Short answer
Sunstone Hotel Investors, Inc. (SHO) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $960M (+6.0% year over year) and net income of $8M.
FY2025 key financial metrics · XBRL
- Revenue
- $960M
- +6.0% YoY
- Net income
- $8M
- −70.4% YoY
- EPS (diluted)
- $0.04
- −71.4% YoY
- ROE
- 0.4%
- −0.9 pp YoY
- Operating cash flow
- $182M
- +6.7% YoY
Source: XBRL data from the Sunstone Hotel Investors, Inc. (SHO) FY2025 10-K on SEC EDGAR. USD.
Sunstone Hotel Investors, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: REIT investing in hotel properties, focusing on value-add through capital investment, repositioning, asset management, and leasing to a TRS for qualifying REIT income
- Portfolio size steady at 14 hotels as of Dec 31, 2025, managed by multiple major third-party operators including Marriott (6 hotels) and Hyatt (3 hotels)
- Strategic portfolio recycling approach emphasized for growth and per-share net asset value enhancement
- Investment in hotel properties at $2.77B, down from $2.86B in prior year reflecting asset rotation; common shares outstanding fell ~5.6%, from 200.8M to 189.7M reflecting share repurchases
- No impairment of hotel assets recorded in 2025 despite challenging fair value judgments, highlighting resilience in asset valuations
Management Discussion & Analysis
- Revenue $960.1M, up 6.0% YoY: room $582.7M (+4.2%), food & beverage $278.7M (+8.8%), other operating $98.8M (+9.1%)
- Operating expenses $884.4M up 6.9%, operating margin approx. 7.9% vs 8.7% in 2024 (calculated: (960.1-884.4)/960.1 vs (905.8-827.2)/905.8)
- Best performing segment: Two Renovation Hotels room revenue up $15.6M with 80.1% RevPAR growth; worst: Hilton New Orleans St. Charles sold for $47.0M, $5.7M room revenue loss
- Cash flow uses: share repurchases of 11.6M common shares at $8.83 avg price, $323.9M repurchase authorization remaining; no dividend or capex figures specified
- Outlook risks: continued decline in government-related travel expected in 2026, inflation and economic uncertainties could affect demand and operating costs
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