Apple Hospitality REIT Reports Results of Operations for Second Quarter 2024
Apple Hospitality REIT (NYSE: APLE) reported its second quarter 2024 financials. Net income rose 13.2% to $73.9 million, while operating income increased 12.6% to $93.5 million.
Net income per share grew 6.9% to $0.31. Adjusted EBITDAre was up 9.1% to $140.9 million, and Modified Funds From Operations (MFFO) increased 8.9% to $121.3 million. Comparable Hotels Adjusted Hotel EBITDA saw a modest increase of 1.5% to $151.5 million.
The company acquired the Embassy Suites by Hilton Madison Downtown for $79.5 million and sold the SpringHill Suites by Marriott Greensboro for $7.1 million. It also repurchased 1.6 million common shares for an aggregate price of $23.1 million.
Distributions remained steady at $0.24 per share. Management has revised 2024 guidance, projecting lower net income and Adjusted EBITDAre, but a slight increase in Comparable Hotels Adjusted Hotel EBITDA Margin.
Apple Hospitality REIT (NYSE: APLE) ha riportato i risultati finanziari del secondo trimestre del 2024. Il reddito netto è aumentato del 13,2% raggiungendo i 73,9 milioni di dollari, mentre l'utile operativo è cresciuto del 12,6% a 93,5 milioni di dollari.
Il reddito netto per azione è aumentato del 6,9% a 0,31 dollari. L'EBITDAre rettificato è salito del 9,1% a 140,9 milioni di dollari, e i Fondi Modificati dalle Operazioni (MFFO) sono aumentati dell'8,9% a 121,3 milioni di dollari. L'EBITDA alberghiero rettificato per gli Hotel Comparabili ha visto un modesto incremento dell'1,5% a 151,5 milioni di dollari.
L'azienda ha acquisito l'Embassy Suites by Hilton Madison Downtown per 79,5 milioni di dollari e ha venduto lo SpringHill Suites by Marriott Greensboro per 7,1 milioni di dollari. Ha anche riacquistato 1,6 milioni di azioni comuni per un prezzo totale di 23,1 milioni di dollari.
Le distribuzioni sono rimaste stabili a 0,24 dollari per azione. La direzione ha rivisto le previsioni per il 2024, proiettando un reddito netto e un EBITDAre rettificato più bassi, ma un leggero incremento nel Margine EBITDA rettificato degli Hotel Comparabili.
Apple Hospitality REIT (NYSE: APLE) informó sobre sus resultados financieros del segundo trimestre de 2024. Los ingresos netos aumentaron un 13.2% alcanzando los 73.9 millones de dólares, mientras que el ingreso operativo creció un 12.6% a 93.5 millones de dólares.
El ingreso neto por acción se incrementó un 6.9% a 0.31 dólares. El EBITDAre ajustado subió un 9.1% a 140.9 millones de dólares, y los Fondos Modificados de Operaciones (MFFO) aumentaron un 8.9% alcanzando los 121.3 millones de dólares. El EBITDA ajustado de hoteles comparables mostró un aumento modesto del 1.5% a 151.5 millones de dólares.
La compañía adquirió el Embassy Suites by Hilton Madison Downtown por 79.5 millones de dólares y vendió el SpringHill Suites by Marriott Greensboro por 7.1 millones de dólares. También recompró 1.6 millones de acciones comunes por un precio total de 23.1 millones de dólares.
Las distribuciones permanecieron estables en 0.24 dólares por acción. La dirección ha revisado las proyecciones para 2024, proyectando ingresos netos y EBITDAre ajustado más bajos, pero un ligero aumento en el Margen de EBITDA Ajustado de Hoteles Comparables.
애플 호스피탈리티 REIT (NYSE: APLE)는 2024년 2분기 재무 실적을 보고했습니다. 순이익은 13.2% 증가하여 7390만 달러에 달했으며, 영업 이익은 12.6% 늘어나 9350만 달러에 이르렀습니다.
주당 순이익은 6.9% 증가하여 0.31달러가 되었습니다. 조정된 EBITDAre는 9.1% 증가하여 1억 4090만 달러에 이르렀고, 수정 영업활동에 따른 자금(MFFO)는 8.9% 증가하여 1억 2130만 달러로 증가했습니다. 비교 가능한 호텔 조정 호텔 EBITDA는 1.5% 증가하여 1억 5150만 달러를 기록했습니다.
회사는 Embassy Suites by Hilton Madison Downtown을 7950만 달러에 인수하고, SpringHill Suites by Marriott Greensboro를 710만 달러에 매각했습니다. 또한 총 2310만 달러의 가격으로 160만 주의 보통주를 재매입했습니다.
배당금은 주당 0.24달러로 안정세를 유지했습니다. 경영진은 2024년 가이던스를 수정하여 순이익과 조정된 EBITDAre는 낮아질 것이라는 예측을 했으나, 비교 가능한 호텔 조정 호텔 EBITDA 마진은 소폭 증가할 것으로 보입니다.
