Apple Hospitality REIT Reports Results of Operations for First Quarter 2023
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) |
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Three Months Ended |
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March 31, |
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2023 |
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2022 |
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% Change |
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Net income |
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Net income per share |
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Operating income |
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Operating margin % |
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320 bps |
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Adjusted EBITDAre |
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Comparable Hotels Adjusted Hotel EBITDA |
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Comparable Hotels Adjusted Hotel EBITDA Margin % |
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60 bps |
Modified funds from operations (MFFO) |
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MFFO per share |
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Average Daily Rate (ADR) (Actual) |
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Occupancy (Actual) |
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Revenue Per Available Room (RevPAR) (Actual) |
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Comparable Hotels ADR |
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Comparable Hotels Occupancy |
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Comparable Hotels RevPAR |
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Distributions paid |
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Distributions paid per share |
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Cash and cash equivalents |
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Total debt outstanding |
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Total debt outstanding, net of cash and cash equivalents |
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Total debt outstanding, net of cash and cash equivalents, to total capitalization (2) |
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| ____________________ | |
(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 |
Comparable Hotels is defined as the 220 hotels owned by the Company as of March 31, 2023. 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, “Continued strength in leisure demand and increased business travel resulted in strong operating fundamentals for the quarter. First quarter 2023 Comparable Hotels RevPAR improved by
Mr. Knight continued, “We continue to execute against an investment strategy that has proven successful through multiple economic cycles. Our portfolio of select-service hotels is broadly diversified across high-end suburban, urban and developing markets that are home to a wide variety of demand generators. Our hotels are franchised with industry-leading brands, managed by some of the best management companies in the industry and provide a strong value proposition with broad consumer appeal. Underlying the strength of our portfolio is a balance sheet with low leverage and financial flexibility, a consistent reinvestment and portfolio management strategy, and a corporate team with tremendous experience. We are confident we are well positioned to continue to outperform and maximize shareholder value in any macroeconomic environment."
Hotel Portfolio Overview
As of March 31, 2023, Apple Hospitality owned 220 hotels with an aggregate of 28,984 guest rooms located in 87 markets throughout 37 states.
First Quarter 2023 Highlights
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Strong operating performance: Comparable Hotels RevPAR was
$109 19% increase over first quarter 2022 and a6% increase over first quarter 2019. Comparable Hotels ADR was$152 11% increase over first quarter 2022 and a9% increase over first quarter 2019. Comparable Hotels Occupancy was72% , a7% increase over first quarter 2022 and a2% decline as compared to first quarter 2019. Comparable Hotels Occupancy, ADR and RevPAR exceeded industry averages as reported by STR. Based on preliminary results for the Company's portfolio for the month of April 2023, Comparable Hotels Occupancy was approximately77% , in line with April 2022 and down5% as compared to April 2019, with Comparable Hotels ADR growth of approximately5% compared to April 2022 and9% compared to April 2019. -
Strong bottom-line performance: The Company achieved Comparable Hotels Adjusted Hotel EBITDA of approximately
$107 million 21% improvement over first quarter 2022 and a4% improvement over first quarter 2019. The Company achieved Comparable Hotels Adjusted Hotel EBITDA Margin of approximately34% , a 60 bps improvement over first quarter 2022 and a 190 bps decline as compared to first quarter 2019. -
Transactional activity: On February 27, 2023, the Company entered into a contract for the potential purchase of the Courtyard by Marriott Cleveland University Circle in
Cleveland, Ohio , for$31 million -
Share repurchases: The Company purchased, under its Share Repurchase Program, approximately 0.3 million of its common shares at a weighted-average market purchase price of approximately
$14.22 $4 million -
Balance sheet: The Company has maintained the strength and flexibility of its balance sheet. At March 31, 2023, the Company’s total debt to total capitalization, net of cash and cash equivalents, was approximately
29% . During the first quarter 2023, the Company repaid in full four secured mortgage loans for a total of approximately$37 million -
Monthly distributions: During the three months ended March 31, 2023, the Company paid distributions totaling
$0.32 $0.08 $14.87 $0.96 6.5% .
The following tables highlight the Company’s monthly performance during the first quarter of 2023, as compared to the first quarters of 2022 and 2019 (in thousands, except statistical data):
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January |
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February |
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March |
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January |
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February |
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March |
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January |
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February |
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March |
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2023 |
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2023 |
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2023 |
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Q1 2023 |
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2022 |
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2022 |
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2022 |
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Q1 2022 |
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2019 |
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2019 |
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2019 |
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Q1 2019 |
ADR |
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Occupancy |
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RevPAR |
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Operating income (loss) |
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Adjusted Hotel EBITDA (1) |
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% Change |
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% Change |
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January |
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February |
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March |
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January |
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February |
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March |
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January |
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February |
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March |
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2023 |
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2023 |
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2023 |
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Q1 2023 |
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2022 |
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2022 |
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2022 |
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Q1 2022 |
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2019 |
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2019 |
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2019 |
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Q1 2019 |
ADR |
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Occupancy |
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( |
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( |
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( |
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( |
RevPAR |
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Operating income |
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n/a |
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( |
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( |
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( |
Adjusted Hotel EBITDA (1) |
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( |
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( |
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( |
| ____________________ | |
Note: Comparisons to 2019 operating results are included to provide a better understanding of the Company’s recovery from the impact of COVID-19 on hotel operations. |
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(1) |
See explanation and reconciliation of Adjusted Hotel EBITDA to net income included below. |
Board of Directors
On March 3, 2023, the Company announced the appointment of Carolyn Handlon to its Board of Directors, effective March 1, 2023. Following her appointment to the Board of Directors, Carolyn Handlon was appointed to the Company's Audit Committee and Nominating and Corporate Governance Committee, effective March 24, 2023.
Portfolio Activity
Contracts for Potential Acquisition
On February 27, 2023, the Company entered into a contract for the potential acquisition of the newly renovated, 154-room Courtyard by Marriott Cleveland University Circle in
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, 2023, the Company invested approximately
Balance Sheet and Liquidity
Summary
As of March 31, 2023, the Company had approximately
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 three months ended March 31, 2023, the Company purchased, under its Share Repurchase Program, approximately 0.3 million of its common shares at a weighted-average market purchase price of approximately
ATM Program
The Company also has in place an at-the-market offering program (the “ATM Program”). As of March 31, 2023, the Company had approximately
Shareholder Distributions
During the three months ended March 31, 2023, the Company paid distributions totaling
2023 Outlook
The Company is providing its operational and financial outlook for 2023, which is unchanged from the 2023 outlook previously provided. Given the current level of visibility into future performance as a result of short-term booking windows for the Company's portfolio of rooms-focused hotels and meaningful macroeconomic uncertainty, this outlook reflects a broad range of Comparable Hotels RevPAR Change, which is the change in Comparable Hotels RevPAR in 2023 compared to 2022, and other key metrics for 2023. This outlook 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, nor does it take into account any unannounced hotel acquisitions or dispositions. Results for the first quarter 2023 benefited significantly from the easier comparison to the first quarter 2022 when the Omicron variant negatively impacted lodging demand. The high end of the full year range reflects relatively steady macroeconomic conditions throughout 2023, with continued strength in leisure demand and improvement in business transient. The low end of the range reflects a softening of the economy beginning in the second quarter with Comparable Hotels RevPAR Change roughly flat compared to 2022 in the second half of the year. Comparable Hotels RevPAR Change and Comparable Hotels Adjusted Hotel EBITDA Margin % guidance include properties acquired, as if the hotels were owned as of January 1, 2022, and exclude dispositions and assets held for sale since January 1, 2022. For the full year 2023, the Company anticipates its 2023 results will be in the following range:
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2023 Guidance(1) |
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Low-End |
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High-End |
Net income |
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Comparable Hotels RevPAR Change |
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Comparable Hotels Adjusted Hotel EBITDA Margin % |
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Adjusted EBITDAre |
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Capital expenditures |
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| ____________________ | |
(1) |
Explanations of and reconciliations to net income guidance of Adjusted EBITDAre and Comparable Hotels Adjusted Hotel EBITDA guidance are included below. |
First Quarter 2023 Earnings Conference Call
The Company will host a quarterly conference call for investors and interested parties at 10 a.m. Eastern Time on Wednesday, May 3, 2023. The conference call will be accessible by telephone and the internet. To access the call, participants from within the
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
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.
