Sunstone hotel investors, inc. (SHO)
CashFlow / TTM
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

-37,642

142,793

175,135

233,176

238,520

259,059

201,983

127,479

127,632

153,004

166,622

188,967

203,288

140,677

343,954

367,611

355,532

355,519

132,201

102,760

92,638

87,939

78,931

61,105

37,579

70,001

75,866

99,605

91,451

49,557

46,031

-10,078

16,996

81,299

109,383

149,589

110,968

38,542

0

0

0

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

499

361

538

601

913

815

909

909

681

730

628

619

640

618

616

493

209

238

267

274

411

368

258

346

326

294

640

561

464

410

427

488

636

630

236

210

132

89

0

0

0

Gain on sale of assets

-

-

-

-

-

116,916

68,751

22,660

23,846

52,747

52,932

45,938

62,985

18,422

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on extinguishment of debt

-

-

-

-

-

-

-

-

-

-800

-29

-29

-183

-284

0

0

0

-

-

-

-

-

-

-

-

-3,159

-3,159

-3,159

-3,159

-191

0

0

0

-

-

-

-

-

-

-

-

Gain on redemption of note receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,288

5,261

18

51,632

51,629

89,711

89,706

38,274

0

0

0

-

-

-

-

-

-

-

-

Noncash interest on derivatives and finance lease obligations, net

10,012

6,051

10,713

8,740

4,066

-1,190

-6,772

-1,420

626

3,106

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gain on remeasurement of equity interests

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

Loss on derivatives, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

529

491

342

477

525

618

510

-173

-406

-1,159

-2,150

-2,687

-2,655

0

0

0

-

-

-

-

Depreciation

148,060

147,669

146,630

145,122

145,295

144,958

146,637

149,623

151,820

155,962

159,224

159,829

160,736

159,919

159,358

160,118

160,273

160,405

159,095

157,759

155,112

152,581

148,745

143,966

138,022

131,793

128,646

127,407

127,630

128,206

127,161

124,700

122,876

118,834

112,802

107,610

102,720

100,670

0

0

0

Amortization of franchise fees and other intangibles

47

79

182

176

878

1,582

2,223

2,980

3,068

3,141

3,193

3,617

3,789

3,743

3,367

4,177

5,203

6,479

8,084

8,085

7,837

7,543

7,367

7,204

7,417

10,115

13,618

17,359

20,141

20,198

19,503

18,549

17,966

15,069

10,558

6,038

1,970

543

0

0

0

Amortization of deferred financing costs

2,792

2,791

2,801

2,851

2,898

2,947

2,915

2,744

2,578

2,409

2,286

2,253

2,223

2,200

2,324

2,472

3,064

3,148

3,104

3,085

2,680

2,777

2,881

2,944

2,933

2,957

3,114

3,505

3,745

3,952

4,090

3,806

3,656

3,305

2,813

2,404

2,150

3,623

0

0

0

Amortization of loan discounts

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3

270

537

795

1,058

1,061

1,064

1,067

1,062

1,045

1,027

1,011

996

0

0

0

Amortization of deferred stock compensation

9,398

9,313

9,237

9,164

9,129

9,007

8,792

8,567

8,293

8,042

7,729

7,420

7,292

7,157

7,205

6,928

8,414

9,695

12,400

12,591

10,586

9,063

6,049

5,858

5,155

4,858

4,390

3,940

3,595

3,466

3,229

3,114

3,147

2,745

3,707

3,767

3,524

3,942

0

0

0

Impairment losses

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes, net

11,387

688

1,986

2,315

1,814

1,132

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity in earnings of unconsolidated joint ventures

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

21

101

301

464

555

0

0

0

Changes in operating assets and liabilities:
Restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-25,832

