Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or
“Apple Hospitality”) today announced results of operations for the
second quarter ended June 30, 2022.
Apple Hospitality REIT,
Inc.
Selected Statistical and
Financial Data
As of and For the Three and
Six Months Ended June 30
(Unaudited) (in thousands,
except statistical and per share amounts)(1)
Three Months Ended
Six Months Ended
June 30,
June 30,
2022
2021
% Change
2022
2021
% Change
Net income (loss)
$65,345
$20,283
222.2%
$83,347
$(26,152)
n/a
Net income (loss) per share
$0.29
$0.09
222.2%
$0.36
$(0.12)
n/a
Adjusted EBITDAre
$126,208
$86,379
46.1%
$204,506
$113,687
79.9%
Comparable Hotels Adjusted Hotel
EBITDA
$136,509
$93,592
45.9%
$224,418
$127,430
76.1%
Comparable Hotels Adjusted Hotel EBITDA
Margin %
40.4%
38.6%
180 bps
37.5%
32.3%
520 bps
Modified funds from operations (MFFO)
$110,803
$67,670
63.7%
$174,263
$76,352
128.2%
MFFO per share
$0.48
$0.30
60.0%
$0.76
$0.34
123.5%
Average Daily Rate (ADR) (Actual)
$153.35
$120.56
27.2%
$145.84
$111.19
31.2%
Occupancy (Actual)
77.9%
70.7%
10.2%
72.5%
63.2%
14.7%
Revenue Per Available Room (RevPAR)
(Actual)
$119.41
$85.28
40.0%
$105.77
$70.23
50.6%
Comparable Hotels ADR
$153.35
$122.69
25.0%
$145.84
$112.79
29.3%
Comparable Hotels Occupancy
77.9%
70.7%
10.2%
72.5%
63.1%
14.9%
Comparable Hotels RevPAR
$119.41
$86.71
37.7%
$105.77
$71.14
48.7%
Distributions paid
$34,261
$2,232
n/a
$47,962
$2,232
n/a
Distributions paid per share
$0.15
$0.01
n/a
$0.21
$0.01
n/a
Cash and cash equivalents
$1,598
Total debt outstanding
$1,376,986
Total debt outstanding, net of cash and
cash equivalents
$1,375,388
Total debt outstanding, net of cash and
cash equivalents, to total capitalization(2)
29.1%
(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 $14.67 on June 30, 2022.
Comparable Hotels is defined as the 219 hotels owned by the
Company as of June 30, 2022. 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, “Portfolio performance continued to strengthen during
the second quarter, exceeding our expectations and surpassing 2019
results. Leisure demand has remained robust while business demand,
both transient and group, has continued to steadily improve. We are
pleased to report occupancy of 78%, ADR of $153 and RevPAR of $119
for our portfolio for the second quarter of 2022. Driven primarily
by rate growth and aided by continued operating efficiencies, we
achieved Adjusted EBITDAre of $126 million, Comparable Hotels
Adjusted Hotel EBITDA Margin of approximately 40% and MFFO of
approximately $111 million, or $0.48 per share, for the quarter.
These outstanding results further validate our proven strategy of
investing in a diversified portfolio of high-quality, branded,
rooms-focused hotels with low leverage and highlight the strength
of our corporate and on-site management teams.”
Mr. Knight continued, “We are pleased to have refinanced our
primary unsecured credit facility in July, further enhancing the
strength and financial flexibility of our balance sheet and
bolstering our already strong liquidity position. In addition to
extended maturities and improved pricing, the refinancing upsized
our revolving credit facility and term loans, providing the Company
with greater access to liquidity for strategic growth. We greatly
appreciate the support of our lenders, their conviction in our core
strategy and their continued confidence in the underlying
fundamentals of our business. With second quarter RevPAR and
Adjusted Hotel EBITDA now exceeding pre-pandemic levels and
additional upside remaining as we continue to build midweek
occupancy, we are incredibly optimistic about our future. Our
strategy is designed to mitigate downside risk while maintaining
meaningful upside potential. Having tested and refined that
strategy through multiple economic cycles, we are well positioned
to maximize shareholder value in any macroeconomic
environment.”
Hotel Portfolio Overview
As of June 30, 2022, Apple Hospitality owned 219 hotels with an
aggregate of 28,748 guest rooms located in 86 markets throughout 36
states.
Operations Update
- Strong operating performance: For the Company’s
portfolio, second quarter 2022 RevPAR surpassed second quarter 2019
by approximately 4%, driven by an improvement in ADR of
approximately 8% as compared to second quarter 2019. Occupancy, ADR
and RevPAR for the Company’s portfolio for the second quarter 2022
exceeded industry averages as reported by STR. Portfolio occupancy
outperformance continued into July 2022, with occupancy of
approximately 77% for the month, down 6% as compared to July 2019
and up 2% as compared to July 2021, and continued growth in
ADR.
- Strong bottom-line performance: The Company achieved
Comparable Hotels Adjusted Hotel EBITDA of approximately $137
million and Comparable Hotels Adjusted Hotel EBITDA Margin of
approximately 40% for the second quarter 2022, improvements of
approximately 4% and 10 bps, respectively, as compared to
2019.
- Balance sheet: In July 2022, the Company amended and
restated its existing unsecured $850 million credit facility,
increasing the total credit facility to approximately $1.2 billion
and extending the maturity dates while achieving improved pricing
terms across the total credit facility.
The following tables highlight the Company’s monthly performance
during the second quarter of 2022, as compared to the second
quarters of 2021 and 2019 (in thousands, except statistical
data):
April
May
June
April
May
June
April
May
June
2022
2022
2022
Q2 2022
2021
2021
2021
Q2 2021
2019
2019
2019
Q2 2019
ADR
$148.58
$151.56
$159.74
$153.35
$110.08
$119.39
$131.32
$120.56
$139.83
$139.72
$145.14
$141.60
Occupancy
77.2%
76.5%
79.9%
77.9%
68.1%
69.8%
74.4%
70.7%
80.6%
80.1%
83.7%
81.4%
RevPAR
$114.74
$115.97
$127.62
$119.41
$74.94
$83.35
$97.65
$85.28
$112.64
$111.94
$121.41
$115.30
Adjusted Hotel EBITDA(1)
$42,376
$45,012
$49,127
$136,515
$23,869
$32,363
$38,582
$94,814
$42,014
$43,542
$49,203
$134,759
% Change
% Change
April
May
June
April
May
June
April
May
June
2022
2022
2022
Q2 2022
2021
2021
2021
Q2 2021
2019
2019
2019
Q2 2019
ADR
$148.58
$151.56
$159.74
$153.35
35.0%
26.9%
21.6%
27.2%
6.3%
8.5%
10.1%
8.3%
Occupancy
77.2%
76.5%
79.9%
77.9%
13.4%
9.6%
7.4%
10.2%
(4.2%)
(4.5%)
(4.5%)
(4.3%)
RevPAR
$114.74
$115.97
$127.62
$119.41
53.1%
39.1%
30.7%
40.0%
1.9%
3.6%
5.1%
3.6%
Adjusted Hotel EBITDA(1)
$42,376
$45,012
$49,127
$136,515
77.5%
39.1%
27.3%
44.0%
0.9%
3.4%
(0.2%)
1.3%
Note: Comparisons to 2019 operating results are included
to provide a better understanding of the Company’s recovery from
the impact of COVID-19 on hotel operations.
(1) See explanation and reconciliation of Adjusted Hotel EBITDA
to net income (loss) included below.
Portfolio Activity
Contract for Potential Acquisition
As previously announced, 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.
Capital Improvements
Apple Hospitality consistently reinvests in its hotels to
maintain and enhance each property’s relevance and competitive
position within its respective market. During the six months ended
June 30, 2022, the Company invested approximately $17 million in
capital expenditures. The Company anticipates investing
approximately $55 million to $65 million in capital improvements
during 2022, which includes various renovation projects for
approximately 20 to 25 hotels; however, inflationary pressures or
supply chain shortages, among other issues, may result in increased
costs and delays for anticipated projects.
Balance Sheet and
Liquidity
Summary
As of June 30, 2022, Apple Hospitality had approximately $1.4
billion of total outstanding debt with a current combined
weighted-average interest rate of approximately 3.6%, cash on hand
of approximately $2 million and availability under its revolving
credit facility of approximately $359 million. Excluding
unamortized debt issuance costs and fair value adjustments, the
Company’s total outstanding debt was comprised of approximately
$366 million in property-level debt secured by 22 hotels and
approximately $1 billion outstanding under its unsecured credit
facilities, including a seven-year $75 million unsecured senior
notes facility that the Company entered into in June 2022 and used
the net proceeds for general corporate purposes, including the
repayment of borrowings under the Company’s revolving credit
facility and the repayment of mortgage debt. During the second
quarter, the Company repaid in full the $56 million note payable
related to the purchase of the fee interest in the land at its
Residence Inn by Marriott Seattle Downtown Lake Union, previously
held under a finance ground lease. In addition, during the second
quarter, the Company repaid in full six secured mortgage loans for
a total of $67 million, increasing the number of unencumbered
hotels in the Company’s portfolio as of June 30, 2022, to 197. The
Company’s total debt to total capitalization, net of cash and cash
equivalents at June 30, 2022, was approximately 29%. As of June 30,
2022, the Company’s weighted-average debt maturities were 3 years,
with approximately $96 million, net of reserves, maturing in 2022,
including $66 million outstanding on its revolving credit
facility.
