Sunstone Hotel Investors reports results of operations for seconf quarter 2006
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Sunstone Hotel Investors reports results of operations for seconf quarter 2006
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Category: North America & West Indies / Carribean islands -
This is a press release selected by our editorial committee and published online for free on 2006-08-03
Sunstone Hotel Investors, Inc. (the “Company”) (NYSE: SHO)
today announced results of operations for the second quarter ended June 30, 2006.
SECOND QUARTER 2006 HIGHLIGHTS
• Revenue per available room (“RevPAR”) growth of 10.0% for hotels owned during the entire
quarter, excluding two assets undergoing rebranding and renovation programs (Fairmont Newport
Beach and Hyatt Regency Century Plaza), and 9.2% overall over second quarter 2005;
• Adjusted EBITDA of $71.8 million (80.9% increase over second quarter 2005);
• Adjusted Funds From Operations (“Adjusted FFO”) to common stockholders of $46.4 million
(87.1% increase over second quarter 2005); and
• Adjusted FFO per diluted share of $0.75 (19.0% increase over second quarter 2005).
Robert A. Alter, Chief Executive Officer, stated “We are extremely pleased with our second quarter results,
especially from the Renaissance acquisition we made in 2005. It strengthens our belief that we are in the
midst of a broad recovery in the hotel industry. Further, we were very pleased with our California hotels
which have produced RevPAR increases of 10.6% for the second quarter and 11.5% year to date. We
continued our strategy of acquiring high quality assets in high barrier to entry markets by acquiring the La
Jolla Embassy Suites in San Diego and the W San Diego. In addition, we completed the extensive
renovation of the Fairmont Newport Beach. Finally, we continue to be encouraged about 2006 as hotel
market fundamentals remain strong and our portfolio continues to post outstanding results from
operations.”
Second Quarter 2006 Highlights
Listed below are certain highlights from the Company’s unaudited financial statements. Please refer to the
reconciliation schedule on page 9 for a tabular presentation of our results.
• Total revenue was $248.8 million for the three months ended June 30, 2006 compared to $130.3
million for the three months ended June 30, 2005.
• Income available to common stockholders (including OP unit holders) was $16.9 million for the
three months ended June 30, 2006 compared to $6.8 million for the three months ended June 30,
2005.
• Income available to common stockholders (including OP unit holders) per diluted share was $0.29
for the three months ended June 30, 2006 compared to $0.17 per diluted share for the three months
ended June 30, 2005.
• EBITDA was $71.8 million for the three months ended June 30, 2006, compared to $40.0 million
for the three months ended June 30, 2005.
• Adjusted EBITDA was $71.8 million for the three months ended June 30, 2006, compared to
$39.7 million for the three months ended June 30, 2005.
FFO available to common stockholders (including OP unit holders) was $44.2 million for the three
months ended June 30, 2006, compared to $19.0 million for the three months ended June 30, 2005.
• Adjusted FFO available to common stockholders (including OP unit holders) was $46.4 million
for the three months ended June 30, 2006, compared to $24.8 million for the three months ended
June 30, 2005.
• FFO available to common stockholders per diluted share (including OP unit holders) was $0.71
for the three months ended June 30, 2006 compared to $0.48 per diluted share for the three months
ended June 30, 2005.
• Adjusted FFO available to common stockholders per diluted share (including OP unit holders) was
$0.75 for the three months ended June 30, 2006 compared to $0.63 per diluted share for the three
months ended June 30, 2005.
• Total capital expenditures were $32.6 million for the three months ended June 30, 2006.
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