Apple Hospitality REIT Inc (APLE)

Apple Hospitality REIT Recognizes Top Performers with Apple AwardsMarch 31, 2026 5:30 PM
Business Wire
Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple Hospitality”) today announced recipients of the Company’s 2025 Apple Awards. The winners were chosen for their outstanding contributions in 2025.


“Apple Hospitality REIT would not be what it is today without the dedication and hospitality the management teams and associates at our hotels extend to our guests each and every day,” commented Justin Knight, Chief Executive Officer of Apple Hospitality. “In addition to providing outstanding accommodations and service, our teams also work to deliver strong bottom-line performance across a variety of market conditions. Each year, we are honored to recognize our highest performing management company with the Management Company of the Year Award, highlight our top hotel performers with our Shining Apple Awards, and recognize associates with Apple Awards for their unwavering spirit to serve our guests, to lead by example and to positively impact their communities. We are incredibly grateful for our management companies and the associates at our hotels for their steadfast commitment to hospitality and excellence and look forward to reaching even greater heights together.”


Management Company of the Year and Shining Apple Awards


Recipients of Apple Hospitality’s Management Company of the Year and Shining Apple Awards are selected based on balanced scorecard metrics, which measure the performance of each hotel across all facets of a hotel’s operations, including, but not limited to, financial metrics, relative market share performance and guest service scores. Each management company and individual hotel is ranked according to their scores. The Company utilizes the balanced scorecard metrics to benchmark and share best practices across its hotels to maximize portfolio performance. The Company is honored to present the following Apple Awards:



2025 Management Company of the Year Award – NCG Hospitality. This award is presented to the management company that ranks the highest among Apple Hospitality’s third-party management companies based on balanced scorecard metrics for the full year. NCG Hospitality is the winner of the 2025 Management Company of the Year Award for outstanding achievements on all key measures of performance throughout the year, marking the sixth time NCG Hospitality has received this award since the inception of Apple Hospitality’s Management Company of the Year Award in 2010. NCG Hospitality, based in Middleton, Wisconsin, currently manages 14 of the Company’s hotels.



2025 Annual Shining Apple Award – Fairfield by Marriott Inn & Suites Charlotte Matthews. This award is presented to the hotel ranking the highest among the Company’s hotels based on balanced scorecard metrics for the full year. The Fairfield by Marriott Inn & Suites Charlotte Matthews is the recipient of the 2025 Annual Shining Apple Award for consistency in excellence across all performance metrics, including strong bottom-line performance for the year. The property delivered strong full-year performance, achieving STR RevPAR Index growth of 11% year-over-year and finishing above its budgeted STR RevPAR rank. Additionally, the hotel maintained its focus on guest experience and scored well above the brand benchmarks throughout the year. The Company’s Fairfield Inn & Suites in Charlotte, North Carolina, is managed by Newport Hospitality Group and led by General Manager James Childress.



2025 Quarterly Shining Apple Awards. Apple Hospitality is pleased to present Quarterly Shining Apple Awards to the hotels with the highest ranking for the quarter based on balanced scorecard metrics.




First Quarter 2025 Shining Apple Awards –


Courtyard by Marriott Los Angeles Burbank Airport. The Company’s Courtyard in Burbank, California, is managed by Huntington Hotel Group and led by General Manager Colleen Langford.



Fairfield by Marriott Inn & Suites Charlotte Matthews. The Company’s Fairfield Inn & Suites in Charlotte, North Carolina, is managed by Newport Hospitality Group and led by General Manager James Childress.



Hilton Garden Inn Cleveland/Twinsburg. The Company’s Hilton Garden Inn in Twinsburg, Ohio, is managed by Concord Hospitality and led by General Manager Matthew Nash.







Second Quarter 2025 Shining Apple Awards –


Embassy Suites by Hilton Anchorage. The Company’s Embassy Suites in Anchorage, Alaska, is managed by InnVentures and is led by General Manager Kate Sprout Bailey.



Hilton Garden Inn Hoffman Estates. The Company’s Hilton Garden Inn in Hoffman Estates, Illinois, is managed by HHM Hotels and led by General Manager Sara LoCoco.



TownePlace Suites by Marriott Tucson Williams Centre. The Company’s TownePlace Suites in Tucson, Arizona, is managed by Texas Western Hospitality and led by General Manager Shantell Moreno.







Third Quarter 2025 Shining Apple Awards –


Homewood Suites by Hilton Denton. The Company’s Homewood Suites in Denton, Texas, is managed by Chartwell Hospitality and is led by General Manager Emily Wright.



Hilton Garden Inn Madison Downtown. The Company’s Hilton Garden Inn in Madison, Wisconsin, is managed by Raymond Management Company and is led by General Manager Dan Hance.



Hilton Garden Inn Scottsdale North/Perimeter Center. The Company’s Hilton Garden Inn in Scottsdale, Arizona, is managed by NCG Hospitality and led by General Manager Nicholas Bermudez.







Fourth Quarter 2025 Shining Apple Awards –


Home2 Suites by Hilton Jacksonville, NC. The Company’s Home2 Suites in Jacksonville, North Carolina, is managed by LBA Hospitality and led by General Manager Tina Wilson.



Hilton Garden Inn Minneapolis / Maple Grove. The Company’s Hilton Garden Inn in Maple Grove, Minnesota, is managed by NCG Hospitality and led by General Manager Curtis Wilcox.






2025 Apple Award Winners


Apple Hospitality’s 2025 Apple Awards are presented to five hotel associates in recognition of their exceptional hospitality and service. These management company team members look for ways to contribute beyond their primary areas of responsibility; they are regularly recognized by guests for being helpful, welcoming, professional, caring and empathetic; and they exhibit leadership in acts both large and small. They consistently make a positive impact at their hotels and in the communities their hotels serve, inspiring others to do the same. The recipients of Apple Hospitality’s 2025 Apple Awards are as follows:



Cristina Bassoff—Cristina serves as Front Desk Associate at the Hyatt Place Greenville Downtown in Greenville, South Carolina, which is managed by Crestline Hotels & Resorts. Cristina delivers incomparable service to every guest she encounters and brightens everyone’s day with her jovial and cheerful presence. She also is a strong team member by supporting everyone on her team, serving as a caring leader on each shift and having a positive attitude. Cristina can single-handedly change the overall mood in the lobby no matter what is going on. She is consistently mentioned and praised in guest reviews for her exceptional customer service. With a ready smile, Cristina embodies the spirit of hospitality with her enthusiasm, positivity and dedication.



Amber Cashman—Amber serves as Chief Engineer at the TownePlace Suites by Marriott Pensacola in Pensacola, Florida, which is managed by McKibbon Hospitality. Amber joined the hotel in 2021 as a Housekeeper with no prior hospitality experience, and from the beginning, she approached her role with energy, pride and an unmistakable work ethic. Less than a year later, she transitioned into a Front Desk Representative role, where she embraced every opportunity to learn and cross-train. In 2023, she became Assistant Chief Engineer, and then in 2024, she was promoted to Chief Engineer, a role in which she has excelled. Her journey from Housekeeping to Chief Engineer stands as a strong example of growth, perseverance and commitment to hospitality. Amber’s commitment to service extends beyond the hotel, volunteering with United Way’s Day of Caring, the Ronald McDonald House and The Arc of Pensacola. Her passion for her team, her property, her community and her personal development is evident in everything she does.