Amended and Restated Primary Unsecured Credit
Facility
On July 25, 2022, the Company amended and restated its existing
$850 million credit facility, increasing the borrowing capacity to
approximately $1.2 billion, extending maturity dates and achieving
improved pricing across the credit facility. Through the amended
credit agreement, the Company has greater access to liquidity for
strategic growth and the opportunity to reduce its already
conservative secured debt exposure. The $1.2 billion credit
facility is comprised of a term loan of $275 million with a
maturity date of July 25, 2027; a term loan of up to $300 million
with a maturity date of January 31, 2028 (including $150 million
available via a delayed draw option until 180 days from closing);
and a revolving credit facility of $650 million with an initial
maturity date of July 25, 2026, which may be extended up to one
year subject to certain conditions. The amendments under the total
$1.2 billion credit facility provide for additional capacity of
$150 million under the term loans and additional capacity of $225
million under the revolving credit facility. The credit agreement
also includes an accordion feature through which the amount of the
total credit facility may be increased from approximately $1.2
billion to $1.5 billion. The terms of the amended and restated
credit agreement are generally similar to the Company’s previous
$850 million credit agreement. The facilities will bear interest
pursuant to a leverage-based pricing grid ranging from 1.35% to
2.25% over an adjusted SOFR rate. At closing, the Company borrowed
$475 million under the term loans and used the proceeds to repay
the $425 million outstanding under the term loans of the previous
credit facility and $50 million outstanding under the current
revolving credit facility.
Capital Markets
The Company has in place both a Share Repurchase Program and an
at-the-market offering program (the “ATM Program”). During the
second quarter 2022, repurchases under the Share Repurchase Program
were minimal and no shares were sold under the ATM Program. As of
June 30, 2022, the Company had approximately $345 million remaining
under its Share Repurchase Program for the repurchase of shares and
approximately $224 million remaining under its ATM Program for the
issuance of shares.
Shareholder
Distributions
During the three months ended June 30, 2022, the Company paid
distributions totaling $0.15 per common share. Based on the
Company’s common stock closing price of $16.27 on August 2, 2022,
the annualized distribution of $0.60 per common share represents an
annual yield of approximately 3.7%. 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
monitor the Company’s distribution rate and timing relative to the
performance of its hotels, capital improvement needs, varying
economic cycles, acquisitions, dispositions, other cash
requirements and the Company’s REIT status for federal income tax
purposes, and may make adjustments as it deems appropriate.
2022 Outlook
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 $34 million to $40 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.
As compared to previously provided 2022 corporate expense
guidance, the Company is adjusting general and administrative
expenses by increasing both the low and high ends of the range by
$2 million related to executive incentive compensation, based on
operational and shareholder return performance through June 30,
2022. The Company does not expect to issue operational guidance or
provide additional outlook updates until it has more certainty on
trends within the industry or otherwise deems appropriate.
Second Quarter 2022 Earnings Conference
Call
The Company will host a quarterly conference call for investors
and interested parties at 10 a.m. Eastern Time on Friday, August 5,
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 p.m. Eastern Time on
August 5, 2022, through 11:59 p.m. Eastern Time on August 26, 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 13730500. 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
COVID-19, 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.
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)
June 30,
December 31,
2022
2021
(unaudited)
Assets
Investment in real estate, net of
accumulated depreciation and amortization of
$1,401,817 and $1,311,262,
respectively
$4,603,244
$4,677,185
Cash and cash equivalents
1,598
3,282
Restricted cash-furniture, fixtures and
other escrows
45,650
36,667
Due from third party managers, net
66,429
40,052
Other assets, net
59,931
33,341
Total Assets
$4,776,852
$4,790,527
Liabilities
Debt, net
$1,372,638
$1,438,758
Finance lease liabilities
111,920
111,776
Accounts payable and other liabilities
70,668
92,672
Total Liabilities
1,555,226
1,643,206
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
228,886,273 and 228,255,642 shares,
respectively
4,579,590
4,569,352
Accumulated other comprehensive income
(loss)
22,330
(15,508)
Distributions greater than net income
(1,380,294)
(1,406,523)
Total Shareholders' Equity
3,221,626
3,147,321
Total Liabilities and Shareholders'
Equity
$4,776,852
$4,790,527
Note: The Consolidated Balance Sheets and corresponding
footnotes can be found in the Company’s Quarterly Report on Form
10-Q for the quarter ended June 30, 2022.
Apple Hospitality REIT,
Inc.
Consolidated Statements of
Operations and Comprehensive Income (Loss)
(Unaudited)
(in thousands, except per
share data)
Three Months Ended
Six Months Ended
June 30,
June 30,
2022
2021
2022
2021
Revenues:
Room
$312,370
$231,166
$550,346
$379,647
Food and beverage
12,019
5,088
20,483
7,871
Other
13,279
11,150
27,317
18,599
Total revenue
337,668
247,404
598,146
406,117
Expenses:
Hotel operating expense:
Operating
76,064
53,186
140,395
91,336
Hotel administrative
27,353
21,538
51,195
39,282
Sales and marketing
27,492
20,380
49,961
35,268
Utilities
10,553
9,352
20,843
19,912
Repair and maintenance
14,808
11,886
27,836
22,111
Franchise fees
14,800
10,865
26,066
17,784
Management fees
11,445
8,203
20,221
13,457
Total hotel operating expense
182,515
135,410
336,517
239,150
Property taxes, insurance and other
18,779
17,321
37,458
37,009
General and administrative
10,307
8,435
19,945
16,554
Loss on impairment of depreciable real
estate assets
-
-
-
10,754
Depreciation and amortization
45,322
46,386
90,646
95,096
Total expense
256,923
207,552
484,566
398,563
Gain (loss) on sale of real estate
-
(864)
-
3,620
Operating income
80,745
38,988
113,580
11,174
Interest and other expense, net
(15,198)
(18,618)
(29,852)
(37,131)
Income (loss) before income
taxes
65,547
20,370
83,728
(25,957)
Income tax expense
(202)
(87)
(381)
(195)
Net income (loss)
$65,345
$20,283
$83,347
$(26,152)
Other comprehensive income
(loss):
Interest rate derivatives
10,619
(1,356)
37,838
14,726
Comprehensive income (loss)
$75,964
$18,927
$121,185
$(11,426)
Basic and diluted net income (loss) per
common share
$0.29
$0.09
$0.36
$(0.12)
Weighted average common shares outstanding
- basic and diluted
228,998
224,772
228,992
224,255
Note: The Consolidated Statements of Operations and
Comprehensive Income (Loss) and corresponding footnotes can be
found in the Company’s Quarterly Report on Form 10-Q for the
quarter ended June 30, 2022.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics and Statistical Data
(Unaudited)
(in thousands, except
statistical data)
Three Months Ended
Six Months Ended
June 30,
June 30,
% Change
% Change
% Change
% Change
2022
2021
2021
2019
2022
2021
2021
2019
Total revenue
$337,672
$242,644
39.2
%
3.3
%
$598,153
$395,090
51.4
%
(1.8
%)
Total operating expenses
201,163
149,052
35.0
%
3.0
%
373,735
267,660
39.6
%
(0.5
%)
Adjusted Hotel EBITDA
$136,509
$93,592
45.9
%
3.6
%
$224,418
$127,430
76.1
%
(4.0
%)
Adjusted Hotel EBITDA Margin %
40.4
%
38.6
%
180 bps
10 bps
37.5
%
32.3
%
520 bps
(90 bps)
ADR (Comparable Hotels)
$153.35
$122.69
25.0
%
5.7
%
$145.84
$112.79
29.3
%
2.2
%
Occupancy (Comparable Hotels)
77.9
%
70.7
%
10.2
%
(4.5
%)
72.5
%
63.1
%
14.9
%
(6.7
%)
RevPAR (Comparable Hotels)
$119.41
$86.71
37.7
%
0.8
%
$105.77
$71.14
48.7
%
(4.6
%)
ADR (Actual)
$153.35
$120.56
27.2
%
8.3
%
$145.84
$111.19
31.2
%
4.9
%
Occupancy (Actual)
77.9
%
70.7
%
10.2
%
(4.3
%)
72.5
%
63.2
%
14.7
%
(6.6
%)
RevPAR (Actual)
$119.41
$85.28
40.0
%
3.6
%
$105.77
$70.23
50.6
%
(2.0
%)
Reconciliation to Actual
Results
Total Revenue (Actual)
$337,668
$247,404
$598,146
$406,117
Revenue from acquisitions prior to
ownership
-
10,350
-
15,483
Revenue from dispositions
4
(15,110
)
7
(26,510
)
Comparable Hotels Total Revenue
$337,672
$242,644
$598,153
$395,090
Adjusted Hotel EBITDA (AHEBITDA)
(Actual)
$136,515
$94,814
$224,451
$130,241
AHEBITDA from acquisitions prior to
ownership
-
3,917
-
4,624
AHEBITDA from dispositions
(6
)
(5,139
)
(33
)
(7,435
)
Comparable Hotels AHEBITDA
$136,509
$93,592
$224,418
$127,430
Note: Comparable Hotels is defined as the 219 hotels
owned by the Company as of June 30, 2022. For hotels acquired
during the periods noted, the Company has included, as applicable,
results of those hotels for periods prior to the Company's
ownership, and for dispositions, results have been excluded for the
Company's period of ownership. Results for periods prior to the
Company's ownership have not been included in the Company's actual
Consolidated Financial Statements and are included only for
comparison purposes. Results included for periods prior to the
Company's ownership are based on information from the prior owner
of each hotel and have not been audited or adjusted.
Comparisons to 2019 operating results are included to provide a
better understanding of the Company’s recovery from the impact of
COVID-19 on hotel operations.
