ALISO VIEJO, Calif.,
Jan. 30, 2015 /PRNewswire/ --
Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE:
SHO) today announced the results of its stockholders' elections
relating to its fourth quarter dividend of $0.36 per share, payable on January 30, 2015 to record holders on
December 31, 2014.
The terms of the dividend, including the ability of stockholders
to elect to receive the distribution in the form of cash or shares
of Sunstone's common stock, and a limitation on the aggregate
amount of cash to be paid in the distribution, were described in
detail in the Notice of Dividend dated January 2, 2015, which was previously
disseminated to stockholders. Election cards were required to be
submitted prior to 5:00 p.m. (Eastern
Time) on January 21, 2015.
Based on stockholder elections, the aggregate dividend will
consist of approximately $37.0
million in cash and 2,135,464 shares of Sunstone's common
stock. The number of shares included in the distribution is
calculated based on a stock price of $17.49 per share of Sunstone common stock, the
average closing price per share of Sunstone's common stock on the
New York Stock Exchange on January 20
and 21, 2015. Summarized results of the dividend elections are as
follows:
- To stockholders electing to receive the dividend in cash and
stockholders who failed to timely submit an election card, Sunstone
will pay the dividend in the form of $0.20 per share in cash and $0.16 per share in stock.
- Sunstone will pay the dividend in shares of its common stock to
all other stockholders.
- Sunstone will pay fractional shares in cash.
The dividend (whether received in cash, stock, or a combination
thereof) will be treated for Federal income tax purposes as an
ordinary dividend attributable to and includable in 2014, allowing
Sunstone to satisfy its 2014 real estate investment trust
distribution requirements while preserving cash for other corporate
purposes. The income tax classifications of all the Company's 2014
distributions as expected to be reported on Form 1099-DIV are set
forth in the following tables:
Security
Description
|
CUSIP
|
Ticker
Symbol
|
Record
Date
|
Ex-Dividend
Date
|
Payable
Date
|
Box 1a
Total
|
Ordinary
Dividends(14+15+16)
|
Common
|
867892101
|
SHO
|
03/31/2014
|
03/26/2014
|
04/15/2014
|
$0.050000
|
Common
|
867892101
|
SHO
|
06/30/2014
|
06/25/2014
|
07/15/2014
|
$0.050000
|
Common
|
867892101
|
SHO
|
09/30/2014
|
09/26/2014
|
10/15/2014
|
$0.050000
|
Common
|
867892101
|
SHO
|
12/31/2014
|
12/26/2014
|
01/30/2015
|
$0.360000
|
TOTALS -
FINAL
|
|
SHO
|
|
|
|
$0.510000
|
Series D
Preferred
|
867892507
|
SHO/PRD
|
03/31/2014
|
03/26/2014
|
04/15/2014
|
$0.500000
|
Series D
Preferred
|
867892507
|
SHO/PRD
|
06/30/2014
|
06/25/2014
|
07/15/2014
|
$0.500000
|
Series D
Preferred
|
867892507
|
SHO/PRD
|
09/30/2014
|
09/26/2014
|
10/15/2014
|
$0.500000
|
Series D
Preferred
|
867892507
|
SHO/PRD
|
12/31/2014
|
12/26/2014
|
01/15/2015
|
$0.500000
|
TOTALS -
FINAL
|
|
SHO/PRD
|
|
|
|
$2.000000
|
For stockholders whose shares are held through a bank, broker or
nominee, questions regarding the dividend should be directed to the
bank, broker or nominee. For registered stockholders, questions
regarding the dividend should be directed to Sunstone's transfer
agent: Shareholder Services at American Stock Transfer and Trust
Company at (718) 921-8124 or toll free at 1-800-937-5449.
About Sunstone Hotel Investors:
Sunstone Hotel Investors, Inc. is a lodging real estate
investment trust ("REIT") that, as of the date hereof, has
interests in 30 hotels comprised of 14,305 rooms. Sunstone's
hotels are primarily in the upper upscale segment and are generally
operated under nationally recognized brands, such as Marriott,
Hilton, Fairmont, Hyatt and Sheraton. For further information,
please visit Sunstone's website at www.sunstonehotels.com.
This press release contains forward-looking statements within
the meaning of federal securities laws and regulations. These
forward-looking statements are identified by their use of terms and
phrases such as "anticipate," "believe," "continue," "could,"
"estimate," "expect," "intend," "may," "plan," "predict,"
"project," "should," "will" and other similar terms and phrases,
including references to assumptions and forecasts of future
results. Forward-looking statements are not guarantees of future
performance and involve known and unknown risks, uncertainties and
other factors that may cause the actual results to differ
materially from those anticipated at the time the forward-looking
statements are made. These risks include, but are not limited to:
the timely payment of the elective dividend and the Federal income
tax treatment there of; our ability to compete effectively in areas
such as access, location, quality of accommodations and room rate
structures; changes in travel patterns, taxes and government
regulations, which influence or determine wages, prices,
construction procedures and costs; our ability to identify,
successfully compete for and complete acquisitions; the performance
of hotels after they are acquired; necessary capital expenditures
and our ability to fund them and complete them with minimum
disruption; our ability to continue to satisfy complex rules in
order for us to qualify as a REIT for federal income tax purposes;
and other risks and uncertainties associated with our business
described in the Company's filings with the Securities and Exchange
Commission. Although the Company believes the expectations
reflected in such forward-looking statements are based upon
reasonable assumptions, it can give no assurance that the
expectations will be attained or that any deviation will not be
material. All forward-looking information in this release is as of
January 30, 2015, and the Company
undertakes no obligation to update any forward-looking statement to
conform the statement to actual results or changes in the Company's
expectations.
For Additional Information:
Bryan Giglia
Chief Financial Officer
Sunstone Hotel Investors, Inc.
(949) 382-3036
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sunstone-hotel-investors-announces-results-of-fourth-quarter-dividend-election-and-2014-dividend-income-tax-treatment-300028575.html
SOURCE Sunstone Hotel Investors, Inc.