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, travel-related health concerns, including COVID-19 or other widespread outbreaks of infectious or contagious diseases in the
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) |
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March 31, |
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December 31, |
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2023 |
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2022 |
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(unaudited) |
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Assets |
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Investment in real estate, net of accumulated depreciation and amortization
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Cash and cash equivalents |
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6,093 |
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4,077 |
Restricted cash-furniture, fixtures and other escrows |
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32,686 |
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39,435 |
Due from third party managers, net |
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71,120 |
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43,331 |
Other assets, net |
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67,855 |
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74,909 |
Total Assets |
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Liabilities |
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Debt, net |
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Finance lease liabilities |
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111,994 |
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112,006 |
Accounts payable and other liabilities |
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78,716 |
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116,064 |
Total Liabilities |
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1,608,389 |
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1,594,319 |
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Shareholders' Equity |
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Preferred stock, authorized 30,000,000 shares; none issued and outstanding |
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- |
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- |
Common stock, no par value, authorized 800,000,000 shares; issued and
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4,581,841 |
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4,577,022 |
Accumulated other comprehensive income |
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28,775 |
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36,881 |
Distributions greater than net income |
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(1,457,754) |
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(1,435,508) |
Total Shareholders' Equity |
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3,152,862 |
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3,178,395 |
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Total Liabilities and Shareholders' Equity |
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| ____________________ | ||||
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, 2023. |
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Apple Hospitality REIT, Inc. Consolidated Statements of Operations and Comprehensive Income (Unaudited) (in thousands, except per share data) |
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Three Months Ended |
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March 31, |
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2023 |
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2022 |
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Revenues: |
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Room |
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$ |
285,520 |
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$ |
237,976 |
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Food and beverage |
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12,949 |
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8,464 |
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Other |
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12,985 |
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14,038 |
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Total revenue |
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311,454 |
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260,478 |
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Expenses: |
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Hotel operating expense: |
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Operating |
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78,663 |
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64,331 |
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Hotel administrative |
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27,319 |
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23,842 |
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Sales and marketing |
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27,700 |
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22,469 |
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Utilities |
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11,698 |
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10,290 |
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Repair and maintenance |
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15,665 |
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13,028 |
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Franchise fees |
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13,644 |
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11,266 |
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Management fees |
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10,476 |
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8,776 |
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Total hotel operating expense |
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185,165 |
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154,002 |
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Property taxes, insurance and other |
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19,675 |
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18,679 |
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General and administrative |
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11,461 |
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9,638 |
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Depreciation and amortization |
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45,906 |
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45,324 |
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Total expense |
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262,207 |
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227,643 |
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Operating income |
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49,247 |
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32,835 |
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Interest and other expense, net |
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(16,004 |
) |
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(14,654 |
) |
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Income before income taxes |
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33,243 |
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18,181 |
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Income tax expense |
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(320 |
) |
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(179 |
) |
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Net income |
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$ |
32,923 |
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$ |
18,002 |
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Other comprehensive income (loss): |
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Interest rate derivatives |
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(8,106 |
) |
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27,219 |
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Comprehensive income |
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$ |
24,817 |
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$ |
45,221 |
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Basic and diluted net income per common share |
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$ |
0.14 |
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$ |
0.08 |
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Weighted average common shares outstanding - basic and diluted |
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|
229,398 |
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|
228,986 |
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| ____________________ | ||||||||
Note: The Consolidated Statements of Operations and Comprehensive Income and corresponding footnotes can be found in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023. |
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Apple Hospitality REIT, Inc. Comparable Hotels Operating Metrics and Statistical Data (Unaudited) (in thousands, except statistical data) |
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Three Months Ended |
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March 31, |
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% Change |
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% Change |
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2023 |
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2022 |
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2022 |
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2019 |
Operating income (Actual) |
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( |
Operating margin % (Actual) |
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320 bps |
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(190 bps) |
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Comparable Hotels Total Revenue |
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Comparable Hotels Total Operating Expenses |
|
204,705 |
|
174,130 |
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Comparable Hotels Adjusted Hotel EBITDA |
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Comparable Hotels Adjusted Hotel EBITDA Margin % |
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60 bps |
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(190 bps) |
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ADR (Comparable Hotels) |
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Occupancy (Comparable Hotels) |
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( |
RevPAR (Comparable Hotels) |
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ADR (Actual) |
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Occupancy (Actual) |
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( |
RevPAR (Actual) |
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Reconciliation to Actual Results |
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Total Revenue (Actual) |
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Revenue from acquisitions prior to ownership |
|
- |
|
2,518 |
|
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Revenue from dispositions |
|
- |
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(500) |
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Comparable Hotels Total Revenue |
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Adjusted Hotel EBITDA (AHEBITDA) (Actual) |
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AHEBITDA from acquisitions prior to ownership |
|
- |
|
573 |
|
|
|
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AHEBITDA from dispositions |
|
- |
|
(143) |
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Comparable Hotels AHEBITDA |
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| ____________________ | ||||||||
Note: Comparable Hotels is defined as the 220 hotels owned by the Company as of March 31, 2023. 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. |
||||||||
Comparisons to 2019 operating results are included to provide a better understanding of the Company’s recovery from the impact of COVID-19 on hotel operations. |
||||||||
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) |
||||||||||||||||||
|
|
2019 |
|
2022 |
|
2023 |
||||||||||||
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
Operating income (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin % (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Hotels Total Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Hotels Total Operating Expenses |
|
181,515 |
|
196,579 |
|
198,742 |
|
184,790 |
|
174,130 |
|
203,269 |
|
214,256 |
|
198,024 |
|
204,705 |
Comparable Hotels Adjusted Hotel EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Hotels Adjusted Hotel EBITDA Margin % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR (Comparable Hotels) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (Comparable Hotels) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR (Comparable Hotels) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to Actual Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from acquisitions prior to ownership |
|
13,634 |
|
17,481 |
|
19,822 |
|
16,517 |
|
2,518 |
|
5,010 |
|
4,595 |
|
1,344 |
|
- |
Revenue from dispositions |
|
(33,104) |
|
(28,207) |
|
(27,072) |
|
(25,603) |
|
(500) |
|
(663) |
|
(454) |
|
- |
|
- |
Comparable Hotels Total Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Hotel EBITDA (AHEBITDA) (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AHEBITDA from acquisitions prior to ownership |
|
5,545 |
|
9,152 |
|
10,227 |
|
7,205 |
|
573 |
|
2,470 |
|
1,946 |
|
648 |
|
- |
AHEBITDA from dispositions |
|
(11,547) |
|
(10,099) |
|
(9,093) |
|
(7,946) |
|
(143) |
|
(239) |
|
(77) |
|
(169) |
|
- |
Comparable Hotels AHEBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ____________________ | ||||||||||||||||||
Note: Comparable Hotels is defined as the 220 hotels owned by the Company as of March 31, 2023. 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. |
||||||||||||||||||
Comparisons to 2019 operating results are included to provide a better understanding of the Company’s recovery from the impact of COVID-19 on hotel operations. |
||||||||||||||||||
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 |
||||||
|
|
March 31, |
||||||
|
|
|
|
|
|
% Change |
|
% Change |
|
|
2023 |
|
2022 |
|
2022 |
|
2019 |
Operating income (Actual) |
|
|
|
|
|
|
|
( |
Operating margin % (Actual) |
|
|
|
|
|
320 bps |
|
(190 bps) |
|
|
|
|
|
|
|
|
|
Same Store Hotels Total Revenue |
|
|
|
|
|
|
|
|
Same Store Hotels Total Operating Expenses |
|
186,246 |
|
158,769 |
|
|
|
|
Same Store Hotels Adjusted Hotel EBITDA |
|
|
|
|
|
|
|
( |
Same Store Hotels Adjusted Hotel EBITDA Margin % |
|
|
|
|
|
10 bps |
|
(190 bps) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR (Same Store Hotels) |
|
|
|
|
|
|
|
|
Occupancy (Same Store Hotels) |
|
|
|
|
|
|
|
( |
RevPAR (Same Store Hotels) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR (Actual) |
|
|
|
|
|
|
|
|
Occupancy (Actual) |
|
|
|
|
|
|
|
( |
RevPAR (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to Actual Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue (Actual) |
|
|
|
|
|
|
|
|
Revenue from acquisitions |
|
(29,388) |
|
(20,427) |
|
|
|
|
Revenue from dispositions |
|
- |
|
3 |
|
|
|
|
Same Store Hotels Total Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Hotel EBITDA (AHEBITDA) (Actual) |
|
|
|
|
|
|
|
|
AHEBITDA from acquisitions |
|
(10,929) |
|
(6,624) |
|
|
|
|
AHEBITDA from dispositions |
|
- |
|
(27) |
|
|
|
|
Same Store Hotels AHEBITDA |
|
|
|
|
|
|
|
|
| __________________ | ||||||||
Note: Same Store Hotels is defined as the 204 hotels owned by the Company as of January 1, 2019 and during the entirety of the periods being compared. This information has not been audited. |
||||||||
Comparisons to 2019 operating results are included to provide a better understanding of the Company’s recovery from the impact of COVID-19 on hotel operations. |
||||||||
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) |
||||||||||||||||||
|
|
2019 |
|
2022 |
|
2023 |
||||||||||||
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
Operating income (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin % (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Hotels Total Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Hotels Total Operating Expenses |
|
172,970 |
|
186,495 |
|
187,359 |
|
173,741 |
|
158,769 |
|
185,120 |
|
193,874 |
|
180,203 |
|
186,246 |
Same Store Hotels Adjusted Hotel EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Hotels Adjusted Hotel EBITDA Margin % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR (Same Store Hotels) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (Same Store Hotels) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR (Same Store Hotels) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to Actual Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from acquisitions |
|
(704) |
|
(2,736) |
|
(2,829) |
|
(3,321) |
|
(20,427) |
|
(27,850) |
|
(32,111) |
|
(28,237) |
|
(29,388) |
Revenue from dispositions |
|
(33,104) |
|
(28,207) |
|
(27,071) |
|
(24,948) |
|
3 |
|
4 |
|
- |
|
1 |
|
- |
Same Store Hotels Total Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Hotel EBITDA (AHEBITDA) (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AHEBITDA from acquisitions |
|
(248) |
|
(981) |
|
(1,040) |
|
(996) |
|
(6,624) |
|
(11,807) |
|
(14,006) |
|
(11,098) |
|
(10,929) |
AHEBITDA from dispositions |
|
(11,547) |
|
(10,099) |
|
(9,093) |
|
(7,879) |
|
(27) |
|
(6) |
|
5 |
|
(182) |
|
- |
Same Store Hotels AHEBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ____________________ | ||||||||||||||||||
Note: Same Store Hotels is defined as the 204 hotels owned by the Company as of January 1, 2019 and during the entirety of the periods being compared. This information has not been audited. |
||||||||||||||||||
Comparisons to 2019 operating results are included to provide a better understanding of the Company’s recovery from the impact of COVID-19 on hotel operations. |
||||||||||||||||||
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 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 to EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted Hotel EBITDA on a quarterly basis for 2019, 2022 and 2023:
|
|
2019 |
|
2022 |
|
2023 |
||||||||||||
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
47,950 |
|
48,109 |
|
47,887 |
|
49,294 |
|
45,324 |
|
45,322 |
|
45,135 |
|
45,916 |
|
45,906 |
Amortization of favorable and unfavorable operating
|
|
31 |
|
31 |
|
31 |
|
31 |
|
99 |
|
103 |
|
97 |
|
97 |
|
97 |
Interest and other expense, net |
|
15,494 |
|
15,857 |
|
14,759 |
|
15,081 |
|
14,654 |
|
15,198 |
|
14,933 |
|
14,948 |
|
16,004 |
Income tax expense |
|
206 |
|
156 |
|
143 |
|
174 |
|
179 |
|
202 |
|
1,331 |
|
228 |
|
320 |
EBITDA |
|
101,832 |
|
126,243 |
|
109,043 |
|
90,033 |
|
78,258 |
|
126,170 |
|
120,642 |
|
63,501 |
|
95,250 |
(Gain) loss on sale of real estate |
|
(1,213) |
|
161 |
|
- |
|
(3,969) |
|
- |
|
- |
|
(1,785) |
|
- |
|
- |
Loss on impairment of depreciable real estate assets |
|
- |
|
- |
|
6,467 |
|
- |
|
- |
|
- |
|
- |
|
26,175 |
|
- |
EBITDAre |
|
100,619 |
|
126,404 |
|
115,510 |
|
86,064 |
|
78,258 |
|
126,170 |
|
118,857 |
|
89,676 |
|
95,250 |
Non-cash straight-line operating ground lease expense |
|
48 |
|
47 |
|
47 |
|
46 |
|
40 |
|
38 |
|
38 |
|
38 |
|
38 |
Adjusted EBITDAre |
|
100,667 |
|
126,451 |
|
115,557 |
|
86,110 |
|
78,298 |
|
126,208 |
|
118,895 |
|
89,714 |
|
95,288 |
General and administrative expense |
|
8,137 |
|
8,308 |
|
9,039 |
|
10,726 |
|
9,638 |
|
10,307 |
|
10,271 |
|
12,248 |
|
11,461 |
Adjusted Hotel EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
The following table reconciles the Company’s GAAP net income to FFO and MFFO for the three months ended March 31, 2023 and 2022:
|
|
Three Months Ended
|
||
|
|
2023 |
|
2022 |
Net income |
|
|
|
|
Depreciation of real estate owned |
|
45,142 |
|
44,560 |
Funds from operations |
|
78,065 |
|
62,562 |
Amortization of finance ground lease assets |
|
759 |
|
759 |
Amortization of favorable and unfavorable operating leases, net |
|
97 |
|
99 |
Non-cash straight-line operating ground lease expense |
|
38 |
|
40 |
Modified funds from operations |
|
|
|
|
Apple Hospitality REIT, Inc.
2023 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 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, 2022.
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, 2023:
|
Year Ending December 31, 2023 |
||
|
Low-End |
|
High-End |
Net income |
|
|
|
Depreciation and amortization |
186,000 |
|
180,000 |
Amortization of favorable and unfavorable leases, net |
405 |
|
405 |
Interest and other expense, net |
68,000 |
|
66,000 |
Income tax expense |
700 |
|
1,100 |
EBITDA and EBITDAre |
|
|
|
Non-cash straight-line operating ground lease expense |
145 |
|
145 |
Adjusted EBITDAre |
|
|
|
General and administrative expense |
35,000 |
|
40,000 |
Comparable Hotels Adjusted Hotel EBITDA(1) |
|
|
|
| ____________________ | |
(1) |
Comparable Hotels Adjusted Hotel EBITDA and Adjusted Hotel EBITDA guidance are the same. |
Apple Hospitality REIT, Inc. Debt Summary (Unaudited) ($ in thousands) March 31, 2023 |
||||||||||||||||||||||||||||||||
|
|
April 1 - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
December 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Market |
|
||||||||
|
|
2023 |
|
|
2024 |
|
|
2025 |
|
|
2026 |
|
|
2027 |
|
|
Thereafter |
|
|
Total |
|
|
Value |
|
||||||||
Total debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Maturities |
|
$ |
56,645 |
|
|
$ |
113,597 |
|
|
$ |
245,140 |
|
|
$ |
115,149 |
|
|
$ |
278,602 |
|
|
$ |
616,014 |
|
|
$ |
1,425,147 |
|
|
$ |
1,372,379 |
|
Average interest rates(1) |
|
|
4.3 |
% |
|
|
4.5 |
% |
|
|
4.9 |
% |
|
|
5.1 |
% |
|
|
5.1 |
% |
|
|
4.8 |
% |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Variable-rate debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Maturities |
|
$ |
50,000 |
|
|
$ |
85,000 |
|
|
$ |
175,000 |
|
|
$ |
40,500 |
|
|
$ |
275,000 |
|
|
$ |
385,000 |
|
|
$ |
1,010,500 |
|
|
$ |
1,007,586 |
|
Average interest rates(1) |
|
|
4.3 |
% |
|
|
4.7 |
% |
|
|
5.2 |
% |
|
|
5.5 |
% |
|
|
5.6 |
% |
|
|
5.3 |
% |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fixed-rate debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Maturities |
|
$ |
6,645 |
|
|
$ |
28,597 |
|
|
$ |
70,140 |
|
|
$ |
74,649 |
|
|
$ |
3,602 |
|
|
$ |
231,014 |
|
|
$ |
414,647 |
|
|
$ |
364,793 |
|
Average interest rates |
|
|
4.1 |
% |
|
|
4.1 |
% |
|
|
4.0 |
% |
|
|
4.0 |
% |
|
|
4.1 |
% |
|
|
4.1 |
% |
|
|
|
|
|
|
||
| ____________________ | |
(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, 2023. |
|
Apple Hospitality REIT, Inc. Comparable Hotels Operating Metrics by Market Three Months Ended March 31 (Unaudited) |
|||||||||||||||
Top 20 Markets |
|
|
Occupancy |
|
ADR |
|
RevPAR |
|
% of Adjusted
|
||||||
|
# of
|
|
Q1 2023 |
Q1 2022 |
% Change |
|
Q1 2023 |
Q1 2022 |
% Change |
|
Q1 2023 |
Q1 2022 |
% Change |
|
Q1 2023 |
Top 20 Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama North |
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Florida Panhandle |
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Top 20 Markets |
96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Other Markets |
124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio |
220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
||||||
|
# of
|
|
Q1 2023 |
Q1 2022 |
% Change |
|
Q1 2023 |
Q1 2022 |
% Change |
|
Q1 2023 |
Q1 2022 |
% Change |
|
Q1 2023 |
STR Region |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
East North Central |
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
East South Central |
27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Middle Atlantic |
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mountain |
21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New England |
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific |
32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Atlantic |
53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
West North Central |
17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
West South Central |
36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio |
220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
||||||
|
# of
|
|
Q1 2023 |
Q1 2022 |
% Change |
|
Q1 2023 |
Q1 2022 |
% Change |
|
Q1 2023 |
Q1 2022 |
% Change |
|
Q1 2023 |
Upscale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AC Hotels |
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aloft |
1 |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
Courtyard |
33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hilton Garden Inn |
40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homewood Suites |
30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hyatt House |
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hyatt Place |
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residence Inn |
29 |
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
SpringHill Suites |
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upscale Total |
149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upper Midscale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home2 Suites |
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TownePlace Suites |
9 |
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
Upper Midscale Total |
66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upper Upscale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Embassy Suites |
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marriott |
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upper Upscale Total |
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Independents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Independents |
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.7)% |
Independents Total |
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.7)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio |
220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
||||||
|
# of
|
|
Q1 2023 |
Q1 2022 |
% Change |
|
Q1 2023 |
Q1 2022 |
% Change |
|
Q1 2023 |
Q1 2022 |
% Change |
|
Q1 2023 |
STR Location |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airport |
18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interstate |
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resort |
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Small Metro/Town |
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Suburban |
125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Urban |
51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio |
220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Location categorization based on STR designation. |
|||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20230501005758/en/
Apple Hospitality REIT, Inc.
Kelly
804-727-6321
kclarke@applereit.com
Source: Apple Hospitality REIT, Inc.
