Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or
“Apple Hospitality”) today announced results of operations for the
fourth quarter and full year ended December 31, 2020.
Apple Hospitality REIT,
Inc.
Selected Statistical and
Financial Data
As of and For the Three Months
and Year Ended December 31
(Unaudited) (in thousands,
except statistical and per share amounts)(1)
Three Months Ended
Year Ended December 31, December
31,
2020
2019
% Change
2020
2019
% Change
Net income (loss)
$
(51,247)
$
25,453
n/m
$
(173,207)
$
171,917
n/m
Net income (loss) per share
$
(0.23)
$
0.11
n/m
$
(0.77)
$
0.77
n/m
Adjusted EBITDAre
$
16,196
$
86,110
(81.2%)
$
92,611
$
428,785
(78.4%)
Comparable Hotels Adjusted Hotel EBITDA
$
23,035
$
94,685
(75.7%)
$
120,732
$
454,280
(73.4%)
Comparable Hotels Adjusted Hotel EBITDA Margin %
17.3%
33.3%
(1,600 bps)
20.2%
36.7%
(1,650 bps)
Modified funds from operations (MFFO)
$
(2,475)
$
70,604
n/m
$
20,437
$
365,921
(94.4%)
MFFO per share
$
(0.01)
$
0.32
n/m
$
0.09
$
1.63
(94.5%)
Average Daily Rate
(ADR) (Actual)
$
97.87
$
131.41
(25.5%)
$
111.49
$
137.30
(18.8%)
Occupancy (Actual)
46.5%
72.9%
(36.2%)
46.1%
77.0%
(40.1%)
Revenue Per Available Room (RevPAR) (Actual)
$
45.46
$
95.85
(52.6%)
$
51.34
$
105.72
(51.4%)
Comparable Hotels
ADR
$
97.91
$
131.79
(25.7%)
$
111.62
$
138.09
(19.2%)
Comparable Hotels Occupancy
46.4%
72.9%
(36.4%)
46.0%
77.1%
(40.3%)
Comparable Hotels RevPAR
$
45.44
$
96.12
(52.7%)
$
51.33
$
106.45
(51.8%)
Cash and cash
equivalents
$
5,556
$
-
n/a
Total debt outstanding
$
1,488,570
Total debt outstanding, net of
cash and cash equivalents
$
1,483,014
Total debt outstanding, net of
cash and cash equivalents, to total capitalization (2)
34.0%
_______________ Note: n/m = not
meaningful.
(1)
Explanations of and reconciliations to net income (loss)
determined in accordance with generally accepted accounting
principles ("GAAP") of non-GAAP financial measures, Adjusted
EBITDAre, Comparable Hotels Adjusted Hotel EBITDA and MFFO, are
included below.
(2)
Total debt outstanding, net of cash and cash equivalents
("net total debt outstanding"), divided by net total debt
outstanding plus equity market capitalization based on the
Company’s closing share price of $12.91 on December 31, 2020.
Comparable Hotels is defined as the 233
hotels owned and held for use by the Company as of December 31,
2020. For hotels acquired during the periods noted, the Company has
included, as applicable, results of those hotels for periods prior
to the Company's ownership, and for dispositions, results have been
excluded for the Company's period of ownership. Results for periods
prior to the Company's ownership have not been included in the
Company's actual Consolidated Financial Statements and are included
only for comparison purposes. Results included for periods prior to
the Company's ownership are based on information from the prior
owner of each hotel and have not been audited or adjusted.
Justin Knight, Chief Executive Officer of Apple Hospitality,
commented, “The challenges brought by the COVID-19 pandemic
significantly altered the trajectory of 2020 and meaningfully
impacted travel and the hotel industry beginning in March of last
year. With the efficient operations, broad consumer appeal and
market diversification of our portfolio of rooms-focused hotels and
the tireless efforts of our corporate and property management
teams, we were able to keep our hotels open, adjust our operating
model, reduce property-level expenses and enhance our sales efforts
to capture existing demand and maximize performance during the most
difficult year on record for the hotel industry. We were first
among publicly traded lodging REITs to return to positive cash flow
in 2020 and are pleased to report Adjusted EBITDAre of
approximately $93 million and MFFO of approximately $20 million for
the full year. The pandemic’s impact on travel has forced us to
rethink every aspect of our business, concentrating on the services
and amenities that our guests value most, and we are focused on
enhancing our stabilized operating model to become even more
efficient over time.”
Mr. Knight continued, “As we transition from the traditionally
slower travel months at year end, we are encouraged by the
improving occupancy trends we have seen across our portfolio in
January and February. While we have limited visibility, we
anticipate domestic leisure travel will drive performance early in
the year and business travel, led initially by local and regional
business demand, will improve over the course of 2021. Our
outperformance during these unprecedented times is a testament to
the strength of our underlying strategy and low-levered balance
sheet and has preserved our capacity to pursue accretive
opportunities in the early stages of a recovery. We remain intently
focused on maximizing long-term value for our shareholders and are
confident we are well positioned as travel continues to
recover.”
Operations Update
- All hotels open: All of the Company’s hotels are open
with enhanced health and sanitation measures in place. The Company
continues to intentionally consolidate operations at five hotels,
down from 38 hotels as of May 2020, in market clusters to maximize
operational efficiencies. The cost structure of the Company’s
primarily rooms-focused hotels allows them to operate cost
effectively even at very low occupancy levels, resulting in
positive Adjusted Hotel EBITDA for each month in 2020 except for
April.
- Enhanced sales efforts: Together with its third-party
management companies, the Company has enhanced its sales efforts by
focusing on COVID-19-specific opportunities in certain markets and
strategically targeting available demand to maximize
performance.
- Seasonal fluctuations: Occupancy and RevPAR for the
Company’s portfolio sequentially improved from the lowest levels of
approximately 18% and $18 in April 2020 to approximately 54% and
$55 in October 2020, driven by a wide variety of demand generators
including leisure, government, health care, construction, disaster
recovery, insurance, athletics, education, and local and regional
business-related travel. Demand during the months of November and
December declined in line with typical seasonal travel trends.
- Reduced property-level expenses: Since March 2020, the
Company, its brands and its third-party management companies have
implemented cost elimination and efficiency initiatives at each of
the Company’s hotels by effectively managing labor costs, reducing
or eliminating certain services and amenities, and renegotiating
rates under various service contracts. Hotel operating expenses
were lowered by approximately 48% during the fourth quarter of 2020
and 44% during the year ended December 31, 2020, as compared to the
same periods of 2019.
- Reduced corporate-level expenses: General and
administrative expenses were reduced by approximately 34% during
the fourth quarter of 2020 and 19% during the year ended December
31, 2020, as compared to the same periods of 2019, primarily due to
decreases in compensation and other overhead expenses.
- Cash flow positive: The Company produced sufficient cash
from hotel operations to cover property-level and corporate-level
costs, including debt service, for six months during 2020. The
Company achieved positive Adjusted Hotel EBITDA of approximately
$23 million and $122 million and MFFO of approximately negative
$2.5 million and positive $20 million for the fourth quarter and
full year ended December 31, 2020, respectively. Performance during
the fourth quarter was impacted by seasonal travel trends that
typically occur during November and December relative to third
quarter performance.
The following table highlights the Company’s performance during
the fourth quarter of 2020, amid the COVID-19 pandemic, as compared
to the fourth quarter of 2019 (in thousands, except statistical
data):
Three Three October November
December Months Ended October November
December Months Ended
2020
2020
2020
December 31, 2020
2019
2019
2019
December 31, 2019
ADR
$
101.94
$
97.77
$
92.55
$
97.87
$
139.07
$
130.85
$
122.20
$
131.41
Occupancy
53.7%
45.3%
40.3%
46.5%
81.6%
73.7%
63.5%
72.9%
RevPAR
$
54.76
$
44.27
$
37.32
$
45.46
$
113.43
$
96.49
$
77.61
$
95.85
Adjusted Hotel EBITDA (1)
$
14,748
$
6,703
$
1,845
$
23,296
$
44,707
$
31,720
$
20,409
$
96,836
_______________
(1)
See explanation and
reconciliation of Adjusted Hotel EBITDA to net income (loss)
included below.
The Company, its third-party management companies and the brands
the Company’s hotels are franchised with have aggressively worked
to mitigate costs and uses of cash associated with operating the
Company’s hotels in a low-occupancy environment and are
thoughtfully working to position the hotels to adapt to changes in
guest preferences that may occur in the future. The operational
impact of the COVID-19 pandemic has varied and will continue to
vary by market and hotel. With the support of its brands and
third-party management companies, the Company will continue to
rethink brand standards, refine its operating model at various
occupancy levels, and allocate capital to maximize long-term
profitability.
Portfolio Activity
Acquisitions
In 2020, as previously announced, Apple Hospitality acquired
four newly developed hotels with an aggregate of 483 guest rooms,
all of which were contracted for in 2018, for a total purchase
price of approximately $111 million.
In February 2021, the Company closed on the purchase of the
newly developed 176-room Hilton Garden Inn in Madison, Wisconsin,
which was contracted for in 2019, for a total purchase price of
approximately $50 million.
Dispositions and Contract for Potential Disposition
In 2020, Apple Hospitality sold three hotels with an aggregate
of 421 guest rooms for a combined gross sales price of
approximately $55 million, including the 86-room Hampton Inn by
Hilton in Tulare, California, which was sold during the fourth
quarter for a gross sales price of approximately $10 million. The
Company’s 2020 dispositions resulted in a combined gain on sale of
approximately $11 million.
In October 2020, the Company entered into a contract for the
sale of its 118-room Homewood Suites by Hilton in Charlotte, North
Carolina, for a gross sales price of approximately $10 million.
Although the Company is working towards the sale of this hotel,
there are many conditions to closing that have not yet been
satisfied and there can be no assurance that a closing on this
hotel will occur. If the closing occurs, the sale is expected to be
completed in the first quarter of 2021, and the Company expects to
recognize a gain upon completion of the sale.
Capital Improvements
During the year ended December 31, 2020, the Company invested
approximately $38 million in capital expenditures, which was
approximately $50 million less than originally planned as the
Company postponed all planned non-essential capital improvements
after March 2020 in order to maintain a sound liquidity position as
a result of COVID-19. The Company anticipates investing
approximately $25 million to $30 million in capital improvements
during 2021, depending in part on the pace of economic
recovery.
Balance Sheet and
Liquidity
Summary
As of December 31, 2020, Apple Hospitality had approximately
$1.5 billion of total outstanding debt with a current combined
weighted-average interest rate of approximately 3.9%, cash on hand
of approximately $6 million and availability under its revolving
credit facility of approximately $319 million. Excluding
unamortized debt issuance costs and fair value adjustments, the
Company’s total outstanding debt is comprised of approximately $513
million in property-level debt secured by 33 hotels and
approximately $976 million outstanding on its unsecured credit
facilities. The Company’s total debt to total capitalization, net
of cash and cash equivalents at December 31, 2020, was
approximately 34%. As of December 31, 2020, the Company’s
weighted-average debt maturities are 4 years, with approximately
$51 million, net of reserves, maturing in 2021.
Unsecured Credit Facilities Amendments
As a result of COVID-19 and the associated disruption to the
Company’s operating results, the Company anticipated that it may
not be able to maintain compliance with certain covenants under its
unsecured credit facilities in future periods. As a result, on June
5, 2020, the Company entered into amendments to each of its
unsecured credit facilities to temporarily waive the financial
covenant testing under each of its unsecured credit facilities
until the date the compliance certificate is required to be
delivered for the fiscal quarter ending June 30, 2021 (the
“Covenant Waiver Period”), unless the Company elects an earlier
date. As of December 31, 2020, the Company was in compliance with
the applicable covenants of the credit agreements as amended.
However, as a result of the continued disruption from COVID-19 and
the related uncertainty on the Company’s operating results, the
Company anticipates that it could potentially not be in compliance
with certain of the covenants as amended in future periods if the
existing Covenant Waiver Period is not further extended. In January
2021, the Company notified lenders under its credit facilities of
the anticipated potential non-compliance with certain covenants and
anticipates entering into amendments to each of the credit
facilities to extend the waiver period for the testing of all but
two of its financial maintenance covenants through March 31, 2022.
The waiver period for the testing of the ratio of Adjusted
Consolidated EBITDA to Consolidated Fixed Charges and the ratio of
Unencumbered Adjusted NOI to Consolidated Implied Interest Expense
for Consolidated Unsecured Indebtedness is anticipated to be
extended through December 31, 2021. The Company anticipates that
the conditions to obtaining the waivers that currently apply during
the Covenant Waiver Period, as implemented in the June 2020
amendments, will generally continue to apply during the extended
covenant waiver period described above, including restrictions on
the amount of the Company’s distributions, capital expenditures,
share repurchases and acquisitions, but the Company anticipates
that the amendments will provide additional flexibility regarding
certain of the conditions relative to the current restrictions,
including an increased allowance for acquiring unencumbered assets
through either proceeds from unencumbered asset sales or equity
issuances. The Company also anticipates that the anticipated
amendments will provide for less restrictive thresholds for certain
financial covenant ratios once covenant testing recommences at the
end of the extended covenant waiver period for a transitional
period. As part of the amendments, the interest rate under each of
its credit facilities is expected to increase 15 basis points
during the extended covenant waiver period. Although the Company is
close to finalizing these amendments and anticipates completing
them in the near future, the amendments have not yet been finalized
and the final terms could change. Thus, no assurances can be given
as to the final terms of the amendments or that the Company will be
able to complete the amendments.
Capital Markets
Apple Hospitality terminated its written trading plan under its
Share Repurchase Program in March 2020 and did not engage in
additional repurchases under the Share Repurchase Program during
the balance of 2020. Prior to the Company’s termination of its
written trading plan under its Share Repurchase Program, the
Company repurchased approximately 1.5 million of its common shares
for an aggregate purchase price of approximately $14.3 million
during the first quarter of 2020. As of December 31, 2020, the
Company had approximately $345 million remaining under its share
repurchase authorization. The Share Repurchase Program may be
suspended or terminated at any time by the Company and will end in
July 2021 if not terminated earlier. Share repurchases are subject
to certain restrictions during the Covenant Waiver Period, and the
Company does not anticipate utilizing the Share Repurchase Program
during the Covenant Waiver Period.
In August 2020, the Company entered into an equity distribution
agreement pursuant to which the Company may sell, from time to
time, up to an aggregate of $300 million of its common shares under
an at-the-market offering program (the “ATM Program”). As of
December 31, 2020, the Company had not sold any common shares under
the ATM Program.
Shareholder
Distributions
In March 2020, as a result of COVID-19 and the impact on the
Company’s business, the Company suspended its monthly
distributions, with the last distribution paid March 16, 2020. The
Company paid distributions of approximately $0.30 per common share
for the full year ended December 31, 2020. The Company’s Board of
Directors, in consultation with management, will continue to
monitor hotel operations and intends to resume distributions at a
time and level determined to be prudent in relation to the
Company’s other cash requirements or in order to maintain its REIT
status for federal income tax purposes, subject to the distribution
restrictions as a condition to the amendments to the Company’s
unsecured credit facilities during the Covenant Waiver Period.
2021 Outlook
In light of uncertainties related to the ongoing COVID-19
pandemic, the Company does not expect to issue 2021 operational
guidance until it has greater visibility into more predictable
operating fundamentals and trends. The Company is providing the
following guidance on certain corporate expenses, which is based on
management’s current view and does not take into account any
unanticipated developments in its business or changes in its
operating environment:
- General and administrative expenses are projected to be
approximately $28 million to $32 million.
- Interest expense is projected to be approximately $75 million
to $80 million.
- Capital expenditures are projected to be approximately $25
million to $30 million.
Fourth Quarter and Full Year 2020
Earnings Conference Call
The Company will host a quarterly conference call for investors
and interested parties at 10 a.m. Eastern Time on Wednesday,
February 24, 2021. The conference call will be accessible by
telephone and the internet. To access the call, participants from
within the U.S. should dial 877-407-9039, and participants from
outside the U.S. should dial 201-689-8470. Participants may also
access the call via live webcast by visiting the Investor
Information section of the Company's website at
ir.applehospitalityreit.com. A replay of the call will be available
from approximately 1:00 p.m. Eastern Time on February 24, 2021,
through 11:59 p.m. Eastern Time on March 17, 2021. To access the
replay, the domestic dial-in number is 844-512-2921, the
international dial-in number is 412-317-6671, and the passcode is
13714678. The archive of the webcast will be available on the
Company's website for a limited time.
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 235 hotels
with more than 30,100 guest rooms located in 88 markets throughout
35 states. Concentrated with industry-leading brands, the Company’s
portfolio consists of 104 Marriott-branded hotels, 126
Hilton-branded hotels, three Hyatt-branded hotels and two
independent hotels. For more information, please visit
www.applehospitalityreit.com.
Apple Hospitality REIT Non-GAAP
Financial Measures
The Company considers the following non-GAAP financial measures
useful to investors as key supplemental measures of its operating
performance: Funds from Operations (“FFO”); Modified FFO (“MFFO”);
Earnings Before Interest, Income Taxes, Depreciation and
Amortization (“EBITDA”); Earnings Before Interest, Income Taxes,
Depreciation and Amortization for Real Estate (“EBITDAre”);
Adjusted EBITDAre (“Adjusted EBITDAre”); and Adjusted Hotel EBITDA
(“Adjusted Hotel EBITDA”). These non-GAAP financial measures should
be considered along with, but not as alternatives to, net income
(loss), cash flow from operations or any other operating GAAP
measure. FFO, MFFO, EBITDA, EBITDAre, Adjusted EBITDAre and
Adjusted Hotel EBITDA are not necessarily indicative of funds
available to fund the Company’s cash needs, including its ability
to make cash distributions. Although FFO, MFFO, EBITDA, EBITDAre,
Adjusted EBITDAre and Adjusted Hotel EBITDA, as calculated by the
Company, may not be comparable to FFO, MFFO, EBITDA, EBITDAre,
Adjusted EBITDAre and Adjusted Hotel EBITDA, as reported by other
companies that do not define such terms exactly as the Company
defines such terms, the Company believes these supplemental
measures are useful to investors when comparing the Company’s
results between periods and with other REITs. Reconciliations of
these non-GAAP financial measures to net income (loss) are provided
in the following pages.
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 new 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 outbreak 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 Company’s ability to complete the anticipated
amendments to its credit facilities on the terms and timing
anticipated, or at all, the speed of the vaccine roll-out, the
efficacy, acceptance and availability of vaccines, the duration of
associated immunity and efficacy of the vaccines against emerging
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 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, 2020 as being
heightened as a result of the ongoing and numerous adverse impacts
of COVID-19. Such additional factors include, but are not limited
to, the ability of the Company to effectively acquire and dispose
of properties; 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 widespread
outbreak of COVID-19 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, 2020. 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.
Apple Hospitality REIT, Inc. Consolidated Balance
Sheets (in thousands, except share data)
December 31,
December 31,
2020
2019
Assets Investment in real
estate, net of accumulated depreciation and amortization of
$1,235,698 and $1,054,429, respectively
$
4,732,896
$
4,825,738
Assets held for sale
5,316
12,093
Cash and cash equivalents
5,556
-
Restricted cash-furniture, fixtures and other escrows
28,812
34,661
Due from third party managers, net
22,137
26,926
Other assets, net
35,042
42,993
Total Assets
$
4,829,759
$
4,942,411
Liabilities Debt, net
$
1,482,571
$
1,320,407
Finance lease liabilities
219,981
216,627
Accounts payable and other liabilities
97,860
114,364
Total Liabilities
1,800,412
1,651,398
Shareholders' Equity Preferred
stock, authorized 30,000,000 shares; none issued and outstanding
-
-
Common stock, no par value, authorized 800,000,000 shares; issued
and outstanding 223,212,346 and 223,862,913 shares, respectively
4,488,419
4,493,763
Accumulated other comprehensive loss
(42,802
)
(4,698
)
Distributions greater than net income
(1,416,270
)
(1,198,052
)
Total Shareholders' Equity
3,029,347
3,291,013
Total Liabilities and Shareholders'
Equity
$
4,829,759
$
4,942,411
____________________
Note: The Consolidated Balance
Sheets and corresponding footnotes can be found in the Company’s
Annual Report on Form 10-K for the year ended December 31,
2020.
Apple Hospitality REIT, Inc. Consolidated Statements of
Operations and Comprehensive Income (Loss) (in thousands,
except per share data) Three Months Ended Year
Ended December 31, (Unaudited) December 31,
2020
2019
2020
2019
Revenues: Room
$
125,562
$
265,208
$
560,485
$
1,167,203
Food and beverage
2,333
15,029
16,719
59,815
Other
6,070
9,734
24,675
39,579
Total revenue
133,965
289,971
601,879
1,266,597
Expenses: Hotel operating expense: Operating
35,239
75,986
156,099
312,449
Hotel administrative
14,394
25,307
68,473
103,895
Sales and marketing
13,486
27,800
61,003
116,089
Utilities
7,947
9,463
33,412
40,598
Repair and maintenance
10,104
13,358
37,087
52,695
Franchise fees
5,871
12,491
26,387
54,862
Management fees
4,392
9,779
19,817
43,828
Total hotel operating expense
91,433
174,184
402,278
724,416
Property taxes, insurance and other
19,418
19,028
78,238
77,498
General and administrative
7,100
10,726
29,374
36,210
Loss on impairment of depreciable real estate assets
715
-
5,097
6,467
Depreciation and amortization
50,196
49,294
199,786
193,240
Total expense
168,862
253,232
714,773
1,037,831
Gain on sale of real estate
2,069
3,969
10,854
5,021
Operating income (loss)
(32,828
)
40,708
(102,040
)
233,787
Interest and other expense, net
(18,352
)
(15,081
)
(70,835
)
(61,191
)
Income (loss) before income taxes
(51,180
)
25,627
(172,875
)
172,596
Income tax expense
(67
)
(174
)
(332
)
(679
)
Net income (loss)
$
(51,247
)
$
25,453
$
(173,207
)
$
171,917
Other comprehensive income (loss): Interest rate
derivatives
5,518
5,653
(38,104
)
(14,704
)
Comprehensive income (loss)
$
(45,729
)
$
31,106
$
(211,311
)
$
157,213
Basic and diluted net income (loss) per common share
$
(0.23
)
$
0.11
$
(0.77
)
$
0.77
Weighted average common shares outstanding - basic and
diluted
223,316
223,906
223,544
223,910
____________________
Note: The Consolidated Statements
of Operations and Comprehensive Income (Loss) and corresponding
footnotes can be found in the Company’s Annual Report on Form 10-K
for the year ended December 31, 2020.
