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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Apple Hospitality REIT Inc | NYSE:APLE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.11 | -0.75% | 14.61 | 14.91 | 14.55 | 14.79 | 2,484,459 | 01:00:00 |
Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple Hospitality”) today announced results of operations for the fourth quarter and full year ended December 31, 2020.
Apple Hospitality REIT, Inc.
Selected Statistical and Financial Data
As of and For the Three Months and Year Ended December 31
(Unaudited) (in thousands, except statistical and per share amounts)(1)
Three Months Ended Year Ended December 31, December 31,
2020
2019
% Change
2020
2019
% Change
Net income (loss)$
(51,247)
$
25,453
n/m
$
(173,207)
$
171,917
n/m
Net income (loss) per share$
(0.23)
$
0.11
n/m
$
(0.77)
$
0.77
n/m
Adjusted EBITDAre$
16,196
$
86,110
(81.2%)
$
92,611
$
428,785
(78.4%)
Comparable Hotels Adjusted Hotel EBITDA$
23,035
$
94,685
(75.7%)
$
120,732
$
454,280
(73.4%)
Comparable Hotels Adjusted Hotel EBITDA Margin %
17.3%
33.3%
(1,600 bps)
20.2%
36.7%
(1,650 bps)
Modified funds from operations (MFFO)$
(2,475)
$
70,604
n/m
$
20,437
$
365,921
(94.4%)
MFFO per share$
(0.01)
$
0.32
n/m
$
0.09
$
1.63
(94.5%)
Average Daily Rate (ADR) (Actual)$
97.87
$
131.41
(25.5%)
$
111.49
$
137.30
(18.8%)
Occupancy (Actual)
46.5%
72.9%
(36.2%)
46.1%
77.0%
(40.1%)
Revenue Per Available Room (RevPAR) (Actual)$
45.46
$
95.85
(52.6%)
$
51.34
$
105.72
(51.4%)
Comparable Hotels ADR$
97.91
$
131.79
(25.7%)
$
111.62
$
138.09
(19.2%)
Comparable Hotels Occupancy
46.4%
72.9%
(36.4%)
46.0%
77.1%
(40.3%)
Comparable Hotels RevPAR$
45.44
$
96.12
(52.7%)
$
51.33
$
106.45
(51.8%)
Cash and cash equivalents$
5,556
$
-
n/a
Total debt outstanding$
1,488,570
Total debt outstanding, net of cash and cash equivalents$
1,483,014
Total debt outstanding, net of cash and cash equivalents, to total capitalization (2)
34.0%
_______________ Note: n/m = not meaningful.
(1)
Explanations of and reconciliations to net income (loss) determined in accordance with generally accepted accounting principles ("GAAP") of non-GAAP financial measures, Adjusted EBITDAre, Comparable Hotels Adjusted Hotel EBITDA and MFFO, are included below.(2)
Total debt outstanding, net of cash and cash equivalents ("net total debt outstanding"), divided by net total debt outstanding plus equity market capitalization based on the Company’s closing share price of $12.91 on December 31, 2020.Comparable Hotels is defined as the 233 hotels owned and held for use by the Company as of December 31, 2020. 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, “The challenges brought by the COVID-19 pandemic significantly altered the trajectory of 2020 and meaningfully impacted travel and the hotel industry beginning in March of last year. With the efficient operations, broad consumer appeal and market diversification of our portfolio of rooms-focused hotels and the tireless efforts of our corporate and property management teams, we were able to keep our hotels open, adjust our operating model, reduce property-level expenses and enhance our sales efforts to capture existing demand and maximize performance during the most difficult year on record for the hotel industry. We were first among publicly traded lodging REITs to return to positive cash flow in 2020 and are pleased to report Adjusted EBITDAre of approximately $93 million and MFFO of approximately $20 million for the full year. The pandemic’s impact on travel has forced us to rethink every aspect of our business, concentrating on the services and amenities that our guests value most, and we are focused on enhancing our stabilized operating model to become even more efficient over time.”
Mr. Knight continued, “As we transition from the traditionally slower travel months at year end, we are encouraged by the improving occupancy trends we have seen across our portfolio in January and February. While we have limited visibility, we anticipate domestic leisure travel will drive performance early in the year and business travel, led initially by local and regional business demand, will improve over the course of 2021. Our outperformance during these unprecedented times is a testament to the strength of our underlying strategy and low-levered balance sheet and has preserved our capacity to pursue accretive opportunities in the early stages of a recovery. We remain intently focused on maximizing long-term value for our shareholders and are confident we are well positioned as travel continues to recover.”
Operations Update
The following table highlights the Company’s performance during the fourth quarter of 2020, amid the COVID-19 pandemic, as compared to the fourth quarter of 2019 (in thousands, except statistical data):
Three Three October November December Months Ended October November December Months Ended
2020
2020
2020
December 31, 2020
2019
2019
2019
December 31, 2019
ADR$
101.94
$
97.77
$
92.55
$
97.87
$
139.07
$
130.85
$
122.20
$
131.41
Occupancy
53.7%
45.3%
40.3%
46.5%
81.6%
73.7%
63.5%
72.9%
RevPAR$
54.76
$
44.27
$
37.32
$
45.46
$
113.43
$
96.49
$
77.61
$
95.85
Adjusted Hotel EBITDA (1)$
14,748
$
6,703
$
1,845
$
23,296
$
44,707
$
31,720
$
20,409
$
96,836
_______________
(1)
See explanation and reconciliation of Adjusted Hotel EBITDA to net income (loss) included below.
The Company, its third-party management companies and the brands the Company’s hotels are franchised with have aggressively worked to mitigate costs and uses of cash associated with operating the Company’s hotels in a low-occupancy environment and are thoughtfully working to position the hotels to adapt to changes in guest preferences that may occur in the future. The operational impact of the COVID-19 pandemic has varied and will continue to vary by market and hotel. With the support of its brands and third-party management companies, the Company will continue to rethink brand standards, refine its operating model at various occupancy levels, and allocate capital to maximize long-term profitability.
Portfolio Activity
Acquisitions
In 2020, as previously announced, Apple Hospitality acquired four newly developed hotels with an aggregate of 483 guest rooms, all of which were contracted for in 2018, for a total purchase price of approximately $111 million.
In February 2021, the Company closed on the purchase of the newly developed 176-room Hilton Garden Inn in Madison, Wisconsin, which was contracted for in 2019, for a total purchase price of approximately $50 million.
Dispositions and Contract for Potential Disposition
In 2020, Apple Hospitality sold three hotels with an aggregate of 421 guest rooms for a combined gross sales price of approximately $55 million, including the 86-room Hampton Inn by Hilton in Tulare, California, which was sold during the fourth quarter for a gross sales price of approximately $10 million. The Company’s 2020 dispositions resulted in a combined gain on sale of approximately $11 million.
In October 2020, the Company entered into a contract for the sale of its 118-room Homewood Suites by Hilton in Charlotte, North Carolina, for a gross sales price of approximately $10 million. Although the Company is working towards the sale of this hotel, there are many conditions to closing that have not yet been satisfied and there can be no assurance that a closing on this hotel will occur. If the closing occurs, the sale is expected to be completed in the first quarter of 2021, and the Company expects to recognize a gain upon completion of the sale.
Capital Improvements
During the year ended December 31, 2020, the Company invested approximately $38 million in capital expenditures, which was approximately $50 million less than originally planned as the Company postponed all planned non-essential capital improvements after March 2020 in order to maintain a sound liquidity position as a result of COVID-19. The Company anticipates investing approximately $25 million to $30 million in capital improvements during 2021, depending in part on the pace of economic recovery.
Balance Sheet and Liquidity
Summary
As of December 31, 2020, Apple Hospitality had approximately $1.5 billion of total outstanding debt with a current combined weighted-average interest rate of approximately 3.9%, cash on hand of approximately $6 million and availability under its revolving credit facility of approximately $319 million. Excluding unamortized debt issuance costs and fair value adjustments, the Company’s total outstanding debt is comprised of approximately $513 million in property-level debt secured by 33 hotels and approximately $976 million outstanding on its unsecured credit facilities. The Company’s total debt to total capitalization, net of cash and cash equivalents at December 31, 2020, was approximately 34%. As of December 31, 2020, the Company’s weighted-average debt maturities are 4 years, with approximately $51 million, net of reserves, maturing in 2021.
Unsecured Credit Facilities Amendments
As a result of COVID-19 and the associated disruption to the Company’s operating results, the Company anticipated that it may not be able to maintain compliance with certain covenants under its unsecured credit facilities in future periods. As a result, on June 5, 2020, the Company entered into amendments to each of its unsecured credit facilities to temporarily waive the financial covenant testing under each of its unsecured credit facilities until the date the compliance certificate is required to be delivered for the fiscal quarter ending June 30, 2021 (the “Covenant Waiver Period”), unless the Company elects an earlier date. As of December 31, 2020, the Company was in compliance with the applicable covenants of the credit agreements as amended. However, as a result of the continued disruption from COVID-19 and the related uncertainty on the Company’s operating results, the Company anticipates that it could potentially not be in compliance with certain of the covenants as amended in future periods if the existing Covenant Waiver Period is not further extended. In January 2021, the Company notified lenders under its credit facilities of the anticipated potential non-compliance with certain covenants and anticipates entering into amendments to each of the credit facilities to extend the waiver period for the testing of all but two of its financial maintenance covenants through March 31, 2022. The waiver period for the testing of the ratio of Adjusted Consolidated EBITDA to Consolidated Fixed Charges and the ratio of Unencumbered Adjusted NOI to Consolidated Implied Interest Expense for Consolidated Unsecured Indebtedness is anticipated to be extended through December 31, 2021. The Company anticipates that the conditions to obtaining the waivers that currently apply during the Covenant Waiver Period, as implemented in the June 2020 amendments, will generally continue to apply during the extended covenant waiver period described above, including restrictions on the amount of the Company’s distributions, capital expenditures, share repurchases and acquisitions, but the Company anticipates that the amendments will provide additional flexibility regarding certain of the conditions relative to the current restrictions, including an increased allowance for acquiring unencumbered assets through either proceeds from unencumbered asset sales or equity issuances. The Company also anticipates that the anticipated amendments will provide for less restrictive thresholds for certain financial covenant ratios once covenant testing recommences at the end of the extended covenant waiver period for a transitional period. As part of the amendments, the interest rate under each of its credit facilities is expected to increase 15 basis points during the extended covenant waiver period. Although the Company is close to finalizing these amendments and anticipates completing them in the near future, the amendments have not yet been finalized and the final terms could change. Thus, no assurances can be given as to the final terms of the amendments or that the Company will be able to complete the amendments.