Tom Johnson—Tom serves as Houseperson and Driver at the Courtyard by Marriott Philadelphia Valley Forge/Collegeville, in Collegeville, Pennsylvania, which is managed by Newport Hospitality Group. Since joining the hotel in 2012, Tom has been a constant source of heart, stability and excellence. Over the years, he has developed skills in virtually every department from cleaning rooms to working night audit to supporting maintenance, seamlessly transitioning wherever he is needed most. Beyond the many roles he fills, Tom cares deeply about the health of the hotel as a whole, regularly asking thoughtful questions about daily activity, budget goals and overall operational performance. Tom leads with heart, works with relentless dedication and has helped define what exceptional hospitality looks like for the past 14 years.



Kermit Mullins—Kermit formerly served as Chief Engineer at the SpringHill Suites by Marriott Knoxville at Turkey Creek, in Knoxville, Tennessee, which is managed by McKibbon Hospitality. Kermit joined McKibbon Hospitality in 2007 and has consistently demonstrated leadership and commitment to his work, rising through the ranks and ultimately advancing to the role of Chief Engineer. Although Kermit officially retired from his full-time role in January 2026, he now works to assist the property on an as-needed basis and help train and mentor new Chief Engineers, both locally and throughout McKibbon Hospitality’s portfolio. Kermit's dedication is reflected in everything he touches. He takes immense pride in his work and sets an outstanding example for his team. He shines as a teacher, sharing his extensive knowledge and inspiring those around him with his passion for his work. His unwavering dedication, meticulous attention to detail and passion for mentoring has made him an invaluable member of his team.



Devin Riley—Devin serves as Front Desk Associate at the Hampton Inn & Suites by Hilton Davenport in Davenport, Iowa, which is managed by Chartwell Hospitality. Devin is a person of character, determination, and, most importantly, a person of heart, and through her years at the hotel, has always challenged herself to grow. When the nearby indoor sports complex opened, she took a proactive role in managing the group reservations. Since 2021, she has worked with the Director of Sales and entered over 2,000 individual team reservations every year, monitored the housing website to ensure that last minute additions and changes are noted, and assisted the Assistant General Manager with billing and coordination of the business brought in from the sports complex. Devin is an ideal example of leadership, drive and integrity.



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 217 hotels with approximately 29,600 guest rooms located in 84 markets throughout 37 states and the District of Columbia. Concentrated with industry-leading brands, the Company’s portfolio consists of 96 Marriott-branded hotels, 115 Hilton-branded hotels, five Hyatt-branded hotels and one independent hotel. For more information, please visit www.applehospitalityreit.com.


For additional information or to receive press releases by email, visit www.applehospitalityreit.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260331119756/en/
Apple Hospitality REIT, Inc.

Kelly Clarke, Vice President, Investor Relations

804-727-6321

kclarke@applereit.com


Original: Apple Hospitality REIT Recognizes Top Performers with Apple Awards

Apple Hospitality REIT Reports Results of Operations for Fourth Quarter and Full Year 2025February 23, 2026 4:15 PM
Business Wire
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, 2025.



 



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,








 






2025






 






2024






 






% Change






 






2025






 






2024






 






% Change








 






 






 






 






 






 






 






 






 






 






 






 








Net income






$29,615






 






$29,817






 






(0.7%)






 






$175,364






 






$214,064






 






(18.1%)








Net income per share






$0.13






 






$0.12






 






8.3%






 






$0.74






 






$0.89






 






(16.9%)








 






 






 






 






 






 






 






 






 






 






 






 








Operating income






$49,597






 






$49,903






 






(0.6%)






 






$257,804






 






$292,759






 






(11.9%)








Operating margin %






15.2%






 






15.0%






 






20 bps






 






18.3%






 






20.5%






 






(220 bps)








 






 






 






 






 






 






 






 






 






 






 






 








Adjusted EBITDAre






$93,115






 






$96,590






 






(3.6%)






 






$443,573






 






$467,216






 






(5.1%)








Comparable Hotels Adjusted Hotel EBITDA






$99,179






 






$108,279






 






(8.4%)






 






$474,234






 






$506,449






 






(6.4%)








Comparable Hotels Adjusted Hotel EBITDA Margin %






31.1%






 






33.2%






 






(210 bps)






 






34.3%






 






36.2%






 






(190 bps)








Modified funds from operations (MFFO)






$73,134






 






$76,503






 






(4.4%)






 






$361,133






 






$388,511






 






(7.0%)








MFFO per share






$0.31






 






$0.32






 






(3.1%)






 






$1.52






 






$1.61






 






(5.6%)








 






 






 






 






 






 






 






 






 






 






 






 








Average Daily Rate (ADR) (Actual)






$152.86






 






$152.39






 






0.3%






 






$159.06






 






$158.01






 






0.7%








Occupancy (Actual)






70.5%






 






71.4%






 






(1.3%)






 






74.1%






 






75.0%






 






(1.2%)








Revenue Per Available Room (RevPAR) (Actual)






$107.81






 






$108.75






 






(0.9%)






 






$117.90






 






$118.54






 






(0.5%)








 






 






 






 






 






 






 






 






 






 






 






 








Comparable Hotels ADR






$151.89






 






$153.34






 






(0.9%)






 






$159.09






 






$159.31






 






(0.1%)








Comparable Hotels Occupancy






70.4%






 






71.6%






 






(1.7%)






 






74.1%






 






75.3%






 






(1.6%)








Comparable Hotels RevPAR






$106.90






 






$109.77






 






(2.6%)






 






$117.95






 






$119.92






 






(1.6%)








 






 






 






 






 






 






 






 






 






 






 






 








Distributions paid






$56,948






 






$57,841






 






(1.5%)






 






$240,425






 






$243,722






 






(1.4%)








Distributions paid per share






$0.24






 






$0.24






 






0.0%






 






$1.01






 






$1.01






 






0.0%








 






 






 






 






 






 






 






 






 






 






 






 








Cash and cash equivalents






$8,515






 






 






 






 






 






 






 






 






 






 








Total debt outstanding






$1,545,265






 






 






 






 






 






 






 






 






 






 








Total debt outstanding, net of cash and cash equivalents






$1,536,750






 






 






 






 






 






 






 






 






 






 








Total debt outstanding, net of cash and cash equivalents, to total capitalization (2)






35.5%






 






 






 






 






 






 






 






 






 






 









____________________








(1)






Explanations of and reconciliations to net income 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 $11.85 on December 31, 2025.







Comparable Hotels is defined as the 216 hotels owned by the Company as of December 31, 2025, and excludes the Company's independent boutique hotel in New York, New York (the "New York Property") recovered during the second quarter 2025 from a third-party hotel operator. 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 and the New York Property, 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, "Our portfolio of efficient, high-quality hotels is broadly diversified across 84 markets with exposure to a wide variety of demand generators. During the year, leisure travel remained strong across our hotel portfolio while policy uncertainty and a pullback in government travel impacted demand, temporarily disrupting the steady improvement in midweek occupancy that characterized much of 2024. Our asset management and hotel teams adjusted strategy to optimize the mix of business at our hotels as demand trends shifted, in many cases layering on additional group business, to bolster market share and strengthen overall portfolio performance. Through the successful navigation of changes in government-dependent demand combined with continued strength in leisure travel, we achieved Comparable Hotels RevPAR of $118 for the full year 2025, down only 1.6% to 2024, despite the challenging operating backdrop. As we look ahead, we are confident we are well positioned for growth as the operating environment improves.