Reconciliation of net income (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)
2019
2021
2022
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Total revenue
$282,224
$327,033
$321,161
$278,005
$152,446
$242,644
$284,613
$253,225
$260,481
$337,672
Total operating expenses
180,155
195,324
197,051
183,205
118,608
149,052
175,742
167,844
172,572
201,163
Adjusted Hotel EBITDA
$102,069
$131,709
$124,110
$94,800
$33,838
$93,592
$108,871
$85,381
$87,909
$136,509
Adjusted Hotel EBITDA Margin %
36.2
%
40.3
%
38.6
%
34.1
%
22.2
%
38.6
%
38.3
%
33.7
%
33.7
%
40.4
%
ADR (Comparable Hotels)
$139.83
$145.14
$143.87
$134.61
$99.98
$122.69
$141.86
$131.19
$137.03
$153.35
Occupancy (Comparable Hotels)
73.8
%
81.6
%
80.1
%
73.2
%
55.4
%
70.7
%
71.4
%
67.4
%
67.1
%
77.9
%
RevPAR (Comparable Hotels)
$103.26
$118.41
$115.28
$98.47
$55.34
$86.71
$101.36
$88.45
$91.98
$119.41
ADR (Actual)
$136.36
$141.60
$139.21
$131.41
$99.19
$120.56
$140.02
$131.04
$137.03
$153.35
Occupancy (Actual)
73.9
%
81.4
%
79.9
%
72.9
%
55.5
%
70.7
%
71.5
%
67.5
%
67.1
%
77.9
%
RevPAR (Actual)
$100.71
$115.30
$111.17
$95.85
$55.09
$85.28
$100.14
$88.43
$91.98
$119.41
Reconciliation to Actual
Results
Total Revenue (Actual)
$303,787
$341,117
$331,722
$289,971
$158,713
$247,404
$277,164
$250,588
$260,478
$337,668
Revenue from acquisitions prior to
ownership
11,541
14,123
16,510
12,982
5,133
10,350
11,321
2,870
-
-
Revenue from dispositions
(33,104
)
(28,207
)
(27,071
)
(24,948
)
(11,400
)
(15,110
)
(3,872
)
(233
)
3
4
Comparable Hotels Total Revenue
$282,224
$327,033
$321,161
$278,005
$152,446
$242,644
$284,613
$253,225
$260,481
$337,672
Adjusted Hotel EBITDA (AHEBITDA)
(Actual)
$108,804
$134,759
$124,596
$96,836
$35,427
$94,814
$105,423
$84,609
$87,936
$136,515
AHEBITDA from acquisitions prior to
ownership
4,812
7,049
8,607
5,843
707
3,917
4,749
989
-
-
AHEBITDA from dispositions
(11,547
)
(10,099
)
(9,093
)
(7,879
)
(2,296
)
(5,139
)
(1,301
)
(217
)
(27
)
(6
)
Comparable Hotels AHEBITDA
$102,069
$131,709
$124,110
$94,800
$33,838
$93,592
$108,871
$85,381
$87,909
$136,509
Note: Comparable Hotels is defined as the 219 hotels
owned by the Company as of June 30, 2022. For hotels acquired
during the periods noted, the Company has included, as applicable,
results of those hotels for periods prior to the Company's
ownership, and for dispositions, results have been excluded for the
Company's period of ownership. Results for periods prior to the
Company's ownership have not been included in the Company's actual
Consolidated Financial Statements and are included only for
comparison purposes. Results included for periods prior to the
Company's ownership are based on information from the prior owner
of each hotel and have not been audited or adjusted.
Comparisons to 2019 operating results are included to provide a
better understanding of the Company’s recovery from the impact of
COVID-19 on hotel operations.
Reconciliation of net income (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
Six Months Ended
June 30,
June 30,
% Change
% Change
% Change
% Change
2022
2021
2021
2019
2022
2021
2021
2019
Total revenue
$309,822
$226,003
37.1
%
(0.1
%)
$549,876
$369,413
48.9
%
(5.2
%)
Total operating expenses
185,120
137,608
34.5
%
(0.7
%)
343,889
248,195
38.6
%
(4.3
%)
Adjusted Hotel EBITDA
$124,702
$88,395
41.1
%
0.8
%
$205,987
$121,218
69.9
%
(6.7
%)
Adjusted Hotel EBITDA Margin %
40.2
%
39.1
%
110 bps
30 bps
37.5
%
32.8
%
470 bps
(50 bps)
ADR (Same Store Hotels)
$152.07
$121.99
24.7
%
5.3
%
$144.52
$112.29
28.7
%
1.8
%
Occupancy (Same Store Hotels)
78.0
%
71.4
%
9.2
%
(4.6
%)
72.8
%
63.7
%
14.3
%
(6.7
%)
RevPAR (Same Store Hotels)
$118.64
$87.07
36.3
%
0.5
%
$105.23
$71.56
47.1
%
(5.0
%)
ADR (Actual)
$153.35
$120.56
27.2
%
8.3
%
$145.84
$111.19
31.2
%
4.9
%
Occupancy (Actual)
77.9
%
70.7
%
10.2
%
(4.3
%)
72.5
%
63.2
%
14.7
%
(6.6
%)
RevPAR (Actual)
$119.41
$85.28
40.0
%
3.6
%
$105.77
$70.23
50.6
%
(2.0
%)
Reconciliation to Actual
Results
Total Revenue (Actual)
$337,668
$247,404
$598,146
$406,117
Revenue from acquisitions
(27,850
)
(6,291
)
(48,277
)
(10,194
)
Revenue from dispositions
4
(15,110
)
7
(26,510
)
Same Store Hotels Total Revenue
$309,822
$226,003
$549,876
$369,413
Adjusted Hotel EBITDA (AHEBITDA)
(Actual)
$136,515
$94,814
$224,451
$130,241
AHEBITDA from acquisitions
(11,807
)
(1,280
)
(18,431
)
(1,588
)
AHEBITDA from dispositions
(6
)
(5,139
)
(33
)
(7,435
)
Same Store Hotels AHEBITDA
$124,702
$88,395
$205,987
$121,218
Note: Same Store Hotels is defined as the 204 hotels
owned by the Company as of January 1, 2019 and during the entirety
of the periods being compared. This information has not been
audited.
Comparisons to 2019 operating results are included to provide a
better understanding of the Company’s recovery from the impact of
COVID-19 on hotel operations.
Reconciliation of net income (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)
2019
2021
2022
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Total revenue
$269,979
$310,174
$301,822
$261,702
$143,410
$226,003
$261,710
$232,909
$240,054
$309,822
Total operating expenses
172,970
186,495
187,359
173,741
110,587
137,608
161,892
154,441
158,769
185,120
Adjusted Hotel EBITDA
$97,009
$123,679
$114,463
$87,961
$32,823
$88,395
$99,818
$78,468
$81,285
$124,702
Adjusted Hotel EBITDA Margin %
35.9
%
39.9
%
37.9
%
33.6
%
22.9
%
39.1
%
38.1
%
33.7
%
33.9
%
40.2
%
ADR (Same Store Hotels)
$139.36
$144.35
$142.25
$133.50
$99.79
$121.99
$140.04
$129.69
$135.71
$152.07
Occupancy (Same Store Hotels)
74.2
%
81.8
%
80.1
%
73.0
%
56.0
%
71.4
%
71.8
%
67.9
%
67.5
%
78.0
%
RevPAR (Same Store Hotels)
$103.36
$118.07
$113.90
$97.45
$55.88
$87.07
$100.53
$88.12
$91.67
$118.64
ADR (Actual)
$136.36
$141.60
$139.21
$131.41
$99.19
$120.56
$140.02
$131.04
$137.03
$153.35
Occupancy (Actual)
73.9
%
81.4
%
79.9
%
72.9
%
55.5
%
70.7
%
71.5
%
67.5
%
67.1
%
77.9
%
RevPAR (Actual)
$100.71
$115.30
$111.17
$95.85
$55.09
$85.28
$100.14
$88.43
$91.98
$119.41
Reconciliation to Actual
Results
Total Revenue (Actual)
$303,787
$341,117
$331,722
$289,971
$158,713
$247,404
$277,164
$250,588
$260,478
$337,668
Revenue from acquisitions
(704
)
(2,736
)
(2,829
)
(3,321
)
(3,903
)
(6,291
)
(11,582
)
(17,446
)
(20,427
)
(27,850
)
Revenue from dispositions
(33,104
)
(28,207
)
(27,071
)
(24,948
)
(11,400
)
(15,110
)
(3,872
)
(233
)
3
4
Same Store Hotels Total Revenue
$269,979
$310,174
$301,822
$261,702
$143,410
$226,003
$261,710
$232,909
$240,054
$309,822
Adjusted Hotel EBITDA (AHEBITDA)
(Actual)
$108,804
$134,759
$124,596
$96,836
$35,427
$94,814
$105,423
$84,609
$87,936
$136,515
AHEBITDA from acquisitions
(248
)
(981
)
(1,040
)
(996
)
(308
)
(1,280
)
(4,304
)
(5,924
)
(6,624
)
(11,807
)
AHEBITDA from dispositions
(11,547
)
(10,099
)
(9,093
)
(7,879
)
(2,296
)
(5,139
)
(1,301
)
(217
)
(27
)
(6
)
Same Store Hotels AHEBITDA
$97,009
$123,679
$114,463
$87,961
$32,823
$88,395
$99,818
$78,468
$81,285
$124,702
Note: Same Store Hotels is defined as the 204 hotels
owned by the Company as of January 1, 2019 and during the entirety
of the periods being compared. This information has not been
audited.
Comparisons to 2019 operating results are included to provide a
better understanding of the Company’s recovery from the impact of
COVID-19 on hotel operations.
