Apple Hospitality REIT (APLE) Misses Q3 EPS by 4c

Apple Hospitality REIT (NYSE: APLE) reported Q3 EPS of ($0.18), $0.04 worse than the analyst estimate of ($0.14).

Justin Knight, Chief Executive Officer of Apple Hospitality, commented, “While the current environment has created more significant operating challenges than we experienced in prior cycles, it has highlighted the merits of our underlying strategy and highly diversified portfolio of rooms-focused hotels. With meaningfully lower leverage, greater market diversification and more efficient asset-level operations, we were first among publicly traded lodging REITs to generate positive cash flow. Our ability to keep our hotels open and operate efficiently at low occupancy levels combined with our discipline in maintaining low leverage late cycle enabled us to preserve our balance sheet, protecting the value of our equity and uniquely positioning us to pursue opportunities in the early stages of a recovery. Our rooms-focused hotels do not rely on large group business and have proven appeal with the broadest group of potential customers. Since April, occupancy and RevPAR have steadily improved for our portfolio, with occupancy increasing from 28% in the second quarter to nearly 50% in the third quarter, and we are pleased to report positive cash flow at the corporate level for the third quarter. Our outperformance during these unprecedented times would not be possible without the remarkable associates at our hotels, and we are incredibly grateful for their strength, dedication and unwavering hospitality. We remain intently focused on safeguarding long-term value for our shareholders. While there may be challenges ahead, I am confident we are well positioned to continue to outperform as travel improves.”

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

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