Sunstone Hotel Investors Q1 Adjusted FFO Declines

(RTTNews) - Sunstone Hotel Investors, Inc. (SHO) Monday reported net income of $9.35 million or $0.05 per share for the first quarter, significantly lower than $17.32 million or $0.08 per share in the same quarter a year ago, primarily impacted by decline in revenue.

Funds From Operations or FFO decreased to $37.65 million or $0.19 per share from $49.51 million or $0.24 per share last year.

Excluding one-time items, adjusted FFO was $37.51 million or $0.18 per share, down from $43.82 million or $0.21 per share a year ago.

On average, 4 analysts polled by Thomson-Reuters expected the company to report earnings of $0.01 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter decreased to $217.17 million from $243.44 million in the previous year. The consensus estimate was for $214.59 million.

Additionally, the Board of Sunstone Hotel Investors has declared a dividend of $0.09 per share, an increase of $0.02 per share, to be paid on July 15, to stockholders of record on June 28.

Looking ahead, the company has revised its adjusted FFO per share outlook to $0.84 - $0.94 from $0.83 - $0.95.