Sunstone Hotel Investors, Inc. (SHO) · 10+ Years of Financial Ratios

Profitability	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	15.38	22.42	9.81	-37.33	1.46	7.35	- -
Return on Assets (%)	-10.14	1.56	2.92	1.53	1.99	2.19	8.92	3.53	3.83	6.4	3.44	-11.72	1.14	2.85	6.63
Return on Capital (%)	- -	- -	12.98	5.45	8.13	11.29	35.26	- -	- -	12.55	- -	- -	3.47	5.71	18.67
Return on Invested Capital (%)	- -	- -	2.7	1.33	2.25	4.4	4.98	- -	- -	4.96	- -	- -	-2.95	3.41	3.92
Gross Margin (%)	66.02	53.38	54.84	51.5	51.31	52.14	52.62	52.91	53.01	52.86	52.4	6.05	42.85	50.82	48.35
EBITDA Margin (%)	21.47	21.02	24.38	27.43	26.1	27.75	27.8	28.09	28.5	28.46	27.78	-41.02	8.49	24.74	24.9
Operating Margin (%)	6	5.28	8.34	9.53	10.74	13.73	14.44	14.33	15.17	15.81	14.53	-92.18	-16.78	10.89	12.03
Incremental Operating Margin (%)	36.38	12.22	18.6	-167.05	21.31	26.38	22.11	16.75	247.63	-6.44	48.3	- -	- -	45.86	25.95
Pretax Margin (%)	- -	-4.77	4.89	0.28	3.22	7.29	27.3	11.78	11.58	22.5	12.79	-150.77	6.5	9.99	21.42
Profit Margin (%)	-37.56	5.99	9.7	5.76	7.14	7.12	27.81	11.28	12.18	21.61	12.17	-151.06	6.74	9.57	20.95
Net Income to Common Margin (%)	-40.45	2.77	6.35	2.18	5.08	6.31	27.07	9.94	11.1	20.5	11.02	-155.85	2.68	8.01	19.54
Effective Tax Rate (%)	- -	- -	- -	50.02	27.39	0.21	0.42	- -	- -	0.68	- -	- -	0.33	0.39	2.16
Dvd Payout Ratio (%)	-4.16	0.35	-14.32	- -	129.13	47.97	20.19	161.23	106.66	64.66	114.82	-33.42	-62.83	13.22	23.78
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	-1.02	7.92	-1.45	-49.81	2.38	6.38	- -

