Apple Hospitality Q3 2021 Earnings Report
Key Takeaways
Apple Hospitality REIT reported net income of $31.8 million for the third quarter of 2021, a significant increase compared to the net loss of $40.9 million in the same period of 2020. The Company's RevPAR for the quarter was $100.14, driven by occupancy of 71.5% and ADR of $140.02. Adjusted EBITDAre was $92 million and MFFO was $76 million.
The Company produced its strongest quarterly operational results since the beginning of the pandemic.
Portfolio achieved ADR that exceeded third quarter 2019 ADR, with RevPAR trailing third quarter 2019 RevPAR by approximately 10%.
Comparable Hotels Adjusted Hotel EBITDA Margin of approximately 38% for the third quarter of 2021, 30 basis points ahead of the same measure for the third quarter of 2019.
During and subsequent to the third quarter of 2021, the Company sold a portfolio of 20 hotels for a gross sales price of approximately $211 million and acquired four hotels for a combined total purchase price of approximately $186 million.
Apple Hospitality
Apple Hospitality
Forward Guidance
The Company is providing the following full year 2021 outlook regarding certain corporate expenses, which is based on management’s current view and does not take into account any unanticipated developments in its business or changes in its operating environment: