Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or
“Apple Hospitality”) today announced results of operations for the
first quarter ended March 31, 2021.
Apple Hospitality REIT,
Inc.
Selected Statistical and
Financial Data
As of and For the Three Months
Ended March 31
(Unaudited) (in thousands,
except statistical and per share amounts)(1)
Three Months Ended
March 31,
2021
2020
% Change
Net loss
$(46,435)
$(2,769)
n/m
Net loss per share
$(0.21)
$(0.01)
n/m
Adjusted EBITDAre
$27,308
$53,774
(49.2%)
Comparable Hotels Adjusted Hotel EBITDA
$35,686
$62,563
(43.0%)
Comparable Hotels Adjusted Hotel EBITDA Margin %
22.6%
26.7%
(410 bps)
Modified funds from operations (MFFO)
$8,682
$37,810
(77.0%)
MFFO per share
$0.04
$0.17
(76.5%)
Average Daily Rate (ADR) (Actual)
$99.19
$132.55
(25.2%)
Occupancy (Actual)
55.5%
60.9%
(8.9%)
Revenue Per Available Room (RevPAR) (Actual)
$55.09
$80.66
(31.7%)
Comparable Hotels ADR
$99.29
$133.05
(25.4%)
Comparable Hotels Occupancy
55.8%
60.9%
(8.4%)
Comparable Hotels RevPAR
$55.39
$81.01
(31.6%)
Cash and cash equivalents
$5,776
Total debt outstanding
$1,529,652
Total debt outstanding, net of cash and cash equivalents
$1,523,876
Total debt outstanding, net of cash and cash equivalents, to total
capitalization (2)
31.9%
_____________________
Note: n/m = not meaningful.
(1)
Explanations of and reconciliations to net 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 $14.57 on March 31, 2021.
Comparable Hotels is defined as the 232 hotels owned and held
for use by the Company as of March 31, 2021. 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, “Performance across our portfolio of hotels continued to
strengthen during the first quarter of this year with occupancy
growth, driven by a mix of leisure and business demand, exceeding
our internal expectations and enabling us to post our best
quarterly results since the beginning of the pandemic. Our
outstanding operational results during these unprecedented times
highlight the broad consumer appeal, geographic diversification and
efficient operating model of our portfolio, as well as the merits
of our conservative capital structure. We are pleased to report
Adjusted EBITDAre of approximately $27 million, MFFO of
approximately $9 million and Comparable Hotels Adjusted Hotel
EBITDA Margin of approximately 23% for the first quarter of this
year. Our portfolio of rooms-focused hotels has performed better
than the overall industry, as well as our chain scales, as reported
by STR, even without a full return of business travel. We
anticipate improved business demand as the year progresses, and
this, combined with our efforts to further enhance the efficiency
of our stabilized operating model, positions us for continued
outperformance."
Mr. Knight continued, “With positive corporate level cash flow
after G&A and debt service for the quarter and for last year,
we have preserved the strength and flexibility of our balance sheet
and the value of our equity. We remain intently focused on
maximizing long-term value for our shareholders through strong
operational performance and strategic capital allocation and are
well positioned for growth in the early phase of the recovery.”
Operations Update
- All hotels open: All of the Company’s hotels are open
with enhanced health and sanitation measures in place.
- Sequential improvement: Occupancy, ADR and RevPAR for
the Company’s portfolio sequentially improved each month during the
first quarter of 2021, 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. Operationally, the
Company produced its strongest quarterly results since the
beginning of the pandemic with occupancy exceeding industry
averages. Portfolio occupancy improvement and outperformance
continued with the month of April reaching approximately 68%.
- Increased operational efficiencies: Since the onset of
the COVID-19 pandemic, 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 reduced by
approximately 33% and 41% during the first quarter of 2021, as
compared to the same periods of 2020 and 2019, respectively.
- Cash flow positive: The Company produced sufficient cash
from hotel operations to cover property-level and corporate-level
costs, including debt service and capital expenditures, during the
first quarter of 2021, achieving Adjusted Hotel EBITDA of
approximately $35 million and MFFO of approximately $9
million.