Capital Markets
Apple Hospitality terminated its written trading plan under its Share Repurchase Program in March 2020 and did not engage in additional repurchases under the Share Repurchase Program during the balance of 2020. Prior to the Company’s termination of its written trading plan under its Share Repurchase Program, the Company repurchased approximately 1.5 million of its common shares for an aggregate purchase price of approximately $14.3 million during the first quarter of 2020. As of December 31, 2020, the Company had approximately $345 million remaining under its share repurchase authorization. The Share Repurchase Program may be suspended or terminated at any time by the Company and will end in July 2021 if not terminated earlier. Share repurchases are subject to certain restrictions during the Covenant Waiver Period, and the Company does not anticipate utilizing the Share Repurchase Program during the Covenant Waiver Period.
In August 2020, the Company entered into an equity distribution agreement pursuant to which the Company may sell, from time to time, up to an aggregate of $300 million of its common shares under an at-the-market offering program (the “ATM Program”). As of December 31, 2020, the Company had not sold any common shares under the ATM Program.
Shareholder Distributions
In March 2020, as a result of COVID-19 and the impact on the Company’s business, the Company suspended its monthly distributions, with the last distribution paid March 16, 2020. The Company paid distributions of approximately $0.30 per common share for the full year ended December 31, 2020. The Company’s Board of Directors, in consultation with management, will continue to monitor hotel operations and intends to resume distributions at a time and level determined to be prudent in relation to the Company’s other cash requirements or in order to maintain its REIT status for federal income tax purposes, subject to the distribution restrictions as a condition to the amendments to the Company’s unsecured credit facilities during the Covenant Waiver Period.
2021 Outlook
In light of uncertainties related to the ongoing COVID-19 pandemic, the Company does not expect to issue 2021 operational guidance until it has greater visibility into more predictable operating fundamentals and trends. The Company is providing the following guidance on certain corporate expenses, which is based on management’s current view and does not take into account any unanticipated developments in its business or changes in its operating environment:
Fourth Quarter and Full Year 2020 Earnings Conference Call
The Company will host a quarterly conference call for investors and interested parties at 10 a.m. Eastern Time on Wednesday, February 24, 2021. The conference call will be accessible by telephone and the internet. To access the call, participants from within the U.S. should dial 877-407-9039, and participants from outside the U.S. should dial 201-689-8470. Participants may also access the call via live webcast by visiting the Investor Information section of the Company's website at ir.applehospitalityreit.com. A replay of the call will be available from approximately 1:00 p.m. Eastern Time on February 24, 2021, through 11:59 p.m. Eastern Time on March 17, 2021. To access the replay, the domestic dial-in number is 844-512-2921, the international dial-in number is 412-317-6671, and the passcode is 13714678. The archive of the webcast will be available on the Company's website for a limited time.
About Apple Hospitality REIT, Inc.
Apple Hospitality REIT, Inc. (NYSE: APLE) is a publicly traded real estate investment trust (“REIT”) that owns one of the largest and most diverse portfolios of upscale, rooms-focused hotels in the United States. Apple Hospitality’s portfolio consists of 235 hotels with more than 30,100 guest rooms located in 88 markets throughout 35 states. Concentrated with industry-leading brands, the Company’s portfolio consists of 104 Marriott-branded hotels, 126 Hilton-branded hotels, three Hyatt-branded hotels and two independent hotels. For more information, please visit www.applehospitalityreit.com.
Apple Hospitality REIT Non-GAAP Financial Measures
The Company considers the following non-GAAP financial measures useful to investors as key supplemental measures of its operating performance: Funds from Operations (“FFO”); Modified FFO (“MFFO”); Earnings Before Interest, Income Taxes, Depreciation and Amortization (“EBITDA”); Earnings Before Interest, Income Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”); Adjusted EBITDAre (“Adjusted EBITDAre”); and Adjusted Hotel EBITDA (“Adjusted Hotel EBITDA”). These non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss), cash flow from operations or any other operating GAAP measure. FFO, MFFO, EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted Hotel EBITDA are not necessarily indicative of funds available to fund the Company’s cash needs, including its ability to make cash distributions. Although FFO, MFFO, EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted Hotel EBITDA, as calculated by the Company, may not be comparable to FFO, MFFO, EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted Hotel EBITDA, as reported by other companies that do not define such terms exactly as the Company defines such terms, the Company believes these supplemental measures are useful to investors when comparing the Company’s results between periods and with other REITs. Reconciliations of these non-GAAP financial measures to net income (loss) are provided in the following pages.
Forward-Looking Statements Disclaimer
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are typically identified by use of statements that include phrases such as “may,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “target,” “goal,” “plan,” “should,” “will,” “predict,” “potential,” “outlook,” “strategy,” and similar expressions that convey the uncertainty of future events or outcomes. Such statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.
Currently, one of the most significant factors that could cause actual outcomes to differ materially from the Company’s forward-looking statements continues to be the adverse effect of COVID-19, including resurgences and new variants, on the Company’s business, financial performance and condition, operating results and cash flows, the real estate market and the hospitality industry specifically, and the global economy and financial markets generally. The significance, extent and duration of the continued impacts caused by the COVID-19 outbreak on the Company will depend on future developments, which are highly uncertain and cannot be predicted with confidence at this time, including the scope, severity and duration of the pandemic, the extent and effectiveness of the actions taken to contain the pandemic or mitigate its impact, the Company’s ability to complete the anticipated amendments to its credit facilities on the terms and timing anticipated, or at all, the speed of the vaccine roll-out, the efficacy, acceptance and availability of vaccines, the duration of associated immunity and efficacy of the vaccines against emerging variants of COVID-19, the potential for additional hotel closures/consolidations that may be mandated or advisable, whether based on increased COVID-19 cases, new variants or other factors, the slowing or rollback of “reopenings” in certain states, and the direct and indirect economic effects of the pandemic and containment measures, among others. Moreover, investors are cautioned to interpret many of the risks identified under the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 as being heightened as a result of the ongoing and numerous adverse impacts of COVID-19. Such additional factors include, but are not limited to, the ability of the Company to effectively acquire and dispose of properties; the ability of the Company to successfully integrate pending transactions and implement its operating strategy; changes in general political, economic and competitive conditions and specific market conditions; reduced business and leisure travel due to travel-related health concerns, including the widespread outbreak of COVID-19 or an increase in COVID-19 cases or any other infectious or contagious diseases in the U.S. or abroad; adverse changes in the real estate and real estate capital markets; financing risks; changes in interest rates; litigation risks; regulatory proceedings or inquiries; and changes in laws or regulations or interpretations of current laws and regulations that impact the Company’s business, assets or classification as a REIT. Although the Company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore there can be no assurance that such statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the results or conditions described in such statements or the objectives and plans of the Company will be achieved. In addition, the Company’s qualification as a REIT involves the application of highly technical and complex provisions of the Internal Revenue Code of 1986, as amended. Readers should carefully review the risk factors described in the Company’s filings with the Securities and Exchange Commission, including but not limited to those discussed in the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. Any forward-looking statement that the Company makes speaks only as of the date of this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements or cautionary factors, as a result of new information, future events, or otherwise, except as required by law.
For additional information or to receive press releases by email, visit www.applehospitalityreit.com.
Apple Hospitality REIT, Inc. Consolidated Balance Sheets (in thousands, except share data)December 31,
December 31,
2020
2019
Assets Investment in real estate, net of accumulated depreciation and amortization of $1,235,698 and $1,054,429, respectively$
4,732,896
$
4,825,738
Assets held for sale
5,316
12,093
Cash and cash equivalents
5,556
-
Restricted cash-furniture, fixtures and other escrows
28,812
34,661
Due from third party managers, net
22,137
26,926
Other assets, net
35,042
42,993
Total Assets
$
4,829,759
$
4,942,411
Liabilities Debt, net
$
1,482,571
$
1,320,407
Finance lease liabilities
219,981
216,627
Accounts payable and other liabilities
97,860
114,364
Total Liabilities
1,800,412
1,651,398
Shareholders' Equity Preferred stock, authorized 30,000,000 shares; none issued and outstanding
-
-
Common stock, no par value, authorized 800,000,000 shares; issued and outstanding 223,212,346 and 223,862,913 shares, respectively
4,488,419
4,493,763
Accumulated other comprehensive loss
(42,802
)
(4,698
)
Distributions greater than net income
(1,416,270
)
(1,198,052
)
Total Shareholders' Equity
3,029,347
3,291,013
Total Liabilities and Shareholders' Equity
$
4,829,759
$
4,942,411
____________________
Note: The Consolidated Balance Sheets and corresponding footnotes can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
Apple Hospitality REIT, Inc. Consolidated Statements of Operations and Comprehensive Income (Loss) (in thousands, except per share data) Three Months Ended Year Ended December 31, (Unaudited) December 31,2020
2019
2020
2019
Revenues: Room$
125,562
$
265,208
$
560,485
$
1,167,203
Food and beverage
2,333
15,029
16,719
59,815
Other
6,070
9,734
24,675
39,579
Total revenue
133,965
289,971
601,879
1,266,597
Expenses: Hotel operating expense: Operating
35,239
75,986
156,099
312,449
Hotel administrative
14,394
25,307
68,473
103,895
Sales and marketing
13,486
27,800
61,003
116,089
Utilities
7,947
9,463
33,412
40,598
Repair and maintenance
10,104
13,358
37,087
52,695
Franchise fees
5,871
12,491
26,387
54,862
Management fees
4,392
9,779
19,817
43,828
Total hotel operating expense
91,433
174,184
402,278
724,416
Property taxes, insurance and other
19,418
19,028
78,238
77,498
General and administrative
7,100
10,726
29,374
36,210
Loss on impairment of depreciable real estate assets
715
-
5,097
6,467
Depreciation and amortization
50,196
49,294
199,786
193,240
Total expense
168,862
253,232
714,773
1,037,831
Gain on sale of real estate
2,069
3,969
10,854
5,021
Operating income (loss)
(32,828
)
40,708
(102,040
)
233,787
Interest and other expense, net
(18,352
)
(15,081
)
(70,835
)
(61,191
)
Income (loss) before income taxes
(51,180
)
25,627
(172,875
)
172,596
Income tax expense
(67
)
(174
)
(332
)
(679
)
Net income (loss)$
(51,247
)
$
25,453
$
(173,207
)
$
171,917
Other comprehensive income (loss): Interest rate derivatives
5,518
5,653
(38,104
)
(14,704
)
Comprehensive income (loss)$
(45,729
)
$
31,106
$
(211,311
)
$
157,213
Basic and diluted net income (loss) per common share
$
(0.23
)
$
0.11
$
(0.77
)
$
0.77
Weighted average common shares outstanding - basic and diluted
223,316
223,906
223,544
223,910
____________________
Note: The Consolidated Statements of Operations and Comprehensive Income (Loss) and corresponding footnotes can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
Apple Hospitality REIT, Inc. Comparable Hotels Operating Metrics and Statistical Data (Unaudited) (in thousands, except statistical data) Three Months Ended Year Ended December 31, December 31,
2020
2019
% Change
2020
2019
% Change
Total revenue$
132,998
$
283,950
(53.2%)
$
596,972
$
1,237,149
(51.7%)
Total operating expenses
109,963
189,265
(41.9%)
476,240
782,869
(39.2%)
Adjusted Hotel EBITDA
$
23,035
$
94,685
(75.7%)
$
120,732
$
454,280
(73.4%)
Adjusted Hotel EBITDA Margin %
17.3
%
33.3
%
(1,600 bps)
20.2
%
36.7
%
(1,650 bps)
ADR (Comparable Hotels)
$
97.91
$
131.79
(25.7%)
$
111.62
$
138.09
(19.2%)
Occupancy (Comparable Hotels)
46.4
%
72.9
%
(36.4%)
46.0
%
77.1
%
(40.3%)
RevPAR (Comparable Hotels)$
45.44
$
96.12
(52.7%)
$
51.33
$
106.45
(51.8%)
ADR (Actual)
$
97.87
$
131.41
(25.5%)
$
111.49
$
137.30
(18.8%)
Occupancy (Actual)
46.5
%
72.9
%
(36.2%)
46.1
%
77.0
%
(40.1%)
RevPAR (Actual)$
45.46
$
95.85
(52.6%)
$
51.34
$
105.72
(51.4%)
Reconciliation to Actual Results Total Revenue (Actual)$
133,965
$
289,971
$
601,879
$
1,266,597
Revenue from acquisitions prior to ownership
-
73
-
3,363
Revenue from dispositions/assets held for sale
(967
)
(6,094
)
(4,907
)
(32,811
)
Comparable Hotels Total Revenue$
132,998
$
283,950
$
596,972
$
1,237,149
Adjusted Hotel EBITDA (AHEBITDA) (Actual)
$
23,296
$
96,836
$
121,985
$
464,995
AHEBITDA from acquisitions prior to ownership
-
(1
)
-
613
AHEBITDA from dispositions/assets held for sale
(261
)
(2,150
)
(1,253
)
(11,328
)
Comparable Hotels AHEBITDA$
23,035
$
94,685
$
120,732
$
454,280
____________________
Note: Comparable Hotels is defined as the 233 hotels owned and held for use by the Company as of December 31, 2020. For hotels acquired during the periods noted, the Company has included, as applicable, results of those hotels for periods prior to the Company's ownership, and for dispositions, results have been excluded for the Company's period of ownership. Results for periods prior to the Company's ownership have not been included in the Company's actual Consolidated Financial Statements and are included only for comparison purposes. Results included for periods prior to the Company's ownership are based on information from the prior owner of each hotel and have not been audited or adjusted.
