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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

 

FORM 10-Q 

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2022

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _______ TO _______

 

Commission File Number 001-37389

APPLE HOSPITALITY REIT, INC.

(Exact name of registrant as specified in its charter)

 

Virginia

 

26-1379210

(State or other jurisdiction

of incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

814 East Main Street

Richmond, Virginia

 

23219

(Address of principal executive offices)   

 

(Zip Code)

 

(804) 344-8121

(Registrant's telephone number, including area code) 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Shares, no par value

 

APLE

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer                  

 

Non-accelerated filer      

Smaller reporting company

Emerging growth company 

                    

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No 

Number of registrant’s common shares outstanding as of August 2, 2022: 228,878,373

 

 

 


 

 

Apple Hospitality REIT, Inc.

Form 10-Q

Index

 

 

 

 

Page

Number

PART I. FINANCIAL INFORMATION

 

 

 

 

 

 

Item 1.

Financial Statements (Unaudited)

3

 

 

 

 

 

 

Consolidated Balance Sheets – June 30, 2022 and December 31, 2021

3

 

 

 

 

 

 

Consolidated Statements of Operations and Comprehensive Income (Loss) – three and six months ended June 30, 2022 and 2021

4

 

 

 

 

 

 

Consolidated Statements of Shareholders’ Equity – three and six months ended June 30, 2022 and 2021

5

 

 

 

 

 

 

Consolidated Statements of Cash Flows – six months ended June 30, 2022 and 2021

6

 

 

 

 

 

 

Notes to Consolidated Financial Statements

7

 

 

 

 

 

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

21

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

39

 

 

 

 

 

Item 4.

Controls and Procedures

39

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

 

Item 1.

Legal Proceedings

40

 

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

40

 

 

 

 

 

Item 6.

Exhibits

41

 

 

 

 

Signatures

42

 

This Form 10-Q includes references to certain trademarks or service marks. The AC Hotels by Marriott®, Aloft Hotels®, Courtyard by Marriott®, Fairfield by Marriott®, Marriott® Hotels, Residence Inn by Marriott®, SpringHill Suites by Marriott® and TownePlace Suites by Marriott® trademarks are the property of Marriott International, Inc. or one of its affiliates. The Embassy Suites by Hilton®, Hampton by Hilton®, Hilton Garden Inn®, Home2 Suites by Hilton® and Homewood Suites by Hilton® trademarks are the property of Hilton Worldwide Holdings Inc. or one or more of its affiliates. The Hyatt®, Hyatt House® and Hyatt Place® trademarks are the property of Hyatt Hotels Corporation or one or more of its affiliates. For convenience, the applicable trademark or service mark symbol has been omitted but will be deemed to be included wherever the above referenced terms are used.

 


Index

 

PART I. FINANCIAL INFORMATION 

Item 1. Financial Statements

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

 

 

See notes to consolidated financial statements.

3


Index

 

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

 

 

See notes to consolidated financial statements.

4


Index

 

Apple Hospitality REIT, Inc.

Consolidated Statements of Shareholders' Equity

(Unaudited)

(in thousands, except per share data)

 

Three Months Ended June 30, 2022 and 2021

 

 

 

Common Stock

 

 

Accumulated

Other

 

 

Distributions

 

 

 

 

 

 

 

Number

of Shares

 

 

Amount

 

 

Comprehensive

Income (Loss)

 

 

Greater Than

Net Income

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2022

 

 

228,889

 

 

$

4,578,758

 

 

$

11,711

 

 

$

(1,411,362

)

 

$

3,179,107

 

Share based compensation, net

 

 

7

 

 

 

997

 

 

 

-

 

 

 

-

 

 

 

997

 

Equity issuance costs

 

 

-

 

 

 

(20

)

 

 

-

 

 

 

-

 

 

 

(20

)

Common shares repurchased

 

 

(10

)

 

 

(145

)

 

 

-

 

 

 

-

 

 

 

(145

)

Interest rate derivatives

 

 

-

 

 

 

-

 

 

 

10,619

 

 

 

-

 

 

 

10,619

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

65,345

 

 

 

65,345

 

Distributions declared to shareholders ($0.15 per share)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(34,277

)

 

 

(34,277

)

Balance at June 30, 2022

 

 

228,886

 

 

$

4,579,590

 

 

$

22,330

 

 

$

(1,380,294

)

 

$

3,221,626

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2021

 

 

223,656

 

 

$

4,493,422

 

 

$

(26,720

)

 

$

(1,464,937

)

 

$

3,001,765

 

Share based compensation, net

 

 

8

 

 

 

843

 

 

 

-

 

 

 

-

 

 

 

843

 

Issuance of common shares, net

 

 

4,677

 

 

 

75,067

 

 

 

-

 

 

 

-

 

 

 

75,067

 

Interest rate derivatives

 

 

-

 

 

 

-

 

 

 

(1,356

)

 

 

-

 

 

 

(1,356

)

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

20,283

 

 

 

20,283

 

Distributions declared to shareholders ($0.01 per share)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,279

)

 

 

(2,279

)

Balance at June 30, 2021

 

 

228,341

 

 

$

4,569,332

 

 

$

(28,076

)

 

$

(1,446,933

)

 

$

3,094,323

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2022 and 2021

 

 

 

Common Stock

 

 

Accumulated

Other

 

 

Distributions

 

 

 

 

 

