Sunstone Hotel Investors, Inc. (NYSE:SHO) Q4 2023 Earnings Conference Call February 23, 2024 1:00 PM ET

Company Participants

Aaron Reyes - CFO

Bryan Giglia - CEO

Robert Springer - President and Chief Investment Officer

Conference Call Participants

Chris Darling - Green Street

Duane Pfennigwerth - Evercore ISI

Smedes Rose - Citi

Chris Woronka - Deutsche Bank

Floris Van Dijkum - Compass Point

Operator

Good morning, ladies and gentlemen, thanks for standing by. Welcome to the Sunstone Hotel Investors Fourth Quarter 2023, Earnings Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. I would like to remind everyone that this conference is being recorded today, February 23, 2024, at 1 pm. Eastern time.

I will now turn the presentation over to Mr. Aaron Reyes, Chief Financial Officer. Please go ahead, sir.

Aaron Reyes

Thank you, operator. Before we begin, I would like to remind everyone that this call contains forward-looking statements that are subject to risks and uncertainties, including those described in our filings with the SEC, which could cause actual results to differ materially from those projected. We caution you to consider these factors in evaluating our forward-looking statements.

We also note, that the commentary on this call may contain non-GAAP financial information, including adjusted EBITDAre, adjusted FFO, and property level adjusted EBITDAre. We are providing this information as a supplement to information prepared in accordance with generally accepted accounting principles. Additional details on our quarterly results have been provided in our earnings release and supplemental, which are available in the Investor Relations section of our website.

With us on the call today are Bryan Giglia, Chief Executive Officer; Robert Springer, President and Chief Investment Officer and Chris Ostapovicz, Chief Operating Officer. Bryan will start us off with some highlights from last year, followed by commentary on our fourth quarter operations and recent trends. Afterward, Robert will discuss our capital investment activity.

And finally, I will provide a summary of our fourth quarter earnings results, review our current liquidity position and provide the details of our outlook for 2024. After our remarks, the team will be available to answer your question.

With that, I would like to turn the call over to Brian, please go ahead.

Bryan Giglia

Thank you, Aaron. And good morning, everyone. We were encouraged by our execution in the fourth quarter, as better than expected top line performance and strong cost controls allowed us to deliver earnings above the high end of our guidance range. The fourth quarter caps off a productive year at Sunstone, in which we made further progress on our three strategic objectives, which include capital recycling, investing in our portfolio and returning capital to our shareholders.