CHARLOTTE, NC—Extended Stay America Inc. shared its consolidated results for the quarter ended March 31.
Extended Stay America’s RevPAR grew 2.1% to $45.86; its net income increased 8.9% to $16.1 million; adjusted EBITDA increased from 5.5% to $129.6 million; and adjusted funds from operations (Adjusted FFO) per diluted paired share increased 11.7% to $0.35. Also, adjusted paired share income per diluted paired share increased 15.7% to $0.15.
During the quarter, the company paid approximately $23.1 million to repurchase and retire approximately 1.4 million paired shares. The company had approximately $137.1 million remaining for repurchases under the combined paired share repurchase program as of March 31.