Reconciliation of net income (loss) to non-GAAP financial measures is included in the following pages.
Apple Hospitality REIT, Inc. Comparable Hotels Quarterly Operating Metrics and Statistical Data (Unaudited) (in thousands, except statistical data) Three Months Ended 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020 9/30/2020 12/31/2020 Total revenue$
291,934
$
335,181
$
326,084
$
283,950
$
235,658
$
80,509
$
147,807
$
132,998
Total operating expenses
187,449
202,618
203,537
189,265
173,057
79,810
113,410
109,963
Adjusted Hotel EBITDA
$
104,485
$
132,563
$
122,547
$
94,685
$
62,601
$
699
$
34,397
$
23,035
Adjusted Hotel EBITDA Margin %
35.8
%
39.5
%
37.6
%
33.3
%
26.6
%
0.9
%
23.3
%
17.3
%
ADR (Comparable Hotels)$
137.65
$
142.26
$
140.04
$
131.79
$
132.82
$
100.93
$
104.90
$
97.91
Occupancy (Comparable Hotels)
74.1
%
81.5
%
79.9
%
72.9
%
60.8
%
28.2
%
48.5
%
46.4
%
RevPAR (Comparable Hotels)$
101.94
$
115.91
$
111.82
$
96.12
$
80.81
$
28.43
$
50.92
$
45.44
ADR (Actual)
$
136.36
$
141.60
$
139.21
$
131.41
$
132.55
$
100.76
$
104.78
$
97.87
Occupancy (Actual)
73.9
%
81.4
%
79.9
%
72.9
%
60.9
%
28.2
%
48.6
%
46.5
%
RevPAR (Actual)$
100.71
$
115.30
$
111.17
$
95.85
$
80.66
$
28.44
$
50.94
$
45.46
Reconciliation to Actual Results Total Revenue (Actual)
$
303,787
$
341,117
$
331,722
$
289,971
$
238,010
$
81,078
$
148,826
$
133,965
Revenue from acquisitions prior to ownership
1,817
798
675
73
-
-
-
-
Revenue from dispositions/assets held for sale
(13,670
)
(6,734
)
(6,313
)
(6,094
)
(2,352
)
(569
)
(1,019
)
(967
)
Comparable Hotels Total Revenue$
291,934
$
335,181
$
326,084
$
283,950
$
235,658
$
80,509
$
147,807
$
132,998
Adjusted Hotel EBITDA (AHEBITDA) (Actual)
$
108,804
$
134,759
$
124,596
$
96,836
$
63,297
$
704
$
34,688
$
23,296
AHEBITDA from acquisitions prior to ownership
391
166
57
(1
)
-
-
-
-
AHEBITDA from dispositions/assets held for sale
(4,710
)
(2,362
)
(2,106
)
(2,150
)
(696
)
(5
)
(291
)
(261
)
Comparable Hotels AHEBITDA$
104,485
$
132,563
$
122,547
$
94,685
$
62,601
$
699
$
34,397
$
23,035
___________________
Note: Comparable Hotels is defined as the 233 hotels owned and held for use by the Company as of December 31, 2020. For hotels acquired during the periods noted, the Company has included, as applicable, results of those hotels for periods prior to the Company's ownership, and for dispositions, results have been excluded for the Company's period of ownership. Results for periods prior to the Company's ownership have not been included in the Company's actual Consolidated Financial Statements and are included only for comparison purposes. Results included for periods prior to the Company's ownership are based on information from the prior owner of each hotel and have not been audited or adjusted.
Reconciliation of net income (loss) to non-GAAP financial measures is included in the following pages.
Apple Hospitality REIT, Inc. Same Store Hotels Operating Metrics and Statistical Data (Unaudited) (in thousands, except statistical data)Three Months Ended
Year Ended
December 31,
December 31,
2020
2019
% Change
2020
2019
% Change
Total revenue$
129,964
$
280,556
(53.7%)
$
587,722
$
1,224,196
(52.0%)
Total operating expenses
107,015
186,866
(42.7%)
467,582
773,794
(39.6%)
Adjusted Hotel EBITDA
$
22,949
$
93,690
(75.5%)
$
120,140
$
450,402
(73.3%)
Adjusted Hotel EBITDA Margin %
17.7
%
33.4
%
(1,570 bps)
20.4
%
36.8
%
(1,640 bps)
ADR (Same Store Hotels)
$
98.10
$
131.86
(25.6%)
$
111.72
$
138.15
(19.1%)
Occupancy (Same Store Hotels)
46.6
%
72.9
%
(36.1%)
46.2
%
77.1
%
(40.1%)
RevPAR (Same Store Hotels)$
45.67
$
96.12
(52.5%)
$
51.56
$
106.53
(51.6%)
ADR (Actual)
$
97.87
$
131.41
(25.5%)
$
111.49
$
137.30
(18.8%)
Occupancy (Actual)
46.5
%
72.9
%
(36.2%)
46.1
%
77.0
%
(40.1%)
RevPAR (Actual)$
45.46
$
95.85
(52.6%)
$
51.34
$
105.72
(51.4%)
Reconciliation to Actual Results Total Revenue (Actual)$
133,965
$
289,971
$
601,879
$
1,266,597
Revenue from acquisitions
(3,034
)
(3,321
)
(9,250
)
(9,590
)
Revenue from dispositions/assets held for sale
(967
)
(6,094
)
(4,907
)
(32,811
)
Same Store Hotels Total Revenue$
129,964
$
280,556
$
587,722
$
1,224,196
Adjusted Hotel EBITDA (AHEBITDA) (Actual)
$
23,296
$
96,836
$
121,985
$
464,995
AHEBITDA from acquisitions
(86
)
(996
)
(592
)
(3,265
)
AHEBITDA from dispositions/assets held for sale
(261
)
(2,150
)
(1,253
)
(11,328
)
Same Store Hotels AHEBITDA$
22,949
$
93,690
$
120,140
$
450,402
____________________
Note: Same Store Hotels is defined as the 226 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.
Reconciliation of net income (loss) to non-GAAP financial measures is included in the following pages.