Apple Hospitality REIT, Inc. Comparable Hotels Operating
Metrics and Statistical Data (Unaudited) (in
thousands, except statistical data)
Three Months Ended
Year Ended December 31, December
31,
2020
2019
% Change
2020
2019
% Change
Total revenue
$
132,998
$
283,950
(53.2%)
$
596,972
$
1,237,149
(51.7%)
Total operating expenses
109,963
189,265
(41.9%)
476,240
782,869
(39.2%)
Adjusted Hotel EBITDA
$
23,035
$
94,685
(75.7%)
$
120,732
$
454,280
(73.4%)
Adjusted Hotel EBITDA Margin %
17.3
%
33.3
%
(1,600 bps)
20.2
%
36.7
%
(1,650 bps)
ADR (Comparable Hotels)
$
97.91
$
131.79
(25.7%)
$
111.62
$
138.09
(19.2%)
Occupancy (Comparable Hotels)
46.4
%
72.9
%
(36.4%)
46.0
%
77.1
%
(40.3%)
RevPAR (Comparable Hotels)
$
45.44
$
96.12
(52.7%)
$
51.33
$
106.45
(51.8%)
ADR (Actual)
$
97.87
$
131.41
(25.5%)
$
111.49
$
137.30
(18.8%)
Occupancy (Actual)
46.5
%
72.9
%
(36.2%)
46.1
%
77.0
%
(40.1%)
RevPAR (Actual)
$
45.46
$
95.85
(52.6%)
$
51.34
$
105.72
(51.4%)
Reconciliation to Actual Results
Total Revenue (Actual)
$
133,965
$
289,971
$
601,879
$
1,266,597
Revenue from acquisitions prior to ownership
-
73
-
3,363
Revenue from dispositions/assets held for sale
(967
)
(6,094
)
(4,907
)
(32,811
)
Comparable Hotels Total Revenue
$
132,998
$
283,950
$
596,972
$
1,237,149
Adjusted
Hotel EBITDA (AHEBITDA) (Actual)
$
23,296
$
96,836
$
121,985
$
464,995
AHEBITDA from acquisitions prior to ownership
-
(1
)
-
613
AHEBITDA from dispositions/assets held for sale
(261
)
(2,150
)
(1,253
)
(11,328
)
Comparable Hotels AHEBITDA
$
23,035
$
94,685
$
120,732
$
454,280
____________________
Note: Comparable Hotels is defined
as the 233 hotels owned and held for use by the Company as of
December 31, 2020. For hotels acquired during the periods noted,
the Company has included, as applicable, results of those hotels
for periods prior to the Company's ownership, and for dispositions,
results have been excluded for the Company's period of ownership.
Results for periods prior to the Company's ownership have not been
included in the Company's actual Consolidated Financial Statements
and are included only for comparison purposes. Results included for
periods prior to the Company's ownership are based on information
from the prior owner of each hotel and have not been audited or
adjusted.
Reconciliation of net income (loss) to
non-GAAP financial measures is included in the following pages.
Apple Hospitality REIT, Inc. Comparable Hotels Quarterly
Operating Metrics and Statistical Data (Unaudited)
(in thousands, except statistical data)
Three Months Ended 3/31/2019
6/30/2019 9/30/2019 12/31/2019
3/31/2020 6/30/2020
9/30/2020 12/31/2020 Total revenue
$
291,934
$
335,181
$
326,084
$
283,950
$
235,658
$
80,509
$
147,807
$
132,998
Total
operating expenses
187,449
202,618
203,537
189,265
173,057
79,810
113,410
109,963
Adjusted
Hotel EBITDA
$
104,485
$
132,563
$
122,547
$
94,685
$
62,601
$
699
$
34,397
$
23,035
Adjusted Hotel EBITDA Margin %
35.8
%
39.5
%
37.6
%
33.3
%
26.6
%
0.9
%
23.3
%
17.3
%
ADR
(Comparable Hotels)
$
137.65
$
142.26
$
140.04
$
131.79
$
132.82
$
100.93
$
104.90
$
97.91
Occupancy (Comparable Hotels)
74.1
%
81.5
%
79.9
%
72.9
%
60.8
%
28.2
%
48.5
%
46.4
%
RevPAR (Comparable Hotels)
$
101.94
$
115.91
$
111.82
$
96.12
$
80.81
$
28.43
$
50.92
$
45.44
ADR
(Actual)
$
136.36
$
141.60
$
139.21
$
131.41
$
132.55
$
100.76
$
104.78
$
97.87
Occupancy (Actual)
73.9
%
81.4
%
79.9
%
72.9
%
60.9
%
28.2
%
48.6
%
46.5
%
RevPAR (Actual)
$
100.71
$
115.30
$
111.17
$
95.85
$
80.66
$
28.44
$
50.94
$
45.46
Reconciliation to Actual
Results
Total Revenue (Actual)
$
303,787
$
341,117
$
331,722
$
289,971
$
238,010
$
81,078
$
148,826
$
133,965
Revenue from acquisitions prior to ownership
1,817
798
675
73
-
-
-
-
Revenue from dispositions/assets held for sale
(13,670
)
(6,734
)
(6,313
)
(6,094
)
(2,352
)
(569
)
(1,019
)
(967
)
Comparable Hotels Total Revenue
$
291,934
$
335,181
$
326,084
$
283,950
$
235,658
$
80,509
$
147,807
$
132,998
Adjusted
Hotel EBITDA (AHEBITDA) (Actual)
$
108,804
$
134,759
$
124,596
$
96,836
$
63,297
$
704
$
34,688
$
23,296
AHEBITDA from acquisitions prior to ownership
391
166
57
(1
)
-
-
-
-
AHEBITDA from dispositions/assets held for sale
(4,710
)
(2,362
)
(2,106
)
(2,150
)
(696
)
(5
)
(291
)
(261
)
Comparable Hotels AHEBITDA
$
104,485
$
132,563
$
122,547
$
94,685
$
62,601
$
699
$
34,397
$
23,035
___________________
Note: Comparable Hotels is defined
as the 233 hotels owned and held for use by the Company as of
December 31, 2020. For hotels acquired during the periods noted,
the Company has included, as applicable, results of those hotels
for periods prior to the Company's ownership, and for dispositions,
results have been excluded for the Company's period of ownership.
Results for periods prior to the Company's ownership have not been
included in the Company's actual Consolidated Financial Statements
and are included only for comparison purposes. Results included for
periods prior to the Company's ownership are based on information
from the prior owner of each hotel and have not been audited or
adjusted.
Reconciliation of net income (loss) to
non-GAAP financial measures is included in the following pages.
Apple Hospitality REIT, Inc. Same Store Hotels Operating
Metrics and Statistical Data (Unaudited) (in
thousands, except statistical data)
Three Months Ended
Year Ended
December 31,
December 31,
2020
2019
% Change
2020
2019
% Change
Total revenue
$
129,964
$
280,556
(53.7%)
$
587,722
$
1,224,196
(52.0%)
Total operating expenses
107,015
186,866
(42.7%)
467,582
773,794
(39.6%)
Adjusted Hotel EBITDA
$
22,949
$
93,690
(75.5%)
$
120,140
$
450,402
(73.3%)
Adjusted Hotel EBITDA Margin %
17.7
%
33.4
%
(1,570 bps)
20.4
%
36.8
%
(1,640 bps)
ADR (Same Store Hotels)
$
98.10
$
131.86
(25.6%)
$
111.72
$
138.15
(19.1%)
Occupancy (Same Store Hotels)
46.6
%
72.9
%
(36.1%)
46.2
%
77.1
%
(40.1%)
RevPAR (Same Store Hotels)
$
45.67
$
96.12
(52.5%)
$
51.56
$
106.53
(51.6%)
ADR (Actual)
$
97.87
$
131.41
(25.5%)
$
111.49
$
137.30
(18.8%)
Occupancy (Actual)
46.5
%
72.9
%
(36.2%)
46.1
%
77.0
%
(40.1%)
RevPAR (Actual)
$
45.46
$
95.85
(52.6%)
$
51.34
$
105.72
(51.4%)
Reconciliation to Actual Results
Total Revenue (Actual)
$
133,965
$
289,971
$
601,879
$
1,266,597
Revenue from acquisitions
(3,034
)
(3,321
)
(9,250
)
(9,590
)
Revenue from dispositions/assets held for sale
(967
)
(6,094
)
(4,907
)
(32,811
)
Same Store Hotels Total Revenue
$
129,964
$
280,556
$
587,722
$
1,224,196
Adjusted
Hotel EBITDA (AHEBITDA) (Actual)
$
23,296
$
96,836
$
121,985
$
464,995
AHEBITDA from acquisitions
(86
)
(996
)
(592
)
(3,265
)
AHEBITDA from dispositions/assets held for sale
(261
)
(2,150
)
(1,253
)
(11,328
)
Same Store Hotels AHEBITDA
$
22,949
$
93,690
$
120,140
$
450,402
____________________
Note: Same Store Hotels is defined
as the 226 hotels owned by the Company as of January 1, 2019 and
during the entirety of the periods being compared. This information
has not been audited.
Reconciliation of net income (loss) to
non-GAAP financial measures is included in the following pages.