Apple Hospitality REIT (NYSE: APLE) a annoncé ses résultats financiers pour le deuxième trimestre 2024. Le revenu net a augmenté de 13,2 % pour atteindre 73,9 millions de dollars, tandis que le revenu d'exploitation a progressé de 12,6 % pour atteindre 93,5 millions de dollars.
Le revenu net par action a crû de 6,9 % à 0,31 dollar. L'EBITDAre ajusté a augmenté de 9,1 % pour atteindre 140,9 millions de dollars, et les Fonds Modifiés Provenant des Opérations (MFFO) ont progressé de 8,9 % pour atteindre 121,3 millions de dollars. L'EBITDA hôtelier ajusté des hôtels comparables a enregistré une légère augmentation de 1,5 % pour atteindre 151,5 millions de dollars.
L'entreprise a acquis l'Embassy Suites by Hilton Madison Downtown pour 79,5 millions de dollars et a vendu le SpringHill Suites by Marriott Greensboro pour 7,1 millions de dollars. Elle a également racheté 1,6 million d'actions ordinaires pour un prix total de 23,1 millions de dollars.
Les distributions sont restées stables à 0,24 dollar par action. La direction a révisé les prévisions pour 2024, projetant un revenu net et un EBITDAre ajusté plus faibles, mais une légère augmentation de la marge EBITDA des hôtels comparables.
Apple Hospitality REIT (NYSE: APLE) hat seine Finanzzahlen für das zweite Quartal 2024 bekannt gegeben. Der Nettogewinn stieg um 13,2 % auf 73,9 Millionen Dollar, während das Betriebsergebnis um 12,6 % auf 93,5 Millionen Dollar zunahm.
Der Nettogewinn pro Aktie wuchs um 6,9 % auf 0,31 Dollar. Das bereinigte EBITDAre stieg um 9,1 % auf 140,9 Millionen Dollar, und modifizierte Mittel aus dem operativen Geschäft (MFFO) erhöhten sich um 8,9 % auf 121,3 Millionen Dollar. Das angepasste Hotel-EBITDA vergleichbarer Hotels verzeichnete einen moderaten Anstieg von 1,5 % auf 151,5 Millionen Dollar.
Das Unternehmen erwarb das Embassy Suites by Hilton Madison Downtown für 79,5 Millionen Dollar und verkaufte das SpringHill Suites by Marriott Greensboro für 7,1 Millionen Dollar. Zudem wurden 1,6 Millionen Stammaktien zu einem Gesamtpreis von 23,1 Millionen Dollar zurückgekauft.
Die Ausschüttungen blieben stabil bei 0,24 Dollar pro Aktie. Das Management hat die Prognosen für 2024 überarbeitet und rechnet mit einem niedrigeren Nettogewinn und bereinigtem EBITDAre, aber einem leichten Anstieg der EBITDA-Marge vergleichbarer Hotels.
- Net income rose 13.2% to $73.9 million.
- Operating income increased 12.6% to $93.5 million.
- Net income per share grew 6.9% to $0.31.
- Adjusted EBITDAre was up 9.1% to $140.9 million.
- Modified Funds From Operations (MFFO) increased 8.9% to $121.3 million.
- Repurchased 1.6 million common shares for $23.1 million.
- Comparable Hotels Adjusted Hotel EBITDA Margin decreased by 50 bps.
- Distributions per share remained flat at $0.24 per share.
- Updated guidance shows a decrease in Net Income and Adjusted EBITDAre.