Apple Hospitality REIT, Inc. Same Store Hotels Quarterly Operating Metrics and Statistical Data (Unaudited) (in thousands, except statistical data)Three Months Ended
3/31/2019
6/30/2019
9/30/2019
12/31/2019
3/31/2020
6/30/2020
9/30/2020
12/31/2020
Total revenue$
289,413
$
331,647
$
322,580
$
280,556
$
232,480
$
79,594
$
145,684
$
129,964
Total operating expenses
185,567
200,231
201,130
186,866
170,786
78,532
111,249
107,015
Adjusted Hotel EBITDA
$
103,846
$
131,416
$
121,450
$
93,690
$
61,694
$
1,062
$
34,435
$
22,949
Adjusted Hotel EBITDA Margin %
35.9
%
39.6
%
37.6
%
33.4
%
26.5
%
1.3
%
23.6
%
17.7
%
ADR (Same Store Hotels)$
137.58
$
142.33
$
140.18
$
131.86
$
132.75
$
101.00
$
104.99
$
98.10
Occupancy (Same Store Hotels)
74.1
%
81.6
%
79.9
%
72.9
%
60.8
%
28.3
%
49.0
%
46.6
%
RevPAR (Same Store Hotels)$
101.94
$
116.08
$
111.96
$
96.12
$
80.68
$
28.58
$
51.39
$
45.67
ADR (Actual)
$
136.36
$
141.60
$
139.21
$
131.41
$
132.55
$
100.76
$
104.78
$
97.87
Occupancy (Actual)
73.9
%
81.4
%
79.9
%
72.9
%
60.9
%
28.2
%
48.6
%
46.5
%
RevPAR (Actual)$
100.71
$
115.30
$
111.17
$
95.85
$
80.66
$
28.44
$
50.94
$
45.46
Reconciliation to Actual Results Total Revenue (Actual)
$
303,787
$
341,117
$
331,722
$
289,971
$
238,010
$
81,078
$
148,826
$
133,965
Revenue from acquisitions
(704
)
(2,736
)
(2,829
)
(3,321
)
(3,178
)
(915
)
(2,123
)
(3,034
)
Revenue from dispositions/assets held for sale
(13,670
)
(6,734
)
(6,313
)
(6,094
)
(2,352
)
(569
)
(1,019
)
(967
)
Same Store Hotels Total Revenue$
289,413
$
331,647
$
322,580
$
280,556
$
232,480
$
79,594
$
145,684
$
129,964
Adjusted Hotel EBITDA (AHEBITDA) (Actual)
$
108,804
$
134,759
$
124,596
$
96,836
$
63,297
$
704
$
34,688
$
23,296
AHEBITDA from acquisitions
(248
)
(981
)
(1,040
)
(996
)
(907
)
363
38
(86
)
AHEBITDA from dispositions/assets held for sale
(4,710
)
(2,362
)
(2,106
)
(2,150
)
(696
)
(5
)
(291
)
(261
)
Same Store Hotels AHEBITDA$
103,846
$
131,416
$
121,450
$
93,690
$
61,694
$
1,062
$
34,435
$
22,949
____________________
Note: Same Store Hotels is defined as the 226 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.
Reconciliation of net income (loss) to non-GAAP financial measures is included in the following pages.
Apple Hospitality REIT, Inc. Reconciliation of Net Income (Loss) to EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted Hotel EBITDA (Unaudited) (in thousands)
EBITDA is a commonly used measure of performance in many industries and is defined as net income (loss) excluding interest, income taxes, depreciation and amortization. The Company believes EBITDA is useful to investors because it helps the Company and its investors evaluate the ongoing operating performance of the Company by removing the impact of its capital structure (primarily interest expense) and its asset base (primarily depreciation and amortization). In addition, certain covenants included in the agreements governing the Company’s indebtedness use EBITDA, as defined in the specific credit agreement, as a measure of financial compliance.
In addition to EBITDA, the Company also calculates and presents EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts (“Nareit”), which defines EBITDAre as EBITDA, excluding gains and losses from the sale of certain real estate assets (including gains and losses from change in control), plus real estate related impairments, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates. The Company presents EBITDAre because it believes that it provides further useful information to investors in comparing its operating performance between periods and between REITs that report EBITDAre using the Nareit definition.
The Company also considers the exclusion of non-cash straight-line operating ground lease expense from EBITDAre useful, as this expense does not reflect the underlying performance of the related hotels (Adjusted EBITDAre).
The Company further excludes actual corporate-level general and administrative expense for the Company from Adjusted EBITDAre (Adjusted Hotel EBITDA) to isolate property-level operational performance over which the Company’s hotel operators have direct control. The Company believes Adjusted Hotel EBITDA provides useful supplemental information to investors regarding operating performance and is used by management to measure the performance of the Company’s hotels and effectiveness of the operators of the hotels.
The following table reconciles the Company’s GAAP net income (loss) to EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted Hotel EBITDA on a quarterly basis from March 31, 2019 through December 31, 2020:
Three Months Ended 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020 9/30/2020 12/31/2020 Net income (loss)$
38,151
$
62,090
$
46,223
$
25,453
$
(2,769
)
$
(78,243
)
$
(40,948
)
$
(51,247
)
Depreciation and amortization
47,950
48,109
47,887
49,294
49,522
49,897
50,171
50,196
Amortization of favorable and unfavorable operating leases, net
31
31
31
31
101
101
103
137
Interest and other expense, net
15,494
15,857
14,759
15,081
15,566
18,386
18,531
18,352
Income tax expense
206
156
143
174
146
58
61
67
EBITDA
101,832
126,243
109,043
90,033
62,566
(9,801
)
27,918
17,505
(Gain) loss on sale of real estate
(1,213
)
161
-
(3,969
)
(8,839
)
54
-
(2,069
)
Loss on impairment of depreciable real estate assets
-
-
6,467
-
-
4,382
-
715
EBITDAre
100,619
126,404
115,510
86,064
53,727
(5,365
)
27,918
16,151
Non-cash straight-line operating ground lease expense
48
47
47
46
47
44
44
45
Adjusted EBITDAre
$
100,667
$
126,451
$
115,557
$
86,110
$
53,774
$
(5,321
)
$
27,962
$
16,196
General and administrative expense
8,137
8,308
9,039
10,726
9,523
6,025
6,726
7,100
Adjusted Hotel EBITDA
$
108,804
$
134,759
$
124,596
$
96,836
$
63,297
$
704
$
34,688
$
23,296
Apple Hospitality REIT, Inc. Reconciliation of Net Income (Loss) to FFO and MFFO (Unaudited) (in thousands)
The Company calculates and presents FFO in accordance with standards established by Nareit, which defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains and losses from the sale of certain real estate assets (including gains and losses from change in control), extraordinary items as defined by GAAP, and the cumulative effect of changes in accounting principles, plus real estate related depreciation, amortization and impairments, and adjustments for unconsolidated affiliates. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most real estate industry investors consider FFO to be helpful in evaluating a real estate company’s operations. The Company further believes that by excluding the effects of these items, FFO is useful to investors in comparing its operating performance between periods and between REITs that report FFO using the Nareit definition. FFO as presented by the Company is applicable only to its common shareholders, but does not represent an amount that accrues directly to common shareholders.
The Company calculates MFFO by further adjusting FFO for the exclusion of amortization of finance ground lease assets, amortization of favorable and unfavorable operating leases, net and non-cash straight-line operating ground lease expense, as these expenses do not reflect the underlying performance of the related hotels. The Company presents MFFO when evaluating its performance because it believes that it provides further useful supplemental information to investors regarding its ongoing operating performance.
The following table reconciles the Company’s GAAP net income (loss) to FFO and MFFO for the three months and year ended December 31, 2020 and 2019:
Three Months EndedDecember 31, Year EndedDecember 31,2020
2019
2020
2019
Net income (loss)$
(51,247
)
$
25,453
$
(173,207
)
$
171,917
Depreciation of real estate owned
48,327
47,441
192,346
187,729
Gain on sale of real estate
(2,069
)
(3,969
)
(10,854
)
(5,021
)
Loss on impairment of depreciable real estate assets
715
-
5,097
6,467
Funds from operations
(4,274
)
68,925
13,382
361,092
Amortization of finance ground lease assets
1,617
1,602
6,433
4,517
Amortization of favorable and unfavorable operating leases, net
137
31
442
124
Non-cash straight-line operating ground lease expense
45
46
180
188
Modified funds from operations
$
(2,475
)
$
70,604
$
20,437
$
365,921
Apple Hospitality REIT, Inc.
Debt Summary
(Unaudited)
($ in thousands)
December 31, 2020
2021
2022
2023
2024
2025
Thereafter
Total
Fair Market Value
Total debt: Maturities$
70,724
$
215,631
$
296,213
$
338,597
$
245,140
$
322,265
$
1,488,570
$
1,494,175
Average interest rates (1)
3.9
%
3.8
%
4.0
%
4.2
%
4.3
%
4.3
%
Variable rate debt: Maturities$
20,551
$
105,800
$
250,000
$
310,000
$
175,000
$
85,000
$
946,351
$
931,264
Average interest rates (1)
3.6
%
3.7
%
4.0
%
4.4
%
4.8
%
5.4
%
Fixed rate debt: Maturities$
50,173
$
109,831
$
46,213
$
28,597
$
70,140
$
237,265
$
542,219
$
562,911
Average interest rates
4.3
%
4.1
%
4.0
%
4.0
%
3.9
%
3.9
%
____________________
(1)
The average interest rate gives effect to interest rate swaps, as applicable.
Note: See further information on the Company’s indebtedness in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
Apple Hospitality REIT, Inc.
