Sunstone Q3 net income $3.2M vs $15.6M; RevPAR down 1.3%; new $100M term loan

Sunstone Hotel Investors, Inc.

2024-Q3 EPS reported $0.15 revenue$691,039,000

Net income fell to $3.2M from $15.6M YoY; Adjusted FFO per diluted share $0.18, down 21.7%.
Comparable RevPAR declined 1.3% to $207.56; occupancy 68.8%, ADR $301.69.
Adjusted EBITDAre decreased 15.9% to $53.6M.
Entered $100M unsecured delayed draw term loan maturing Nov 2025, extendable to Nov 2026.
Loan covenants: max leverage 6.50x, min fixed charge coverage 1.50x; unencumbered assets ≥$500M.

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