Apple Hospitality REIT, Inc. Selected Statistical and Financial Data As of and For the Three and Six Months Ended June 30 (Unaudited) (in thousands, except statistical and per share amounts)(1) |
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2024 |
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2023 |
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2023 |
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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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100 bps |
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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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(50 bps) |
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(110 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 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 224 hotels owned by the Company as of June 30, 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, 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. |
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Justin Knight, Chief Executive Officer of Apple Hospitality, commented, “The fundamentals of our business remain strong, bolstered by the muted rate of new supply growth relative to historical levels. For the second quarter 2024, Comparable Hotels Occupancy was
Mr. Knight continued, “During the quarter, we acquired the newly built Embassy Suites by Hilton Madison Downtown, following completion of construction. Through our longstanding relationship with the developer, we secured a fixed-price, take-out contract ahead of development, which enabled us to acquire the asset at an attractive price despite rising construction costs. Year to date through July, we sold three hotels for a combined sales price of approximately
Hotel Portfolio Overview
As of June 30, 2024, Apple Hospitality owned 224 hotels with an aggregate of 30,068 guest rooms located in 87 markets throughout 37 states and the
Second Quarter 2024 Highlights
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Strong operating performance: For the second quarter 2024, Comparable Hotels ADR was
$163 80% , an increase of more than2% over second quarter 2023; and Comparable Hotels RevPAR was$130 2.5% over second quarter 2023. Comparable Hotels Occupancy, ADR and RevPAR exceeded industry averages as reported by STR for the second quarter 2024. Based on preliminary results for the Company's portfolio for the month of July 2024, Comparable Hotels Occupancy was approximately77% , flat compared to July 2023, with Comparable Hotels ADR down slightly as compared to July 2023. -
Strong bottom-line performance: The Company achieved Comparable Hotels Adjusted Hotel EBITDA of approximately
$152 million 1.5% improvement over second quarter 2023, and Comparable Hotels Adjusted Hotel EBITDA Margin of approximately39% , down 50 bps to second quarter 2023. The Company achieved Adjusted EBITDAre of approximately$141 million 9% as compared to second quarter 2023. The Company achieved MFFO of approximately$121 million 9% as compared to second quarter 2023. -
Transactional activity: During the second quarter 2024, the Company acquired the 262-room Embassy Suites by Hilton Madison Downtown for a total purchase price of approximately
$79.5 million $7.1 million -
Capital markets: During the second quarter 2024, the Company purchased, under its Share Repurchase Program, approximately 1.1 million of its common shares at a weighted-average market purchase price of approximately
$14.35 $15.5 million $14.29 $23.1 million -
Balance sheet: The Company has maintained the strength and flexibility of its balance sheet. At June 30, 2024, the Company’s total debt to total capitalization, net of cash and cash equivalents, was approximately
30% . -
Monthly distributions: During the three months ended June 30, 2024, the Company paid distributions totaling
$0.24 $14.48 $0.96 6.6% .
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 second quarter of 2024 as compared to the second quarter of 2023 (in thousands, except statistical data):
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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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Operating income (Actual) |
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Adjusted Hotel EBITDA (Actual) (1) |
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Comparable Hotels Adjusted Hotel EBITDA (2) |
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| ___________________________ | |
(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 224 hotels owned by the Company as of June 30, 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, 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. |
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Portfolio Activity
Acquisitions
As previously announced, since the beginning of 2024, the Company has acquired two hotels for a combined total purchase price of approximately
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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 $499,000 -
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 $303,000
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
Dispositions
As previously announced, during the six months ended June 30, 2024, the Company sold three hotels for a combined gross sales price of approximately
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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 $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
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 six months ended June 30, 2024, the Company invested approximately
Balance Sheet and Liquidity
Summary
As of June 30, 2024, the Company had approximately
On July 17, 2024, the Company amended its unsecured
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 June 30, 2024, the Company purchased, under its Share Repurchase Program, approximately 1.1 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 June 30, 2024, the Company had
Shareholder Distributions
During the three months ended June 30, 2024, the Company paid distributions totaling
Updated 2024 Outlook
The Company is updating its operational and financial outlook for 2024. 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. As compared to the midpoint of previously provided 2024 guidance, the Company is decreasing Net Income by
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Updated 2024 Guidance(1) |
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Net income |
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Comparable Hotels Adjusted Hotel EBITDA Margin % |
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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. |
Second Quarter 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, August 6, 2024. 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; 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
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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June 30, |
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December 31, |
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2024 |
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2023 |
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(unaudited) |
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Assets |
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Investment in real estate, net of accumulated depreciation and amortization of |
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Assets held for sale |
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15,283 |
Cash and cash equivalents |
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7,224 |
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10,287 |
Restricted cash-furniture, fixtures and other escrows |
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31,295 |
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33,331 |
Due from third-party managers, net |
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62,894 |
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36,437 |
Other assets, net |
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62,109 |
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64,586 |
Total Assets |
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Liabilities |
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Debt, net |
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Finance lease liabilities |
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111,776 |
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111,892 |
Accounts payable and other liabilities |
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93,763 |
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129,931 |
Total Liabilities |
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1,742,430 |
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1,613,317 |
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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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Common stock, no par value, authorized 800,000,000 shares; issued and outstanding 241,280,329 and 241,515,532 shares, respectively |
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4,790,949 |
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4,794,804 |
Accumulated other comprehensive income |
|
21,380 |
|
20,404 |
Distributions greater than net income |
|
(1,479,359) |
|
(1,491,227) |
Total Shareholders' Equity |
|
3,332,970 |
|
3,323,981 |
|
|
|
|
|
Total Liabilities and Shareholders' Equity |
|
|
|
|
| ___________________________ | ||||
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 June 30, 2024. |
||||
Apple Hospitality REIT, Inc. Consolidated Statements of Operations and Comprehensive Income (Unaudited) (in thousands, except per share data) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
June 30, |
|
|
June 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Room |
|
$ |
353,689 |
|
|
$ |
331,043 |
|
|
$ |
652,435 |
|
|
$ |
616,563 |
|
Food and beverage |
|
|
17,857 |
|
|
|
15,507 |
|
|
|
32,919 |
|
|
|
28,456 |
|
Other |
|
|
18,531 |
|
|
|
15,080 |
|
|
|
34,235 |
|
|
|
28,065 |
|
Total revenue |
|
|
390,077 |
|
|
|
361,630 |
|
|
|
719,589 |
|
|
|
673,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Hotel operating expense: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating |
|
|
91,523 |
|
|
|
84,911 |
|
|
|
175,319 |
|
|
|
163,574 |
|
Hotel administrative |
|
|
31,453 |
|
|
|
29,442 |
|
|
|
61,205 |
|
|
|
56,761 |
|
Sales and marketing |
|
|
33,649 |
|
|
|
30,936 |
|
|
|
63,488 |
|
|
|
58,636 |
|
Utilities |
|
|
11,665 |
|
|
|
10,776 |
|
|
|
23,184 |
|
|
|
22,474 |
|
Repair and maintenance |
|
|
17,626 |
|
|
|
16,451 |
|
|
|
34,468 |
|
|
|
32,116 |
|
Franchise fees |
|
|
17,527 |
|
|
|
15,868 |
|
|
|
32,281 |
|
|
|
29,512 |
|
Management fees |
|
|
12,848 |
|
|
|
12,129 |
|
|
|
23,610 |
|
|
|
22,605 |
|
Total hotel operating expense |
|
|
216,291 |
|
|
|
200,513 |
|
|
|
413,555 |
|
|
|
385,678 |
|
Property taxes, insurance and other |
|
|
21,940 |
|
|
|
19,994 |
|
|
|
42,932 |
|
|
|
39,669 |
|
General and administrative |
|
|
11,065 |
|
|
|
12,100 |
|
|
|
21,649 |
|
|
|
23,561 |
|
Depreciation and amortization |
|
|
47,715 |
|
|
|
45,994 |
|
|
|
94,538 |
|
|
|
91,900 |
|
Total expense |
|
|
297,011 |
|
|
|
278,601 |
|
|
|
572,674 |
|
|
|
540,808 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gain on sale of real estate |
|
|
449 |
|
|
|
- |
|
|
|
18,215 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating income |
|
|
93,515 |
|
|
|
83,029 |
|
|
|
165,130 |
|
|
|
132,276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest and other expense, net |
|
|
(19,370 |
) |
|
|
(17,499 |
) |
|
|
(36,679 |
) |
|
|
(33,503 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income before income taxes |
|
|
74,145 |
|
|
|
65,530 |
|
|
|
128,451 |
|
|
|
98,773 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income tax expense |
|
|
(214 |
) |
|
|
(241 |
) |
|
|
(470 |
) |
|
|
(561 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income |
|
$ |
73,931 |
|
|
$ |
65,289 |
|
|
$ |
127,981 |
|
|
$ |
98,212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate derivatives |
|
|
(2,732 |
) |
|
|
7,224 |
|
|
|
976 |
|
|
|
(882 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Comprehensive income |
|
$ |
71,199 |
|
|
$ |
72,513 |
|
|
$ |
128,957 |
|
|
$ |
97,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted net income per common share |
|
$ |
0.31 |
|
|
$ |
