Sunstone hotel investors, inc. (SHO)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income

-162,519

45,414

33,545

45,918

17,916

77,756

91,586

51,262

38,455

20,680

17,082

51,415

63,827

34,298

39,427

65,736

1,216

237,575

63,084

53,657

1,203

14,257

33,643

43,535

-3,496

5,249

15,817

20,009

28,926

11,114

39,556

11,855

-12,968

7,588

-16,553

38,929

51,335

35,672

23,653

308

-21,091

Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Bad debt expense

318

-44

130

95

180

133

193

407

82

227

193

179

131

125

184

200

109

123

61

-84

138

152

68

53

95

42

156

33

63

388

77

-64

9

405

138

84

3

11

112

6

-40

Gain on sale of assets

-

-

-

-

-

48,176

53,077

-6

15,669

11

6,986

1,180

44,570

196

-8

18,227

7

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on extinguishment of debt

-

-

-

-

-

-

-

-

-

-796

0

0

-4

-25

0

-154

-105

-

-

-

-

-

-

-

-

0

0

0

-3,159

0

0

0

-191

-

-

-

-

-

-

-

-

Gain on redemption of note receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

27

5,248

6

7

0

5

51,620

4

38,082

0

188

-

-

-

-

-

-

-

-

Noncash interest on derivatives and finance lease obligations, net

6,080

-857

1,155

3,634

2,119

3,805

-818

-1,040

-3,137

-1,777

4,534

1,006

-657

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gain on remeasurement of equity interests

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

69,230

-

-

-

-

Loss on derivatives, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-2,782

-6,402

-

-

-

-

134

161

125

109

96

12

260

157

189

-96

-423

-76

-564

-1,087

-960

-44

-

-

-

-

Depreciation

36,736

37,253

37,562

36,509

36,345

36,214

36,054

36,682

36,008

37,893

39,040

38,879

40,150

41,155

39,645

39,786

39,333

40,594

40,405

39,941

39,465

39,284

39,069

37,294

36,934

35,448

34,290

31,350

30,705

32,301

33,051

31,573

31,281

31,256

30,590

29,749

27,239

25,224

25,398

24,859

25,189

Amortization of franchise fees and other intangibles

10

11

11

15

42

114

5

717

746

755

762

805

819

807

1,186

977

773

431

1,996

2,003

2,049

2,036

1,997

1,755

1,755

1,860

1,834

1,968

4,453

5,363

5,575

4,750

4,510

4,668

4,621

4,167

1,613

157

101

99

186

Amortization of deferred financing costs

699

697

698

698

698

707

748

745

747

675

577

579

578

552

544

549

555

676

692

1,141

639

632

673

736

736

736

736

725

760

893

1,127

965

967

1,031

843

815

616

539

434

561

2,089

Amortization of loan discounts

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

3

267

267

258

266

270

270

261

261

253

252

245

246

Amortization of deferred stock compensation

2,207

2,145

2,146

2,900

2,122

2,069

2,073

2,865

2,000

1,854

1,848

2,591

1,749

1,541

1,539

2,463

1,614

1,589

1,262

3,949

2,895

4,294

1,453

1,944

1,372

1,280

1,262

1,241

1,075

812

812

896

946

575

697

929

544

1,537

757

686

962

Impairment losses

115,366

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes, net

7,415

934

390

2,648

-3,284

2,232

719

2,147

-3,966

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity in earnings of unconsolidated joint ventures

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

21

80

200

163

112

Changes in operating assets and liabilities:
Restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-2,087

