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, 2021. The Company
also today announced that its Board of Directors has reinstated
monthly distributions and declared a monthly cash distribution of
$0.05 per common share for the month of March 2022. The March
distribution is payable on March 15, 2022, to shareholders of
record as of March 4, 2022.
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,
2021
2020
% Change
2021
2020
% Change
Net income (loss)
$13,221
$(51,247)
n/a
$18,828
$(173,207)
n/a
Net income (loss) per share
$0.06
$(0.23)
n/a
$0.08
$(0.77)
n/a
Adjusted EBITDAre
$73,386
$16,196
353.1%
$279,235
$92,611
201.5%
Comparable Hotels Adjusted Hotel
EBITDA
$85,381
$21,614
295.0%
$321,682
$114,828
180.1%
Comparable Hotels Adjusted Hotel EBITDA
Margin %
33.7%
16.9%
1,680 bps
34.5%
20.0%
1,450 bps
Modified funds from operations (MFFO)
$58,584
$(2,475)
n/a
$211,001
$20,437
932.4%
MFFO per share
$0.26
$(0.01)
n/a
$0.93
$0.09
933.3%
Average Daily Rate (ADR) (Actual)
$131.04
$97.87
33.9%
$123.78
$111.49
11.0%
Occupancy (Actual)
67.5%
46.5%
45.2%
66.3%
46.1%
43.8%
Revenue Per Available Room (RevPAR)
(Actual)
$88.43
$45.46
94.5%
$82.03
$51.34
59.8%
Comparable Hotels ADR
$131.19
$98.94
32.6%
$125.43
$112.72
11.3%
Comparable Hotels Occupancy
67.4%
46.0%
46.5%
66.3%
45.9%
44.4%
Comparable Hotels RevPAR
$88.45
$45.52
94.3%
$83.14
$51.69
60.8%
Cash and cash equivalents
$3,282
Total debt outstanding
$1,444,046
Total debt outstanding, net of cash and
cash equivalents
$1,440,764
Total debt outstanding, net of cash and
cash equivalents, to total capitalization (2)
28.1%
_______________________ (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 $16.15 on December 31,
2021.
Comparable Hotels is defined as the 219 hotels owned by the
Company as of December 31, 2021. 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, “We are pleased to report operating fundamentals for our
portfolio for the fourth quarter of 2021 were the strongest we have
achieved since the onset of the pandemic relative to 2019, with
RevPAR of $88, occupancy of 68% and ADR of $131. Continued strength
in rate during the fourth quarter helped us narrow the gap from
fourth quarter 2019 RevPAR to only 8%, with the month of December
producing our strongest RevPAR yet on a relative basis, down only
1% as compared to December 2019. Our corporate and on-site teams
have continued to maximize profitability through strategic revenue
management and continued efforts to realize operational
efficiencies. Despite seasonality, inflationary pressures and a
challenging labor environment, we once again achieved strong
bottom-line results with Adjusted EBITDAre of $73 million and
Comparable Hotels Adjusted Hotel EBITDA Margin of approximately 34%
for the quarter. We achieved MFFO of $59 million, or $0.26 per
share, for the quarter and $211 million, or $0.93 per share, for
the full year."
Mr. Knight continued, “Our outperformance since the onset of the
pandemic is a tribute to the collaborative efforts of our
corporate, brand and management teams and a testament to the merits
of our strategy of investing in a broadly diversified portfolio of
high-quality, rooms-focused hotels with low leverage. Despite the
unprecedented challenges brought by the pandemic, we have achieved
strong operating results, enhanced the growth profile and quality
of our portfolio through strategic dispositions and acquisitions,
and maintained the strength and flexibility of our balance sheet.
While the Omicron variant tempered our performance in January, we
have seen improvement in February and expect to see continued
positive momentum in operating fundamentals as we move through
2022. With continued confidence in our portfolio and the recovery,
we are pleased to reinstate monthly dividends for our shareholders,
with a March payment of $0.05 per share. We remain intently focused
on maximizing long-term value for our shareholders and are
confident we are well positioned for additional upside as leisure
travel continues to show strength and business travel steadily
recovers.”
Hotel Portfolio Overview
As of December 31, 2021, Apple Hospitality owned 219 hotels with
an aggregate of 28,747 guest rooms located in 86 markets throughout
36 states.
Operations Update
- Strong operating performance: During the fourth quarter
of 2021, operations across the Company’s portfolio continued to
strengthen, with occupancy and RevPAR exceeding industry averages
as reported by STR. For the Company’s portfolio for the fourth
quarter 2021, ADR was in line with ADR achieved during the same
period of 2019, while occupancy and RevPAR trailed fourth quarter
2019 by only 7% and 8%, respectively. ADR for the Company’s
portfolio for the month of December 2021 exceeded December 2019 ADR
by approximately 2%, with occupancy and RevPAR for the month of
December 2021 trailing December 2019 by approximately 3% and 1%,
respectively, the strongest monthly RevPAR performance relative to
the same period in 2019 since the onset of the pandemic. For the
full year 2021, RevPAR was down 22% as compared to 2019. Due in
part to disruption related to the Omicron variant, occupancy for
the month of January 2022 was approximately 56%, down 15% as
compared to January 2019 and up 24% as compared to January
2021.
- Strong bottom-line performance: The Company achieved
Comparable Hotels Adjusted Hotel EBITDA of approximately $85
million for the fourth quarter 2021 and $322 million for the full
year 2021. The Company achieved MFFO of approximately $59 million
for the fourth quarter 2021 and $211 million for the full year
2021. As a result of continued efforts to maximize operational
efficiencies, hotel operating expenses were reduced by
approximately 14% during the fourth quarter 2021, as compared to
the same period of 2019. The Company achieved Comparable Hotels
Adjusted Hotel EBITDA Margin of approximately 34% for the fourth
quarter 2021, only 40 basis points below the same measure for the
fourth quarter 2019.
- Transactional activity: During 2021, the Company sold 23
hotels for a total combined gross sales price of approximately $235
million and acquired eight hotels for a total combined purchase
price of approximately $361 million. The Company currently has an
outstanding contract for the potential purchase of one additional
hotel for a total purchase price of approximately $79 million.
- Balance sheet: The Company successfully exited its
extended covenant waiver period in July 2021 and has maintained the
strength and flexibility of its balance sheet. At December 31,
2021, the Company’s total debt to total capitalization, net of cash
and cash equivalents, was approximately 28%.
- March 2022 distribution: The Company today announced
that its Board of Directors declared a monthly cash distribution of
$0.05 per common share for the month of March 2022. The
distribution is payable on March 15, 2022, to shareholders of
record as of March 4, 2022.
The following table highlights the Company’s monthly performance
during the fourth quarter of 2021, as compared to the fourth
quarters of 2020 and 2019 (in thousands, except statistical
data):
Three Months Ended
Three Months Ended
Three Months Ended
October
November
December
December 31,
October
November
December
December 31,
October
November
December
December 31,
2021
2021
2021
2021
2020
2020
2020
2020
2019
2019
2019
2019
ADR
$137.61
$129.83
$124.69
$131.04
$101.94
$97.77
$92.55
$97.87
$139.07
$130.85
$122.20
$131.41
Occupancy
73.2%
67.6%
61.8%
67.5%
53.7%
45.3%
40.3%
46.5%
81.6%
73.7%
63.5%
72.9%
RevPAR
$100.72
$87.74
$77.06
$88.43
$54.76
$44.27
$37.32
$45.46
$113.43
$96.49
$77.61
$95.85
Adjusted Hotel EBITDA (1)
$37,224
$26,175
$21,210
$84,609
$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.
Portfolio Activity
Acquisitions
During 2021, the Company acquired eight hotels for a total
combined purchase price of approximately $361 million, including
the following four hotels that were acquired during the fourth
quarter of 2021:
- In October 2021, the Company acquired the existing 150-room
Hilton Garden Inn Memphis Downtown in Memphis, Tennessee, for a
total purchase price of approximately $38 million.
- In November 2021, the Company acquired the existing 157-room
Hilton Garden Inn Fort Worth Medical Center in Fort Worth, Texas,
for a total purchase price of approximately $29.5 million.
- In November 2021, the Company acquired the existing 112-room
Homewood Suites by Hilton Fort Worth Medical Center in Fort Worth,
Texas, for a total purchase price of approximately $21.5
million.
- In November 2021, the Company acquired the existing 243-room
Hampton Inn & Suites by Hilton Portland Pearl District in
Portland, Oregon, for a total purchase price of approximately $75
million.
Also during 2021, the Company purchased the fee interest in the
land at its Residence Inn by Marriott in Seattle, Washington, which
was previously held under a finance ground lease, for a total
purchase price of $80 million, consisting of a $24 million cash
payment and a one-year note payable to the seller for $56
million.
The Company has acquired 12 hotels for a total combined purchase
price of approximately $473 million since March 2020, the beginning
of the COVID-19 pandemic.
Contract for Potential Acquisition
The Company has an outstanding contract for the purchase of an
Embassy Suites by Hilton in Madison, Wisconsin, for an anticipated
total purchase price of approximately $79 million. The hotel is
currently under development and expected to include 260 rooms.
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 under the outstanding purchase contract. Assuming
all conditions to closing are met, the Company anticipates
acquiring the hotel following completion of construction, which is
expected to occur in early 2024.
