Apple Hospitality REIT (APLE) Misses Q1 EPS by 7c

Apple Hospitality REIT (NYSE: APLE) reported Q1 EPS of ($0.21), $0.07 worse than the analyst estimate of ($0.14).

Justin Knight, Chief Executive Officer of Apple Hospitality, commented, “Performance across our portfolio of hotels continued to strengthen during the first quarter of this year with occupancy growth, driven by a mix of leisure and business demand, exceeding our internal expectations and enabling us to post our best quarterly results since the beginning of the pandemic. Our outstanding operational results during these unprecedented times highlight the broad consumer appeal, geographic diversification and efficient operating model of our portfolio, as well as the merits of our conservative capital structure. We are pleased to report Adjusted EBITDAre of approximately $27 million, MFFO of approximately $9 million and Comparable Hotels Adjusted Hotel EBITDA Margin of approximately 23% for the first quarter of this year. Our portfolio of rooms-focused hotels has performed better than the overall industry, as well as our chain scales, as reported by STR, even without a full return of business travel. We anticipate improved business demand as the year progresses, and this, combined with our efforts to further enhance the efficiency of our stabilized operating model, positions us for continued outperformance.\"

Mr. Knight continued, “With positive corporate level cash flow after G&A and debt service for the quarter and for last year, we have preserved the strength and flexibility of our balance sheet and the value of our equity. We remain intently focused on maximizing long-term value for our shareholders through strong operational performance and strategic capital allocation and are well positioned for growth in the early phase of the recovery.”

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

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