations, less current portion CapitalLeaseObligationsNoncurrent $15.57M USD Point-in-time
Capital lease obligations, less current portion CapitalLeaseObligationsNoncurrent $15.57M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $34.74M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $41.05M USD Point-in-time
Total liabilities Liabilities $1.25B USD Point-in-time
Total liabilities Liabilities $1.51B USD Point-in-time
Commitments and contingencies (Note 10) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 10) CommitmentsAndContingencies - USD Point-in-time
Common stock, $0.01 par value, 500,000,000 shares authorized, 216,516,858 shares issued and outstanding at March 31, 2016 and 207,604,391 shares issued and outstanding at December 31, 2015 CommonStockValue $2.17M USD Point-in-time
Common stock, $0.01 par value, 500,000,000 shares authorized, 216,516,858 shares issued and outstanding at March 31, 2016 and 207,604,391 shares issued and outstanding at December 31, 2015 CommonStockValue $2.08M USD Point-in-time
Additional paid in capital AdditionalPaidInCapital $2.54B USD Point-in-time
Additional paid in capital AdditionalPaidInCapital $2.46B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $652.27M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $652.70M USD Point-in-time
Cumulative distributions CumulativeDividends $941.46M USD Point-in-time
Cumulative distributions CumulativeDividends $927.87M USD Point-in-time
Total stockholders' equity StockholdersEquity $2.48B USD Point-in-time
Total stockholders' equity StockholdersEquity $2.30B USD Point-in-time
Noncontrolling interest in consolidated joint venture MinorityInterest $51.19M USD Point-in-time
Noncontrolling interest in consolidated joint venture MinorityInterest $50.32M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.53B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.35B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $3.78B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $3.86B USD Point-in-time
Income Statement 61 line items
Line Item Tag Value Unit Period
Room OccupancyRevenue $187.30M USD 1 Quarter
Room OccupancyRevenue $193.29M USD 1 Quarter
Food and beverage FoodAndBeverageRevenue $71.23M USD 1 Quarter
Food and beverage FoodAndBeverageRevenue $72.18M USD 1 Quarter
Other operating OtherHotelOperatingRevenue $18.91M USD 1 Quarter
Other operating OtherHotelOperatingRevenue $15.76M USD 1 Quarter
Total revenues RevenueFromLeasedAndOwnedHotels $274.29M USD 1 Quarter
Total revenues RevenueFromLeasedAndOwnedHotels $284.38M USD 1 Quarter
Room OccupancyCosts $51.04M USD 1 Quarter
Room OccupancyCosts $53.84M USD 1 Quarter
Food and beverage FoodAndBeverageCostOfSales $51.93M USD 1 Quarter
Food and beverage FoodAndBeverageCostOfSales $50.22M USD 1 Quarter
Other operating OtherDirectCostsOfHotels $4.06M USD 1 Quarter
Other operating OtherDirectCostsOfHotels $5.13M USD 1 Quarter
Advertising and promotion AdvertisingExpense $14.99M USD 1 Quarter
Advertising and promotion AdvertisingExpense $15.36M USD 1 Quarter
Repairs and maintenance CostOfPropertyRepairsAndMaintenance $11.56M USD 1 Quarter
Repairs and maintenance CostOfPropertyRepairsAndMaintenance $11.26M USD 1 Quarter
Utilities UtilitiesCosts $8.98M USD 1 Quarter
Utilities UtilitiesCosts $7.51M USD 1 Quarter
Franchise costs FranchiseFeesAndAssessments $8.60M USD 1 Quarter
Franchise costs FranchiseFeesAndAssessments $8.10M USD 1 Quarter
Property tax, ground lease and insurance OccupancyNet $23.61M USD 1 Quarter
Property tax, ground lease and insurance OccupancyNet $22.84M USD 1 Quarter
Property general and administrative OtherCostAndExpenseOperating $34.71M USD 1 Quarter
Property general and administrative OtherCostAndExpenseOperating $34.45M USD 1 Quarter
Corporate overhead GeneralAndAdministrativeExpense $6.72M USD 1 Quarter
Corporate overhead GeneralAndAdministrativeExpense $14.25M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $40.71M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $40.05M USD 1 Quarter
Total operating expenses CostsAndExpenses $266.72M USD 1 Quarter
Total operating expenses CostsAndExpenses $253.21M USD 1 Quarter
Operating income OperatingIncomeLoss $21.08M USD 1 Quarter
Operating income OperatingIncomeLoss $17.67M USD 1 Quarter
Interest and other income OtherNonoperatingIncomeExpense $489.00K USD 1 Quarter
Interest and other income OtherNonoperatingIncomeExpense $946.00K USD 1 Quarter
Interest expense InterestExpense $17.33M USD 1 Quarter
Interest expense InterestExpense $20.01M USD 1 Quarter
Loss on extinguishment of debt GainsLossesOnExtinguishmentOfDebt $-105.00K USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $1.45M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $1.29M USD 1 Quarter
Income tax provision IncomeTaxExpenseBenefit $237.00K USD 1 Quarter
Income tax provision IncomeTaxExpenseBenefit $85.00K USD 1 Quarter
NET INCOME ProfitLoss $1.20M USD 1 Quarter
