Sunstone Hotel Investors Reports Of Operation For Third Quarter 2007
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Sunstone Hotel Investors Reports Of Operation For Third Quarter 2007
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Category: Worldwide -
This is a press release selected by our editorial committee and published online for free on 2007-11-07
Strong Renovated Portfolio Performance
Increases Quarterly Dividend By 9.4%
Sunstone Hotel Investors, Inc. (the “Company”) (NYSE:
SHO) today announced results of operations for the third quarter ended September 30, 2007.
Third Quarter 2007 Highlights (as compared to third quarter 2006):
• Total revenue increased by 23.2% to $267.0 million.
• Income available to common stockholders per diluted share increased to $0.19.
• Adjusted EBITDA increased 16.3% to $76.9 million.
• Adjusted FFO available to common stockholders increased 16.3% to $44.8 million.
• Adjusted FFO available to common stockholders per diluted share increased 13.7% to $0.71.
• Total capital expenditures were $27.2 million.
Steve Goldman, Chief Executive Officer, stated “I am very pleased with our portfolio’s performance during
the third quarter. We finished the quarter at the high end or above guidance on all operating metrics. Our
high-level of growth is largely attributable to the capital improvement program we completed earlier in the
year as well as our ongoing asset management initiatives. During the quarter we continued to focus on our
balance sheet by repurchasing shares and prepaying mortgage debt. We believe that Sunstone is on a
course for continued growth, and as a result, our Board of Directors has approved a 9.4% increase to our
quarterly dividend.”
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