The following table highlights the Company’s monthly performance
during the first quarter of 2021, as compared to the first quarters
of 2020 and 2019 (in thousands, except statistical data):
Three
Three
Three
Months Ended
Months Ended
Months Ended
January 2021
February 2021
March 2021
March 31, 2021
January 2020
February 2020
March 2020
March 31, 2020
January 2019
February 2019
March 2019
March 31, 2019
ADR
$95.15
$97.41
$103.27
$99.19
$129.46
$135.82
$131.93
$132.55
$129.81
$137.05
$141.16
$136.36
Occupancy
45.1%
55.2%
66.3%
55.5%
66.7%
75.7%
41.0%
60.9%
66.1%
75.4%
80.2%
73.9%
RevPAR
$42.94
$53.74
$68.46
$55.09
$86.34
$102.79
$54.08
$80.66
$85.78
$103.35
$113.23
$100.71
Adjusted Hotel EBITDA (1)
$4,612
$9,986
$20,829
$35,427
$23,135
$33,514
$6,648
$63,297
$26,418
$35,232
$47,154
$108,804
___________________
(1) See explanation and reconciliation of Adjusted Hotel EBITDA
to net income (loss) included below.
As a result of the COVID-19 pandemic, the Company, its
third-party management companies and the brands the Company’s
hotels are franchised with aggressively worked to mitigate costs
and uses of cash associated with operating the Company’s hotels in
a low-occupancy environment. With the support of its brands and
third-party management companies, the Company will continue to
rethink brand standards, refine its operating model and allocate
capital to maximize long-term profitability.
Board of Directors
On March 2, 2021, the Company announced the appointment of
Howard Woolley to its Board of Directors, effective March 1, 2021.
With Mr. Woolley’s appointment, the size of the Company’s Board of
Directors increased from eight to nine members, with six members
being independent. Mr. Woolley was also appointed to the Board’s
Nominating and Corporate Governance Committee, effective March 1,
2021.
Portfolio Activity
Acquisitions
During the three months ended March 31, 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. The company has
acquired five hotels for a total purchase price of approximately
$161 million since the beginning of the COVID-19 pandemic.
Dispositions
During the three months ended March 31, 2021, the Company sold
its 118-room Homewood Suites by Hilton in Charlotte, North
Carolina, and its 140-room Homewood Suites by Hilton in Memphis,
Tennessee, in two separate transactions for a total combined gross
sales price of approximately $18 million, resulting in a combined
gain on sale of approximately $4 million.
In April 2021, the Company sold its 102-room SpringHill Suites
by Marriott in Overland Park, Kansas, for a gross sales price of
approximately $5 million. The Company recognized an impairment loss
of approximately $1 million in the first quarter of 2021 related to
the sale of the hotel.
Capital Improvements
Apple Hospitality consistently reinvests in its hotels to
maintain and enhance each property’s relevance and competitive
position within its respective market. During the three months
ended March 31, 2021, the Company invested approximately $2 million
in capital expenditures. The Company plans to continue to reinvest
in its hotels and anticipates investing an additional $23 million
to $28 million in capital improvements during the remainder of
2021, depending in part on the pace of economic recovery.
Balance Sheet and
Liquidity
Summary
As of March 31, 2021, 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 $275 million. Excluding
unamortized debt issuance costs and fair value adjustments, the
Company’s total outstanding debt is comprised of approximately $510
million in property-level debt secured by 33 hotels and
approximately $1.0 billion outstanding on its unsecured credit
facilities. The number of unencumbered hotels in the Company’s
portfolio as of March 31, 2021, was 200. The Company’s total debt
to total capitalization, net of cash and cash equivalents at March
31, 2021, was approximately 32%. As of March 31, 2021, 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, as previously disclosed, the Company
entered into amendments to each of its unsecured credit facilities
in June 2020 and then again in March 2021 to temporarily waive the
financial covenant testing under each of its unsecured credit
facilities. The March 2021 amendments suspend the testing for all
but two of the Company’s existing financial maintenance covenants
under the unsecured credit facilities until the date the compliance
certificate is required to be delivered for the fiscal quarter
ending June 30, 2022 (unless the Company elects an earlier date)
(the “Extended Covenant Waiver Period”). The testing for the
Minimum Fixed Charge Coverage Ratio and the Minimum Unsecured
Interest Coverage Ratio is suspended until the compliance
certificate is required to be delivered for the fiscal quarter
ending March 31, 2022. The March 2021 amendments also include:
certain restrictions on share repurchases; an allowance for cash
distributions of $0.01 per common share per quarter or to the
extent required to maintain REIT status; up to $50 million for
discretionary capital expenditures; additional flexibility
regarding certain of the conditions relative to restrictions on
acquisitions, including an increased allowance for acquiring
unencumbered assets using up to $300 million in proceeds from asset
sales and up to $300 million in equity issuances; less restrictive
thresholds for certain financial covenant ratios for a transitional
period once covenant testing recommences at the end of the Extended
Covenant Waiver Period or if the Company opts out of the Extended
Covenant Waiver Period early; and an increase in the interest rate
under each of the unsecured credit facilities of 15 basis points
during the Extended Covenant Waiver Period. As of March 31, 2021,
the Company was in compliance with the applicable covenants of the
credit agreements as amended.
