NYSE$APLE
Apple Hospitality REIT Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Apple Hospitality Demonstrated Strong Operating Performance in Q1 2023
Apple Hospitality REIT, Inc. reported strong operating fundamentals for the first quarter ended March 31, 2023, driven by continued strength in leisure demand and increased business travel. Comparable Hotels RevPAR increased by 19%, ADR increased by 11%, and Occupancy was up by more than 7% as compared to first quarter 2022.
- Comparable Hotels RevPAR was $109, a 19% increase over first quarter 2022 and a 6% increase over first quarter 2019.
- Comparable Hotels ADR was $152, an 11% increase over first quarter 2022 and a 9% increase over first quarter 2019.
- Comparable Hotels Occupancy was 72%, a 7% increase over first quarter 2022 and a 2% decline as compared to first quarter 2019.
- The Company achieved Comparable Hotels Adjusted Hotel EBITDA of approximately $107 million, a 21% improvement over first quarter 2022 and a 4% improvement over first quarter 2019.
Headline financials
Revenue & EPS history
Apple Hospitality · Revenue · Quarterly
$311M
Revenue by segment
Apple Hospitality · $298M total across 2 segments · Q1 2023
- Room Revenue$286M+20.0%95.7%
- Food & Beverage$12.9M+53.0%4.3%
Forward guidance
The Company is providing its operational and financial outlook for 2023, which is unchanged from the 2023 outlook previously provided. The high end of the full year range reflects relatively steady macroeconomic conditions throughout 2023, with continued strength in leisure demand and improvement in business transient. The low end of the range reflects a softening of the economy beginning in the second quarter with Comparable Hotels RevPAR Change roughly flat compared to 2022 in the second half of the year.
Tailwinds
- Comparable Hotels RevPAR Change between 3.0% and 7.0%.
- Comparable Hotels Adjusted Hotel EBITDA Margin % between 35.3% and 36.9%.
- Adjusted EBITDAre between $420 Million and $457 Million.
- Capital expenditures between $70 Million and $80 Million.
- Continued strength in leisure demand.
Headwinds
- Meaningful macroeconomic uncertainty.
- Short-term booking windows for the Company's portfolio of rooms-focused hotels.
- Softening of the economy beginning in the second quarter.
- Comparable Hotels RevPAR Change roughly flat compared to 2022 in the second half of the year.
- Unanticipated developments in its business or changes in its operating environment.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
-0.2%
Avg return
Earnings day
+0.2%
Avg return
5 days after
+0.3%
Avg return
30 days after
47%
20 / 43 earnings
Positive
+19.1%
Q1 2020
Best reaction
-9.0%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.9% | +5.5% | +13.4% | |
| Q4 2025 | -1.0% | +0.4% | -2.5% | |
| Q3 2025 | -1.9% | +2.3% | +1.4% | |
| Q1 2025 | -0.1% | -3.1% | -1.1% | |
| Q4 2024 | -1.6% | +1.3% | -11.1% | |
| Q3 2024 | +0.5% | +8.5% | +9.6% | |
| Q2 2024 | -3.1% | -3.0% | -2.8% | |
| Q1 2024 | +1.2% | +1.1% | -2.5% | |
| Q4 2023 | +0.3% | -1.2% | +1.7% | |
| Q3 2023 | -6.0% | -5.3% | +0.9% | |
| Q2 2023 | +0.1% | +0.8% | +0.1% | |
| Q1 2023 | +1.4% | +4.2% | -0.7% | |
| Q4 2022 | -2.4% | -1.9% | -18.6% | |
| Q3 2022 | -2.7% | +1.6% | +2.3% | |
| Q2 2022 | -0.8% | -0.4% | -6.5% | |
| Q1 2022 | -3.4% | -5.1% | -2.8% | |
| Q4 2021 | -3.8% | +1.5% | +1.1% | |
| Q3 2021 | +0.4% | -1.9% | -9.6% | |
| Q2 2021 | +4.8% | +3.6% | +6.1% | |
| Q1 2021 | +1.4% | -2.1% | +3.1% | |
| Q4 2020 | +0.6% | -4.1% | +0.5% | |
| Q3 2020 | +1.0% | +16.1% | +24.7% | |
| Q2 2020 | +5.5% | +11.1% | +21.8% | |
| Q1 2020 | +19.1% | +12.1% | +32.5% | |
| Q4 2019 | -9.0% | -13.4% | -38.6% | |
| Q3 2019 | +0.9% | -1.0% | -3.9% | |
| Q2 2019 | +0.2% | +1.7% | +5.5% | |
| Q1 2019 | -0.5% | -0.1% | -4.7% | |
| Q4 2018 | -0.2% | -1.6% | -2.5% | |
| Q3 2018 | -2.2% | +0.4% | -2.9% | |
| Q2 2018 | -0.2% | -3.5% | -1.3% | |
| Q1 2018 | +0.5% | +1.0% | +3.9% | |
| Q4 2017 | -1.1% | -4.9% | -6.2% | |
| Q3 2017 | +1.0% | +1.4% | +3.1% | |
| Q2 2017 | -1.5% | -1.7% | +0.4% | |
| Q1 2017 | +0.9% | -2.1% | -0.7% | |
| Q4 2016 | -2.7% | -5.6% | -7.0% | |
| Q3 2016 | +0.6% | -1.0% | +11.5% | |
| Q2 2016 | -0.5% | -2.1% | -7.5% | |
| Q1 2016 | +0.5% | — | — | |
| Q4 2015 | -4.4% | — | — | |
| Q3 2015 | +2.3% | — | — | |
| Q2 2015 | +0.0% | — | — | |
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| Q1 2010 | — | — | — |
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