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Jun 30, 2024
Apple Hospitality Q2 2024 Earnings Report
Apple Hospitality's performance remained strong in the second quarter of 2024, marked by growth in occupancy, RevPAR, and Adjusted EBITDAre.
Key Takeaways
Apple Hospitality REIT reported a positive second quarter in 2024, with comparable hotels occupancy increasing to 80%, RevPAR improving by 2.5%, and Adjusted EBITDAre rising by 9%. The company strategically acquired and disposed of hotel properties, repurchased shares, and maintained a strong balance sheet.
Comparable Hotels Occupancy increased to 80%, a 2% improvement year-over-year.
Comparable Hotels RevPAR increased by 2.5% compared to the second quarter of the previous year.
The Company achieved Comparable Hotels Adjusted Hotel EBITDA of approximately $152 million, a 1.5% improvement over second quarter 2023.
The Company acquired the Embassy Suites by Hilton Madison Downtown and sold the SpringHill Suites by Marriott Greensboro during the quarter.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company updated its operational and financial outlook for 2024. The Company is decreasing Net Income by $6 million, decreasing Comparable Hotels RevPAR Change by 150 bps, increasing Comparable Hotels Adjusted Hotel EBITDA Margin % by 10 bps, and decreasing Adjusted EBITDAre by $7 million.
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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