"Our disciplined approach to capital allocation has been a hallmark of our strategy throughout our history," commented Mr. Knight. "In 2025, we skillfully executed against strategic initiatives to maximize operating performance, capitalize on dislocations in the stock market, optimize our existing portfolio and position the Company for outperformance in the years ahead. During the year, we sold seven hotels for a combined gross sales price of approximately $73 million, acquired two hotels for a combined total purchase price of approximately $117 million, repurchased 4.6 million common shares for a total of approximately $58 million, reinvested more than $88 million in capital improvements and paid more than $240 million in distributions to our shareholders, all while maintaining the strength and flexibility of our balance sheet. Importantly, we remain focused on the long term and committed to executing our strategy with discipline and patience, ensuring our portfolio is well positioned to deliver growth and value creation for shareholders over time.”


Mr. Knight continued, "The strength of our differentiated strategy of owning a high-quality, geographically diversified portfolio of rooms-focused hotels with broad consumer appeal, together with our commitment to maintaining a flexible balance sheet with low leverage, has proven effective through multiple economic cycles. We remain confident in the long-term outlook for the hospitality industry, the strength of our portfolio specifically, and our ability to maximize total shareholder returns over time."


Hotel Portfolio Overview


As of December 31, 2025, Apple Hospitality owned 217 hotels with an aggregate of 29,583 guest rooms located in 84 markets throughout 37 states and the District of Columbia.


Fourth Quarter and Full Year 2025 Highlights



Operating performance: For the fourth quarter 2025, the Company achieved Comparable Hotels ADR of approximately $152, down 0.9% as compared to the fourth quarter 2024; Comparable Hotels Occupancy of approximately 70%, down 1.7% as compared to the fourth quarter 2024; and Comparable Hotels RevPAR of approximately $107, down 2.6% as compared to the fourth quarter 2024. For the full year 2025, the Company achieved Comparable Hotels ADR of approximately $159, down 0.1% as compared to the full year 2024; Comparable Hotels Occupancy of approximately 74%, down 1.6% as compared to the full year 2024; and Comparable Hotels RevPAR of approximately $118, down 1.6% as compared to the full year 2024. The Company's Comparable Hotels Occupancy and RevPAR exceeded industry averages as reported by STR for the fourth quarter and full year 2025. Preliminary results for the month of January 2026 indicate a decline of approximately 1.5% in Comparable Hotels RevPAR as compared to January 2025, driven in part by travel disruption related to winter weather and challenging comparisons to January 2025 related to wildfire recovery business in California and the presidential inauguration.



Bottom-line performance: For the fourth quarter 2025, the Company achieved Comparable Hotels Adjusted Hotel EBITDA of approximately $99 million, down 8.4% as compared to the fourth quarter 2024; Comparable Hotels Adjusted Hotel EBITDA Margin of 31.1%, down 210 bps as compared to the fourth quarter 2024; Adjusted EBITDAre of approximately $93 million, down 3.6% as compared to the fourth quarter 2024; and MFFO of approximately $73 million, down 4.4% as compared to the fourth quarter 2024. For the full year 2025, the Company achieved Comparable Hotels Adjusted Hotel EBITDA of approximately $474 million, down 6.4% as compared to the full year 2024; Comparable Hotels Adjusted Hotel EBITDA Margin of 34.3%, down 190 bps as compared to the full year 2024; Adjusted EBITDAre of approximately $444 million, down 5.1% as compared to the full year 2024; and MFFO of approximately $361 million, down 7.0% as compared to the full year 2024.



Transactional activity: During 2025, the Company acquired two hotels for a total combined purchase price of approximately $117.0 million and sold seven hotels for a combined gross sales price of approximately $73.3 million. The Company currently has one hotel under contract for purchase for an anticipated total purchase price of approximately $65.5 million and one development project under contract for a dual-branded property for an anticipated total purchase price of approximately $143.7 million.



Capital markets: During the three months ended December 31, 2025, the Company purchased, under its Share Repurchase Program, approximately 1.1 million of its common shares at a weighted-average market purchase price of approximately $11.77 per common share, for an aggregate purchase price of approximately $13.1 million, bringing the total shares purchased during the year ended December 31, 2025, to approximately 4.6 million common shares at a weighted-average market purchase price of approximately $12.55 per common share, for an aggregate purchase price of approximately $58.3 million.



Balance sheet: The Company has maintained the strength and flexibility of its balance sheet. At December 31, 2025, the Company’s total debt to total capitalization, net of cash and cash equivalents, was approximately 35.5%.



Monthly distributions: During the three months ended December 31, 2025, the Company paid distributions totaling $0.24 per common share. Based on the Company’s common stock closing price of $12.35 on February 20, 2026, the current annualized regular monthly cash distribution of $0.96 per common share represents an annual yield of approximately 7.8%.



Corporate Responsibility Report: In December 2025, the Company published its annual Corporate Responsibility Report, which details the Company's commitment to enhancing long-term shareholder value through responsible investment, environmental stewardship, strong governance and ethics, and the ongoing support of its corporate employees, hotel associates, hotel guests, communities, and other stakeholders. The Company's 2025 Corporate Responsibility Report and related materials can be found on the Corporate Responsibility section of the Company's website.



The following table highlights the Company’s Comparable Hotels monthly performance during the fourth quarter 2025 as compared to the fourth quarter 2024 (in thousands, except statistical data):




 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






% Change








 






October






 






November






 






December






 






 






 






October






 






November






 






December






 






 






 






October






 






November






 






December






 






 








 






2025






 






2025






 






2025






 






Q4 2025






 






2024






 






2024






 






2024






 






Q4 2024






 






2024






 






2024






 






2024






 






Q4 2024








ADR (Comparable Hotels)






$165.36






 






$148.65






 






$138.54






 






$151.89






 






$166.95






 






$149.29






 






$140.42






 






$153.34






 






(1.0%)






 






(0.4%)






 






(1.3%)






 






(0.9%)








Occupancy (Comparable Hotels)






78.7%






 






69.7%






 






62.8%






 






70.4%






 






80.2%






 






71.8%






 






62.7%






 






71.6%






 






(1.9%)






 






(2.9%)






 






0.2%






 






(1.7%)








RevPAR (Comparable Hotels)






$130.12






 






$103.56






 






$86.97






 






$106.90






 






$133.95






 






$107.24






 






$88.04






 






$109.77






 






(2.9%)






 






(3.4%)






 






(1.2%)






 






(2.6%)








Operating income (Actual)






$32,129






 






$16,056






 






$1,412






 






$49,597






 






$34,060






 






$13,720






 






$2,123






 






$49,903






 






(5.7%)






 






17.0%






 






(33.5%)






 






(0.6%)








Adjusted Hotel EBITDA (Actual) (1)






$50,846






 






$29,126






 






$20,616






 






$100,588






 






$53,866






 






$33,414






 






$21,703






 






$108,983






 






(5.6%)






 






(12.8%)






 






(5.0%)






 






(7.7%)








Comparable Hotels Adjusted Hotel EBITDA (2)






$49,810






 






$29,038






 






$20,331






 






$99,179






 






$53,080






 






$33,268






 






$21,931






 






$108,279






 






(6.2%)






 






(12.7%)






 






(7.3%)






 






(8.4%)









____________________








(1)






See explanation and reconciliation of Adjusted Hotel EBITDA to net income included below.








