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10-Q Filing

SUNSTONE HOTEL INVESTORS, INC. CIK: 1295810 Q1 2017
Filing Information
Form Type 10-Q
Accession Number 0001558370-17-003477
Period End Date 20170331
Filing Date 20170504
Fiscal Year 2017
Fiscal Period Q1
XBRL Instance sho-20170331.xml
Filing Contents
Balance Sheet 74 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 $499.07M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $369.54M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $396.67M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $441.83M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $67.92M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $64.41M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $39.34M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $50.23M USD Point-in-time
Inventories InventoryNet $1.25M USD Point-in-time
Inventories InventoryNet $1.23M USD Point-in-time
Prepaid expenses PrepaidExpenseCurrent $10.49M 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
Prepaid expenses PrepaidExpenseCurrent $13.25M USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 500.00M shares Point-in-time
Assets held for sale, net AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent $79.11M USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 500.00M shares Point-in-time
Total current assets AssetsCurrent $570.98M USD Point-in-time
Total current assets AssetsCurrent $567.62M USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 220.07M shares Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 220.42M shares Point-in-time
Investment in hotel properties, net RealEstateInvestmentPropertyNet $3.15B USD Point-in-time
Investment in hotel properties, net RealEstateInvestmentPropertyNet $3.16B USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 220.07M shares Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 220.42M shares Point-in-time
Deferred financing fees, net DebtIssuanceCostsLineOfCreditArrangementsNet $4.00M USD Point-in-time
Deferred financing fees, net DebtIssuanceCostsLineOfCreditArrangementsNet $2.09M USD Point-in-time
Other assets, net OtherAssetsNoncurrent $9.95M USD Point-in-time
Other assets, net OtherAssetsNoncurrent $9.39M USD Point-in-time
Total assets Assets $3.73B USD Point-in-time
Total assets Assets $3.74B USD Point-in-time
Accounts payable and accrued expenses AccountsPayableAndOtherAccruedLiabilitiesCurrent $36.11M USD Point-in-time
Accounts payable and accrued expenses AccountsPayableAndOtherAccruedLiabilitiesCurrent $36.33M USD Point-in-time
Accrued payroll and employee benefits EmployeeRelatedLiabilitiesCurrent $24.90M USD Point-in-time
Accrued payroll and employee benefits EmployeeRelatedLiabilitiesCurrent $17.08M USD Point-in-time
Dividends and distributions payable DividendsPayableCurrent $119.85M USD Point-in-time
Dividends and distributions payable DividendsPayableCurrent $14.23M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $43.79M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $39.87M USD Point-in-time
Current portion of notes payable, net LongTermDebtCurrent $184.93M USD Point-in-time
Current portion of notes payable, net LongTermDebtCurrent $8.90M USD Point-in-time
Liabilities of assets held for sale LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent $3.15M USD Point-in-time
Total current liabilities LiabilitiesCurrent $408.80M USD Point-in-time
Total current liabilities LiabilitiesCurrent $120.32M USD Point-in-time
Notes payable, less current portion, net LongTermDebtNoncurrent $982.46M USD Point-in-time
Notes payable, less current portion, net LongTermDebtNoncurrent $746.37M 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 $36.65M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $36.92M USD Point-in-time
Total liabilities Liabilities $1.21B USD Point-in-time
Total liabilities Liabilities $1.16B USD Point-in-time
Commitments and contingencies (Note 11) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 11) CommitmentsAndContingencies - USD Point-in-time
Common stock, $0.01 par value, 500,000,000 shares authorized, 220,417,417 shares issued and outstanding at March 31, 2017 and 220,073,140 shares issued and outstanding at December 31, 2016 CommonStockValue $2.20M USD Point-in-time
Common stock, $0.01 par value, 500,000,000 shares authorized, 220,417,417 shares issued and outstanding at March 31, 2017 and 220,073,140 shares issued and outstanding at December 31, 2016 CommonStockValue $2.20M USD Point-in-time