Comparable Hotels Operating Metrics by Market
Three Months Ended December 31
(Unaudited)
Occupancy ADR RevPAR % of AdjustedHotel EBITDA # of Hotels Q4 2020 Q4 2019 % Change Q4 2020 Q4 2019 % Change Q4 2020 Q4 2019 % Change Q4 2020 Top 20 Markets Los Angeles/Long Beach, CA8
70.5%
87.3%
(19.2%)
$113.89
$171.23
(33.5%)
$80.25
$149.48
(46.3%)
12.9%
North Carolina East5
64.7%
70.5%
(8.2%)
$109.61
$109.10
0.5%
$70.92
$76.89
(7.8%)
6.5%
Anaheim/Santa Ana, CA6
50.7%
80.4%
(36.9%)
$102.70
$137.12
(25.1%)
$52.07
$110.28
(52.8%)
5.4%
Alabama North4
62.1%
73.0%
(14.9%)
$105.98
$113.07
(6.3%)
$65.84
$82.54
(20.2%)
4.4%
Melbourne/Titusville, FL3
47.3%
89.9%
(47.4%)
$129.72
$153.18
(15.3%)
$61.32
$137.73
(55.5%)
4.4%
Phoenix, AZ11
44.6%
74.0%
(39.7%)
$91.04
$125.51
(27.5%)
$40.61
$92.83
(56.3%)
4.4%
Florida Panhandle5
56.9%
70.5%
(19.3%)
$108.83
$129.10
(15.7%)
$61.89
$91.08
(32.0%)
4.2%
Texas West2
87.6%
80.8%
8.4%
$98.28
$126.93
(22.6%)
$86.11
$102.53
(16.0%)
3.9%
Texas East2
84.6%
87.4%
(3.2%)
$103.22
$105.63
(2.3%)
$87.31
$92.36
(5.5%)
3.5%
Seattle, WA3
47.8%
79.6%
(39.9%)
$122.24
$165.24
(26.0%)
$58.37
$131.58
(55.6%)
3.3%
San Diego, CA7
39.7%
71.1%
(44.2%)
$109.85
$136.46
(19.5%)
$43.61
$97.08
(55.1%)
3.3%
Fort Worth/Arlington, TX5
53.2%
75.7%
(29.7%)
$97.81
$126.85
(22.9%)
$52.05
$96.05
(45.8%)
3.0%
Alabama South6
48.2%
67.2%
(28.3%)
$99.45
$119.04
(16.5%)
$47.93
$80.00
(40.1%)
2.9%
Oklahoma City, OK4
50.1%
67.0%
(25.2%)
$96.94
$127.61
(24.0%)
$48.55
$85.50
(43.2%)
2.8%
Louisiana South2
69.3%
61.9%
12.0%
$101.20
$106.28
(4.8%)
$70.18
$65.73
6.8%
2.7%
Tucson, AZ3
62.2%
75.1%
(17.2%)
$87.04
$105.18
(17.2%)
$54.14
$78.94
(31.4%)
2.7%
Alaska2
58.7%
75.2%
(21.9%)
$135.24
$148.19
(8.7%)
$79.41
$111.48
(28.8%)
2.7%
Riverside & San Bernardino, CA1
84.7%
86.6%
(2.2%)
$155.46
$169.79
(8.4%)
$131.75
$147.04
(10.4%)
2.7%
Knoxville, TN3
54.2%
75.5%
(28.2%)
$100.27
$112.92
(11.2%)
$54.33
$85.26
(36.3%)
2.6%
California South/Central2
75.8%
81.0%
(6.4%)
$113.03
$139.91
(19.2%)
$85.73
$113.34
(24.4%)
2.4%
Top 20 Markets84
55.2%
75.6%
(27.0%)
$106.22
$134.04
(20.8%)
$58.62
$101.29
(42.1%)
80.7%
All Other Markets Virginia Area1
100.0%
58.2%
71.8%
$74.22
$165.42
(55.1%)
$74.20
$96.23
(22.9%)
2.4%
Norfolk/Virginia Beach, VA4
59.7%
65.4%
(8.7%)
$94.47
$104.25
(9.4%)
$56.44
$68.20
(17.2%)
2.3%
Memphis, TN-AR-MS2
52.3%
76.8%
(31.9%)
$110.57
$153.97
(28.2%)
$57.78
$118.20
(51.1%)
2.1%
Tennessee Area2
67.9%
78.2%
(13.2%)
$105.48
$119.75
(11.9%)
$71.57
$93.61
(23.5%)
1.9%
Nashville, TN5
45.7%
79.9%
(42.8%)
$95.52
$163.43
(41.6%)
$43.70
$130.51
(66.5%)
1.9%
Portland, ME1
47.9%
85.4%
(43.9%)
$137.14
$157.54
(12.9%)
$65.65
$134.52
(51.2%)
1.9%
Washington, DC-MD-VA4
42.3%
72.5%
(41.7%)
$94.99
$129.89
(26.9%)
$40.16
$94.22
(57.4%)
1.8%
Jacksonville, FL2
60.9%
67.7%
(10.0%)
$98.51
$109.84
(10.3%)
$60.00
$74.42
(19.4%)
1.6%
Birmingham, AL4
43.5%
76.3%
(43.0%)
$103.87
$119.03
(12.7%)
$45.15
$90.79
(50.3%)
1.6%
San Jose/Santa Cruz, CA1
76.1%
82.6%
(7.9%)
$114.19
$219.83
(48.1%)
$86.86
$181.60
(52.2%)
1.5%
Salt Lake City/Ogden, UT2
57.4%
69.7%
(17.6%)
$71.58
$109.73
(34.8%)
$41.11
$76.53
(46.3%)
1.4%
Newark, NJ2
58.8%
76.7%
(23.3%)
$112.50
$149.38
(24.7%)
$66.20
$114.65
(42.3%)
1.3%
Indiana North3
38.7%
61.1%
(36.7%)
$108.90
$152.86
(28.8%)
$42.18
$93.37
(54.8%)
1.2%
Mississippi2
52.4%
66.9%
(21.7%)
$101.17
$99.43
1.7%
$53.05
$66.48
(20.2%)
1.0%
Columbia, SC2
59.3%
76.6%
(22.6%)
$88.73
$110.37
(19.6%)
$52.64
$84.60
(37.8%)
1.0%
Bergen/Passaic, NJ1
73.0%
81.0%
(9.9%)
$94.02
$142.10
(33.8%)
$68.59
$115.11
(40.4%)
1.0%
Iowa Area3
52.6%
70.9%
(25.8%)
$96.52
$106.87
(9.7%)
$50.77
$75.79
(33.0%)
0.9%
Mobile, AL1
64.0%
66.2%
(3.3%)
$97.21
$95.81
1.5%
$62.24
$63.45
(1.9%)
0.9%
Chattanooga, TN-GA1
69.2%
82.7%
(16.3%)
$112.29
$115.22
(2.5%)
$77.73
$95.23
(18.4%)
0.8%
Miami/Hialeah, FL3
57.3%
85.7%
(33.1%)
$80.60
$130.96
(38.5%)
$46.18
$112.27
(58.9%)
0.8%
Arkansas Area3
46.5%
72.4%
(35.8%)
$75.67
$117.17
(35.4%)
$35.16
$84.77
(58.5%)
0.7%
Macon/Warner Robins, GA1
51.7%
74.3%
(30.4%)
$112.83
$133.80
(15.7%)
$58.33
$99.46
(41.4%)
0.7%
Syracuse, NY2
34.8%
64.1%
(45.7%)
$101.14
$145.17
(30.3%)
$35.24
$93.12
(62.2%)
0.7%
Utah Area1
51.8%
65.3%
(20.7%)
$93.95
$107.67
(12.7%)
$48.71
$70.26
(30.7%)
0.7%
Tampa/St Petersburg, FL1
61.6%
82.9%
(25.7%)
$100.26
$134.59
(25.5%)
$61.78
$111.57
(44.6%)
0.7%
Long Island1
51.1%
79.4%
(35.6%)
$102.42
$143.34
(28.5%)
$52.35
$113.86
(54.0%)
0.6%
Georgia South1
58.1%
69.6%
(16.5%)
$84.96
$107.48
(21.0%)
$49.38
$74.76
(33.9%)
0.6%
Idaho1
43.0%
73.5%
(41.5%)
$104.89
$150.18
(30.2%)
$45.10
$110.33
(59.1%)
0.6%
New Orleans, LA1
34.5%
79.6%
(56.7%)
$137.34
$174.39
(21.2%)
$47.43
$138.80
(65.8%)
0.6%
Sacramento, CA1
47.7%
89.3%
(46.6%)
$103.30
$149.63
(31.0%)
$49.30
$133.58
(63.1%)
0.5%
Greensboro/Winston Salem, NC2
49.2%
73.9%
(33.4%)
$86.61
$116.75
(25.8%)
$42.64
$86.33
(50.6%)
0.5%
Kansas City, MO-KS5
31.5%
71.5%
(55.9%)
$101.57
$114.57
(11.3%)
$32.04
$81.96
(60.9%)
0.5%
Colorado Springs, CO1
51.3%
64.2%
(20.1%)
$108.48
$122.46
(11.4%)
$55.65
$78.63
(29.2%)
0.5%
Florida Central3
45.7%
71.4%
(36.0%)
$91.92
$118.22
(22.2%)
$42.01
$84.38
(50.2%)
0.5%
Savannah, GA1
72.3%
84.3%
(14.2%)
$87.47
$115.44
(24.2%)
$63.22
$97.26
(35.0%)
0.4%
Greenville/Spartanburg, SC1
51.2%
66.7%
(23.2%)
$90.79
$109.99
(17.5%)
$46.46
$73.31
(36.6%)
0.3%
San Antonio, TX1
55.6%
75.9%
(26.7%)
$70.48
$87.40
(19.4%)
$39.21
$66.34
(40.9%)
0.3%
Charleston, SC1
40.3%
62.6%
(35.6%)
$99.99
$117.79
(15.1%)
$40.34
$73.73
(45.3%)
0.3%
Raleigh/Durham/Chapel Hill, NC1
51.7%
70.2%
(26.4%)
$81.56
$125.80
(35.2%)
$42.18
$88.28
(52.2%)
0.2%
Fort Lauderdale, FL2
49.3%
86.3%
(42.9%)
$79.94
$133.38
(40.1%)
$39.37
$115.08
(65.8%)
0.2%
South Carolina Area1
50.2%
68.9%
(27.1%)
$94.18
$107.34
(12.3%)
$47.25
$74.01
(36.2%)
0.2%
Omaha, NE4
30.1%
65.3%
(53.9%)
$85.58
$110.70
(22.7%)
$25.76
$72.32
(64.4%)
0.2%
Philadelphia, PA-NJ3
41.1%
70.1%
(41.4%)
$91.82
$136.71
(32.8%)
$37.78
$95.85
(60.6%)
0.1%
Portland, OR1
30.5%
66.6%
(54.2%)
$86.10
$121.11
(28.9%)
$26.30
$80.70
(67.4%)
0.1%
Kansas1
38.3%
62.0%
(38.2%)
$75.33
$95.46
(21.1%)
$28.86
$59.18
(51.2%)
0.0%
Ohio Area1
37.5%
69.6%
(46.1%)
$90.35
$113.68
(20.5%)
$33.89
$79.08
(57.1%)
0.0%
Baltimore, MD1
35.8%
62.9%
(43.1%)
$79.94
$122.31
(34.6%)
$28.60
$76.99
(62.9%)
0.0%
Boston, MA4
35.3%
65.8%
(46.4%)
$97.58
$130.36
(25.1%)
$34.45
$85.74
(59.8%)
(0.1)%
Pittsburgh, PA1
31.3%
55.5%
(43.6%)
$94.56
$127.58
(25.9%)
$29.60
$70.83
(58.2%)
(0.1)%
West Palm Beach/Boca Raton, FL1
47.9%
80.6%
(40.6%)
$71.74
$113.07
(36.6%)
$34.35
$91.17
(62.3%)
(0.1)%
Charlotte, NC-SC1
51.7%
77.6%
(33.4%)
$68.83
$87.31
(21.2%)
$35.61
$67.71
(47.4%)
(0.1)%
Minnesota1
44.5%
68.8%
(35.3%)
$85.56
$115.49
(25.9%)
$38.10
$79.48
(52.1%)
(0.2)%
Indianapolis, IN1
32.8%
61.9%
(47.0%)
$89.89
$109.76
(18.1%)
$29.49
$67.91
(56.6%)
(0.2)%
Detroit, MI1
23.1%
65.5%
(64.7%)
$92.59
$124.91
(25.9%)
$21.38
$81.78
(73.9%)
(0.2)%
Richmond/Petersburg, VA5
28.8%
65.3%
(55.9%)
$103.00
$145.45
(29.2%)
$29.71
$95.01
(68.7%)
(0.3)%
Dallas, TX8
37.5%
70.5%
(46.8%)
$80.82
$116.84
(30.8%)
$30.32
$82.36
(63.2%)
(0.3)%
Denver, CO3
40.0%
69.7%
(42.6%)
$86.32
$144.25
(40.2%)
$34.55
$100.49
(65.6%)
(0.3)%
Cincinnati, OH-KY-IN1
32.8%
62.9%
(47.9%)
$92.85
$110.13
(15.7%)
$30.48
$69.28
(56.0%)
(0.3)%
Houston, TX6
37.0%
61.8%
(40.1%)
$80.95
$112.22
(27.9%)
$29.92
$69.40
(56.9%)
(0.4)%
St Louis, MO-IL2
33.3%
71.1%
(53.2%)
$94.07
$137.64
(31.7%)
$31.35
$97.81
(67.9%)
(0.6)%
Atlanta, GA3
35.5%
69.0%
(48.6%)
$89.41
$146.09
(38.8%)
$31.73
$100.74
(68.5%)
(0.7)%
Orlando, FL3
29.5%
84.1%
(64.9%)
$71.89
$118.74
(39.5%)
$21.20
$99.82
(78.8%)
(0.7)%
Central New Jersey1
29.7%
68.8%
(56.8%)
$72.15
$131.43
(45.1%)
$21.40
$90.44
(76.3%)
(1.1)%
Minneapolis/St Paul, MN-WI2
22.0%
66.4%
(66.9%)
$82.06
$131.66
(37.7%)
$18.08
$87.39
(79.3%)
(1.4)%
Austin, TX7
32.9%
68.9%
(52.2%)
$75.45
$119.63
(36.9%)
$24.82
$82.44
(69.9%)
(1.7)%
Chicago, IL8
23.7%
70.2%
(66.2%)
$82.53
$126.79
(34.9%)
$19.53
$89.00
(78.1%)
(5.7)%
New York, NY1
41.3%
97.0%
(57.4%)
$122.12
$303.79
(59.8%)
$50.41
$294.55
(82.9%)
(6.2)%
All Other Markets149
41.5%
71.5%
(42.0%)
$91.78
$130.53
(29.7%)
$38.12
$93.39
(59.2%)
19.3%
Total Portfolio233
46.4%
72.9%
(36.4%)
$97.91
$131.79
(25.7%)
$45.44
$96.12
(52.7%)
100.0%
____________________
Note: Market categorization based on STR designation. Top 20 markets based on Comparable Hotels Adjusted Hotel EBITDA contribution.
Apple Hospitality REIT, Inc.
Comparable Hotels Operating Metrics by Market
Year Ended December 31
(Unaudited)
Occupancy ADR RevPAR % of AdjustedHotel EBITDA # of Hotels YTD 2020 YTD 2019 % Change YTD 2020 YTD 2019 % Change YTD 2020 YTD 2019 % Change YTD 2020 Top 20 Markets Los Angeles/Long Beach, CA8
62.5%
88.1%
(29.1%)
$131.13
$176.57
(25.7%)
$81.95
$155.49
(47.3%)
9.5%
North Carolina East5
67.4%
81.4%
(17.2%)
$121.73
$129.64
(6.1%)
$82.05
$105.51
(22.2%)
6.1%
Phoenix, AZ11
43.4%
73.9%
(41.3%)
$115.41
$130.98
(11.9%)
$50.08
$96.83
(48.3%)
5.7%
San Diego, CA7
43.5%
78.9%
(44.9%)
$127.16
$155.45
(18.2%)
$55.32
$122.62
(54.9%)
5.0%
Florida Panhandle5
56.4%
78.9%
(28.5%)
$123.18
$150.67
(18.2%)
$69.41
$118.87
(41.6%)
4.4%
Norfolk/Virginia Beach, VA4
59.3%
76.2%
(22.2%)
$128.67
$148.59
(13.4%)
$76.34
$113.20
(32.6%)
4.2%
Anaheim/Santa Ana, CA6
46.3%
83.3%
(44.4%)
$120.22
$146.59
(18.0%)
$55.64
$122.18
(54.5%)
4.2%
Seattle, WA3
50.1%
84.1%
(40.4%)
$139.88
$190.01
(26.4%)
$70.02
$159.87
(56.2%)
3.5%
Melbourne/Titusville, FL3
52.4%
91.7%
(42.9%)
$139.26
$158.19
(12.0%)
$72.94
$145.04
(49.7%)
3.3%
Alaska2
65.4%
84.7%
(22.8%)
$138.79
$196.16
(29.2%)
$90.72
$166.22
(45.4%)
2.8%
Nashville, TN5
43.8%
83.6%
(47.6%)
$117.92
$165.13
(28.6%)
$51.62
$137.99
(62.6%)
2.7%
Texas West2
74.4%
84.0%
(11.4%)
$104.06
$121.06
(14.0%)
$77.41
$101.74
(23.9%)
2.5%
Alabama South6
46.3%
75.2%
(38.4%)
$103.37
$120.12
(13.9%)
$47.83
$90.31
(47.0%)
2.4%
Alabama North4
52.3%
81.6%
(35.9%)
$108.09
$115.10
(6.1%)
$56.53
$93.88
(39.8%)
2.4%
Oklahoma City, OK4
46.8%
73.9%
(36.7%)
$107.14
$132.56
(19.2%)
$50.17
$97.95
(48.8%)
2.3%
Texas East2
77.4%
82.7%
(6.4%)
$100.12
$104.23
(3.9%)
$77.46
$86.21
(10.1%)
2.2%
Tucson, AZ3
54.3%
80.4%
(32.5%)
$104.92
$110.05
(4.7%)
$57.01
$88.45
(35.5%)
2.1%
Fort Worth/Arlington, TX5
50.0%
76.4%
(34.6%)
$105.13
$130.76
(19.6%)
$52.52
$99.85
(47.4%)
2.0%
Riverside & San Bernardino, CA1
78.8%
86.6%
(9.0%)
$156.21
$169.58
(7.9%)
$123.08
$146.88
(16.2%)
1.8%
Louisiana South2
62.3%
69.6%
(10.5%)
$96.59
$112.75
(14.3%)
$60.15
$78.48
(23.4%)
1.8%
Top 20 Markets88
52.6%
80.1%
(34.3%)
$119.84
$146.30
(18.1%)
$63.02
$117.16
(46.2%)
70.9%
All Other Markets Miami/Hialeah, FL3
54.2%
84.4%
(35.8%)
$108.07
$135.50
(20.2%)
$58.59
$114.37
(48.8%)
1.5%
Dallas, TX8
39.6%
72.3%
(45.2%)
$99.47
$120.19
(17.2%)
$39.37
$86.93
(54.7%)
1.5%
Portland, ME1
48.3%
79.9%
(39.5%)
$140.69
$184.84
(23.9%)
$67.95
$147.74
(54.0%)
1.4%
Birmingham, AL4
45.9%
77.7%
(40.9%)
$109.13
$122.90
(11.2%)
$50.11
$95.49
(47.5%)
1.4%
California South/Central2
67.2%
85.7%
(21.6%)
$114.51
$146.00
(21.6%)
$76.93
$125.17
(38.5%)
1.3%
Salt Lake City/Ogden, UT2
56.3%
76.2%
(26.1%)
$87.07
$122.01
(28.6%)
$48.99
$92.98
(47.3%)
1.3%
Washington, DC-MD-VA4
43.7%
78.1%
(44.0%)
$107.07
$131.46
(18.6%)
$46.81
$102.69
(54.4%)
1.3%
Knoxville, TN3
46.5%
77.7%
(40.2%)
$100.08
$110.96
(9.8%)
$46.50
$86.18
(46.0%)
1.3%
Memphis, TN-AR-MS2
48.7%
77.2%
(36.9%)
$124.31
$150.96
(17.7%)
$60.55
$116.49
(48.0%)
1.3%
San Jose/Santa Cruz, CA1
64.7%
86.4%
(25.1%)
$143.71
$234.47
(38.7%)
$93.01
$202.48
(54.1%)
1.2%
Tennessee Area2
59.8%
80.3%
(25.5%)
$107.99
$121.11
(10.8%)
$64.53
$97.26
(33.7%)
1.2%
Columbia, SC2
59.7%
81.3%
(26.6%)
$95.73
$114.92
(16.7%)
$57.14
$93.44
(38.8%)
1.1%
Macon/Warner Robins, GA1
69.0%
82.3%
(16.2%)
$112.55
$134.23
(16.2%)
$77.68
$110.47
(29.7%)
1.1%
Denver, CO3
45.4%
77.9%
(41.7%)
$103.21
$152.50
(32.3%)
$46.83
$118.74
(60.6%)
1.1%
Fort Lauderdale, FL2
47.3%
87.8%
(46.1%)
$120.20
$137.52
(12.6%)
$56.81
$120.70
(52.9%)
1.1%
New Orleans, LA1
41.7%
76.9%
(45.8%)
$148.86
$178.16
(16.4%)
$62.14
$136.92
(54.6%)
1.0%
Houston, TX6
42.3%
63.1%
(33.0%)
$94.83
$117.60
(19.4%)
$40.15
$74.21
(45.9%)
1.0%
Indiana North3
40.9%
67.1%
(39.0%)
$107.31
$134.32
(20.1%)
$43.88
$90.19
(51.3%)
0.9%
Jacksonville, FL2
54.0%
75.6%
(28.6%)
$105.10
$120.40
(12.7%)
$56.79
$91.00
(37.6%)
0.8%
Sacramento, CA1
51.8%
89.4%
(42.1%)
$119.72
$158.46
(24.4%)
$62.07
$141.69
(56.2%)
0.8%
Newark, NJ2
57.0%
80.1%
(28.8%)
$114.75
$150.23
(23.6%)
$65.39
$120.28
(45.6%)
0.8%
Arkansas Area3
41.0%
76.2%
(46.2%)
$94.40
$122.67
(23.0%)
$38.68
$93.47
(58.6%)
0.8%
Idaho1
45.9%
81.1%
(43.4%)
$121.41
$151.65
(19.9%)
$55.72
$123.00
(54.7%)
0.8%
Syracuse, NY2
35.2%
68.4%
(48.5%)
$117.15
$150.03
(21.9%)
$41.23
$102.64
(59.8%)
0.7%
Virginia Area1
54.6%
65.9%
(17.1%)
$93.59
$164.81
(43.2%)
$51.06
$108.60
(53.0%)
0.7%
Tampa/St Petersburg, FL1
52.5%
85.3%
(38.5%)
$128.01
$148.10
(13.6%)
$67.21
$126.29
(46.8%)
0.6%
Omaha, NE4
35.5%
76.9%
(53.8%)
$98.79
$124.75
(20.8%)
$35.06
$95.93
(63.5%)
0.6%
Bergen/Passaic, NJ1
63.5%
83.8%
(24.2%)
$103.46
$139.85
(26.0%)
$65.75
$117.20
(43.9%)
0.6%
Mississippi2
46.5%
67.3%
(30.9%)
$99.31
$100.38
(1.1%)
$46.15
$67.52
(31.6%)
0.6%
Colorado Springs, CO1
52.3%
78.4%
(33.3%)
$116.40
$143.17
(18.7%)
$60.90
$112.27
(45.8%)
0.6%
Utah Area1
50.9%
69.1%
(26.3%)
$98.56
$112.34
(12.3%)
$50.20
$77.67
(35.4%)
0.5%
Georgia South1
58.9%
78.2%
(24.7%)
$88.76
$107.44
(17.4%)
$52.31
$83.97
(37.7%)
0.5%
Florida Central3
43.4%
75.1%
(42.2%)
$103.69
$120.45
(13.9%)
$44.99
$90.45
(50.3%)
0.5%
South Carolina Area1
54.8%
78.3%
(30.0%)
$113.09
$131.28
(13.9%)
$61.94
$102.82
(39.8%)
0.5%
Mobile, AL1
56.3%
70.4%
(20.0%)
$96.75
$104.09
(7.1%)
$54.45
$73.24
(25.7%)
0.5%
Chattanooga, TN-GA1
66.1%
83.9%
(21.2%)
$112.60
$118.08
(4.6%)
$74.45
$99.11
(24.9%)
0.4%
Charleston, SC1
46.4%
76.2%
(39.1%)
$106.25
$119.75
(11.3%)
$49.31
$91.21
(45.9%)
0.4%
Atlanta, GA3
36.5%
70.8%
(48.4%)
$120.52
$158.02
(23.7%)
$43.96
$111.82
(60.7%)
0.4%
Iowa Area3
49.9%
76.0%
(34.3%)
$97.49
$111.78
(12.8%)
$48.63
$84.95
(42.8%)
0.4%
Kansas City, MO-KS5
34.8%
76.0%
(54.2%)
$106.49
$116.86
(8.9%)
$37.11
$88.79
(58.2%)
0.4%
Philadelphia, PA-NJ3
40.2%
71.7%
(43.9%)
$106.74
$141.62
(24.6%)
$42.95
$101.56
(57.7%)
0.3%
Greensboro/Winston Salem, NC2
46.8%
76.4%
(38.7%)
$91.57
$116.69
(21.5%)
$42.84
$89.21
(52.0%)
0.3%
Long Island1
45.0%
82.8%
(45.7%)
$113.48
$153.11
(25.9%)
$51.02
$126.70
(59.7%)
0.3%
West Palm Beach/Boca Raton, FL1
43.3%
80.5%
(46.2%)
$117.50
$120.51
(2.5%)
$50.92
$97.04
(47.5%)
0.3%
San Antonio, TX1
54.1%
75.3%
(28.2%)
$82.00
$94.64
(13.4%)
$44.32
$71.29
(37.8%)
0.3%
Savannah, GA1
64.1%
87.0%
(26.3%)
$99.20
$126.19
(21.4%)
$63.55
$109.80
(42.1%)
0.3%
Raleigh/Durham/Chapel Hill, NC1
49.8%
78.2%
(36.3%)
$94.98
$125.04
(24.0%)
$47.26
$97.74
(51.6%)
0.3%
Orlando, FL3
33.2%
81.4%
(59.2%)
$102.64
$114.68
(10.5%)
$34.09
$93.31
(63.5%)
0.2%
Ohio Area1
40.0%
72.1%
(44.5%)
$99.89
$117.63
(15.1%)
$39.91
$84.81
(52.9%)
0.2%
Portland, OR1
31.3%
73.1%
(57.2%)
$105.26
$134.88
(22.0%)
$32.93
$98.61
(66.6%)
0.2%
Greenville/Spartanburg, SC1
47.6%
63.9%
(25.5%)
$94.78
$113.75
(16.7%)
$45.07
$72.71
(38.0%)
0.2%
Boston, MA4
33.9%
70.3%
(51.8%)
$110.78
$133.19
(16.8%)
$37.50
$93.67
(60.0%)
0.1%
Kansas1
41.2%
71.5%
(42.4%)
$84.53
$98.65
(14.3%)
$34.81
$70.58
(50.7%)
0.1%
Baltimore, MD1
38.4%
65.8%
(41.6%)
$88.01
$120.44
(26.9%)
$33.84
$79.22
(57.3%)
0.1%
Minnesota1
46.5%
73.2%
(36.5%)
$95.83
$115.20
(16.8%)
$44.57
$84.37
(47.2%)
0.0%
Charlotte, NC-SC1
50.2%
71.8%
(30.1%)
$76.83
$93.41
(17.7%)
$38.60
$67.06
(42.4%)
0.0%
Pittsburgh, PA1
34.2%
63.8%
(46.4%)
$95.14
$121.32
(21.6%)
$32.49
$77.39
(58.0%)
0.0%
Indianapolis, IN1
33.4%
67.0%
(50.1%)
$99.83
$118.89
(16.0%)
$33.32
$79.60
(58.1%)
0.0%
St Louis, MO-IL2
35.3%
76.9%
(54.1%)
$109.42
$144.64
(24.4%)
$38.68
$111.28
(65.2%)
(0.1)%
Detroit, MI1
27.8%
65.8%
(57.8%)
$101.53
$135.90
(25.3%)
$28.27
$89.43
(68.4%)
(0.1)%
Austin, TX7
34.7%
73.0%
(52.5%)
$92.49
$121.21
(23.7%)
$32.10
$88.45
(63.7%)
(0.1)%
Richmond/Petersburg, VA5
29.2%
71.5%
(59.2%)
$125.07
$148.88
(16.0%)
$36.47
$106.38
(65.7%)
(0.1)%
Cincinnati, OH-KY-IN1
38.6%
71.2%
(45.8%)
$99.43
$118.72
(16.2%)
$38.38
$84.51
(54.6%)
(0.2)%
Central New Jersey1
35.7%
73.5%
(51.4%)
$93.05
$132.52
(29.8%)
$33.25
$97.39
(65.9%)
(0.3)%
Minneapolis/St Paul, MN-WI2
27.5%
76.0%
(63.8%)
$108.04
$136.46
(20.8%)
$29.70
$103.67
(71.4%)
(0.5)%
Chicago, IL8
31.8%
73.9%
(57.0%)
$96.95
$128.73
(24.7%)
$30.84
$95.13
(67.6%)
(1.9)%
New York, NY1
31.0%
94.4%
(67.2%)
$129.21
$260.56
(50.4%)
$40.06
$246.05
(83.7%)
(5.7)%
All Other Markets145
42.0%
75.3%
(44.2%)
$105.47
$132.99
(20.7%)
$44.33
$100.19
(55.8%)
29.1%
Total Portfolio233
46.0%
77.1%
(40.3%)
$111.62
$138.09
(19.2%)
$51.33
$106.45
(51.8%)
100.0%
____________________
Note: Market categorization based on STR designation. Top 20 markets based on Comparable Hotels Adjusted Hotel EBITDA contribution.
Apple Hospitality REIT, Inc.
Comparable Hotels Operating Metrics by Region
Three Months Ended December 31
(Unaudited)
Region Occupancy ADR RevPAR % of AdjustedHotel EBITDA # of Hotels Q4 2020 Q4 2019 % Change Q4 2020 Q4 2019 % Change Q4 2020 Q4 2019 % Change Q4 2020 STR Region East North Central15
27.7%
67.6%
(59.0%)
$90.39
$127.79
(29.3%)
$25.06
$86.45
(71.0%)
(5.2)%
East South Central30
52.1%
74.4%
(30.0%)
$102.10
$129.51
(21.2%)
$53.22
$96.35
(44.8%)
20.1%
Middle Atlantic12
44.4%
74.4%
(40.3%)
$100.89
$168.42
(40.1%)
$44.79
$125.25
(64.2%)
(3.7)%
Mountain22
47.6%
72.2%
(34.1%)
$89.15
$125.10
(28.7%)
$42.46
$90.35
(53.0%)
10.0%
New England5
38.8%
71.2%
(45.5%)
$111.12
$139.41
(20.3%)
$43.11
$99.28
(56.6%)
1.8%
Pacific32
54.4%
79.3%
(31.4%)
$114.04
$152.91
(25.4%)
$62.00
$121.26
(48.9%)
34.7%
South Atlantic58
49.1%
73.2%
(32.9%)
$94.62
$125.09
(24.4%)
$46.45
$91.53
(49.3%)
27.7%
West North Central18
34.0%
68.6%
(50.4%)
$91.84
$117.21
(21.6%)
$31.20
$80.36
(61.2%)
(0.6)%
West South Central41
46.8%
70.4%
(33.5%)
$89.89
$119.99
(25.1%)
$42.07
$84.52
(50.2%)
15.2%
Total Portfolio233
46.4%
72.9%
(36.4%)
$97.91
$131.79
(25.7%)
$45.44
$96.12
(52.7%)
100.0%
Note: Region categorization based on STR designation.
Apple Hospitality REIT, Inc.
Comparable Hotels Operating Metrics by Region
Year Ended December 31
(Unaudited)
Region Occupancy ADR RevPAR% of Adjusted Hotel EBITDA
# of Hotels YTD 2020 YTD 2019 % Change YTD 2020 YTD 2019 % Change YTD 2020 YTD 2019 % Change YTD 2020 STR Region East North Central15
33.8%
71.7%
(52.9%)
$99.60
$128.27
(22.4%)
$33.71
$91.99
(63.4%)
(1.1)%
East South Central30
48.3%
78.4%
(38.4%)
$109.30
$130.59
(16.3%)
$52.75
$102.41
(48.5%)
14.1%
Middle Atlantic12
42.1%
77.1%
(45.4%)
$109.99
$161.95
(32.1%)
$46.35
$124.91
(62.9%)
(3.2)%
Mountain22
47.1%
76.1%
(38.1%)
$108.38
$132.04
(17.9%)
$51.09
$100.50
(49.2%)
12.0%
New England5
37.9%
73.0%
(48.1%)
$121.37
$148.89
(18.5%)
$45.95
$108.67
(57.7%)
1.5%
Pacific32
52.7%
83.6%
(37.0%)
$129.67
$167.39
(22.5%)
$68.40
$139.98
(51.1%)
30.4%
South Atlantic58
48.4%
78.0%
(37.9%)
$113.44
$134.34
(15.6%)
$54.93
$104.79
(47.6%)
30.1%
West North Central18
37.0%
76.0%
(51.3%)
$101.74
$123.86
(17.9%)
$37.69
$94.18
(60.0%)
1.0%
West South Central41
46.1%
73.0%
(36.8%)
$100.42
$123.14
(18.5%)
$46.32
$89.89
(48.5%)
15.2%
Total Portfolio233
46.0%
77.1%
(40.3%)
$111.62
$138.09
(19.2%)
$51.33
$106.45
(51.8%)
100.0%
Note: Region categorization based on STR designation.
