APLE - Apple Hospitality REIT delivers Q1 profit beat reaffirms 2023 guide
2023-05-02 17:41:03 ET
Apple Hospitality REIT ( NYSE: APLE ) turned in first-quarter earnings that slightly surpassed Wall Street expectations, as “continued strength in leisure demand and increased business travel resulted in strong operating fundamentals for the quarter," said CEO Justin Knight.
The lodging REIT reaffirmed its guidance for the full year. "While we are mindful of the potential for macroeconomic headwinds as we move through the year,... booking trends remain strong, the supply picture is favorable, and improvements in business travel have lifted midweek occupancies in recent weeks," he noted.
Q1 modified FFO per share of $0.34, topping the average analyst estimate of $0.33, climbed from $0.28 in the year-earlier quarter.
Total revenue of $311.5M, exceeding the $294.7M consensus, rose from $260.5M in the quarter ended March 31, 2022.
Total expenses increased to $262.2M from $227.6M a year before.
Comparable hotels adjusted hotel EBITDA was $106.7M vs. $88.4M in Q1 2022. Comparable hotels adjusted hotels EBITDA margin stood at 34.3% vs. 33.7% in Q1 2022.
Comparable occupancy of 72.0% climbed from 67.0% a year ago. Comparable hotels average daily rate of $152.01 vs. $137.02 in Q1 2022. Comparable hotels revenue per available room (RevPAR) came in at $109.46 vs. $91.80 in Q1 of last year.
During the quarter, the company purchased around 0.3M of its common shares at a weighted-average market purchase price of approximately $14.22 per common share, for an aggregate purchase price of approximately $4M. As of March 31, it had ~$224M remaining under its at-the-market offering program for the issuance of shares.
Conference call on May 3 at 10:00 a.m. ET.
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Apple Hospitality REIT delivers Q1 profit beat, reaffirms 2023 guide