Additional paid in capital AdditionalPaidInCapital $2.59B USD Point-in-time
Additional paid in capital AdditionalPaidInCapital $2.60B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $786.90M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $848.74M USD Point-in-time
Cumulative dividends and distributions CumulativeDividends $1.11B USD Point-in-time
Cumulative dividends and distributions CumulativeDividends $1.09B USD Point-in-time
Total stockholders' equity StockholdersEquity $2.53B USD Point-in-time
Total stockholders' equity StockholdersEquity $2.48B USD Point-in-time
Noncontrolling interest in consolidated joint venture MinorityInterest $49.06M USD Point-in-time
Noncontrolling interest in consolidated joint venture MinorityInterest $48.73M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.58B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.53B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $3.73B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $3.74B USD Point-in-time
Income Statement 63 line items
Line Item Tag Value Unit Period
Room OccupancyRevenue $190.37M USD 1 Quarter
Room OccupancyRevenue $187.30M USD 1 Quarter
Food and beverage FoodAndBeverageRevenue $71.23M USD 1 Quarter
Food and beverage FoodAndBeverageRevenue $75.50M USD 1 Quarter
Other operating OtherHotelOperatingRevenue $14.88M USD 1 Quarter
Other operating OtherHotelOperatingRevenue $15.76M USD 1 Quarter
Total revenues RevenueFromLeasedAndOwnedHotels $274.29M USD 1 Quarter
Total revenues RevenueFromLeasedAndOwnedHotels $280.74M USD 1 Quarter
Room OccupancyCosts $51.04M USD 1 Quarter
Room OccupancyCosts $51.29M USD 1 Quarter
Food and beverage FoodAndBeverageCostOfSales $50.54M USD 1 Quarter
Food and beverage FoodAndBeverageCostOfSales $51.93M USD 1 Quarter
Other operating OtherDirectCostsOfHotels $3.83M USD 1 Quarter
Other operating OtherDirectCostsOfHotels $4.06M USD 1 Quarter
Advertising and promotion AdvertisingExpense $14.99M USD 1 Quarter
Advertising and promotion AdvertisingExpense $14.95M USD 1 Quarter
Repairs and maintenance CostOfPropertyRepairsAndMaintenance $10.97M USD 1 Quarter
Repairs and maintenance CostOfPropertyRepairsAndMaintenance $11.26M USD 1 Quarter
Utilities UtilitiesCosts $7.51M USD 1 Quarter
Utilities UtilitiesCosts $7.22M USD 1 Quarter
Franchise costs FranchiseFeesAndAssessments $8.05M USD 1 Quarter
Franchise costs FranchiseFeesAndAssessments $8.10M USD 1 Quarter
Property tax, ground lease and insurance OccupancyNet $22.84M USD 1 Quarter
Property tax, ground lease and insurance OccupancyNet $21.29M USD 1 Quarter
Other property-level expenses OtherCostAndExpenseOperating $34.71M USD 1 Quarter
Other property-level expenses OtherCostAndExpenseOperating $34.74M USD 1 Quarter
Corporate overhead GeneralAndAdministrativeExpense $6.72M USD 1 Quarter
Corporate overhead GeneralAndAdministrativeExpense $6.78M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $40.05M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $40.81M USD 1 Quarter
Total operating expenses CostsAndExpenses $250.46M USD 1 Quarter
Total operating expenses CostsAndExpenses $253.21M USD 1 Quarter
Operating income OperatingIncomeLoss $30.28M USD 1 Quarter
Operating income OperatingIncomeLoss $21.08M USD 1 Quarter
Interest and other income OtherNonoperatingIncome $721.00K USD 1 Quarter
Interest and other income OtherNonoperatingIncome $489.00K USD 1 Quarter
Interest expense InterestExpense $20.01M USD 1 Quarter
Interest expense InterestExpense $11.25M USD 1 Quarter
Loss on extinguishment of debt GainsLossesOnExtinguishmentOfDebt $-4.00K USD 1 Quarter
Loss on extinguishment of debt GainsLossesOnExtinguishmentOfDebt $-105.00K USD 1 Quarter
Gain on sale of assets DisposalGroupNotDiscontinuedOperationGainLossOnDisposal $44.28M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $1.45M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $64.03M USD 1 Quarter
Income tax provision CurrentIncomeTaxExpenseBenefit $208.00K USD 1 Quarter
Income tax provision CurrentIncomeTaxExpenseBenefit $237.00K USD 1 Quarter
NET INCOME ProfitLoss $1.22M USD 1 Quarter
NET INCOME ProfitLoss $63.83M USD 1 Quarter
Income from consolidated joint venture attributable to noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $1.99M USD 1 Quarter
Income from consolidated joint venture attributable to noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $1.65M USD 1 Quarter
