CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 5,255	$ 13,035
Adjustments to reconcile net income to net cash provided by operating activities:
Bad debt expense	76	80
Gain on sale of assets, net		(457)
(Gain) loss on extinguishment of debt, net		(21)
Noncash interest on derivatives, net	982	(2,042)
Depreciation	31,894	28,782
Amortization of franchise fees and other intangibles	381	258
Amortization of Debt Issuance Costs	863	739
Amortization of deferred stock compensation	2,064	2,770
Gain on insurance recoveries	(99)
Changes in operating assets and liabilities:
Accounts receivable	(16,312)	(5,568)
Prepaid expenses and other assets	(7,633)	(6,400)
Increase (Decrease) in Accounts Payable and Other Operating Liabilities	14,701	7,319
Operating lease right-of-use assets and obligations	(141)	(11)
Net cash provided by operating activities	32,031	38,484
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from Insurance Settlement, Investing Activities	73
Renovations and additions to hotel properties and other assets	(28,189)	(27,664)
Net cash used in investing activities	(28,116)	(27,664)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchases of outstanding common stock	(8,016)
Repurchases of common stock for employee tax obligations	(4,278)	(3,217)
Payments on notes payable		(537)
Dividends and distributions paid	(23,104)	(29,769)
Net cash used in financing activities	(35,398)	(33,523)
Net decrease in cash and cash equivalents and restricted cash	(31,483)	(22,703)
Cash and cash equivalents and restricted cash, beginning of period	180,277	493,698
Cash and cash equivalents and restricted cash, end of period	148,794	470,995
Supplemental Disclosure of Cash Flow Information
Cash and Cash Equivalents, at Carrying Value	72,334	400,678
Restricted cash	76,460	70,317
Total cash and cash equivalents and restricted cash shown on the consolidated statements of cash flows	148,794	470,995
Cash paid for interest, net of capitalized interest	13,004	15,306
Cash paid for income taxes, net	(145)	3,137
Operating Lease, Payments	1,505	1,360
Changes in operating lease right-of-use assets	1,203	1,136
Changes in operating lease obligations	(1,344)	(1,147)
Changes in operating lease right-of-use assets and lease obligations, net	(141)	(11)
Supplemental Disclosure of Noncash Investing and Financing Activities
Capital Expenditures Incurred but Not yet Paid	19,642	14,512
Operating lease right-of-use asset obtained in exchange for operating lease obligation	521
Amortization of deferred stock compensation - construction activities	172	117
Dividends and distributions payable	$ 22,742	$ 18,243

Sunstone Hotel Investors, Inc. 10-Q