-7,583

-8,176

-7,986

2,261

3,302

-6,113

-12,346

-1,189

8,160

-6,168

9

2,804

9,175

-300

279

-2,394

-2,322

4,686

-1,151

4,340

-4,573

-11,938

-14,743

2,698

23,926

7,353

Accounts receivable

-11,757

-8,974

-3,971

6,029

8,642

-11,355

-1,836

-810

13,096

-8,716

-1,303

-3,731

10,575

-6,346

-84

435

14,396

-15,667

-4,295

1,369

16,818

-13,770

2,002

4,255

9,045

-11,240

3,940

958

4,602

589

-8,581

663

2,742

7,221

-11,474

2,511

5,865

-1,441

-5,988

-1,532

4,674

Due from affiliates

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3

-27

-1

Inventories

-

-

-

-

-

-

-

-

-

-

-49

-17

-5

-14

58

-45

-39

32

13

-21

-68

100

-11

-60

-129

176

-72

-35

-1,593

164

63

14

30

191

109

12

4

206

124

-116

-51

Prepaid expenses and other assets

247

-357

6,322

-6,709

2,131

634

-1,126

-3,272

3,575

1,823

2,817

-5,191

2,387

-1,049

2,434

-4,091

1,729

-42

-772

-2,399

1,768

2,320

614

-6,344

289

1,561

3,864

-7,608

-541

1,128

9,723

358

-3,303

-88

2,594

-3,656

-1,408

-3,375

10,563

-2,565

-129

Accounts payable and other liabilities

-12,226

486

-44

8,330

-5,837

-3,606

-5,318

11,732

514

-5,209

984

3,773

-370

-2,526

-3,014

-1,675

7,691

-9,456

4,855

-8,186

17,406

-8,202

2,346

479

12,650

-9,083

3,387

5,146

7,551

-8,486

1,032

7,475

2,258

-4,540

5,460

-1,808

6,310

-23,609

8,421

2,441

11,446

Accrued payroll and employee benefits

-7,860

3,402

1,587

3,305

-7,937

2,951

1,156

2,758

-8,513

3,667

2,533

3,153

-8,569

3,161

1,544

2,031

-6,790

-3,030

4,171

9,983

-13,184

1,984

4,262

4,141

-7,611

1,283

3,494

3,352

-9,766

1,709

3,333

3,172

-5,231

939

2,507

727

-2,153

2,341

1,092

1,913

-1,517

Operating lease right-of-use assets and obligations

-261

-

-

-

-19

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Due to Third-Party Managers

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

627

-1,621

3

-1,338

-1,039

36

-108

Discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

432

740

847

-425

-259

-450

-878

3,028

-970

20,397

-6,592

-6,963

-6,920

Net cash (used in) provided by operating activities

-2,525

80,291

74,576

104,481

31,572

85,755

76,283

112,657

30,596

76,415

80,102

110,139

40,135

59,269

79,368

106,060

43,091

80,280

91,614

99,225

38,206

82,095

82,438

78,553

39,283

46,206

50,428

61,069

13,416

42,748

48,880

62,165

17,703

36,168

44,737

51,202

23,071

41,416

4,899

-462

-1,516

CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of assets

-

-

-

-

-

116,949

94,047

43

136,993

44

16

27,038

123,117

385

31

41,164

7

-

-

-

-

11

27

65

7

7

0

5

195,616

4

46,352

0

11

4,574

73

39,887

42

-

-

-

-

Disposition deposit

3,500

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash proceeds held by accommodator

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-67,147

139,434

-

-

-

-

-

-

-

-

-

-

-

-

Restricted cash - replacement reserve

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7,000

1,605

309

-7,375

824

-2,106

11,299

1,296

6,338

-2,933

-390

5,158

4,624

-1,887

-9,167

1,821

3,745

5,770

-593

2,690

-1,175

4,206

2,422

-404

-404

4,030

-2,291

Acquisition deposit

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

14,000

6,000

-

-

500

2,500

-

-

-

-

-

-

-

-

Acquisition of hotel property

346

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

161,105

102,159

-

-

-

4,000

Renovations and additions to hotel properties and other assets

17,016

20,681

22,544

28,213

24,520

33,222

38,713

47,820

39,321

33,627

21,971

29,627

29,872

42,339

39,812

51,216

48,818

57,657

33,586

36,869

36,120

32,611

27,528

32,490

33,346

26,042

22,563

31,940

37,149

32,682

28,156

26,697

21,786

17,967

17,733

32,094

32,606

25,541

14,320

8,498

8,625

Payment for interest rate derivatives

-

-

-

-

-

-

-

-

-

106

0

0

19

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in investing activities

-13,862

28,320

-22,544

-28,406

-24,520

80,700

43,655

-65,661

97,672

-33,500

-188,872

-9,589

93,226

-32,790

-46,781

-14,104

-49,120

472,401

8,017

-33,646

-47,419

-33,896

-284,397

-55,492

-32,949

-293,718

-63,782

-36,050

22,200

-34,499

-72,858

-62,661

-23,682

62,162

-16,485

-157,651

-137,145

-49,891

-131,159

-11,928

-10,334

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from preferred stock offerings

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

75,000

115,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of preferred stock offering costs

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

2,624

4,016

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Redemption of preferred stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

100,000

176,250

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from common stock offerings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

20,198

0

262,800

1,392

271,200

0

0

295,251

-

-

-

-

-

-

-

-

-

-

-

-

Payment of common stock offering costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

386

45

396

173

315

0

0

376

-

-

-

-

-

-

-

-

-

-

-

-

Repurchases of outstanding common stock

103,894

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repurchases of common stock for employee tax obligations