0.29 |
|
|
$ |
0.53 |
|
|
$ |
0.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average common shares outstanding - basic and diluted |
|
|
242,174 |
|
|
|
229,041 |
|
|
|
242,291 |
|
|
|
229,218 |
|
| ___________________________ | ||||||||||||||||
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 June 30, 2024. |
||||||||||||||||
Apple Hospitality REIT, Inc. Comparable Hotels Operating Metrics and Statistical Data (Unaudited) (in thousands, except statistical data) |
||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
|
June 30, |
|
June 30, |
||||||||
|
|
|
|
|
|
% Change |
|
|
|
|
|
% Change |
|
|
2024 |
|
2023 |
|
2023 |
|
2024 |
|
2023 |
|
2023 |
Operating income (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin % (Actual) |
|
|
|
|
|
100 bps |
|
|
|
|
|
320 bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Hotels Total Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Hotels Total Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Hotels Adjusted Hotel EBITDA |
|
|
|
|
|
|
|
|
|
|
|
( |
Comparable Hotels Adjusted Hotel EBITDA Margin % |
|
|
|
|
|
(50 bps) |
|
|
|
|
|
(110 bps) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
- |
|
21,825 |
|
|
|
4,775 |
|
41,611 |
|
|
Revenue from dispositions |
|
(469) |
|
(3,570) |
|
|
|
(1,768) |
|
(5,853) |
|
|
Revenue from non-hotel property |
|
(2,503) |
|
(2,880) |
|
|
|
(4,546) |
|
(5,723) |
|
|
Comparable Hotels Total Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Hotel EBITDA (AHEBITDA) (Actual) (1) |
|
|
|
|
|
|
|
|
|
|
|
|
AHEBITDA from acquisitions prior to ownership |
|
- |
|
9,725 |
|
|
|
1,882 |
|
18,045 |
|
|
AHEBITDA from dispositions |
|
(165) |
|
(1,471) |
|
|
|
(342) |
|
(1,800) |
|
|
AHEBITDA from non-hotel property (2) |
|
- |
|
(222) |
|
|
|
- |
|
574 |
|
|
Comparable Hotels AHEBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
| ___________________________ | |
(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 |
(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 224 hotels owned by the Company as of June 30, 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, 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 |
Operating income (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin % (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Hotels Total Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Hotels Total Operating Expenses |
|
210,578 |
|
227,729 |
|
232,996 |
|
214,021 |
|
219,447 |
|
235,590 |
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 |
|
19,786 |
|
21,825 |
|
18,999 |
|
12,245 |
|
4,775 |
|
- |
Revenue from dispositions |
|
(2,283) |
|
(3,570) |
|
(3,427) |
|
(2,908) |
|
(1,299) |
|
(469) |
Revenue from non-hotel property |
|
(2,843) |
|
(2,880) |
|
(2,012) |
|
(2,127) |
|
(2,043) |
|
(2,503) |
Comparable Hotels Total Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Hotel EBITDA (AHEBITDA) (Actual) (1) |
|
|
|
|
|
|
|
|
|
|
|
|
AHEBITDA from acquisitions prior to ownership |
|
8,320 |
|
9,725 |
|
7,978 |
|
4,842 |
|
1,882 |
|
- |
AHEBITDA from dispositions |
|
(329) |
|
(1,471) |
|
(1,315) |
|
(935) |
|
(177) |
|
(165) |
AHEBITDA from non-hotel property (2) |
|
796 |
|
(222) |
|
- |
|
- |
|
- |
|
- |
Comparable Hotels AHEBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
| ___________________________ | |
(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 224 hotels owned by the Company as of June 30, 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, 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 |
|
Six Months Ended |
||||||||
|
|
June 30, |
|
June 30, |
||||||||
|
|
|
|
|
|
% Change |
|
|
|
|
|
% Change |
|
|
2024 |
|
2023 |
|
2023 |
|
2024 |
|
2023 |
|
2023 |
Operating income (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin % (Actual) |
|
|
|
|
|
100 bps |
|
|
|
|
|
320 bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Hotels Total Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Hotels Total Operating Expenses |
|
222,619 |
|
215,617 |
|
|
|
429,985 |
|
414,729 |
|
|
Same Store Hotels Adjusted Hotel EBITDA |
|
|
|
|
|
|
|
|
|
|
|
( |
Same Store Hotels Adjusted Hotel EBITDA Margin % |
|
|
|
|
|
(50 bps) |
|
|
|
|
|
(110 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 |
|
(23,359) |
|
(25) |
|
|
|
(39,544) |
|
(25) |
|
|
Revenue from dispositions |
|
(469) |
|
(3,570) |
|
|
|
(1,768) |
|
(5,853) |
|
|
Revenue from non-hotel property |
|
(2,503) |
|
(2,880) |
|
|
|
(4,546) |
|
(5,723) |
|
|
Same Store Hotels Total Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Hotel EBITDA (AHEBITDA) (Actual) (1) |
|
|
|
|
|
|
|
|
|
|
|
|
AHEBITDA from acquisitions |
|
(10,388) |
|
(13) |
|
|
|
(17,385) |
|
(13) |
|
|
AHEBITDA from dispositions |
|
(165) |
|
(1,471) |
|
|
|
(342) |
|
(1,800) |
|
|
AHEBITDA from non-hotel property (2) |
|
- |
|
(222) |
|
|
|
- |
|
574 |
|
|
Same Store Hotels AHEBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
| ___________________________ | |
(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 216 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 |
Operating income (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin % (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Hotels Total Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Hotels Total Operating Expenses |
|
199,112 |
|
215,617 |
|
220,656 |
|
202,049 |
|
207,366 |
|
222,619 |
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 |
|
- |
|
(25) |
|
(2,109) |
|
(7,522) |
|
(16,185) |
|
(23,359) |
Revenue from dispositions |
|
(2,283) |
|
(3,570) |
|
(3,427) |
|
(2,908) |
|
(1,299) |
|
(469) |
Revenue from non-hotel property |
|
(2,843) |
|
(2,880) |
|
(2,012) |
|
(2,127) |
|
(2,043) |
|
(2,503) |
Same Store Hotels Total Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Hotel EBITDA (AHEBITDA) (Actual) (1) |
|
|
|
|
|
|
|
|
|
|
|
|
AHEBITDA from acquisitions |
|
- |
|
(13) |
|
(790) |
|
(2,953) |
|
(6,997) |
|
(10,388) |
AHEBITDA from dispositions |
|
(329) |
|
(1,471) |
|
(1,315) |
|
(935) |
|
(177) |
|
(165) |
AHEBITDA from non-hotel property (2) |
|
796 |
|
(222) |
|
- |
|
- |
|
- |
|
- |
Same Store Hotels AHEBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
| ___________________________ | |
(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 216 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.
