Sunstone Hotel sees Q3 AFFO 18c-21c

Sees FY23 Net Income $8M-$13M; total portfolio RevPAR growth as compared to the Q3 (1.0%)-2.0% and adjusted EBITDAre $57M-$62M. Q3 is based in part on the following full year assumptions: FY23 total Adjusted EBITDAre displacement of approximately $11M-$13M in connection with planned capital investments, a decrease of $2M as compared to our prior forecast; FY23 corporate overhead expense $21.5M-$22.5; a decrease of $500,000 as compared to prior forecast; FY23 interest expense $50M-$51M, including approximately $3M in amortization of deferred financing costs and approximately $2M of noncash benefit from interest on derivatives; and FY23 preferred stock dividends of approximately $15M, which includes the Series G, H and I cumulative redeemable preferred stock.