8-K
filed May 5, 2023, 7:59 PM ET
ticker SHO
CIK 0001295810
earnings
confidence high
sentiment positive
materiality 0.75
Sunstone Q1 net income $21.1M; RevPAR up 32% to $218; secured $225M term loan
Sunstone Hotel Investors, Inc.
2023-Q1 EPS reported
$0.08
revenue$243,443,000
- Net income $21.1M vs $15.1M Q1 2022; Adj. FFO per diluted share $0.21 (up 162.5%).
- Comparable RevPAR $218.82 (+32.0%); ADR $313.94, occupancy 69.7%.
- Entered $225M unsecured delayed draw term loan facility maturing May 1, 2025 (extendable to 2026).
- All seven director nominees elected; 2022 say-on-pay approved with ~97% support; 1-year frequency chosen for future votes.
- Refinanced only 2023 debt maturity; continued share repurchases and dividends.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
Sunstone Hotel Investors, Inc. reported the first quarter ended March 31, 2023 results: net income $21.1 million.
- Period
- the first quarter ended March 31, 2023
- Net income
- $21.1 million
- Result
- reported results
Exact text from the filing
ALISO VIEJO, CA – May 5, 2023 – Sunstone Hotel Investors, Inc. (the “Company” or “Sunstone”) (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the lodging industry, today announced results for the first quarter ended March 31, 2023.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Sunstone Hotel Investors, Inc. entered into Term Loan Agreement with Bank of America, N.A., Wells Fargo Bank, National Association, JPMorgan Chase Bank, N.A., Regions Bank, Truist Bank, U.S. Bank National Association, Sumitomo Mitsui Banking Corporation and Bank of Hawaii valued at $225 million (effective 2023-05-01).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Bank of America, N.A., Wells Fargo Bank, National Association, JPMorgan Chase Bank, N.A., Regions Bank, Truist Bank, U.S. Bank National Association, Sumitomo Mitsui Banking Corporation and Bank of Hawaii
- Value
- $225 million
- Effective
- 2023-05-01
Exact text from the filing
On May 1, 2023, Sunstone Hotel Investors, Inc. (the “Company”) entered into a Term Loan Agreement (the “Term Loan Agreement”) among the Company, Sunstone Hotel Partnership, LLC, Bank of America, N.A., Wells Fargo Bank, National Association, JPMorgan Chase Bank, N.A., Regions Bank, Truist Bank, U.S. Bank National Association, Sumitomo Mitsui Banking Corporation and Bank of Hawaii. The Term Loan Agreement provides for a $225 million unsecured delayed draw term loan facility.
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Sunstone Hotel Investors, Inc. shareholders approved Ratification of the Audit Committee’s appointment of Ernst & Young LLP to act as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2023 at the 2023-05-04 meeting.
- Proposal
- auditor ratification
- Outcome
- passed
- Meeting
- 2023-05-04
Exact text from the filing
Ratification of the Audit Committee’s appointment of Ernst & Young LLP to act as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2023: Votes For Votes Against Abstentions Broker Non-Votes 186,087,763 3,976,514 17,098 —
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Sunstone Hotel Investors, Inc. shareholders approved Advisory vote to approve the compensation of the Company’s named executive officers at the 2023-05-04 meeting.
- Proposal
- say on pay
- Outcome
- passed
- Meeting
- 2023-05-04
Exact text from the filing
Advisory vote to approve the compensation of the Company’s named executive officers: Votes For Votes Against Abstentions Broker Non-Votes 177,694,295 5,826,876 252,786 6,307,418
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Sunstone Hotel Investors, Inc. shareholders approved Advisory vote on the frequency of holding an advisory vote on the compensation of the Company’s named executive officers at the 2023-05-04 meeting.
- Proposal
- say on pay frequency
- Outcome
- passed
- Meeting
- 2023-05-04
Exact text from the filing
Advisory vote on the frequency of holding an advisory vote on the compensation of the Company’s named executive officers: 1 Year 2 Years 3 Years Abstentions Broker Non-Votes 176,166,836 3,394 7,583,016 20,711 6,307,418
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Sunstone Hotel Investors, Inc. shareholders approved Election of seven directors to serve until the next annual meeting and until their successors are elected and qualified at the 2023-05-04 meeting.
- Proposal
- director election
- Outcome
- passed
- Meeting
- 2023-05-04
Exact text from the filing
Election of seven directors to serve until the next annual meeting and until their successors are elected and qualified: Votes For Votes Against Abstentions Broker Non-Votes W. Blake Baird 160,538,382 22,994,057 241,518 6,307,418 Andrew Batinovich 173,845,008 9,687,434 241,515 6,307,418 Monica S. Digilio 172,262,819 11,269,616 241,522 6,307,418 Kristina M. Leslie 175,285,602 8,246,503 241,852 6,307,418 Murray J. McCabe 175,276,426 8,256,013 241,518 6,307,418 Verett Mims 175,692,331 7,839,377 242,249 6,307,418 Douglas M. Pasquale 139,648,401 43,882,009 243,547 6,307,418
View on SEC.gov
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