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Mar 31, 2024
Apple Hospitality Q1 2024 Earnings Report
Apple Hospitality REIT's performance remained seasonally stable during Q1 2024, with strategic acquisitions and dispositions enhancing portfolio growth and profitability.
Key Takeaways
Apple Hospitality REIT reported a net income of $54.05 million for Q1 2024, a 64.2% increase compared to Q1 2023. Comparable Hotels RevPAR remained stable at $111.09. The Company acquired the AC Hotel Washington DC Convention Center and sold two hotels in Rogers, Arkansas.
Comparable Hotels RevPAR remained seasonally stable during the first quarter 2024.
The Company acquired the AC Hotel by Marriott Washington DC Convention Center.
The Company sold the Hampton Inn by Hilton and Homewood Suites by Hilton hotels in Rogers, Arkansas.
The Company achieved Adjusted EBITDAre of approximately $101 million for the first quarter 2024, an increase of 6% as compared to first quarter 2023.
Revenue by Segment
Forward Guidance
The Company is updating its operational and financial outlook for 2024. As compared to previously provided 2024 guidance, the Company is increasing Net Income at the midpoint by $16 million, maintaining Comparable Hotels RevPAR Change, increasing Comparable Hotels Adjusted Hotel EBITDA Margin % by 20 bps at the midpoint, and increasing Adjusted EBITDAre by $9 million at the midpoint.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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