Apple Hospitality REIT (APLE) Misses Q1 EPS by 11c, Revenues Miss

Apple Hospitality REIT (NYSE: APLE) reported Q1 EPS of ($0.01), $0.11 worse than the analyst estimate of $0.10. Revenue for the quarter came in at $238.01 million versus the consensus estimate of $264.85 million.

Justin Knight, Chief Executive Officer of Apple Hospitality, commented, “My heart goes out to those who have been directly affected by the coronavirus, and I would like to express my sincere gratitude to all first responders, health care workers and everyone on the front lines of this pandemic. The COVID-19 outbreak and efforts to mitigate it have dramatically impacted the environment in which we operate, and our efforts to maintain our business and preserve our ability to thrive in future years have required us to make difficult decisions that affect our employees, our shareholders and the associates at our hotels. We do not take these decisions lightly. We are diligently working with the brands, our management companies, banking teams and industry associations to effectively adapt our business to maintain a sound liquidity position and safeguard long-term value for our shareholders. We are deeply committed to the overall health and well-being of all hotel associates and guests and will continue to work closely with the brands and our management companies to provide the highest levels of cleanliness and safety at our hotels. Through our ownership of rooms-focused hotels, our geographic diversification, our alignment with industry-leading brands and hotel operators, and our conservative approach to our capital structure, Apple Hospitality was intentionally built to weather challenging times. It is during an unprecedented time like this that I am especially grateful for the strong relationships we have fostered throughout the hotel industry, the depth and experience of our team at Apple Hospitality, and the strength of our underlying strategy, and I am confident that we are well positioned for outperformance as economic conditions improve and travel resumes.”

For earnings history and earnings-related data on Apple Hospitality REIT (APLE) click here.

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