Apple Hospitality REIT (APLE) Misses Q2 EPS by 6c

Apple Hospitality REIT (NYSE: APLE) reported Q2 EPS of ($0.35), $0.06 worse than the analyst estimate of ($0.29).

Justin Knight, Chief Executive Officer of Apple Hospitality, commented, “The second quarter of this year was unlike anything we have experienced in our more than 20-year history in the hospitality industry. I want to thank our corporate team and the many talented and dedicated individuals working for our brands, our management companies and at our hotels for their efforts during these challenging times. From the onset of the pandemic, we have been intently focused on maintaining a sound liquidity position, safeguarding long-term value for our shareholders and ensuring our ability to thrive in future years while also addressing immediate needs at our hotels to ensure the health and well-being of our guests and associates. Our rooms-focused hotels, broadly diversified across markets and demand generators, are open and uniquely positioned with broad consumer appeal. Despite extraordinary declines in rate and occupancy during the second quarter, we were able to achieve positive Adjusted Hotel EBITDA for the quarter and positive Adjusted EBITDAre for the month of June. We have been working diligently to reduce expenses and maximize hotel operating results by targeting available business in our markets. With sequential improvement since April, we estimate July cash flow will be slightly positive for the Company. While we have many unknowns and unprecedented challenges ahead of us, the current operating environment has confirmed the strength and resiliency of our portfolio and underlying strategy, and I am confident we are well positioned to weather the current challenges and outperform as travel recovers.”

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

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