Dispositions
During 2021, the Company sold 23 hotels in four transactions for
a total combined gross sales price of approximately $235 million.
The Company has sold 24 hotels for a total combined gross sales
price of approximately $245 million since March 2020, the beginning
of the COVID-19 pandemic.
Capital Improvements
Apple Hospitality consistently reinvests in its hotels to
maintain and enhance each property’s relevance and competitive
position within its respective market. During the year ended
December 31, 2021, the Company invested approximately $26 million
in capital expenditures. The Company plans to continue to reinvest
in its hotels and anticipates investing approximately $55 million
to $65 million in capital improvements during 2022, which includes
renovation projects for approximately 20 to 25 hotels.
Balance Sheet and
Liquidity
Summary
As of December 31, 2021, Apple Hospitality had approximately
$1.4 billion of total outstanding debt with a current combined
weighted-average interest rate of approximately 3.4%, cash on hand
of approximately $3 million and availability under its revolving
credit facility of approximately $349 million. Excluding
unamortized debt issuance costs and fair value adjustments, the
Company’s total outstanding debt is comprised of approximately $498
million in property-level debt secured by 28 hotels and
approximately $946 million outstanding on its unsecured credit
facilities. The number of unencumbered hotels in the Company’s
portfolio as of December 31, 2021, was 191. The Company’s total
debt to total capitalization, net of cash and cash equivalents at
December 31, 2021, was approximately 28%. As of December 31, 2021,
the Company’s weighted-average debt maturities are 3 years, with
approximately $228 million, net of reserves, maturing in 2022.
Unsecured Credit Facilities Amendments
As a result of COVID-19 and the associated disruption to the
Company’s operating results, as previously disclosed, the Company
entered into amendments to each of its unsecured credit facilities
in June 2020 and then again in March 2021 to temporarily waive the
financial covenant testing under each of its unsecured credit
facilities. In July 2021, the Company notified its lenders under
its unsecured credit facilities that it had elected to exit the
extended covenant waiver period, effective July 29, 2021, pursuant
to the terms of each of its unsecured credit facilities, as
amended. As of December 31, 2021, the Company met the financial
maintenance covenants based on the annualized results of the nine
months ended December 31, 2021, at the levels required for the
third fiscal quarter tested since exiting the extended covenant
waiver period.
Capital Markets
The Company terminated its written trading plan under its Share
Repurchase Program in March 2020 and has not repurchased any shares
under the Share Repurchase Program since that time. As of December
31, 2021, the Company had approximately $345 million remaining
under its Share Repurchase Program. The Share Repurchase Program
may be suspended or terminated at any time by the Company and will
end in July 2022 unless extended. The timing of share repurchases
and the number of common shares to be repurchased under the Share
Repurchase Program will depend upon the prevailing market
conditions, regulatory requirements and other factors.
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”). No shares
were sold under the Company’s ATM Program during the fourth quarter
of 2021. As of December 31, 2021, approximately $224 million
remained available for issuance under the ATM Program.
Shareholder
Distributions
For the year ended December 31, 2021, the Company paid
distributions of $0.03 per common share for a total of
approximately $6.8 million. On January 18, 2022, the Company paid a
quarterly distribution of $0.01 per common share for the fourth
quarter of 2021, which was declared in December 2021 and totaled
approximately $2.3 million.
The Company today announced that its Board of Directors has
reinstated its policy of distributions on a monthly basis and
declared a monthly cash distribution of $0.05 per common share for
the month of March 2022. The distribution is payable on March 15,
2022, to shareholders of record as of March 4, 2022. Based on the
Company’s common stock closing price of $17.49 on February 18,
2022, the annualized distribution of $0.60 per common share
represents an annual yield of approximately 3.4 percent. While the
Company expects monthly distributions to continue, each
distribution is subject to approval by the Company’s Board of
Directors. The Company’s Board of Directors, in consultation with
management, will continue to regularly monitor the Company’s
distribution rate and timing relative to the performance of its
hotels, capital improvement needs, varying economic cycles,
acquisitions and dispositions. At its discretion, the Company’s
Board of Directors may make adjustments as determined to be prudent
in relation to other cash requirements of the Company or in order
to maintain its REIT status for federal income tax purposes.
2022 Outlook
In light of continued economic uncertainty caused by COVID-19,
the Company has not issued 2022 operational guidance. The Company
is providing the following full year 2022 outlook regarding 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:
- General and administrative expenses are projected to be
approximately $32 million to $38 million.
- Interest expense is projected to be approximately $58 million
to $63 million.
- Capital expenditures are projected to be approximately $55
million to $65 million.
The Company does not intend to provide additional outlook
updates unless deemed appropriate.
Fourth Quarter and Full Year 2021
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 23, 2022. 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 23, 2022,
through 11:59 p.m. Eastern Time on March 16, 2022. 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
13725589. 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 219 hotels
with more than 28,700 guest rooms located in 86 markets throughout
36 states. Concentrated with industry-leading brands, the Company’s
portfolio consists of 94 Marriott-branded hotels, 119
Hilton-branded hotels, four 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; and Adjusted Hotel EBITDA. These non-GAAP
financial measures should be considered along with, but not as
alternatives to, net income (loss), cash flow from operations or
any other operating GAAP measure. FFO, MFFO, EBITDA, EBITDAre,
Adjusted EBITDAre and Adjusted Hotel EBITDA are not necessarily
indicative of funds available to fund the Company’s cash needs,
including its ability to make cash distributions. Although FFO,
MFFO, EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted Hotel
EBITDA, as calculated by the Company, may not be comparable to FFO,
MFFO, EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted Hotel
EBITDA, as reported by other companies that do not define such
terms exactly as the Company defines such terms, the Company
believes these supplemental measures are useful to investors when
comparing the Company’s results between periods and with other
REITs. Reconciliations of these non-GAAP financial measures to net
income (loss) are provided in the following pages.
Forward-Looking Statements
Disclaimer
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements are typically identified by use
of statements that include phrases such as “may,” “believe,”
“expect,” “anticipate,” “intend,” “estimate,” “project,” “target,”
“goal,” “plan,” “should,” “will,” “predict,” “potential,”
“outlook,” “strategy,” and similar expressions that convey the
uncertainty of future events or outcomes. Such statements involve
known and unknown risks, uncertainties, and other factors which may
cause the actual results, performance, or achievements of the
Company to be materially different from future results, performance
or achievements expressed or implied by such forward-looking
statements.
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
the COVID-19 pandemic, including resurgences and 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 pandemic 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 efficacy, acceptance and availability of vaccines, the
duration of associated immunity and efficacy of the vaccines
against 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 potential 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, 2021 as
being heightened as a result of the ongoing and numerous adverse
impacts of COVID-19. Additional 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; reduced
business and leisure travel due to travel-related health concerns,
including the COVID-19 pandemic 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, 2021. 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.
Apple Hospitality REIT,
Inc.
Consolidated Balance
Sheets
(in thousands, except share
data)
As of December 31,
2021
2020
Assets
Investment in real estate, net of
accumulated depreciation and amortization of $1,311,262 and
$1,235,698, respectively
$4,677,185
$4,732,896
Assets held for sale
-
5,316
Cash and cash equivalents
3,282
5,556
Restricted cash-furniture, fixtures and
other escrows
36,667
28,812
Due from third party managers, net
40,052
22,137
Other assets, net
33,341
35,042
Total Assets
$4,790,527
$4,829,759
Liabilities
Debt, net
$1,438,758
$1,482,571
Finance lease liabilities
111,776
219,981
Accounts payable and other liabilities
92,672
97,860
Total Liabilities
1,643,206
1,800,412
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 228,255,642 and
223,212,346 shares, respectively
4,569,352
4,488,419
Accumulated other comprehensive loss
(15,508)
(42,802)
Distributions greater than net income
(1,406,523)
(1,416,270)
Total Shareholders' Equity
3,147,321
3,029,347
Total Liabilities and Shareholders'
Equity
$4,790,527
$4,829,759
_______________________
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,
2021.
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,
2021
2020
2021
2020
Revenues:
Room
$231,374
$125,562
$871,436
$560,485
Food and beverage
7,832
2,333
22,018
16,719
Other
11,382
6,070
40,415
24,675
Total revenue
250,588
133,965
933,869
601,879
Expenses:
Hotel operating expense:
Operating
63,354
35,239
216,644
156,099
Hotel administrative
22,658
14,394
85,066
68,473
Sales and marketing
21,551
13,486
79,834
61,003
Utilities
9,313
7,947
40,635
33,412
Repair and maintenance
12,949
10,104
47,660
37,087
Franchise fees
10,891
5,871
40,949
26,387
Management fees
8,359
4,392
31,390
19,817
Total hotel operating expense
149,075
91,433
542,178
402,278
Property taxes, insurance and other
17,044
19,418
71,980
78,238
General and administrative
11,223
7,100
41,038
29,374
Loss on impairment of depreciable real
estate assets
-
715
10,754
5,097
Depreciation and amortization
45,158
50,196
184,471
199,786
Total expense
222,500
168,862
850,421
714,773
Gain (loss) on sale of real estate
(68)
2,069
3,596
10,854
Operating income (loss)
28,020
(32,828)
87,044
(102,040)
Interest and other expense, net
$(14,640)
$(18,352)
$(67,748)
$(70,835)
Income (loss) before income
taxes
13,380
(51,180)
19,296
(172,875)
Income tax expense
(159)
(67)
(468)
(332)
Net income (loss)
$13,221
$(51,247)
$18,828
$(173,207)
Other comprehensive income
(loss):
Interest rate derivatives
9,142
5,518
27,294
(38,104)
Comprehensive income (loss)
$22,363
$(45,729)
$46,122
$(211,311)
Basic and diluted net income (loss) per
common share
$0.06
$(0.23)
$0.08
$(0.77)
Weighted average common shares outstanding
- basic and diluted
228,429
223,316
226,361
223,544
_______________________
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, 2021.
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,
2021
2020
% Change
2021
2020
% Change
Total revenue
$253,225
$127,697
98.3%
$932,928
$574,977
62.3%
Total operating expenses
167,844
106,083
58.2%
611,246
460,149
32.8%
Adjusted Hotel EBITDA
$85,381
$21,614
295.0%
$321,682
$114,828
180.1%
Adjusted Hotel EBITDA Margin %
33.7%
16.9%
1,680 bps
34.5%
20.0%
1,450 bps
ADR (Comparable Hotels)
$131.19
$98.94
32.6%
$125.43
$112.72
11.3%
Occupancy (Comparable Hotels)
67.4%
46.0%
46.5%
66.3%
45.9%
44.4%
RevPAR (Comparable Hotels)
$88.45
$45.52
94.3%
$83.14
$51.69
60.8%
ADR (Actual)
$131.04
$97.87
33.9%
$123.78
$111.49
11.0%
Occupancy (Actual)
67.5%
46.5%
45.2%
66.3%
46.1%
43.8%
RevPAR (Actual)
$88.43
$45.46
94.5%
$82.03
$51.34
59.8%
Reconciliation to
Actual Results
Total Revenue (Actual)
$250,588
$133,965
$933,869
$601,879
Revenue from acquisitions prior to
ownership
2,870
5,104
29,674
20,507
Revenue from dispositions
(233)
(11,372)
(30,615)
(47,409)
Comparable Hotels Total Revenue
$253,225
$127,697
$932,928
$574,977
Adjusted Hotel EBITDA (AHEBITDA)
(Actual)
$84,609
$23,296
$320,273
$121,985
AHEBITDA from acquisitions prior to
ownership
989
972
10,362
2,679
AHEBITDA from dispositions
(217)
(2,654)
(8,953)
(9,836)
Comparable Hotels AHEBITDA
$85,381
$21,614
$321,682
$114,828
_______________________
Comparable Hotels is defined as the 219
hotels owned by the Company as of December 31, 2021. 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
3/31/2021
6/30/2021
9/30/2021
12/31/2021
Total revenue
$282,224
$327,033
$321,161
$278,005
$228,401
$76,274
$142,605
$127,697
$152,446
$242,644
$284,613
$253,225
Total operating expenses
180,155
195,324
197,051
183,205
167,871
76,435
109,760
106,083
118,608
149,052
175,742
167,844
Adjusted Hotel EBITDA
$102,069
$131,709
$124,110
$94,800
$60,530
$(161)
$32,845
$21,614
$33,838
$93,592
$108,871
$85,381
Adjusted Hotel EBITDA Margin %
36.2%
40.3%
38.6%
34.1%
26.5%
-0.2%
23.0%
16.9%
22.2%
38.6%
38.3%
33.7%
ADR (Comparable Hotels)
$139.83
$145.14
$143.87
$134.61
$134.68
$100.11
$106.15
$98.94
$99.98
$122.69
$141.86
$131.19
Occupancy (Comparable Hotels)
73.8%
81.6%
80.1%
73.2%
60.8%
28.2%
48.4%
46.0%
55.4%
70.7%
71.4%
67.4%
RevPAR (Comparable Hotels)
$103.26
$118.41
$115.28
$98.47
$81.94
$28.21
$51.39
$45.52
$55.34
$86.71
$101.36
$88.45
ADR (Actual)
$136.36
$141.60
$139.21
$131.41
$132.55
$100.76
$104.78
$97.87
$99.19
$120.56
$140.02
$131.04
Occupancy (Actual)
73.9%
81.4%
79.9%
72.9%
60.9%
28.2%
48.6%
46.5%
55.5%
70.7%
71.5%
67.5%
RevPAR (Actual)
$100.71
$115.30
$111.17
$95.85
$80.66
$28.44
$50.94
$45.46
$55.09
$85.28
$100.14
$88.43
Reconciliation to
Actual Results
Total Revenue (Actual)
$303,787
$341,117
$331,722
$289,971
$238,010
$81,078
$148,826
$133,965
$158,713
$247,404
$277,164
$250,588
Revenue from acquisitions prior to
ownership
$11,541
$14,123
$16,510
$12,982
$8,680
$1,617
$5,106
$5,104
$5,133
$10,350
$11,321
$2,870
Revenue from dispositions
$(33,104)
$(28,207)
$(27,071)
$(24,948)
$(18,289)
$(6,421)
$(11,327)
$(11,372)
$(11,400)
$(15,110)
$(3,872)
$(233)
Comparable Hotels Total Revenue
$282,224
$327,033
$321,161
$278,005
$228,401
$76,274
$142,605
$127,697
$152,446
$242,644
$284,613
$253,225
Adjusted Hotel EBITDA (AHEBITDA)
(Actual)
$108,804
$134,759
$124,596
$96,836
$63,297
$704
$34,688
$23,296
$35,427
$94,814
$105,423
$84,609
AHEBITDA from acquisitions prior to
ownership
$4,812
$7,049
$8,607
$5,843
$2,140
$(1,066)
$633
$972
$707
$3,917
$4,749
$989
AHEBITDA from dispositions
$(11,547)
$(10,099)
$(9,093)
$(7,879)
$(4,907)
$201
$(2,476)
$(2,654)
$(2,296)
$(5,139)
$(1,301)
$(217)
Comparable Hotels AHEBITDA
$102,069
$131,709
$124,110
$94,800
$60,530
$(161)
$32,845
$21,614
$33,838
$93,592
$108,871
$85,381
_______________________
Note: Comparable Hotels is defined
as the 219 hotels owned by the Company as of December 31, 2021. 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,
2021
2020
% Change
2021
2020
% Change
Total revenue
$235,499
$120,621
95.2%
$872,831
$550,953
58.4%
Total operating expenses
156,650
100,298
56.2%
572,214
439,338
30.2%
Adjusted Hotel EBITDA
$78,849
$20,323
288.0%
$300,617
$111,615
169.3%
Adjusted Hotel EBITDA Margin %
33.5%
16.8%
1,670 bps
34.4%
20.3%
1,410 bps
ADR (Same Store Hotels)
$129.58
$98.36
31.7%
$124.07
$112.60
10.2%
Occupancy (Same Store Hotels)
67.9%
46.2%
47.0%
66.8%
46.1%
44.9%
RevPAR (Same Store Hotels)
$87.97
$45.47
93.5%
$82.82
$51.87
59.7%
ADR (Actual)
$131.04
$97.87
33.9%
$123.78
$111.49
11.0%
Occupancy (Actual)
67.5%
46.5%
45.2%
66.3%
46.1%
43.8%
RevPAR (Actual)
$88.43
$45.46
94.5%
$82.03
$51.34
59.8%
Reconciliation to
Actual Results
Total Revenue (Actual)
$250,588
$133,965
$933,869
$601,879
Revenue from acquisitions
(14,856)
(1,972)
(30,423)
(3,517)
Revenue from dispositions
(233)
(11,372)
(30,615)
(47,409)
Same Store Hotels Total Revenue
$235,499
$120,621
$872,831
$550,953
Adjusted Hotel EBITDA (AHEBITDA)
(Actual)
$84,609
$23,296
$320,273
$121,985
AHEBITDA from acquisitions
(5,543)
(319)
(10,703)
(534)
AHEBITDA from dispositions
(217)
(2,654)
(8,953)
(9,836)
Same Store Hotels AHEBITDA
$78,849
$20,323
$300,617
$111,615
_______________________
Same Store Hotels is defined as the 207
hotels owned by the Company as of January 1, 2020 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
3/31/2020
6/30/2020
9/30/2020
12/31/2020
3/31/2021
6/30/2021
9/30/2021
12/31/2021
Total revenue
$219,721
$74,264
$136,347
$120,621
$144,861
$228,153
$264,318
$235,499
Total operating expenses
161,331
73,442
104,267
100,298
112,106
139,459
163,999
156,650
Adjusted Hotel EBITDA
$58,390
$822
$32,080
$20,323
$32,755
$88,694
$100,319
$78,849
Adjusted Hotel EBITDA Margin %
26.6%
1.1%
23.5%
16.8%
22.6%
38.9%
38.0%
