Apple Hospitality REIT (APLE) Tops Q2 EPS by 1c; updates guidance

Apple Hospitality REIT (NYSE: APLE) reported Q2 EPS of $0.31, $0.01 better than the analyst estimate of $0.30. Revenue for the quarter came in at $390.08 million versus the consensus estimate of $387.51 million.

GUIDANCE

Updated 2024 Outlook

The Company is updating its operational and financial outlook for 2024. This outlook, which is based on management’s current view of both operating and economic fundamentals of the Company\'s existing portfolio of hotels, does not take into account any unanticipated developments in its business or changes in its operating environment, nor does it take into account any unannounced hotel acquisitions or dispositions. As compared to the midpoint of previously provided 2024 guidance, the Company is decreasing Net Income by $6 million, decreasing Comparable Hotels RevPAR Change by 150 bps, increasing Comparable Hotels Adjusted Hotel EBITDA Margin % by 10 bps, and decreasing Adjusted EBITDAre by $7 million. Comparable Hotels RevPAR Change guidance, which is the change in Comparable Hotels RevPAR in 2024 compared to 2023, and Comparable Hotels Adjusted Hotel EBITDA Margin % guidance include properties acquired and announced for acquisition by year-end 2024 as if the hotels were owned as of January 1, 2023, exclude completed dispositions since January 1, 2023, and exclude one non-hotel property.

For the full year 2024, the Company anticipates its 2024 results will be in the following range:

Net income of $202-$225 Millions

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

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