APLE - Apple Hospitality Q3 earnings beat as RevPAR tops prepandemic levels

Apple Hospitality ( NYSE: APLE ) saw its Q3 2022 revenue per available room grow ~8% from Q3 2019, with its average daily rate increasing 13% from the comparable prepandemic quarter despite a 5% decline in occupancy, the hotel REIT said Monday.

"The shift in consumer spending toward experiences and improvements in business travel demand enabled us to build upon our second-quarter rate growth," said CEO Justin Knight.

Q3 modified FFO per share of $0.45 vs. $0.44 consensus increased/declined from $0.48 in Q2 and increased from $0.33 in Q3 2021.

Revenue of $341.2M, topping the average analyst estimate of $331.1M, rose from $337.7M in Q2 and from $277.2M in the year-ago quarter.

Apple Hospitality ( APLE ) stock gained 2.4% in Monday after-hours trading.

Q3 expenses of $267.5M climbed from $256.9M in the prior quarter and from $229.4M in the year-ago quarter.

Adjusted EBITDAre of $118.9M vs. $126.2M in Q2 and $92.2M in Q3 2021.

Apple Hospitality's ( APLE ) comparable hotels average daily rate improved to $157.90 from $153.35 in the prior quarter and from $141.84 in the year-ago quarter.

Comparable hotels occupancy slipped to 75.67% vs. 77.9% in Q2 and increase from 71.4% in Q3 2021.

Conference call on Nov. 8 at 10:00 AM ET.

Earlier, Apple  Hospitality ( APLE ) MFFO of $0.45 beats by $0.01, revenue of $341.2M beats by $10.1M

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