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, 2024.
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,
2024
2023
% Change
2024
2023
% Change
Net income
$29,817
$20,765
43.6%
$214,064
$177,489
20.6%
Net income per share
$0.12
$0.09
33.3%
$0.89
$0.77
15.6%
Operating income
$49,903
$38,910
28.3%
$292,759
$247,481
18.3%
Operating margin %
15.0%
12.5%
250 bps
20.5%
18.4%
210 bps
Adjusted EBITDAre
$96,590
$90,536
6.7%
$467,216
$436,895
6.9%
Comparable Hotels Adjusted Hotel
EBITDA
$108,434
$105,310
3.0%
$508,609
$506,736
0.4%
Comparable Hotels Adjusted Hotel EBITDA
Margin %
32.9%
33.3%
(40 bps)
36.0%
36.7%
(70 bps)
Modified funds from operations (MFFO)
$76,503
$72,387
5.7%
$388,511
$366,884
5.9%
MFFO per share
$0.32
$0.31
3.2%
$1.61
$1.60
0.6%
Average Daily Rate (ADR) (Actual)
$152.39
$149.88
1.7%
$158.01
$155.76
1.4%
Occupancy (Actual)
71.4%
69.6%
2.6%
75.0%
74.2%
1.1%
Revenue Per Available Room (RevPAR)
(Actual)
$108.75
$104.27
4.3%
$118.54
$115.60
2.5%
Comparable Hotels ADR
$152.97
$152.09
0.6%
$158.94
$158.09
0.5%
Comparable Hotels Occupancy
71.3%
69.9%
2.0%
75.1%
74.4%
0.9%
Comparable Hotels RevPAR
$109.14
$106.31
2.7%
$119.36
$117.67
1.4%
Distributions paid
$57,841
$55,164
4.9%
$243,722
$238,283
2.3%
Distributions paid per share
$0.24
$0.24
0.0%
$1.01
$1.04
(2.9%)
Cash and cash equivalents
$10,253
Total debt outstanding
$1,476,800
Total debt outstanding, net of cash and
cash equivalents
$1,466,547
Total debt outstanding, net of cash and
cash equivalents, to total capitalization (2)
28.5%
(1)
Explanations of and reconciliations to net
income 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 $15.35 on December 31,
2024.
Comparable Hotels is defined as the 219
hotels owned and held for use by the Company as of December 31,
2024, and excludes one non-hotel property. 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 and assets held for sale, 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, “Driven by steady improvement in business transient
demand, the ongoing strength in leisure travel and muted supply
growth, we achieved Comparable Hotels RevPAR growth of
approximately 3% for the fourth quarter and more than 1% for the
full year 2024, as compared to the same periods of 2023,
respectively. We remain intently focused on maximizing the
profitability of our hotels through strategic asset management.
Bolstered by recent acquisitions, continued strength in ADR and
moderating expense growth, we are pleased to report strong
bottom-line performance for the quarter and the full year 2024.
Although winter weather conditions tempered our performance in
January, we have seen improvement in February and expect to see
continued positive momentum in operating fundamentals as we move
through 2025.
“Our thoughts and prayers are with everyone impacted by
California's wildfires," Mr. Knight said. "We are fortunate that
our hotels did not sustain any material damage and have remained
open and operational. We commend the operating teams at our hotels
for their courage and their dedication to the well-being of our
guests and associates. As recovery from the fires moves forward, we
will continue to support the ongoing efforts of our operating teams
to care for guests, associates and their surrounding
communities.”
Mr. Knight continued, “Our disciplined approach to capital
allocation and portfolio management has defined our strategy
throughout our history and was especially evident in 2024. During
the year, we acquired two hotels for $196 million, sold six
non-core hotels for more than $63 million, repurchased
approximately $35 million in common shares and reinvested $78
million in our existing portfolio. We continue to actively seek
opportunities that will further optimize our portfolio, drive
earnings per share and maximize long-term value for our
shareholders. Our differentiated strategy of investing in a broadly
diversified portfolio of high-quality, rooms-focused hotels with
low leverage has been tested across economic cycles and
consistently yielded compelling results for our investors. We are
confident we are well positioned for continued outperformance.”
Hotel Portfolio Overview
As of December 31, 2024, Apple Hospitality owned 221 hotels with
an aggregate of 29,764 guest rooms located in 86 markets throughout
37 states and the District of Columbia, including two hotels
classified as held for sale, one of which was sold in February 2025
while the other is expected to be sold in the first quarter of
2025.
Fourth Quarter and Full Year 2024
Highlights
- Strong operating performance: Comparable Hotels ADR was
$153 for the fourth quarter 2024 and $159 for the full year 2024,
both up approximately 1% as compared to the same periods of 2023;
Comparable Hotels Occupancy was 71% for the fourth quarter 2024 and
75% for the full year 2024, up 2% and approximately 1% as compared
to the same periods of 2023, respectively; and Comparable Hotels
RevPAR was $109 for the fourth quarter 2024 and $119 for the full
year 2024, up approximately 3% and 1% as compared to the same
periods of 2023, respectively. Comparable Hotels Occupancy, ADR and
RevPAR exceeded industry averages as reported by STR for the full
year 2024. Preliminary results for the month of January 2025 show a
slight improvement in Comparable Hotels RevPAR as compared to
January 2024, driven by growth in ADR offsetting a decline in
occupancy related to extreme winter weather conditions.
- Strong bottom-line performance: The Company achieved
Comparable Hotels Adjusted Hotel EBITDA of approximately $108
million for the fourth quarter 2024 and $509 million for the full
year 2024, an improvement of 3% as compared to the fourth quarter
2023 and a slight improvement over the full year 2023. Comparable
Hotels Adjusted Hotel EBITDA Margin was approximately 32.9% for the
fourth quarter 2024 and 36.0% for the full year 2024, down 40 bps
and 70 bps to the same periods of 2023, respectively. The Company
achieved Adjusted EBITDAre of approximately $97 million for the
fourth quarter 2024 and $467 million for the full year 2024, both
up approximately 7% as compared to the same periods of 2023. The
Company achieved MFFO of approximately $77 million for the fourth
quarter 2024 and $389 million for the full year 2024, both up
approximately 6% as compared to the same periods of 2023.
- Transactional activity: As previously announced, during
the year ended December 31, 2024, the Company acquired two hotels
for a combined total purchase price of approximately $196.3 million
and sold six hotels for a combined gross sales price of
approximately $63.4 million. Subsequent to year end, in February
2025, the Company sold one additional hotel for $8.3 million. The
Company currently has one additional hotel under contract for
purchase for an anticipated total purchase price of approximately
$98.2 million and one additional hotel under contract for sale for
a gross sales price of approximately $12.7 million.
- Capital markets: During the year ended December 31,
2024, the Company purchased, under its Share Repurchase Program,
approximately 2.4 million common shares at a weighted-average
market purchase price of approximately $14.16 per common share, for
an aggregate purchase price of approximately $34.7 million.
- Balance sheet: The Company has maintained the strength
and flexibility of its balance sheet. At December 31, 2024, the
Company’s total debt to total capitalization, net of cash and cash
equivalents, was approximately 28%.
- Monthly distributions: During the three months ended
December 31, 2024, the Company paid distributions totaling $0.24
per common share. Based on the Company’s common stock closing price
of $14.76 on February 21, 2025, the current annualized regular
monthly cash distribution of $0.96 per common share represents an
annual yield of approximately 6.5%.
- Corporate Responsibility Report: In December 2024, the
Company published its annual Corporate Responsibility Report which
details the Company's performance and initiatives in this area and
features its commitment to environmental sustainability, governance
and resiliency, corporate employees, hotel associates and guests,
communities and other stakeholders. The Company's 2024 Corporate
Responsibility Report and related materials can be found on the
Corporate Responsibility section of the Company's website.
The Company is providing monthly performance detail for its
Comparable Hotels with comparisons to the respective periods of
2023. The following table highlights the Company’s Comparable
Hotels monthly performance during the fourth quarter of 2024 as
compared to the fourth quarter of 2023 (in thousands, except
statistical data):
% Change
October
November
December
October
November
December
October
November
December
2024
2024
2024
Q4 2024
2023
2023
2023
Q4 2023
2023
2023
2023
Q4 2023
ADR (Comparable Hotels)
$166.55
$148.94
$140.06
$152.97
$165.38
$149.55
$138.21
$152.09
0.7%
(0.4%)
1.3%
0.6%
Occupancy (Comparable Hotels)
80.0%
71.6%
62.4%
71.3%
77.5%
70.4%
61.8%
69.9%
3.2%
1.7%
1.0%
2.0%
RevPAR (Comparable Hotels)
$133.26
$106.66
$87.42
$109.14
$128.13
$105.34
$85.42
$106.31
4.0%
1.3%
2.3%
2.7%
Operating income (Actual)
$34,060
$13,720
$2,123
$49,903
$30,204
$11,972
$(3,266)
$38,910
12.8%
14.6%
165.0%
28.3%
Adjusted Hotel EBITDA (Actual) (1)
$53,866
$33,414
$21,703
$108,983
$49,280
$30,470
$21,988
$101,738
9.3%
9.7%
(1.3%)
7.1%
Comparable Hotels Adjusted Hotel EBITDA
(2)
$53,361
$33,278
$21,795
$108,434
$51,308
$31,210
$22,792
$105,310
4.0%
6.6%
(4.4%)
3.0%
(1)
See explanation and reconciliation of
Adjusted Hotel EBITDA to net income included below.
(2)
See explanation and reconciliation of
Comparable Hotels Adjusted Hotel EBITDA to Adjusted Hotel EBITDA
included below.
Comparable Hotels is defined as the 219
hotels owned and held for use by the Company as of December 31,
2024, and excludes one non-hotel property. 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 and assets held for sale, 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.
Portfolio Activity
2024 Acquisitions
As previously announced, during 2024, the Company acquired two
hotels for a combined total purchase price of approximately $196.3
million. The acquisitions include the following:
- In March 2024, the Company acquired the 234-room AC Hotel by
Marriott Washington DC Convention Center for a total purchase price
of approximately $116.8 million, or $499,000 per key.
- In June 2024, the Company acquired the newly built, 262-room
Embassy Suites by Hilton Madison Downtown for a total purchase
price of approximately $79.5 million, or $303,000 per key.