(2)






See explanation and reconciliation of Comparable Hotels Adjusted Hotel EBITDA to Adjusted Hotel EBITDA included below.








Comparable Hotels is defined as the 216 hotels owned by the Company as of December 31, 2025, and excludes the New York Property recovered during the second quarter 2025 from a third-party hotel operator. 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 and the New York Property, 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.







Portfolio Activity


Acquisitions


As previously announced, during the year ended December 31, 2025, the Company acquired two hotels for a total combined purchase price of approximately $117.0 million. The acquisitions include the following:



In June 2025, the Company acquired the 126-room Homewood Suites by Hilton Tampa-Brandon for a total purchase price of $18.8 million, or approximately $149,000 per key.



In December 2025, the Company acquired the newly constructed 260-room Motto by Hilton Nashville Downtown for a total purchase price of approximately $98.2 million, or $378,000 per key.



Contract for Potential Acquisition


As previously announced, the Company has one hotel under contract for purchase, an AC Hotel by Marriott that is under development in Anchorage, Alaska, for an anticipated total purchase price of $65.5 million with an expected 160 rooms, which the Company anticipates acquiring in the fourth quarter 2027. There are many conditions to closing on this hotel that have not yet been satisfied, and there can be no assurance that closing on this hotel will occur under the outstanding purchase contract.


Development Project


As previously announced, during the third quarter 2025, the Company entered into a fixed-price, forward-purchase contract with a third-party developer to develop a dual-branded property, which will include an AC Hotel by Marriott and a Residence Inn by Marriott in Las Vegas, Nevada, for an anticipated total purchase price of approximately $143.7 million. The hotels will be developed on the land the Company owns adjacent to its SpringHill Suites by Marriott Las Vegas Convention Center. The Company anticipates the hotels will be completed and opened for business in the second quarter 2028. Upon completion, the AC Hotel is expected to have approximately 237 guest rooms and the Residence Inn is expected to have approximately 160 guest rooms.


Dispositions


As previously announced, during the year ended December 31, 2025, the Company sold seven hotels for a combined gross sales price of approximately $73.3 million, resulting in a combined gain on sale of approximately $13.1 million. The dispositions include the following:



In February 2025, the Company sold the 76-room Homewood Suites by Hilton Chattanooga-Hamilton Place for a gross sales price of approximately $8.3 million.



In March 2025, the Company sold the 130-room SpringHill Suites by Marriott Indianapolis Fishers for a gross sales price of $12.7 million. The Company used a portion of the net proceeds from the sale of this hotel to complete a 1031 exchange with the acquisition of the Homewood Suites by Hilton Tampa-Brandon, which resulted in the deferral of taxable gains of approximately $2.4 million.



In August 2025, the Company sold the 206-room Houston Marriott Energy Corridor for a gross sales price of $16.0 million.



In November 2025, the Company sold the 86-room Hampton Inn & Suites by Hilton Clovis-Airport North for a gross sales price of approximately $8.3 million and its adjacent 83-room Homewood Suites by Hilton Fresno Airport/Clovis, CA for a gross sales price of $12.0 million. The Company used a portion of the net proceeds from the sale of these hotels to complete a 1031 exchange with the acquisition of the Motto by Hilton Nashville Downtown, which resulted in the deferral of taxable gains of approximately $4.0 million.



In November 2025, the Company sold the 103-room Hampton Inn & Suites by Hilton and its adjacent 95-room Homewood Suites by Hilton in Cedar Rapids, Iowa, for a combined gross sales price of $16.1 million.



In connection with these sale contracts, in the third quarter 2025, the Company recognized an impairment loss of approximately $5.7 million in the aggregate with respect to two of the hotels sold in the fourth quarter 2025.


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, 2025, the Company invested approximately $88 million in capital expenditures. The Company anticipates investing approximately $80 million to $90 million in capital improvements during 2026, which includes comprehensive renovation projects for approximately 21 hotels, however, inflationary pressures, supply chain shortages or tariffs, among other issues, may result in increased costs and delays for anticipated projects.


Balance Sheet and Liquidity


As of December 31, 2025, the Company had approximately $1.5 billion of total outstanding debt with a current combined weighted-average interest rate of approximately 4.7%, cash on hand of approximately $9 million and availability under its revolving credit facility of approximately $587 million. Excluding unamortized debt issuance costs and fair value adjustments, the Company’s total outstanding debt as of December 31, 2025, was comprised of approximately $184 million in property-level debt secured by 10 hotels and approximately $1.4 billion outstanding under its unsecured credit facilities. The number of unencumbered hotels in the Company’s portfolio as of December 31, 2025, was 207. The Company’s total debt to total capitalization, net of cash and cash equivalents at December 31, 2025, was approximately 35.5%, which provides Apple Hospitality with financial flexibility to fund capital requirements and pursue opportunities in the marketplace. As of December 31, 2025, the Company’s weighted-average debt maturities were approximately three years.


On July 24, 2025, the Company entered into a new term loan facility with a principal amount of $385 million and a maturity date of July 31, 2030. At closing, the Company repaid all amounts outstanding under its $225 million term loan facility with proceeds from the $385 million term loan facility, resulting in an additional $160 million funded at closing which was used to repay the balance outstanding under the Company's revolving credit facility and for general corporate purposes. The outstanding principal under the $385 million term loan facility bears interest at an annual variable rate equal to a term SOFR, based on the interest period options elected by the Company, plus a margin ranging from 1.35% to 2.20%, based on the Company's leverage ratio as calculated under the terms of the credit agreement. Historically, the Company has elected to pay interest monthly at an annual rate equal to the one-month SOFR plus the applicable margin.


Capital Markets


Share Repurchase Program


The Company has in place a Share Repurchase Program that provides for share repurchases in open market transactions. During the three months ended December 31, 2025, the Company purchased, under its Share Repurchase Program, approximately 1.1 million of its common shares at a weighted-average market purchase price of approximately $11.77 per common share, for an aggregate purchase price of approximately $13.1 million, bringing the total shares purchased during the year ended December 31, 2025, to approximately 4.6 million common shares at a weighted-average market purchase price of approximately $12.55 per common share, for an aggregate purchase price of approximately $58.3 million. As of December 31, 2025, the Company had approximately $242.5 million remaining under its Share Repurchase Program for the repurchase of shares.


ATM Program


The Company also has in place an at-the-market offering program (the “ATM Program”). As of December 31, 2025, the Company had $500 million remaining under its ATM Program for the issuance of shares. No shares were sold under the ATM Program during the three months and year ended December 31, 2025.


Shareholder Distributions


During the three months ended December 31, 2025, the Company paid distributions totaling $0.24 per common share. During the year ended December 31, 2025, the Company paid distributions totaling $1.01 per common share for a total of approximately $240.4 million, which included a special distribution of $0.05 per common share paid on January 15, 2025, to shareholders of record as of December 31, 2024. Based on the Company’s common stock closing price of $12.35 on February 20, 2026, the current annualized regular monthly cash distribution of $0.96 per common share represents an annual yield of approximately 7.8%. While the Company currently 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.