Apple Hospitality REIT, Inc.
Comparable Hotels Operating Metrics by Chain Scale
Three Months Ended December 31
(Unaudited)
Chain Scale/Brand Occupancy ADR RevPAR % of AdjustedHotel EBITDA # of Hotels Q4 2020 Q4 2019 % Change Q4 2020 Q4 2019 % Change Q4 2020 Q4 2019 % Change Q4 2020 Upscale Courtyard36
42.9%
69.1%
(37.9%)
$93.91
$131.92
(28.8%)
$40.29
$91.13
(55.8%)
11.7%
Hilton Garden Inn41
39.5%
71.2%
(44.5%)
$90.77
$129.28
(29.8%)
$35.82
$92.02
(61.1%)
3.4%
Homewood Suites32
63.3%
78.1%
(19.0%)
$101.07
$134.00
(24.6%)
$63.94
$104.63
(38.9%)
27.4%
Hyatt House1
48.9%
$78.06
$38.20
(0.1)%
Hyatt Place2
45.7%
79.9%
(42.8%)
$86.67
$99.06
(12.5%)
$39.60
$79.11
(49.9%)
(0.3)%
Residence Inn33
56.8%
76.7%
(25.9%)
$114.80
$139.50
(17.7%)
$65.26
$107.06
(39.0%)
38.2%
SpringHill Suites13
37.8%
71.4%
(47.1%)
$81.54
$121.76
(33.0%)
$30.82
$86.97
(64.6%)
1.3%
Upscale Total158
47.9%
73.1%
(34.5%)
$98.69
$132.09
(25.3%)
$47.29
$96.53
(51.0%)
81.6%
Upper Midscale Fairfield Inn / Fairfield Inn & Suites11
39.1%
72.1%
(45.8%)
$83.16
$117.26
(29.1%)
$32.52
$84.50
(61.5%)
1.1%
Hampton Inn / Hampton Inn & Suites39
39.6%
72.3%
(45.2%)
$93.74
$127.83
(26.7%)
$37.16
$92.45
(59.8%)
6.4%
Home2 Suites10
58.4%
74.6%
(21.7%)
$101.17
$126.81
(20.2%)
$59.08
$94.60
(37.5%)
9.2%
TownePlace Suites9
58.6%
75.9%
(22.8%)
$93.16
$106.33
(12.4%)
$54.62
$80.73
(32.3%)
7.2%
Upper Midscale Total69
44.2%
73.0%
(39.5%)
$93.54
$123.47
(24.2%)
$41.38
$90.11
(54.1%)
23.9%
Upper Upscale Embassy Suites2
65.2%
79.8%
(18.3%)
$129.85
$155.43
(16.5%)
$84.66
$124.05
(31.8%)
3.0%
Marriott2
19.1%
55.5%
(65.6%)
$95.09
$143.62
(33.8%)
$18.13
$79.67
(77.2%)
(1.9)%
Upper Upscale Total4
34.7%
63.7%
(45.5%)
$117.19
$148.64
(21.2%)
$40.62
$94.72
(57.1%)
1.1%
Independents Independents2
40.5%
93.3%
(56.6%)
$119.72
$274.97
(56.5%)
$48.51
$256.42
(81.1%)
(6.6)%
Independents Total2
40.5%
93.3%
(56.6%)
$119.72
$274.97
(56.5%)
$48.51
$256.42
(81.1%)
(6.6)%
Total Portfolio233
46.4%
72.9%
(36.4%)
$97.91
$131.79
(25.7%)
$45.44
$96.12
(52.7%)
100.0%
Note: Chain scale categorization based on STR designation.
Apple Hospitality REIT, Inc.
Comparable Hotels Operating Metrics by Chain Scale
Year Ended December 31
(Unaudited)
Chain Scale/Brand Occupancy ADR RevPAR % of AdjustedHotel EBITDA # of Hotels YTD 2020 YTD 2019 % Change YTD 2020 YTD 2019 % Change YTD 2020 YTD 2019 % Change YTD 2020 Upscale Courtyard36
41.3%
74.4%
(44.5%)
$116.06
$143.24
(19.0%)
$47.88
$106.53
(55.1%)
15.6%
Hilton Garden Inn41
41.1%
76.1%
(46.0%)
$105.50
$134.11
(21.3%)
$43.37
$102.03
(57.5%)
10.2%
Homewood Suites32
60.7%
82.0%
(26.0%)
$111.23
$138.25
(19.5%)
$67.50
$113.32
(40.4%)
22.0%
Hyatt House1
39.0%
$79.01
$30.81
(0.1)%
Hyatt Place2
45.9%
77.4%
(40.7%)
$91.06
$105.42
(13.6%)
$41.76
$81.64
(48.8%)
(0.1)%
Residence Inn33
57.7%
79.3%
(27.2%)
$123.95
$147.09
(15.7%)
$71.49
$116.69
(38.7%)
32.5%
SpringHill Suites13
35.5%
75.8%
(53.2%)
$97.07
$124.82
(22.2%)
$34.45
$94.65
(63.6%)
0.9%
Upscale Total158
47.5%
77.3%
(38.6%)
$112.76
$138.74
(18.7%)
$53.53
$107.31
(50.1%)
81.0%
Upper Midscale Fairfield Inn / Fairfield Inn & Suites11
37.7%
74.6%
(49.5%)
$96.18
$117.68
(18.3%)
$36.28
$87.79
(58.7%)
1.3%
Hampton Inn / Hampton Inn & Suites39
39.8%
76.2%
(47.8%)
$108.30
$134.28
(19.3%)
$43.13
$102.38
(57.9%)
8.6%
Home2 Suites10
58.9%
80.7%
(27.0%)
$109.92
$136.82
(19.7%)
$64.76
$110.45
(41.4%)
7.9%
TownePlace Suites9
58.0%
78.2%
(25.8%)
$100.51
$115.71
(13.1%)
$58.29
$90.52
(35.6%)
6.2%
Upper Midscale Total69
44.1%
76.8%
(42.6%)
$105.81
$129.86
(18.5%)
$46.66
$99.69
(53.2%)
24.0%
Upper Upscale Embassy Suites2
62.4%
86.4%
(27.8%)
$148.00
$186.72
(20.7%)
$92.29
$161.34
(42.8%)
2.7%
Marriott2
20.2%
62.3%
(67.6%)
$124.75
$147.53
(15.4%)
$25.24
$91.96
(72.6%)
(1.8)%
Upper Upscale Total4
34.5%
70.5%
(51.1%)
$138.98
$163.82
(15.2%)
$47.95
$115.48
(58.5%)
0.9%
Independents Independents2
32.4%
90.6%
(64.2%)
$128.87
$240.21
(46.4%)
$41.79
$217.69
(80.8%)
(5.9)%
Independents Total2
32.4%
90.6%
(64.2%)
$128.87
$240.21
(46.4%)
$41.79
$217.69
(80.8%)
(5.9)%
Total Portfolio233
46.0%
77.1%
(40.3%)
$111.62
$138.09
(19.2%)
$51.33
$106.45
(51.8%)
100.0%
Note: Chain scale categorization based on STR designation.
Apple Hospitality REIT, Inc.
Comparable Hotels Operating Metrics by Location
Three Months Ended December 31
(Unaudited)
Location Occupancy ADR RevPAR % of AdjustedHotel EBITDA # of Hotels Q4 2020 Q4 2019 % Change Q4 2020 Q4 2019 % Change Q4 2020 Q4 2019 % Change Q4 2020 STR Location Airport19
51.9%
76.8%
(32.4%)
$88.03
$124.39
(29.2%)
$45.72
$95.49
(52.1%)
6.6%
Interstate6
59.3%
73.8%
(19.6%)
$98.05
$112.42
(12.8%)
$58.10
$83.01
(30.0%)
4.7%
Resort11
40.0%
77.1%
(48.1%)
$105.76
$127.80
(17.2%)
$42.33
$98.51
(57.0%)
5.6%
Small Metro/Town15
53.6%
73.2%
(26.8%)
$91.50
$115.11
(20.5%)
$49.05
$84.21
(41.8%)
9.5%
Suburban140
47.6%
72.3%
(34.2%)
$98.40
$127.39
(22.8%)
$46.79
$92.12
(49.2%)
64.2%
Urban42
39.6%
72.3%
(45.2%)
$101.50
$153.56
(33.9%)
$40.17
$111.03
(63.8%)
9.4%
Total Portfolio233
46.4%
72.9%
(36.4%)
$97.91
$131.79
(25.7%)
$45.44
$96.12
(52.7%)
100.0%
Note: Location categorization based on STR designation.
Apple Hospitality REIT, Inc.
Comparable Hotels Operating Metrics by Location
Year Ended December 31
(Unaudited)
Location Occupancy ADR RevPAR % of AdjustedHotel EBITDA # of Hotels YTD 2020 YTD 2019 % Change YTD 2020 YTD 2019 % Change YTD 2020 YTD 2019 % Change YTD 2020 STR Location Airport19
52.4%
80.0%
(34.5%)
$102.11
$129.34
(21.1%)
$53.50
$103.49
(48.3%)
7.1%
Interstate6
53.5%
76.5%
(30.1%)
$100.75
$111.50
(9.6%)
$53.94
$85.28
(36.7%)
3.2%
Resort11
43.4%
81.5%
(46.7%)
$136.09
$146.42
(7.1%)
$59.11
$119.39
(50.5%)
8.7%
Small Metro/Town15
51.6%
77.0%
(33.0%)
$102.94
$119.35
(13.7%)
$53.08
$91.90
(42.2%)
8.7%
Suburban140
47.0%
76.5%
(38.6%)
$109.96
$134.03
(18.0%)
$51.64
$102.60
(49.7%)
60.6%
Urban42
39.4%
76.7%
(48.6%)
$119.61
$157.82
(24.2%)
$47.17
$121.06
(61.0%)
11.7%
Total Portfolio233
46.0%
77.1%
(40.3%)
$111.62
$138.09
(19.2%)
$51.33
$106.45
(51.8%)
100.0%
Note: Location categorization based on STR designation.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210223006011/en/
Apple Hospitality REIT, Inc. Kelly Clarke, Vice President, Investor Relations 804-727-6321 kclarke@applereit.com
1 Year Apple Hospitality REIT Chart |
1 Month Apple Hospitality REIT Chart |
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