Credit	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	1,413	1,143	1,570	1,379	1,420	1,445	1,112	947	1,010	1,004	1,036	790	635	827	831
ST Debt	363	16	54	77	23	121	86	185	5	6	82	2	21	222	74
LT Debt	1,050	1,127	1,517	1,302	1,396	1,324	1,026	762	1,004	998	954	788	614	605	757
Total Debt/EBITDA	9.17	8.46	7.72	6.06	5.89	4.56	3.2	2.83	2.97	3.04	3.34	-7.19	14.67	3.66	3.38
Net Debt/EBITDA	6.84	6.4	6.98	5.3	5.39	3.81	1.72	1.68	1.45	0.51	0.5	-3.42	11.31	3.15	1.58
Total Debt/EBIT	32.81	33.68	22.57	17.45	14.31	9.22	6.16	5.56	5.58	5.48	6.39	-3.2	-7.43	8.33	7.01
Net Debt/EBIT	24.49	25.49	20.41	15.27	13.1	7.7	3.31	3.3	2.73	0.92	0.95	-1.52	-5.72	7.16	3.27
EBITDA to Interest Expense	1.68	1.91	2.45	2.96	3.34	4.38	5.22	6.64	6.57	6.92	5.71	-2.06	1.38	7.05	5.02
EBITDA-CapEx/Interest Expense	1.2	-0.91	-0.18	2.96	3.34	4.38	5.22	6.6	6.57	6.14	5.71	-2.07	1.38	7.05	5.02
EBIT to Interest Expense	0.47	0.48	0.84	1.03	1.37	2.17	2.71	3.39	3.5	3.84	2.99	-4.63	-2.73	3.1	2.42
Interest Expense	92	71	83	77	72	72	67	50	52	48	54	53	31	32	49
Common Equity/Total Assets	-0.32	-15.9	-10.76	-10.06	-8.13	-8.07	-7.06	21.1	24.22	29.83	33.7	30.68	31.25	33.65	-16.86
Long-Term Debt/Equity (%)	118.41	102.5	114.43	80.42	71.52	58.34	43.66	30.09	38.89	36.82	36.41	37.72	27.41	29.02	34.95
Long-Term Debt/Capital (%)	66.39	120.87	95.49	86.23	107.14	102.19	102.17	38.58	46.01	41.13	36.8	40.68	32.19	28.2	130.22
Long-Term Debt/Total Assets (%)	41.77	46.25	48.9	41.52	39.8	33.72	26.57	20.38	26.03	25.13	24.35	26.39	20.19	19.63	24.04
Total Debt/Equity (%)	159.39	104	118.5	85.16	72.71	63.68	47.3	37.4	39.1	37.03	39.54	37.83	28.33	39.67	38.37
Total Debt/Capital (%)	89.36	122.64	98.89	91.31	108.92	111.56	110.71	47.94	46.26	41.37	39.96	40.8	33.28	38.54	142.95
Total Debt/Total Assets (%)	56.23	46.93	50.64	43.96	40.46	36.81	28.79	25.32	26.17	25.27	26.44	26.47	20.87	26.83	26.4
Net Debt to Equity	118.95	78.72	107.14	74.49	66.57	53.21	25.41	22.19	19.16	6.19	5.88	18.01	21.83	34.12	17.92
Net Debt/Capital (%)	86.24	132.26	98.77	89.15	108.4	112.5	118.21	34.99	29.2	10.37	8.68	24	27.37	34.8	250.24
EBITDA	154	135	203	227	241	317	347	334	340	330	310	-110	43	226	246
EBITDA-CapEx	110	-64	-15	227	241	317	347	332	340	293	310	-110	43	226	246
Operating Income (Loss)	43	34	70	79	99	157	180	170	181	183	162	-247	-85	99	119

Liquidity	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	1.02	2.75	1.03	0.79	0.87	0.74	1.11	0.9	2.01	3.48	2.51	4.06	0.69	0.27	2.66
Current Ratio	1.19	3.59	1.8	2.04	1.98	1.19	1.37	1.39	3	3.9	2.81	4.79	1.61	0.56	3.39
Quick Ratio	1.06	2.93	1.25	0.92	1.12	0.86	1.18	1	2.15	3.62	2.62	4.15	0.85	0.38	2.86
CFO/Avg Current Liab	0.25	0.16	1.26	0.99	1.07	1.33	0.8	0.71	0.95	1.28	1.04	-0.56	0.21	0.75	0.73
Common Equity/Total Assets	-0.32	-15.9	-10.76	-10.06	-8.13	-8.07	-7.06	21.1	24.22	29.83	33.7	30.68	31.25	33.65	-16.86
Long-Term Debt/Equity (%)	118.41	102.5	114.43	80.42	71.52	58.34	43.66	30.09	38.89	36.82	36.41	37.72	27.41	29.02	34.95
Long-Term Debt/Capital (%)	66.39	120.87	95.49	86.23	107.14	102.19	102.17	38.58	46.01	41.13	36.8	40.68	32.19	28.2	130.22
Long-Term Debt/Total Assets (%)	41.77	46.25	48.9	41.52	39.8	33.72	26.57	20.38	26.03	25.13	24.35	26.39	20.19	19.63	24.04
Total Debt/Equity (%)	159.39	104	118.5	85.16	72.71	63.68	47.3	37.4	39.1	37.03	39.54	37.83	28.33	39.67	38.37
Total Debt/Capital (%)	89.36	122.64	98.89	91.31	108.92	111.56	110.71	47.94	46.26	41.37	39.96	40.8	33.28	38.54	142.95
Total Debt/Total Assets (%)	56.23	46.93	50.64	43.96	40.46	36.81	28.79	25.32	26.17	25.27	26.44	26.47	20.87	26.83	26.4
CFO/Total Liabilities	4.31	3.4	8.81	11.3	10.99	16.82	19.84	25.3	24.36	24.2	22.41	-13.02	3.54	20.98	20.16
CFO/CapEx	1.59	0.23	0.72	- -	- -	- -	- -	124.81	- -	8.23	5,818.4	-572.08	- -	- -	- -
Altman's Z-Score	0.71	0.76	0.55	0.85	1.22	1.58	1.47	2.48	2.73	2.48	2.52	2	2.47	2.02	1.69