Capital Markets
The Company terminated its written trading plan under its Share
Repurchase Program in March 2020 and has not repurchased any shares
under the Share Repurchase Program since that time. As of March 31,
2021, 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 unless extended. Share repurchases are subject to
certain restrictions during the Extended Covenant Waiver Period,
and the Company does not anticipate utilizing the Share Repurchase
Program during the Extended 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 March
31, 2021, the Company had not sold any common shares under the ATM
Program.
Shareholder
Distributions
On April 15, 2021, the Company paid a quarterly distribution of
$0.01 per common share for the first quarter of 2021. As a
requirement under the amendments to its unsecured credit
facilities, the Company is restricted in its ability to make
distributions during the Extended Covenant Waiver Period, except
for the payment of cash distributions of $0.01 per common share per
quarter or to the extent required to maintain REIT status. The
Company’s Board of Directors, in consultation with management, will
continue to monitor hotel operations and intends to pay
distributions as 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 Extended 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 full year 2021 outlook regarding 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.
The Company does not intend to provide outlook updates unless
deemed appropriate.
First Quarter 2021 Earnings Conference
Call
The Company will host a quarterly conference call for investors
and interested parties at 10 a.m. Eastern Time on Friday, May 7,
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
May 7, 2021, through 11:59 p.m. Eastern Time on May 28, 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
13717950. 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 232 hotels
with more than 29,700 guest rooms located in 88 markets throughout
35 states. Concentrated with industry-leading brands, the Company’s
portfolio consists of 103 Marriott-branded hotels, 124
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; and 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 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)
March 31,
December 31,
2021
2020
(unaudited)
Assets
Investment in real estate, net of
accumulated depreciation and amortization of $1,275,557 and
$1,235,698, respectively
$4,712,480
$4,732,896
Assets held for sale
5,172
5,316
Cash and cash equivalents
5,776
5,556
Restricted cash-furniture, fixtures and
other escrows
30,149
28,812
Due from third party managers, net
38,766
22,137
Other assets, net
33,589
35,042
Total Assets
$4,825,932
$4,829,759
Liabilities
Debt, net
$1,523,032
$1,482,571
Finance lease liabilities
221,027
219,981
Accounts payable and other liabilities
80,108
97,860
Total Liabilities
1,824,167
1,800,412
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 223,656,264 and
223,212,346 shares, respectively
4,493,422
4,488,419
Accumulated other comprehensive loss
(26,720)
(42,802)
Distributions greater than net income
(1,464,937)
(1,416,270)
Total Shareholders' Equity
3,001,765
3,029,347
Total Liabilities and Shareholders'
Equity
$4,825,932
$4,829,759
______________________
Note: The Consolidated Balance
Sheets and corresponding footnotes can be found in the Company’s
Quarterly Report on Form 10-Q for the quarter ended March 31,
2021.
Apple Hospitality REIT,
Inc.
Consolidated Statements of
Operations and Comprehensive Loss
(Unaudited)
(in thousands, except per
share data)
Three Months Ended
March 31,
2021
2020
Revenues:
Room
$148,481
$217,979
Food and beverage
2,783
11,312
Other
7,449
8,719
Total revenue
158,713
238,010
Expenses:
Hotel operating expense:
Operating
38,150
68,029
Hotel administrative
17,744
23,643
Sales and marketing
14,888
24,359
Utilities
10,560
9,190
Repair and maintenance
10,225
11,793
Franchise fees
6,919
10,257
Management fees
5,254
7,995
Total hotel operating expense
103,740
155,266
Property taxes, insurance and other
19,688
19,595
General and administrative
8,119
9,523
Loss on impairment of depreciable real
estate assets
10,754
-
Depreciation and amortization
48,710
49,522
Total expense
191,011
233,906
Gain on sale of real estate
4,484
8,839
Operating income (loss)
(27,814)
12,943
Interest and other expense, net
(18,513)
(15,566)
Loss before income taxes
(46,327)
(2,623)
Income tax expense
(108)
(146)
Net loss
$(46,435)
$(2,769)
Other comprehensive income
(loss):
Interest rate derivatives
16,082
(42,166)
Comprehensive loss
$(30,353)
$(44,935)
Basic and diluted net loss per common
share
$(0.21)
$(0.01)
Weighted average common shares outstanding
- basic and diluted
223,733
224,294
_______________________
Note: The Consolidated Statements
of Operations and Comprehensive Loss and corresponding footnotes
can be found in the Company’s Quarterly Report on Form 10-Q for the
quarter ended March 31, 2021.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics and Statistical Data
(Unaudited)
(in thousands, except
statistical data)
Three Months Ended
March 31,
2021
2020
% Change
Total revenue
$158,089
$234,396
(32.6%)
Total operating expenses
122,403
171,833
(28.8%)
Adjusted Hotel EBITDA
$35,686
$62,563
(43.0%)
Adjusted Hotel EBITDA Margin %
22.6%
26.7%
(410 bps)
ADR (Comparable Hotels)
$99.29
$133.05
(25.4%)
Occupancy (Comparable Hotels)
55.8%
60.9%
(8.4%)
RevPAR (Comparable Hotels)
$55.39
$81.01
(31.6%)
ADR (Actual)
$99.19
$132.55
(25.2%)
Occupancy (Actual)
55.5%
60.9%
(8.9%)
RevPAR (Actual)
$55.09
$80.66
(31.7%)
Reconciliation to
Actual Results
Total Revenue (Actual)
$158,713
$238,010
Revenue from acquisitions prior to
ownership
-
-
Revenue from dispositions/assets held for
sale
(624)
(3,614)
Comparable Hotels Total Revenue
$158,089
$234,396
Adjusted Hotel EBITDA (AHEBITDA)
(Actual)
$35,427
$63,297
AHEBITDA from acquisitions prior to
ownership
-
-
AHEBITDA from dispositions/assets held for
sale
259
(734)
Comparable Hotels AHEBITDA
$35,686
$62,563
_____________________
Note: Comparable Hotels is defined
as the 232 hotels owned and held for use by the Company as of March
31, 2021. 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 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
6/30/2019
9/30/2019
12/31/2019
3/31/2020
6/30/2020
9/30/2020
12/31/2020
3/31/2021
Total revenue
$333,215
$324,129
$282,288
$234,396
$79,992
$147,328
$132,387
$158,089
Total operating expenses
201,133
201,967
187,819
171,833
79,137
112,710
109,373
122,403
Adjusted Hotel EBITDA
$132,082
$122,162
$94,469
$62,563
$855
$34,618
$23,014
$35,686
Adjusted Hotel EBITDA Margin %
39.6%
37.7%
33.5%
26.7%
1.1%
23.5%
17.4%
22.6%
ADR (Comparable Hotels)
$142.54
$140.30
$132.01
$133.05
$100.90
$104.96
$97.99
$99.29
Occupancy (Comparable Hotels)
81.5%
79.9%
73.0%
60.9%
28.2%
48.7%
46.5%
55.8%
RevPAR (Comparable Hotels)
$116.14
$112.03
$96.31
$81.01
$28.47
$51.16
$45.59
$55.39
ADR (Actual)
$141.60
$139.21
$131.41
$132.55
$100.76
$104.78
$97.87
$99.19
Occupancy (Actual)
81.4%
79.9%
72.9%
60.9%
28.2%
48.6%
46.5%
55.5%
RevPAR (Actual)
$115.30
$111.17
$95.85
$80.66
$28.44
$50.94
$45.46
$55.09
Reconciliation to
Actual Results
Total Revenue (Actual)
$341,117
$331,722
$289,971
$238,010
$81,078
$148,826
$133,965
$158,713
Revenue from acquisitions prior to
ownership
798
675
73
-
-
-
-
-
Revenue from dispositions/assets held for
sale
(8,700)
(8,268)
(7,756)
(3,614)
(1,086)
(1,498)
(1,578)
(624)
Comparable Hotels Total Revenue
$333,215
$324,129
$282,288
$234,396
$79,992
$147,328
$132,387
$158,089
Adjusted Hotel EBITDA (AHEBITDA)
(Actual)
$134,759
$124,596
$96,836
$63,297
$704
$34,688
$23,296
$35,427
AHEBITDA from acquisitions prior to