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 |
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
45,906 |
|
45,994 |
|
45,498 |
|
45,844 |
|
46,823 |
|
47,715 |
Amortization of favorable and unfavorable operating leases, net |
|
97 |
|
85 |
|
99 |
|
102 |
|
102 |
|
102 |
Interest and other expense, net |
|
16,004 |
|
17,499 |
|
17,470 |
|
17,884 |
|
17,309 |
|
19,370 |
Income tax expense |
|
320 |
|
241 |
|
313 |
|
261 |
|
256 |
|
214 |
EBITDA |
|
95,250 |
|
129,108 |
|
121,892 |
|
84,856 |
|
118,540 |
|
141,332 |
Gain on sale of real estate |
|
- |
|
- |
|
- |
|
- |
|
(17,766) |
|
(449) |
Loss on impairment of depreciable real estate assets |
|
- |
|
- |
|
- |
|
5,644 |
|
- |
|
- |
EBITDAre |
|
95,250 |
|
129,108 |
|
121,892 |
|
90,500 |
|
100,774 |
|
140,883 |
Non-cash straight-line operating ground lease expense |
|
38 |
|
36 |
|
35 |
|
36 |
|
36 |
|
33 |
Adjusted EBITDAre |
|
95,288 |
|
129,144 |
|
121,927 |
|
90,536 |
|
100,810 |
|
140,916 |
General and administrative expense |
|
11,461 |
|
12,100 |
|
11,079 |
|
12,761 |
|
10,584 |
|
11,065 |
Adjusted EBITDAre from non-hotel property (1) |
|
- |
|
- |
|
(845) |
|
(1,559) |
|
(1,601) |
|
(301) |
Adjusted Hotel EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
(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.
The following table reconciles the Company’s GAAP net income to FFO and MFFO for the three and six months ended June 30, 2024 and 2023:
|
|
Three Months Ended
|
|
Six Months Ended
|
||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Net income |
|
|
|
|
|
|
|
|
Depreciation of real estate owned |
|
46,952 |
|
45,229 |
|
93,011 |
|
90,371 |
Gain on sale of real estate |
|
(449) |
|
- |
|
(18,215) |
|
- |
Funds from operations |
|
120,434 |
|
110,518 |
|
202,777 |
|
188,583 |
Amortization of finance ground lease assets |
|
760 |
|
760 |
|
1,519 |
|
1,519 |
Amortization of favorable and unfavorable operating leases, net |
|
102 |
|
85 |
|
204 |
|
182 |
Non-cash straight-line operating ground lease expense |
|
33 |
|
36 |
|
69 |
|
74 |
Modified funds from operations |
|
|
|
|
|
|
|
|
Apple Hospitality REIT, Inc.
2024 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, 2023.
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, 2024:
|
Year Ending December 31, 2024 |
||
|
Low-End |
|
High-End |
Net income |
|
|
|
Depreciation and amortization |
190,000 |
|
187,000 |
Amortization of favorable and unfavorable leases, net |
408 |
|
408 |
Interest and other expense, net |
81,000 |
|
79,000 |
Income tax expense |
700 |
|
1,100 |
EBITDA |
|
|
|
Gain on sale of real estate |
(18,215) |
|
(18,215) |
EBITDAre |
|
|
|
Non-cash straight-line operating ground lease expense |
135 |
|
135 |
Adjusted EBITDAre |
|
|
|
General and administrative expense |
37,500 |
|
42,500 |
AEBITDAre from non-hotel property (1) |
(500) |
|
(2,000) |
Adjusted Hotel EBITDA |
|
|
|
AHEBITDA from acquisitions prior to ownership (2) |
1,882 |
|
1,882 |
AHEBITDA from dispositions |
(342) |
|
(342) |
Comparable Hotels Adjusted Hotel EBITDA |
|
|
|
| ___________________________ | |
(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) June 30, 2024 |
||||||||||||||||||||||||||||||||
|
|
July 1 - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
December 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Market |
|
||||||||
|
|
2024 |
|
|
2025 |
|
|
2026 |
|
|
2027 |
|
|
2028 |
|
|
Thereafter |
|
|
Total |
|
|
Value |
|
||||||||
Total debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Maturities |
|
$ |
109,050 |
|
|
$ |
295,140 |
|
|
$ |
243,649 |
|
|
$ |
278,602 |
|
|
$ |
334,066 |
|
|
$ |
281,948 |
|
|
$ |
1,542,455 |
|
|
$ |
1,501,746 |
|
Average interest rates (1) |
|
|
5.0 |
% |
|
|
5.2 |
% |
|
|
5.4 |
% |
|
|
5.3 |
% |
|
|
4.7 |
% |
|
|
3.9 |
% |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Variable-rate debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Maturities (2) |
|
$ |
85,000 |
|
|
$ |
225,000 |
|
|
$ |
169,000 |
|
|
$ |
275,000 |
|
|
$ |
300,000 |
|
|
$ |
85,000 |
|
|
$ |
1,139,000 |
|
|
$ |
1,137,042 |
|
Average interest rates (1) |
|
|
5.3 |
% |
|
|
5.6 |
% |
|
|
5.9 |
% |
|
|
5.9 |
% |
|
|
5.2 |
% |
|
|
3.6 |
% |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fixed-rate debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Maturities |
|
$ |
24,050 |
|
|
$ |
70,140 |
|
|
$ |
74,649 |
|
|
$ |
3,602 |
|
|
$ |
34,066 |
|
|
$ |
196,948 |
|
|
$ |
403,455 |
|
|
$ |
364,704 |
|
Average interest rates |
|
|
4.1 |
% |
|
|
4.0 |
% |
|
|
4.0 |
% |
|
|
4.1 |
% |
|
|
4.1 |
% |
|
|
4.1 |
% |
|
|
|
|
|
|
||
| ___________________________ | |
(1) |
The average interest rate gives effect to interest rate swaps, as applicable. |
(2) |
On July 17, 2024, the Company amended its unsecured |
Note: See further information on the Company’s indebtedness in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. |
|
Apple Hospitality REIT, Inc. Comparable Hotels Operating Metrics by Market Three Months Ended June 30 (Unaudited) |
|||||||||||||||
Top 20 Markets |
|
|
Occupancy |
|
ADR |
|
RevPAR |
|
% of Adjusted
|
||||||
|
# of Hotels |
|
Q2 2024 |
Q2 2023 |
% Change |
|
Q2 2024 |
Q2 2023 |
% Change |
|
Q2 2024 |
Q2 2023 |
% Change |
|
Q2 2024 |
Top 20 Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 |
|
|
|
( |
|
|
|
|
|
|
|
( |
|
|
|
8 |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
|
4 |
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
|
|
|
( |
|
|
|
( |
|
|
|
( |
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
|
|
|
|
|
|
|
( |
|
|
|
( |
|
|
|
7 |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
|
2 |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
|
4 |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina East |
4 |
|
|
|
( |
|
|
|
( |
|
|
|
( |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
|
|
|
|
|
|
|
( |
|
|
|
( |
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Top 20 Markets |
97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Other Markets |
127 |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio |
224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Six Months Ended June 30 (Unaudited) |
|||||||||||||||
Top 20 Markets |
|
|
Occupancy |
|
ADR |
|
RevPAR |
|
% of Adjusted
|
||||||
|
# of Hotels |
|
YTD 2024 |
YTD 2023 |
% Change |
|
YTD 2024 |
YTD 2023 |
% Change |
|
YTD 2024 |
YTD 2023 |
% Change |
|
YTD 2024 |
Top 20 Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
|
|
|
|
|
|
|
( |
|
|
|
( |
|
|
|
7 |
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
8 |
|
|
|
|
|
|
|
( |
|
|
|
( |
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
|
|
|
|
|
|
|
( |
|
|
|
( |
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
|
|
|
|
|
|
|
( |
|
|
|
( |
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
4 |
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
( |
|
|
|
( |
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
|
|
|
( |
|
|
|
|
|
|
|
( |
|
|
|
3 |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina East |
4 |
|
|
|
( |
|
|
|
( |
|
|
|
( |
|
|
Top 20 Markets |
96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Other Markets |
128 |
|
|
|
|
|
|
|
( |
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio |
224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 June 30 (Unaudited) |
|||||||||||||||
Region |
|
|
Occupancy |
|
ADR |
|
RevPAR |
|
% of Adjusted
|
||||||
|
# of Hotels |
|
Q2 2024 |
Q2 2023 |
% Change |
|
Q2 2024 |
Q2 2023 |
% Change |
|
Q2 2024 |
Q2 2023 |
% Change |
|
Q2 2024 |
STR Region |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
East North Central |
17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
East South Central |
27 |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
Middle Atlantic |
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mountain |
25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New England |
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific |
33 |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
South Atlantic |
53 |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
West North Central |
17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
West South Central |
34 |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio |
224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Region categorization based on STR designation. |
|||||||||||||||
Apple Hospitality REIT, Inc. Comparable Hotels Operating Metrics by Region Six Months Ended June 30 (Unaudited) |
|||||||||||||||
Region |
|
|
Occupancy |
|
ADR |
|
RevPAR |
|
% of Adjusted
|
||||||
|
# of Hotels |
|
YTD 2024 |
YTD 2023 |
% Change |
|
YTD 2024 |
YTD 2023 |
% Change |
|
YTD 2024 |
YTD 2023 |
% Change |
|
YTD 2024 |
STR Region |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
East North Central |
17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
East South Central |
27 |
|
|
|
|
|
|
|
( |
|
|
|
( |
|
|
Middle Atlantic |
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mountain |
25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New England |
6 |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
Pacific |
33 |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
South Atlantic |
53 |
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
West North Central |
17 |
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
West South Central |
34 |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio |
224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Region categorization based on STR designation. |
|||||||||||||||
Apple Hospitality REIT, Inc. Comparable Hotels Operating Metrics by Chain Scale Three Months Ended June 30 (Unaudited) |
|||||||||||||||
Chain Scale/Brand |
|
|
Occupancy |
|
ADR |
|
RevPAR |
|
% of Adjusted
|
||||||
|
# of Hotels |
|
Q2 2024 |
Q2 2023 |
% Change |
|
Q2 2024 |
Q2 2023 |
% Change |
|
Q2 2024 |
Q2 2023 |
% Change |
|
Q2 2024 |
Upscale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AC Hotels |
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aloft |
1 |
|
|
|
( |
|
|
|
|
|
|
|
( |
|
|
Courtyard |
35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hilton Garden Inn |
40 |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
Homewood Suites |
29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hyatt House |
2 |
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
Hyatt Place |