33.5%
ADR (Same Store Hotels)
$134.29
$101.44
$105.71
$98.36
$99.61
$121.79
$139.75
$129.58
Occupancy (Same Store Hotels)
60.9%
28.2%
48.9%
46.2%
56.0%
71.3%
71.7%
67.9%
RevPAR (Same Store Hotels)
$81.81
$28.62
$51.64
$45.47
$55.74
$86.79
$100.24
$87.97
ADR (Actual)
$132.55
$100.76
$104.78
$97.87
$99.19
$120.56
$140.02
$131.04
Occupancy (Actual)
60.9%
28.2%
48.6%
46.5%
55.5%
70.7%
71.5%
67.5%
RevPAR (Actual)
$80.66
$28.44
$50.94
$45.46
$55.09
$85.28
$100.14
$88.43
Reconciliation to
Actual Results
Total Revenue (Actual)
$238,010
$81,078
$148,826
$133,965
$158,713
$247,404
$277,164
$250,588
Revenue from acquisitions
-
(393)
(1,152)
(1,972)
(2,452)
(4,141)
(8,974)
(14,856)
Revenue from dispositions
(18,289)
(6,421)
(11,327)
(11,372)
(11,400)
(15,110)
(3,872)
(233)
Same Store Hotels Total Revenue
$219,721
$74,264
$136,347
$120,621
$144,861
$228,153
$264,318
$235,499
Adjusted Hotel EBITDA (AHEBITDA)
(Actual)
$63,297
$704
$34,688
$23,296
$35,427
$94,814
$105,423
$84,609
AHEBITDA from acquisitions
-
(83)
(132)
(319)
(376)
(981)
(3,803)
(5,543)
AHEBITDA from dispositions
(4,907)
201
(2,476)
(2,654)
(2,296)
(5,139)
(1,301)
(217)
Same Store Hotels AHEBITDA
$58,390
$822
$32,080
$20,323
$32,755
$88,694
$100,319
$78,849
_______________________
Note: Same Store Hotels is defined
as the 207 hotels owned by the Company as of January 1, 2020 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, 2021:
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
3/31/2021
6/30/2021
9/30/2021
12/31/2021
Net income (loss)
$38,151
$62,090
$46,223
$25,453
$(2,769)
$(78,243)
$(40,948)
$(51,247)
$(46,435)
$20,283
$31,759
$13,221
Depreciation and amortization
47,950
48,109
47,887
49,294
49,522
49,897
50,171
50,196
48,710
46,386
44,217
45,158
Amortization of favorable and unfavorable
operating leases, net
31
31
31
31
101
101
103
137
98
98
98
99
Interest and other expense, net
15,494
15,857
14,759
15,081
15,566
18,386
18,531
18,352
18,513
18,618
15,977
14,640
Income tax expense
206
156
143
174
146
58
61
67
108
87
114
159
EBITDA
101,832
126,243
109,043
90,033
62,566
(9,801)
27,918
17,505
20,994
85,472
92,165
73,277
(Gain) loss on sale of real estate
(1,213)
161
-
(3,969)
(8,839)
54
-
(2,069)
(4,484)
864
(44)
68
Loss on impairment of depreciable real
estate assets
-
-
6,467
-
-
4,382
-
715
10,754
-
-
-
EBITDAre
100,619
126,404
115,510
86,064
53,727
(5,365)
27,918
16,151
27,264
86,336
92,121
73,345
Non-cash straight-line operating ground
lease expense
48
47
47
46
47
44
44
45
44
43
41
41
Adjusted EBITDAre
$100,667
$126,451
$115,557
$86,110
$53,774
$(5,321)
$27,962
$16,196
$27,308
$86,379
$92,162
$73,386
General and administrative expense
8,137
8,308
9,039
10,726
9,523
6,025
6,726
7,100
8,119
8,435
13,261
11,223
Adjusted Hotel EBITDA
$108,804
$134,759
$124,596
$96,836
$63,297
$704
$34,688
$23,296
$35,427
$94,814
$105,423
$84,609
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, 2021 and 2020:
Three Months Ended
December 31,
Year Ended
December 31,
2021
2020
2021
2020
Net income (loss)
$13,221
$(51,247)
$18,828
$(173,207)
Depreciation of real estate owned
44,395
48,327
179,275
192,346
(Gain) loss on sale of real estate
68
(2,069)
(3,596)
(10,854)
Loss on impairment of depreciable real
estate assets
-
715
10,754
5,097
Funds from operations
57,684
(4,274)
205,261
13,382
Amortization of finance ground lease
assets
760
1,617
5,178
6,433
Amortization of favorable and unfavorable
operating leases, net
99
137
393
442
Non-cash straight-line operating ground
lease expense
41
45
169
180
Modified funds from operations
$58,584
$(2,475)
$211,001
$20,437
Apple Hospitality REIT,
Inc.
Debt Summary
(Unaudited)
($ in thousands)
December 31, 2021
2022
2023
2024
2025
2026
Thereafter
Total
Fair Market Value
Total debt:
Maturities
$
241,831
$
296,213
$
338,597
$
245,140
$
74,649
$
247,616
$
1,444,046
$
1,409,689
Average interest rates (1)
3.3
%
3.4
%
3.7
%
3.9
%
3.8
%
3.7
%
Variable-rate debt:
Maturities
$
76,000
$
250,000
$
310,000
$
175,000
$
-
$
85,000
$
896,000
$
869,618
Average interest rates (1)
3.0
%
3.2
%
3.6
%
4.1
%
4.2
%
3.7
%
Fixed-rate debt:
Maturities
$
165,831
$
46,213
$
28,597
$
70,140
$
74,649
$
162,616
$
548,046
$
540,071
Average interest rates
4.0
%
3.9
%
3.9
%
3.8
%
3.7
%
3.7
%
_______________________
(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, 2021.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Market
Three Months Ended December
31
(Unaudited)
Top 20 Markets
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
Q4 2021
Q4 2020
% Change
Q4 2021
Q4 2020
% Change
Q4 2021
Q4 2020
% Change
Q4 2021
Top 20 Markets
Los Angeles, CA
8
79.3%
70.5%
12.5%
$165.38
$113.89
45.2%
$131.13
$80.25
63.4%
6.3%
Phoenix, AZ
10
76.2%
43.1%
76.8%
$124.00
$89.64
38.3%
$94.46
$38.66
144.3%
5.9%
San Diego, CA
7
67.0%
39.7%
68.8%
$143.68
$109.85
30.8%
$96.28
$43.61
120.8%
4.6%
Orange County, CA
6
73.3%
50.7%
44.6%
$134.80
$102.70
31.3%
$98.75
$52.07
89.6%
3.9%
Fort Worth/Arlington, TX
6
69.5%
53.4%
30.1%
$135.56
$103.41
31.1%
$94.23
$55.22
70.6%
3.6%
Portland, ME
3
63.9%
48.0%
33.1%
$198.33
$148.38
33.7%
$126.81
$71.26
78.0%
3.6%
Nashville, TN
5
74.7%
45.7%
63.5%
$150.71
$95.52
57.8%
$112.56
$43.70
157.6%
3.6%
Austin, TX
7
76.6%
32.9%
132.8%
$110.76
$75.45
46.8%
$84.85
$24.82
241.9%
2.5%
Richmond/Petersburg, VA
4
69.0%
28.2%
144.7%
$149.55
$108.28
38.1%
$103.23
$30.56
237.8%
2.4%
Melbourne, FL
3
73.4%
47.3%
55.2%
$150.99
$129.72
16.4%
$110.85
$61.32
80.8%
2.2%
Miami, FL
3
83.8%
57.3%
46.2%
$139.41
$80.60
73.0%
$116.88
$46.18
153.1%
2.1%
Seattle, WA
3
63.5%
47.8%
32.8%
$149.69
$122.24
22.5%
$95.05
$58.37
62.8%
2.0%
Dallas, TX
5
62.4%
35.9%
73.8%
$117.87
$85.01
38.7%
$73.56
$30.53
140.9%
2.0%
Omaha, NE
4
60.2%
30.1%
100.0%
$115.24
$85.58
34.7%
$69.35
$25.76
169.2%
1.8%
North Carolina East
4
67.2%
60.8%
10.5%
$122.24
$107.94
13.2%
$82.10
$65.66
25.0%
1.7%
Chicago, IL
7
55.5%
24.0%
131.3%
$114.04
$83.18
37.1%
$63.31
$19.98
216.9%
1.6%
Indiana North
3
62.7%
38.7%
62.0%
$155.52
$108.90
42.8%
$97.54
$42.18
131.2%
1.6%
Tucson, AZ
3
79.4%
62.2%
27.7%
$103.42
$87.04
18.8%
$82.13
$54.14
51.7%
1.5%
Oklahoma City, OK
4
56.8%
50.1%
13.4%
$128.51
$96.94
32.6%
$72.96
$48.55
50.3%
1.5%
New Orleans, LA
1
72.6%
34.5%
110.4%
$217.23
$137.34
58.2%
$157.63
$47.43
232.3%
1.5%
Top 20 Markets
96
69.2%
44.1%
56.9%
$137.25
$101.65
35.0%
$95.03
$44.84
111.9%
55.9%
All Other Markets
Florida Panhandle
5
60.3%
56.9%
6.0%
$129.52
$108.83
19.0%
$78.11
$61.89
26.2%
1.5%
Alabama North
4
68.8%
62.1%
10.8%
$123.47
$105.98
16.5%
$84.95
$65.84
29.0%
1.4%
Alaska
2
83.8%
58.7%
42.8%
$151.81
$135.24
12.3%
$127.16
$79.41
60.1%
1.4%
Birmingham, AL
4
67.3%
43.5%
54.7%
$127.52
$103.87
22.8%
$85.83
$45.15
90.1%
1.4%
Memphis, TN
2
56.7%
37.7%
50.4%
$190.91
$135.49
40.9%
$108.29
$51.02
112.3%
1.4%
Newark, NJ
2
81.9%
58.8%
39.3%
$154.19
$112.50
37.1%
$126.30
$66.20
90.8%
1.4%
Fort Lauderdale, FL
2
76.5%
49.3%
55.2%
$135.14
$79.94
69.1%
$103.37
$39.37
162.6%
1.4%
Washington, DC
4
64.6%
42.3%
52.7%
$111.29
$94.99
17.2%
$71.91
$40.16
79.1%
1.3%
Alabama South
4
63.9%
48.9%
30.7%
$121.09
$102.09
18.6%
$77.36
$49.93
54.9%
1.3%
Knoxville, TN
3
76.4%
54.2%
41.0%
$111.49
$100.27
11.2%
$85.17
$54.33
56.8%
1.2%
Houston, TX
6
53.7%
37.0%
45.1%
$99.77
$80.95
23.2%
$53.62
$29.92
79.2%
1.2%
Boston, MA
3
76.9%
43.4%
77.2%
$121.03
$100.52
20.4%
$93.13
$43.67
113.3%
1.2%
Kansas City, MO
4
63.6%
38.6%
64.8%
$115.54
$101.57
13.8%
$73.47
$39.18
87.5%
1.1%
Orlando, FL
3
69.3%
29.5%
134.9%
$102.11
$71.89
42.0%
$70.75
$21.20
233.7%
1.1%
Virginia Area
1
79.6%
100.0%
(20.4%)
$144.90
$74.22
95.2%
$115.37
$74.20
55.5%
1.0%
Syracuse, NY
2
77.9%
34.8%
123.9%
$122.77
$101.14
21.4%
$95.62
$35.24
171.3%
1.0%
Salt Lake City/Ogden, UT
2
77.0%
57.4%
34.1%
$104.94
$71.58
46.6%
$80.84
$41.11
96.6%
0.9%
Jacksonville, FL
2
87.0%
60.9%
42.9%
$114.40
$98.51
16.1%
$99.56
$60.00
65.9%
0.9%
Norfolk/Virginia Beach, VA
4
67.7%
59.7%
13.4%
$115.55
$94.47
22.3%
$78.24
$56.44
38.6%
0.9%
Philadelphia, PA
3
61.6%
41.1%
49.9%
$120.53
$91.82
31.3%
$74.23
$37.78
96.5%
0.9%
California South/Central
2
78.4%
75.8%
3.4%
$148.39
$113.03
31.3%
$116.36
$85.73
35.7%
0.8%
Savannah, GA
1
81.0%
72.3%
12.0%
$124.46
$87.47
42.3%
$100.80
$63.22
59.4%
0.8%
Texas West
1
97.9%
85.3%
14.8%
$119.33
$102.51
16.4%
$116.86
$87.45
33.6%
0.8%
Inland Empire, CA
1
78.9%
84.7%
(6.8%)
$190.34
$155.46
22.4%
$150.12
$131.75
13.9%
0.8%
Denver, CO
3
50.7%
40.0%
26.8%
$119.94
$86.32
38.9%
$60.76
$34.55
75.9%
0.8%
Atlanta, GA
3
52.3%
35.5%
47.3%
$148.21
$89.41
65.8%
$77.52
$31.73
144.3%
0.8%
Sacramento, CA
1
71.8%
47.7%
50.5%
$152.58
$103.30
47.7%
$109.49
$49.30
122.1%
0.7%
Note: Market categorization based
on STR designation. Top 20 markets based on Comparable Hotels
Adjusted Hotel EBITDA contribution.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Market
Three Months Ended December
31
(Unaudited)
All Other Markets (continued)
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
Q4 2021
Q4 2020
% Change
Q4 2021
Q4 2020
% Change
Q4 2021
Q4 2020
% Change
Q4 2021
Saint Louis, MO
2
53.8%
33.3%
61.6%
$142.08
$94.07
51.0%
$76.44
$31.35
143.8%
0.7%
Long Island, NY
1
75.6%
51.1%
47.9%
$146.30
$102.42
42.8%
$110.65
$52.35
111.4%
0.7%
Idaho
1
63.7%
43.0%
48.1%
$146.67
$104.89
39.8%
$93.37
$45.10
107.0%
0.7%
Columbia, SC
2
71.4%
59.3%
20.4%
$117.12
$88.73
32.0%
$83.67
$52.64
58.9%
0.7%
Iowa Area
3
65.9%
52.6%
25.3%
$106.83
$96.52
10.7%
$70.42
$50.77
38.7%
0.7%
Louisiana South
2
57.0%
69.3%
(17.7%)
$124.57
$101.20
23.1%
$70.97
$70.18
1.1%
0.7%
Tampa, FL
1
83.8%
61.6%
36.0%
$139.93
$100.26
39.6%
$117.31
$61.78
89.9%
0.6%
Palm Beach , FL
1
69.6%
47.9%
45.3%
$132.67
$71.74
84.9%
$92.29
$34.35
168.7%
0.6%
Greenville/Spartanburg, SC
1
66.8%
65.1%
2.6%
$159.38
$98.04
62.6%
$106.53
$63.78
67.0%
0.5%
San Jose/Santa Cruz, CA
1
81.0%
76.1%
6.4%
$138.46
$114.19
21.3%
$112.15
$86.86
29.1%
0.5%
Bergen/Passaic, NJ
1
90.5%
73.0%
24.0%
$119.81
$94.02
27.4%
$108.47
$68.59
58.1%
0.5%
Florida Central
2
67.5%
43.8%
54.1%
$121.25
$89.96
34.8%
$81.87
$39.38
107.9%
0.5%
Madison, WI
1
39.8%
$179.28
$71.33
0.5%
Mississippi
2
69.6%
52.4%
32.8%
$110.57
$101.17
9.3%
$76.97
$53.05
45.1%
0.5%
Baltimore, MD
1
56.8%
35.8%
58.7%
$150.84
$79.94
88.7%
$85.66
$28.60
199.5%
0.5%
Macon/Warner Robins, GA
1
68.8%
51.7%
33.1%
$140.42
$112.83
24.5%
$96.56
$58.33
65.5%
0.5%
Portland, OR
1
44.4%
18.9%
134.9%
$145.64
$98.90
47.3%
$64.69
$18.73
245.4%
0.4%
Greensboro/Winston Salem, NC
2
66.1%
49.2%
34.3%
$112.52
$86.61
29.9%
$74.39
$42.64
74.5%
0.4%
Arkansas Area
2
57.5%
44.7%
28.6%
$101.12
$72.80
38.9%
$58.12
$32.51
78.8%
0.4%
Ohio Area
1
60.1%
37.5%
60.3%
$112.11
$90.35
24.1%
$67.39
$33.89
98.8%
0.4%
San Antonio, TX
1
84.5%
55.6%
52.0%
$93.96
$70.48
33.3%
$79.36
$39.21
102.4%
0.3%
Pittsburgh, PA
1
42.4%
31.3%
35.5%
$152.09
$94.56
60.8%
$64.46
$29.60
117.8%
0.3%
Detroit, MI
1
56.5%
23.1%
144.6%
$126.01
$92.59
36.1%
$71.22
$21.38
233.1%
0.3%
Texas East
1
89.1%
83.7%
6.5%
$105.46
$84.40
25.0%
$93.98
$70.61
33.1%
0.3%
Colorado Springs, CO
1
65.5%
51.3%
27.7%
$134.05
$108.48
23.6%
$87.78
$55.65
57.7%
0.3%
Raleigh/Durham/Chapel Hill, NC
1
66.3%
51.7%
28.2%
$113.41
$81.56
39.1%
$75.24
$42.18
78.4%
0.3%
South Carolina Area
1
65.6%
50.2%
30.7%
$129.59
$94.18
37.6%
$85.03
$47.25
80.0%
0.3%
Utah Area
1
59.8%
51.8%
15.4%
$120.60
$93.95
28.4%
$72.10
$48.71
48.0%
0.3%
Charleston, SC
1
62.1%
40.3%
54.1%
$114.77
$99.99
14.8%
$71.31
$40.34
76.8%
0.2%
Chattanooga, TN