2026 Outlook


The Company is providing its operational and financial outlook for 2026. This outlook, which is based on management’s current view of both operating and economic fundamentals of the Company's existing portfolio of hotels, does not take into account any unanticipated developments in its business or changes in its operating environment, nor does it take into account any unannounced hotel acquisitions or dispositions. The Company believes that the guidance range represents a measured base case scenario for the portfolio. With early summer potentially benefiting from incremental leisure travel related to the FIFA World Cup 2026 and easier comparisons to periods adversely impacted by cuts in government spending, tariff announcements and the government shutdown in 2025, the Company acknowledges that this guidance could ultimately prove conservative. Comparable Hotels RevPAR Change guidance, which is the change in Comparable Hotels RevPAR in 2026 compared to 2025, and Comparable Hotels Adjusted Hotel EBITDA Margin % guidance include properties acquired, as if the hotels were owned as of January 1, 2025, and exclude dispositions since January 1, 2025. Results for periods prior to the Company’s ownership are not included in the Company’s actual Consolidated Financial Statements, are based on information from the prior owner of each hotel, and have not been audited or adjusted. For the full year 2026, the Company anticipates its 2026 results will be in the following range:




 






 






2026 Guidance (1)








 






 






Low-End






 






High-End








Net income






 






$133 Million






 






$160 Million








Comparable Hotels RevPAR Change






 






(1.00%)






 






1.00%








Comparable Hotels Adjusted Hotel EBITDA Margin %






 






32.4%






 






33.4%








Adjusted EBITDAre (2)






 






$424 Million






 






$447 Million








Capital expenditures






 






$80 Million






 






$90 Million









____________________








(1)






Explanations of and reconciliations to net income guidance of Adjusted EBITDAre and Comparable Hotels Adjusted Hotel EBITDA guidance are included below.








(2)






Effective January 1, 2026, the Company will exclude from the calculation of Adjusted EBITDAre the expense recorded for share-based compensation, as it represents a non-cash transaction and the add back to net income is consistent with the calculation of Adjusted EBITDA for the Company’s financial covenant ratios under its credit facilities and consistent with the presentation of Adjusted EBITDA for the majority of other public lodging REITs.







Fourth Quarter and Full Year 2025 Earnings Conference Call


The Company will host a quarterly conference call for investors and interested parties at 11 a.m. Eastern Time on Tuesday, February 24, 2026. 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 3 p.m. Eastern Time on February 24, 2026, through 11:59 p.m. Eastern Time on March 10, 2026. 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 13757501. 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 217 hotels with approximately 29,600 guest rooms located in 84 markets throughout 37 states and the District of Columbia. Concentrated with industry-leading brands, the Company’s hotel portfolio consists of 96 Marriott-branded hotels, 115 Hilton-branded hotels, five Hyatt-branded hotels and one independent hotel. For more information, please visit www.applehospitalityreit.com.


Apple Hospitality REIT Non-GAAP Financial Measures


The Company considers the following non-GAAP financial measures useful to investors as key supplemental measures of its operating performance: Funds from Operations (“FFO”); Modified FFO (“MFFO”); Earnings Before Interest, Income Taxes, Depreciation and Amortization (“EBITDA”); Earnings Before Interest, Income Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”); Adjusted EBITDAre; Adjusted Hotel EBITDA; Comparable Hotels Adjusted Hotel EBITDA; and Same Store Hotels 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, Adjusted Hotel EBITDA, Comparable Hotels Adjusted Hotel EBITDA and Same Store Hotels 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, Adjusted Hotel EBITDA, Comparable Hotels Adjusted Hotel EBITDA and Same Store Hotels Adjusted Hotel EBITDA, as calculated by the Company, may not be comparable to FFO, MFFO, EBITDA, EBITDAre, Adjusted EBITDAre, Adjusted Hotel EBITDA, Comparable Hotels Adjusted Hotel EBITDA and Same Store Hotels 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.


Such 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 (including the potential effects of tariffs, inflation or a recessionary environment); reduced business and leisure travel due to geopolitical uncertainty, including terrorism and acts of war; travel-related health concerns, including widespread outbreaks of infectious or contagious diseases in the U.S.; inclement weather conditions, including natural disasters such as hurricanes, earthquakes and wildfires; government shutdowns, airline strikes or equipment failures, or other disruptions; 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, 2025. 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)








 








 






 






As of December 31,








 






 






2025






 






2024








 






 






 






 






 








Assets






 






 






 






 








Investment in real estate, net of accumulated depreciation and amortization of $1,972,264 and $1,821,344, respectively






 






$4,787,864






 






$4,820,748








Assets held for sale






 






-






 






17,015








Cash and cash equivalents






 






8,515






 






10,253








Restricted cash-furniture, fixtures and other escrows






 






30,903






 






33,814








Due from third-party managers, net






 






32,952






 






34,522








Other assets, net






 






41,944






 






53,568








Total Assets






 






$4,902,178






 






$4,969,920








 






 








Liabilities






 






 






 






 








Debt, net






 






$1,538,584






 






$1,471,452








Finance lease liabilities






 






111,094






 






111,585








Accounts payable and other liabilities






 






103,905






 






121,024








Total Liabilities






 






1,753,583






 






1,704,061








 






 






 






 






 








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 235,635,813 and 239,765,905 shares, respectively






 






4,719,900






 






4,771,005








Accumulated other comprehensive income






 






2,251






 






15,587








Accumulated distributions greater than net income






 






(1,573,556)






 






(1,520,733)








Total Shareholders' Equity






 






3,148,595






 






3,265,859








 






 






 






 






 








Total Liabilities and Shareholders' Equity






 






$4,902,178






 






$4,969,920









____________________








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, 2025.












Apple Hospitality REIT, Inc.




Consolidated Statements of Operations and Comprehensive Income




(in thousands, except per share data)








 






 






 






 






 






 






 








 






 






Three Months Ended






 






 






Year Ended






 








 






 






December 31, (Unaudited)






 






 






December 31,






 








 






 






2025






 






 






2024






 






 






2025






 






 






2024






 








Revenues:






 






 






 






 






 






 






 






 






 






 






 






 








Room






 






$






292,984






 






 






$






300,032






 






 






$






1,278,423






 






 






$






1,298,525






 








Food and beverage






 






 






16,257






 






 






 






17,044






 






 






 






65,676






 






 






 






65,804






 








Other






 






 






17,195






 






 






 






15,960






 






 






 






68,287






 






 






 






67,139






 








Total revenue






 






 






326,436






 






 






 






333,036






 






 






 






1,412,386






 






 






 






1,431,468






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Expenses:






 






 






 






 






 






 






 






 






 






 






 






 








Hotel operating expense:






 






 






 






 






 






 






 






 






 






 






 






 








Operating






 






 






89,383






 






 






 






88,683






 






 






 






361,994






 






 






 






357,352






 








Hotel administrative






 






 






30,887






 






 






 






30,448






 






 






 






125,943






 






 






 






123,086






 








Sales and marketing






 






 






30,151






 






 






 






30,450






 






 






 






127,031






 






 






 






126,938






 








Utilities






 






 






12,183






 






 






 






12,094






 






 






 






51,434






 






 






 






50,065






 








Repair and maintenance






 






 






17,655






 






 






 






17,366






 






 






 






71,313






 






 






 






69,697






 








Franchise fees






 






 






14,263






 






 






 






14,773






 






 






 






62,550






 






 






 






64,017






 








Management fees






 






 






10,406






 






 






 






10,560






 






 






 






47,057






 






 






 






