APLE - Apple Hospitality FFO of $0.49 in-line revenue of $361.63M beats by $9.25M

2023-08-03 16:20:19 ET

• Apple Hospitality press release ( NYSE: APLE ): Q2 FFO of $0.49 in-line.
• Revenue of $361.63M (+7.1% Y/Y) beats by $9.25M .
• As compared to previously provided 2023 guidance, the Company is adjusting: Net income by decreasing the low end of the range by $2 million and decreasing the high end of the range by $7 million; Comparable Hotels RevPAR Change, which is the change in Comparable Hotels RevPAR in 2023 compared to 2022, by increasing the low and high ends of the range by 100 bps; Comparable Hotels Adjusted Hotel EBITDA Margin % by increasing the low and high ends of the range by 10 bps; and Adjusted EBITDAre by decreasing the high end of the range by $5 million while decreasing the low end of the range by $3 million.
• The reduction in the midpoint of the Company's guidance for Net Income and Adjusted EBITDAre is primarily a result of higher anticipated general and administrative expenses associated with outperformance of the Company's relative shareholder return metrics, which are components of the Company's incentive plans. Comparable Hotels RevPAR Change guidance and Comparable Hotels Adjusted Hotel EBITDA Margin % guidance include properties acquired as if the hotels were owned as of January 1, 2022, exclude dispositions and assets held for sale since January 1, 2022, and exclude one non-hotel property leased to third parties.

For further details see: