Sunstone Hotel Investors reports results of operations for fourth quarter and full year 2007
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Sunstone Hotel Investors reports results of operations for fourth quarter and full year 2007
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Category: Worldwide -
This is a press release selected by our editorial committee and published online for free on 2008-02-22
Adjusted FFO per Diluted Share Increases 55.4% in the Fourth Quarter
Adjusted FFO per Diluted Share Increases 18.7% in 2007
Sunstone Hotel Investors, Inc. (the “Company”) (NYSE:
SHO) today announced results of operations for the fourth quarter and year ended December 31, 2007.
Fourth Quarter 2007 Highlights (as compared to fourth quarter 2006):
• Total revenue increased by 25.6% to $298.4 million.
• Income available to common stockholders per diluted share increased 281.8% to $0.42.
• Adjusted EBITDA increased 38.7% to $86.2 million.
• Adjusted FFO available to common stockholders increased 55.8% to $54.6 million.
• Adjusted FFO available to common stockholders per diluted share increased 55.4% to $0.87.
• Total capital expenditures were $32.2 million.
Full Year 2007 Highlights (as compared to full year 2006):
• Total revenue increased by 23.6% to $1,056.7 million.
• Income available to common stockholders per diluted share increased 196.6% to $1.75.
• Adjusted EBITDA increased 23.0% to $310.1 million.
• Adjusted FFO available to common stockholders increased 21.1% to $180.6 million.
• Adjusted FFO available to common stockholders per diluted share increased 18.7% to $2.86.
• Total capital expenditures were $135.2 million.
“In 2007 Sunstone consistently met or exceeded all key guidance metrics each quarter and delivered on all
of our promises,” Sunstone’s Chief Executive Officer, Steven R. Goldman, said. “We strengthened our
portfolio by selling non-core assets and completing focused renovations of our core holdings. We lowered
our capital costs and improved our credit ratios by taking advantage of lower-cost financing alternatives.
We redoubled our asset management efforts to drive additional streams of profitability and improve
forecasting accuracy. By remaining true to our basic strategy of disciplined capital allocation,
conservative financial management and proactive asset management, we believe we have positioned
Sunstone for continuing strong performance under a wide range of economic scenarios in 2008 and
beyond.”
Sunstone also announced that its board of directors has authorized the Company to repurchase up to $150
million of its common stock during 2008.
“Our Board took this action based upon its continued confidence in our Company's long-term growth
potential,” said Mr. Goldman.
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