46,716






 








Total hotel operating expense






 






 






204,928






 






 






 






204,374






 






 






 






847,322






 






 






 






837,871






 








Property taxes, insurance and other






 






 






21,053






 






 






 






20,504






 






 






 






89,732






 






 






 






84,382






 








General and administrative






 






 






7,473






 






 






 






11,703






 






 






 






32,293






 






 






 






42,542






 








Impairment of depreciable real estate






 






 






-






 






 






 






159






 






 






 






5,724






 






 






 






3,055






 








Depreciation and amortization






 






 






48,564






 






 






 






47,922






 






 






 






192,627






 






 






 






190,603






 








Total expense






 






 






282,018






 






 






 






284,662






 






 






 






1,167,698






 






 






 






1,158,453






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Gain on sale of real estate






 






 






5,179






 






 






 






1,529






 






 






 






13,116






 






 






 






19,744






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Operating income






 






 






49,597






 






 






 






49,903






 






 






 






257,804






 






 






 






292,759






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Interest and other expense, net






 






 






(19,746






)






 






 






(19,852






)






 






 






(81,481






)






 






 






(77,748






)








 






 






 






 






 






 






 






 






 






 






 






 






 








Income before income taxes






 






 






29,851






 






 






 






30,051






 






 






 






176,323






 






 






 






215,011






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Income tax expense






 






 






(236






)






 






 






(234






)






 






 






(959






)






 






 






(947






)








 






 






 






 






 






 






 






 






 






 






 






 






 








Net income






 






$






29,615






 






 






$






29,817






 






 






$






175,364






 






 






$






214,064






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Other comprehensive loss:






 






 






 






 






 






 






 






 






 






 






 






 








Interest rate derivatives






 






 






(593






)






 






 






10,795






 






 






 






(13,336






)






 






 






(4,817






)








 






 






 






 






 






 






 






 






 






 






 






 






 








Comprehensive income






 






$






29,022






 






 






$






40,612






 






 






$






162,028






 






 






$






209,247






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Basic and diluted net income per common share






 






$






0.13






 






 






$






0.12






 






 






$






0.74






 






 






$






0.89






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Weighted average common shares outstanding - basic and diluted






 






 






236,405






 






 






 






239,973






 






 






 






237,789






 






 






 






241,258






 









____________________








Note: The Consolidated Statements of Operations and Comprehensive Income and corresponding footnotes can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.












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,








 






 






 






 






 






 






% Change






 






 






 






 






 






% Change








 






 






2025






 






2024






 






2024






 






2025






 






2024






 






2024








Operating income (Actual)






 






$49,597






 






$49,903






 






(0.6%)






 






$257,804






 






$292,759






 






(11.9%)








Operating margin % (Actual)






 






15.2%






 






15.0%






 






20 bps






 






18.3%






 






20.5%






 






(220 bps)








 






 






 






 






 






 






 






 






 






 






 






 






 








Comparable Hotels Total Revenue






 






$319,183






 






$326,042






 






(2.1%)






 






$1,383,947






 






$1,398,803






 






(1.1%)








Comparable Hotels Total Operating Expenses






 






220,004






 






217,763






 






1.0%






 






909,713






 






892,354






 






1.9%








Comparable Hotels Adjusted Hotel EBITDA






 






$99,179






 






$108,279






 






(8.4%)






 






$474,234






 






$506,449






 






(6.4%)








Comparable Hotels Adjusted Hotel EBITDA Margin %






 






31.1%






 






33.2%






 






(210 bps)






 






34.3%






 






36.2%






 






(190 bps)








 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 








ADR (Comparable Hotels)






 






$151.89






 






$153.34






 






(0.9%)






 






$159.09






 






$159.31






 






(0.1%)








Occupancy (Comparable Hotels)






 






70.4%






 






71.6%






 






(1.7%)






 






74.1%






 






75.3%






 






(1.6%)








RevPAR (Comparable Hotels)






 






$106.90






 






$109.77






 






(2.6%)






 






$117.95






 






$119.92






 






(1.6%)








 






 






 






 






 






 






 






 






 






 






 






 






 








ADR (Actual)






 






$152.86






 






$152.39






 






0.3%






 






$159.06






 






$158.01






 






0.7%








Occupancy (Actual)






 






70.5%






 






71.4%






 






(1.3%)






 






74.1%






 






75.0%






 






(1.2%)








RevPAR (Actual)






 






$107.81






 






$108.75






 






(0.9%)






 






$117.90






 






$118.54






 






(0.5%)








 






 






 






 






 






 






 






 






 






 






 






 






 








Reconciliation to Actual Results






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Total Revenue (Actual)






 






$326,436






 






$333,036






 






 






 






$1,412,386






 






$1,431,468






 






 








Revenue from acquisitions prior to ownership






 






-






 






1,659






 






 






 






2,952






 






10,675






 






 








Revenue from dispositions






 






(1,833)






 






(8,258)






 






 






 






(17,921)






 






(38,178)






 






 








Revenue from non-hotel property and New York Property (1)






 






(5,420)






 






(395)






 






 






 






(13,470)






 






(5,162)






 






 








Comparable Hotels Total Revenue






 






$319,183






 






$326,042






 






 






 






$1,383,947






 






$1,398,803






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Adjusted Hotel EBITDA (AHEBITDA) (Actual) (2)






 






$100,588






 






$108,983






 






 






 






$476,525






 






$509,544






 






 








AHEBITDA from acquisitions prior to ownership






 






-






 






723






 






 






 






1,143






 






4,234






 






 








AHEBITDA from dispositions






 






(146)






 






(1,427)






 






 






 






(3,188)






 






(7,329)






 






 








AHEBITDA from New York Property (3)






 






(1,263)






 






-






 






 






 






(246)






 






-






 






 








Comparable Hotels AHEBITDA






 






$99,179






 






$108,279






 






 






 






$474,234






 






$506,449






 






 









______________








(1)






Represents revenue from the New York Property, which from the second half of 2023 through the first quarter of 2025 was considered lease revenue from a lease to a third-party hotel operator of the property, during which time the property was referred to as the "non-hotel property." Since the second quarter of 2025, this represents revenue consistent with hotel operations from the New York Property.








(2)






Represents the Company's actual Adjusted Hotel EBITDA, which excludes Adjusted EBITDAre from the New York Property from the second half of 2023 through the first quarter of 2025, due to leasing the property to a third-party hotel operator for all hotel operations. Beginning in the second quarter of 2025, Adjusted Hotel EBITDA includes hotel operations from the New York Property.








(3)






Represents Adjusted Hotel EBITDA from the New York Property since the second quarter of 2025, subsequent to the Company regaining possession of the hotel from a third-party hotel operator.








