- Apple Hospitality REIT (NYSE:APLE) Q4 FFO per share sinks into the red after Q3's positive FFO reading, coinciding with a fall/winter resurgence of the COVID-19 and slower travel months at year-end.
- Q4 modified FFO loss per share of 1 cents trails the average analyst estimate for FFO per share of 2 cents and declined from 4 cents modified FFO in Q3.
- Q4 total revenue of $134.0M compares with consensus estimate of $144.4M and declined from $148.8M in Q3 and $290.0M in the year-ago quarter.
- "As we transition from the traditionally slower travel months at year end, we are encouraged by the improving occupancy trends we have seen across our portfolio in January and February," said CEO Justin Knight.
- The REIT expects domestic leisure travel to drive performance early in the year and business travel, led at first by local and regional demand,
- Q4 comparable hotels RevPAR of $45.44 vs. $50.94 in Q3 and $96.12 in Q4 2019.
- Comparable hotels occupancy of 46.4% vs. 48.6% at Q3-end.
- Q4 average daily rate of $97.87 vs. $104.78 in Q3.
- APLE isn't providing earnings guidance for 2021 due to the ongoing pandemic. It expects 2021 G&A expenses of $28M-$32M, interest expense of $75M-$80M, and capital expenditures of $25M-$30M.
- Conference call on Feb. 24 at 10:00 AM ET.
- Previously: Apple Hospitality FFO misses by $0.03, misses on revenue (Feb. 23)
Apple Hospitality Q4 FFO dips into red as pandemic persists
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About APLE Stock
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| Symbol | Last Price | % Chg |
|---|---|---|
| APLE | - | - |
| Apple Hospitality REIT, Inc. | ||