 

 

Number

of Shares

 

 

Amount

 

 

Comprehensive

Income (Loss)

 

 

Greater Than

Net Income

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2021

 

 

228,256

 

 

$

4,569,352

 

 

$

(15,508

)

 

$

(1,406,523

)

 

$

3,147,321

 

Share based compensation, net

 

 

640

 

 

 

10,589

 

 

 

-

 

 

 

-

 

 

 

10,589

 

Equity issuance costs

 

 

-

 

 

 

(206

)

 

 

-

 

 

 

-

 

 

 

(206

)

Common shares repurchased

 

 

(10

)

 

 

(145

)

 

 

-

 

 

 

-

 

 

 

(145

)

Interest rate derivatives

 

 

-

 

 

 

-

 

 

 

37,838

 

 

 

-

 

 

 

37,838

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

83,347

 

 

 

83,347

 

Distributions declared to shareholders ($0.25 per share)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(57,118

)

 

 

(57,118

)

Balance at June 30, 2022

 

 

228,886

 

 

$

4,579,590

 

 

$

22,330

 

 

$

(1,380,294

)

 

$

3,221,626

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2020

 

 

223,212

 

 

$

4,488,419

 

 

$

(42,802

)

 

$

(1,416,270

)

 

$

3,029,347

 

Share based compensation, net

 

 

452

 

 

 

5,847

 

 

 

-

 

 

 

-

 

 

 

5,847

 

Issuance of common shares, net

 

 

4,677

 

 

 

75,066

 

 

 

-

 

 

 

-

 

 

 

75,066

 

Interest rate derivatives

 

 

-

 

 

 

-

 

 

 

14,726

 

 

 

-

 

 

 

14,726

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(26,152

)

 

 

(26,152

)

Distributions declared to shareholders ($0.02 per share)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(4,511

)

 

 

(4,511

)

Balance at June 30, 2021

 

 

228,341

 

 

$

4,569,332

 

 

$

(28,076

)

 

$

(1,446,933

)

 

$

3,094,323

 

 

See notes to consolidated financial statements.

5


Index

 

Apple Hospitality REIT, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

83,347

 

 

$

(26,152

)

Adjustments to reconcile net income (loss) to cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

90,646

 

 

 

95,096

 

Loss on impairment of depreciable real estate assets

 

 

-

 

 

 

10,754

 

Gain on sale of real estate

 

 

-

 

 

 

(3,620

)

Other non-cash expenses, net

 

 

4,328

 

 

 

5,493

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Increase in due from third party managers, net

 

 

(26,377

)

 

 

(32,157

)

Decrease (increase) in other assets, net

 

 

(5,371

)

 

 

145

 

Increase in accounts payable and other liabilities

 

 

5,636

 

 

 

214

 

Net cash provided by operating activities

 

 

152,209

 

 

 

49,773

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Acquisition of hotel properties, net

 

 

-

 

 

 

(49,345

)

Disbursements for potential acquisitions, net

 

 

-

 

 

 

(2,375

)

Capital improvements

 

 

(25,019

)

 

 

(4,906

)

Net proceeds from sale of real estate

 

 

-

 

 

 

22,765

 

Net cash used in investing activities

 

 

(25,019

)

 

 

(33,861

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Net proceeds (disbursements) related to issuance of common shares

 

 

(185

)

 

 

75,066

 

Repurchases of common shares

 

 

(145

)

 

 

-

 

Repurchases of common shares to satisfy employee withholding requirements

 

 

(4,415

)

 

 

(1,650

)

Distributions paid to common shareholders

 

 

(47,962

)

 

 

(2,232

)

Net proceeds from (payments on) revolving credit facility

 

 

(10,000

)

 

 

(23,800

)

Proceeds from term loans and senior notes

 

 

75,000

 

 

 

-

 

Payments of mortgage debt and other loans

 

 

(132,060

)

 

 

(62,049

)

Principal payments on finance leases

 

 

(55

)

 

 

-

 

Financing costs

 

 

(69

)

 

 

(1,501

)

Net cash used in financing activities

 

 

(119,891

)

 

 

(16,166

)

 

 

 

 

 

 

 

 

 

Net change in cash, cash equivalents and restricted cash

 

 

7,299

 

 

 

(254

)

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash, beginning of period

 

 

39,949

 

 

 

34,368

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash, end of period

 

$

47,248

 

 

$

34,114

 

 

 

 

 

 

 

 

 

 

Supplemental cash flow information:

 

 

 

 

 

 

 

 

Interest paid

 

$

28,527

 

 

$

35,336

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of noncash investing and financing activities:

 

 

 

 

 

 

 

 

Accrued distribution to common shareholders

 

$

11,420

 

 

$

2,279

 

 

 

 

 

 

 

 

 

 

Reconciliation of cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

Cash and cash equivalents, beginning of period

 

$

3,282

 

 

$

5,556

 

Restricted cash-furniture, fixtures and other escrows, beginning of period

 

 

36,667

 

 

 

28,812

 

Cash, cash equivalents and restricted cash, beginning of period

 

$

39,949

 

 

$

34,368

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end of period

 

$

1,598

 

 

$

2,899

 

Restricted cash-furniture, fixtures and other escrows, end of period

 

 

45,650

 

 

 

31,215

 

Cash, cash equivalents and restricted cash, end of period

 

$

47,248

 

 

$

34,114