Reconciliation of net income (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 for 2019, 2021 and 2022:
2019
2021
2022
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Net income (loss)
$38,151
$62,090
$46,223
$25,453
$(46,435)
$20,283
$31,759
$13,221
$18,002
$65,345
Depreciation and amortization
47,950
48,109
47,887
49,294
48,710
46,386
44,217
45,158
45,324
45,322
Amortization of favorable and unfavorable
operating leases, net
31
31
31
31
98
98
98
99
99
103
Interest and other expense, net
15,494
15,857
14,759
15,081
18,513
18,618
15,977
14,640
14,654
15,198
Income tax expense
206
156
143
174
108
87
114
159
179
202
EBITDA
101,832
126,243
109,043
90,033
20,994
85,472
92,165
73,277
78,258
126,170
(Gain) loss on sale of real estate
(1,213)
161
-
(3,969)
(4,484)
864
(44)
68
-
-
Loss on impairment of depreciable real
estate assets
-
-
6,467
-
10,754
-
-
-
-
-
EBITDAre
100,619
126,404
115,510
86,064
27,264
86,336
92,121
73,345
78,258
126,170
Non-cash straight-line operating ground
lease expense
48
47
47
46
44
43
41
41
40
38
Adjusted EBITDAre
100,667
126,451
115,557
86,110
27,308
86,379
92,162
73,386
78,298
126,208
General and administrative expense
8,137
8,308
9,039
10,726
8,119
8,435
13,261
11,223
9,638
10,307
Adjusted Hotel EBITDA
$108,804
$134,759
$124,596
$96,836
$35,427
$94,814
$105,423
$84,609
$87,936
$136,515
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 and six months ended June 30,
2022 and 2021:
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Net income (loss)
$65,345
$20,283
$83,347
$(26,152)
Depreciation of real estate owned
44,557
44,764
89,117
91,852
(Gain) loss on sale of real estate
-
864
-
(3,620)
Loss on impairment of depreciable real
estate assets
-
-
-
10,754
Funds from operations
109,902
65,911
172,464
72,834
Amortization of finance ground lease
assets
760
1,618
1,519
3,235
Amortization of favorable and unfavorable
operating leases, net
103
98
202
196
Non-cash straight-line operating ground
lease expense
38
43
78
87
Modified funds from operations
$110,803
$67,670
$174,263
$76,352
Apple Hospitality REIT,
Inc.
Debt Summary
(Unaudited)
($ in thousands)
June 30, 2022
July 1 - December 31,
2022
2023
2024
2025
2026
Thereafter
Total
Fair Market Value
Total debt:
Maturities
$
102,770
$
296,214
$
338,597
$
245,140
$
74,649
$
319,616
$
1,376,986
$
1,338,908
Average interest rates(1)
3.6
%
3.7
%
3.8
%
3.9
%
3.9
%
4.0
%
Variable-rate debt:
Maturities
$
66,000
$
250,000
$
310,000
$
175,000
$
-
$
85,000
$
886,000
$
888,650
Average interest rates(1)
3.3
%
3.4
%
3.6
%
3.6
%
3.5
%
3.8
%
Fixed-rate debt:
Maturities
$
36,770
$
46,214
$
28,597
$
70,140
$
74,649
$
234,616
$
490,986
$
450,258
Average interest rates
4.1
%
4.1
%
4.1
%
4.0
%
4.0
%
4.1
%
(1) The average interest rate gives effect to interest rate
swaps, as applicable.
Note: See further information on the Company’s
indebtedness in the Company’s Quarterly Report on Form 10-Q for the
quarter ended June 30, 2022.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Market Compared to 2021
Three Months Ended June
30
(Unaudited)
Top 20 Markets
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
Q2 2022
Q2 2021
% Change
Q2 2022
Q2 2021
% Change
Q2 2022
Q2 2021
% Change
Q2 2022
Top 20 Markets
San Diego, CA
7
79.5
%
69.6
%
14.2
%
$182.79
$134.84
35.6
%
$145.26
$93.80
54.9
%
5.4
%
Los Angeles, CA
8
87.3
%
86.7
%
0.7
%
$181.38
$138.02
31.4
%
$158.39
$119.61
32.4
%
5.1
%
Orange County, CA
6
79.8
%
75.1
%
6.3
%
$166.10
$122.64
35.4
%
$132.58
$92.11
43.9
%
3.6
%
Nashville, TN
5
87.8
%
71.9
%
22.1
%
$178.82
$127.12
40.7
%
$157.00
$91.41
71.8
%
3.6
%
Phoenix, AZ
10
73.5
%
65.5
%
12.2
%
$134.60
$102.22
31.7
%
$98.89
$66.95
47.7
%
3.5
%
Portland, ME
3
80.3
%
68.0
%
18.1
%
$207.82
$197.48
5.2
%
$166.88
$134.25
24.3
%
3.3
%
Omaha, NE
4
71.8
%
60.7
%
18.3
%
$177.69
$165.47
7.4
%
$127.50
$100.36
27.0
%
3.2
%
Seattle, WA
3
86.8
%
68.0
%
27.6
%
$187.50
$144.26
30.0
%
$162.80
$98.09
66.0
%
2.9
%
Fort Worth/Arlington, TX
6
79.9
%
76.2
%
4.9
%
$149.73
$124.79
20.0
%
$119.66
$95.13
25.8
%
2.6
%
Norfolk/Virginia Beach, VA
4
84.9
%
83.8
%
1.3
%
$185.43
$158.32
17.1
%
$157.42
$132.69
18.6
%
2.5
%
Chicago, IL
7
69.8
%
54.0
%
29.3
%
$136.42
$98.75
38.1
%
$95.25
$53.32
78.6
%
2.5
%
Austin, TX
7
81.4
%
75.4
%
8.0
%
$133.04
$98.07
35.7
%
$108.28
$73.96
46.4
%
2.4
%
Alaska
2
92.2
%
93.9
%
(1.8
%)
$234.88
$194.04
21.0
%
$216.50
$182.28
18.8
%
2.4
%
Richmond/Petersburg, VA
4
69.7
%
53.2
%
31.0
%
$177.77
$142.70
24.6
%
$123.83
$75.95
63.0
%
2.2
%
North Carolina East
4
77.5
%
82.2
%
(5.7
%)
$170.31
$157.51
8.1
%
$131.97
$129.50
1.9
%
2.2
%
Washington, DC
4
82.8
%
60.2
%
37.5
%
$140.07
$101.78
37.6
%
$116.00
$61.27
89.3
%
2.0
%
Melbourne, FL
3
85.7
%
79.8
%
7.4
%
$169.61
$142.28
19.2
%
$145.34
$113.48
28.1
%
1.9
%
Florida Panhandle
5
73.4
%
77.7
%
(5.5
%)
$155.12
$154.45
0.4
%
$113.80
$120.05
(5.2
%)
1.7
%
Oklahoma City, OK
4
69.5
%
67.7
%
2.7
%
$147.39
$128.62
14.6
%
$102.48
$87.03
17.8
%
1.6
%
Denver, CO
3
79.0
%
59.5
%
32.8
%
$152.82
$108.64
40.7
%
$120.71
$64.60
86.9
%
1.6
%
Top 20 Markets
99
78.7
%
70.2
%
12.1
%
$164.85
$131.24
25.6
%
$129.75
$92.10
40.9
%
56.2
%
All Other Markets
120
77.1
%
71.1
%
8.4
%
$142.15
$114.72
23.9
%
$109.53
$81.61
34.2
%
43.8
%
Total Portfolio
219
77.9
%
70.7
%
10.2
%
$153.35
$122.69
25.0
%
$119.41
$86.71
37.7
%
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 Compared to 2019
Three Months Ended June
30
(Unaudited)
Top 20 Markets
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
Q2 2022
Q2 2019
% Change
Q2 2022
Q2 2019
% Change
Q2 2022
Q2 2019
% Change
Q2 2022
Top 20 Markets
San Diego, CA
7
79.5
%
83.3
%
(4.6
%)
$182.79
$162.59
12.4
%
$145.26
$135.49
7.2
%
5.4
%
Los Angeles, CA
8
87.3
%
86.7
%
0.7
%
$181.38
$181.79
(0.2
%)
$158.39
$157.56
0.5
%
5.1
%
Orange County, CA
6
79.8
%
85.4
%
(6.6
%)
$166.10
$144.83
14.7
%
$132.58
$123.70
7.2
%
3.6
%
Nashville, TN
5
87.8
%
88.6
%
(0.9
%)
$178.82
$172.80
3.5
%
$157.00
$153.11
2.5
%
3.6
%
Phoenix, AZ
10
73.5
%
74.0
%
(0.7
%)
$134.60
$116.71
15.3
%
$98.89
$86.42
14.4
%
3.5
%
Portland, ME
3
80.3
%
77.0
%
