Sunstone Hotel Investors, Inc. SHO

Consumer discretionary SIC 7011 - Hotels & Motels NAICS Accommodation and Food Services › Accommodation › Traveler Accommodation derived NYSE

We were incorporated in Maryland on June 28, 2004. We are a real estate investment trust ("REIT"), under the Internal Revenue Code of 1986, as amended (the "Code"). As of December 31, 2025, we owned 14 hotels, comprised of 6,999 rooms, located in 7 states and in Washington, DC. Our portfolio consists of upper upscale and luxury hotels located in convention, urban, and resort destinations. All of our hotels are operated under nationally recognized brands, except the Oceans Edge Resort & Marina, which operates independently.

We own hotels in convention, urban, and resort destinations that benefit from significant barriers to entry by competitors and diverse economic drivers. Our mission is to be the premier stewards of capital in the lodging industry, providing superior returns to our stockholders by investing in hotels where we can add value through capital investment, hotel repositioning, and asset management. In addition, we seek to capitalize on our portfolio's embedded value and balance sheet strength to actively recycle past investments into new growth and value creation opportunities in order to deliver strong stockholder returns and superior per share net asset value growth.

Last close 12.51 2026-10-23
Market cap $2.33B 2026-06-30 share count
52-week range 8.69 - 12.78

Valuation FY2025 figures against the last close

P/S2.4x
P/E312.8x
P/FCF29.6x
EV/EBITDA—
Dividend yield3.7%
Diluted EPS0.04

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $960.1M$905.8M$986.5M$912.1M$509.1M$267.9M$1.12B$1.16B$1.19B$1.19B
SG&A $31.6M$29.1M$31.4M$35.2M$40.3M$28.1M$30.3M$30.2M$28.8M$26.0M
Total operating expenses $884.4M$827.2M$867.8M$816.2M$597.3M$661.8M$977.8M$977.2M$1.05B$1.02B
Operating income ———————$298.9M$186.5M$188.8M
Interest expense $53.0M$50.1M$51.7M$32.0M$30.9M$53.3M$54.2M$47.7M$51.8M$50.3M
Pre-tax income $24.8M$42.2M$211.3M$91.1M$33.1M-$403.9M$142.6M$260.8M$138.2M$140.1M
Income tax $216.0K$1.1M$4.6M$359.0K$109.0K$6.6M$151.0K$1.8M$7.8M$616.0K
Net income $24.6M$43.3M$206.7M$90.8M$33.0M-$410.5M$142.8M$259.1M$153.0M$140.7M
EPS, basic 0.040.140.930.340.06-1.93————
EPS, diluted 0.040.140.930.340.06-1.930.541.050.590.55
Shares, diluted (wtd. avg.) 194.3M202.6M205.9M212.7M216.3M215.9M————

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $109.2M$107.2M$426.4M$157.2M$162.7M$416.1M$865.0M$862.4M$559.3M$437.5M
Receivables ———$42.1M$28.7M$8.6M$35.2M$33.8M$34.2M$39.3M
Inventory ———————$1.1M$1.3M$1.2M
Total current assets ———$214.0M$282.1M$435.1M$913.7M$908.5M$728.1M$567.6M
Property, plant and equipment $1.6M$2.3M$3.1M$3.7M$5.9M$6.8M$7.6M$8.4M$584.0K$779.0K
Goodwill ———————$990.0K$990.0K$990.0K
Total assets $3.03B$3.11B$3.15B$3.08B$3.04B$2.99B$3.92B$3.97B$3.86B$3.74B
Accounts payable ———$56.8M$47.7M—————
Short-term debt ———$222.0M$20.7M$2.3M$82.1M$5.8M$5.5M$184.9M
Total current liabilities ———$380.9M$175.8M$90.8M$325.6M$232.7M$242.6M$408.8M
Long-term debt $918.1M$841.0M$814.6M$812.7M$588.7M$742.5M$889.0M$971.2M$977.3M$746.4M
Total liabilities $1.08B$1.00B$982.7M$997.9M$801.3M$896.3M$1.30B$1.26B$1.28B$1.21B
Retained earnings ———$1.04B$948.1M$913.8M$1.32B$1.18B$932.3M$786.9M
Total equity $1.94B$2.10B$2.17B$2.08B$2.24B$2.09B$2.62B$2.71B$2.58B$2.53B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $181.8M$170.4M$198.1M$209.4M$28.4M-$116.7M$290.9M$305.3M$306.8M$287.8M
Depreciation and amortisation $133.0M$123.2M$126.5M$125.8M$128.6M$137.0M$147.7M$145.0M$156.0M$159.9M
Stock-based compensation $8.7M$10.5M$10.8M$10.9M$12.8M$9.6M$9.3M$9.0M$8.0M$7.2M
Capital expenditure $103.0M$157.4M$110.1M$128.6M$63.7M$51.4M$96.0M$159.1M$115.1M$182.2M
Investing cash flow -$48.8M-$386.3M$258.1M-$165.7M-$239.7M$113.8M-$47.1M$156.4M-$138.7M-$142.8M
Financing cash flow -$127.5M-$97.5M-$119.7M-$49.2M-$42.1M-$445.9M-$241.2M-$158.6M-$46.2M-$282.8M
Dividends paid $86.4M$91.0M$59.8M$24.8M$13.7M$156.3M$170.2M$177.6M$163.0M—
Buybacks $102.6M$27.2M$56.4M$108.4M—$103.9M$50.1M———

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-021440.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -500M 0 500M 1B 1.5B Revenue, FY2016: 1.2B Net income, FY2016: 140.7M Revenue, FY2017: 1.2B Net income, FY2017: 153M Revenue, FY2018: 1.2B Net income, FY2018: 259.1M Revenue, FY2019: 1.1B Net income, FY2019: 142.8M Revenue, FY2020: 267.9M Net income, FY2020: -410.5M Revenue, FY2021: 509.1M Net income, FY2021: 33M Revenue, FY2022: 912.1M Net income, FY2022: 90.8M Revenue, FY2023: 986.5M Net income, FY2023: 206.7M Revenue, FY2024: 905.8M Net income, FY2024: 43.3M Revenue, FY2025: 960.1M Net income, FY2025: 24.6M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.19B $1.19B $1.16B $1.12B $267.9M $509.1M $912.1M $986.5M $905.8M $960.1M
Gross profit — — — — — — — — — —
Net income $140.7M $153.0M $259.1M $142.8M -$410.5M $33.0M $90.8M $206.7M $43.3M $24.6M

Recent filings and events

  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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