3,992

0

0

0

4,435

0

0

0

4,232

0

0

0

3,793

0

0

0

2,641

0

0

40

9,224

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from credit facility

300,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,750

0

30,000

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from notes payable

-

-

-

-

-

-

-

-

-

-

0

0

240,000

-

0

0

100,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on notes payable

1,898

2,195

1,981

1,955

1,834

67,088

1,722

1,871

1,893

221,745

2,611

2,587

178,599

69,032

3,058

75,888

117,558

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on notes payable and credit facility

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

142,760

5,875

-

18,430

16,730

5,673

6,282

10,780

4,672

119,793

5,289

5,015

52,799

10,225

316,119

5,586

243,209

3,394

58,017

2,708

111,705

2,745

Payments of costs related to extinguishment of debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

3,108

0

0

0

70

-

-

-

-

-

-

-

-

Payments of deferred financing costs

-

-

-

-

-

3,995

0

0

5

3,487

0

0

13

1,674

8

-1

78

953

777

4,121

10

-

-

-

-

-

-

-

-

-

-

-

-

4,231

-12

4,493

337

-

-

-

4

Dividends and distributions paid

135,872

14,451

14,618

14,636

126,461

14,620

14,620

14,488

133,894

14,474

14,465

14,228

119,847

14,033

13,898

13,254

186,301

12,730

12,735

12,734

39,345

12,570

12,370

11,467

11,443

10,444

2,300

4,993

9,787

7,437

7,437

7,437

7,437

7,437

7,310

5,137

5,137

5,137

5,137

5,137

5,137

Distributions to noncontrolling interest

2,000

3,149

2,625

788

1,950

2,725

4,000

1,475

1,169

1,925

2,963

1,037

2,325

1,749

3,188

2,025

775

3,195

3,195

2,134

1,457

2,758

3,614

2,108

8

2,509

2,070

445

457

1,571

1,483

2,445

882

570

758

7

7

-

-

-

-

Net cash provided by (used in) financing activities

52,344

-19,883

-63,489

-23,114

-134,680

-23,571

-20,342

26,507

-141,193

-21,669

-16,898

56,939

-64,577

-32,316

-20,152

-133,943

-96,369

-229,804

-22,201

-123,791

-55,911

38,470

-23,316

242,849

-15,905

251,650

-9,638

-110,115

15,480

-14,329

-15,255

78,421

-18,614

-108,347

-13,642

98,092

-8,875

215,204

-7,845

-116,842

-7,886

Net increase (decrease) in cash and cash equivalents and restricted cash

35,957

88,728

-11,457

52,961

-127,628

142,884

99,596

73,503

-12,925

21,246

-125,668

157,489

68,784

-5,837

12,435

-41,987

-102,398

322,877

77,430

-58,212

-65,124

86,669

-225,275

265,910

-9,571

4,138

-22,992

-85,096

51,096

-6,080

-39,233

77,925

-24,593

-10,017

14,610

-8,357

-122,949

206,729

-134,105

-129,232

-19,736

Supplemental Disclosure of Cash Flow Information
Cash paid for interest

13,091

8,598

13,810

8,601

14,292

8,399

14,252

8,526

13,618

8,400

14,901

8,054

9,632

12,562

11,736

13,354

12,455

16,233

15,320

16,759

15,240

17,857

17,467

17,759

16,428

19,065

17,640

16,862

17,996

18,095

19,768

19,438

20,933

20,425

20,435

18,686

16,469

16,233

16,813

15,832

16,902

Cash paid for income taxes, net

77

-749

82

135

137

122

329

207

35

569

417

409

38

138

394

505

204

682

108

440

-647

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(Decrease) increase in accounts payable related to renovations and additions to hotel properties and other assets

9,382

1,622

-828

-2,662

11,639

-3,098

430

-4,012

17,214

18,931

885

-8,895

2,119

-736

4,093

-2,772

5,844

5,489

-596

-433

3,808

-193

1,604

-1,818

9,077

2,410

339

-6,240

11,333

-450

137

1,291

4,919

1,451

-2,638

-3,956

13,447

-

-

-

-

Amortization of deferred stock compensation - construction activities

117

102

103

102

99

92

70

101

113

116

47

158

151

141

-36

247

239

138

138

139

165

120

120

120

114

100

100

100

93

77

77

76

72

63

185

71

57

45

47

48

42

Deconsolidation of assets of hotels placed into receivership

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-19

18,393

Deconsolidation of liabilities of hotels placed into receivership

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-22

26,876

Amortization of deferred stock compensation - unconsolidated joint venture

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

2

11

4

7

10

Issuance of common stock distributions

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

78,823

0

0

0

37,349

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Assumption of debt in connection with acquisitions of hotel properties

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

233,769

312,183

-

-

-

-