Apple Hospitality REIT, Inc. (NYSE:APLE) Q1 2024 Earnings Conference Call May 7, 2024 10:00 AM ET
Company Participants
Kelly Clarke - Vice President, Investor Relations
Justin Knight - Chief Executive Officer and Director
Liz Perkins - Senior Vice President and Chief Financial Officer
Conference Call Participants
Austin Wurschmidt - KeyBanc Capital Markets
Anthony Powell - Barclays
Michael Bellisario - Baird
Chris Darling - Green Street
Operator
Greetings, and welcome to the Apple Hospitality REIT First Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [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.
Kelly Clarke
Thank you, and good morning. Welcome to the Apple Hospitality REIT’s first 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 factors described in our filings with the SEC, including in our 2023 annual report on Form 10-K and speak only as of today. The Company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.
In addition, non-GAAP measures of performance will be discussed during this call. Reconciliations of those measures to GAAP measures and definitions of certain items referred to in our remarks are included in yesterday’s earnings release and other filings with the SEC. For a copy of the earnings release or additional information about the Company, please visit applehospitalityreit.com.
This morning, Justin Knight, our Chief Executive Officer; and Liz Perkins, our Chief Financial Officer, will provide an overview of our results for the first quarter 2024 and an operational outlook for the remainder of the year. Following the overview, we will open the call for Q&A.
At this time, it is my pleasure to turn the call over to, Justin.
Justin Knight
Good morning, and thank you for joining us today. Consistent with our expectations, performance for the first quarter remains strong with adjusted EBITDAre of approximately $101 million, an increase of 6% year-over-year and modified funds from operation of $83 million, an increase of 5% year-over-year.