ownership
166
57
(1)
-
-
-
-
-
AHEBITDA from dispositions/assets held for
sale
(2,843)
(2,491)
(2,366)
(734)
151
(70)
(282)
259
Comparable Hotels AHEBITDA
$132,082
$122,162
$94,469
$62,563
$855
$34,618
$23,014
$35,686
_______________________
Note: Comparable Hotels is defined
as the 232 hotels owned and held for use by the Company as of March
31, 2021. 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
March 31,
2021
2020
% Change
Total revenue
$155,637
$234,396
(33.6%)
Total operating expenses
120,327
171,833
(30.0%)
Adjusted Hotel EBITDA
$35,310
$62,563
(43.6%)
Adjusted Hotel EBITDA Margin %
22.7%
26.7%
(400 bps)
ADR (Same Store Hotels)
$99.12
$133.05
(25.5%)
Occupancy (Same Store Hotels)
56.1%
60.9%
(7.9%)
RevPAR (Same Store Hotels)
$55.61
$81.01
(31.4%)
ADR (Actual)
$99.19
$132.55
(25.2%)
Occupancy (Actual)
55.5%
60.9%
(8.9%)
RevPAR (Actual)
$55.09
$80.66
(31.7%)
Reconciliation to
Actual Results
Total Revenue (Actual)
$158,713
$238,010
Revenue from acquisitions
(2,452)
-
Revenue from dispositions/assets held for
sale
(624)
(3,614)
Same Store Hotels Total Revenue
$155,637
$234,396
Adjusted Hotel EBITDA (AHEBITDA)
(Actual)
$35,427
$63,297
AHEBITDA from acquisitions
(376)
-
AHEBITDA from dispositions/assets held for
sale
259
(734)
Same Store Hotels AHEBITDA
$35,310
$62,563
______________________
Note: Same Store Hotels is defined
as the 227 hotels owned by the Company as of January 1, 2020 and
during the entirety of the periods being compared. This information
has not been audited.
Reconciliation of net 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
3/31/2020
6/30/2020
9/30/2020
12/31/2020
3/31/2021
Total revenue
$234,396
$79,599
$146,176
$130,415
$155,637
Total operating expenses
171,833
78,827
111,690
107,720
120,327
Adjusted Hotel EBITDA
$62,563
$772
$34,486
$22,695
$35,310
Adjusted Hotel EBITDA Margin %
26.7%
1.0%
23.6%
17.4%
22.7%
ADR (Same Store Hotels)
$133.05
$100.83
$104.90
$97.99
$99.12
Occupancy (Same Store Hotels)
60.9%
28.2%
49.0%
46.6%
56.1%
RevPAR (Same Store Hotels)
$81.01
$28.47
$51.39
$45.67
$55.61
ADR (Actual)
$132.55
$100.76
$104.78
$97.87
$99.19
Occupancy (Actual)
60.9%
28.2%
48.6%
46.5%
55.5%
RevPAR (Actual)
$80.66
$28.44
$50.94
$45.46
$55.09
Reconciliation to
Actual Results
Total Revenue (Actual)
$238,010
$81,078
$148,826
$133,965
$158,713
Revenue from acquisitions
-
(393)
(1,152)
(1,972)
(2,452)
Revenue from dispositions/assets held for
sale
(3,614)
(1,086)
(1,498)
(1,578)
(624)
Same Store Hotels Total Revenue
$234,396
$79,599
$146,176
$130,415
$155,637
Adjusted Hotel EBITDA (AHEBITDA)
(Actual)
$63,297
$704
$34,688
$23,296
$35,427
AHEBITDA from acquisitions
-
(83)
(132)
(319)
(376)
AHEBITDA from dispositions/assets held for
sale
(734)
151
(70)
(282)
259
Same Store Hotels AHEBITDA
$62,563
$772
$34,486
$22,695
$35,310
_______________________
Note: Same Store Hotels is defined
as the 227 hotels owned by the Company as of January 1, 2020 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 March 31,
2021:
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
3/31/2021
Net income (loss)
$38,151
$62,090
$46,223
$25,453
$(2,769)
$(78,243)
$(40,948)
$(51,247)
$(46,435)
Depreciation and amortization
47,950
48,109
47,887
49,294
49,522
49,897
50,171
50,196
48,710
Amortization of favorable and unfavorable
operating leases, net
31
31
31
31
101
101
103
137
98
Interest and other expense, net
15,494
15,857
14,759
15,081
15,566
18,386
18,531
18,352
18,513
Income tax expense
206
156
143
174
146
58
61
67
108
EBITDA
101,832
126,243
109,043
90,033
62,566
(9,801)
27,918
17,505
20,994
(Gain) loss on sale of real estate
(1,213)
161
-
(3,969)
(8,839)
54
-
(2,069)
(4,484)
Loss on impairment of depreciable real
estate assets
-
-
6,467
-
-
4,382
-
715
10,754
EBITDAre
100,619
126,404
115,510
86,064
53,727
(5,365)
27,918
16,151
27,264
Non-cash straight-line operating ground
lease expense
48
47
47
46
47
44
44
45
44
Adjusted EBITDAre
$100,667
$126,451
$115,557
$86,110
$53,774
$(5,321)
$27,962
$16,196
$27,308
General and administrative expense
8,137
8,308
9,039
10,726
9,523
6,025
6,726
7,100
8,119
Adjusted Hotel EBITDA
$108,804
$134,759
$124,596
$96,836
$63,297
$704
$34,688
$23,296
$35,427
Apple Hospitality REIT, Inc.
