Sunstone Hotel Investors Inc.

The San Clemente real estate investment trust reported first-quarter net income of $3.8 million, or 10 cents a share, down 38% from the $6.1 million, or 17 cents a share, a year ago. Funds from operations declined 6% to $14 million, or 34 cents a share, from $14.9 million, or 38 cents a share. Revenue rose 5% to $24.9 million, from $23.7 million.

The company said that in the prior 12 months it acquired four hotels for $59.7 million and invested approximately $60 million in renovating recently acquired hotels.