Apple Hospitality REIT Announces Increase in Monthly Distribution Beginning with September 2022 Distribution
August 17 2022 - 9:00AM
Business Wire
Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or
“Apple Hospitality”) today announced that its Board of Directors
authorized an increase in the Company’s regular monthly cash
distributions to $0.07 per common share, up from $0.05 per common
share, and declared a monthly cash distribution of $0.07 per common
share for the month of September 2022. The distribution is payable
on September 15, 2022, to shareholders of record as of September 2,
2022. Based on the Company’s common stock closing price of $17.26
on August 16, 2022, the new annualized distribution of $0.84 per
common share represents an annual yield of approximately 4.9%.
“Our performance through the second quarter of the year
meaningfully exceeded our expectations, and we are pleased to
increase the amount of our monthly dividend beginning with our
September payment,” commented Justin Knight, Chief Executive
Officer of Apple Hospitality. “Our hotel ownership strategy was
intentionally designed to maximize shareholder value in any
macroeconomic environment, providing an ability to produce a strong
dividend yield for our investors while allowing us to
simultaneously invest in and expand our portfolio. We remain
confident in the positive trajectory of the recovery and believe we
are incredibly well positioned to continue to allocate capital in
ways that will drive the strongest total returns for our
shareholders over time.”
While the Company expects monthly distributions to continue,
each distribution is subject to approval by the Company’s Board of
Directors.
About Apple Hospitality REIT,
Inc. Apple Hospitality REIT, Inc. (NYSE: APLE) is a
publicly traded real estate investment trust (“REIT”) that owns one
of the largest and most diverse portfolios of upscale,
rooms-focused hotels in the United States. Apple Hospitality’s
portfolio consists of 219 hotels with more than 28,700 guest rooms
located in 86 markets throughout 36 states. Concentrated with
industry-leading brands, the Company’s portfolio consists of 94
Marriott-branded hotels, 119 Hilton-branded hotels, four
Hyatt-branded hotels and two independent hotels. For more
information, please visit www.applehospitalityreit.com.
Forward-Looking Statements
Disclaimer This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Forward-looking statements are typically
identified by use of statements that include phrases such as “may,”
“believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,”
“target,” “goal,” “plan,” “should,” “will,” “predict,” “potential,”
“outlook,” “strategy,” and similar expressions that convey the
uncertainty of future events or outcomes. Such statements involve
known and unknown risks, uncertainties, and other factors which may
cause the actual results, performance, or achievements of the
Company to be materially different from future results, performance
or achievements expressed or implied by such forward-looking
statements.
Currently, one of the most significant factors that could cause
actual outcomes to differ materially from the Company’s
forward-looking statements continues to be the adverse effect of
COVID-19, including resurgences and variants, on the Company’s
business, financial performance and condition, operating results
and cash flows, the real estate market and the hospitality industry
specifically, and the global economy and financial markets
generally. The significance, extent and duration of the continued
impacts caused by the COVID-19 pandemic on the Company will depend
on future developments, which are highly uncertain and cannot be
predicted with confidence at this time, including the scope,
severity and duration of the pandemic, the extent and effectiveness
of the actions taken to contain the pandemic or mitigate its
impact, the efficacy, acceptance and availability of vaccines, the
duration of associated immunity and efficacy of the vaccines
against variants of COVID-19, the potential for additional hotel
closures/consolidations that may be mandated or advisable, whether
based on increased COVID-19 cases, new variants or other factors,
the slowing or potential rollback of “reopenings” in certain
states, and the direct and indirect economic effects of the
pandemic and containment measures, among others. Moreover,
investors are cautioned to interpret many of the risks identified
under the section titled “Risk Factors” in the Company’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2021 as
being heightened as a result of the ongoing and numerous adverse
impacts of COVID-19. Additional factors include, but are not
limited to, the ability of the Company to effectively acquire and
dispose of properties and redeploy proceeds; the anticipated timing
and frequency of shareholder distributions; the ability of the
Company to fund capital obligations; the ability of the Company to
successfully integrate pending transactions and implement its
operating strategy; changes in general political, economic and
competitive conditions and specific market conditions; reduced
business and leisure travel due to travel-related health concerns,
including the COVID-19 pandemic or an increase in COVID-19 cases or
any other infectious or contagious diseases in the U.S. or abroad;
adverse changes in the real estate and real estate capital markets;
financing risks; changes in interest rates; litigation risks;
regulatory proceedings or inquiries; and changes in laws or
regulations or interpretations of current laws and regulations that
impact the Company’s business, assets or classification as a REIT.
Although the Company believes that the assumptions underlying the
forward-looking statements contained herein are reasonable, any of
the assumptions could be inaccurate, and therefore there can be no
assurance that such statements included in this press release will
prove to be accurate. In light of the significant uncertainties
inherent in the forward-looking statements included herein, the
inclusion of such information should not be regarded as a
representation by the Company or any other person that the results
or conditions described in such statements or the objectives and
plans of the Company will be achieved. In addition, the Company’s
qualification as a REIT involves the application of highly
technical and complex provisions of the Internal Revenue Code of
1986, as amended. Readers should carefully review the risk factors
described in the Company’s filings with the Securities and Exchange
Commission, including but not limited to those discussed in the
section titled “Risk Factors” in the Company’s Annual Report on
Form 10-K for the fiscal year ended December 31, 2021. Any
forward-looking statement that the Company makes speaks only as of
the date of this press release. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements or cautionary factors, as a result of new information,
future events, or otherwise, except as required by law.
For additional information or to receive press
releases by email, visit www.applehospitalityreit.com.
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Apple Hospitality REIT, Inc. Kelly Clarke, Vice President,
Investor Relations 804‐727‐6321 kclarke@applereit.com
Apple Hospitality REIT (NYSE:APLE)
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