Working Capital	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	24.68	31.28	32.71	27.62	32.17	35.59	37.71	33.33	32.46	34.06	32.3	12.24	27.3	25.76	26.92
Days Sales Outstanding	14.79	11.67	11.16	13.21	11.35	10.25	9.68	10.95	11.25	10.72	11.3	29.82	13.37	14.17	13.56
Inventory Turnover	86.67	118.5	144.38	201.79	316.64	376.53	417.66	427.5	440.29	455.13	984.79	- -	- -	113.24	59.57
Days Inventory Outstanding	4.21	3.08	2.53	1.81	1.15	0.97	0.87	0.85	0.83	0.8	0.37	- -	- -	3.22	6.13
Accounts Payable Turnover	11.97	11.62	12.38	14.8	18.84	18.95	18.86	16.89	16.52	17.55	16.04	6.9	6.84	8.73	9.71
Accounts Payable Turnover Days	30.5	31.41	29.48	24.66	19.38	19.27	19.36	21.61	22.09	20.8	22.75	52.89	53.33	41.8	37.61
Cash Conversion Cycle	-11.5	-16.66	-15.79	-9.63	-6.88	-8.04	-8.8	-9.81	-10.02	-9.28	-11.08	-23.07	-39.96	-24.4	-17.92
Inventory to Cash Days	10.58	8.59	8.63	11.41	10.19	9.29	8.81	10.1	10.42	9.91	10.93	29.82	13.37	10.95	7.43
Inventories	2	3	3	1	1	1	1	1	1	1	- -	- -	- -	8	9
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	2	3	3	1	1	1	1	1	1	1	- -	- -	- -	8	9

Enterprise Value	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	871	1,202	931	1,416	2,431	3,456	2,632	3,350	3,785	2,981	3,123	2,419	2,549	1,995	2,204
- Cash & Cash Equivalents	359	278	151	157	104	222	499	370	488	809	817	368	120	101	426
+ Preferred Equity and Hybrid Capital	176	176	291	391	115	115	115	190	190	190	190	190	281	281	281
+ Minority/Non Controlling Interest	- -	- -	60	55	54	52	50	49	48	48	46	41	41	- -	- -
+ Total Debt	1,413	1,143	1,570	1,379	1,420	1,445	1,112	947	1,010	1,004	1,036	790	635	827	831
Enterprise Value	1,983	2,244	2,702	3,084	3,915	4,846	3,411	4,166	4,545	3,413	3,579	3,072	3,385	3,002	2,890
Total Capital	1,582	932	1,588	1,510	1,303	1,295	1,005	1,975	2,183	2,427	2,593	1,937	1,907	2,146	582
Total Debt/Capital (%)	89.36	122.64	98.89	91.31	108.92	111.56	110.71	47.94	46.26	41.37	39.96	40.8	33.28	38.54	142.95
Total Debt / EV	0.71	0.51	0.58	0.45	0.36	0.3	0.33	0.23	0.22	0.29	0.29	0.26	0.19	0.28	0.29
EV/Sales	2.76	3.49	3.24	3.72	4.24	4.24	2.73	3.5	3.81	2.94	3.21	11.47	6.65	3.29	2.93
EV/EBITDA	12.87	16.6	13.28	13.56	16.24	15.29	9.82	12.47	13.36	10.35	11.55	- -	78.27	13.3	11.76
EV/EBIT	46.05	66.1	38.84	39.04	39.47	30.92	18.9	24.45	25.1	18.62	22.08	- -	- -	30.22	24.35
EV/Cash Flow to Firm	- -	19.3	11.29	14.7	17.51	13.82	9.31	11.7	12.44	9.68	10.37	- -	56.88	12.44	11.74
EV/Free Cash Flow to Firm	- -	7.11	5.9	14.7	17.51	13.82	9.31	11.62	12.44	8.76	10.37	- -	56.88	12.44	11.74
Diluted Market Cap	628	1,025	931	1,330	2,174	3,252	2,629	3,272	3,728	2,951	3,135	2,423	2,513	2,027	2,230
Diluted Enterprise Value	1,859	2,067	2,702	2,998	3,659	4,642	3,408	4,088	4,488	3,383	3,590	3,075	3,349	3,034	2,916
EV per Share	20.47	19.19	23.04	22.81	21.65	23.67	16.43	18.93	20.17	14.95	15.92	14.25	15.43	14.34	14.2
TTM Sales	718	643	835	829	924	1,142	1,249	1,189	1,194	1,159	1,115	268	509	912	986
TTM EBITDA	154	135	203	227	241	317	347	334	340	330	310	-110	43	226	246
TTM Operating Income	43	34	70	79	99	157	180	170	181	183	162	-247	-85	99	119
TTM Cash Flow to Firm	- -	116	239	210	224	351	366	356	365	353	345	-63	60	241	246
TTM Free Cash Flow to Firm	- -	316	458	210	224	351	366	358	365	390	345	-62	60	241	246

Multiples	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	- -	57.62	17.56	73.69	46.29	45.13	7.78	27.67	28.13	12.42	25.51	- -	183.99	27.74	11.55
Price/Earnings Average	-1.36	56.8	18.78	70.67	42.81	38.54	9.41	23.57	26.41	15.03	25.61	-4.89	191.29	31.99	10.51
Price/Earnings High	-2.14	72.31	23.77	81.36	47.77	45.88	10.88	28.47	28.66	16.59	28.11	-7.1	210.75	36.3	11.84
Price/Earnings Low	-0.48	45.63	11.21	56.73	37.95	33.31	7.66	18.42	23.84	12.27	23.6	-3.62	162.3	27.42	9.25
Price/Book Value	-109.17	-3.1	-2.79	-4.49	-8.52	-10.91	-9.64	4.24	4.05	2.52	2.36	2.64	2.68	1.92	-4.15
Price/Book Value Average	-68.75	-3.06	-2.98	-4.31	-7.88	-9.31	-11.67	3.61	3.8	3.05	2.37	2.22	2.79	2.22	-3.77
Price/Book Value High	-107.95	-3.9	-3.78	-4.96	-8.79	-11.09	-13.5	4.37	4.13	3.36	2.61	3.23	3.07	2.52	-4.25
Price/Book Value Low	-24.17	-2.46	-1.78	-3.46	-6.99	-8.05	-9.5	2.83	3.43	2.49	2.19	1.65	2.37	1.9	-3.32
Price/Tangible Book Value	1.3	1.31	0.91	1.17	1.34	1.62	1.18	1.43	1.58	1.18	1.28	1.27	1.33	1.13	1.17
Price/Tangible Book Value Average	0.82	1.29	0.98	1.12	1.23	1.38	1.42	1.22	1.49	1.43	1.29	1.07	1.38	1.31	1.06
Price/Tangible Book Value High	1.28	1.64	1.23	1.29	1.38	1.64	1.65	1.47	1.61	1.58	1.42	1.56	1.52	1.48	1.2
Price/Tangible Book Value Low	0.29	1.04	0.58	0.9	1.09	1.19	1.16	0.95	1.34	1.17	1.19	0.79	1.17	1.12	0.94
Price/Sales	0.87	1.59	1.11	1.6	2.35	2.85	2.1	2.75	3.12	2.55	2.81	9.04	4.94	2.22	2.26
Price/Sales Average	0.55	1.57	1.19	1.54	2.18	2.43	2.55	2.34	2.93	3.08	2.82	7.62	5.13	2.56	2.05
Price/Sales High	0.86	2	1.51	1.77	2.43	2.9	2.95	2.83	3.18	3.4	3.1	11.07	5.65	2.91	2.31
Price/Sales Low	0.19	1.26	0.71	1.23	1.93	2.1	2.07	1.83	2.65	2.52	2.6	5.63	4.35	2.2	1.81
Price/Cash Flow	8.95	22.58	5.95	7.76	12.71	11.67	8.76	10.71	11.99	9.66	10.78	-20.76	88.59	9.68	11.24
Price/Cash Flow Average	5.64	22.26	6.36	7.44	11.75	9.97	10.6	9.12	11.26	11.7	10.82	-17.49	92.11	11.16	10.22
Price/Cash Flow High	8.86	28.33	8.06	8.56	13.11	11.87	12.27	11.02	12.22	12.91	11.88	-25.4	101.48	12.66	11.52
Price/Cash Flow Low	1.98	17.88	3.8	5.97	10.42	8.62	8.63	7.13	10.17	9.55	9.97	-12.93	78.15	9.57	9
Price/Free Cash Flow	5.5	4.19	2.48	7.76	12.71	11.67	8.76	10.63	11.99	8.62	10.77	-20.8	88.59	9.68	11.25
Price/Free Cash Flow Average	3.46	4.13	2.65	7.44	11.75	9.97	10.6	9.05	11.26	10.43	10.82	-17.52	92.11	11.16	10.23
Price/Free Cash Flow High	5.44	5.25	3.36	8.56	13.11	11.87	12.27	10.93	12.22	11.51	11.87	-25.45	101.48	12.66	11.53
Price/Free Cash Flow Low	1.22	3.32	1.58	5.97	10.42	8.62	8.63	7.07	10.17	8.52	9.97	-12.96	78.15	9.57	9.01
EV/Sales	2.76	3.49	3.24	3.72	4.24	4.24	2.73	3.5	3.81	2.94	3.21	11.47	6.65	3.29	2.93
EV/Sales Average	2.48	3.46	3.32	3.65	4.04	3.8	3.17	3.08	3.61	3.49	3.22	10.04	6.85	3.63	2.73
EV/Sales High	2.92	3.97	3.63	3.9	4.32	4.29	3.57	3.58	3.87	3.81	3.5	13.49	7.38	3.97	2.99
EV/Sales Low	1.98	3.1	2.83	3.33	3.76	3.45	2.7	2.56	3.32	2.92	3	8.06	6.06	3.27	2.48
EV/EBITDA	12.87	16.6	13.28	13.56	16.24	15.29	9.82	12.47	13.36	10.35	11.55	- -	78.27	13.3	11.76
EV/EBITDA Average	11.55	16.48	13.6	13.31	15.48	13.7	11.41	10.98	12.68	12.25	11.59	-24.48	80.61	14.66	10.95
EV/EBITDA High	13.58	18.87	14.9	14.21	16.56	15.48	12.85	12.76	13.57	13.39	12.58	-32.87	86.84	16.03	11.99
EV/EBITDA Low	9.24	14.75	11.63	12.13	14.42	12.44	9.71	9.12	11.67	10.25	10.8	-19.65	71.32	13.2	9.97
EV/EBIT	46.05	66.1	38.84	39.04	39.47	30.92	18.9	24.45	25.1	18.62	22.08	- -	- -	30.22	24.35
EV/EBIT Average	41.32	65.6	39.77	38.3	37.62	27.7	21.97	21.53	23.83	22.05	22.16	-10.89	-40.8	33.29	22.67
EV/EBIT High	48.58	75.13	43.57	40.9	40.25	31.29	24.74	25.01	25.5	24.09	24.05	-14.63	-43.96	36.41	24.82
EV/EBIT Low	33.06	58.73	34	34.91	35.05	25.15	18.68	17.87	21.92	18.44	20.64	-8.75	-36.1	29.99	20.65
Last Price	8.99	10.28	7.94	10.47	13.44	16.88	12.68	15.22	16.8	13.06	13.89	11.22	11.62	9.53	10.83
High Price	8.89	12.9	10.75	11.56	13.87	17.16	17.75	15.66	17.12	17.45	15.31	13.73	13.31	12.47	11.1
Low Price	1.99	8.14	5.07	8.06	11.02	12.46	12.49	10.13	14.24	12.91	12.85	6.99	10.25	9.42	8.67
Enterprise Value	1,983	2,244	2,702	3,084	3,915	4,846	3,411	4,166	4,545	3,413	3,579	3,072	3,385	3,002	2,890
Enterprise Value Average	1,780	2,227	2,767	3,026	3,732	4,341	3,963	3,669	4,314	4,041	3,592	2,690	3,486	3,307	2,690
Enterprise Value High	2,093	2,550	3,032	3,232	3,993	4,904	4,463	4,263	4,618	4,415	3,898	3,613	3,755	3,617	2,945
Enterprise Value Low	1,424	1,994	2,366	2,758	3,477	3,941	3,371	3,046	3,969	3,379	3,345	2,160	3,084	2,979	2,450