-21,484

-10,599

-8,536

-12,896

-16,346

-11,488

-11,543

812

4,805

5,820

11,688

11,958

6,760

-4,737

249

-1,181

5,553

3,302

-13,322

-26,914

-28,556

-57

19,234

0

0

0

Accounts receivable

-18,673

1,726

-655

1,480

-5,359

-905

1,734

2,267

-654

-3,175

-805

414

4,580

8,401

-920

-5,131

-4,197

-1,775

122

6,419

9,305

1,532

4,062

6,000

2,703

-1,740

10,089

-2,432

-2,727

-4,587

2,045

-848

1,000

4,123

-4,539

947

-3,096

-4,287

0

0

0

Due from affiliates

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Inventories

-

-

-

-

-

-

-

-

-

-

-85

22

-6

-40

6

-39

-15

-44

24

0

-39

-100

-24

-85

-60

-1,524

-1,536

-1,401

-1,352

271

298

344

342

316

331

346

218

163

0

0

0

Prepaid expenses and other assets

-497

1,387

2,378

-5,070

-1,633

-189

1,000

4,943

3,024

1,836

-1,036

-1,419

-319

-977

30

-3,176

-1,484

-1,445

917

2,303

-1,642

-3,121

-3,880

-630

-1,894

-2,724

-3,157

2,702

10,668

7,906

6,690

-439

-4,453

-2,558

-5,845

2,124

3,215

4,494

0

0

0

Accounts payable and other liabilities

-3,454

2,935

-1,157

-6,431

-3,029

3,322

1,719

8,021

62

-822

1,861

-2,137

-7,585

476

-6,454

1,415

-5,096

4,619

5,873

3,364

12,029

7,273

6,392

7,433

12,100

7,001

7,598

5,243

7,572

2,279

6,225

10,653

1,370

5,422

-13,647

-10,686

-6,437

-1,301

0

0

0

Accrued payroll and employee benefits

434

357

-94

-525

-1,072

-1,648

-932

445

840

784

278

-711

-1,833

-54

-6,245

-3,618

4,334

-2,060

2,954

3,045

-2,797

2,776

2,075

1,307

518

-1,637

-1,211

-1,372

-1,552

2,983

2,213

1,387

-1,058

2,020

3,422

2,007

3,193

3,829

0

0

0

Operating lease right-of-use assets and obligations

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Due to Third-Party Managers

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-2,329

-3,995

-2,338

-2,449

0

0

0

Discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

432

1,172

2,019

1,594

903

-287

-2,012

1,441

730

21,577

15,863

5,872

-78

0

0

0

Net cash (used in) provided by operating activities

256,823

290,920

296,384

298,091

306,267

305,291

295,951

299,770

297,252

306,791

289,645

288,911

284,832

287,788

308,799

321,045

314,210

309,325

311,140

301,964

281,292

282,369

246,480

214,470

196,986

171,119

167,661

166,113

167,209

171,496

164,916

160,773

149,810

155,178

160,426

120,588

68,924

44,337

0

0

0

CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of assets

-

-

-

-

-

348,032

231,127

137,096

164,091

150,215

150,556

150,571

164,697

41,587

0

0

0

-

-

-

-

110

106

79

19

195,628

195,625

241,977

241,972

46,367

50,937

4,658

44,545

44,576

0

0

0

-

-

-

-

Disposition deposit

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash proceeds held by accommodator

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Restricted cash - replacement reserve

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,539

-4,637

-8,348

2,642

11,313

16,827

16,000

4,311

8,173

6,459

7,505

-1,272

-4,609

-5,488

2,169

10,743

11,612

6,692

5,128

8,143

5,049

5,820

5,644

931

0

0

0

Acquisition deposit

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

0

0

-

-

-

-

-

-

-

-

Acquisition of hotel property

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

263,264

0

0

0

-

-

-

0

Renovations and additions to hotel properties and other assets

88,454

95,958

108,499

124,668

144,275

159,076

159,481

142,739

124,546

115,097

123,809

141,650

163,239

182,185

197,503

191,277

176,930

164,232

139,186

133,128

128,749

125,975

119,406

114,441

113,891

117,694

124,334

129,927

124,684

109,321

94,606

84,183

89,580

100,400

107,974

104,561

80,965

56,984

0

0

0

Payment for interest rate derivatives

-

-

-

-

-

-

-

-

-

125

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in investing activities

-36,492

-47,150

5,230

71,429

34,174

156,366

42,166

-190,361

-134,289

-138,735

-138,025

4,066

-449

-142,795

362,396

417,194

397,652

399,353

-106,944

-399,358

-421,204

-406,734

-666,556

-445,941

-426,499

-371,350

-112,131

-121,207

-147,818

-193,700

-97,039

-40,666

-135,656

-249,119

-361,172

-475,846

-330,123

-203,312

0

0

0

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from preferred stock offerings

-

-

-

-

-

-

-

-

-

-

-

-

-

190,000

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of preferred stock offering costs

-

-

-

-

-

-

-

-

-

-

-

-

-

6,640

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Redemption of preferred stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

276,250

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from common stock offerings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

284,390

535,392

535,392

272,592

566,451

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Payment of common stock offering costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,000

929

884

488

691

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Repurchases of outstanding common stock