NET INCOME ProfitLoss $1.22M USD 1 Quarter
Income from consolidated joint ventures attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $2.18M USD 1 Quarter
Income from consolidated joint ventures attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $1.65M USD 1 Quarter
Preferred stock dividends PreferredStockDividendsIncomeStatementImpact $2.30M USD 1 Quarter
Preferred stock dividends PreferredStockDividendsIncomeStatementImpact $2.77M USD 1 Quarter
LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS NetIncomeLossAvailableToCommonStockholdersBasic $-3.20M USD 1 Quarter
LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS NetIncomeLossAvailableToCommonStockholdersBasic $-3.28M USD 1 Quarter
COMPREHENSIVE INCOME ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $1.22M USD 1 Quarter
COMPREHENSIVE INCOME ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $1.20M USD 1 Quarter
COMPREHENSIVE LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS ComprehensiveIncomeNetOfTax $-3.20M USD 1 Quarter
COMPREHENSIVE LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS ComprehensiveIncomeNetOfTax $-3.28M USD 1 Quarter
Basic and diluted loss attributable to common stockholders per common share (in dollars per share) EarningsPerShareBasicAndDiluted $-0.02 USD 1 Quarter
Basic and diluted loss attributable to common stockholders per common share (in dollars per share) EarningsPerShareBasicAndDiluted $-0.02 USD 1 Quarter
Basic and diluted weighted average common shares outstanding (in shares) WeightedAverageNumberOfShareOutstandingBasicAndDiluted 206.60M shares 1 Quarter
Basic and diluted weighted average common shares outstanding (in shares) WeightedAverageNumberOfShareOutstandingBasicAndDiluted 212.89M shares 1 Quarter
Dividends declared per common share CommonStockDividendsPerShareDeclared $0.05 USD 1 Quarter
Dividends declared per common share CommonStockDividendsPerShareDeclared $0.05 USD 1 Quarter
Cash Flow Statement 73 line items
Line Item Tag Value Unit Period
Net income (loss) ProfitLoss $1.20M USD 1 Quarter
Net income (loss) ProfitLoss $1.22M USD 1 Quarter
Bad debt expense ProvisionForDoubtfulAccounts $138.00K USD 1 Quarter
Bad debt expense ProvisionForDoubtfulAccounts $109.00K USD 1 Quarter
Gain on sale of assets, net GainLossOnSaleOfOtherAssets $7.00K USD 1 Quarter
Loss on extinguishment of debt GainsLossesOnExtinguishmentOfDebt $-105.00K USD 1 Quarter
Loss on derivatives, net DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet $-6.40M USD 1 Quarter
Depreciation Depreciation $39.33M USD 1 Quarter
Depreciation Depreciation $39.47M USD 1 Quarter
Amortization of franchise fees and other intangibles AmortizationOfIntangibleAssets $773.00K USD 1 Quarter
Amortization of franchise fees and other intangibles AmortizationOfIntangibleAssets $2.05M USD 1 Quarter
Amortization of deferred financing fees AmortizationOfFinancingCosts $555.00K USD 1 Quarter
Amortization of deferred financing fees AmortizationOfFinancingCosts $639.00K USD 1 Quarter
Amortization of deferred stock compensation ShareBasedCompensation $2.90M USD 1 Quarter
Amortization of deferred stock compensation ShareBasedCompensation $1.61M USD 1 Quarter
Restricted cash IncreaseDecreaseInRestrictedCashForOperatingActivities $-6.11M USD 1 Quarter
Restricted cash IncreaseDecreaseInRestrictedCashForOperatingActivities $-8.18M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $14.40M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $16.82M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-39.00K USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-68.00K USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $1.73M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $1.77M USD 1 Quarter
Accounts payable and other liabilities IncreaseDecreaseInAccountsPayable $7.69M USD 1 Quarter
Accounts payable and other liabilities IncreaseDecreaseInAccountsPayable $17.41M USD 1 Quarter
Accrued payroll and employee benefits IncreaseDecreaseInEmployeeRelatedLiabilities $-6.79M USD 1 Quarter
Accrued payroll and employee benefits IncreaseDecreaseInEmployeeRelatedLiabilities $-13.18M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $38.21M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $43.09M USD 1 Quarter
Proceeds from sales of other assets ProceedsFromSalesOfAssetsInvestingActivities $7.00K USD 1 Quarter
Restricted cash - replacement reserve IncreaseDecreaseInRestrictedCash $11.30M USD 1 Quarter
Restricted cash - replacement reserve IncreaseDecreaseInRestrictedCash $309.00K USD 1 Quarter
Renovations and additions to hotel properties PaymentsForCapitalImprovements $36.12M USD 1 Quarter
Renovations and additions to hotel properties PaymentsForCapitalImprovements $48.82M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-49.12M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-47.42M USD 1 Quarter
