APLE - Apple Hospitality Q1 beat as travel demand regains momentum

Apple Hospitality (NYSE:APLE) Q1 results on Thursday exceeded Wall Street expectations as travel demand recouped momentum "as the impact of the Omicron variant eased," said CEO Justin Knight. Revenues of $260.48M in Q1 surpassed the average analyst estimate of $255.43 and climbed from $158.7M in Q1 2021. Q1 FFO of $0.28 also topped the consensus of $0.26 and gained from $0.04 in Q1 a year ago. Expenses were $227.6M in Q1 compared with $191M in Q1 of last year. Adjusted EBITDAre of $78.3M at March 31 soared from $27.31M at March 31, 2021. Average Daily Rate ("ADR") of $137.03 in at the end of March jumped from $99.19 in the year-ago period. Occupancy was 67.1% in Q1 vs. 55.5% in Q1 a year ago. Conference call on May 6 at 10 a.m. ET. Previously, (April 22) Apple Hospitality became a top lodging pick at Oppenheimer.

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Apple Hospitality Q1 beat as travel demand regains momentum