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Sunstone Hotel Investors: Q4, 2009

Sunstone Hotel Investors have executed an impressive turnaround over the past 14 months according to RBC Capital Markets. SHO has eliminated over $565 million in debt and raised $257 in capital. The REIT has limited margin erosion and management appears committed to long term outperformance. Despite SHO's progress there remain few catalysts available to drive the REIT to outperform its sector, therefore it has a sector perform with above average risk rating and price target of $9.00/share

	Q4, 2008	Q4, 2009	2009A	2010E	2011E
Reported FFO		$0.18/share	$0.68/share	$0.28/share	$0.48/share
Operating FFO		$0.18/share	$0.70/share	$0.36/share	$0.64/share
Occupancy	67.5%	66.4%	69.4%	71.4%	73.2%
NOI growth	-19%	31.3%

The Q4, 2009 earnings call can be accessed here: Sunstone Hotel Investors

Disclosure: This article is based on a recent report prepared by analysts for RBC Capital Markets, which make a market in the securities of Sunstone Hotel Investors and may act as principal with regards to sales or purchases of this security.