Apple Hospitality REIT, Inc. Same Store Hotels Quarterly
Operating Metrics and Statistical Data (Unaudited)
(in thousands, except statistical data)
Three Months Ended
3/31/2019
6/30/2019
9/30/2019
12/31/2019
3/31/2020
6/30/2020
9/30/2020
12/31/2020
Total revenue
$
289,413
$
331,647
$
322,580
$
280,556
$
232,480
$
79,594
$
145,684
$
129,964
Total operating expenses
185,567
200,231
201,130
186,866
170,786
78,532
111,249
107,015
Adjusted Hotel EBITDA
$
103,846
$
131,416
$
121,450
$
93,690
$
61,694
$
1,062
$
34,435
$
22,949
Adjusted Hotel EBITDA Margin %
35.9
%
39.6
%
37.6
%
33.4
%
26.5
%
1.3
%
23.6
%
17.7
%
ADR
(Same Store Hotels)
$
137.58
$
142.33
$
140.18
$
131.86
$
132.75
$
101.00
$
104.99
$
98.10
Occupancy (Same Store Hotels)
74.1
%
81.6
%
79.9
%
72.9
%
60.8
%
28.3
%
49.0
%
46.6
%
RevPAR (Same Store Hotels)
$
101.94
$
116.08
$
111.96
$
96.12
$
80.68
$
28.58
$
51.39
$
45.67
ADR
(Actual)
$
136.36
$
141.60
$
139.21
$
131.41
$
132.55
$
100.76
$
104.78
$
97.87
Occupancy (Actual)
73.9
%
81.4
%
79.9
%
72.9
%
60.9
%
28.2
%
48.6
%
46.5
%
RevPAR (Actual)
$
100.71
$
115.30
$
111.17
$
95.85
$
80.66
$
28.44
$
50.94
$
45.46
Reconciliation to Actual
Results
Total Revenue (Actual)
$
303,787
$
341,117
$
331,722
$
289,971
$
238,010
$
81,078
$
148,826
$
133,965
Revenue from acquisitions
(704
)
(2,736
)
(2,829
)
(3,321
)
(3,178
)
(915
)
(2,123
)
(3,034
)
Revenue from dispositions/assets held for sale
(13,670
)
(6,734
)
(6,313
)
(6,094
)
(2,352
)
(569
)
(1,019
)
(967
)
Same Store Hotels Total Revenue
$
289,413
$
331,647
$
322,580
$
280,556
$
232,480
$
79,594
$
145,684
$
129,964
Adjusted Hotel EBITDA (AHEBITDA) (Actual)
$
108,804
$
134,759
$
124,596
$
96,836
$
63,297
$
704
$
34,688
$
23,296
AHEBITDA from acquisitions
(248
)
(981
)
(1,040
)
(996
)
(907
)
363
38
(86
)
AHEBITDA from dispositions/assets held for sale
(4,710
)
(2,362
)
(2,106
)
(2,150
)
(696
)
(5
)
(291
)
(261
)
Same Store Hotels AHEBITDA
$
103,846
$
131,416
$
121,450
$
93,690
$
61,694
$
1,062
$
34,435
$
22,949
____________________
Note: Same Store Hotels is defined
as the 226 hotels owned by the Company as of January 1, 2019 and
during the entirety of the periods being compared. This information
has not been audited.
Reconciliation of net income (loss) to
non-GAAP financial measures is included in the following pages.
Apple Hospitality REIT, Inc.
Reconciliation of Net Income (Loss) to EBITDA, EBITDAre,
Adjusted EBITDAre and Adjusted Hotel EBITDA (Unaudited)
(in thousands)
EBITDA is a commonly used measure of performance in many
industries and is defined as net income (loss) excluding interest,
income taxes, depreciation and amortization. The Company believes
EBITDA is useful to investors because it helps the Company and its
investors evaluate the ongoing operating performance of the Company
by removing the impact of its capital structure (primarily interest
expense) and its asset base (primarily depreciation and
amortization). In addition, certain covenants included in the
agreements governing the Company’s indebtedness use EBITDA, as
defined in the specific credit agreement, as a measure of financial
compliance.
In addition to EBITDA, the Company also calculates and presents
EBITDAre in accordance with standards established by the National
Association of Real Estate Investment Trusts (“Nareit”), which
defines EBITDAre as EBITDA, excluding gains and losses from the
sale of certain real estate assets (including gains and losses from
change in control), plus real estate related impairments, and
adjustments to reflect the entity’s share of EBITDAre of
unconsolidated affiliates. The Company presents EBITDAre because it
believes that it provides further useful information to investors
in comparing its operating performance between periods and between
REITs that report EBITDAre using the Nareit definition.
The Company also considers the exclusion of non-cash
straight-line operating ground lease expense from EBITDAre useful,
as this expense does not reflect the underlying performance of the
related hotels (Adjusted EBITDAre).
The Company further excludes actual corporate-level general and
administrative expense for the Company from Adjusted EBITDAre
(Adjusted Hotel EBITDA) to isolate property-level operational
performance over which the Company’s hotel operators have direct
control. The Company believes Adjusted Hotel EBITDA provides useful
supplemental information to investors regarding operating
performance and is used by management to measure the performance of
the Company’s hotels and effectiveness of the operators of the
hotels.
The following table reconciles the Company’s GAAP net income
(loss) to EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted Hotel
EBITDA on a quarterly basis from March 31, 2019 through December
31, 2020:
Three Months Ended 3/31/2019
6/30/2019 9/30/2019 12/31/2019
3/31/2020 6/30/2020
9/30/2020 12/31/2020 Net income (loss)
$
38,151
$
62,090
$
46,223
$
25,453
$
(2,769
)
$
(78,243
)
$
(40,948
)
$
(51,247
)
Depreciation and amortization
47,950
48,109
47,887
49,294
49,522
49,897
50,171
50,196
Amortization of favorable and unfavorable operating leases, net
31
31
31
31
101
101
103
137
Interest and other expense, net
15,494
15,857
14,759
15,081
15,566
18,386
18,531
18,352
Income tax expense
206
156
143
174
146
58
61
67
EBITDA
101,832
126,243
109,043
90,033
62,566
(9,801
)
27,918
17,505
(Gain) loss on sale of real estate
(1,213
)
161
-
(3,969
)
(8,839
)
54
-
(2,069
)
Loss on impairment of depreciable real estate assets
-
-
6,467
-
-
4,382
-
715
EBITDAre
100,619
126,404
115,510
86,064
53,727
(5,365
)
27,918
16,151
Non-cash straight-line operating ground lease expense
48
47
47
46
47
44
44
45
Adjusted EBITDAre
$
100,667
$
126,451
$
115,557
$
86,110
$
53,774
$
(5,321
)
$
27,962
$
16,196
General and administrative expense
8,137
8,308
9,039
10,726
9,523
6,025
6,726
7,100
Adjusted Hotel EBITDA
$
108,804
$
134,759
$
124,596
$
96,836
$
63,297
$
704
$
34,688
$
23,296
Apple Hospitality REIT, Inc.
Reconciliation of Net Income (Loss) to FFO and MFFO
(Unaudited) (in thousands)
The Company calculates and presents FFO in accordance with
standards established by Nareit, which defines FFO as net income
(loss) (computed in accordance with GAAP), excluding gains and
losses from the sale of certain real estate assets (including gains
and losses from change in control), extraordinary items as defined
by GAAP, and the cumulative effect of changes in accounting
principles, plus real estate related depreciation, amortization and
impairments, and adjustments for unconsolidated affiliates.
Historical cost accounting for real estate assets implicitly
assumes that the value of real estate assets diminishes predictably
over time. Since real estate values instead have historically risen
or fallen with market conditions, most real estate industry
investors consider FFO to be helpful in evaluating a real estate
company’s operations. The Company further believes that by
excluding the effects of these items, FFO is useful to investors in
comparing its operating performance between periods and between
REITs that report FFO using the Nareit definition. FFO as presented
by the Company is applicable only to its common shareholders, but
does not represent an amount that accrues directly to common
shareholders.
The Company calculates MFFO by further adjusting FFO for the
exclusion of amortization of finance ground lease assets,
amortization of favorable and unfavorable operating leases, net and
non-cash straight-line operating ground lease expense, as these
expenses do not reflect the underlying performance of the related
hotels. The Company presents MFFO when evaluating its performance
because it believes that it provides further useful supplemental
information to investors regarding its ongoing operating
performance.
The following table reconciles the Company’s GAAP net income
(loss) to FFO and MFFO for the three months and year ended December
31, 2020 and 2019:
Three Months EndedDecember 31, Year
EndedDecember 31,
2020
2019
2020
2019
Net income (loss)
$
(51,247
)
$
25,453
$
(173,207
)
$
171,917
Depreciation of real estate owned
48,327
47,441
192,346
187,729
Gain on sale of real estate
(2,069
)
(3,969
)
(10,854
)
(5,021
)
Loss on impairment of depreciable real estate assets
715
-
5,097
6,467
Funds from operations
(4,274
)
68,925
13,382
361,092
Amortization of finance ground lease assets
1,617
1,602
6,433
4,517
Amortization of favorable and unfavorable operating leases, net
137
31
442
124
Non-cash straight-line operating ground lease expense
45
46
180
188
Modified funds from operations
$
(2,475
)
$
70,604
$
20,437
$
365,921
Apple Hospitality REIT,
Inc.
Debt Summary
(Unaudited)
($ in thousands)
December 31, 2020
2021
2022
2023
2024
2025
Thereafter
Total
Fair Market Value
Total debt: Maturities
$
70,724
$
215,631
$
296,213
$
338,597
$
245,140
$
322,265
$
1,488,570
$
1,494,175
Average interest rates (1)
3.9
%
3.8
%
4.0
%
4.2
%
4.3
%
4.3
%
Variable rate debt: Maturities
$
20,551
$
105,800
$
250,000
$
310,000
$
175,000
$
85,000
$
946,351
$
931,264
Average interest rates (1)
3.6
%
3.7
%
4.0
%
4.4
%
4.8
%
5.4
%
Fixed rate debt: Maturities
$
50,173
$
109,831
$
46,213
$
28,597
$
70,140
$
237,265
$
542,219
$
562,911
Average interest rates
4.3
%
4.1
%
4.0
%
4.0
%
3.9
%
3.9
%
____________________
(1)
The average interest rate gives
effect to interest rate swaps, as applicable.