1
84.7%
69.2%
22.4%
$121.03
$112.29
7.8%
$102.47
$77.73
31.8%
0.2%
Indianapolis, IN
1
61.8%
32.8%
88.4%
$110.98
$89.89
23.5%
$68.58
$29.49
132.6%
0.2%
Mobile, AL
1
63.5%
64.0%
(0.8%)
$107.50
$97.21
10.6%
$68.26
$62.24
9.7%
0.2%
Minneapolis, MN
2
53.0%
22.0%
140.9%
$123.74
$82.06
50.8%
$65.64
$18.08
263.1%
0.2%
Charlotte, NC
1
76.2%
51.7%
47.4%
$86.57
$68.83
25.8%
$65.96
$35.61
85.2%
0.2%
Central New Jersey
1
49.1%
29.7%
65.3%
$117.88
$72.15
63.4%
$57.86
$21.40
170.4%
0.2%
Kansas
1
63.4%
38.3%
65.5%
$82.41
$75.33
9.4%
$52.23
$28.86
81.0%
0.1%
Minnesota
1
57.9%
44.5%
30.1%
$103.92
$85.56
21.5%
$60.18
$38.10
58.0%
0.1%
Cincinnati, OH
1
55.9%
32.8%
70.4%
$107.71
$92.85
16.0%
$60.18
$30.48
97.4%
0.1%
New York, NY
1
68.6%
41.3%
66.1%
$171.29
$122.12
40.3%
$117.57
$50.41
133.2%
(0.4)%
All Other Markets
123
65.8%
47.7%
37.9%
$125.34
$96.65
29.7%
$82.43
$46.14
78.7%
44.1%
Total Portfolio
219
67.4%
46.0%
46.5%
$131.19
$98.94
32.6%
$88.45
$45.52
94.3%
100.0%
Note: Market categorization based
on STR designation. Top 20 markets based on Comparable Hotels
Adjusted Hotel EBITDA contribution.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Market
Year Ended December 31
(Unaudited)
Top 20 Markets
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
YTD 2021
YTD 2020
% Change
YTD 2021
YTD 2020
% Change
YTD 2021
YTD 2020
% Change
YTD 2021
Top 20 Markets
Los Angeles, CA
8
82.9%
62.5%
32.6%
$145.84
$131.13
11.2%
$120.88
$81.95
47.5%
6.3%
San Diego, CA
7
63.9%
43.5%
46.9%
$143.70
$127.16
13.0%
$91.88
$55.32
66.1%
5.1%
Orange County, CA
6
72.2%
46.3%
55.9%
$129.58
$120.22
7.8%
$93.58
$55.64
68.2%
3.9%
Phoenix, AZ
10
66.5%
42.3%
57.2%
$109.29
$115.06
(5.0%)
$72.65
$48.67
49.3%
3.9%
Portland, ME
3
65.0%
52.0%
25.0%
$223.19
$121.50
83.7%
$145.01
$63.15
129.6%
3.8%
Fort Worth/Arlington, TX
6
73.0%
50.2%
45.4%
$123.55
$113.99
8.4%
$90.20
$57.22
57.6%
3.0%
Norfolk/Virginia Beach, VA
4
75.8%
59.3%
27.8%
$159.31
$128.67
23.8%
$120.82
$76.34
58.3%
3.0%
Nashville, TN
5
68.9%
43.8%
57.3%
$135.04
$117.92
14.5%
$93.02
$51.62
80.2%
2.9%
North Carolina East
4
73.8%
64.5%
14.4%
$142.44
$122.70
16.1%
$105.13
$79.11
32.9%
2.9%
Alaska
2
85.6%
65.4%
30.9%
$181.79
$138.79
31.0%
$155.63
$90.72
71.5%
2.5%
Seattle, WA
3
66.0%
50.1%
31.7%
$151.18
$139.88
8.1%
$99.74
$70.02
42.4%
2.5%
Florida Panhandle
5
69.7%
56.4%
23.6%
$139.55
$123.18
13.3%
$97.33
$69.41
40.2%
2.5%
Omaha, NE
4
56.5%
35.5%
59.2%
$126.95
$98.79
28.5%
$71.69
$35.06
104.5%
2.1%
Melbourne, FL
3
68.3%
52.4%
30.3%
$144.62
$139.26
3.8%
$98.83
$72.94
35.5%
2.0%
Austin, TX
7
68.7%
34.7%
98.0%
$101.14
$92.49
9.4%
$69.48
$32.10
116.4%
1.9%
Oklahoma City, OK
4
63.3%
46.8%
35.3%
$123.73
$107.14
15.5%
$78.29
$50.17
56.0%
1.9%
Miami, FL
3
79.6%
54.2%
46.9%
$128.67
$108.07
19.1%
$102.40
$58.59
74.8%
1.8%
Richmond/Petersburg, VA
4
56.7%
28.4%
99.6%
$142.15
$132.14
7.6%
$80.54
$37.59
114.3%
1.8%
Alabama North
4
74.4%
52.3%
42.3%
$118.12
$108.09
9.3%
$87.85
$56.53
55.4%
1.8%
Dallas, TX
5
63.9%
38.9%
64.3%
$106.34
$105.48
0.8%
$67.90
$41.07
65.3%
1.5%
Top 20 Markets
97
69.1%
47.4%
45.8%
$134.59
$119.93
12.2%
$93.06
$56.82
63.8%
57.1%
All Other Markets
Birmingham, AL
4
66.5%
45.9%
44.9%
$122.31
$109.13
12.1%
$81.37
$50.11
62.4%
1.5%
Chicago, IL
7
50.5%
32.4%
55.9%
$107.54
$97.51
10.3%
$54.33
$31.57
72.1%
1.4%
Alabama South
4
65.3%
48.3%
35.2%
$113.33
$104.77
8.2%
$73.95
$50.58
46.2%
1.4%
Indiana North
3
67.1%
40.9%
64.1%
$123.76
$107.31
15.3%
$83.10
$43.88
89.4%
1.4%
Washington, DC
4
60.3%
43.7%
38.0%
$106.84
$107.07
(0.2%)
$64.44
$46.81
37.7%
1.3%
Memphis, TN
2
56.7%
38.9%
45.8%
$178.24
$148.07
20.4%
$101.01
$57.61
75.3%
1.3%
Fort Lauderdale, FL
2
79.7%
47.3%
68.5%
$119.22
$120.20
(0.8%)
$94.96
$56.81
67.2%
1.3%
Tucson, AZ
3
76.0%
54.3%
40.0%
$98.68
$104.92
(5.9%)
$74.99
$57.01
31.5%
1.3%
Houston, TX
6
58.3%
42.3%
37.8%
$97.00
$94.83
2.3%
$56.59
$40.15
40.9%
1.2%
Knoxville, TN
3
71.3%
46.5%
53.3%
$103.91
$100.08
3.8%
$74.06
$46.50
59.3%
1.1%
Kansas City, MO
4
64.8%
40.2%
61.2%
$106.97
$107.58
(0.6%)
$69.28
$43.22
60.3%
1.1%
Newark, NJ
2
73.7%
57.0%
29.3%
$140.07
$114.75
22.1%
$103.30
$65.39
58.0%
1.1%
Salt Lake City/Ogden, UT
2
79.9%
56.3%
41.9%
$98.17
$87.07
12.7%
$78.42
$48.99
60.1%
1.0%
Saint Louis, MO
2
58.7%
35.3%
66.3%
$136.84
$109.42
25.1%
$80.36
$38.68
107.8%
1.0%
Boston, MA
3
69.1%
40.2%
71.9%
$114.37
$112.57
1.6%
$79.08
$45.23
74.8%
0.9%
Jacksonville, FL
2
79.9%
54.0%
48.0%
$115.99
$105.10
10.4%
$92.71
$56.79
63.3%
0.9%
Inland Empire, CA
1
87.5%
78.8%
11.0%
$179.30
$156.21
14.8%
$156.83
$123.08
27.4%
0.9%
Denver, CO
3
50.7%
45.4%
11.7%
$121.24
$103.21
17.5%
$61.41
$46.83
31.1%
0.9%
Orlando, FL
3
63.3%
33.2%
90.7%
$98.47
$102.64
(4.1%)
$62.36
$34.09
82.9%
0.9%
California South/Central
2
82.8%
67.2%
23.2%
$132.36
$114.51
15.6%
$109.58
$76.93
42.4%
0.8%
Syracuse, NY
2
62.8%
35.2%
78.4%
$128.25
$117.15
9.5%
$80.56
$41.23
95.4%
0.8%
Louisiana South
2
62.0%
62.3%
(0.5%)
$116.82
$96.59
20.9%
$72.43
$60.15
20.4%
0.8%
Long Island, NY
1
74.3%
45.0%
65.1%
$146.36
$113.48
29.0%
$108.82
$51.02
113.3%
0.8%
Virginia Area
1
78.3%
54.6%
43.4%
$119.93
$93.59
28.1%
$93.88
$51.06
83.9%
0.8%
Philadelphia, PA
3
57.5%
40.2%
43.0%
$113.82
$106.74
6.6%
$65.49
$42.95
52.5%
0.8%
Savannah, GA
1
82.4%
64.1%
28.5%
$117.25
$99.20
18.2%
$96.63
$63.55
52.1%
0.8%
Columbia, SC
2
71.7%
59.7%
20.1%
$106.40
$95.73
11.1%
$76.31
$57.14
33.5%
0.8%
Note: Market categorization based
on STR designation. Top 20 markets based on Comparable Hotels
Adjusted Hotel EBITDA contribution.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Market
Year Ended December 31
(Unaudited)
All Other Markets (continued)
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
YTD 2021
YTD 2020
% Change