 








Note: Comparable Hotels is defined as the 216 hotels owned by the Company as of December 31, 2025, and excludes the New York Property recovered during the second quarter 2025 from a third-party hotel operator. 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 and the New York Property, 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 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)








 








 






 






2024






 






2025








 






 






Q1






 






Q2






 






Q3






 






Q4






 






Q1






 






Q2






 






Q3






 






Q4








Operating income (Actual)






 






$71,615






 






$93,515






 






$77,726






 






$49,903






 






$50,859






 






$84,851






 






$72,497






 






$49,597








Operating margin % (Actual)






 






21.7%






 






24.0%






 






20.5%






 






15.0%






 






15.5%






 






22.1%






 






19.4%






 






15.2%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Comparable Hotels Total Revenue






 






$324,304






 






$378,084






 






$370,373






 






$326,042






 






$323,368






 






$376,358






 






$365,038






 






$319,183








Comparable Hotels Total Operating Expenses






 






213,177






 






228,865






 






232,549






 






217,763






 






217,992






 






235,256






 






236,461






 






220,004








Comparable Hotels Adjusted Hotel EBITDA






 






$111,127






 






$149,219






 






$137,824






 






$108,279






 






$105,376






 






$141,102






 






$128,577






 






$99,179








Comparable Hotels Adjusted Hotel EBITDA Margin %






 






34.3%






 






39.5%






 






37.2%






 






33.2%






 






32.6%






 






37.5%






 






35.2%






 






31.1%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








ADR (Comparable Hotels)






 






$155.37






 






$164.00






 






$163.71






 






$153.34






 






$157.07






 






$163.90






 






$162.68






 






$151.89








Occupancy (Comparable Hotels)






 






72.4%






 






80.0%






 






77.1%






 






71.6%






 






71.3%






 






78.7%






 






76.2%






 






70.4%








RevPAR (Comparable Hotels)






 






$112.49






 






$131.18






 






$126.29






 






$109.77






 






$111.95






 






$128.93






 






$124.01






 






$106.90








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








ADR (Actual)






 






$153.18






 






$162.98






 






$162.57






 






$152.39






 






$156.24






 






$163.56






 






$162.70






 






$152.86








Occupancy (Actual)






 






72.0%






 






79.8%






 






77.0%






 






71.4%






 






71.1%






 






78.6%






 






76.2%






 






70.5%








RevPAR (Actual)






 






$110.25






 






$130.07






 






$125.10






 






$108.75






 






$111.04






 






$128.59






 






$124.03






 






$107.81








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Reconciliation to Actual Results






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Total Revenue (Actual)






 






$329,512






 






$390,077






 






$378,843






 






$333,036






 






$327,702






 






$384,370






 






$373,878






 






$326,436








Revenue from acquisitions prior to ownership






 






6,396






 






1,298






 






1,322






 






1,659






 






1,887






 






1,065






 






-






 






-








Revenue from dispositions






 






(9,561)






 






(10,788)






 






(9,571)






 






(8,258)






 






(5,835)






 






(5,587)






 






(4,666)






 






(1,833)








Revenue from non-hotel property and New York Property (1)






 






(2,043)






 






(2,503)






 






(221)






 






(395)






 






(386)






 






(3,490)






 






(4,174)






 






(5,420)








Comparable Hotels Total Revenue






 






$324,304






 






$378,084






 






$370,373






 






$326,042






 






$323,368






 






$376,358






 






$365,038






 






$319,183








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Adjusted Hotel EBITDA (AHEBITDA) (Actual) (2)






 






$109,793






 






$151,680






 






$139,088






 






$108,983






 






$105,265






 






$141,070






 






$129,602






 






$100,588








AHEBITDA from acquisitions prior to ownership






 






2,615






 






426






 






470






 






723






 






897






 






246






 






-






 






-








AHEBITDA from dispositions






 






(1,281)






 






(2,887)






 






(1,734)






 






(1,427)






 






(786)






 






(1,330)






 






(926)






 






(146)








AHEBITDA from New York Property (3)






 






-






 






-






 






-






 






-






 






-






 






1,116






 






(99)






 






(1,263)








Comparable Hotels AHEBITDA






 






$111,127






 






$149,219






 






$137,824






 






$108,279






 






$105,376






 






$141,102






 






$128,577






 






$99,179









______________








(1)






Represents revenue from the New York Property, which from the second half of 2023 through the first quarter of 2025 was considered lease revenue from a lease to a third-party hotel operator of the property, during which time the property was referred to as the "non-hotel property." Since the second quarter of 2025, this represents revenue consistent with hotel operations from the New York Property.








(2)






Represents the Company's actual Adjusted Hotel EBITDA, which excludes Adjusted EBITDAre from the New York Property from the second half of 2023 through the first quarter of 2025, due to leasing the property to a third-party hotel operator for all hotel operations. Beginning in the second quarter of 2025, Adjusted Hotel EBITDA includes hotel operations from the New York Property.








(3)






Represents Adjusted Hotel EBITDA from the New York Property since the second quarter of 2025, subsequent to the Company regaining possession of the hotel from a third-party hotel operator.








 








Note: Comparable Hotels is defined as the 216 hotels owned by the Company as of December 31, 2025, and excludes the New York Property recovered during the second quarter 2025 from a third-party hotel operator. 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 and the New York Property, 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 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,








 






 






 






 






 






 






% Change






 






 






 






 






 






% Change








 






 






2025






 






2024






 






2024






 






2025






 






2024






 






2024








Operating income (Actual)






 






$49,597






 






$49,903






 






(0.6%)






 






$257,804






 






$292,759






 






(11.9%)








Operating margin % (Actual)






 






15.2%






 






15.0%






 






20 bps






 






18.3%






 






20.5%






 






(220 bps)








 






 






 






 






 






 






 






 






 






 






 






 






 








Same Store Hotels Total Revenue






 






$310,312






 






$316,506






 






(2.0%)






 






$1,344,087






 






$1,363,446






 






(1.4%)








Same Store Hotels Total Operating Expenses






 






212,954






 






211,142






 






0.9%






 






881,989






 






870,496






 






1.3%








Same Store Hotels Adjusted Hotel EBITDA






 






$97,358






 






$105,364






 






(7.6%)






 






$462,098






 






$492,950






 






(6.3%)








Same Store Hotels Adjusted Hotel EBITDA Margin %






 






31.4%






 






33.3%






 






(190 bps)






 






34.4%






 






36.2%






 






(180 bps)








 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 








ADR (Same Store Hotels)






 






$150.87






 






$152.15






 






(0.8%)






 






$157.95






 






$158.20






 






(0.2%)








Occupancy (Same Store Hotels)






 






70.6%






 






71.7%






 






(1.5%)






 






74.3%






 






75.3%






 






(1.3%)








RevPAR (Same Store Hotels)






 






$106.51






 






$109.06






 






(2.3%)






 






$117.30






 






$119.10






 






(1.5%)








 






 






 






 






 






 






 






 






 






 






 






 






 








ADR (Actual)






 






$152.86






 






$152.39






 






0.3%






 






$159.06






 






$158.01






 






0.7%








Occupancy (Actual)






 






70.5%






 






71.4%






 






(1.3%)






 






74.1%






 






75.0%






 






(1.2%)








RevPAR (Actual)






 






$107.81






 






$108.75






 






(0.9%)






 






$117.90






 






$118.54






 






(0.5%)








 






 






 






 






 






 






 






 






 






 






 






 






 








Reconciliation to Actual Results






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Total Revenue (Actual)






 






$326,436






 






$333,036






 






 






 






$1,412,386






 






$1,431,468






 






 








Revenue from acquisitions






 






(8,871)






 






(7,877)






 






 






 






(36,908)






 






(24,682)






 






 








Revenue from dispositions






 






(1,833)






 






(8,258)






 






 






 






(17,921)






 






(38,178)






 






 








Revenue from non-hotel property and New York Property (1)






 






(5,420)






 






(395)






 






 






 






(13,470)






 






(5,162)






 






 








Same Store Hotels Total Revenue






 






$310,312






 






$316,506






 






 






 






$1,344,087






 






$1,363,446






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 








Adjusted Hotel EBITDA (AHEBITDA) (Actual) (2)






 






$100,588






 






$108,983






 






 






 






$476,525






 






$509,544






 






 








AHEBITDA from acquisitions






 






(1,821)






 






(2,192)






 






 






 






(10,993)






 






(9,265)






 






 








AHEBITDA from dispositions






 






(146)






 






(1,427)






 






 






 






(3,188)






 






(7,329)






 






 








AHEBITDA from New York Property (3)






 






(1,263)






 






-






 






 






 






(246)






 






-






 






 








Same Store Hotels AHEBITDA






 






$97,358






 






$105,364






 






 






 






$462,098






 






$492,950






 






 









___________








(1)






Represents revenue from the New York Property, which from the second half of 2023 through the first quarter of 2025 was considered lease revenue from a lease to a third-party hotel operator of the property, during which time the property was referred to as the "non-hotel property." Since the second quarter of 2025, this represents revenue consistent with hotel operations from the New York Property.