Note: See further information on the Company’s indebtedness
in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2020.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Market
Three Months Ended December
31
(Unaudited)
Occupancy
ADR RevPAR
% of AdjustedHotel EBITDA # of Hotels
Q4 2020 Q4 2019 % Change
Q4 2020 Q4 2019 % Change
Q4 2020 Q4 2019 % Change
Q4 2020 Top 20 Markets
Los Angeles/Long
Beach, CA
8
70.5%
87.3%
(19.2%)
$113.89
$171.23
(33.5%)
$80.25
$149.48
(46.3%)
12.9%
North Carolina East
5
64.7%
70.5%
(8.2%)
$109.61
$109.10
0.5%
$70.92
$76.89
(7.8%)
6.5%
Anaheim/Santa Ana, CA
6
50.7%
80.4%
(36.9%)
$102.70
$137.12
(25.1%)
$52.07
$110.28
(52.8%)
5.4%
Alabama North
4
62.1%
73.0%
(14.9%)
$105.98
$113.07
(6.3%)
$65.84
$82.54
(20.2%)
4.4%
Melbourne/Titusville, FL
3
47.3%
89.9%
(47.4%)
$129.72
$153.18
(15.3%)
$61.32
$137.73
(55.5%)
4.4%
Phoenix, AZ
11
44.6%
74.0%
(39.7%)
$91.04
$125.51
(27.5%)
$40.61
$92.83
(56.3%)
4.4%
Florida Panhandle
5
56.9%
70.5%
(19.3%)
$108.83
$129.10
(15.7%)
$61.89
$91.08
(32.0%)
4.2%
Texas West
2
87.6%
80.8%
8.4%
$98.28
$126.93
(22.6%)
$86.11
$102.53
(16.0%)
3.9%
Texas East
2
84.6%
87.4%
(3.2%)
$103.22
$105.63
(2.3%)
$87.31
$92.36
(5.5%)
3.5%
Seattle, WA
3
47.8%
79.6%
(39.9%)
$122.24
$165.24
(26.0%)
$58.37
$131.58
(55.6%)
3.3%
San Diego, CA
7
39.7%
71.1%
(44.2%)
$109.85
$136.46
(19.5%)
$43.61
$97.08
(55.1%)
3.3%
Fort Worth/Arlington, TX
5
53.2%
75.7%
(29.7%)
$97.81
$126.85
(22.9%)
$52.05
$96.05
(45.8%)
3.0%
Alabama South
6
48.2%
67.2%
(28.3%)
$99.45
$119.04
(16.5%)
$47.93
$80.00
(40.1%)
2.9%
Oklahoma City, OK
4
50.1%
67.0%
(25.2%)
$96.94
$127.61
(24.0%)
$48.55
$85.50
(43.2%)
2.8%
Louisiana South
2
69.3%
61.9%
12.0%
$101.20
$106.28
(4.8%)
$70.18
$65.73
6.8%
2.7%
Tucson, AZ
3
62.2%
75.1%
(17.2%)
$87.04
$105.18
(17.2%)
$54.14
$78.94
(31.4%)
2.7%
Alaska
2
58.7%
75.2%
(21.9%)
$135.24
$148.19
(8.7%)
$79.41
$111.48
(28.8%)
2.7%
Riverside & San Bernardino, CA
1
84.7%
86.6%
(2.2%)
$155.46
$169.79
(8.4%)
$131.75
$147.04
(10.4%)
2.7%
Knoxville, TN
3
54.2%
75.5%
(28.2%)
$100.27
$112.92
(11.2%)
$54.33
$85.26
(36.3%)
2.6%
California South/Central
2
75.8%
81.0%
(6.4%)
$113.03
$139.91
(19.2%)
$85.73
$113.34
(24.4%)
2.4%
Top 20 Markets
84
55.2%
75.6%
(27.0%)
$106.22
$134.04
(20.8%)
$58.62
$101.29
(42.1%)
80.7%
All Other Markets
Virginia
Area
1
100.0%
58.2%
71.8%
$74.22
$165.42
(55.1%)
$74.20
$96.23
(22.9%)
2.4%
Norfolk/Virginia Beach, VA
4
59.7%
65.4%
(8.7%)
$94.47
$104.25
(9.4%)
$56.44
$68.20
(17.2%)
2.3%
Memphis, TN-AR-MS
2
52.3%
76.8%
(31.9%)
$110.57
$153.97
(28.2%)
$57.78
$118.20
(51.1%)
2.1%
Tennessee Area
2
67.9%
78.2%
(13.2%)
$105.48
$119.75
(11.9%)
$71.57
$93.61
(23.5%)
1.9%
Nashville, TN
5
45.7%
79.9%
(42.8%)
$95.52
$163.43
(41.6%)
$43.70
$130.51
(66.5%)
1.9%
Portland, ME
1
47.9%
85.4%
(43.9%)
$137.14
$157.54
(12.9%)
$65.65
$134.52
(51.2%)
1.9%
Washington, DC-MD-VA
4
42.3%
72.5%
(41.7%)
$94.99
$129.89
(26.9%)
$40.16
$94.22
(57.4%)
1.8%
Jacksonville, FL
2
60.9%
67.7%
(10.0%)
$98.51
$109.84
(10.3%)
$60.00
$74.42
(19.4%)
1.6%
Birmingham, AL
4
43.5%
76.3%
(43.0%)
$103.87
$119.03
(12.7%)
$45.15
$90.79
(50.3%)
1.6%
San Jose/Santa Cruz, CA
1
76.1%
82.6%
(7.9%)
$114.19
$219.83
(48.1%)
$86.86
$181.60
(52.2%)
1.5%
Salt Lake City/Ogden, UT
2
57.4%
69.7%
(17.6%)
$71.58
$109.73
(34.8%)
$41.11
$76.53
(46.3%)
1.4%
Newark, NJ
2
58.8%
76.7%
(23.3%)
$112.50
$149.38
(24.7%)
$66.20
$114.65
(42.3%)
1.3%
Indiana North
3
38.7%
61.1%
(36.7%)
$108.90
$152.86
(28.8%)
$42.18
$93.37
(54.8%)
1.2%
Mississippi
2
52.4%
66.9%
(21.7%)
$101.17
$99.43
1.7%
$53.05
$66.48
(20.2%)
1.0%
Columbia, SC
2
59.3%
76.6%
(22.6%)
$88.73
$110.37
(19.6%)
$52.64
$84.60
(37.8%)
1.0%
Bergen/Passaic, NJ
1
73.0%
81.0%
(9.9%)
$94.02
$142.10
(33.8%)
$68.59
$115.11
(40.4%)
1.0%
Iowa Area
3
52.6%
70.9%
(25.8%)
$96.52
$106.87
(9.7%)
$50.77
$75.79
(33.0%)
0.9%
Mobile, AL
1
64.0%
66.2%
(3.3%)
$97.21
$95.81
1.5%
$62.24
$63.45
(1.9%)
0.9%
Chattanooga, TN-GA
1
69.2%
82.7%
(16.3%)
$112.29
$115.22
(2.5%)
$77.73
$95.23
(18.4%)
0.8%
Miami/Hialeah, FL
3
57.3%
85.7%
(33.1%)
$80.60
$130.96
(38.5%)
$46.18
$112.27
(58.9%)
0.8%
Arkansas Area
3
46.5%
72.4%
(35.8%)
$75.67
$117.17
(35.4%)
$35.16
$84.77
(58.5%)
0.7%
Macon/Warner Robins, GA
1
51.7%
74.3%
(30.4%)
$112.83
$133.80
(15.7%)
$58.33
$99.46
(41.4%)
0.7%
Syracuse, NY
2
34.8%
64.1%
(45.7%)
$101.14
$145.17
(30.3%)
$35.24
$93.12
(62.2%)
0.7%
Utah Area
1
51.8%
65.3%
(20.7%)
$93.95
$107.67
(12.7%)
$48.71
$70.26
(30.7%)
0.7%
Tampa/St Petersburg, FL
1
61.6%
82.9%
(25.7%)
$100.26
$134.59
(25.5%)
$61.78
$111.57
(44.6%)
0.7%
Long Island
1
51.1%
79.4%
(35.6%)
$102.42
$143.34
(28.5%)
$52.35
$113.86
(54.0%)
0.6%
Georgia South
1
58.1%
69.6%
(16.5%)
$84.96
$107.48
(21.0%)
$49.38
$74.76
(33.9%)
0.6%
Idaho
1
43.0%
73.5%
(41.5%)
$104.89
$150.18
(30.2%)
$45.10
$110.33
(59.1%)
0.6%
New Orleans, LA
1
34.5%
79.6%
(56.7%)
$137.34
$174.39
(21.2%)
$47.43
$138.80
(65.8%)
0.6%
Sacramento, CA
1
47.7%
89.3%
(46.6%)
$103.30
$149.63
(31.0%)
$49.30
$133.58
(63.1%)
0.5%
Greensboro/Winston Salem, NC
2
49.2%
73.9%
(33.4%)
$86.61
$116.75
(25.8%)
$42.64
$86.33
(50.6%)
0.5%
Kansas City, MO-KS
5
31.5%
71.5%
(55.9%)
$101.57
$114.57
(11.3%)
$32.04
$81.96
(60.9%)
0.5%
Colorado Springs, CO
1
51.3%
64.2%
(20.1%)
$108.48
$122.46
(11.4%)
$55.65
$78.63
(29.2%)
0.5%
Florida Central
3
45.7%
71.4%
(36.0%)
$91.92
$118.22
(22.2%)
$42.01
$84.38
(50.2%)
0.5%
Savannah, GA
1
72.3%
84.3%
(14.2%)
$87.47
$115.44
(24.2%)
$63.22
$97.26
(35.0%)
0.4%
Greenville/Spartanburg, SC
1
51.2%
66.7%
(23.2%)
$90.79
$109.99
(17.5%)
$46.46
$73.31
(36.6%)
0.3%
San Antonio, TX
1
55.6%
75.9%
(26.7%)
$70.48
$87.40
(19.4%)
$39.21
$66.34
(40.9%)
0.3%
Charleston, SC
1
40.3%
62.6%
(35.6%)
$99.99
$117.79
(15.1%)
$40.34
$73.73
(45.3%)
0.3%
Raleigh/Durham/Chapel Hill, NC
1
51.7%
70.2%
(26.4%)
$81.56
$125.80
(35.2%)
$42.18
$88.28
(52.2%)
0.2%
Fort Lauderdale, FL
2
49.3%
86.3%
(42.9%)
$79.94
$133.38
(40.1%)
$39.37
$115.08
(65.8%)
0.2%
South Carolina Area
1
50.2%
68.9%
(27.1%)
$94.18
$107.34
(12.3%)
$47.25
$74.01
(36.2%)
0.2%
Omaha, NE
4
30.1%
65.3%
(53.9%)
$85.58
$110.70
(22.7%)
$25.76
$72.32
(64.4%)
0.2%
Philadelphia, PA-NJ
3
41.1%
70.1%
(41.4%)
$91.82
$136.71
(32.8%)
$37.78
$95.85
(60.6%)
0.1%
Portland, OR
1
30.5%
66.6%
(54.2%)
$86.10
$121.11
(28.9%)
$26.30
$80.70
(67.4%)
0.1%
Kansas
1
38.3%
62.0%
(38.2%)
$75.33
$95.46
(21.1%)
$28.86
$59.18
(51.2%)
0.0%
Ohio Area
1
37.5%
69.6%
(46.1%)
$90.35
$113.68
(20.5%)
$33.89
$79.08
(57.1%)
0.0%
Baltimore, MD
1
35.8%
62.9%
(43.1%)
$79.94
$122.31
(34.6%)
$28.60
$76.99
