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Jun 30, 2023
Apple Hospitality Q2 2023 Earnings Report
Apple Hospitality reported strong operating performance driven by leisure demand and improving business travel.
Key Takeaways
Apple Hospitality REIT reported a net income of $65.3 million for the second quarter of 2023. Comparable Hotels RevPAR increased by 5% year-over-year, driven by improvements in both occupancy and ADR. The Company acquired the Courtyard Cleveland University Circle and continues to pursue strategic acquisitions to enhance shareholder value.
Comparable Hotels RevPAR increased by 5% compared to the second quarter of 2022.
Comparable Hotels ADR increased by 5% compared to the second quarter of 2022.
Comparable Hotels Occupancy increased by nearly 1% compared to the second quarter of 2022.
The Company acquired the Courtyard by Marriott Cleveland University Circle for $31 million.
Revenue by Segment
Forward Guidance
The Company is updating its operational and financial outlook for 2023. The reduction in the midpoint of the Company's guidance for Net Income and Adjusted EBITDAre is primarily a result of higher anticipated general and administrative expenses associated with outperformance of the Company's relative shareholder return metrics, which are components of the Company's incentive plans.
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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