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residence Inn |
30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SpringHill Suites |
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upscale Total |
153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upper Midscale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
|
36 |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
Home2 Suites |
10 |
|
|
|
( |
|
|
|
( |
|
|
|
( |
|
|
TownePlace Suites |
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upper Midscale Total |
65 |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upper Upscale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Embassy Suites |
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marriott |
2 |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
Upper Upscale Total |
6 |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio |
224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Chain scale categorization based on STR designation. |
|||||||||||||||
Apple Hospitality REIT, Inc. Comparable Hotels Operating Metrics by Chain Scale Six Months Ended June 30 (Unaudited) |
|||||||||||||||
Chain Scale/Brand |
|
|
Occupancy |
|
ADR |
|
RevPAR |
|
% of Adjusted
|
||||||
|
# of Hotels |
|
YTD 2024 |
YTD 2023 |
% Change |
|
YTD 2024 |
YTD 2023 |
% Change |
|
YTD 2024 |
YTD 2023 |
% Change |
|
YTD 2024 |
Upscale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AC Hotels |
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aloft |
1 |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
Courtyard |
35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hilton Garden Inn |
40 |
|
|
|
|
|
|
|
( |
|
|
|
( |
|
|
Homewood Suites |
29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hyatt House |
2 |
|
|
|
|
|
|
|
( |
|
|
|
( |
|
|
Hyatt Place |
3 |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
Residence Inn |
30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SpringHill Suites |
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upscale Total |
153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upper Midscale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
|
|
|
|
|
|
|
( |
|
|
|
( |
|
|
|
36 |
|
|
|
|
|
|
|
( |
|
|
|
( |
|
|
Home2 Suites |
10 |
|
|
|
( |
|
|
|
|
|
|
|
( |
|
|
TownePlace Suites |
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upper Midscale Total |
65 |
|
|
|
|
|
|
|
( |
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upper Upscale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Embassy Suites |
4 |
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
Marriott |
2 |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
Upper Upscale Total |
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio |
224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Chain scale categorization based on STR designation. |
|||||||||||||||
Apple Hospitality REIT, Inc. Comparable Hotels Operating Metrics by Location Three Months Ended June 30 (Unaudited) |
|||||||||||||||
Location |
|
|
Occupancy |
|
ADR |
|
RevPAR |
|
% of Adjusted
|
||||||
|
# of Hotels |
|
Q2 2024 |
Q2 2023 |
% Change |
|
Q2 2024 |
Q2 2023 |
% Change |
|
Q2 2024 |
Q2 2023 |
% Change |
|
Q2 2024 |
STR Location |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airport |
18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interstate |
4 |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
Resort |
11 |
|
|
|
( |
|
|
|
|
|
|
|
( |
|
|
Small Metro/Town |
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Suburban |
127 |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
Urban |
55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio |
224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Location categorization based on STR designation. |
|||||||||||||||
Apple Hospitality REIT, Inc. Comparable Hotels Operating Metrics by Location Six Months Ended June 30 (Unaudited) |
|||||||||||||||
Location |
|
|
Occupancy |
|
ADR |
|
RevPAR |
|
% of Adjusted
|
||||||
|
# of Hotels |
|
YTD 2024 |
YTD 2023 |
% Change |
|
YTD 2024 |
YTD 2023 |
% Change |
|
YTD 2024 |
YTD 2023 |
% Change |
|
YTD 2024 |
STR Location |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airport |
18 |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
Interstate |
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resort |
11 |
|
|
|
( |
|
|
|
|
|
|
|
( |
|
|
Small Metro/Town |
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Suburban |
127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Urban |
55 |
|
|
|
|
|
|
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio |
224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Location categorization based on STR designation. |
|||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240804000719/en/
Apple Hospitality REIT, Inc.
Kelly
804-727-6321
kclarke@applereit.com
Source: Apple Hospitality REIT, Inc.
FAQ
What was Apple Hospitality REIT's net income for Q2 2024?
What is the EPS for Apple Hospitality REIT in Q2 2024?
How much did Apple Hospitality REIT repurchase in shares?
What was the change in Comparable Hotels Adjusted Hotel EBITDA Margin?
What is the updated 2024 guidance for Apple Hospitality REIT?
