Sunstone Hotel Investors, Inc. (NYSE:SHO) Q4 2020 Earnings Conference Call February 12, 2021 12:00 PM ET Company Participants Aaron Reyes - Senior Vice President & Treasurer John Arabia - President & Chief Executive Officer Bryan Giglia - Chief Financial Officer Marc Hoffman - Chief Operating Officer Conference Call Participants Michael Bellisario - Baird Lukas Hartwich - Green Street David Katz - Jefferies Danny Asad - Bank of America Rich Hightower - Evercore Anthony Powell - Barclays Smedes Rose - Citi A ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-32319 Sunstone Hotel Investors, Inc. (Exact Name of Registrant as Specified in Its Charter) Indicate by check mark whether the ...

Sunstone Hotel Investors, Inc. (NYSE:SHO) Q3 2020 Earnings Conference Call November 6, 2020 12:00 PM ET Company Participants Aaron Reyes – Vice President-Corporate Finance and Treasurer John Arabia – President and Chief Executive Officer Bryan Giglia – Chief Financial Officer Conference Call Participants Lukas Hartwich – Green Street Smedes Rose – Citi Dori Kesten – Wells Fargo Michael Bellisario – Baird Anthony Powell – Barclays Rich Hightower – Evercore David Katz – Jefferies Chris Woronka – Deutsche Bank ...

Sunstone Hotel Investors, Inc. (NYSE:SHO) Q2 2020 Earnings Conference Call August 4, 2020 12:00 PM ET Company Participants Aaron Reyes – Vice President-Corporate Finance and Treasurer John Arabia – President and Chief Executive Officer Bryan Giglia – Executive Vice President and Chief Financial Officer Conference Call Participants Lukas Hartwich – Green Street Advisors David Katz – Jefferies Anthony Powell – Barclays Dori Kesten – Wells Fargo Bill Crow – Raymond James Rich Hightower – Evercore Chris Woronka ...

Supplemental Financial Information | --- | --- | --- | |------------------------------------------------------|-------|----------------| | | | August 4, 2020 | | | | | | | | | | Supplemental Financial Information | | | | For the quarter ended June 30, 2020 August 4, 2020 | | | Supplemental Financial Information August 4, 2020 CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR 3 About Sunstone 4 Forward-Looking Statement 5 Non-GAAP Financial Measures 6 CORPORATE FINANCIAL INFORMATION 9 Condensed Conso ...

Sunstone Hotel Investors, Inc. (NYSE:SHO) Q1 2020 Earnings Conference Call May 8, 2020 12:00 PM ET Company Participants Aaron Reyes - VP, Corporate Finance & Treasurer John Arabia - President & CEO Bryan Giglia - CFO Conference Call Participants Lukas Hartwich - Green Street Advisors Anthony Powell - Barclays Shaun Kelly - Bank of America Chris Woronka - Deutsche Bank Smedes Rose - Citi Michael Bellisario - Baird Stephen Grambling - Goldman Sachs David Katz - Jefferies Bill Crow - Raymond James Patrick Scho ...

Supplemental Financial Information | --- | --- | --- | |-----------------------------------------------------------------------------------------|-------|-------------| | | | May 8, 2020 | | | | | | | | | | | | | | Supplemental Financial Information For the quarter ended March 31, 2020 May 8, 2020 | | | Supplemental Financial Information May 8, 2020 CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR 2 About Sunstone 3 Forward-Looking Statement 4 Non-GAAP Financial Measures 5 CORPORATE FINANCIAL INFOR ...

Financial Data and Key Metrics Changes - In Q4 2019, comparable portfolio RevPAR increased by 80 basis points year-over-year, while total revenues rose by 2.1%, leading to full-year RevPAR growth of 1.9% and total revenue growth of 2.9% [13][14] - Full-year adjusted EBITDA and adjusted FFO per diluted share exceeded the high end of guidance, despite ongoing cost pressures [15][30] Business Line Data and Key Metrics Changes - Transient room revenue grew approximately 3% in 2019, while group revenue remained flat [14] - Food and beverage revenues increased by 2.6%, and ancillary property level revenues surged by 14% in Q4 [14] Market Data and Key Metrics Changes - The Wailea market continued to show strong RevPAR index gains, while markets like Chicago, Portland, and New York City experienced general weakness [16][18] - December 2019 saw better-than-expected operating trends, particularly in Wailea, Long Beach, Chicago, and San Francisco [18] Company Strategy and Development Direction - The company plans to focus on long-term relevant real estate and has increased its share repurchase program from $300 million to $500 million, indicating a preference for buying back shares over acquisitions [26][28] - Limited capital expenditures are expected in 2020, with a focus on strategic renovations, such as the Marriott Portland [22][90] Management's Comments on Operating Environment and Future Outlook - The operating environment for 2020 is expected to be similar to 2019, with limited RevPAR growth anticipated across most markets [20] - The company is monitoring the potential impact of the Coronavirus on travel and hotel demand, although current expectations do not include significant negative impacts [23][57] Other Important Information - The company disposed of the leasehold interest in the Courtyard LAX for $50 million, consolidating its portfolio and reducing ground lease exposure [11][12] - A $0.05 per common share dividend has been declared for Q1 2020, with expectations to maintain this throughout the year [32] Q&A Session Summary Question: Impact of hotel values due to weak fundamentals - Management noted that high-quality assets still attract strong bids, while commodity assets face more challenges [36] Question: Wailea Beach Resort's ADR Index - The ADR Index gap has improved from $280 behind the luxury set in 2014 to $180 behind at the end of 2019 [37] Question: Hilton Times Square property tax increases - Management discussed significant property tax pressures and a disputed ground rent increase, which could impact margins [42][43] Question: Transient demand trends - Management observed better transient demand in December, with an uptick in both corporate and leisure bookings [48] Question: Share repurchase strategy - The company emphasized that share repurchases are a capital allocation tool rather than a signaling mechanism [84] Question: CapEx spending trends - Management indicated that lower projected CapEx spending is due to postponed renovations and a well-maintained portfolio [90]

Sunstone Hotel Investors, Inc. (NYSE:SHO) Q3 2019 Earnings Conference Call November 5, 2019 12:00 PM ET Company Participants Aaron Reyes - VP, Corporate Finance & Treasurer John Arabia - President, CEO & Director Bryan Giglia - EVP & CFO Marc Hoffman - EVP & COO Robert Springer - EVP & CIO John Arabia - President, CEO & Director Bryan Giglia - EVP & CFO Conference Call Participants Lukas Hartwich - Green Street Advisors Anthony Powell - Barclays Bank Michael Bellisario - Robert W. Baird & Co. Smedes Rose - ...

Supplemental Financial Information | --- | --- | --- | |-----------------------------------------------------------------------------------------|-------|----------------| | | | August 1, 2019 | | | | | | | | | | | | | | Supplemental Financial Information For the quarter ended June 30, 2019 August 1, 2019 | | | Supplemental Financial Information August 1, 2019 HIDDEN_ROW CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR 3 About Sunstone 4 Forward-Looking Statement 5 Non-GAAP Financial Measures 6 COR ...