Apple Hospitality REIT, Inc. (NYSE:APLE) Q1 2020 Earnings Conference Call - Final Transcript

May 19, 2020 • 10:00 am ET

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Apple Hospitality REIT, Inc. (NYSE:APLE) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Greetings and welcome to be Apple Hospitality REIT, First Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. A 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, Investor Relations. Thank you. You may begin.

Executive
Kelly Clarke

Thank you and good morning. We welcome you to Apple Hospitality REIT's first quarter 2020 earnings call, on this, the 19th day of May 2020. Today's call will be based on the first quarter 2020 earnings release Form 10-Q and COVID-19 supplement, which were distributed and filed yesterday afternoon.

As a reminder, today's call will contain forward-looking statements as defined by federal securities laws, including statements regarding future operating results and the impact of the company's business and financial condition from and measures being taken in response to COVID-19.

These statements involve known and unknown risks and other factors, which may cause actual results, performance or achievements of Apple Hospitality to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

Participants should carefully review our financial statements and the notes thereto, as well as the risk factors described in Apple Hospitality's Annual Report on Form 10-K for the year ended December 31, 2019, quarterly report on Form 10-Q for the quarter ended March 31, 2020 and other filings with the SEC.

Any forward-looking statement that Apple Hospitality makes speaks only as of today and the company undertakes no obligation to publicly update or revise any forward-looking statements except as required by law.

In addition, certain non-GAAP measures of performance, such as EBITDA, EBITDAre, adjusted EBITDAre, adjusted hotel EBITDA, FFO, and modified FFO will be discussed during this call. We encourage participants to review reconciliations of those measures to GAAP measures as included in yesterday's earnings release and other filings with the SEC. For a copy of the earnings release supplemental 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 of 2020, as well as an outlook for the sector and for the company. Following the overview, we will open the call for Q&A.

At this time, it is my pleasure to turn the call over to our CEO, Justin Knight.

Executive
Justin Knight

Thank you, Kelly. Good morning everyone and thank you for joining us today. I sincerely hope that each of you and your loved ones are staying safe and healthy during these challenging times. My heart goes out to those who have been directly affected by the coronavirus, and I would like to express my sincere gratitude to all first responders, health care workers and everyone on the front lines of this pandemic.

With travel restrictions and stay-at-home orders in place across most of our nation since mid-March COVID-19 has disrupted every aspect of our daily lives