(62.9%)
0.0%
Boston, MA
4
35.3%
65.8%
(46.4%)
$97.58
$130.36
(25.1%)
$34.45
$85.74
(59.8%)
(0.1)%
Pittsburgh, PA
1
31.3%
55.5%
(43.6%)
$94.56
$127.58
(25.9%)
$29.60
$70.83
(58.2%)
(0.1)%
West Palm Beach/Boca Raton, FL
1
47.9%
80.6%
(40.6%)
$71.74
$113.07
(36.6%)
$34.35
$91.17
(62.3%)
(0.1)%
Charlotte, NC-SC
1
51.7%
77.6%
(33.4%)
$68.83
$87.31
(21.2%)
$35.61
$67.71
(47.4%)
(0.1)%
Minnesota
1
44.5%
68.8%
(35.3%)
$85.56
$115.49
(25.9%)
$38.10
$79.48
(52.1%)
(0.2)%
Indianapolis, IN
1
32.8%
61.9%
(47.0%)
$89.89
$109.76
(18.1%)
$29.49
$67.91
(56.6%)
(0.2)%
Detroit, MI
1
23.1%
65.5%
(64.7%)
$92.59
$124.91
(25.9%)
$21.38
$81.78
(73.9%)
(0.2)%
Richmond/Petersburg, VA
5
28.8%
65.3%
(55.9%)
$103.00
$145.45
(29.2%)
$29.71
$95.01
(68.7%)
(0.3)%
Dallas, TX
8
37.5%
70.5%
(46.8%)
$80.82
$116.84
(30.8%)
$30.32
$82.36
(63.2%)
(0.3)%
Denver, CO
3
40.0%
69.7%
(42.6%)
$86.32
$144.25
(40.2%)
$34.55
$100.49
(65.6%)
(0.3)%
Cincinnati, OH-KY-IN
1
32.8%
62.9%
(47.9%)
$92.85
$110.13
(15.7%)
$30.48
$69.28
(56.0%)
(0.3)%
Houston, TX
6
37.0%
61.8%
(40.1%)
$80.95
$112.22
(27.9%)
$29.92
$69.40
(56.9%)
(0.4)%
St Louis, MO-IL
2
33.3%
71.1%
(53.2%)
$94.07
$137.64
(31.7%)
$31.35
$97.81
(67.9%)
(0.6)%
Atlanta, GA
3
35.5%
69.0%
(48.6%)
$89.41
$146.09
(38.8%)
$31.73
$100.74
(68.5%)
(0.7)%
Orlando, FL
3
29.5%
84.1%
(64.9%)
$71.89
$118.74
(39.5%)
$21.20
$99.82
(78.8%)
(0.7)%
Central New Jersey
1
29.7%
68.8%
(56.8%)
$72.15
$131.43
(45.1%)
$21.40
$90.44
(76.3%)
(1.1)%
Minneapolis/St Paul, MN-WI
2
22.0%
66.4%
(66.9%)
$82.06
$131.66
(37.7%)
$18.08
$87.39
(79.3%)
(1.4)%
Austin, TX
7
32.9%
68.9%
(52.2%)
$75.45
$119.63
(36.9%)
$24.82
$82.44
(69.9%)
(1.7)%
Chicago, IL
8
23.7%
70.2%
(66.2%)
$82.53
$126.79
(34.9%)
$19.53
$89.00
(78.1%)
(5.7)%
New York, NY
1
41.3%
97.0%
(57.4%)
$122.12
$303.79
(59.8%)
$50.41
$294.55
(82.9%)
(6.2)%
All Other Markets
149
41.5%
71.5%
(42.0%)
$91.78
$130.53
(29.7%)
$38.12
$93.39
(59.2%)
19.3%
Total Portfolio
233
46.4%
72.9%
(36.4%)
$97.91
$131.79
(25.7%)
$45.44
$96.12
(52.7%)
100.0%
____________________
Note: Market categorization based
on STR designation. Top 20 markets based on Comparable Hotels
Adjusted Hotel EBITDA contribution.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Market
Year Ended December 31
(Unaudited)
Occupancy
ADR RevPAR
% of AdjustedHotel EBITDA # of Hotels
YTD 2020 YTD 2019 % Change
YTD 2020 YTD 2019 %
Change YTD 2020 YTD 2019
% Change YTD 2020 Top 20 Markets
Los Angeles/Long Beach, CA
8
62.5%
88.1%
(29.1%)
$131.13
$176.57
(25.7%)
$81.95
$155.49
(47.3%)
9.5%
North Carolina East
5
67.4%
81.4%
(17.2%)
$121.73
$129.64
(6.1%)
$82.05
$105.51
(22.2%)
6.1%
Phoenix, AZ
11
43.4%
73.9%
(41.3%)
$115.41
$130.98
(11.9%)
$50.08
$96.83
(48.3%)
5.7%
San Diego, CA
7
43.5%
78.9%
(44.9%)
$127.16
$155.45
(18.2%)
$55.32
$122.62
(54.9%)
5.0%
Florida Panhandle
5
56.4%
78.9%
(28.5%)
$123.18
$150.67
(18.2%)
$69.41
$118.87
(41.6%)
4.4%
Norfolk/Virginia Beach, VA
4
59.3%
76.2%
(22.2%)
$128.67
$148.59
(13.4%)
$76.34
$113.20
(32.6%)
4.2%
Anaheim/Santa Ana, CA
6
46.3%
83.3%
(44.4%)
$120.22
$146.59
(18.0%)
$55.64
$122.18
(54.5%)
4.2%
Seattle, WA
3
50.1%
84.1%
(40.4%)
$139.88
$190.01
(26.4%)
$70.02
$159.87
(56.2%)
3.5%
Melbourne/Titusville, FL
3
52.4%
91.7%
(42.9%)
$139.26
$158.19
(12.0%)
$72.94
$145.04
(49.7%)
3.3%
Alaska
2
65.4%
84.7%
(22.8%)
$138.79
$196.16
(29.2%)
$90.72
$166.22
(45.4%)
2.8%
Nashville, TN
5
43.8%
83.6%
(47.6%)
$117.92
$165.13
(28.6%)
$51.62
$137.99
(62.6%)
2.7%
Texas West
2
74.4%
84.0%
(11.4%)
$104.06
$121.06
(14.0%)
$77.41
$101.74
(23.9%)
2.5%
Alabama South
6
46.3%
75.2%
(38.4%)
$103.37
$120.12
(13.9%)
$47.83
$90.31
(47.0%)
2.4%
Alabama North
4
52.3%
81.6%
(35.9%)
$108.09
$115.10
(6.1%)
$56.53
$93.88
(39.8%)
2.4%
Oklahoma City, OK
4
46.8%
73.9%
(36.7%)
$107.14
$132.56
(19.2%)
$50.17
$97.95
(48.8%)
2.3%
Texas East
2
77.4%
82.7%
(6.4%)
$100.12
$104.23
(3.9%)
$77.46
$86.21
(10.1%)
2.2%
Tucson, AZ
3
54.3%
80.4%
(32.5%)
$104.92
$110.05
(4.7%)
$57.01
$88.45
(35.5%)
2.1%
Fort Worth/Arlington, TX
5
50.0%
76.4%
(34.6%)
$105.13
$130.76
(19.6%)
$52.52
$99.85
(47.4%)
2.0%
Riverside & San Bernardino, CA
1
78.8%
86.6%
(9.0%)
$156.21
$169.58
(7.9%)
$123.08
$146.88
(16.2%)
1.8%
Louisiana South
2
62.3%
69.6%
(10.5%)
$96.59
$112.75
(14.3%)
$60.15
$78.48
(23.4%)
1.8%
Top 20 Markets
88
52.6%
80.1%
(34.3%)
$119.84
$146.30
(18.1%)
$63.02
$117.16
(46.2%)
70.9%
All Other Markets
Miami/Hialeah, FL
3
54.2%
84.4%
(35.8%)
$108.07
$135.50
(20.2%)
$58.59
$114.37
(48.8%)
1.5%
Dallas, TX
8
39.6%
72.3%
(45.2%)
$99.47
$120.19
(17.2%)
$39.37
$86.93
(54.7%)
1.5%
Portland, ME
1
48.3%
79.9%
(39.5%)
$140.69
$184.84
(23.9%)
$67.95
$147.74
(54.0%)
1.4%
Birmingham, AL
4
45.9%
77.7%
(40.9%)
$109.13
$122.90
(11.2%)
$50.11
$95.49
(47.5%)
1.4%
California South/Central
2
67.2%
85.7%
(21.6%)
$114.51
$146.00
(21.6%)
$76.93
$125.17
(38.5%)
1.3%
Salt Lake City/Ogden, UT
2
56.3%
76.2%
(26.1%)
$87.07
$122.01
(28.6%)
$48.99
$92.98
(47.3%)
1.3%
Washington, DC-MD-VA
4
43.7%
78.1%
(44.0%)
$107.07
$131.46
(18.6%)
$46.81
$102.69
(54.4%)
1.3%
Knoxville, TN
3
46.5%
77.7%
(40.2%)
$100.08
$110.96
(9.8%)
$46.50
$86.18
(46.0%)
1.3%
Memphis, TN-AR-MS
2
48.7%
77.2%
(36.9%)
$124.31
$150.96
(17.7%)
$60.55
$116.49
(48.0%)
1.3%
San Jose/Santa Cruz, CA
1
64.7%
86.4%
(25.1%)
$143.71
$234.47
(38.7%)
$93.01
$202.48
(54.1%)
1.2%
Tennessee Area
2
59.8%
80.3%
(25.5%)
$107.99
$121.11
(10.8%)
$64.53
$97.26
(33.7%)
1.2%
Columbia, SC
2
59.7%
81.3%
(26.6%)
$95.73
$114.92
(16.7%)
$57.14
$93.44
(38.8%)
1.1%
Macon/Warner Robins, GA
1
69.0%
82.3%
(16.2%)
$112.55
$134.23
(16.2%)
$77.68
$110.47
(29.7%)
1.1%
Denver, CO
3
45.4%
77.9%
(41.7%)
$103.21
$152.50
(32.3%)
$46.83
$118.74
(60.6%)
1.1%
Fort Lauderdale, FL
2
47.3%
87.8%
(46.1%)
$120.20
$137.52
(12.6%)
$56.81
$120.70
(52.9%)
1.1%
New Orleans, LA
1
41.7%
76.9%
(45.8%)
$148.86
$178.16
(16.4%)
$62.14
$136.92
(54.6%)
1.0%
Houston, TX
6
42.3%
63.1%
(33.0%)
$94.83
$117.60
(19.4%)
$40.15
$74.21
(45.9%)
1.0%
Indiana North
3
40.9%
67.1%
(39.0%)
$107.31
$134.32
(20.1%)
$43.88
$90.19
(51.3%)
0.9%
Jacksonville, FL
2
54.0%
75.6%
(28.6%)
$105.10
$120.40
(12.7%)
$56.79
$91.00
(37.6%)
0.8%
Sacramento, CA
1
51.8%
89.4%
(42.1%)
$119.72
$158.46
(24.4%)
$62.07
$141.69
(56.2%)
0.8%
Newark, NJ
2
57.0%
80.1%
(28.8%)
$114.75
$150.23
(23.6%)
$65.39
$120.28
(45.6%)
0.8%
Arkansas Area
3
41.0%
76.2%
(46.2%)
$94.40
$122.67
(23.0%)
$38.68
$93.47
(58.6%)
0.8%
Idaho
1
45.9%
81.1%
(43.4%)
$121.41
$151.65
(19.9%)
$55.72
$123.00
(54.7%)
0.8%
Syracuse, NY
2
35.2%
68.4%
(48.5%)
$117.15
$150.03
(21.9%)