YTD 2021
YTD 2020
% Change
YTD 2021
YTD 2020
% Change
YTD 2021
Atlanta, GA
3
54.1%
36.5%
48.2%
$127.92
$120.52
6.1%
$69.18
$43.96
57.4%
0.7%
Texas West
1
95.5%
84.7%
12.8%
$112.18
$104.70
7.1%
$107.18
$88.73
20.8%
0.7%
Idaho
1
66.9%
45.9%
45.8%
$139.20
$121.41
14.7%
$93.17
$55.72
67.2%
0.7%
New Orleans, LA
1
57.8%
41.7%
38.6%
$167.64
$148.86
12.6%
$96.84
$62.14
55.8%
0.7%
Iowa Area
3
65.0%
49.9%
30.3%
$105.07
$97.49
7.8%
$68.27
$48.63
40.4%
0.7%
Tampa, FL
1
78.0%
52.5%
48.6%
$140.18
$128.01
9.5%
$109.36
$67.21
62.7%
0.6%
Sacramento, CA
1
73.2%
51.8%
41.3%
$131.96
$119.72
10.2%
$96.63
$62.07
55.7%
0.6%
San Jose/Santa Cruz, CA
1
82.0%
64.7%
26.7%
$130.37
$143.71
(9.3%)
$106.88
$93.01
14.9%
0.6%
Greenville/Spartanburg, SC
1
66.3%
44.3%
49.7%
$136.42
$109.56
24.5%
$90.40
$48.59
86.0%
0.6%
Florida Central
2
66.7%
43.2%
54.4%
$117.83
$100.78
16.9%
$78.56
$43.53
80.5%
0.6%
South Carolina Area
1
71.4%
54.8%
30.3%
$156.41
$113.09
38.3%
$111.72
$61.94
80.4%
0.6%
Macon/Warner Robins, GA
1
72.9%
69.0%
5.7%
$134.51
$112.55
19.5%
$98.06
$77.68
26.2%
0.6%
Colorado Springs, CO
1
72.5%
52.3%
38.6%
$152.33
$116.40
30.9%
$110.52
$60.90
81.5%
0.5%
Portland, OR
1
45.8%
29.2%
56.8%
$143.35
$120.79
18.7%
$65.62
$35.23
86.3%
0.5%
Mississippi
2
68.6%
46.5%
47.5%
$110.14
$99.31
10.9%
$75.51
$46.15
63.6%
0.5%
Palm Beach , FL
1
74.1%
43.3%
71.1%
$111.86
$117.50
(4.8%)
$82.90
$50.92
62.8%
0.5%
Greensboro/Winston Salem, NC
2
67.1%
46.8%
43.4%
$101.89
$91.57
11.3%
$68.39
$42.84
59.6%
0.5%
Utah Area
1
67.4%
50.9%
32.4%
$119.24
$98.56
21.0%
$80.34
$50.20
60.0%
0.4%
Baltimore, MD
1
55.7%
38.4%
45.1%
$128.35
$88.01
45.8%
$71.50
$33.84
111.3%
0.4%
Arkansas Area
2
59.9%
38.5%
55.6%
$91.03
$93.00
(2.1%)
$54.54
$35.82
52.3%
0.4%
San Antonio, TX
1
83.6%
54.1%
54.5%
$92.34
$82.00
12.6%
$77.17
$44.32
74.1%
0.4%
Bergen/Passaic, NJ
1
84.2%
63.5%
32.6%
$109.77
$103.46
6.1%
$92.40
$65.75
40.5%
0.3%
Charleston, SC
1
69.1%
46.4%
48.9%
$111.79
$106.25
5.2%
$77.21
$49.31
56.6%
0.3%
Texas East
1
85.7%
80.6%
6.3%
$103.01
$83.14
23.9%
$88.25
$66.97
31.8%
0.3%
Pittsburgh, PA
1
45.8%
34.2%
33.9%
$124.82
$95.14
31.2%
$57.21
$32.49
76.1%
0.3%
Detroit, MI
1
46.7%
27.8%
68.0%
$123.26
$101.53
21.4%
$57.51
$28.27
103.4%
0.3%
Ohio Area
1
57.2%
40.0%
43.0%
$105.31
$99.89
5.4%
$60.22
$39.91
50.9%
0.3%
Mobile, AL
1
65.5%
56.3%
16.3%
$108.94
$96.75
12.6%
$71.35
$54.45
31.0%
0.3%
Raleigh/Durham/Chapel Hill, NC
1
68.6%
49.8%
37.8%
$98.20
$94.98
3.4%
$67.35
$47.26
42.5%
0.3%
Chattanooga, TN
1
82.4%
66.1%
24.7%
$119.22
$112.60
5.9%
$98.26
$74.45
32.0%
0.3%
Madison, WI
1
36.8%
$161.77
$59.57
0.2%
Indianapolis, IN
1
59.8%
33.4%
79.0%
$108.79
$99.83
9.0%
$65.11
$33.32
95.4%
0.2%
Kansas
1
61.9%
41.2%
50.2%
$84.97
$84.53
0.5%
$52.60
$34.81
51.1%
0.2%
Central New Jersey
1
43.7%
35.7%
22.4%
$106.22
$93.05
14.2%
$46.46
$33.25
39.7%
0.1%
Charlotte, NC
1
69.5%
50.2%
38.4%
$81.40
$76.83
5.9%
$56.58
$38.60
46.6%
0.1%
Cincinnati, OH
1
55.1%
38.6%
42.7%
$111.14
$99.43
11.8%
$61.27
$38.38
59.6%
0.1%
Minnesota
1
61.0%
46.5%
31.2%
$98.42
$95.83
2.7%
$60.09
$44.57
34.8%
0.1%
Minneapolis, MN
2
47.2%
27.5%
71.6%
$113.61
$108.04
5.2%
$53.68
$29.70
80.7%
0.1%
New York, NY
1
65.4%
31.0%
111.0%
$135.77
$129.21
5.1%
$88.74
$40.06
121.5%
(1.0)%
All Other Markets
122
63.9%
44.6%
43.3%
$117.04
$106.32
10.1%
$74.75
$47.40
57.7%
42.9%
Total Portfolio
219
66.3%
45.9%
44.4%
$125.43
$112.72
11.3%
$83.14
$51.69
60.8%
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 Adjusted Hotel
EBITDA
# of Hotels
Q4 2021
Q4 2020
% Change
Q4 2021
Q4 2020
% Change
Q4 2021
Q4 2020
% Change
Q4 2021
STR Region
East North Central
15
56.1%
28.3%
98.2%
$124.73
$91.17
36.8%
$70.00
$25.76
171.7%
4.7%
East South Central
26
69.2%
49.9%
38.7%
$133.87
$104.10
28.6%
$92.61
$51.97
78.2%
11.2%
Middle Atlantic
12
68.1%
44.4%
53.4%
$138.14
$100.89
36.9%
$94.04
$44.79
110.0%
4.5%
Mountain
21
70.8%
47.1%
50.3%
$120.12
$88.43
35.8%
$85.04
$41.61
104.4%
10.4%
New England
6
69.0%
45.8%
50.7%
$164.64
$126.58
30.1%
$113.64
$58.00
95.9%
4.7%
Pacific
32
71.7%
53.2%
34.8%
$149.99
$114.16
31.4%
$107.52
$60.68
77.2%
21.8%
South Atlantic
54
69.3%
49.0%
41.4%
$128.31
$94.59
35.6%
$88.96
$46.35
91.9%
23.2%
West North Central
17
59.8%
35.5%
68.5%
$116.43
$91.84
26.8%
$69.68
$32.65
113.4%
4.7%
West South Central
36
65.7%
44.9%
46.3%
$120.52
$90.91
32.6%
$79.19
$40.86
93.8%
14.8%
Total Portfolio
219
67.4%
46.0%
46.5%
$131.19
$98.94
32.6%
$88.45
$45.52
94.3%
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 2021
YTD 2020
% Change
YTD 2021
YTD 2020
% Change
YTD 2021
YTD 2020
% Change
YTD 2021
STR Region
East North Central
15
53.1%
34.3%
54.8%
$114.20
$100.08
14.1%
$60.59
$34.37
76.3%
3.9%
East South Central
26
68.0%
46.9%
45.0%
$125.15
$111.80
11.9%
$85.11
$52.43
62.3%
10.9%
Middle Atlantic
12
62.9%
42.1%
49.4%
$126.97
$109.99
15.4%
$79.82
$46.35
72.2%
3.2%
Mountain
21
66.7%
46.8%
42.5%
$111.84
$107.87
3.7%
$74.62
$50.50
47.8%
8.7%
New England
6
66.8%
46.3%
44.3%
$172.72
$117.78
46.6%
$115.45
$54.55
111.6%
4.8%
Pacific
32
72.4%
52.1%
39.0%
$144.82
$129.78
11.6%
$104.81
$67.59
55.1%
23.9%
South Atlantic
54
68.6%
48.0%
42.9%
$126.88
$114.19
11.1%
$87.06
$54.83
58.8%
26.5%
West North Central
17
59.0%
38.3%
54.0%
$115.62
$101.92
13.4%
$68.21
$38.99
74.9%
5.3%
West South Central
36
66.3%
45.2%
46.7%
$110.48
$102.45
7.8%
$73.28
$46.27
58.4%
12.8%
Total Portfolio
219
66.3%
45.9%
44.4%
$125.43
$112.72
11.3%
$83.14
$51.69
60.8%
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 Adjusted Hotel
EBITDA
# of Hotels
Q4 2021
Q4 2020
% Change
Q4 2021
Q4 2020
% Change
Q4 2021
Q4 2020
% Change
Q4 2021
Upscale
AC Hotels
1
66.8%
48.2%
38.6%
$221.79
$159.61
39.0%
$148.21
$76.89
92.8%
1.7%
Aloft
1
50.6%
$197.01
$99.75
0.6%