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repurchases of common stock for employee tax obligations

3,992

4,435

4,435

4,435

4,435

4,232

4,232

4,232

4,232

3,793

3,793

3,793

3,793

2,641

2,641

2,641

2,681

9,264

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from credit facility

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from notes payable

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on notes payable

8,029

7,965

72,858

72,599

72,515

72,574

227,231

228,120

228,836

405,542

252,829

253,276

326,577

265,536

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on notes payable and credit facility

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

47,115

39,465

27,407

141,527

140,534

134,769

182,896

73,328

384,158

384,729

575,139

568,308

310,206

307,328

175,824

175,175

0

0

0

Payments of costs related to extinguishment of debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,108

3,108

3,108

3,108

70

0

0

0

-

-

-

-

-

-

-

-

Payments of deferred financing costs

-

-

-

-

-

4,000

3,492

3,492

3,492

3,500

1,687

1,695

1,694

1,759

1,038

1,807

5,929

5,861

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

9,049

0

0

0

-

-

-

0

Dividends and distributions paid

179,577

170,166

170,335

170,337

170,189

177,622

177,476

177,321

177,061

163,014

162,573

162,006

161,032

227,486

226,183

225,020

224,500

77,544

77,384

77,019

75,752

47,850

45,724

35,654

29,180

27,524

24,517

29,654

32,098

29,748

29,748

29,621

27,321

25,021

22,721

20,548

20,548

20,548

0

0

0

Distributions to noncontrolling interest

8,562

8,512

8,088

9,463

10,150

9,369

8,569

7,532

7,094

8,250

8,074

8,299

9,287

7,737

9,183

9,190

9,299

9,981

9,544

9,963

9,937

8,488

8,239

6,695

5,032

5,481

4,543

3,956

5,956

6,381

5,380

4,655

2,217

1,342

0

0

0

-

-

-

-

Net cash provided by (used in) financing activities

-54,142

-241,166

-244,854

-201,707

-152,086

-158,599

-156,697

-153,253

-122,821

-46,205

-56,852

-60,106

-250,988

-282,780

-480,268

-482,317

-472,165

-431,707

-163,433

-164,548

202,092

242,098

455,278

468,956

115,992

147,377

-118,602

-124,219

64,317

30,223

-63,795

-62,182

-42,511

-32,772

290,779

296,576

81,642

82,631

0

0

0

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

166,189

2,604

56,760

167,813

188,355

303,058

181,420

-43,844

40,142

121,851

94,768

232,871

33,395

-137,787

190,927

255,922

239,697

276,971

40,763

-261,942

62,180

117,733

35,202

237,485

-113,521

-52,854

-63,072

-79,313

83,708

8,019

4,082

57,925

-28,357

-126,713

90,033

-58,682

-179,557

-76,344

0

0

0

Supplemental Disclosure of Cash Flow Information
Cash paid for interest

44,100

45,301

45,102

45,544

45,469

44,795

44,796

45,445

44,973

40,987

45,149

41,984

47,284

50,107

53,778

57,362

60,767

63,552

65,176

67,323

68,323

69,511

70,719

70,892

69,995

71,563

70,593

72,721

75,297

78,234

80,564

81,231

80,479

76,015

71,823

68,201

65,347

65,780

0

0

0

Cash paid for income taxes, net

-455

-395

476

723

795

693

1,140

1,228

1,430

1,433

1,002

979

1,075

1,241

1,785

1,499

1,434

583

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

7,514

9,771

5,051

6,309

4,959

10,534

32,563

33,018

28,135

13,040

-6,627

-3,419

2,704

6,429

12,654

7,965

10,304

8,268

2,586

4,786

3,401

8,670

11,273

10,008

5,586

7,842

4,982

4,780

12,311

5,897

7,798

5,023

-224

8,304

0

0

0

-

-

-

-

Amortization of deferred stock compensation - construction activities

424

406

396

363

362

376

400

377

434

472

497

414

503

591

588

762

654

580

562

544

525

474

454

434

414

393

370

347

323

302

288

396

391

376

358

220

197

182

0

0

0

Deconsolidation of assets of hotels placed into receivership

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Deconsolidation of liabilities of hotels placed into receivership

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Amortization of deferred stock compensation - unconsolidated joint venture

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2

13

17

24

32

0

0

0

Issuance of common stock distributions

-

-

-

-

-

-

-

-

-

-

-

-

-

78,823

78,823

78,823

78,823

37,349

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Assumption of debt in connection with acquisitions of hotel properties

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-