News for the Hospitality Executive |
Provides Business Update
RevPAR Expected to Increase
Approximately 6.5%
in Second Quarter 2010 vs. Second Quarter 2009 |
Operating Statistics: |
Available Rooms: |
Total Revenue Seasonality: |
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(dollars in thousands) |
|||||||||||
Occupancy% |
ADR |
RevPAR |
|||||||||
2007: |
2007: |
2007: |
|||||||||
Q1 |
71.5% |
$ 157.55 |
$ 112.65 |
Q1 |
982,871 |
Q1 |
$ 164,933 |
21.4% |
|||
Q2 |
79.1% |
$ 166.63 |
$ 131.80 |
Q2 |
989,179 |
Q2 |
191,600 |
24.8% |
|||
Q3 |
81.4% |
$ 162.56 |
$ 132.32 |
Q3 |
996,312 |
Q3 |
189,612 |
24.6% |
|||
Q4 |
72.9% |
$ 174.02 |
$ 126.86 |
Q4 |
1,153,704 |
Q4 |
225,374 |
29.2% |
|||
FY 2007 |
76.1% |
$ 165.52 |
$ 125.96 |
FY 2007 |
4,122,066 |
FY 2007 |
$ 771,519 |
100.0% |
|||
2008: |
2008: |
2008: |
|||||||||
Q1 |
71.4% |
$ 165.51 |
$ 118.17 |
Q1 |
989,419 |
Q1 |
$ 174,701 |
22.7% |
|||
Q2 |
79.8% |
$ 173.03 |
$ 138.08 |
Q2 |
990,129 |
Q2 |
200,608 |
26.1% |
|||
Q3 |
79.8% |
$ 164.67 |
$ 131.41 |
Q3 |
995,544 |
Q3 |
187,747 |
24.4% |
|||
Q4 |
67.3% |
$ 167.29 |
$ 112.59 |
Q4 |
1,192,314 |
Q4 |
206,476 |
26.8% |
|||
FY 2008 |
74.2% |
$ 167.68 |
$ 124.42 |
FY 2008 |
4,167,406 |
FY 2008 |
$ 769,532 |
100.0% |
|||
2009: |
2009: |
2009: |
|||||||||
Q1 |
65.2% |
$ 154.33 |
$ 100.62 |
Q1 |
984,168 |
Q1 |
$ 149,657 |
24.0% |
|||
Q2 |
70.5% |
$ 148.69 |
$ 104.83 |
Q2 |
990,080 |
Q2 |
154,850 |
24.9% |
|||
Q3 |
74.5% |
$ 140.37 |
$ 104.58 |
Q3 |
995,796 |
Q3 |
148,896 |
23.9% |
|||
Q4 |
66.2% |
$ 146.44 |
$ 96.94 |
Q4 |
1,153,296 |
Q4 |
169,103 |
27.2% |
|||
FY 2009 |
69.0% |
$ 147.19 |
$ 101.56 |
FY 2009 |
4,123,340 |
FY 2009 |
$ 622,506 |
100.0% |
|||
The following table provides a 2010 EBITDA reconciliation for the Renaissance Westchester
Renaissance Westchester |
||||
(in thousands) |
||||
Full Year 2010 Forecast |
||||
Total Revenue |
$ 18,071 |
|||
Net Income |
$ 808 |
|||
Plus: Depreciation |
1,104 |
|||
Adjusted Hotel EBITDA |
$ 1,912 |
|||
Sunstone Hotel Investors, Inc. |
|||
Preliminary Pro Forma Reconciliation of Income Available (Loss Attributable) to Common Stockholders to Non-GAAP Financial Measures |
|||
(Unaudited and in thousands except per share amounts) |
|||
Preliminary Pro Forma Reconciliation of Income Available (Loss Attributable) to Common Stockholders to EBITDA and Adjusted EBITDA |
|||
Three Months Ended June 30, 2010 |
|||
Low |
High |
||
Pro Forma |
Pro Forma |
||
Income available (loss attributable) to common stockholders (1) |
$ (1,300) |
$700 |
|
Series A and C preferred stock dividends |
5,200 |
5,200 |
|
Operations held for investment: |
|||
Depreciation and amortization |
23,500 |
23,500 |
|
Interest expense |
16,000 |
16,000 |
|
Amortization of deferred financing fees |
300 |
300 |
|
Non-cash interest related to discount on Senior Notes |
200 |
200 |
|
EBITDA |
43,900 |
45,900 |
|
Amortization of deferred stock compensation - operations held for investment |
700 |
700 |
|
Gain on extinguishment of debt |
(6,900) |
(6,900) |
|
(6,200) |
(6,200) |
||
Adjusted EBITDA |
$37,700 |
$39,700 |
|
Preliminary Pro Forma Reconciliation of Income Available (Loss Attributable) to Common Stockholders to FFO and Adjusted FFO |
|||
Income available (loss attributable) to common stockholders (1) |
$(1,300) |
$700 |
|
Real estate depreciation and amortization - operations held for investment |
23,400 |
23,400 |
|
FFO available to common stockholders |
22,100 |
24,100 |
|
Gain on extinguishment of debt |
(6,900) |
(6,900) |
|
(6,900) |
(6,900) |
||
Adjusted FFO available to common stockholders |
$15,200 |
$17,200 |
|
FFO available to common stockholders per diluted share |
$0.23 |
$0.25 |
|
Adjusted FFO available to common stockholders per diluted share |
$0.16 |
$ 0.18 |
|
Diluted weighted average shares outstanding (2) |
97,600 |
97,600 |
|
(1) Preliminary pro forma includes the 30 hotels held for investment by the Company at June 30, 2010. |
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(2) Diluted weighted average shares outstanding includes the Series C convertible preferred stock on a "non-converted" basis since such treatment is dilutive. |
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Contact: Bryan Giglia Senior Vice President – Corporate Finance Sunstone Hotel Investors, Inc. (949) 369-4236 |