Contract for Potential Acquisition
As previously announced, the Company continues to have one
additional hotel under contract for purchase, a Motto by Hilton
that is under development in downtown Nashville, Tennessee, for an
anticipated total purchase price of approximately $98.2 million
with an expected 260 rooms, which the Company anticipates acquiring
in late 2025 following completion of construction. There are many
conditions to closing on this hotel that have not yet been
satisfied, and there can be no assurance that a closing on this
hotel will occur under the outstanding purchase contract.
2024 Dispositions
As previously announced, during the year ended December 31,
2024, the Company sold six hotels for a combined gross sales price
of approximately $63.4 million, resulting in a combined gain on the
sales of approximately $19.7 million, which is included in the
Company's consolidated statement of operations for the year ended
December 31, 2024. The Company's 2024 dispositions include the
following:
- In February 2024, the Company sold the 122-room Hampton Inn by
Hilton Bentonville/Rogers and the 126-room Homewood Suites by
Hilton Bentonville-Rogers in one transaction, for a combined gross
sales price of approximately $33.5 million. The Company used a
portion of the net proceeds from the sale of these two hotels to
complete a 1031 exchange with the acquisition of the AC Hotel
Washington DC Convention Center in March 2024, which resulted in
the deferral of taxable gains of $15.1 million.
- In May 2024, the Company sold the 82-room SpringHill Suites by
Marriott Greensboro for a gross sales price of approximately $7.1
million.
- In November 2024, the Company sold the 90-room Courtyard by
Marriott Wichita East for a gross sales price of approximately $3.1
million.
- In December 2024, the Company sold the 97-room TownePlace
Suites by Marriott Knoxville Cedar Bluff for a gross sales price of
approximately $9.4 million.
- In December 2024, the Company sold the 117-room Hilton Garden
Inn Austin North for a gross sales price of approximately $10.4
million.
During the year ended December 31, 2024, the Company recognized
an impairment loss of approximately $3.1 million in the aggregate
with respect to three of the properties sold.
2025 Disposition
In February 2025, the Company sold the 76-room Homewood Suites
by Hilton Chattanooga-Hamilton Place for a gross sales price of
approximately $8.3 million.
Contract for Potential Disposition
In December 2024, the Company entered into a contract for the
sale of its 130-room SpringHill Suites by Marriott Indianapolis
Fishers for a gross sales price of approximately $12.7 million. The
Company expects to complete the sale of the hotel during the first
quarter 2025. There are many conditions to closing on the sale of
this hotel that have not yet been satisfied, and there can be no
assurance that closing on the sale of this hotel will occur under
the outstanding sale agreement.
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 year ended
December 31, 2024, the Company invested approximately $78 million
in capital expenditures. The Company anticipates investing
approximately $80 million to $90 million in capital improvements
during 2025, which includes comprehensive renovation projects for
approximately 20 hotels.
Balance Sheet and
Liquidity
As of December 31, 2024, the Company had approximately $1.5
billion of total outstanding debt with a current combined
weighted-average interest rate of approximately 4.7%, cash on hand
of approximately $10 million and availability under its revolving
credit facility of approximately $568 million. Excluding
unamortized debt issuance costs and fair value adjustments, the
Company’s total outstanding debt as of December 31, 2024, was
comprised of approximately $254 million in property-level debt
secured by 14 hotels and approximately $1.2 billion outstanding
under its unsecured credit facilities. The Company continues to
maintain a strong and flexible balance sheet, and in July 2024,
amended its unsecured $85 million term loan facility, which
increased the amount of the term loan facility to $130 million,
with the additional $45 million funded at closing, and extended the
maturity date to July 25, 2026, with the optionality, subject to
certain conditions, to extend the maturity date further to July 25,
2027. Additionally, in August 2024, the Company repaid in full one
secured mortgage loan, for a total of approximately $20 million.
The number of unencumbered hotels in the Company’s portfolio as of
December 31, 2024, was 207. The Company’s total debt to total
capitalization, net of cash and cash equivalents at December 31,
2024, was approximately 28%, which provides Apple Hospitality with
financial flexibility to fund capital requirements and pursue
opportunities in the marketplace. As of December 31, 2024, the
Company’s weighted-average debt maturities were approximately three
years.
Capital Markets
Share Repurchase Program
The Company has in place a Share Repurchase Program that
provides for share repurchases in open market transactions. During
the year ended December 31, 2024, the Company purchased, under its
Share Repurchase Program, approximately 2.4 million common shares
at a weighted-average market purchase price of approximately $14.16
per common share, for an aggregate purchase price of approximately
$34.7 million. As of December 31, 2024, the Company had
approximately $301 million remaining under its Share Repurchase
Program for the repurchase of shares.
ATM Program
The Company also has in place an at-the-market offering program
(the “ATM Program”). As of December 31, 2024, the Company had $500
million remaining under its ATM Program for the issuance of shares.
No shares were sold under the current or prior ATM Program during
the three months and year ended December 31, 2024.
Shareholder
Distributions
During the three months ended December 31, 2024, the Company
paid distributions totaling $0.24 per common share. During the year
ended December 31, 2024, the Company paid distributions totaling
$1.01 per common share for a total of approximately $243.7 million.
On January 15, 2025, the Company paid a regular monthly cash
distribution of $0.08 per common share and a special cash
distribution of $0.05 per common share, for a combined distribution
of $0.13 per common share, to shareholders of record as of December
31, 2024.
Based on the Company’s common stock closing price of $14.76 on
February 21, 2025, the current annualized regular monthly cash
distribution of $0.96 per common share represents an annual yield
of approximately 6.5%. While the Company currently expects monthly
distributions to continue, each distribution is subject to approval
by the Company’s Board of Directors. The Company’s Board of
Directors, in consultation with management, will continue to
monitor the Company’s distribution rate and timing relative to the
performance of its hotels, capital improvement needs, varying
economic cycles, acquisitions, dispositions, other cash
requirements and the Company’s REIT status for federal income tax
purposes, and may make adjustments as it deems appropriate.
2025 Outlook
The Company is providing its operational and financial outlook
for 2025. This outlook, which is based on management’s current view
of both operating and economic fundamentals of the Company's
existing portfolio of hotels, does not take into account any
unanticipated developments in its business or changes in its
operating environment, nor does it take into account any
unannounced hotel acquisitions or dispositions. Comparable Hotels
RevPAR Change guidance, which is the change in Comparable Hotels
RevPAR in 2025 compared to 2024, and Comparable Hotels Adjusted
Hotel EBITDA Margin % guidance include properties acquired and
announced for acquisition by year-end 2025 as if the hotels were
owned as of January 1, 2024, exclude completed dispositions since
January 1, 2024, exclude announced dispositions anticipated to
close by year-end 2025, and exclude one non-hotel property. Results
for periods prior to the Company’s ownership are not included in
the Company’s actual Consolidated Financial Statements, are based
on information from the prior owner of each hotel, and have not
been audited or adjusted. For the full year 2025, the Company
anticipates its 2025 results will be in the following range:
2025 Guidance(1)
Low-End
High-End
Net income
$173 Million
$202 Million
Comparable Hotels RevPAR Change
1.0%
3.0%
Comparable Hotels Adjusted Hotel EBITDA
Margin %
34.2%
35.2%
Adjusted EBITDAre
$447 Million
$471 Million
Capital expenditures
$80 Million
$90 Million
(1)
Explanations of and reconciliations to net
income guidance of Adjusted EBITDAre and Comparable Hotels Adjusted
Hotel EBITDA guidance are included below.
Fourth Quarter and Full Year 2024
Earnings Conference Call
The Company will host a quarterly conference call for investors
and interested parties at 10 a.m. Eastern Time on Tuesday, February
25, 2025. 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 2 p.m. Eastern Time on
February 25, 2025, through 11:59 p.m. Eastern Time on March 11,
2025. 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 13750570. 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 220 hotels
with approximately 29,700 guest rooms located in 85 markets
throughout 37 states and the District of Columbia. Concentrated
with industry-leading brands, the Company’s hotel portfolio
consists of 98 Marriott-branded hotels, 117 Hilton-branded hotels
and five Hyatt-branded 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 Hotel EBITDA; Comparable Hotels
Adjusted Hotel EBITDA; and Same Store Hotels 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, Adjusted Hotel EBITDA, Comparable
Hotels Adjusted Hotel EBITDA and Same Store Hotels 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, Adjusted Hotel EBITDA, Comparable Hotels Adjusted Hotel
EBITDA and Same Store Hotels Adjusted Hotel EBITDA, as calculated
by the Company, may not be comparable to FFO, MFFO, EBITDA,
EBITDAre, Adjusted EBITDAre, Adjusted Hotel EBITDA, Comparable
Hotels Adjusted Hotel EBITDA and Same Store Hotels 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.
Such factors include, but are not limited to, the ability of the
Company to effectively acquire and dispose of properties and
redeploy proceeds; the anticipated timing and frequency of
shareholder distributions; the ability of the Company to fund
capital obligations; the ability of the Company to successfully
integrate pending transactions and implement its operating
strategy; changes in general political, economic and competitive
conditions and specific market conditions (including the potential
effects of inflation or a recessionary environment); reduced
business and leisure travel due to geopolitical uncertainty,
including terrorism and acts of war; travel-related health
concerns, including widespread outbreaks of infectious or
contagious diseases in the U.S.; inclement weather conditions,
including natural disasters such as hurricanes, earthquakes and
wildfires; government shutdowns, airline strikes or equipment
failures, or other disruptions; 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, 2024. 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)
As of December 31,
2024
2023
Assets
Investment in real estate, net of
accumulated depreciation and amortization of $1,821,344 and
$1,662,942, respectively
$4,820,748
$4,777,374
Assets held for sale
17,015
15,283
Cash and cash equivalents
10,253
10,287
Restricted cash-furniture, fixtures and
other escrows
33,814
33,331
Due from third-party managers, net
34,522
36,437
Other assets, net
53,568
64,586
Total Assets
$4,969,920
$4,937,298
Liabilities
Debt, net
$1,471,452
$1,371,494
Finance lease liabilities
111,585
111,892
Accounts payable and other liabilities
121,024
129,931
Total Liabilities
1,704,061
1,613,317
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 239,765,905 and
241,515,532 shares, respectively
4,771,005
4,794,804
Accumulated other comprehensive income
15,587
20,404
Accumulated Distributions greater than net
income
(1,520,733)
(1,491,227)
Total Shareholders' Equity
3,265,859
3,323,981
Total Liabilities and Shareholders'
Equity
$4,969,920
$4,937,298
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,
2024.
Apple Hospitality REIT,
Inc.
Consolidated Statements of
Operations and Comprehensive Income
(in thousands, except per
share data)
Three Months Ended
Year Ended
December 31,
(Unaudited)
December 31,
2024
2023
2024
2023
Revenues:
Room
$
300,032
$
282,475
$
1,298,525
$
1,226,159
Food and beverage
17,044
14,936
65,804
56,968
Other
15,960
15,045
67,139
60,673
Total revenue
333,036
312,456
1,431,468
1,343,800
Expenses:
Hotel operating expense:
Operating
88,683
83,311
357,352
332,714
Hotel administrative
30,448
28,138
123,086
114,071
Sales and marketing
30,450
28,132
126,938
117,538
Utilities
12,094
11,151
50,065
47,422
Repair and maintenance
17,366
16,960
69,697
65,412
Franchise fees
14,773
13,908
64,017
59,315
Management fees
10,560
9,737
46,716
44,253
Total hotel operating expense
204,374
191,337
837,871
780,725
Property taxes, insurance and other
20,504
17,960
84,382
79,307
General and administrative
11,703
12,761
42,542
47,401
Impairment of depreciable real estate
159
5,644
3,055
5,644
Depreciation and amortization
47,922
45,844
190,603
183,242
Total expense
284,662
273,546
1,158,453
1,096,319
Gain on sale of real estate
1,529
-
19,744
-
Operating income
49,903
38,910
292,759
247,481
Interest and other expense, net
(19,852
)
(17,884
)
(77,748
)
(68,857
)
Income before income taxes
30,051
21,026
215,011
178,624
Income tax expense
(234
)
(261
)
(947
)
(1,135
)
Net income
$
29,817
$
20,765
$
214,064
$
177,489
Other comprehensive income
(loss):
Interest rate derivatives
10,795
(17,007
)
(4,817
)
(16,477
)
Comprehensive income
$
40,612
$
3,758
$
209,247
$
161,012
Basic and diluted net income per common
share
$
0.12
$
0.09
$
0.89
$
0.77
Weighted average common shares outstanding
- basic and diluted
239,973
230,000
241,258
229,329
Note: The Consolidated Statements
of Operations and Comprehensive Income and corresponding footnotes
can be found in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2024.
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,
% Change
% Change
2024
2023
2023
2024
2023
2023
Operating income (Actual)
$49,903
$38,910
28.3%
$292,759
$247,481
18.3%
Operating margin % (Actual)
15.0%
12.5%
250 bps
20.5%
18.4%
210 bps
Comparable Hotels Total Revenue
$329,244
$316,088
4.2%
$1,413,801
$1,379,360
2.5%
Comparable Hotels Total Operating
Expenses
220,810
210,778
4.8%
905,192
872,624
3.7%
Comparable Hotels Adjusted Hotel
EBITDA
$108,434
$105,310
3.0%
$508,609
$506,736
0.4%
Comparable Hotels Adjusted Hotel EBITDA
Margin %
32.9%
33.3%
(40 bps)
36.0%
36.7%
(70 bps)
ADR (Comparable Hotels)
$152.97
$152.09
0.6%
$158.94
$158.09
0.5%
Occupancy (Comparable Hotels)
71.3%
69.9%
2.0%
75.1%
74.4%
0.9%
RevPAR (Comparable Hotels)
$109.14
$106.31
2.7%
$119.36
$117.67
1.4%
ADR (Actual)
$152.39
$149.88
1.7%
$158.01
$155.76
1.4%
Occupancy (Actual)
71.4%
69.6%
2.6%
75.0%
74.2%
1.1%
RevPAR (Actual)
$108.75
$104.27
4.3%
$118.54
$115.60
2.5%
Reconciliation to
Actual Results
Total Revenue (Actual)
$333,036
$312,456
$1,431,468
$1,343,800
Revenue from acquisitions prior to
ownership
-
12,245
4,775
72,855
Revenue from dispositions/assets held for
sale
(3,397)
(6,486)
(17,280)
(27,433)
Revenue from non-hotel property
(395)
(2,127)
(5,162)
(9,862)
Comparable Hotels Total Revenue
$329,244
$316,088
$1,413,801
$1,379,360
Adjusted Hotel EBITDA (AHEBITDA) (Actual)
(1)
$108,983
$101,738
$509,544
$481,892
AHEBITDA from acquisitions prior to
ownership
-
4,842
1,882
30,865
AHEBITDA from dispositions/assets held for
sale
(549)
(1,270)
(2,817)
(6,595)
AHEBITDA from non-hotel property (2)
-
-
-
574
Comparable Hotels AHEBITDA
$108,434
$105,310
$508,609
$506,736
(1)
Represents the Company's actual Adjusted
Hotel EBITDA which excludes Adjusted EBITDAre from its non-hotel
property, the Company's independent boutique hotel in New York, New
York, starting in the second half of 2023, subsequent to its lease
to a third-party hotel operator for all hotel operations (the
"non-hotel property"). As a result of the operator's failure to
make lease payments timely, the Company commenced legal proceedings
to remove the operator from possession of the hotel, which remain
ongoing.
(2)
Represents Adjusted Hotel EBITDA from the
non-hotel property in the first half of 2023, prior to its lease to
a third-party hotel operator for all hotel operations.
Note: Comparable Hotels is defined
as the 219 hotels owned and held for use by the Company as of
December 31, 2024, and excludes the non-hotel property. 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 and assets held for sale,
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 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)
2023
2024
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Operating income (Actual)
$49,247
$83,029
$76,295
$38,910
$71,615
$93,515
$77,726
$49,903
Operating margin % (Actual)
15.8%
23.0%
21.3%
12.5%
21.7%
24.0%
20.5%
15.0%
Comparable Hotels Total Revenue
$322,557
$372,797
$367,918
$316,088
$327,335
$382,636
$374,586
$329,244
Comparable Hotels Total Operating
Expenses
207,615
224,444
229,787
210,778
216,063
232,186
236,133
220,810
Comparable Hotels Adjusted Hotel
EBITDA
$114,942
$148,353
$138,131
$105,310
$111,272
$150,450
$138,453
$108,434
Comparable Hotels Adjusted Hotel EBITDA
Margin %
35.6%
39.8%
37.5%
33.3%
34.0%
39.3%
37.0%
32.9%
ADR (Comparable Hotels)
$154.86
$163.18
$161.37
$152.09
$154.94
$163.65
$163.37
$152.97
Occupancy (Comparable Hotels)
72.2%
78.2%
77.4%
69.9%
72.2%
79.9%
77.0%
71.3%
RevPAR (Comparable Hotels)
$111.88
$127.65
$124.82
$106.31
$111.80
$130.74
$125.83
$109.14
ADR (Actual)
$152.01
$160.98
$159.36
$149.88
$153.18
$162.98
$162.57
$152.39
Occupancy (Actual)
72.0%
78.2%
77.1%
69.6%
72.0%
79.8%
77.0%
71.4%
RevPAR (Actual)
$109.46
$125.96
$122.91
$104.27
$110.25
$130.07
$125.10
$108.75
Reconciliation to
Actual Results
Total Revenue (Actual)
$311,454
$361,630
$358,260
$312,456
$329,512
$390,077
$378,843
$333,036
Revenue from acquisitions prior to
ownership
19,786
21,825
18,999
12,245
4,775
-
-
-
Revenue from dispositions/assets held for
sale
(5,840)
(7,778)
(7,329)
(6,486)
(4,909)
(4,938)
(4,036)
(3,397)
Revenue from non-hotel property
(2,843)
(2,880)
(2,012)
(2,127)
(2,043)
(2,503)
(221)
(395)
Comparable Hotels Total Revenue
$322,557
$372,797
$367,918
$316,088
$327,335
$382,636
$374,586
$329,244
Adjusted Hotel EBITDA (AHEBITDA) (Actual)
(1)
$106,749
$141,244
$132,161
$101,738
$109,793
$151,680
$139,088
$108,983
AHEBITDA from acquisitions prior to
ownership
8,320
9,725
7,978
4,842
1,882
-
-
-
AHEBITDA from dispositions/assets held for
sale
(923)
(2,394)
(2,008)
(1,270)
(403)
(1,230)
(635)
(549)
AHEBITDA from non-hotel property (2)
796
(222)
-
-
-
-
-
-
Comparable Hotels AHEBITDA
$114,942
$148,353
$138,131
$105,310
$111,272
$150,450
$138,453
$108,434
(1)
Represents the Company's actual Adjusted
Hotel EBITDA which excludes Adjusted EBITDAre from the non-hotel
property starting in the second half of 2023, subsequent to its
lease to a third-party hotel operator for all hotel operations.
(2)
Represents Adjusted Hotel EBITDA from the
non-hotel property in the first half of 2023, prior to its lease to
a third-party hotel operator for all hotel operations.
Note: Comparable Hotels is defined
as the 219 hotels owned and held for use by the Company as of
December 31, 2024, and excludes the non-hotel property. 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 and assets held for sale,
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 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,
% Change
% Change
2024
2023
2023
2024
2023
2023
Operating income (Actual)
$49,903
$38,910
28.3%
$292,759
$247,481
18.3%
Operating margin % (Actual)
15.0%
12.5%
250 bps
20.5%
18.4%
210 bps
Same Store Hotels Total Revenue
$306,186
$296,321
3.3%
$1,320,769
$1,296,849
1.8%
Same Store Hotels Total Operating
Expenses
205,710
198,806
3.5%
849,627
824,734
3.0%
Same Store Hotels Adjusted Hotel
EBITDA
$100,476
$97,515
3.0%
$471,142
$472,115
(0.2%)
Same Store Hotels Adjusted Hotel EBITDA
Margin %
32.8%
32.9%
(10 bps)
35.7%
36.4%
(70 bps)
ADR (Same Store Hotels)
$150.82
$150.10
0.5%
$156.87
$156.47
0.3%
Occupancy (Same Store Hotels)
71.5%
69.8%
2.4%
75.1%
74.4%
0.9%
RevPAR (Same Store Hotels)
$107.78
$104.81
2.8%
$117.82
$116.39
1.2%
ADR (Actual)
$152.39
$149.88
1.7%
$158.01
$155.76
1.4%
Occupancy (Actual)
71.4%
69.6%
2.6%
75.0%
74.2%
1.1%
RevPAR (Actual)
$108.75
$104.27
4.3%
$118.54
$115.60
2.5%
Reconciliation to
Actual Results
Total Revenue (Actual)
$333,036
$312,456
$1,431,468
$1,343,800
Revenue from acquisitions
(23,058)
(7,522)
(88,257)
(9,656)
Revenue from dispositions/assets held for
sale
(3,397)
(6,486)
(17,280)
(27,433)
Revenue from non-hotel property
(395)
(2,127)
(5,162)
(9,862)
Same Store Hotels Total Revenue
$306,186
$296,321
$1,320,769
$1,296,849
Adjusted Hotel EBITDA (AHEBITDA) (Actual)
(1)
$108,983
$101,738
$509,544
$481,892
AHEBITDA from acquisitions
(7,958)
(2,953)
(35,585)
(3,756)
AHEBITDA from dispositions/assets held for
sale
(549)
(1,270)
(2,817)
(6,595)
AHEBITDA from non-hotel property (2)
-
-
-
574
Same Store Hotels AHEBITDA
$100,476
$97,515
$471,142
$472,115
(1)
Represents the Company's actual Adjusted
Hotel EBITDA which excludes Adjusted EBITDAre from the non-hotel
property starting in the second half of 2023, subsequent to its
lease to a third-party hotel operator for all hotel operations.
(2)
Represents Adjusted Hotel EBITDA from the
non-hotel property in the first half of 2023, prior to its lease to
a third-party hotel operator for all hotel operations.
Note: Same Store Hotels is defined
as the 211 hotels owned and held for use by the Company as of
January 1, 2023, and during the entirety of the periods being
compared, and excludes the non-hotel property. This information has
not been audited.
Reconciliation of net income 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)
2023
2024
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Operating income (Actual)
$49,247
$83,029
$76,295
$38,910
$71,615
$93,515
$77,726
$49,903
Operating margin % (Actual)
15.8%
23.0%
21.3%
12.5%
21.7%
24.0%
20.5%
15.0%
Same Store Hotels Total Revenue
$302,771
$350,947
$346,810
$296,321
$306,375
$359,277
$348,931
$306,186
Same Store Hotels Total Operating
Expenses
196,149
212,332
217,447
198,806
203,982
219,216
220,719
205,710
Same Store Hotels Adjusted Hotel
EBITDA
$106,622
$138,615
$129,363
$97,515
$102,393
$140,061
$128,212
$100,476
Same Store Hotels Adjusted Hotel EBITDA
Margin %
35.2%
39.5%
37.3%
32.9%
33.4%
39.0%
36.7%
32.8%
ADR (Same Store Hotels)
$153.10
$161.56
$160.19
$150.10
$152.69
$161.53
$161.56
$150.82
Occupancy (Same Store Hotels)
72.2%
78.3%
77.3%
69.8%
72.0%
80.0%
77.0%
71.5%
RevPAR (Same Store Hotels)
$110.47
$126.46
$123.79
$104.81
$109.94
$129.16
$124.43
$107.78
ADR (Actual)
$152.01
$160.98
$159.36
$149.88
$153.18
$162.98
$162.57
$152.39
Occupancy (Actual)
72.0%
78.2%
77.1%
69.6%
72.0%
79.8%
77.0%
71.4%
RevPAR (Actual)
$109.46
$125.96
$122.91
$104.27
$110.25
$130.07
$125.10
$108.75
Reconciliation to
Actual Results
Total Revenue (Actual)
$311,454
$361,630
$358,260
$312,456
$329,512
$390,077
$378,843
$333,036
Revenue from acquisitions
-
(25)
(2,109)
(7,522)
(16,185)
(23,359)
(25,655)
(23,058)
Revenue from dispositions/assets held for
sale
(5,840)
(7,778)
(7,329)
(6,486)
(4,909)
(4,938)
(4,036)
(3,397)
Revenue from non-hotel property
(2,843)
(2,880)
(2,012)
(2,127)
(2,043)
(2,503)
(221)
(395)
Same Store Hotels Total Revenue
$302,771
$350,947
$346,810
$296,321
$306,375
$359,277
$348,931
$306,186
Adjusted Hotel EBITDA (AHEBITDA) (Actual)
(1)
$106,749
$141,244
$132,161
$101,738
$109,793
$151,680
$139,088
$108,983
AHEBITDA from acquisitions
-
(13)
(790)
(2,953)
(6,997)
(10,389)
(10,241)
(7,958)
AHEBITDA from dispositions/assets held for
sale
(923)
(2,394)
(2,008)
(1,270)
(403)
(1,230)
(635)
(549)
AHEBITDA from non-hotel property (2)
796
(222)
-
-
-
-
-
-
Same Store Hotels AHEBITDA
$106,622
$138,615
$129,363
$97,515
$102,393
$140,061
$128,212
$100,476
(1)
Represents the Company's actual Adjusted
Hotel EBITDA which excludes Adjusted EBITDAre from the non-hotel
property starting in the second half of 2023, subsequent to its
lease to a third-party hotel operator for all hotel operations.
(2)
Represents Adjusted Hotel EBITDA from the
non-hotel property in the first half of 2023, prior to its lease to
a third-party hotel operator for all hotel operations.
Note: Same Store Hotels is defined
as the 211 hotels owned and held for use by the Company as of
January 1, 2023, and during the entirety of the periods being
compared, and excludes the non-hotel property. This information has
not been audited.
Reconciliation of net income to non-GAAP
financial measures is included in the following pages.
Apple Hospitality REIT, Inc.
Reconciliation of Net Income 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 as well as Adjusted EBITDAre
from the non-hotel property 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 it is
used by management to measure the performance of the Company’s
hotels and effectiveness of the operators of the hotels. In
addition, Adjusted EBITDAre and Adjusted Hotel EBITDA are both
components of key compensation measures of operational performance
within the Company's 2024 incentive plan.
The following table reconciles the Company’s GAAP net income to
EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted Hotel EBITDA on a
quarterly basis for 2023 and 2024:
2023
2024
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Net income
$32,923
$65,289
$58,512
$20,765
$54,050
$73,931
$56,266
$29,817
Depreciation and amortization
45,906
45,994
45,498
45,844
46,823
47,715
48,143
47,922
Amortization of favorable and unfavorable
operating leases, net
97
85
99
102
102
102
102
102
Interest and other expense, net
16,004
17,499
17,470
17,884
17,309
19,370
21,217
19,852
Income tax expense
320
241
313
261
256
214
243
234
EBITDA
95,250
129,108
121,892
84,856
118,540
141,332
125,971
97,927
Gain on sale of real estate
-
-
-
-
(17,766)
(449)
-
(1,529)
Impairment of depreciable real estate
-
-
-
5,644
-
-
2,896
159
EBITDAre
95,250
129,108
121,892
90,500
100,774
140,883
128,867
96,557
Non-cash straight-line operating ground
lease expense
38
36
35
36
36
33
33
33
Adjusted EBITDAre
95,288
129,144
121,927
90,536
100,810
140,916
128,900
96,590
General and administrative expense
11,461
12,100
11,079
12,761
10,584
11,065
9,190
11,703
Adjusted EBITDAre from non-hotel property
(1)
-
-
(845)
(1,559)
(1,601)
(301)
998
690
Adjusted Hotel EBITDA
$106,749
$141,244
$132,161
$101,738
$109,793
$151,680
$139,088
$108,983
(1)
Includes results of the non-hotel property
subsequent to its lease to a third-party hotel operator for all
hotel operations. This property's Adjusted EBITDAre results are not
included in Adjusted Hotel EBITDA starting in the second half of
2023.
Apple Hospitality REIT, Inc.
Reconciliation of Net Income 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. In addition, MFFO is a component of a key compensation
measure of operational performance within the Company's 2024
incentive plan.
The following table reconciles the Company’s GAAP net income to
FFO and MFFO for the three months and year ended December 31, 2024
and 2023:
Three Months Ended December
31,
Year Ended December
31,
2024
2023
2024
2023
Net income
$29,817
$20,765
$214,064
$177,489
Depreciation of real estate owned
47,161
45,080
187,555
180,185
Gain on sale of real estate
(1,529)
-
(19,744)
-
Impairment of depreciable real estate
159
5,644
3,055
5,644
Funds from operations
75,608
71,489
384,930
363,318
Amortization of finance ground lease
assets
760
760
3,038
3,038
Amortization of favorable and unfavorable
operating leases, net
102
102
408
383
Non-cash straight-line operating ground
lease expense
33
36
135
145
Modified funds from operations
$76,503
$72,387
$388,511
$366,884
Apple Hospitality REIT, Inc. 2025
Guidance Reconciliation of Net Income to EBITDA, EBITDAre, Adjusted
EBITDAre, Adjusted Hotel EBITDA and Comparable Hotels Adjusted
Hotel EBITDA (Unaudited) (in thousands)
The guidance of net income, EBITDA, EBITDAre, Adjusted EBITDAre,
Adjusted Hotel EBITDA and Comparable Hotels Adjusted Hotel EBITDA
(and all other guidance given) are forward-looking statements and
are not guarantees of future performance and involve known and
unknown risks, uncertainties and other factors which may cause
actual results and performance to differ materially from those
expressed or implied by these forecasts. Although the Company
believes the expectations reflected in the forecasts are based upon
reasonable assumptions, there can be no assurance that the
expectations will be achieved or that the results will not be
materially different. Risks that may affect these assumptions and
forecasts include, but are not limited to, the following: changes
in political, economic, competitive and specific market conditions;
the amount and timing of announced or future acquisitions and
dispositions of hotel properties; the level of capital expenditures
may change significantly, which will directly affect the level of
depreciation expense, interest expense and net income; the amount
and timing of debt repayments may change significantly based on
market conditions, which will directly affect the level of interest
expense and net income; the amount and timing of transactions
involving the Company's common stock may change based on market
conditions; and other risks and uncertainties associated with the
Company's business described herein and in filings with the
Securities and Exchange Commission, including the Company's Annual
Report on Form 10-K for the year ended December 31, 2024.
The following table reconciles the Company’s GAAP net income
guidance to EBITDA, EBITDAre, Adjusted EBITDAre, Adjusted Hotel
EBITDA and Comparable Hotels Adjusted Hotel EBITDA guidance for the
year ending December 31, 2025:
Year Ending December 31,
2025
Low-End
High-End
Net income
$173,214
$202,114
Depreciation and amortization
191,000
188,000
Amortization of favorable and unfavorable
leases, net
408
408
Interest and other expense, net
78,000
76,000
Income tax expense
800
1,200
EBITDA
$443,422
$467,722
Gain on sale of real estate
3,600
3,600
EBITDAre
$447,022
$471,322
Non-cash straight-line operating ground
lease expense
126
126
Adjusted EBITDAre
$447,148
$471,448
General and administrative expense
40,000
45,000
AEBITDAre from non-hotel property (1)
2,000
(2,000)
Adjusted Hotel EBITDA
$489,148
$514,448
AHEBITDA from acquisitions prior to
ownership (2)
-
-
AHEBITDA from dispositions
(48)
(48)
Comparable Hotels Adjusted Hotel
EBITDA
$489,100
$514,400
(1)
Represents Adjusted EBITDAre from the
non-hotel property.
(2)
Results for periods prior to the Company's
ownership have not been included in the Company's actual
Consolidated Financial Statements and are included only for
comparison purposes. Results included for periods prior to the
Company's ownership are based on information from the prior owner
of each hotel and have not been audited or adjusted.
Apple Hospitality REIT,
Inc.
Debt Summary
(Unaudited)
($ in thousands)
December 31, 2024
Fair Market
2025
2026
2027
2028
2029
Thereafter
Total
Value
Total debt:
Maturities
$
295,035
$
287,149
$
278,602
$
334,066
$
162,294
$
119,654
$
1,476,800
$
1,443,377
Average interest rates (1)
4.7
%
4.8
%
4.8
%
4.4
%
3.8
%
3.6
%
Variable-rate debt:
Maturities
$
225,000
$
212,500
$
275,000
$
300,000
$
85,000
$
-
$
1,097,500
$
1,097,220
Average interest rates (1)
5.0
%
5.1
%
5.1
%
4.6
%
3.3
%
n/a
Fixed-rate debt:
Maturities
$
70,035
$
74,649
$
3,602
$
34,066
$
77,294
$
119,654
$
379,300
$
346,157
Average interest rates
4.0
%
4.0
%
4.1
%
4.1
%
3.9
%
3.6
%
(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, 2024.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Market
Three Months Ended December
31
(Unaudited)
Top 20 Markets
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
Q4 2024
Q4 2023
% Change
Q4 2024
Q4 2023
% Change
Q4 2024
Q4 2023
% Change
Q4 2024
Top 20 Markets
Phoenix, AZ
10
81.2%
78.1%
4.0%
$151.44
$153.32
(1.2%)
$122.96
$119.78
2.7%
6.7%
Los Angeles, CA
8
81.9%
79.7%
2.8%
$182.73
$182.14
0.3%
$149.67
$145.11
3.1%
5.5%
San Diego, CA
7
69.4%
70.7%
(1.8%)
$174.96
$171.25
2.2%
$121.47
$121.02
0.4%
4.7%
Orange County, CA
6
78.3%
72.1%
8.6%
$157.05
$165.83
(5.3%)
$123.01
$119.55
2.9%
3.6%
Richmond/Petersburg, VA
3
70.8%
69.1%
2.5%
$191.00
$186.19
2.6%
$135.17
$128.70
5.0%
3.4%
Salt Lake City/Ogden, UT
5
72.8%
63.1%
15.4%
$150.02
$142.15
5.5%
$109.22
$89.75
21.7%
3.1%
Fort Worth/Arlington, TX
6
76.9%
73.1%
5.2%
$155.05
$159.39
(2.7%)
$119.19
$116.58
2.2%
3.1%
Portland, ME
3
77.6%
75.7%
2.5%
$186.05
$191.01
(2.6%)
$144.40
$144.58
(0.1%)
3.0%
Washington, DC
5
71.2%
71.8%
(0.8%)
$176.92
$172.94
2.3%
$126.02
$124.26
1.4%
3.0%
Seattle, WA
4
71.5%
78.4%
(8.8%)
$174.19
$178.22
(2.3%)
$124.56
$139.67
(10.8%)
2.7%
Chicago, IL
7
67.9%
63.5%
6.9%
$142.11
$138.67
2.5%
$96.53
$88.02
9.7%
2.6%
Melbourne, FL
3
83.5%
78.9%
5.8%
$192.55
$185.76
3.7%
$160.84
$146.57
9.7%
2.5%
Nashville, TN
5
68.3%
70.6%
(3.3%)
$152.10
$171.57
(11.3%)
$103.91
$121.06
(14.2%)
2.0%
Las Vegas, NV
1
77.0%
79.6%
(3.3%)
$205.02
$211.18
(2.9%)
$157.95
$168.21
(6.1%)
1.9%
Miami, FL
3
86.0%
89.0%
(3.4%)
$163.06
$156.70
4.1%
$140.29
$139.47
0.6%
1.9%
Orlando, FL
3
85.4%
71.8%
18.9%
$133.15
$115.88
14.9%
$113.65
$83.18
36.6%
1.9%
Louisville, KY
1
70.9%
69.4%
2.2%
$160.93
$161.28
(0.2%)
$114.16
$111.89
2.0%
1.8%
Alaska
2
76.4%
78.5%
(2.7%)
$209.66
$192.06
9.2%
$160.19
$150.73
6.3%
1.8%
Omaha, NE
4
61.3%
55.3%
10.8%
$124.95
$120.97
3.3%
$76.62
$66.89
14.5%
1.6%
Houston, TX
6
69.0%
65.6%
5.2%
$122.28
$113.64
7.6%
$84.38
$74.51
13.2%
1.5%
Top 20 Markets
92
74.5%
71.9%
3.6%
$162.00
$161.61
0.2%
$120.62
$116.26
3.8%
58.3%
All Other Markets
Indiana North
3
58.6%
52.8%
11.0%
$183.76
$165.97
10.7%
$107.71
$87.67
22.9%
1.4%
Madison, WI
2
51.3%
55.6%
(7.7%)
$204.00
$221.22
(7.8%)
$104.71
$122.97
(14.8%)
1.4%
Pittsburgh, PA
2
60.3%
59.1%
2.0%
$193.49
$177.44
9.0%
$116.66
$104.95
11.2%
1.3%
Dallas, TX
5
64.9%
66.0%
(1.7%)
$129.80
$134.67
(3.6%)
$84.21
$88.88
(5.3%)
1.2%
Alabama North
4
68.2%
66.8%
2.1%
$148.67
$143.17
3.8%
$101.45
$95.66
6.1%
1.2%
Newark, NJ
2
87.1%
81.7%
6.6%
$169.44
$172.55
(1.8%)
$147.64
$140.95
4.7%
1.2%
Boston, MA
3
75.0%
72.0%
4.2%
$155.98
$160.61
(2.9%)
$116.93
$115.69
1.1%
1.2%
Birmingham, AL
4
67.8%
70.0%
(3.1%)
$141.75
$138.73
2.2%
$96.06
$97.16
(1.1%)
1.1%
Memphis, TN
2
69.1%
62.6%
10.4%
$182.98
$194.48
(5.9%)
$126.36
$121.83
3.7%
1.1%
Kansas City, MO
4
70.2%
66.5%
5.6%
$131.21
$126.53
3.7%
$92.17
$84.13
9.6%
1.1%
North Carolina East
4
62.0%
64.8%
(4.3%)
$132.51
$128.26
3.3%
$82.12
$83.06
(1.1%)
1.1%
New Orleans, LA
1
72.3%
66.6%
8.6%
$229.44
$210.61
8.9%
$165.81
$140.24
18.2%
1.1%
Fort Lauderdale, FL
2
77.0%
79.7%
(3.4%)
$154.93
$148.03
4.7%
$119.35
$117.97
1.2%
1.1%
Syracuse, NY
2
75.4%
66.0%
14.2%
$175.37
$177.47
(1.2%)
$132.30
$117.21
12.9%
1.0%
Oklahoma City, OK
4
61.0%
70.1%
(13.0%)
$133.13
$124.66
6.8%
$81.22
$87.40
(7.1%)
1.0%
Austin, TX
6
70.9%
69.9%
1.4%
$114.83
$129.68
(11.5%)
$81.45
$90.63
(10.1%)
1.0%
Alabama South
4
64.7%
70.8%
(8.6%)
$129.75
$134.40
(3.5%)
$83.99
$95.14
(11.7%)
1.0%
Florida Central North
2
83.2%
68.1%
22.2%
$158.17
$150.76
4.9%
$131.57
$102.69
28.1%
0.9%
Knoxville, TN
2
80.1%
77.3%
3.6%
$148.28
$142.45
4.1%
$118.82
$110.09
7.9%
0.9%
Florida Panhandle
5
63.6%
62.9%
1.1%
$127.62
$138.77
(8.0%)
$81.17
$87.28
(7.0%)
0.9%
Tucson, AZ
3
75.6%
80.9%
(6.6%)
$116.76
$112.70
3.6%
$88.30
$91.14
(3.1%)
0.9%
Philadelphia, PA
3
64.8%
65.0%
(0.3%)
$140.70
$138.78
1.4%
$91.11
$90.20
1.0%
0.9%
Idaho
1
69.4%
74.2%
(6.5%)
$178.89
$168.97
5.9%
$124.21
$125.38
(0.9%)
0.8%
Atlanta, GA
3
64.7%
70.0%
(7.6%)
$150.29
$162.61
(7.6%)
$97.24
$113.82
(14.6%)
0.8%
Virginia Area
1
61.5%
68.1%
(9.7%)
$189.99
$186.75
1.7%
$116.90
$127.24
(8.1%)
0.7%
Louisiana South
2
65.8%
66.9%
(1.6%)
$126.70
$120.26
5.4%
$83.41
$80.40
3.7%
0.7%
Columbia, SC
2
78.8%
73.6%
7.1%
$130.93
$115.86
13.0%
$103.21
$85.24
21.1%
0.7%
Long Island, NY
1
84.6%
80.1%
5.6%
$150.03
$148.65
0.9%
$126.86
$119.03
6.6%
0.6%
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
Three Months Ended December
31
(Unaudited)
All Other Markets (continued)
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
Q4 2024
Q4 2023
% Change
Q4 2024
Q4 2023
% Change
Q4 2024
Q4 2023
% Change
Q4 2024
Norfolk/Virginia Beach, VA
4
57.9%
58.9%
(1.7%)
$126.08
$122.37
3.0%
$72.97
$72.07
1.2%
0.6%
San Jose/Santa Cruz, CA
1
76.2%
75.7%
0.7%
$187.02
$177.98
5.1%
$142.45
$134.69
5.8%
0.6%
Tampa, FL
1
86.6%
79.7%
8.7%
$187.52
$166.82
12.4%
$162.46
$132.96
22.2%
0.6%
Denver, CO
3
58.8%
62.5%
(5.9%)
$136.25
$147.59
(7.7%)
$80.10
$92.19
(13.1%)
0.6%
Macon/Warner Robins, GA
1
83.8%
73.7%
13.7%
$155.10
$147.18
5.4%
$130.01
$108.50
19.8%
0.6%
Minneapolis, MN
2
63.8%
61.8%
3.2%
$152.31
$150.60
1.1%
$97.21
$93.01
4.5%
0.6%
Greenville/Spartanburg, SC
1
74.6%
73.3%
1.8%
$186.64
$166.46
12.1%
$139.19
$122.02
14.1%
0.6%
Jacksonville, FL
2
85.4%
83.0%
2.9%
$124.08
$124.19
(0.1%)
$105.96
$103.12
2.8%
0.5%
Sacramento, CA
1
72.5%
73.2%
(1.0%)
$173.60
$167.21
3.8%
$125.88
$122.35
2.9%
0.5%
Saint Louis, MO
2
61.4%
57.9%
6.0%
$143.76
$157.23
(8.6%)
$88.34
$90.98
(2.9%)
0.5%
Inland Empire, CA
1
80.0%
65.8%
21.6%
$172.63
$167.15
3.3%
$138.17
$109.91
25.7%
0.5%
Bergen/Passaic, NJ
1
92.4%
85.7%
7.8%
$148.99
$144.92
2.8%
$137.62
$124.22
10.8%
0.5%
Texas West
1
89.7%
94.6%
(5.2%)
$124.49
$138.23
(9.9%)
$111.69
$130.76
(14.6%)
0.5%
Portland, OR
1
66.6%
60.5%
10.1%
$135.28
$149.87
(9.7%)
$90.06
$90.73
(0.7%)
0.5%
Cleveland, OH
1
54.6%
59.3%
(7.9%)
$187.29
$182.21
2.8%
$102.22
$108.00
(5.4%)
0.4%
Ohio Area
1
69.0%
71.7%
(3.8%)
$135.49
$131.15
3.3%
$93.44
$94.03
(0.6%)
0.4%
Palm Beach , FL
1
86.7%
77.7%
11.6%
$120.83
$119.28
1.3%
$104.80
$92.65
13.1%
0.4%
Savannah, GA
1
84.5%
76.6%
10.3%
$147.56
$151.39
(2.5%)
$124.70
$116.02
7.5%
0.4%
Detroit, MI
1
66.1%
68.7%
(3.8%)
$144.47
$139.10
3.9%
$95.52
$95.51
0.0%
0.4%
Mississippi
2
67.5%
70.6%
(4.4%)
$121.12
$115.72
4.7%
$81.80
$81.72
0.1%
0.4%
California South/Central
2
68.2%
70.6%
(3.4%)
$146.79
$150.56
(2.5%)
$100.15
$106.33
(5.8%)
0.3%
Central New Jersey
1
69.8%
70.5%
(1.0%)
$127.38
$129.62
(1.7%)
$88.94
$91.39
(2.7%)
0.3%
Raleigh/Durham/Chapel Hill, NC
1
78.2%
65.6%
19.2%
$134.46
$133.69
0.6%
$105.16
$87.69
19.9%
0.3%
Baltimore, MD
1
55.6%
53.9%
3.2%
$147.91
$156.60
(5.5%)
$82.17
$84.37
(2.6%)
0.3%
Charleston, SC
1
69.2%
72.4%
(4.4%)
$122.51
$123.76
(1.0%)
$84.83
$89.54
(5.3%)
0.2%
Iowa Area
3
57.7%
55.9%
3.2%
$119.35
$122.95
(2.9%)
$68.84
$68.69
0.2%
0.2%
Greensboro/Winston Salem, NC
1
72.1%
69.7%
3.4%
$137.29
$136.74
0.4%
$98.95
$95.30
3.8%
0.2%
Texas East
1
82.2%
70.9%
15.9%
$135.48
$132.36
2.4%
$111.34
$93.83
18.7%
0.2%
Utah North
1
62.1%
66.3%
(6.3%)
$125.70
$132.11
(4.9%)
$78.12
$87.60
(10.8%)
0.2%
San Antonio, TX
1
75.5%
77.4%
(2.5%)
$104.23
$99.35
4.9%
$78.64
$76.89
2.3%
0.2%
South Carolina Area
1
75.4%
63.0%
19.7%
$122.22
$126.77
(3.6%)
$92.14
$79.83
15.4%
0.2%
Mobile, AL
1
77.5%
65.8%
17.8%
$107.55
$108.50
(0.9%)
$83.36
$71.38
16.8%
0.2%
Charlotte, NC
1
80.3%
67.8%
18.4%
$100.89
$100.38
0.5%
$81.01
$68.05
19.0%
0.2%
Minnesota
1
71.8%
63.8%
12.5%
$107.11
$105.76
1.3%
$76.92
$67.53
13.9%
0.1%
Colorado Springs, CO
1
57.3%
67.0%
(14.5%)
$130.19
$131.15
(0.7%)
$74.65
$87.92
(15.1%)
0.1%
Cincinnati, OH
1
61.8%
53.3%
15.9%
$114.25
$117.53
(2.8%)
$70.64
$62.60
12.8%
0.1%
All Other Markets
127
68.5%
68.0%
0.7%
$144.08
$142.80
0.9%
$98.73
$97.13
1.6%
41.7%
Total Portfolio
219
71.3%
69.9%
2.0%
$152.97
$152.09
0.6%
$109.14
$106.31
2.7%
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)
Top 20 Markets
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
YTD 2024
YTD 2023
% Change
YTD 2024
YTD 2023
% Change
YTD 2024
YTD 2023
% Change
YTD 2024
Top 20 Markets
Phoenix, AZ
10
80.1%
78.5%
2.0%
$158.02
$160.28
(1.4%)
$126.52
$125.89
0.5%
5.6%
San Diego, CA
7
75.5%
76.3%
(1.0%)
$189.55
$187.65
1.0%
$143.20
$143.23
0.0%
5.3%
Los Angeles, CA
8
84.8%
83.7%
1.3%
$185.91
$186.44
(0.3%)
$157.64
$156.14
1.0%
5.2%
Seattle, WA
4
81.2%
82.2%
(1.2%)
$200.94
$196.10
2.5%
$163.09
$161.26
1.1%
3.6%
Orange County, CA
6
79.5%
77.7%
2.3%
$165.42
$169.26
(2.3%)
$131.44
$131.55
(0.1%)
3.5%
Washington, DC
5
76.6%
76.2%
0.5%
$184.89
$178.69
3.5%
$141.69
$136.22
4.0%
3.5%
Portland, ME
3
78.0%
76.0%
2.6%
$216.79
$221.55
(2.1%)
$169.18
$168.46
0.4%
3.2%
Salt Lake City/Ogden, UT
5
78.1%
75.0%
4.1%
$154.77
$152.36
1.6%
$120.81
$114.22
5.8%
3.2%
Fort Worth/Arlington, TX
6
81.7%
78.6%
3.9%
$158.05
$157.73
0.2%
$129.15
$123.94
4.2%
3.1%
Chicago, IL
7
70.6%
67.1%
5.2%
$142.00
$139.48
1.8%
$100.23
$93.60
7.1%
2.6%
Richmond/Petersburg, VA
3
71.4%
69.4%
2.9%
$187.84
$183.91
2.1%
$134.08
$127.59
5.1%
2.6%
Alaska
2
86.0%
83.5%
3.0%
$260.26
$245.33
6.1%
$223.77
$204.77
9.3%
2.5%
Melbourne, FL
3
86.1%
82.8%
4.0%
$201.83
$191.47
5.4%
$173.82
$158.48
9.7%
2.4%
Nashville, TN
5
76.0%
79.2%
(4.0%)
$157.20
$165.26
(4.9%)
$119.55
$130.87
(8.6%)
2.4%
Omaha, NE
4
69.9%
66.6%
5.0%
$150.45
$149.43
0.7%
$105.14
$99.45
5.7%
2.2%
Norfolk/Virginia Beach, VA
4
72.4%
73.7%
(1.8%)
$171.34
$172.57
(0.7%)
$124.06
$127.12
(2.4%)
1.8%
North Carolina East
4
71.0%
74.8%
(5.1%)
$151.48
$151.61
(0.1%)
$107.54
$113.43
(5.2%)
1.6%
Miami, FL
3
87.3%
88.5%
(1.4%)
$160.17
$159.70
0.3%
$139.81
$141.31
(1.1%)
1.6%
Las Vegas, NV
1
74.2%
74.8%
(0.8%)
$202.50
$189.52
6.8%
$150.33
$141.79
6.0%
1.6%
Houston, TX
6
73.3%
66.8%
9.7%
$122.19
$115.33
5.9%
$89.62
$77.01
16.4%
1.5%
Top 20 Markets
96
77.4%
76.0%
1.8%
$171.38
$170.25
0.7%
$132.59
$129.46
2.4%
59.0%
All Other Markets
Oklahoma City, OK
4
72.7%
74.1%
(1.9%)
$135.81
$134.20
1.2%
$98.74
$99.44
(0.7%)
1.4%
Alabama North
4
76.2%
79.0%
(3.5%)
$149.39
$143.95
3.8%
$113.79
$113.74
0.0%
1.3%
Dallas, TX
5
67.6%
68.4%
(1.2%)
$135.66
$137.10
(1.1%)
$91.72
$93.79
(2.2%)
1.3%
Louisville, KY
1
75.8%
74.6%
1.6%
$186.15
$176.85
5.3%
$141.12
$131.92
7.0%
1.2%
Florida Panhandle
5
70.4%
68.8%
2.3%
$136.52
$143.37
(4.8%)
$96.10
$98.58
(2.5%)
1.2%
Alabama South
4
72.7%
73.6%
(1.2%)
$133.20
$129.04
3.2%
$96.90
$94.97
2.0%
1.1%
Madison, WI
2
60.6%
63.4%
(4.4%)
$200.55
$193.19
3.8%
$121.55
$122.57
(0.8%)
1.1%
Denver, CO
3
68.1%
69.7%
(2.3%)
$152.16
$161.19
(5.6%)
$103.69
$112.33
(7.7%)
1.1%
Orlando, FL
3
76.7%
75.2%
2.0%
$129.60
$126.21
2.7%
$99.42
$94.94
4.7%
1.1%
Birmingham, AL
4
71.9%
76.8%
(6.4%)
$143.70
$142.63
0.8%
$103.37
$109.50
(5.6%)
1.1%
Austin, TX
6
74.4%
73.7%
0.9%
$115.71
$126.24
(8.3%)
$86.07
$93.06
(7.5%)
1.1%
Tucson, AZ
3
80.8%
83.1%
(2.8%)
$127.63
$118.29
7.9%
$103.11
$98.33
4.9%
1.1%
Pittsburgh, PA
2
64.4%
64.4%
0.0%
$179.23
$173.73
3.2%
$115.43
$111.91
3.1%
1.0%
Memphis, TN
2
69.1%
68.4%
1.0%
$181.78
$198.22
(8.3%)
$125.65
$135.65
(7.4%)
1.0%
Boston, MA
3
71.2%
70.2%
1.4%
$162.35
$162.39
0.0%
$115.52
$113.99
1.3%
1.0%
Syracuse, NY
2
74.4%
74.3%
0.1%
$182.45
$175.45
4.0%
$135.77
$130.34
4.2%
1.0%
Indiana North
3
61.7%
60.9%
1.3%
$161.31
$153.47
5.1%
$99.51
$93.40
6.5%
0.9%
Kansas City, MO
4
71.7%
72.1%
(0.6%)
$130.88
$129.42
1.1%
$93.89
$93.38
0.5%
0.9%
Philadelphia, PA
3
68.2%
67.6%
0.9%
$143.12
$138.27
3.5%
$97.68
$93.52
4.4%
0.9%
Fort Lauderdale, FL
2
76.0%
81.1%
(6.3%)
$154.59
$153.13
1.0%
$117.44
$124.15
(5.4%)
0.9%
Atlanta, GA
3
67.6%
71.2%
(5.1%)
$159.04
$166.02
(4.2%)
$107.58
$118.15
(8.9%)
0.9%
Newark, NJ
2
82.9%
78.9%
5.1%
$164.86
$169.73
(2.9%)
$136.63
$133.91
2.0%
0.9%
Idaho
1
76.9%
77.8%
(1.2%)
$183.39
$180.78
1.4%
$141.09
$140.68
0.3%
0.8%
Saint Louis, MO
2
66.8%
64.8%
3.1%
$159.23
$167.42
(4.9%)
$106.34
$108.55
(2.0%)
0.8%
Portland, OR
1
74.1%
68.0%
9.0%
$151.59
$163.58
(7.3%)
$112.33
$111.20
1.0%
0.7%
Louisiana South
2
69.7%
68.4%
1.9%
$133.59
$126.01
6.0%
$93.07
$86.26
7.9%
0.7%
New Orleans, LA
1
69.7%
63.1%
10.5%
$199.74
$192.62
3.7%
$139.31
$121.61
14.6%
0.7%
Knoxville, TN
2
81.3%
78.9%
3.0%
$138.46
$138.74
(0.2%)
$112.60
$109.53
2.8%
0.7%
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)
All Other Markets (continued)
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
YTD 2024
YTD 2023
% Change
YTD 2024
YTD 2023
% Change
YTD 2024
YTD 2023
% Change
YTD 2024
Minneapolis, MN
2
67.9%
64.5%
5.3%
$155.38
$154.01
0.9%
$105.58
$99.37
6.2%
0.6%
Florida Central North
2
77.5%
77.2%
0.4%
$153.33
$141.02
8.7%
$118.89
$108.80
9.3%
0.6%
Tampa, FL
1
85.3%
82.7%
3.1%
$187.49
$182.91
2.5%
$159.99
$151.19
5.8%
0.6%
Virginia Area
1
68.4%
73.7%
(7.2%)
$176.80
$172.88
2.3%
$120.91
$127.33
(5.0%)
0.6%
Long Island, NY
1
83.7%
80.9%
3.5%
$157.63
$158.37
(0.5%)
$131.99
$128.19
3.0%
0.6%
San Jose/Santa Cruz, CA
1
81.4%
79.4%
2.5%
$184.60
$185.94
(0.7%)
$150.35
$147.66
1.8%
0.6%
Cleveland, OH
1
61.9%
62.4%
(0.8%)
$192.52
$179.40
7.3%
$119.12
$111.91
6.4%
0.5%
Jacksonville, FL
2
84.7%
81.5%
3.9%
$127.09
$128.36
(1.0%)
$107.67
$104.66
2.9%
0.5%
Columbia, SC
2
76.5%
80.5%
(5.0%)
$123.59
$120.33
2.7%
$94.55
$96.92
(2.4%)
0.5%
Macon/Warner Robins, GA
1
84.3%
79.9%
5.5%
$153.08
$148.63
3.0%
$129.02
$118.80
8.6%
0.5%
Iowa Area
3
65.8%
68.4%
(3.8%)
$128.48
$129.20
(0.6%)
$84.52
$88.35
(4.3%)
0.5%
Texas West
1
92.4%
96.4%
(4.1%)
$129.59
$131.74
(1.6%)
$119.77
$127.03
(5.7%)
0.5%
Ohio Area
1
74.4%
76.2%
(2.4%)
$140.90
$133.98
5.2%
$104.88
$102.05
2.8%
0.4%
Inland Empire, CA
1
78.2%
76.3%
2.5%
$167.66
$174.92
(4.2%)
$131.04
$133.40
(1.8%)
0.4%
Greenville/Spartanburg, SC
1
78.3%
75.3%
4.0%
$163.53
$157.63
3.7%
$128.11
$118.64
8.0%
0.4%
Mississippi
2
76.8%
71.1%
8.0%
$121.83
$119.55
1.9%
$93.54
$85.04
10.0%
0.4%
Detroit, MI
1
71.3%
70.2%
1.6%
$145.10
$146.59
(1.0%)
$103.52
$102.95
0.6%
0.4%
Savannah, GA
1
83.7%
79.9%
4.8%
$158.59
$159.38
(0.5%)
$132.70
$127.31
4.2%
0.4%
Palm Beach , FL
1
81.3%
74.9%
8.5%
$128.54
$140.85
(8.7%)
$104.53
$105.44
(0.9%)
0.4%
Sacramento, CA
1
75.5%
76.8%
(1.7%)
$164.07
$164.54
(0.3%)
$123.93
$126.39
(1.9%)
0.4%
Bergen/Passaic, NJ
1
90.4%
90.0%
0.4%
$148.81
$137.90
7.9%
$134.56
$124.18
8.4%
0.4%
Charleston, SC
1
78.6%
81.1%
(3.1%)
$134.76
$130.97
2.9%
$105.92
$106.23
(0.3%)
0.4%
California South/Central
2
71.7%
75.1%
(4.5%)
$149.36
$156.09
(4.3%)
$107.02
$117.28
(8.7%)
0.3%
Colorado Springs, CO
1
70.9%
75.6%
(6.2%)
$156.72
$157.12
(0.3%)
$111.18
$118.80
(6.4%)
0.3%
South Carolina Area
1
78.4%
76.4%
2.6%
$147.93
$157.62
(6.1%)
$115.94
$120.41
(3.7%)
0.3%
Central New Jersey
1
70.7%
71.8%
(1.5%)
$125.98
$126.25
(0.2%)
$89.08
$90.70
(1.8%)
0.3%
Utah North
1
67.6%
69.3%
(2.5%)
$138.11
$139.15
(0.7%)
$93.39
$96.45
(3.2%)
0.3%
Greensboro/Winston Salem, NC
1
75.7%
70.9%
6.8%
$138.53
$135.15
2.5%
$104.86
$95.82
9.4%
0.2%
Texas East
1
85.2%
77.3%
10.2%
$138.03
$128.19
7.7%
$117.55
$99.10
18.6%
0.2%
Baltimore, MD
1
60.9%
62.7%
(2.9%)
$137.88
$142.74
(3.4%)
$84.02
$89.48
(6.1%)
0.2%
Raleigh/Durham/Chapel Hill, NC
1
71.1%
71.2%
(0.1%)
$131.97
$130.53
1.1%
$93.80
$92.94
0.9%
0.2%
San Antonio, TX
1
75.5%
78.6%
(3.9%)
$105.15
$101.51
3.6%
$79.41
$79.74
(0.4%)
0.2%
Mobile, AL
1
76.1%
68.2%
11.6%
$117.12
$116.77
0.3%
$89.14
$79.63
11.9%
0.0%
Cincinnati, OH
1
65.2%
63.7%
2.4%
$128.38
$131.28
(2.2%)
$83.64
$83.60
0.0%
0.0%
Minnesota
1
71.6%
69.6%
2.9%
$109.88
$108.57
1.2%
$78.69
$75.61
4.1%
0.0%
Charlotte, NC
1
80.6%
70.2%
14.8%
$99.54
$104.40
(4.7%)
$80.22
$73.26
9.5%
0.0%
All Other Markets
123
72.9%
72.9%
0.0%
$146.44
$145.95
0.3%
$106.83
$106.39
0.4%
41.0%
Total Portfolio
219
75.1%
74.4%
0.9%
$158.94
$158.09
0.5%
$119.36
$117.67
1.4%
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 Adjusted Hotel
EBITDA
# of Hotels
Q4 2024
Q4 2023
% Change
Q4 2024
Q4 2023
% Change
Q4 2024
Q4 2023
% Change
Q4 2024
STR Region
East North Central
16
62.8%
61.4%
2.3%
$156.79
$149.23
5.1%
$98.43
$91.56
7.5%
6.6%
East South Central
25
69.1%
69.4%
(0.4%)
$147.12
$151.35
(2.8%)
$101.73
$105.05
(3.2%)
9.7%
Middle Atlantic
12
73.6%
70.5%
4.4%
$158.64
$155.91
1.8%
$116.72
$109.96
6.1%
5.9%
Mountain
25
73.9%
72.5%
1.9%
$150.75
$150.83
(0.1%)
$111.43
$109.35
1.9%
14.3%
New England
6
76.6%
74.3%
3.1%
$174.54
$179.48
(2.8%)
$133.66
$133.28
0.3%
4.2%
Pacific
33
74.8%
74.0%
1.1%
$173.23
$173.66
(0.2%)
$129.49
$128.51
0.8%
20.8%
South Atlantic
53
73.6%
71.3%
3.2%
$153.13
$149.43
2.5%
$112.77
$106.52
5.9%
23.8%
West North Central
16
63.7%
59.6%
6.9%
$130.94
$131.03
(0.1%)
$83.43
$78.06
6.9%
4.2%
West South Central
33
70.0%
69.6%
0.6%
$134.23
$134.52
(0.2%)
$93.90
$93.67
0.2%
10.5%
Total Portfolio
219
71.3%
69.9%
2.0%
$152.97
$152.09
0.6%
$109.14
$106.31
2.7%
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 2024
YTD 2023
% Change
YTD 2024
YTD 2023
% Change
YTD 2024
YTD 2023
% Change
YTD 2024
STR Region
East North Central
16
67.5%
66.2%
2.0%
$153.62
$147.49
4.2%
$103.75
$97.60
6.3%
6.2%
East South Central
25
74.7%
75.7%
(1.3%)
$149.89
$151.59
(1.1%)
$111.99
$114.79
(2.4%)
9.4%
Middle Atlantic
12
74.2%
73.2%
1.4%
$157.83
$154.88
1.9%
$117.18
$113.42
3.3%
5.0%
Mountain
25
77.0%
76.4%
0.8%
$157.61
$156.82
0.5%
$121.33
$119.87
1.2%
14.0%
New England
6
75.3%
73.8%
2.0%
$196.69
$199.53
(1.4%)
$148.20
$147.16
0.7%
4.2%
Pacific
33
79.7%
79.1%
0.8%
$186.36
$186.04
0.2%
$148.44
$147.07
0.9%
22.5%
South Atlantic
53
76.1%
75.9%
0.3%
$158.65
$157.16
0.9%
$120.68
$119.23
1.2%
23.1%
West North Central
16
69.1%
67.7%
2.1%
$142.46
$142.55
(0.1%)
$98.41
$96.49
2.0%
5.0%
West South Central
33
74.5%
72.6%
2.6%
$135.43
$134.94
0.4%
$100.83
$97.91
3.0%
10.6%
Total Portfolio
219
75.1%
74.4%
0.9%
$158.94
$158.09
0.5%
$119.36
$117.67
1.4%
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 Adjusted Hotel
EBITDA
# of Hotels
Q4 2024
Q4 2023
% Change
Q4 2024
Q4 2023
% Change
Q4 2024
Q4 2023
% Change
Q4 2024
Upscale
AC Hotels
4
74.3%
74.1%
0.3%
$213.24
$211.24
0.9%
$158.44
$156.50
1.2%
5.4%
Aloft
1
74.9%
72.3%
3.6%
$178.17
$171.43
3.9%
$133.53
$123.89
7.8%
0.9%
Courtyard
34
67.6%
67.5%
0.1%
$154.35
$152.75
1.0%
$104.39
$103.12
1.2%
17.1%
Hilton Garden Inn
39
67.9%
66.1%
2.7%
$145.41
$146.25
(0.6%)
$98.76
$96.67
2.2%
15.2%
Homewood Suites
28
78.0%
78.1%
(0.1%)
$151.84
$150.03
1.2%
$118.43
$117.20
1.0%
11.4%
Hyatt House
2
78.8%
63.0%
25.1%
$154.45
$153.60
0.6%
$121.75
$96.81
25.8%
0.9%
Hyatt Place
3
76.5%
76.2%
0.4%
$152.04
$147.62
3.0%
$116.38
$112.51
3.4%
1.4%
Residence Inn
30
74.5%
75.0%
(0.7%)
$161.22
$157.94
2.1%
$120.11
$118.39
1.5%
15.2%
SpringHill Suites
8
75.4%
71.2%
5.9%
$158.99
$159.98
(0.6%)
$119.95
$113.82
5.4%
5.5%
Upscale Total
149
71.8%
70.8%
1.4%
$155.52
$154.29
0.8%
$111.60
$109.25
2.2%
73.0%
Upper Midscale
Fairfield
10
71.9%
64.3%
11.8%
$133.92
$129.91
3.1%
$96.31
$83.54
15.3%
3.3%
Hampton
36
69.7%
67.0%
4.0%
$145.57
$149.43
(2.6%)
$101.49
$100.10
1.4%
12.1%
Home2 Suites
10
76.1%
71.8%
6.0%
$151.55
$155.53
(2.6%)
$115.38
$111.74
3.3%
4.3%
TownePlace Suites
8
68.9%
71.2%
(3.2%)
$113.97
$114.42
(0.4%)
$78.54
$81.44
(3.6%)
1.7%
Upper Midscale Total
64
70.9%
67.7%
4.7%
$141.51
$143.73
(1.5%)
$100.30
$97.32
3.1%
21.4%
Upper Upscale
Embassy Suites
4
67.6%
75.2%
(10.1%)
$192.69
$174.95
10.1%
$130.19
$131.61
(1.1%)
3.1%
Marriott
2
68.6%
64.2%
6.9%
$171.31
$165.35
3.6%
$117.55
$106.23
10.7%
2.5%
Upper Upscale Total
6
68.0%
69.2%
(1.7%)
$183.08
$170.06
7.7%
$124.56
$117.67
5.9%
5.6%
Total Portfolio
219
71.3%
69.9%
2.0%
$152.97
$152.09
0.6%
$109.14
$106.31
2.7%
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 Adjusted Hotel
EBITDA
# of Hotels
YTD 2024
YTD 2023
% Change
YTD 2024
YTD 2023
% Change
YTD 2024
YTD 2023
% Change
YTD 2024
Upscale
AC Hotels
4
78.4%
77.0%
1.8%
$232.35
$227.32
2.2%
$182.07
$174.97
4.1%
5.2%
Aloft
1
73.0%
72.4%
0.8%
$200.97
$195.53
2.8%
$146.74
$141.64
3.6%
0.8%
Courtyard
34
72.4%
72.4%
0.0%
$164.26
$162.58
1.0%
$118.95
$117.73
1.0%
18.1%
Hilton Garden Inn
39
72.1%
71.4%
1.0%
$149.87
$151.50
(1.1%)
$108.01
$108.22
(0.2%)
15.6%
Homewood Suites
28
81.6%
81.1%
0.6%
$152.90
$151.94
0.6%
$124.81
$123.27
1.2%
10.5%
Hyatt House
2
80.0%
74.6%
7.2%
$157.97
$161.16
(2.0%)
$126.33
$120.26
5.0%
1.0%
Hyatt Place
3
78.3%
77.4%
1.2%
$147.25
$148.78
(1.0%)
$115.33
$115.16
0.1%
1.2%
Residence Inn
30
78.2%
78.3%
(0.1%)
$168.37
$165.24
1.9%
$131.70
$129.35
1.8%
15.2%
SpringHill Suites
8
75.1%
74.6%
0.7%
$160.25
$156.49
2.4%
$120.35
$116.73
3.1%
4.7%
Upscale Total
149
75.5%
75.0%
0.7%
$161.37
$160.24
0.7%
$121.78
$120.25
1.3%
72.3%
Upper Midscale
Fairfield
10
71.4%
69.5%
2.7%
$129.87
$131.57
(1.3%)
$92.75
$91.40
1.5%
2.5%
Hampton
36
73.5%
72.0%
2.1%
$153.01
$154.90
(1.2%)
$112.40
$111.56
0.8%
13.3%
Home2 Suites
10
81.4%
81.9%
(0.6%)
$161.64
$159.85
1.1%
$131.59
$131.00
0.5%
4.7%
TownePlace Suites
8
76.2%
75.7%
0.7%
$124.05
$123.22
0.7%
$94.56
$93.28
1.4%
2.3%
Upper Midscale Total
64
74.6%
73.4%
1.6%
$147.93
$148.96
(0.7%)
$110.31
$109.39
0.8%
22.8%
Upper Upscale
Embassy Suites
4
75.7%
80.5%
(6.0%)
$209.95
$202.62
3.6%
$158.95
$163.10
(2.5%)
3.1%
Marriott
2
69.2%
62.4%
10.9%
$168.28
$166.05
1.3%
$116.48
$103.63
12.4%
1.8%
Upper Upscale Total
6
72.5%
70.6%
2.7%
$190.52
$184.86
3.1%
$138.19
$130.43
5.9%
4.9%
Total Portfolio
219
75.1%
74.4%
0.9%
$158.94
$158.09
0.5%
$119.36
$117.67
1.4%
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 Adjusted Hotel
EBITDA
# of Hotels
Q4 2024
Q4 2023
% Change
Q4 2024
Q4 2023
% Change
Q4 2024
Q4 2023
% Change
Q4 2024
STR Location
Airport
20
78.4%
78.8%
(0.5%)
$144.23
$143.67
0.4%
$113.10
$113.19
(0.1%)
8.5%
Interstate
8
69.8%
69.8%
0.0%
$142.65
$146.82
(2.8%)
$99.63
$102.54
(2.8%)
2.1%
Resort
11
73.4%
67.9%
8.1%
$162.97
$160.22
1.7%
$119.70
$108.80
10.0%
6.8%
Small Metro/Town
3
68.4%
76.1%
(10.1%)
$131.03
$122.16
7.3%
$89.63
$92.97
(3.6%)
0.9%
Suburban
116
72.1%
70.3%
2.6%
$144.92
$143.96
0.7%
$104.51
$101.18
3.3%
44.2%
Urban
61
68.0%
66.8%
1.8%
$168.56
$168.47
0.1%
$114.56
$112.60
1.7%
37.5%
Total Portfolio
219
71.3%
69.9%
2.0%
$152.97
$152.09
0.6%
$109.14
$106.31
2.7%
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 Adjusted Hotel
EBITDA
# of Hotels
YTD 2024
YTD 2023
% Change
YTD 2024
YTD 2023
% Change
YTD 2024
YTD 2023
% Change
YTD 2024
STR Location
Airport
20
81.2%
81.6%
(0.5%)
$149.21
$147.34
1.3%
$121.11
$120.21
0.7%
8.6%
Interstate
8
73.2%
71.1%
3.0%
$146.21
$144.62
1.1%
$107.01
$102.81
4.1%
2.2%
Resort
11
74.2%
73.5%
1.0%
$178.19
$174.39
2.2%
$132.26
$128.21
3.2%
7.0%
Small Metro/Town
3
77.6%
78.8%
(1.5%)
$126.35
$122.06
3.5%
$97.99
$96.18
1.9%
0.9%
Suburban
116
75.5%
74.6%
1.2%
$150.20
$149.69
0.3%
$113.42
$111.71
1.5%
44.1%
Urban
61
72.9%
72.3%
0.8%
$174.73
$174.62
0.1%
$127.41
$126.28
0.9%
37.2%
Total Portfolio
219
75.1%
74.4%
0.9%
$158.94
$158.09
0.5%
$119.36
$117.67
1.4%
100.0%
Note: Location categorization based
on STR designation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250223563280/en/
Apple Hospitality REIT, Inc. Kelly Clarke, Vice President,
Investor Relations 804-727-6321 kclarke@applereit.com
Apple Hospitality REIT (NYSE:APLE)
Historical Stock Chart
From Jan 2025 to Feb 2025
Apple Hospitality REIT (NYSE:APLE)
Historical Stock Chart
From Feb 2024 to Feb 2025