4.3
%
$207.82
$173.98
19.5
%
$166.88
$133.96
24.6
%
3.3
%
Omaha, NE
4
71.8
%
86.1
%
(16.6
%)
$177.69
$152.31
16.7
%
$127.50
$131.15
(2.8
%)
3.2
%
Seattle, WA
3
86.8
%
88.4
%
(1.8
%)
$187.50
$195.34
(4.0
%)
$162.80
$172.62
(5.7
%)
2.9
%
Fort Worth/Arlington, TX
6
79.9
%
80.9
%
(1.2
%)
$149.73
$143.19
4.6
%
$119.66
$115.83
3.3
%
2.6
%
Norfolk/Virginia Beach, VA
4
84.9
%
87.0
%
(2.4
%)
$185.43
$164.09
13.0
%
$157.42
$142.72
10.3
%
2.5
%
Chicago, IL
7
69.8
%
80.8
%
(13.6
%)
$136.42
$136.27
0.1
%
$95.25
$110.08
(13.5
%)
2.5
%
Austin, TX
7
81.4
%
80.9
%
0.6
%
$133.04
$123.69
7.6
%
$108.28
$100.01
8.3
%
2.4
%
Alaska
2
92.2
%
90.3
%
2.1
%
$234.88
$221.03
6.3
%
$216.50
$199.51
8.5
%
2.4
%
Richmond/Petersburg, VA
4
69.7
%
76.3
%
(8.7
%)
$177.77
$158.82
11.9
%
$123.83
$121.22
2.2
%
2.2
%
North Carolina East
4
77.5
%
89.8
%
(13.7
%)
$170.31
$144.94
17.5
%
$131.97
$130.16
1.4
%
2.2
%
Washington, DC
4
82.8
%
87.7
%
(5.6
%)
$140.07
$148.56
(5.7
%)
$116.00
$130.22
(10.9
%)
2.0
%
Melbourne, FL
3
85.7
%
96.5
%
(11.2
%)
$169.61
$153.69
10.4
%
$145.34
$148.33
(2.0
%)
1.9
%
Florida Panhandle
5
73.4
%
86.1
%
(14.8
%)
$155.12
$164.01
(5.4
%)
$113.80
$141.13
(19.4
%)
1.7
%
Oklahoma City, OK
4
69.5
%
80.9
%
(14.1
%)
$147.39
$144.73
1.8
%
$102.48
$117.05
(12.4
%)
1.6
%
Denver, CO
3
79.0
%
82.6
%
(4.4
%)
$152.82
$159.07
(3.9
%)
$120.71
$131.38
(8.1
%)
1.6
%
Top 20 Markets
99
78.7
%
83.3
%
(5.5
%)
$164.85
$154.45
6.7
%
$129.75
$128.63
0.9
%
56.2
%
All Other Markets
120
77.1
%
80.0
%
(3.6
%)
$142.15
$136.21
4.4
%
$109.53
$108.99
0.5
%
43.8
%
Total Portfolio
219
77.9
%
81.6
%
(4.5
%)
$153.35
$145.14
5.7
%
$119.41
$118.41
0.8
%
100.0
%
Note: Market categorization based on STR designation. Top
20 markets based on Comparable Hotels Adjusted Hotel EBITDA
contribution. Comparisons to 2019 operating results are included to
provide a better understanding of the Company’s recovery from the
impact of COVID-19 on hotel operations.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Market Compared to 2021
Six Months Ended June
30
(Unaudited)
Top 20 Markets
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
YTD 2022
YTD 2021
% Change
YTD 2022
YTD 2021
% Change
YTD 2022
YTD 2021
% Change
YTD 2022
Top 20 Markets
Phoenix, AZ
10
76.2
%
63.1
%
20.8
%
$156.10
$104.38
49.5
%
$118.91
$65.90
80.4
%
6.2
%
Los Angeles, CA
8
84.1
%
84.8
%
(0.8
%)
$176.56
$125.42
40.8
%
$148.42
$106.39
39.5
%
5.8
%
San Diego, CA
7
73.7
%
58.3
%
26.4
%
$167.15
$125.12
33.6
%
$123.20
$72.96
68.9
%
5.3
%
Orange County, CA
6
74.7
%
67.9
%
10.0
%
$156.04
$112.74
38.4
%
$116.62
$76.56
52.3
%
3.6
%
Nashville, TN
5
79.7
%
61.2
%
30.2
%
$165.03
$114.33
44.3
%
$131.50
$69.99
87.9
%
3.3
%
Fort Worth/Arlington, TX
6
80.6
%
74.6
%
8.0
%
$147.00
$113.14
29.9
%
$118.49
$84.36
40.5
%
3.2
%
Seattle, WA
3
74.9
%
62.6
%
19.6
%
$170.49
$133.63
27.6
%
$127.63
$83.60
52.7
%
2.5
%
Melbourne, FL
3
84.7
%
64.5
%
31.3
%
$172.94
$137.52
25.8
%
$146.43
$88.73
65.0
%
2.4
%
Richmond/Petersburg, VA
4
65.5
%
49.1
%
33.4
%
$176.29
$130.58
35.0
%
$115.54
$64.12
80.2
%
2.4
%
Omaha, NE
4
62.5
%
49.4
%
26.5
%
$153.25
$137.66
11.3
%
$95.70
$67.98
40.8
%
2.4
%
Austin, TX
7
73.8
%
63.5
%
16.2
%
$126.72
$92.99
36.3
%
$93.56
$59.03
58.5
%
2.3
%
North Carolina East
4
72.6
%
73.9
%
(1.8
%)
$146.19
$135.37
8.0
%
$106.12
$100.06
6.1
%
2.2
%
Portland, ME
3
62.4
%
52.0
%
20.0
%
$183.05
$169.49
8.0
%
$114.29
$88.15
29.7
%
2.2
%
Alaska
2
86.5
%
82.3
%
5.1
%
$201.51
$165.27
21.9
%
$174.22
$135.93
28.2
%
2.1
%
Miami, FL
3
87.5
%
80.4
%
8.8
%
$161.73
$119.51
35.3
%
$141.55
$96.12
47.3
%
2.0
%
Norfolk/Virginia Beach, VA
4
75.6
%
74.3
%
1.7
%
$154.42
$131.95
17.0
%
$116.74
$98.04
19.1
%
1.9
%
Florida Panhandle
5
69.4
%
72.1
%
(3.7
%)
$145.29
$134.76
7.8
%
$100.89
$97.23
3.8
%
1.8
%
Dallas, TX
5
66.0
%
65.3
%
1.1
%
$130.04
$97.82
32.9
%
$85.76
$63.87
34.3
%
1.6
%
Oklahoma City, OK
4
65.6
%
66.0
%
(0.6
%)
$140.13
$115.41
21.4
%
$91.94
$76.14
20.8
%
1.6
%
Washington, DC
4
72.4
%
53.7
%
34.8
%
$129.31
$99.71
29.7
%
$93.64
$53.52
75.0
%
1.6
%
Top 20 Markets
97
74.3
%
65.6
%
13.3
%
$157.62
$120.60
30.7
%
$117.18
$79.11
48.1
%
56.4
%
All Other Markets
122
70.9
%
60.9
%
16.4
%
$135.09
$105.52
28.0
%
$95.83
$64.25
49.2
%
43.6
%
Total Portfolio
219
72.5
%
63.1
%
14.9
%
$145.84
$112.79
29.3
%
$105.77
$71.14
48.7
%
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 Compared to 2019
Six Months Ended June 30
(Unaudited)
Top 20 Markets
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
YTD 2022
YTD 2019
% Change
YTD 2022
YTD 2019
% Change
YTD 2022
YTD 2019
% Change
YTD 2022
Top 20 Markets
Phoenix, AZ
10
76.2
%
78.6
%
(3.1
%)
$156.10
$146.43
6.6
%
$118.91
$115.02
3.4
%
6.2
%
Los Angeles, CA
8
84.1
%
87.0
%
(3.3
%)
$176.56
$176.26
0.2
%
$148.42
$153.43
(3.3
%)
5.8
%
San Diego, CA
7
73.7
%
80.2
%
(8.1
%)
$167.15
$158.10
5.7
%
$123.20
$126.74
(2.8
%)
5.3
%
Orange County, CA
6
74.7
%
83.9
%
(11.0
%)
$156.04
$146.19
6.7
%
$116.62
$122.67
(4.9
%)
3.6
%
Nashville, TN
5
79.7
%
84.4
%
(5.6
%)
$165.03
$167.13
(1.3
%)
$131.50
$141.01
(6.7
%)
3.3
%
Fort Worth/Arlington, TX
6
80.6
%
80.1
%
0.6
%
$147.00
$144.49
1.7
%
$118.49
$115.80
2.3
%
3.2
%
Seattle, WA
3
74.9
%
82.8
%
(9.5
%)
$170.49
$181.64
(6.1
%)
$127.63
$150.32
(15.1
%)
2.5
%
Melbourne, FL
3
84.7
%
94.8
%
(10.7
%)
$172.94
$163.25
5.9
%
$146.43
$154.83
(5.4
%)
2.4
%
Richmond/Petersburg, VA
4
65.5
%
74.9
%
(12.6
%)
$176.29
$156.90
12.4
%
$115.54
$117.52
(1.7
%)
2.4
%
Omaha, NE
4
62.5
%
79.1
%
(21.0
%)
$153.25
$134.41
14.0
%
$95.70
$106.25
(9.9
%)
2.4
%
Austin, TX
7
73.8
%
75.5
%
(2.3
%)
$126.72
$126.20
0.4
%
$93.56
$95.27
(1.8
%)
2.3
%
North Carolina East
4
72.6
%
84.6
%
(14.2
%)
$146.19
$128.15
14.1
%
$106.12
$108.45
(2.1
%)
2.2
%
Portland, ME
3
62.4
%
61.8
%
1.0
%
$183.05
$159.90
14.5
%
$114.29
$98.76
15.7
%
2.2
%
Alaska
2
86.5
%
86.2
%
0.3
%
$201.51
$189.76
6.2
%
$174.22
$163.50
6.6
%
2.1
%
Miami, FL
3
87.5
%
85.0
%
2.9
%
$161.73
$149.24
8.4
%
$141.55
$126.86
11.6
%
2.0
%
Norfolk/Virginia Beach, VA
4
75.6
%
75.4
%
0.3
%
$154.42
$139.14
11.0
%
$116.74
$104.95
11.2
%
1.9
%
Florida Panhandle
5
69.4
%
82.6
%
