DiamondRock reports Q1 AFFO 22c, consensus 19c

Reports Q1 revenue $258.2M, consensus $257.01M. Reports comparable RevPAR $190.01, up 2.0% vs. last year; and comparable Total RevPAR $298.95, up 2.5% vs. last year, driven by a 3.4% increase in out-of-room revenues. “We delivered Q1 results ahead of expectations despite a difficult RevPAR comparison and disruptive weather in several of our markets. The efforts of our asset management team and operating partners continue to differentiate DiamondRock (DRH), as reflected in strong returns from recent renovations, meaningful margin expansion, and our ability to enhance operating performance while limiting earnings disruption across the portfolio. Over the trailing twelve months, we generated nearly 20% growth in free cash flow per share, underscoring the impact of our disciplined operating and capital allocation strategy,” said, CEO Jeffrey J. Donnelly.