Apple Hospitality REIT (NYSE:APLE) reported Q2 FFO of $0.48, versus $0.30 reported last year. Revenue for the quarter came in at $337.7 million versus the consensus estimate of $321.4 million.
2022 Outlook
The Company is providing the following full year 2022 outlook regarding certain corporate expenses, which is based on management’s current view and does not take into account any unanticipated developments in its business or changes in its operating environment:
General and administrative expenses are projected to be approximately $34 million to $40 million.
Interest expense is projected to be approximately $58 million to $63 million.
Capital expenditures are projected to be approximately $55 million to $65 million.
As compared to previously provided 2022 corporate expense guidance, the Company is adjusting general and administrative expenses by increasing both the low and high ends of the range by $2 million related to executive incentive compensation, based on operational and shareholder return performance through June 30, 2022. The Company does not expect to issue operational guidance or provide additional outlook updates until it has more certainty on trends within the industry or otherwise deems appropriate.