Courtyard
33
65.3%
41.9%
55.8%
$127.78
$93.29
37.0%
$83.49
$39.13
113.4%
15.4%
Hilton Garden Inn
40
60.5%
39.1%
54.7%
$132.06
$92.47
42.8%
$79.85
$36.14
120.9%
17.0%
Homewood Suites
30
78.8%
63.7%
23.7%
$132.28
$102.41
29.2%
$104.21
$65.27
59.7%
15.4%
Hyatt House
1
78.6%
48.9%
60.7%
$122.69
$78.06
57.2%
$96.44
$38.20
152.5%
0.4%
Hyatt Place
3
71.2%
51.8%
37.5%
$129.39
$91.18
41.9%
$92.11
$47.25
94.9%
1.4%
Residence Inn
29
73.7%
55.3%
33.3%
$139.00
$116.01
19.8%
$102.41
$64.16
59.6%
16.9%
SpringHill Suites
9
65.7%
44.4%
48.0%
$114.75
$81.90
40.1%
$75.45
$36.37
107.5%
3.1%
Upscale Total
147
68.0%
48.0%
41.7%
$132.51
$99.97
32.5%
$90.04
$48.01
87.5%
71.9%
Upper Midscale
Fairfield
10
66.2%
37.7%
75.6%
$116.92
$82.96
40.9%
$77.35
$31.31
147.0%
3.6%
Hampton
37
63.0%
37.5%
68.0%
$130.52
$94.33
38.4%
$82.28
$35.39
132.5%
14.0%
Home2 Suites
10
76.3%
58.4%
30.7%
$129.20
$101.17
27.7%
$98.57
$59.08
66.8%
5.1%
TownePlace Suites
9
72.6%
58.6%
23.9%
$106.98
$93.16
14.8%
$77.67
$54.62
42.2%
3.1%
Upper Midscale Total
66
66.4%
42.8%
55.1%
$125.41
$93.97
33.5%
$83.30
$40.26
106.9%
25.8%
Upper Upscale
Embassy Suites
2
83.3%
65.2%
27.8%
$158.82
$129.85
22.3%
$132.28
$84.66
56.2%
1.4%
Marriott
2
56.1%
19.1%
193.7%
$132.10
$95.09
38.9%
$74.07
$18.13
308.5%
1.1%
Upper Upscale Total
4
65.3%
34.7%
88.2%
$143.62
$117.19
22.6%
$93.74
$40.62
130.8%
2.5%
Independents
Independents
2
67.3%
40.5%
66.2%
$169.35
$119.72
41.5%
$113.90
$48.51
134.8%
(0.2)%
Independents Total
2
67.3%
40.5%
66.2%
$169.35
$119.72
41.5%
$113.90
$48.51
134.8%
(0.2)%
Total Portfolio
219
67.4%
46.0%
46.5%
$131.19
$98.94
32.6%
$88.45
$45.52
94.3%
100.0%
Note: Chain scale categorization
based on STR designation.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Chain Scale
Year Ended December 31
(Unaudited)
Chain Scale/Brand
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
YTD 2021
YTD 2020
% Change
YTD 2021
YTD 2020
% Change
YTD 2021
YTD 2020
% Change
YTD 2021
Upscale
AC Hotels
1
66.8%
55.7%
19.9%
$247.77
$104.76
136.5%
$165.41
$58.33
183.6%
2.0%
Aloft
1
49.5%
$201.76
$99.83
0.2%
Courtyard
33
61.9%
40.6%
52.5%
$129.11
$116.33
11.0%
$79.88
$47.28
69.0%
16.6%
Hilton Garden Inn
40
59.4%
41.2%
44.2%
$123.43
$107.75
14.6%
$73.27
$44.36
65.2%
15.6%
Homewood Suites
30
78.3%
61.5%
27.3%
$122.10
$112.37
8.7%
$95.63
$69.05
38.5%
14.3%
Hyatt House
1
63.0%
39.0%
61.5%
$111.01
$79.01
40.5%
$69.95
$30.81
127.0%
0.2%
Hyatt Place
3
64.0%
45.2%
41.6%
$118.43
$98.51
20.2%
$75.77
$44.57
70.0%
1.1%
Residence Inn
29
75.2%
56.8%
32.4%
$135.48
$125.91
7.6%
$101.83
$71.55
42.3%
18.5%
SpringHill Suites
9
65.9%
39.9%
65.2%
$105.24
$97.21
8.3%
$69.37
$38.78
78.9%
3.0%
Upscale Total
147
66.9%
47.8%
40.0%
$126.90
$113.89
11.4%
$84.85
$54.43
55.9%
71.5%
Upper Midscale
Fairfield
10
64.1%
36.2%
77.1%
$104.16
$97.05
7.3%
$66.82
$35.14
90.2%
2.9%
Hampton
37
61.7%
38.4%
60.7%
$124.27
$110.06
12.9%
$76.69
$42.29
81.3%
14.3%
Home2 Suites
10
77.7%
58.9%
31.9%
$124.92
$109.92
13.6%
$97.06
$64.76
49.9%
5.7%
TownePlace Suites
9
76.4%
58.0%
31.7%
$105.69
$100.51
5.2%
$80.73
$58.29
38.5%
3.8%
Upper Midscale Total
66
65.9%
43.1%
52.9%
$119.07
$106.95
11.3%
$78.52
$46.11
70.3%
26.7%
Upper Upscale
Embassy Suites
2
82.9%
62.4%
32.9%
$176.77
$148.00
19.4%
$146.53
$92.29
58.8%
2.1%
Marriott
2
44.8%
20.2%
121.8%
$126.52
$124.75
1.4%
$56.72
$25.24
124.7%
0.6%
Upper Upscale Total
4
57.7%
34.5%
67.2%
$150.92
$138.98
8.6%
$87.07
$47.95
81.6%
2.7%
Independents
Independents
2
65.2%
32.4%
101.2%
$136.75
$128.87
6.1%
$89.20
$41.79
113.4%
(0.9)%
Independents Total
2
65.2%
32.4%
101.2%
$136.75
$128.87
6.1%
$89.20
$41.79
113.4%
(0.9)%
Total Portfolio
219
66.3%
45.9%
44.4%
$125.43
$112.72
11.3%
$83.14
$51.69
60.8%
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 Adjusted Hotel
EBITDA
# of Hotels
Q4 2021
Q4 2020
% Change
Q4 2021
Q4 2020
% Change
Q4 2021
Q4 2020
% Change
Q4 2021
STR Location
Airport
18
74.0%
51.5%
43.7%
$118.79
$88.48
34.3%
$87.85
$45.58
92.7%
7.9%
Interstate
4
62.3%
46.8%
33.1%
$112.01
$96.91
15.6%
$69.84
$45.34
54.0%
1.2%
Resort
11
65.3%
40.0%
63.3%
$132.60
$105.76
25.4%
$86.63
$42.33
104.7%
5.0%
Small Metro/Town
11
73.1%
53.1%
37.7%
$115.32
$91.40
26.2%
$84.26
$48.57
73.5%
4.7%
Suburban
125
69.0%
48.1%
43.5%
$126.61
$98.95
28.0%
$87.31
$47.57
83.5%
51.4%
Urban
50
62.1%
39.9%
55.6%
$149.82
$103.67
44.5%
$93.11
$41.36
125.1%
29.8%
Total Portfolio
219
67.4%
46.0%
46.5%
$131.19
$98.94
32.6%
$88.45
$45.52
94.3%
100.0%
Note: Location categorization based
on STR designation.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Location
Year Ended December 31
(Unaudited)
Location
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
YTD 2021
YTD 2020
% Change
YTD 2021
YTD 2020
% Change
YTD 2021
YTD 2020
% Change
YTD 2021
STR Location
Airport
18
71.8%
52.4%
37.0%
$111.74
$102.16
9.4%
$80.28
$53.51
50.0%
7.3%
Interstate
4
61.7%
47.1%
31.0%
$106.81
$97.21
9.9%
$65.87
$45.75
44.0%
1.2%
Resort
11
65.2%
43.4%
50.2%
$146.57
$136.09
7.7%
$95.57
$59.11
61.7%
7.1%
Small Metro/Town
11
71.1%
51.7%
37.5%
$106.56
$103.75
2.7%
$75.78
$53.65
41.2%
4.3%
Suburban
125
68.3%
47.5%
43.8%
$121.34
$110.93
9.4%
$82.83
$52.67
57.3%
53.2%
Urban
50
60.2%
39.9%
50.9%
$140.16
$119.37
17.4%
$84.42
$47.63
77.2%
26.9%
Total Portfolio
219
66.3%
45.9%
44.4%
$125.43
$112.72
11.3%
$83.14
$51.69
60.8%
100.0%
Note: Location categorization based
on STR designation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220221005454/en/
Apple Hospitality REIT, Inc. Kelly Clarke, Vice President,
Investor Relations 804-727-6321 kclarke@applereit.com
For additional information or to receive press releases by
email, visit www.applehospitalityreit.com.
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