Proceeds from preferred stock offering ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock $115.00M USD 1 Quarter
Payment of preferred stock offering costs PaymentOfFinancingAndStockIssuanceCosts $4.02M USD 1 Quarter
Repurchase of common stock for employee withholding obligations PaymentsRelatedToTaxWithholdingForShareBasedCompensation $2.64M USD 1 Quarter
Repurchase of common stock for employee withholding obligations PaymentsRelatedToTaxWithholdingForShareBasedCompensation $9.22M USD 1 Quarter
Proceeds from note payable ProceedsFromIssuanceOfUnsecuredDebt $100.00M USD 1 Quarter
Payments on notes payable RepaymentsOfSecuredDebt $5.88M USD 1 Quarter
Payments on notes payable RepaymentsOfSecuredDebt $117.56M USD 1 Quarter
Payments of deferred financing costs PaymentsOfFinancingCosts $78.00K USD 1 Quarter
Payments of deferred financing costs PaymentsOfFinancingCosts $10.00K USD 1 Quarter
Dividends paid PaymentsOfOrdinaryDividends $186.30M USD 1 Quarter
Dividends paid PaymentsOfOrdinaryDividends $39.34M USD 1 Quarter
Distributions to noncontrolling interests PaymentsOfDividendsMinorityInterest $775.00K USD 1 Quarter
Distributions to noncontrolling interests PaymentsOfDividendsMinorityInterest $1.46M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-55.91M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-96.37M USD 1 Quarter
Net decrease in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-102.40M USD 1 Quarter
Net decrease in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-65.12M USD 1 Quarter
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $222.10M USD Point-in-time
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $396.67M USD Point-in-time
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $156.97M USD Point-in-time
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $499.07M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $222.10M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $396.67M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $156.97M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $499.07M USD Point-in-time
Cash paid for interest InterestPaidNet $15.24M USD 1 Quarter
Cash paid for interest InterestPaidNet $12.46M USD 1 Quarter
Cash paid (refunds received) for income taxes, net CashRefundsReceivedPaidForIncomeTaxes $204.00K USD 1 Quarter
Cash paid (refunds received) for income taxes, net CashRefundsReceivedPaidForIncomeTaxes $-647.00K USD 1 Quarter
Increase in accounts payable related to renovations and additions to hotel properties and other assets CapitalExpendituresIncurredButNotYetPaid $5.84M USD 1 Quarter
Increase in accounts payable related to renovations and additions to hotel properties and other assets CapitalExpendituresIncurredButNotYetPaid $3.81M USD 1 Quarter
Amortization of deferred stock compensation - construction activities EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount $165.00K USD 1 Quarter
Amortization of deferred stock compensation - construction activities EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount $239.00K USD 1 Quarter
Issuance of common stock dividends StockIssuedDuringPeriodValueStockDividend $37.35M USD 1 Quarter
Issuance of common stock dividends StockIssuedDuringPeriodValueStockDividend $78.82M USD 1 Quarter
Dividends payable DividendsPayableCurrentAndNoncurrent $13.59M USD Point-in-time
Dividends payable DividendsPayableCurrentAndNoncurrent $12.73M USD Point-in-time
Stockholders Equity 15 line items
Line Item Tag Value Unit Period
Issuance of common stock dividends per share (in dollars per share) CommonStockStockDividendsPerSharePaid $1.26 USD 1 Quarter
Common stock dividends and dividends payable, per share (in dollars per share) CommonStockDividendsPerShareDeclared $0.05 USD 1 Quarter
Common stock dividends and dividends payable, per share (in dollars per share) CommonStockDividendsPerShareDeclared $0.05 USD 1 Quarter
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.53B USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.35B USD Point-in-time
Net proceeds from sale of preferred stock StockIssuedDuringPeriodValueOther $110.98M USD 1 Quarter
Deferred stock compensation, net StockGrantedDuringPeriodValueSharebasedCompensation $1.53M USD 1 Quarter
Issuance of common stock dividends StockIssuedDuringPeriodValueStockDividend $37.35M USD 1 Quarter
Issuance of common stock dividends StockIssuedDuringPeriodValueStockDividend $78.82M USD 1 Quarter
Common stock dividends and dividends payable DividendsCommonStockCash $10.83M USD 1 Quarter
Distributions to noncontrolling interest MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $775.00K USD 1 Quarter
Net income (loss) ProfitLoss $1.20M USD 1 Quarter
Net income (loss) ProfitLoss $1.22M USD 1 Quarter
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.53B USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.35B USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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