ORANGE COUNTY EARNINGS

Sunstone Hotel Investors Inc.: The San Clemente real estate investment trust reported a net loss of $996,000, or 3 cents a share, for the fourth quarter, compared with net income of $3 million, or 10 cents a share, a year ago. Funds from operations declined 22% to $8.5 million, or 22 cents a share, from $10.9 million, or 32 cents a share. Revenue was up 24% to $21.5 million from $17.3 million. Net income for the year fell 1% to $15 million, or 40 cents a share, from $15.2 million, or 71 cents a share, for 1997. Funds from operations totaled $57.2 million, or $1.40 a share, 78% higher than the $32.2 million, or $1.34 a share, posted a year ago. Revenue more than doubled to $99.2 million from $45.2 million.