Welcome to our dedicated page for Apple Hospitality REIT news (Ticker: APLE), a resource for investors and traders seeking the latest updates and insights on Apple Hospitality REIT stock.
Apple Hospitality REIT, Inc. (NYSE: APLE) is a publicly traded real estate investment trust (REIT) that owns and manages one of the largest and most diverse portfolios of upscale, rooms-focused hotels in the United States. The company's portfolio consists of 224 hotels with approximately 29,900 guest rooms situated across 87 markets in 37 states and the District of Columbia. Apple Hospitality's portfolio is heavily concentrated with industry-leading brands, including 101 Marriott-branded hotels, 118 Hilton-branded hotels, and five Hyatt-branded hotels.
The company operates through wholly-owned taxable REIT subsidiaries, which lease all of its hotels from wholly-owned qualified REIT subsidiaries. The properties are managed under separate agreements with various hotel management companies that are unaffiliated with Apple Hospitality. This strategic setup allows the company to generate income primarily from hotel revenue, its sole segment.
Apple Hospitality has demonstrated strong financial performance, achieving significant operating income and maintaining a robust balance sheet. Recent strategic moves include the acquisition of the AC Hotel by Marriott Washington DC Convention Center for approximately $116.8 million and the sale of two hotels in Rogers, Arkansas, for a combined gross sales price of approximately $33.5 million. The company continues to reinvest in its properties, with plans to spend between $75 million and $85 million on capital improvements in 2024.
Apple Hospitality's commitment to providing value to its shareholders is evident in its regular monthly cash distributions. The company's Board of Directors recently declared a monthly distribution of $0.08 per common share, representing an annualized yield of approximately 6.6% based on the current stock price.
The company also maintains a strong focus on sustainability, with initiatives such as the LEED-certified AC Hotel Washington DC Convention Center, which features a green roof system. Apple Hospitality is well-positioned for future growth with a strategic focus on expanding its portfolio through acquisitions in high-demand markets and maintaining financial flexibility.
Apple Hospitality REIT, Inc. (NYSE: APLE) declared a regular monthly cash distribution of
Apple Hospitality REIT, Inc. (NYSE: APLE) has announced a monthly cash distribution of $0.08 per common share for December 2022. This distribution, to be paid on December 15, 2022, is for shareholders on record by December 2, 2022. Based on a closing stock price of $15.97 on November 17, 2022, this equates to an annual yield of approximately 6.0%. The company operates a diverse portfolio of 220 hotels across 37 states, primarily under Marriott and Hilton brands.
Apple Hospitality REIT (NYSE: APLE) reported strong Q3 2022 results, with net income reaching $59.1 million, up 86.2% year-over-year. Net income per share was $0.26, an 85.7% increase compared to the prior year. Adjusted EBITDAre rose 29% to $118.9 million. Key metrics include an Average Daily Rate (ADR) of $157.91, a 12.8% increase from Q3 2021, and occupancy at 75.7%. The company increased monthly distributions from $0.05 to $0.08 per share. Recent acquisitions and refinancing efforts have enhanced liquidity and financial flexibility, positioning the company for future growth.
Apple Hospitality REIT (NYSE: APLE) announced the acquisition of two AC Hotels for a total of $85 million, enhancing its portfolio to 220 hotels with 28,983 rooms across 37 states. The AC Hotel Louisville Downtown was acquired for $51 million, approximately $327,000 per key, while the AC Hotel Pittsburgh Downtown was purchased for $34 million, approximately $254,000 per key. Both hotels are strategically located to capitalize on business and leisure demand, with recent performance exceeding pre-pandemic levels.
Apple Hospitality REIT, Inc. (NYSE: APLE) has increased its monthly cash distribution from $0.07 to $0.08 per common share, effective November 2022. The distribution is payable on November 15, 2022, to shareholders of record as of November 2, 2022. With a closing stock price of $16.10 on October 19, 2022, this new annualized distribution yields approximately 6.0%. CEO Justin Knight expressed optimism about the company’s recovery and strong portfolio, indicating confidence in travel demand and shareholder returns.
Apple Hospitality REIT, Inc. (NYSE: APLE) announced a monthly cash distribution of $0.07 per common share for October 2022, payable on October 17, 2022. This distribution reflects an annual yield of approximately 5.3% based on the stock's closing price of $15.88 on September 19, 2022. The Company operates a diverse portfolio of 218 hotels across 36 states, representing leading brands such as Marriott and Hilton. The Company also cautioned about ongoing risks from the COVID-19 pandemic affecting its business and financial performance.
Apple Hospitality REIT, Inc. (NYSE: APLE) will report its third quarter 2022 financial results after market close on November 7, 2022. A conference call is scheduled for November 8, 2022, at 10:00 a.m. ET to discuss these results. Investors can access the call via telephone or through a live webcast on the company's website. A replay will be available shortly after the call until November 29, 2022. The company operates a diverse portfolio of 218 hotels across 36 states, primarily branded by Marriott and Hilton.
Apple Hospitality REIT (NYSE: APLE) announced an increase in its monthly cash distributions from $0.05 to $0.07 per common share, effective September 2022. The monthly cash distribution will be payable on September 15, 2022, to shareholders of record as of September 2, 2022. This new annualized distribution of $0.84 per share reflects an approximate annual yield of 4.9%. CEO Justin Knight highlighted the strong performance exceeding expectations and the strategic focus on maximizing shareholder value, positioning the company for growth despite ongoing uncertainties in the hospitality sector.
Apple Hospitality REIT (NYSE: APLE) reported impressive second-quarter results for 2022, with net income rising to $65.3 million, a 222.2% increase year-over-year. Adjusted EBITDAre also surged by 46.1% to $126.2 million. Earnings per share reached $0.29, reflecting strong operational performance driven by robust leisure demand and improving business travel. The company maintained high occupancy rates of 77.9% and achieved a record Average Daily Rate (ADR) of $153.35. Additionally, Apple Hospitality enhanced its financial flexibility by amending its credit facility, increasing borrowing capacity to $1.2 billion.
Apple Hospitality REIT, Inc. (NYSE: APLE) announced the successful refinancing of its primary unsecured credit facility, increasing the total facility from $850 million to approximately $1.2 billion. This move extends the maturity schedule and enhances pricing terms, providing greater liquidity for growth. The facility includes term loans and a revolving credit option, with a potential increase to $1.5 billion. CFO Liz Perkins emphasized that this positions the company well for shareholder value enhancement despite macroeconomic uncertainties.
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