Q2 2024 Apple Hospitality REIT Inc Earnings Call Transcript
Key Points
- Apple Hospitality REIT Inc (APLE) achieved a portfolio occupancy of 80% in the second quarter, with a 2% year-over-year increase in Comparable Hotels occupancy.
- The company reported a 2.5% growth in Comparable Hotels RevPAR for the quarter, with ADR slightly up year over year.
- Adjusted EBITDAre for the second quarter was $141 million, up 9% compared to the same period in 2023.
- Apple Hospitality REIT Inc (APLE) continues to provide an attractive dividend yield, with a $0.24 per common share distribution during the quarter.
- The company successfully repurchased approximately 1.6 million shares at an average price of $14.29 per share, indicating confidence in its stock value.
- Comparable Hotels adjusted hotel EBITDA margin declined by 50 basis points year over year to 39%.
- There is increased price sensitivity among leisure consumers, impacting ADR growth.
- The company revised its full-year 2024 guidance, decreasing net income and adjusted EBITDAre expectations.
- Midweek business travel demand is recovering slower than anticipated, affecting overall rate growth.
- The ongoing legal dispute with LuxUrban regarding a New York property could impact future financial performance.
Greetings and welcome to the Apple Hospitality REIT second quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Kelly Clarke, Vice President of Investor Relations. Thank you. You may begin.
Thank you and good morning. Welcome to Apple Hospitality REIT's second quarter 2024 earnings call. Today's call will be based on the earnings release and Form 10-Q, which we distributed and filed yesterday afternoon.
Before we begin, please note that today's call may include forward-looking statements as defined by federal securities laws. These forward-looking statements are based on current views and assumptions and as a result are subject to numerous risks, uncertainties and the outcome of future events that could cause actual results, performance or achievements to materially differ from those expressed projected or implied. Any such forward-looking statements are qualified by the risk
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