Apple Hospitality Q3 2020 Earnings Report
Key Takeaways
Apple Hospitality REIT reported results for Q3 2020, highlighting the strength of its diversified portfolio. The company was first among publicly traded lodging REITs to generate positive cash flow and achieved positive Adjusted Hotel EBITDA and MFFO during the quarter.
All hotels are open with enhanced health and sanitation measures.
Occupancy and RevPAR have sequentially improved since April 2020.
Hotel operating expenses were lowered by approximately 50% during the third quarter of 2020 as compared to the same period last year.
The Company achieved positive Adjusted Hotel EBITDA of approximately $35 million and positive MFFO of approximately $9 million during the third quarter of 2020.
Apple Hospitality
Apple Hospitality
Forward Guidance
Given the ongoing uncertainties related to the depth and duration of the COVID-19 pandemic and its impact on the travel industry and hotel operations, the Company does not expect to issue guidance until operating fundamentals and trends are more predictable.