Sunstone Hotel Investors Q2 FFO Declines; Updates Full Year Guidance

(RTTNews) - Sunstone Hotel Investors (SHO) reported that its second quarter FFO to common stockholders declined to $53.23 million from $71.55 million, prior year. FFO per share was $0.26 compared to $0.35. Adjusted FFO to stockholders per share decreased 15.2% to $0.28. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.10, for the quarter. Analysts' estimates typically exclude special items.

Income attributable to common stockholders was $22.46 million compared to $39.31 million, prior year. Earnings per share was $0.11 compared to $0.19.

Second quarter total revenues declined to $247.48 million from $276.11 million, prior year. Analysts on average had estimated $249.66 million in revenue.

For 2024, the company now expects adjusted FFO per share in a range of $0.85 to $0.90, revised from prior guidance range of $0.84 to $0.94.

The Board has authorized a cash dividend of $0.09 per share of its common stock. The dividends will be paid on October 15, 2024 to stockholders of record as of September 30, 2024. The company currently expects to continue to pay a quarterly cash common dividend throughout 2024. The company may pay an additional dividend amount in January 2025.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.