Reports Q1 revenue $328.12M, consensus $329.24M. “We are pleased with our solid first quarter results which exceeded our expectations and were driven by our robust performance in urban markets and our strong momentum from conversions. Our ability to drive rate in this environment and control costs allowed us to exceed our EBITDA outlook. Additionally, we successfully recycled capital from disposition proceeds towards accretive share repurchases and further strengthened our balance sheet as we addressed all near-term debt maturities,” commented Leslie Hale, president and CEO. “The heightened macroeconomic uncertainty has tempered our near-term view on fundamentals. Therefore, we are updating our outlook to reflect the current environment, which we assume will persist for the remainder of the year. Relative to this backdrop, we are well-positioned to navigate this choppy environment given our diversified urban-centric portfolio, our lean operating model and a favorable capital structure.”
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RLJ: