Apple Hospitality

May 06, 2021

•

Mar 31, 2021

Apple Hospitality Q1 2021 Earnings Report

Apple Hospitality's Q1 2021 performance was marked by occupancy growth and strong quarterly results since the pandemic's onset.

Key Takeaways

Apple Hospitality REIT reported a net loss of $46.4 million for Q1 2021. However, the company saw strengthening performance across its portfolio with occupancy growth exceeding internal expectations. Adjusted EBITDAre was approximately $27 million, and Comparable Hotels Adjusted Hotel EBITDA Margin was approximately 23%.

Portfolio occupancy improvement and outperformance continued with the month of April reaching approximately 68%.

The Company produced sufficient cash from hotel operations to cover property-level and corporate-level costs, including debt service and capital expenditures, during the first quarter of 2021.

Hotel operating expenses were reduced by approximately 33% and 41% during the first quarter of 2021, as compared to the same periods of 2020 and 2019, respectively.

Performance across the portfolio of hotels continued to strengthen during the first quarter of this year with occupancy growth, driven by a mix of leisure and business demand, exceeding internal expectations and enabling the company to post its best quarterly results since the beginning of the pandemic.