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Sunstone Hotel Investors SHO Hotel Ownership — Pre Opening Costs

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Other financials

Income statement

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Revenue$277.1M+6.7%
Net income$26.0M+142%
EPS (diluted)$0.14+367%

Balance sheet

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Cash & equivalents$94.4M+28.4%
Total debt$974.9M+11.0%
Total equity$1.9B-5.0%
Total assets$3.0B+0.8%

Cash flow

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Operating cash flow$62.0M+5.6%
CapEx$22.4M-19.7%
Free cash flow$39.6M+28.4%

Valuation

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Market cap$2.1B+20.7%
Enterprise value$2.98B+17.1%
P/E39.6×-47.0×
P/S2.1×+0.2×

Profitability

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Operating margin-147%
Net margin5.3%+3.1pp
FCF margin9.8%

Returns & leverage

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Return on equity2.8%+1.8pp
Debt / equity0.5×+0.1×
Current ratio1.5×+0.2×

Where this comes from

Reported directly by Sunstone Hotel Investors in its filing.

Tagged under the XBRL concept us-gaap:PreOpeningCosts.

The source filing: Sunstone Hotel Investors’s 10-K, filed February 27, 2026.

Filed
Feb 27, 2026, 2:11 PM EST
Fiscal year
FY2025
Accession
0001104659-26-021440
Line item202520242023
Other revenues (1)55
Non-hotel operating expenses, net (3)1038211
Property-level COVID-19 relief grant (4)1,343
Pre-opening expenses (4)(6,471)(2,633)
Property-level legal settlements (4)(1,182)
Property-level severance (4)(297)
Taxes assessed on commercial rents (4)(617)(480)(553)
Amortization of right-of use assets and obligations1,1581,1581,158

Item 16. Form 10-K Summary

FAQ

What is Sunstone Hotel Investors's hotel ownership — pre opening costs?
Sunstone Hotel Investors (SHO) reported hotel ownership — pre opening costs of -$1.62M in Q4 2025.
How has Sunstone Hotel Investors's hotel ownership — pre opening costs changed year-over-year?
Sunstone Hotel Investors's hotel ownership — pre opening costs decreased by 145.8% year-over-year, from -$658.25K to -$1.62M.
What does hotel ownership — pre opening costs mean?
These are expenses incurred in preparation for the launch or renovation of a hotel property before it begins generating revenue. High levels of these costs indicate active investment in portfolio expansion or significant asset repositioning.

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