Reconciliation of Net 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 loss to
FFO and MFFO for the three months ended March 31, 2021 and
2020:
Three Months Ended
March 31,
2021
2020
Net loss
$(46,435)
$(2,769)
Depreciation of real estate owned
47,088
47,668
Gain on sale of real estate
(4,484)
(8,839)
Loss on impairment of depreciable real
estate assets
10,754
-
Funds from operations
6,923
36,060
Amortization of finance ground lease
assets
1,617
1,602
Amortization of favorable and unfavorable
operating leases, net
98
101
Non-cash straight-line operating ground
lease expense
44
47
Modified funds from operations
$8,682
$37,810
Apple Hospitality REIT,
Inc.
Debt Summary
(Unaudited)
($ in thousands)
March 31, 2021
April 1 -
December 31,
Fair Market
2021
2022
2023
2024
2025
Thereafter
Total
Value
Total debt:
Maturities
$67,706
$259,731
$296,213
$338,597
$245,140
$322,265
$1,529,652
$1,488,025
Average interest rates (1)
3.9%
3.9%
4.1%
4.3%
4.4%
4.4%
Variable rate debt:
Maturities
$20,551
$149,900
$250,000
$310,000
$175,000
$85,000
$990,451
$965,647
Average interest rates (1)
3.7%
3.8%
4.1%
4.5%
5.0%
5.6%
Fixed rate debt:
Maturities
$47,155
$109,831
$46,213
$28,597
$70,140
$237,265
$539,201
$522,378
Average interest rates
4.3%
4.1%
4.0%
4.0%
4.0%
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 Quarterly Report on
Form 10-Q for the quarter ended March 31, 2021.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics Top 20 Markets
Three Months Ended March
31
(Unaudited)
Top 20 Markets
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
Q1 2021
Q1 2020
% Change
Q1 2021
Q1 2020
% Change
Q1 2021
Q1 2020
% Change
Q1 2021
Top 20 Markets
Los Angeles, CA
8
83.0%
73.9%
12.3%
$112.12
$167.62
(33.1%)
$93.02
$123.87
(24.9%)
9.8%
Phoenix, AZ
11
61.8%
69.1%
(10.6%)
$108.04
$164.13
(34.2%)
$66.80
$113.47
(41.1%)
9.2%
North Carolina East
5
69.5%
66.2%
5.0%
$108.75
$107.92
0.8%
$75.63
$71.46
5.8%
4.3%
Orange County, CA
6
60.6%
66.0%
(8.2%)
$100.34
$145.49
(31.0%)
$60.84
$96.00
(36.6%)
4.3%
Florida Panhandle
5
66.5%
66.5%
0.0%
$111.49
$133.13
(16.3%)
$74.14
$88.59
(16.3%)
3.9%
San Diego, CA
7
46.9%
64.6%
(27.4%)
$110.56
$148.42
(25.5%)
$51.90
$95.94
(45.9%)
3.8%
Alabama North
4
69.1%
68.5%
0.9%
$111.03
$114.08
(2.7%)
$76.68
$78.13
(1.9%)
3.3%
Oklahoma City, OK
4
64.3%
58.3%
10.3%
$101.34
$122.89
(17.5%)
$65.12
$71.60
(9.1%)
3.2%
Seattle, WA
3
57.1%
67.9%
(15.9%)
$120.83
$163.43
(26.1%)
$68.94
$110.95
(37.9%)
2.9%
Melbourne, FL
3
49.1%
90.3%
(45.6%)
$129.70
$169.14
(23.3%)
$63.71
$152.80
(58.3%)
2.5%
Tucson, AZ
3
67.5%
75.9%
(11.1%)
$98.69
$143.26
(31.1%)
$66.60
$108.73
(38.7%)
2.5%
Miami, FL
3
72.4%
76.2%
(5.0%)
$104.14
$167.77
(37.9%)