$41.23
$102.64
(59.8%)
0.7%
Virginia Area
1
54.6%
65.9%
(17.1%)
$93.59
$164.81
(43.2%)
$51.06
$108.60
(53.0%)
0.7%
Tampa/St Petersburg, FL
1
52.5%
85.3%
(38.5%)
$128.01
$148.10
(13.6%)
$67.21
$126.29
(46.8%)
0.6%
Omaha, NE
4
35.5%
76.9%
(53.8%)
$98.79
$124.75
(20.8%)
$35.06
$95.93
(63.5%)
0.6%
Bergen/Passaic, NJ
1
63.5%
83.8%
(24.2%)
$103.46
$139.85
(26.0%)
$65.75
$117.20
(43.9%)
0.6%
Mississippi
2
46.5%
67.3%
(30.9%)
$99.31
$100.38
(1.1%)
$46.15
$67.52
(31.6%)
0.6%
Colorado Springs, CO
1
52.3%
78.4%
(33.3%)
$116.40
$143.17
(18.7%)
$60.90
$112.27
(45.8%)
0.6%
Utah Area
1
50.9%
69.1%
(26.3%)
$98.56
$112.34
(12.3%)
$50.20
$77.67
(35.4%)
0.5%
Georgia South
1
58.9%
78.2%
(24.7%)
$88.76
$107.44
(17.4%)
$52.31
$83.97
(37.7%)
0.5%
Florida Central
3
43.4%
75.1%
(42.2%)
$103.69
$120.45
(13.9%)
$44.99
$90.45
(50.3%)
0.5%
South Carolina Area
1
54.8%
78.3%
(30.0%)
$113.09
$131.28
(13.9%)
$61.94
$102.82
(39.8%)
0.5%
Mobile, AL
1
56.3%
70.4%
(20.0%)
$96.75
$104.09
(7.1%)
$54.45
$73.24
(25.7%)
0.5%
Chattanooga, TN-GA
1
66.1%
83.9%
(21.2%)
$112.60
$118.08
(4.6%)
$74.45
$99.11
(24.9%)
0.4%
Charleston, SC
1
46.4%
76.2%
(39.1%)
$106.25
$119.75
(11.3%)
$49.31
$91.21
(45.9%)
0.4%
Atlanta, GA
3
36.5%
70.8%
(48.4%)
$120.52
$158.02
(23.7%)
$43.96
$111.82
(60.7%)
0.4%
Iowa Area
3
49.9%
76.0%
(34.3%)
$97.49
$111.78
(12.8%)
$48.63
$84.95
(42.8%)
0.4%
Kansas City, MO-KS
5
34.8%
76.0%
(54.2%)
$106.49
$116.86
(8.9%)
$37.11
$88.79
(58.2%)
0.4%
Philadelphia, PA-NJ
3
40.2%
71.7%
(43.9%)
$106.74
$141.62
(24.6%)
$42.95
$101.56
(57.7%)
0.3%
Greensboro/Winston Salem, NC
2
46.8%
76.4%
(38.7%)
$91.57
$116.69
(21.5%)
$42.84
$89.21
(52.0%)
0.3%
Long Island
1
45.0%
82.8%
(45.7%)
$113.48
$153.11
(25.9%)
$51.02
$126.70
(59.7%)
0.3%
West Palm Beach/Boca Raton, FL
1
43.3%
80.5%
(46.2%)
$117.50
$120.51
(2.5%)
$50.92
$97.04
(47.5%)
0.3%
San Antonio, TX
1
54.1%
75.3%
(28.2%)
$82.00
$94.64
(13.4%)
$44.32
$71.29
(37.8%)
0.3%
Savannah, GA
1
64.1%
87.0%
(26.3%)
$99.20
$126.19
(21.4%)
$63.55
$109.80
(42.1%)
0.3%
Raleigh/Durham/Chapel Hill, NC
1
49.8%
78.2%
(36.3%)
$94.98
$125.04
(24.0%)
$47.26
$97.74
(51.6%)
0.3%
Orlando, FL
3
33.2%
81.4%
(59.2%)
$102.64
$114.68
(10.5%)
$34.09
$93.31
(63.5%)
0.2%
Ohio Area
1
40.0%
72.1%
(44.5%)
$99.89
$117.63
(15.1%)
$39.91
$84.81
(52.9%)
0.2%
Portland, OR
1
31.3%
73.1%
(57.2%)
$105.26
$134.88
(22.0%)
$32.93
$98.61
(66.6%)
0.2%
Greenville/Spartanburg, SC
1
47.6%
63.9%
(25.5%)
$94.78
$113.75
(16.7%)
$45.07
$72.71
(38.0%)
0.2%
Boston, MA
4
33.9%
70.3%
(51.8%)
$110.78
$133.19
(16.8%)
$37.50
$93.67
(60.0%)
0.1%
Kansas
1
41.2%
71.5%
(42.4%)
$84.53
$98.65
(14.3%)
$34.81
$70.58
(50.7%)
0.1%
Baltimore, MD
1
38.4%
65.8%
(41.6%)
$88.01
$120.44
(26.9%)
$33.84
$79.22
(57.3%)
0.1%
Minnesota
1
46.5%
73.2%
(36.5%)
$95.83
$115.20
(16.8%)
$44.57
$84.37
(47.2%)
0.0%
Charlotte, NC-SC
1
50.2%
71.8%
(30.1%)
$76.83
$93.41
(17.7%)
$38.60
$67.06
(42.4%)
0.0%
Pittsburgh, PA
1
34.2%
63.8%
(46.4%)
$95.14
$121.32
(21.6%)
$32.49
$77.39
(58.0%)
0.0%
Indianapolis, IN
1
33.4%
67.0%
(50.1%)
$99.83
$118.89
(16.0%)
$33.32
$79.60
(58.1%)
0.0%
St Louis, MO-IL
2
35.3%
76.9%
(54.1%)
$109.42
$144.64
(24.4%)
$38.68
$111.28
(65.2%)
(0.1)%
Detroit, MI
1
27.8%
65.8%
(57.8%)
$101.53
$135.90
(25.3%)
$28.27
$89.43
(68.4%)
(0.1)%
Austin, TX
7
34.7%
73.0%
(52.5%)
$92.49
$121.21
(23.7%)
$32.10
$88.45
(63.7%)
(0.1)%
Richmond/Petersburg, VA
5
29.2%
71.5%
(59.2%)
$125.07
$148.88
(16.0%)
$36.47
$106.38
(65.7%)
(0.1)%
Cincinnati, OH-KY-IN
1
38.6%
71.2%
(45.8%)
$99.43
$118.72
(16.2%)
$38.38
$84.51
(54.6%)
(0.2)%
Central New Jersey
1
35.7%
73.5%
(51.4%)
$93.05
$132.52
(29.8%)
$33.25
$97.39
(65.9%)
(0.3)%
Minneapolis/St Paul, MN-WI
2
27.5%
76.0%
(63.8%)
$108.04
$136.46
(20.8%)
$29.70
$103.67
(71.4%)
(0.5)%
Chicago, IL
8
31.8%
73.9%
(57.0%)
$96.95
$128.73
(24.7%)
$30.84
$95.13
(67.6%)
(1.9)%
New York, NY
1
31.0%
94.4%
(67.2%)
$129.21
$260.56
(50.4%)
$40.06
$246.05
(83.7%)
(5.7)%
All Other Markets
145
42.0%
75.3%
(44.2%)
$105.47
$132.99
(20.7%)
$44.33
$100.19
(55.8%)
29.1%
Total Portfolio
233
46.0%
77.1%
(40.3%)
$111.62
$138.09
(19.2%)
$51.33
$106.45
(51.8%)
100.0%
____________________
Note: Market categorization based
on STR designation. Top 20 markets based on Comparable Hotels
Adjusted Hotel EBITDA contribution.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Region
Three Months Ended December
31
(Unaudited)
Region Occupancy
ADR RevPAR
% of AdjustedHotel EBITDA # of Hotels
Q4 2020 Q4 2019 % Change
Q4 2020 Q4 2019 % Change
Q4 2020 Q4 2019 % Change
Q4 2020 STR Region
East North Central
15
27.7%
67.6%
(59.0%)
$90.39
$127.79
(29.3%)
$25.06
$86.45
(71.0%)
(5.2)%
East South Central
30
52.1%
74.4%
(30.0%)
$102.10
$129.51
(21.2%)
$53.22
$96.35
(44.8%)
20.1%
Middle Atlantic
12
44.4%
74.4%
(40.3%)
$100.89
$168.42
(40.1%)
$44.79
$125.25
(64.2%)
(3.7)%
Mountain
22
47.6%
72.2%
(34.1%)
$89.15
$125.10
(28.7%)
$42.46
$90.35
(53.0%)
10.0%
New England
5
38.8%
71.2%
(45.5%)
$111.12
$139.41
(20.3%)
$43.11
$99.28
(56.6%)
1.8%
Pacific
32
54.4%
79.3%
(31.4%)
$114.04
$152.91
(25.4%)
$62.00
$121.26
(48.9%)
34.7%
South Atlantic
58
49.1%
73.2%
(32.9%)
$94.62
$125.09
(24.4%)
$46.45
$91.53
(49.3%)
27.7%
West North Central
18
34.0%
68.6%
(50.4%)
$91.84
$117.21
(21.6%)
$31.20
$80.36
(61.2%)
(0.6)%
West South Central
41
46.8%
70.4%
(33.5%)
$89.89
$119.99
(25.1%)
$42.07
$84.52
(50.2%)
15.2%
Total Portfolio
233
46.4%
72.9%
(36.4%)
$97.91
$131.79
(25.7%)
$45.44
$96.12
(52.7%)
100.0%
Note: Region categorization based
on STR designation.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Region
Year Ended December 31
(Unaudited)
Region Occupancy
ADR RevPAR
% of Adjusted Hotel EBITDA
# of Hotels YTD 2020 YTD
2019 % Change YTD 2020
YTD 2019 % Change YTD 2020
YTD 2019 % Change YTD
2020 STR Region
East North Central
15
33.8%
71.7%
(52.9%)
$99.60
$128.27
(22.4%)
$33.71
$91.99
(63.4%)
(1.1)%
East South Central
30
48.3%
78.4%
(38.4%)
$109.30
$130.59
(16.3%)
$52.75
$102.41
(48.5%)
14.1%
Middle Atlantic
12
42.1%
77.1%
(45.4%)
$109.99
$161.95
(32.1%)
$46.35
$124.91
(62.9%)
(3.2)%
Mountain
22
47.1%
76.1%
(38.1%)
$108.38
$132.04
(17.9%)
$51.09
$100.50
(49.2%)
12.0%
New England
5
37.9%
73.0%
(48.1%)
$121.37
$148.89
(18.5%)
$45.95
$108.67
(57.7%)
1.5%
Pacific
32
52.7%
83.6%
(37.0%)
$129.67
$167.39
(22.5%)
$68.40
$139.98
(51.1%)
30.4%
South Atlantic
58
48.4%
78.0%
(37.9%)
$113.44
$134.34
(15.6%)
$54.93
$104.79
(47.6%)
30.1%
West North Central
18
37.0%
76.0%
(51.3%)
$101.74
$123.86
(17.9%)
$37.69
$94.18
(60.0%)
1.0%
West South Central
41
46.1%
