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Real estate investment trusts

Apple Hospitality REIT, Inc. Reports Second Quarter 2024 Results

Strategic Insights

— 2 min read

Apple Hospitality REIT, Inc. has announced its results of operations for the second quarter ended June 30, 2024. The Company has reported a 13.2% increase in net income to $73,931,000, compared to $65,289,000 in the same period last year. Net income per share increased by 6.9% to $0.31.

Key Takeaways:

  • Apple Hospitality REIT, Inc. reported a 12.6% increase in operating income to $93,515,000 for the second quarter of 2024.
  • The Company's operating margin percentage increased by 100 basis points to 24.0% for the same period.
  • Adjusted EBITDAre increased by 9.1% to $140,916,000, while comparable hotels adjusted hotel EBITDA decreased by 0.7% to $263,013,000.
  • Modified funds from operations (MFFO) increased by 8.9% to $121,329,000 for the second quarter of 2024.
  • Average daily rate (ADR) increased by 1.2% to $162.98 and occupancy rates increased by 2.0% to 79.8%.
  • Revenue per available room (RevPAR) increased by 3.3% to $130.07.
  • Total debt outstanding stood at $1,542,455,000 as of June 30, 2024.
  • Cash and cash equivalents stood at $7,224,000 as of June 30, 2024.
  • The Company paid distributions of $58,045,000, resulting in a payout ratio of 100.0% for the second quarter of 2024.

Statistics:

  • Net income: $73,931,000 and $65,289,000 in the second quarters of 2024 and 2023, respectively.
  • Net income per share: $0.31 and $0.29 in the second quarters of 2024 and 2023, respectively.
  • Operating income: $93,515,000 and $83,029,000 in the second quarters of 2024 and 2023, respectively.
  • Operating margin percentage: 24.0% and 23.0% in the second quarters of 2024 and 2023, respectively.
  • Adjusted EBITDAre: $140,916,000 and $129,144,000 in the second quarters of 2024 and 2023, respectively.
  • Comparable hotels adjusted hotel EBITDA: $151,515,000 and $149,276,000 in the second quarters of 2024 and 2023, respectively.
  • MFFO: $121,329,000 and $111,399,000 in the second quarters of 2024 and 2023, respectively.
  • MFFO per share: $0.50 and $0.49 in the second quarters of 2024 and 2023, respectively.
  • ADR: $162.98 and $160.98 in the second quarters of 2024 and 2023, respectively.
  • Occupancy rate: 79.8% and 78.2% in the second quarters of 2024 and 2023, respectively.
  • RevPAR: $130.07 and $125.96 in the second quarters of 2024 and 2023, respectively.

Sources:

  • Apple Hospitality REIT, Inc.
  • Form 8-K filed by Apple Hospitality REIT, Inc. on July 25, 2024.

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