$75.37
$127.85
(41.0%)
2.4%
Fort Worth/Arlington, TX
5
71.4%
61.6%
15.9%
$97.14
$134.43
(27.7%)
$69.35
$82.85
(16.3%)
2.4%
Alabama South
6
53.0%
64.2%
(17.4%)
$95.40
$111.33
(14.3%)
$50.60
$71.48
(29.2%)
2.3%
Fort Lauderdale, FL
2
78.9%
74.2%
6.3%
$99.40
$175.39
(43.3%)
$78.40
$130.11
(39.7%)
2.3%
Richmond/Petersburg, VA
5
45.7%
50.7%
(9.9%)
$110.04
$151.64
(27.4%)
$50.34
$76.85
(34.5%)
2.3%
Alaska
2
70.4%
67.8%
3.8%
$126.46
$138.91
(9.0%)
$89.07
$94.20
(5.4%)
2.2%
Texas West
2
80.5%
69.1%
16.5%
$98.61
$122.22
(19.3%)
$79.42
$84.48
(6.0%)
2.2%
Inland Empire, CA
1
96.0%
77.6%
23.7%
$151.69
$169.45
(10.5%)
$145.62
$131.48
10.8%
1.8%
Dallas, TX
8
59.2%
59.5%
(0.5%)
$84.30
$124.05
(32.0%)
$49.88
$73.83
(32.4%)
1.7%
Top 20 Markets
93
63.0%
66.3%
(5.0%)
$106.40
$144.80
(26.5%)
$67.08
$96.01
(30.1%)
69.3%
All Other Markets
139
50.7%
57.2%
(11.4%)
$93.12
$123.89
(24.8%)
$47.25
$70.92
(33.4%)
30.7%
Total Portfolio
232
55.8%
60.9%
(8.4%)
$99.29
$133.05
(25.4%)
$55.39
$81.01
(31.6%)
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 March
31
(Unaudited)
Region
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
Q1 2021
Q1 2020
% Change
Q1 2021
Q1 2020
% Change
Q1 2021
Q1 2020
% Change
Q1 2021
STR Region
East North Central
16
35.6%
50.6%
(29.6%)
$81.88
$112.95
(27.5%)
$29.16
$57.19
(49.0%)
(3.1)%
East South Central
29
55.7%
63.0%
(11.6%)
$102.59
$124.24
(17.4%)
$57.12
$78.31
(27.1%)
13.1%
Middle Atlantic
12
48.0%
49.0%
(2.0%)
$99.04
$131.30
(24.6%)
$47.49
$64.35
(26.2%)
(2.2)%
Mountain
22
58.6%
65.8%
(10.9%)
$99.97
$147.21
(32.1%)
$58.55
$96.87
(39.6%)
13.8%
New England
5
41.6%
51.0%
(18.4%)
$96.86
$123.76
(21.7%)
$40.31
$63.12
(36.1%)
0.3%
Pacific
32
63.7%
67.8%
(6.0%)
$112.04
$155.83
(28.1%)
$71.41
$105.72
(32.5%)
27.9%
South Atlantic
58
60.8%
64.0%
(5.0%)
$100.58
$132.73
(24.2%)
$61.18
$84.92
(28.0%)
33.5%
West North Central
17
43.8%
54.0%
(18.9%)
$90.58
$115.87
(21.8%)
$39.71
$62.51
(36.5%)
1.6%
West South Central
41
58.7%
58.9%
(0.3%)
$90.54
$122.44
(26.1%)
$53.15
$72.16
(26.3%)
15.1%
Total Portfolio
232
55.8%
60.9%
(8.4%)
$99.29
$133.05
(25.4%)
$55.39
$81.01
(31.6%)
100.0%
Note: Region categorization based
on STR designation.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Chain Scale
Three Months Ended March
31
(Unaudited)
Chain Scale/Brand
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
Q1 2021
Q1 2020
% Change
Q1 2021
Q1 2020
% Change
Q1 2021
Q1 2020
% Change
Q1 2021
Upscale
Courtyard
36
49.1%
57.5%
(14.6%)
$97.27
$136.44
(28.7%)
$47.79
$78.44
(39.1%)
12.7%
Hilton Garden Inn
42
46.8%
58.2%
(19.6%)
$93.85
$130.25
(27.9%)
$43.88
$75.77
(42.1%)
8.2%
Homewood Suites
31
69.9%
68.0%
2.8%
$103.94
$138.93
(25.2%)