73.0%
(36.8%)
$100.42
$123.14
(18.5%)
$46.32
$89.89
(48.5%)
15.2%
Total Portfolio
233
46.0%
77.1%
(40.3%)
$111.62
$138.09
(19.2%)
$51.33
$106.45
(51.8%)
100.0%
Note: Region categorization based
on STR designation.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Chain Scale
Three Months Ended December
31
(Unaudited)
Chain Scale/Brand
Occupancy ADR
RevPAR % of AdjustedHotel EBITDA
# of Hotels Q4 2020 Q4 2019
% Change Q4 2020 Q4 2019
% Change Q4 2020 Q4 2019
% Change Q4 2020 Upscale
Courtyard
36
42.9%
69.1%
(37.9%)
$93.91
$131.92
(28.8%)
$40.29
$91.13
(55.8%)
11.7%
Hilton Garden Inn
41
39.5%
71.2%
(44.5%)
$90.77
$129.28
(29.8%)
$35.82
$92.02
(61.1%)
3.4%
Homewood Suites
32
63.3%
78.1%
(19.0%)
$101.07
$134.00
(24.6%)
$63.94
$104.63
(38.9%)
27.4%
Hyatt House
1
48.9%
$78.06
$38.20
(0.1)%
Hyatt Place
2
45.7%
79.9%
(42.8%)
$86.67
$99.06
(12.5%)
$39.60
$79.11
(49.9%)
(0.3)%
Residence Inn
33
56.8%
76.7%
(25.9%)
$114.80
$139.50
(17.7%)
$65.26
$107.06
(39.0%)
38.2%
SpringHill Suites
13
37.8%
71.4%
(47.1%)
$81.54
$121.76
(33.0%)
$30.82
$86.97
(64.6%)
1.3%
Upscale Total
158
47.9%
73.1%
(34.5%)
$98.69
$132.09
(25.3%)
$47.29
$96.53
(51.0%)
81.6%
Upper Midscale
Fairfield
Inn / Fairfield Inn & Suites
11
39.1%
72.1%
(45.8%)
$83.16
$117.26
(29.1%)
$32.52
$84.50
(61.5%)
1.1%
Hampton Inn / Hampton Inn & Suites
39
39.6%
72.3%
(45.2%)
$93.74
$127.83
(26.7%)
$37.16
$92.45
(59.8%)
6.4%
Home2 Suites
10
58.4%
74.6%
(21.7%)
$101.17
$126.81
(20.2%)
$59.08
$94.60
(37.5%)
9.2%
TownePlace Suites
9
58.6%
75.9%
(22.8%)
$93.16
$106.33
(12.4%)
$54.62
$80.73
(32.3%)
7.2%
Upper Midscale Total
69
44.2%
73.0%
(39.5%)
$93.54
$123.47
(24.2%)
$41.38
$90.11
(54.1%)
23.9%
Upper Upscale
Embassy
Suites
2
65.2%
79.8%
(18.3%)
$129.85
$155.43
(16.5%)
$84.66
$124.05
(31.8%)
3.0%
Marriott
2
19.1%
55.5%
(65.6%)
$95.09
$143.62
(33.8%)
$18.13
$79.67
(77.2%)
(1.9)%
Upper Upscale Total
4
34.7%
63.7%
(45.5%)
$117.19
$148.64
(21.2%)
$40.62
$94.72
(57.1%)
1.1%
Independents
Independents
2
40.5%
93.3%
(56.6%)
$119.72
$274.97
(56.5%)
$48.51
$256.42
(81.1%)
(6.6)%
Independents Total
2
40.5%
93.3%
(56.6%)
$119.72
$274.97
(56.5%)
$48.51
$256.42
(81.1%)
(6.6)%
Total Portfolio
233
46.4%
72.9%
(36.4%)
$97.91
$131.79
(25.7%)
$45.44
$96.12
(52.7%)
100.0%
Note: Chain scale categorization
based on STR designation.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Chain Scale
Year Ended December 31
(Unaudited)
Chain Scale/Brand
Occupancy ADR
RevPAR % of AdjustedHotel EBITDA
# of Hotels YTD 2020 YTD 2019
% Change YTD 2020 YTD
2019 % Change YTD 2020
YTD 2019 % Change YTD 2020
Upscale
Courtyard
36
41.3%
74.4%
(44.5%)
$116.06
$143.24
(19.0%)
$47.88
$106.53
(55.1%)
15.6%
Hilton Garden Inn
41
41.1%
76.1%
(46.0%)
$105.50
$134.11
(21.3%)
$43.37
$102.03
(57.5%)
10.2%
Homewood Suites
32
60.7%
82.0%
(26.0%)
$111.23
$138.25
(19.5%)
$67.50
$113.32
(40.4%)
22.0%
Hyatt House
1
39.0%
$79.01
$30.81
(0.1)%
Hyatt Place
2
45.9%
77.4%
(40.7%)
$91.06
$105.42
(13.6%)
$41.76
$81.64
(48.8%)
(0.1)%
Residence Inn
33
57.7%
79.3%
(27.2%)
$123.95
$147.09
(15.7%)
$71.49
$116.69
(38.7%)
32.5%
SpringHill Suites
13
35.5%
75.8%
(53.2%)
$97.07
$124.82
(22.2%)
$34.45
$94.65
(63.6%)
0.9%
Upscale Total
158
47.5%
77.3%
(38.6%)
$112.76
$138.74
(18.7%)
$53.53
$107.31
(50.1%)
81.0%
Upper Midscale
Fairfield
Inn / Fairfield Inn & Suites
11
37.7%
74.6%
(49.5%)
$96.18
$117.68
(18.3%)
$36.28
$87.79
(58.7%)
1.3%
Hampton Inn / Hampton Inn & Suites
39
39.8%
76.2%
(47.8%)
$108.30
$134.28
(19.3%)
$43.13
$102.38
(57.9%)
8.6%
Home2 Suites
10
58.9%
80.7%
(27.0%)
$109.92
$136.82
(19.7%)
$64.76
$110.45
(41.4%)
7.9%
TownePlace Suites
9
58.0%
78.2%
(25.8%)
$100.51
$115.71
(13.1%)
$58.29
$90.52
(35.6%)
6.2%
Upper Midscale Total
69
44.1%
76.8%
(42.6%)
$105.81
$129.86
(18.5%)
$46.66
$99.69
(53.2%)
24.0%
Upper Upscale
Embassy
Suites
2
62.4%
86.4%
(27.8%)
$148.00
$186.72
(20.7%)
$92.29
$161.34
(42.8%)
2.7%
Marriott
2
20.2%
62.3%
(67.6%)
$124.75
$147.53
(15.4%)
$25.24
$91.96
(72.6%)
(1.8)%
Upper Upscale Total
4
34.5%
70.5%
(51.1%)
$138.98
$163.82
(15.2%)
$47.95
$115.48
(58.5%)
0.9%
Independents
Independents
2
32.4%
90.6%
(64.2%)
$128.87
$240.21
(46.4%)
$41.79
$217.69
(80.8%)
(5.9)%
Independents Total
2
32.4%
90.6%
(64.2%)
$128.87
$240.21
(46.4%)
$41.79
$217.69
(80.8%)
(5.9)%
Total Portfolio
233
46.0%
77.1%
(40.3%)
$111.62
$138.09
(19.2%)
$51.33
$106.45
(51.8%)
100.0%
Note: Chain scale categorization
based on STR designation.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Location
Three Months Ended December
31
(Unaudited)
Location Occupancy
ADR RevPAR
% of AdjustedHotel EBITDA # of Hotels
Q4 2020 Q4 2019 % Change
Q4 2020 Q4 2019 % Change
Q4 2020 Q4 2019 % Change
Q4 2020 STR Location
Airport
19
51.9%
76.8%
(32.4%)
$88.03
$124.39
(29.2%)
$45.72
$95.49
(52.1%)
6.6%
Interstate
6
59.3%
73.8%
(19.6%)
$98.05
$112.42
(12.8%)
$58.10
$83.01
(30.0%)
4.7%
Resort
11
40.0%
77.1%
(48.1%)
$105.76
$127.80
(17.2%)
$42.33
$98.51
(57.0%)
5.6%
Small Metro/Town
15
53.6%
73.2%
(26.8%)
$91.50
$115.11
(20.5%)
$49.05
$84.21
(41.8%)
9.5%
Suburban
140
47.6%
72.3%
(34.2%)
$98.40
$127.39
(22.8%)
$46.79
$92.12
(49.2%)
64.2%
Urban
42
39.6%
72.3%
(45.2%)
$101.50
$153.56
(33.9%)
$40.17
$111.03
(63.8%)
9.4%
Total Portfolio
233
46.4%
72.9%
(36.4%)
$97.91
$131.79
(25.7%)
$45.44
$96.12
(52.7%)
100.0%
Note: Location categorization based
on STR designation.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Location
Year Ended December 31
(Unaudited)
Location Occupancy
ADR RevPAR
% of AdjustedHotel EBITDA # of Hotels
YTD 2020 YTD 2019 % Change
YTD 2020 YTD 2019 %
Change YTD 2020 YTD 2019
% Change YTD 2020 STR Location
Airport
19
52.4%
80.0%
(34.5%)
$102.11
$129.34
(21.1%)
$53.50
$103.49
(48.3%)
7.1%
Interstate
6
53.5%
76.5%
(30.1%)
$100.75
$111.50
(9.6%)
$53.94
$85.28
(36.7%)
3.2%
Resort
11
43.4%
81.5%
(46.7%)
$136.09
$146.42
(7.1%)
$59.11
$119.39
(50.5%)
8.7%
Small Metro/Town
15
51.6%
77.0%
(33.0%)
$102.94
$119.35
(13.7%)
$53.08
$91.90
(42.2%)
8.7%
Suburban
140
47.0%
76.5%
(38.6%)
$109.96
$134.03
(18.0%)
$51.64
$102.60
(49.7%)
60.6%
Urban
42
39.4%
76.7%
(48.6%)
$119.61
$157.82
(24.2%)
$47.17
$121.06
(61.0%)
11.7%
Total Portfolio
233
46.0%
77.1%
(40.3%)
$111.62
$138.09
(19.2%)
$51.33
$106.45
(51.8%)
100.0%
Note: Location categorization based
on STR designation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210223006011/en/
Apple Hospitality REIT, Inc. Kelly Clarke, Vice President,
Investor Relations 804-727-6321 kclarke@applereit.com
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