Preferred stock dividends PreferredStockDividendsIncomeStatementImpact $2.77M USD 1 Quarter
Preferred stock dividends PreferredStockDividendsIncomeStatementImpact $3.21M USD 1 Quarter
INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS UndistributedEarnings $-3.20M USD 1 Quarter
INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS UndistributedEarnings $58.63M USD 1 Quarter
COMPREHENSIVE INCOME ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $63.83M USD 1 Quarter
COMPREHENSIVE INCOME ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $1.22M USD 1 Quarter
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS ComprehensiveIncomeNetOfTax $58.63M USD 1 Quarter
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS ComprehensiveIncomeNetOfTax $-3.20M USD 1 Quarter
Basic and diluted income (loss) attributable to common stockholders per common share (in dollars per share) EarningsPerShareBasicAndDiluted $0.27 USD 1 Quarter
Basic and diluted income (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 212.89M shares 1 Quarter
Basic and diluted weighted average common shares outstanding (in shares) WeightedAverageNumberOfShareOutstandingBasicAndDiluted 219.09M shares 1 Quarter
Common stock distributions and distributions payable, per share (in dollars per share) CommonStockDividendsPerShareDeclared $0.05 USD 1 Quarter
Common stock distributions and distributions payable, per share (in dollars per share) CommonStockDividendsPerShareDeclared $0.05 USD 1 Quarter
Cash Flow Statement 78 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $1.22M USD 1 Quarter
Net income ProfitLoss $63.83M USD 1 Quarter
Bad debt expense ProvisionForDoubtfulAccounts $131.00K USD 1 Quarter
Bad debt expense ProvisionForDoubtfulAccounts $109.00K USD 1 Quarter
Gain on sale of assets, net GainLossOnDispositionOfAssets1 $7.00K USD 1 Quarter
Gain on sale of assets, net GainLossOnDispositionOfAssets1 $44.57M USD 1 Quarter
Loss on extinguishment of debt GainsLossesOnExtinguishmentOfDebt $-4.00K USD 1 Quarter
Loss on extinguishment of debt GainsLossesOnExtinguishmentOfDebt $-105.00K USD 1 Quarter
(Gain) loss on derivatives, net DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet $-6.40M USD 1 Quarter
(Gain) loss on derivatives, net DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet $657.00K USD 1 Quarter
Depreciation Depreciation $39.33M USD 1 Quarter
Depreciation Depreciation $40.15M USD 1 Quarter
Amortization of franchise fees and other intangibles AmortizationOfIntangibleAssets $773.00K USD 1 Quarter
Amortization of franchise fees and other intangibles AmortizationOfIntangibleAssets $819.00K USD 1 Quarter
Amortization of deferred financing fees AmortizationOfFinancingCosts $578.00K USD 1 Quarter
Amortization of deferred financing fees AmortizationOfFinancingCosts $555.00K USD 1 Quarter
Amortization of deferred stock compensation ShareBasedCompensation $1.75M USD 1 Quarter
Amortization of deferred stock compensation ShareBasedCompensation $1.61M USD 1 Quarter
Restricted cash IncreaseDecreaseInRestrictedCashForOperatingActivities $-4.01M USD 1 Quarter
Restricted cash IncreaseDecreaseInRestrictedCashForOperatingActivities $-8.18M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $14.40M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $10.57M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-5.00K USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-39.00K USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $1.73M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $2.39M USD 1 Quarter
Accounts payable and other liabilities IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities $7.69M USD 1 Quarter
Accounts payable and other liabilities IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities $-370.00K USD 1 Quarter
Accrued payroll and employee benefits IncreaseDecreaseInEmployeeRelatedLiabilities $-8.57M USD 1 Quarter
Accrued payroll and employee benefits IncreaseDecreaseInEmployeeRelatedLiabilities $-6.79M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $44.15M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $43.09M USD 1 Quarter
Proceeds from sales of assets ProceedsFromSalesOfAssetsInvestingActivities $123.12M USD 1 Quarter
Proceeds from sales of assets ProceedsFromSalesOfAssetsInvestingActivities $7.00K USD 1 Quarter
Restricted cash - replacement reserve IncreaseDecreaseInRestrictedCash $309.00K USD 1 Quarter
