--- schema_version: "secwatch.filing_event.v1" accession: "0001558370-23-008196" form_type: "8-K" ticker: "SHO" cik: "0001295810" company_name: "Sunstone Hotel Investors, Inc." filed_at: "2023-05-05T23:59:59+00:00" generated_at: "2026-06-15T16:02:48.224702+00:00" event_type: "earnings" sentiment: "positive" materiality_score: 0.75 calibrated_materiality_score: 0.75 confidence: "high" source: SEC EDGAR --- # Sunstone Q1 net income $21.1M; RevPAR up 32% to $218; secured $225M term loan ## Summary - 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. ## SEC filing metadata - accession: 0001558370-23-008196 - form_type: 8-K - ticker: SHO - cik: 0001295810 - company_name: Sunstone Hotel Investors, Inc. - filed_at: 2023-05-05T23:59:59+00:00 - event_type: earnings - sentiment: positive - materiality_score: 0.75 - calibrated_materiality_score: 0.75 - confidence: high - sec_items: 1.01, 2.02, 2.03, 5.07, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1295810/000155837023008196/0001558370-23-008196-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1295810/000155837023008196/sho-20230501x8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001558370-23-008196 - JSON: https://secwatch.observer/filing/0001558370-23-008196.json - Plain text: https://secwatch.observer/filing/0001558370-23-008196.txt ## Key facts - Earnings Releases 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 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1295810/000155837023008196/0001558370-23-008196-index.htm - Material Agreements 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 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1295810/000155837023008196/0001558370-23-008196-index.htm - Shareholder Votes 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 source text: 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 ​ — evidence_url: https://www.sec.gov/Archives/edgar/data/1295810/000155837023008196/0001558370-23-008196-index.htm - Shareholder Votes 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 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/1295810/000155837023008196/0001558370-23-008196-index.htm - Shareholder Votes 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 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/1295810/000155837023008196/0001558370-23-008196-index.htm - Shareholder Votes 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 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/1295810/000155837023008196/0001558370-23-008196-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.