$72.61
$94.48
(23.1%)
19.9%
Hyatt House
1
50.4%
$106.36
$53.64
0.3%
Hyatt Place
2
55.3%
73.8%
(25.1%)
$99.96
$100.29
(0.3%)
$55.31
$74.05
(25.3%)
0.7%
Residence Inn
33
66.9%
67.2%
(0.4%)
$112.50
$141.61
(20.6%)
$75.27
$95.17
(20.9%)
28.2%
SpringHill Suites
12
54.1%
55.3%
(2.2%)
$79.82
$122.73
(35.0%)
$43.17
$67.82
(36.3%)
2.9%
Upscale Total
157
56.0%
61.4%
(8.8%)
$100.19
$135.09
(25.8%)
$56.11
$82.94
(32.3%)
72.9%
Upper Midscale
Fairfield Inn / Fairfield Inn &
Suites
11
55.5%
58.9%
(5.8%)
$77.37
$115.10
(32.8%)
$42.93
$67.83
(36.7%)
2.4%
Hampton Inn / Hampton Inn & Suites
39
51.3%
58.0%
(11.6%)
$96.41
$130.50
(26.1%)
$49.49
$75.72
(34.6%)
11.6%
Home2 Suites
10
68.1%
71.0%
(4.1%)
$101.94
$124.94
(18.4%)
$69.44
$88.69
(21.7%)
7.4%
TownePlace Suites
9
69.3%
68.0%
1.9%
$91.82
$113.91
(19.4%)
$63.62
$77.49
(17.9%)
5.6%
Upper Midscale Total
69
56.3%
61.0%
(7.7%)
$93.78
$125.18
(25.1%)
$52.77
$76.32
(30.9%)
27.0%
Upper Upscale
Embassy Suites
2
73.4%
69.0%
6.4%
$148.28
$176.00
(15.8%)
$108.90
$121.51
(10.4%)
3.2%
Marriott
2
33.3%
43.3%
(23.1%)
$110.71
$150.20
(26.3%)
$36.84
$65.03
(43.3%)
0.0%
Upper Upscale Total
4
46.9%
52.0%
(9.8%)
$130.61
$161.81
(19.3%)
$61.19
$84.18
(27.3%)
3.2%
Independents
Independents
2
55.7%
51.7%
7.7%
$113.30
$135.80
(16.6%)
$63.11
$70.21
(10.1%)
(3.1)%
Independents Total
2
55.7%
51.7%
7.7%
$113.30
$135.80
(16.6%)
$63.11
$70.21
(10.1%)
(3.1)%
Total Portfolio
232
55.8%
60.9%
(8.4%)
$99.29
$133.05
(25.4%)
$55.39
$81.01
(31.6%)
100.0%
Note: Chain scale categorization
based on STR designation.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Location
Three Months Ended March
31
(Unaudited)
Location
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
Q1 2021
Q1 2020
% Change
Q1 2021
Q1 2020
% Change
Q1 2021
Q1 2020
% Change
Q1 2021
STR Location
Airport
19
64.3%
69.3%
(7.2%)
$94.18
$130.02
(27.6%)
$60.58
$90.08
(32.7%)
8.5%
Interstate
6
57.7%
57.1%
1.1%
$97.73
$110.12
(11.3%)
$56.39
$62.86
(10.3%)
2.9%
Resort
11
52.6%
64.4%
(18.3%)
$110.90
$144.22
(23.1%)
$58.35
$92.88
(37.2%)
6.7%
Small Metro/Town
15
62.5%
66.3%
(5.7%)
$98.17
$127.98
(23.3%)
$61.37
$84.85
(27.7%)
9.3%
Suburban
138
56.8%
60.4%
(6.0%)
$98.05
$129.95
(24.5%)
$55.68
$78.43
(29.0%)
57.4%
Urban
43
48.9%
57.8%
(15.4%)
$103.13
$144.18
(28.5%)
$50.39
$83.31
(39.5%)
15.2%
Total Portfolio
232
55.8%
60.9%
(8.4%)
$99.29
$133.05
(25.4%)
$55.39
$81.01
(31.6%)
100.0%
Note: Location categorization based
on STR designation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210506006095/en/
Apple Hospitality REIT, Inc. Kelly Clarke, Vice President,
Investor Relations 804-727-6321 kclarke@applereit.com
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