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Sep 30, 2024
Apple Hospitality Q3 2024 Earnings Report
Apple Hospitality's operating fundamentals remained strong, bolstered by recent acquisitions, continued strength in ADR, and moderating expense growth.
Key Takeaways
Apple Hospitality REIT reported strong operating performance for the third quarter ended September 30, 2024. Comparable Hotels RevPAR increased by approximately 1% compared to the third quarter of 2023. The Company strategically acquired two hotels for $196 million, sold three hotels for $41 million, and repurchased 2.4 million common shares for $35 million.
Comparable Hotels RevPAR grew by approximately 1% compared to Q3 2023.
Comparable Hotels ADR was $163, about 1% higher than Q3 2023.
The Company achieved Adjusted EBITDAre of approximately $129 million, an increase of approximately 6% compared to Q3 2023.
The Company repurchased approximately 1.4 million common shares for approximately $19.2 million during the quarter.
Apple Hospitality
Apple Hospitality
Apple Hospitality Revenue by Segment
Revenue by Segment
Room Revenue
CapyFin.comFood and Beverage Revenue
CapyFin.com Forward Guidance
The Company is updating its operational and financial outlook for 2024. The Company is decreasing Net Income by $1 million, decreasing Comparable Hotels RevPAR Change by 12.5 bps, increasing Comparable Hotels Adjusted Hotel EBITDA Margin % by 20 bps, and decreasing Adjusted EBITDAre by $1.5 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income