(16.0
%)
$145.29
$157.44
(7.7
%)
$100.89
$130.04
(22.4
%)
1.8
%
Dallas, TX
5
66.0
%
73.3
%
(10.0
%)
$130.04
$128.41
1.3
%
$85.76
$94.17
(8.9
%)
1.6
%
Oklahoma City, OK
4
65.6
%
76.7
%
(14.5
%)
$140.13
$136.16
2.9
%
$91.94
$104.44
(12.0
%)
1.6
%
Washington, DC
4
72.4
%
78.3
%
(7.5
%)
$129.31
$135.12
(4.3
%)
$93.64
$105.75
(11.5
%)
1.6
%
Top 20 Markets
97
74.3
%
80.0
%
(7.1
%)
$157.62
$150.79
4.5
%
$117.18
$120.62
(2.9
%)
56.4
%
All Other Markets
122
70.9
%
75.9
%
(6.6
%)
$135.09
$135.40
(0.2
%)
$95.83
$102.70
(6.7
%)
43.6
%
Total Portfolio
219
72.5
%
77.7
%
(6.7
%)
$145.84
$142.64
2.2
%
$105.77
$110.90
(4.6
%)
100.0
%
Note: Market categorization based on STR designation. Top
20 markets based on Comparable Hotels Adjusted Hotel EBITDA
contribution. Comparisons to 2019 operating results are included to
provide a better understanding of the Company’s recovery from the
impact of COVID-19 on hotel operations.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Region Compared to 2021
Three Months Ended June
30
(Unaudited)
Region
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
Q2 2022
Q2 2021
% Change
Q2 2022
Q2 2021
% Change
Q2 2022
Q2 2021
% Change
Q2 2022
STR Region
East North Central
15
70.1
%
55.7
%
25.9
%
$137.05
$103.74
32.1
%
$96.01
$57.77
66.2
%
5.0
%
East South Central
26
81.6
%
73.5
%
11.0
%
$150.83
$122.50
23.1
%
$123.07
$90.04
36.7
%
10.5
%
Middle Atlantic
12
78.1
%
64.0
%
22.0
%
$157.42
$120.46
30.7
%
$123.02
$77.06
59.6
%
5.6
%
Mountain
21
75.4
%
70.1
%
7.6
%
$137.74
$105.69
30.3
%
$103.92
$74.12
40.2
%
7.9
%
New England
6
80.1
%
67.7
%
18.3
%
$183.95
$155.10
18.6
%
$147.38
$104.95
40.4
%
4.3
%
Pacific
32
83.1
%
76.7
%
8.3
%
$182.08
$138.66
31.3
%
$151.27
$106.41
42.2
%
23.0
%
South Atlantic
54
79.1
%
73.6
%
7.5
%
$153.91
$129.20
19.1
%
$121.79
$95.03
28.2
%
24.8
%
West North Central
17
73.1
%
64.2
%
13.9
%
$146.47
$124.59
17.6
%
$107.04
$80.03
33.7
%
6.8
%
West South Central
36
75.5
%
72.1
%
4.7
%
$134.50
$108.30
24.2
%
$101.60
$78.10
30.1
%
12.1
%
Total Portfolio
219
77.9
%
70.7
%
10.2
%
$153.35
$122.69
25.0
%
$119.41
$86.71
37.7
%
100.0
%
Note: Region categorization based on STR designation.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Region Compared to 2019
Three Months Ended June
30
(Unaudited)
Region
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
Q2 2022
Q2 2019
% Change
Q2 2022
Q2 2019
% Change
Q2 2022
Q2 2019
% Change
Q2 2022
STR Region
East North Central
15
70.1
%
77.8
%
(9.9
%)
$137.05
$132.86
3.2
%
$96.01
$103.39
(7.1
%)
5.0
%
East South Central
26
81.6
%
82.8
%
(1.4
%)
$150.83
$140.12
7.6
%
$123.07
$116.07
6.0
%
10.5
%
Middle Atlantic
12
78.1
%
83.5
%
(6.5
%)
$157.42
$168.09
(6.3
%)
$123.02
$140.43
(12.4
%)
5.6
%
Mountain
21
75.4
%
77.5
%
(2.7
%)
$137.74
$127.79
7.8
%
$103.92
$98.98
5.0
%
7.9
%
New England
6
80.1
%
79.3
%
1.0
%
$183.95
$156.87
17.3
%
$147.38
$124.40
18.5
%
4.3
%
Pacific
32
83.1
%
86.4
%
(3.8
%)
$182.08
$174.77
4.2
%
$151.27
$150.98
0.2
%
23.0
%
South Atlantic
54
79.1
%
82.6
%
(4.2
%)
$153.91
$140.98
9.2
%
$121.79
$116.43
4.6
%
24.8
%
West North Central
17
73.1
%
83.3
%
(12.2
%)
$146.47
$136.46
7.3
%
$107.04
$113.73
(5.9
%)
6.8
%
West South Central
36
75.5
%
77.3
%
(2.3
%)
$134.50
$130.33
3.2
%
$101.60
$100.78
0.8
%
12.1
%
Total Portfolio
219
77.9
%
81.6
%
(4.5
%)
$153.35
$145.14
5.7
%
$119.41
$118.41
0.8
%
100.0
%
Note: Region categorization based on STR designation.
Comparisons to 2019 operating results are included to provide a
better understanding of the Company’s recovery from the impact of
COVID-19 on hotel operations.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Region Compared to 2021
Six Months Ended June
30
(Unaudited)
Region
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
YTD 2022
YTD 2021
% Change
YTD 2022
YTD 2021
% Change
YTD 2022
YTD 2021
% Change
YTD 2022
STR Region
East North Central
15
60.5
%
46.0
%
31.5
%
$126.80
$95.65
32.6
%
$76.74
$44.04
74.3
%
3.6
%
East South Central
26
75.8
%
64.0
%
18.4
%
$142.01
$114.60
23.9
%
$107.65
$73.37
46.7
%
10.4
%
Middle Atlantic
12
69.7
%
56.0
%
24.5
%
$143.42
$111.34
28.8
%
$99.95
$62.36
60.3
%
4.0
%
Mountain
21
75.6
%
64.0
%
18.1
%
$144.07
$102.63
40.4
%
$108.99
$65.73
65.8
%
11.2
%
New England
6
65.5
%
55.5
%
18.0
%
$163.74
$134.83
21.4
%
$107.23
$74.80
43.4
%
3.0
%
Pacific
32
77.1
%
69.7
%
10.6
%
$169.73
$126.78
33.9
%
$130.86
$88.40
48.0
%
22.5
%
South Atlantic
54
75.5
%
67.0
%
12.7
%
$147.84
$116.52
26.9
%
$111.60
$78.09
42.9
%
26.7
%
West North Central
17
65.8
%
54.1
%
21.6
%
$133.72
$110.88
20.6
%
$87.97
$59.98
46.7
%
5.6
%
West South Central
36
70.9
%
65.3
%
8.6
%
$130.55
$101.10
29.1
%
$92.57
$66.06
40.1
%
13.0
%
Total Portfolio
219
72.5
%
63.1
%
14.9
%
$145.84
$112.79
29.3
%
$105.77
$71.14
48.7
%
100.0
%
Note: Region categorization based on STR designation.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Region Compared to 2019
Six Months Ended June
30
(Unaudited)
Region
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
YTD 2022
YTD 2019
% Change
YTD 2022
YTD 2019
% Change
YTD 2022
YTD 2019
% Change
YTD 2022
STR Region
East North Central
15
60.5
%
69.9
%
(13.4
%)
$126.80
$126.38
0.3
%
$76.74
$88.37
(13.2
%)
3.6
%
East South Central
26
75.8
%
78.7
%
(3.7
%)
$142.01
$136.64
3.9
%
$107.65
$107.57
0.1
%
10.4
%
Middle Atlantic
12
69.7
%
75.9
%
(8.2
%)
$143.42
$157.11
(8.7
%)
$99.95
$119.24
(16.2
%)
4.0
%
Mountain
21
75.6
%
78.5
%
(3.7
%)
$144.07
$138.62
3.9
%
$108.99
$108.79
0.2
%
11.2
%
New England
6
65.5
%
65.8
%
(0.5
%)
$163.74
$147.75
10.8
%
$107.23
$97.17
10.4
%
3.0
%
Pacific
32
77.1
%
83.9
%
(8.1
%)
$169.73
$167.97
1.0
%
$130.86
$140.90
(7.1
%)
22.5
%
South Atlantic
54
75.5
%
79.4
%
(4.9
%)
$147.84
$140.84
5.0
%
$111.60
$111.86
(0.2
%)
26.7
%
West North Central
17
65.8
%
76.7
%
(14.2
%)
$133.72
$127.70
4.7
%
$87.97
$97.90
(10.1
%)
5.6
%
West South Central
36
70.9
%
74.5
%
(4.8
%)
$130.55
$130.65
(0.1
%)
$92.57
$97.34
(4.9
%)
13.0
%
Total Portfolio
219
72.5
%
77.7
%
(6.7
%)
$145.84
$142.64
2.2
%
$105.77
$110.90
(4.6
%)
100.0
%
Note: Region categorization based on STR designation.