Restricted cash - replacement reserve IncreaseDecreaseInRestrictedCash $504.00K USD 1 Quarter
Renovations and additions to hotel properties PaymentsForCapitalImprovements $48.82M USD 1 Quarter
Renovations and additions to hotel properties PaymentsForCapitalImprovements $29.87M USD 1 Quarter
Payment for interest rate derivative PaymentsForDerivativeInstrumentInvestingActivities $19.00K USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-49.12M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $92.72M USD 1 Quarter
Proceeds from preferred stock offerings 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 $3.79M USD 1 Quarter
Proceeds from notes payable ProceedsFromIssuanceOfUnsecuredDebt $240.00M USD 1 Quarter
Proceeds from notes payable ProceedsFromIssuanceOfUnsecuredDebt $100.00M USD 1 Quarter
Payments on notes payable RepaymentsOfDebt $117.56M USD 1 Quarter
Payments on notes payable RepaymentsOfDebt $178.60M USD 1 Quarter
Payments of deferred financing costs PaymentsOfFinancingCosts $78.00K USD 1 Quarter
Payments of deferred financing costs PaymentsOfFinancingCosts $13.00K USD 1 Quarter
Dividends and distributions paid PaymentsOfOrdinaryDividends $186.30M USD 1 Quarter
Dividends and distributions paid PaymentsOfOrdinaryDividends $119.85M USD 1 Quarter
Distributions to noncontrolling interest PaymentsOfDividendsMinorityInterest $2.33M USD 1 Quarter
Distributions to noncontrolling interest PaymentsOfDividendsMinorityInterest $775.00K USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-64.58M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-96.37M USD 1 Quarter
Net increase (decrease) in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $72.29M USD 1 Quarter
Net increase (decrease) in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-102.40M USD 1 Quarter
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $499.07M USD Point-in-time
Cash and cash equivalents, beginning of period CashAndCashEquivalentsAtCarryingValue $369.54M 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 $441.83M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $499.07M USD Point-in-time
Cash and cash equivalents, end of period CashAndCashEquivalentsAtCarryingValue $369.54M 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 $441.83M USD Point-in-time
Cash paid for interest InterestPaidNet $12.46M USD 1 Quarter
Cash paid for interest InterestPaidNet $9.63M USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaid $204.00K USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaid $38.00K 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 $2.12M USD 1 Quarter
Amortization of deferred stock compensation - construction activities EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount $239.00K USD 1 Quarter
Amortization of deferred stock compensation - construction activities EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount $151.00K USD 1 Quarter
Issuance of common stock distributions StockIssuedDuringPeriodValueStockDividend $78.82M USD 1 Quarter
Dividends and distributions payable DividendsPayableCurrentAndNoncurrent $14.23M USD Point-in-time
Dividends and distributions payable DividendsPayableCurrentAndNoncurrent $13.59M USD Point-in-time
Stockholders Equity 11 line items
Line Item Tag Value Unit Period
Common stock distributions and distributions payable, per share (in dollars per share) CommonStockDividendsPerShareDeclared $0.05 USD 1 Quarter
Common stock distributions and distributions payable, per share (in dollars per share) CommonStockDividendsPerShareDeclared $0.05 USD 1 Quarter
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.58B USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.53B USD Point-in-time
Deferred stock compensation, net DeferredCompensationArrangementWithIndividualFairValueOfSharesIssuedNetOfSharesAcquiredToSettleTaxObligations $-1.89M USD 1 Quarter
Common stock distributions and distributions payable DividendsCommonStockCash $11.02M USD 1 Quarter
Distributions to noncontrolling interest MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $2.33M USD 1 Quarter
Net income ProfitLoss $1.22M USD 1 Quarter
Net income ProfitLoss $63.83M USD 1 Quarter
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.58B USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.53B USD Point-in-time

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

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