Per Share Data Items	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	97	117	117	135	181	205	208	220	225	228	225	216	219	209	203
Diluted Weighted Avg Shares	70	100	117	127	162	193	207	215	222	226	226	216	216	213	206
Basic Weighted Avg Shares	70	100	117	127	162	193	207	215	222	226	226	216	216	213	206
Revenue per Share	10.28	6.45	7.12	6.53	5.71	5.93	6.02	5.53	5.38	5.13	4.94	1.24	2.35	4.29	4.8
EBITDA per Share	2.21	1.36	1.74	1.79	1.49	1.64	1.68	1.55	1.53	1.46	1.37	-0.51	0.2	1.06	1.19
Operating Income per Share	0.62	0.34	0.59	0.62	0.61	0.81	0.87	0.79	0.82	0.81	0.72	-1.14	-0.4	0.47	0.58
Basic EPS, GAAP	-4.16	0.18	0.45	0.14	0.29	0.37	1.63	0.55	0.6	1.05	0.54	-1.93	0.06	0.34	0.94
Basic EPS from Cont Ops	-2.17	-0.38	0.41	0.01	0.13	0.43	1.64	0.65	0.66	1.15	0.63	-1.9	0.15	0.43	1.01
Diluted EPS, GAAP	-4.16	0.18	0.45	0.14	0.29	0.37	1.63	0.55	0.6	1.05	0.54	-1.93	0.06	0.34	0.94
Diluted EPS from Cont Ops	-2.17	-0.38	0.41	0.01	0.13	0.43	1.64	0.65	0.66	1.15	0.63	-1.9	0.15	0.43	1
Dividend per Share	0.4	0.21	0.21	0.23	0.17	0.25	0.37	1.06	0.73	0.79	0.75	0.72	0.06	0.12	0.29
Cash Flow per Share	1	0.46	1.33	1.35	1.06	1.45	1.45	1.42	1.4	1.35	1.29	-0.54	0.13	0.98	0.96
Free Cash Flow per Basic Share	0.37	-1.54	-0.53	1.35	1.06	1.45	1.45	1.41	1.4	1.19	1.29	-0.54	0.13	0.98	0.96
Cash & Equivalents per Share	4.93	2.38	1.28	1.16	0.58	1.08	2.4	1.68	2.17	3.55	3.63	1.71	0.55	0.48	2.1
Book Value per Share	-0.08	-3.31	-2.85	-2.33	-1.58	-1.55	-1.31	3.59	4.15	5.19	5.87	4.25	4.33	4.96	-2.61
Tangible Book Value per Share	6.92	7.85	8.71	8.95	10.07	10.44	10.77	10.64	10.61	11.04	10.81	8.81	8.73	8.41	9.26

Sunstone Hotel Investors, Inc.

SHO US

9.96

9.96