Comparisons to 2019 operating results are included to provide a
better understanding of the Company’s recovery from the impact of
COVID-19 on hotel operations.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Chain Scale Compared to 2021
Three Months Ended June
30
(Unaudited)
Chain Scale/Brand
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
Q2 2022
Q2 2021
% Change
Q2 2022
Q2 2021
% Change
Q2 2022
Q2 2021
% Change
Q2 2022
Upscale
AC Hotels
1
87.7
%
67.3
%
30.3
%
$225.60
$211.21
6.8
%
$197.87
$142.04
39.3
%
1.4
%
Aloft
1
71.8
%
$200.97
$144.32
0.8
%
Courtyard
33
77.3
%
66.0
%
17.1
%
$160.90
$128.11
25.6
%
$124.30
$84.58
47.0
%
19.3
%
Hilton Garden Inn
40
75.2
%
64.5
%
16.6
%
$151.50
$119.43
26.9
%
$113.96
$77.08
47.8
%
18.5
%
Homewood Suites
30
85.0
%
82.7
%
2.8
%
$147.05
$120.12
22.4
%
$124.98
$99.30
25.9
%
12.1
%
Hyatt House
1
71.8
%
52.2
%
37.5
%
$140.24
$107.62
30.3
%
$100.71
$56.16
79.3
%
0.2
%
Hyatt Place
3
75.2
%
64.5
%
16.6
%
$143.41
$119.91
19.6
%
$107.80
$77.28
39.5
%
1.1
%
Residence Inn
29
83.3
%
79.0
%
5.4
%
$155.61
$130.50
19.2
%
$129.62
$103.14
25.7
%
14.0
%
SpringHill Suites
9
74.9
%
69.2
%
8.2
%
$138.23
$103.34
33.8
%
$103.58
$71.48
44.9
%
3.5
%
Upscale Total
147
79.0
%
71.1
%
11.1
%
$153.76
$123.58
24.4
%
$121.43
$87.83
38.3
%
70.9
%
Upper Midscale
Fairfield
10
70.4
%
68.1
%
3.4
%
$128.18
$98.85
29.7
%
$90.23
$67.30
34.1
%
2.7
%
Hampton
37
74.8
%
67.0
%
11.6
%
$154.26
$122.65
25.8
%
$115.35
$82.17
40.4
%
15.3
%
Home2 Suites
10
85.6
%
84.4
%
1.4
%
$158.29
$123.22
28.5
%
$135.50
$104.06
30.2
%
5.0
%
TownePlace Suites
9
81.0
%
82.1
%
(1.3
%)
$123.91
$108.39
14.3
%
$100.38
$89.02
12.8
%
2.8
%
Upper Midscale Total
66
76.3
%
71.3
%
7.0
%
$147.72
$117.54
25.7
%
$112.76
$83.80
34.6
%
25.8
%
Upper Upscale
Embassy Suites
2
88.0
%
89.0
%
(1.1
%)
$216.73
$185.37
16.9
%
$190.73
$164.93
15.6
%
1.8
%
Marriott
2
57.7
%
43.6
%
32.3
%
$159.09
$124.79
27.5
%
$91.73
$54.41
68.6
%
1.1
%
Upper Upscale Total
4
67.9
%
58.9
%
15.3
%
$184.33
$155.70
18.4
%
$125.19
$91.76
36.4
%
2.9
%
Independents
Independents
2
79.5
%
64.0
%
24.2
%
$199.50
$122.20
63.3
%
$158.60
$78.18
102.9
%
0.4
%
Independents Total
2
79.5
%
64.0
%
24.2
%
$199.50
$122.20
63.3
%
$158.60
$78.18
102.9
%
0.4
%
Total Portfolio
219
77.9
%
70.7
%
10.2
%
$153.35
$122.69
25.0
%
$119.41
$86.71
37.7
%
100.0
%
Note: Chain scale categorization based on STR
designation.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Chain Scale Compared to 2019
Three Months Ended June
30
(Unaudited)
Chain Scale/Brand
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
Q2 2022
Q2 2019
% Change
Q2 2022
Q2 2019
% Change
Q2 2022
Q2 2019
% Change
Q2 2022
Upscale
AC Hotels
1
87.7
%
69.6
%
26.0
%
$225.60
$176.72
27.7
%
$197.87
$123.08
60.8
%
1.4
%
Aloft
1
71.8
%
$200.97
$144.32
0.8
%
Courtyard
33
77.3
%
80.4
%
(3.9
%)
$160.90
$150.77
6.7
%
$124.30
$121.28
2.5
%
19.3
%
Hilton Garden Inn
40
75.2
%
81.5
%
(7.7
%)
$151.50
$142.48
6.3
%
$113.96
$116.07
(1.8
%)
18.5
%
Homewood Suites
30
85.0
%
86.4
%
(1.6
%)
$147.05
$142.45
3.2
%
$124.98
$123.02
1.6
%
12.1
%
Hyatt House
1
71.8
%
$140.24
$100.71
0.2
%
Hyatt Place
3
75.2
%
64.3
%
17.0
%
$143.41
$128.22
11.8
%
$107.80
$82.43
30.8
%
1.1
%
Residence Inn
29
83.3
%
81.9
%
1.7
%
$155.61
$151.32
2.8
%
$129.62
$123.87
4.6
%
14.0
%
SpringHill Suites
9
74.9
%
82.4
%
(9.1
%)
$138.23
$132.82
4.1
%
$103.58
$109.48
(5.4
%)
3.5
%
Upscale Total
147
79.0
%
81.9
%
(3.5
%)
$153.76
$145.65
5.6
%
$121.43
$119.28
1.8
%
70.9
%
Upper Midscale
Fairfield
10
70.4
%
77.7
%
(9.4
%)
$128.18
$118.65
8.0
%
$90.23
$92.16
(2.1
%)
2.7
%
Hampton
37
74.8
%
81.0
%
(7.7
%)
$154.26
$143.18
7.7
%
$115.35
$115.94
(0.5
%)
15.3
%
Home2 Suites
10
85.6
%
85.5
%
0.1
%
$158.29
$142.72
10.9
%
$135.50
$122.07
11.0
%
5.0
%
TownePlace Suites
9
81.0
%
82.4
%
(1.7
%)
$123.91
$121.82
1.7
%
$100.38
$100.37
0.0
%
2.8
%
Upper Midscale Total
66
76.3
%
81.2
%
(6.0
%)
$147.72
$137.06
7.8
%
$112.76
$111.33
1.3
%
25.8
%
Upper Upscale
Embassy Suites
2
88.0
%
90.8
%
(3.1
%)
$216.73
$195.94
10.6
%
$190.73
$178.00
7.2
%
1.8
%
Marriott
2
57.7
%
66.9
%
(13.8
%)
$159.09
$151.45
5.0
%
$91.73
$101.26
(9.4
%)
1.1
%
Upper Upscale Total
4
67.9
%
75.0
%
(9.5
%)
$184.33
$169.72
8.6
%
$125.19
$127.28
(1.6
%)
2.9
%
Independents
Independents
2
79.5
%
93.5
%
(15.0
%)
$199.50
$257.83
(22.6
%)
$158.60
$241.17
(34.2
%)
0.4
%
Independents Total
2
79.5
%
93.5
%
(15.0
%)
$199.50
$257.83
(22.6
%)
$158.60
$241.17
(34.2
%)
0.4
%
Total Portfolio
219
77.9
%
81.6
%
(4.5
%)
$153.35
$145.14
5.7
%
$119.41
$118.41
0.8
%
100.0
%
Note: Chain scale categorization based on STR
designation. Comparisons to 2019 operating results are included to
provide a better understanding of the Company’s recovery from the
impact of COVID-19 on hotel operations.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Chain Scale Compared to 2021
Six Months Ended June
30
(Unaudited)
Chain Scale/Brand
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
YTD 2022
YTD 2021
% Change
YTD 2022
YTD 2021
% Change
YTD 2022
YTD 2021
% Change
YTD 2022
Upscale
AC Hotels
1
67.2
%
51.6
%
30.2
%
$195.21
$176.93
10.3
%
$131.15
$91.29
43.7
%
0.9
%
Aloft
1
52.3
%
$180.10
$94.27
0.4
%
Courtyard
33
69.9
%
57.0
%
22.6
%
$149.79
$114.63
30.7
%
$104.70
$65.36
60.2
%
17.6
%
Hilton Garden Inn
40
68.7
%
55.9
%
22.9
%
$143.59
$109.68
30.9
%
$98.60
$61.31
60.8
%
17.4
%
Homewood Suites
30
81.8
%
76.6
%
6.8
%
$142.56
$113.08
26.1
%
$116.66
$86.58
34.7
%
13.3
%
Hyatt House
1
75.4
%
51.3
%
47.0
%
$152.14
$107.01
42.2
%
$114.79
$54.91
109.1
%
0.4
%
Hyatt Place
3
74.0
%
60.8
%
21.7
%
$146.97
$110.88
32.5
%
$108.72
$67.39
61.3
%
1.4
%
Residence Inn
29
78.4
%
72.7
%
7.8
%
$149.97
$123.05
21.9
%
$117.61
$89.50
31.4
%
14.9
%
SpringHill Suites
9
69.9
%
64.5
%
8.4
%
$132.88
$92.58
43.5
%
$92.88
$59.69
55.6
%
3.7
%
Upscale Total
147
73.2
%
63.6
%
15.1
%
$146.18
$113.73
28.5
%
$106.96
$72.32
47.9
%
70.0
%
Upper Midscale
Fairfield
10
67.4
%
61.3
%
10.0
%
$125.20
$89.02
40.6
%
$84.45
$54.56
54.8
%
3.0
%
Hampton
37
69.0
%
58.1
%
18.8
%
$147.41
$111.84
31.8
%
$101.75
$65.00
56.5
%
15.3
%
Home2 Suites
10
81.8
%
76.3
%
7.2
%
$149.04
$113.78
31.0
%
$121.91
$86.84
40.4
%
5.5
%
TownePlace Suites
9
80.7
%
75.7
%
6.6
%
$118.76
$100.85
17.8
%
$95.78
$76.39
25.4
%
3.2
%
Upper Midscale Total
66
71.9
%
63.1
%
13.9
%
$140.97
$107.41
31.2
%
$101.33
$67.79
49.5
%
27.0
%
Upper Upscale
Embassy Suites
2
87.3
%
81.3
%
7.4
%
$199.87
$168.70
18.5
%
$174.57
$137.07
27.4
%
1.9
%
Marriott
2
54.1
%
38.5
%
40.5
%
$157.83
$118.73
32.9
%
$85.34
$45.67
86.9
%
1.2
%
Upper Upscale Total
4
65.3
%
52.9
%
23.4
%
$176.83
$144.66
22.2
%
$115.50
$76.56
50.9
%
3.1
%
Independents
Independents
2
70.8
%
59.9
%
18.2
%
$173.31
$118.08
46.8
%
$122.70
$70.69
73.6
%
(0.1
)%
Independents Total
2
70.8
%
59.9
%
18.2
%
$173.31
$118.08
46.8
%
$122.70
$70.69
73.6
%
(0.1
)%
Total Portfolio
219
72.5
%
63.1
%
14.9
%
$145.84
$112.79
29.3
%
$105.77
$71.14
48.7
%
100.0
%
Note: Chain scale categorization based on STR
designation.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Chain Scale Compared to 2019
Six Months Ended June
30
(Unaudited)
Chain Scale/Brand
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
YTD 2022
YTD 2019
% Change
YTD 2022
YTD 2019
% Change
YTD 2022
YTD 2019
% Change
YTD 2022
Upscale
AC Hotels
1
67.2
%
53.4
%
25.8
%
$195.21
$168.74
15.7
%
$131.15
$90.19
45.4
%
0.9
%
Aloft
1
52.3
%
$180.10
$94.27
0.4
%
Courtyard
33
69.9
%
75.6
%
(7.5
%)
$149.79
$145.24
3.1
%
$104.70
$109.83
(4.7
%)
17.6
%
Hilton Garden Inn
40
68.7
%
77.6
%
(11.5
%)
$143.59
$140.20
2.4
%
$98.60
$108.80
(9.4
%)
17.4
%
Homewood Suites
30
81.8
%
83.2
%
(1.7
%)
$142.56
$144.28
(1.2
%)
$116.66
$120.11
(2.9
%)
13.3
%
Hyatt House
1
75.4
%
$152.14
$114.79
0.4
%
Hyatt Place
3
74.0
%
61.7
%
19.9
%
$146.97
$124.62
17.9
%
$108.72
$76.89
41.4
%
1.4
%
Residence Inn
29
78.4
%
78.7
%
(0.4
%)
$149.97
$149.25
0.5
%
$117.61
$117.43
0.2
%
14.9
%
SpringHill Suites
9
69.9
%
78.0
%
(10.4
%)
$132.88
$129.69
2.5
%
$92.88
$101.19
(8.2
%)
3.7
%
Upscale Total
147
73.2
%
77.9
%
(6.0
%)
$146.18
$143.26
2.0
%
$106.96
$111.64
(4.2
%)
70.0
%
Upper Midscale
Fairfield
10
67.4
%
75.1
%
(10.3
%)
$125.20
$120.84
3.6
%
$84.45
$90.75
(6.9
%)
3.0
%
Hampton
37
69.0
%
76.5
%
(9.8
%)
$147.41
$141.58
4.1
%
$101.75
$108.28
(6.0
%)
15.3
%
Home2 Suites
10
81.8
%
83.8
%
(2.4
%)
$149.04
$139.69
6.7
%
$121.91
$117.03
4.2
%
5.5
%
TownePlace Suites
9
80.7
%
78.2
%
3.2
%
$118.76
$118.84
(0.1
%)
$95.78
$92.94
3.1
%
3.2
%
Upper Midscale Total
66
71.9
%
77.4
%
(7.1
%)
$140.97
$135.58
4.0
%
$101.33
$104.90
(3.4
%)
27.0
%
Upper Upscale
Embassy Suites
2
87.3
%
88.8
%
(1.7
%)
$199.87
$188.02
6.3
%
$174.57
$166.97
4.6
%
1.9
%
Marriott
2
54.1
%
66.5
%
(18.6
%)
$157.83
$150.38
5.0
%
$85.34
$99.98
(14.6
%)
1.2
%
Upper Upscale Total
4
65.3
%
74.1
%
(11.9
%)
$176.83
$165.69
6.7
%
$115.50
$122.70
(5.9
%)
3.1
%
Independents
Independents
2
70.8
%
89.4
%
(20.8
%)
$173.31
$221.54
(21.8
%)
$122.70
$198.00
(38.0
%)
(0.1
)%
Independents Total
2
70.8
%
89.4
%
(20.8
%)
$173.31
$221.54
(21.8
%)
$122.70
$198.00
(38.0
%)
(0.1
)%
Total Portfolio
219
72.5
%
77.7
%
(6.7
%)
$145.84
$142.64
2.2
%
$105.77
$110.90
(4.6
%)
100.0
%
Note: Chain scale categorization based on STR
designation. Comparisons to 2019 operating results are included to
provide a better understanding of the Company’s recovery from the
impact of COVID-19 on hotel operations.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Location Compared to 2021
Three Months Ended June
30
(Unaudited)
Location
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
Q2 2022
Q2 2021
% Change
Q2 2022
Q2 2021
% Change
Q2 2022
Q2 2021
% Change
Q2 2022
STR Location
Airport
18
81.9
%
75.4
%
8.6
%
$137.40
$108.92
26.1
%
$112.51
$82.09
37.1
%
6.8
%
Interstate
4
72.8
%
65.5
%
11.1
%
$116.59
$102.39
13.9
%
$84.87
$67.09
26.5
%
0.9
%
Resort
11
77.4
%
74.0
%
4.6
%
$172.70
$150.12
15.0
%
$133.60
$111.07
20.3
%
6.4
%
Small Metro/Town
11
80.0
%
76.3
%
4.8
%
$123.35
$103.36
19.3
%
$98.63
$78.91
25.0
%
3.5
%
Suburban
125
78.6
%
73.3
%
7.2
%
$146.26
$118.86
23.1
%
$114.90
$87.09
31.9
%
50.3
%
Urban
50
75.3
%
62.6
%
20.3
%
$176.88
$135.60
30.4
%
$133.19
$84.87
56.9
%
32.1
%
Total Portfolio
219
77.9
%
70.7
%
10.2
%
$153.35
$122.69
25.0
%
$119.41
$86.71
37.7
%
100.0
%
Note: Location categorization based on STR
designation.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Location Compared to 2019
Three Months Ended June
30
(Unaudited)
Location
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
Q2 2022
Q2 2019
% Change
Q2 2022
Q2 2019
% Change
Q2 2022
Q2 2019
% Change
Q2 2022
STR Location
Airport
18
81.9
%
82.8
%
(1.1
%)
$137.40
$131.54
4.5
%
$112.51
$108.98
3.2
%
6.8
%
Interstate
4
72.8
%
78.4
%
(7.1
%)
$116.59
$103.85
12.3
%
$84.87
$81.44
4.2
%
0.9
%
Resort
11
77.4
%
87.4
%
(11.4
%)
$172.70
$153.26
12.7
%
$133.60
$133.98
(0.3
%)
6.4
%
Small Metro/Town
11
80.0
%
81.5
%
(1.8
%)
$123.35
$116.01
6.3
%
$98.63
$94.50
4.4
%
3.5
%
Suburban
125
78.6
%
81.4
%
(3.4
%)
$146.26
$139.71
4.7
%
$114.90
$113.77
1.0
%
50.3
%
Urban
50
75.3
%
80.7
%
(6.7
%)
$176.88
$166.63
6.2
%
$133.19
$134.48
(1.0
%)
32.1
%
Total Portfolio
219
77.9
%
81.6
%
(4.5
%)
$153.35
$145.14
5.7
%
$119.41
$118.41
0.8
%
100.0
%
Note: Location categorization based on STR designation.
Comparisons to 2019 operating results are included to provide a
better understanding of the Company’s recovery from the impact of
COVID-19 on hotel operations.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Location Compared to 2021
Six Months Ended June
30
(Unaudited)
Location
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
YTD 2022
YTD 2021
% Change
YTD 2022
YTD 2021
% Change
YTD 2022
YTD 2021
% Change
YTD 2022
STR Location
Airport
18
78.8
%
69.6
%
13.2
%
$135.56
$102.41
32.4
%
$106.85
$71.28
49.9
%
7.7
%
Interstate
4
65.9
%
57.5
%
14.6
%
$115.35
$99.46
16.0
%
$76.04
$57.23
32.9
%
0.9
%
Resort
11
74.4
%
63.4
%
17.4
%
$167.70
$133.92
25.2
%
$124.71
$84.86
47.0
%
7.1
%
Small Metro/Town
11
77.5
%
69.5
%
11.5
%
$128.15
$101.38
26.4
%
$99.28
$70.51
40.8
%
4.5
%
Suburban
125
73.2
%
65.2
%
12.3
%
$139.02
$110.05
26.3
%
$101.77
$71.79
41.8
%
50.3
%
Urban
50
68.5
%
55.7
%
23.0
%
$164.35
$121.75
35.0
%
$112.50
$67.87
65.8
%
29.5
%
Total Portfolio
219
72.5
%
63.1
%
14.9
%
$145.84
$112.79
29.3
%
$105.77
$71.14
48.7
%
100.0
%
Note: Location categorization based on STR
designation.
Apple Hospitality REIT,
Inc.
Comparable Hotels Operating
Metrics by Location Compared to 2019
Six Months Ended June
30
(Unaudited)
Location
Occupancy
ADR
RevPAR
% of Adjusted Hotel
EBITDA
# of Hotels
YTD 2022
YTD 2019
% Change
YTD 2022
YTD 2019
% Change
YTD 2022
YTD 2019
% Change
YTD 2022
STR Location
Airport
18
78.8
%
81.0
%
(2.7
%)
$135.56
$131.74
2.9
%
$106.85
$106.72
0.1
%
7.7
%
Interstate
4
65.9
%
72.8
%
(9.5
%)
$115.35
$103.08
11.9
%
$76.04
$75.01
1.4
%
0.9
%
Resort
11
74.4
%
83.4
%
(10.8
%)
$167.70
$154.47
8.6
%
$124.71
$128.81
(3.2
%)
7.1
%
Small Metro/Town
11
77.5
%
80.8
%
(4.1
%)
$128.15
$125.28
2.3
%
$99.28
$101.25
(1.9
%)
4.5
%
Suburban
125
73.2
%
77.4
%
(5.4
%)
$139.02
$137.78
0.9
%
$101.77
$106.63
(4.6
%)
50.3
%
Urban
50
68.5
%
76.3
%
(10.2
%)
$164.35
$159.41
3.1
%
$112.50
$121.69
(7.6
%)
29.5
%
Total Portfolio
219
72.5
%
77.7
%
(6.7
%)
$145.84
$142.64
2.2
%
$105.77
$110.90
(4.6
%)
100.0
%
Note: Location categorization based on STR designation.
Comparisons to 2019 operating results are included to provide a
better understanding of the Company’s recovery from the impact of
COVID-19 on hotel operations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220803006068/en/
Apple Hospitality REIT, Inc. Kelly Clarke, Vice President,
Investor Relations 804-727-6321 kclarke@applereit.com
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