Apple Hospitality REIT Inc (APLE) 2014年年度报告「NYSE」.pdf

1、2014ANNUAL REPORTANNUAL REPORT 2014 1APPLE HOSPITALITY REITImage from left:Hilton Garden Inn,Nashville,TN(A)Funds from operations(FFO)is defined as net income(computed in accordance with generally accepted accounting principles GAAP)excluding gains and losses from sales of real estate,plus depreciat

2、ion,amortization and impairments of real estate assets.Modified FFO(MFFO)excludes transaction costs,the non-cash conversion expense of the Series B convertible preferred shares and the non-cash impact of straight-line lease expense.The Company considers FFO and MFFO in evaluating property acquisitio

3、ns and its operating performance and believes that FFO and MFFO should be considered along with,but not as an alternative to,net income and cash flows as a measure of the Companys activities in accordance with GAAP.The Company considers FFO and MFFO as supplemental measures of operating performance

4、in the real estate industry,and along with the other financial measures included in this Annual Report,including net income,cash flow from operating activities,financing activities and investing activities,they provide investors with an indication of the performance of the Company.The Companys defin

5、ition of FFO and MFFO are not necessarily the same as such terms that are used by other companies.FFO and MFFO are not necessarily indicative of cash available to fund cash needs.See a reconciliation of Net Income to FFO and MFFO in Item 7 of the Companys Form 10-K included in this Annual Report.(B)

6、Includes 19 properties,with 1,873 rooms,held for sale at December 31,2014.With the completion of the mergers of Apple REIT Seven,Inc.and Apple REIT Eight,Inc.into Apple Hospitality REIT,Inc.(formerly Apple REIT Nine,Inc.),which were effective March 1,2014,the Company significantly increased its scal