(2)






Represents the Company's actual Adjusted Hotel EBITDA, which excludes Adjusted EBITDAre from the New York Property from the second half of 2023 through the first quarter of 2025, due to leasing the property to a third-party hotel operator for all hotel operations. Beginning in the second quarter of 2025, Adjusted Hotel EBITDA includes hotel operations from the New York Property.








(3)






Represents Adjusted Hotel EBITDA from the New York Property since the second quarter of 2025, subsequent to the Company regaining possession of the hotel from a third-party hotel operator.








 








Note: Same Store Hotels is defined as the 212 hotels owned and held for use by the Company as of January 1, 2024, and during the entirety of the periods being compared, and excludes the New York Property recovered during the second quarter 2025 from a third-party hotel operator. This information has not been audited.








 








Reconciliation of net income 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)








 








 






 






2024






 






2025








 






 






Q1






 






Q2






 






Q3






 






Q4






 






Q1






 






Q2






 






Q3






 






Q4








Operating income (Actual)






 






$71,615






 






$93,515






 






$77,726






 






$49,903






 






$50,859






 






$84,851






 






$72,497






 






$49,597








Operating margin % (Actual)






 






21.7%






 






24.0%






 






20.5%






 






15.0%






 






15.5%






 






22.1%






 






19.4%






 






15.2%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Same Store Hotels Total Revenue






 






$317,417






 






$369,532






 






$359,991






 






$316,506






 






$314,562






 






$364,597






 






$354,616






 






$310,312








Same Store Hotels Total Operating Expenses






 






209,195






 






224,282






 






225,877






 






211,142






 






211,774






 






227,942






 






229,319






 






212,954








Same Store Hotels Adjusted Hotel EBITDA






 






$108,222






 






$145,250






 






$134,114






 






$105,364






 






$102,788






 






$136,655






 






$125,297






 






$97,358








Same Store Hotels Adjusted Hotel EBITDA Margin %






 






34.1%






 






39.3%






 






37.3%






 






33.3%






 






32.7%






 






37.5%






 






35.3%






 






31.4%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








ADR (Same Store Hotels)






 






$154.32






 






$162.71






 






$162.81






 






$152.15






 






$155.98






 






$162.33






 






$161.82






 






$150.87








Occupancy (Same Store Hotels)






 






72.3%






 






80.0%






 






77.2%






 






71.7%






 






71.4%






 






78.8%






 






76.2%






 






70.6%








RevPAR (Same Store Hotels)






 






$111.57






 






$130.15






 






$125.67






 






$109.06






 






$111.43






 






$127.90






 






$123.35






 






$106.51








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








ADR (Actual)






 






$153.18






 






$162.98






 






$162.57






 






$152.39






 






$156.24






 






$163.56






 






$162.70






 






$152.86








Occupancy (Actual)






 






72.0%






 






79.8%






 






77.0%






 






71.4%






 






71.1%






 






78.6%






 






76.2%






 






70.5%








RevPAR (Actual)






 






$110.25






 






$130.07






 






$125.10






 






$108.75






 






$111.04






 






$128.59






 






$124.03






 






$107.81








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Reconciliation to Actual Results






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Total Revenue (Actual)






 






$329,512






 






$390,077






 






$378,843






 






$333,036






 






$327,702






 






$384,370






 






$373,878






 






$326,436








Revenue from acquisitions






 






(491)






 






(7,254)






 






(9,060)






 






(7,877)






 






(6,919)






 






(10,696)






 






(10,422)






 






(8,871)








Revenue from dispositions






 






(9,561)






 






(10,788)






 






(9,571)






 






(8,258)






 






(5,835)






 






(5,587)






 






(4,666)






 






(1,833)








Revenue from non-hotel property and New York Property (1)






 






(2,043)






 






(2,503)






 






(221)






 






(395)






 






(386)






 






(3,490)






 






(4,174)






 






(5,420)








Same Store Hotels Total Revenue






 






$317,417






 






$369,532






 






$359,991






 






$316,506






 






$314,562






 






$364,597






 






$354,616






 






$310,312








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Adjusted Hotel EBITDA (AHEBITDA) (Actual) (2)






 






$109,793






 






$151,680






 






$139,088






 






$108,983






 






$105,265






 






$141,070






 






$129,602






 






$100,588








AHEBITDA from acquisitions






 






(290)






 






(3,543)






 






(3,240)






 






(2,192)






 






(1,691)






 






(4,201)






 






(3,280)






 






(1,821)








AHEBITDA from dispositions






 






(1,281)






 






(2,887)






 






(1,734)






 






(1,427)






 






(786)






 






(1,330)






 






(926)






 






(146)








AHEBITDA from New York Property (3)






 






-






 






-






 






-






 






-






 






-






 






1,116






 






(99)






 






(1,263)








Same Store Hotels AHEBITDA






 






$108,222






 






$145,250






 






$134,114






 






$105,364






 






$102,788






 






$136,655






 






$125,297






 






$97,358









___________








(1)






Represents revenue from the New York Property, which from the second half of 2023 through the first quarter of 2025 was considered lease revenue from a lease to a third-party hotel operator of the property, during which time the property was referred to as the “non-hotel property.” Since the second quarter of 2025, this represents revenue consistent with hotel operations from the New York Property.








(2)






Represents the Company's actual Adjusted Hotel EBITDA, which excludes Adjusted EBITDAre from the New York Property from the second half of 2023 through the first quarter of 2025, due to leasing the property to a third-party hotel operator for all hotel operations. Beginning in the second quarter of 2025, Adjusted Hotel EBITDA includes hotel operations from the New York Property.








(3)






Represents Adjusted Hotel EBITDA from the New York Property since the second quarter of 2025, subsequent to the Company regaining possession of the hotel from a third-party hotel operator.








 








Note: Same Store Hotels is defined as the 212 hotels owned and held for use by the Company as of January 1, 2024, and during the entirety of the periods being compared, and excludes the New York Property recovered during the second quarter 2025 from a third-party hotel operator. This information has not been audited.








 








Reconciliation of net income to non-GAAP financial measures is included in the following pages.







Apple Hospitality REIT, Inc.

Reconciliation of Net Income 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 as well as Adjusted EBITDAre from the non-hotel property (the New York Property) 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 it is used by management to measure the performance of the Company’s hotels and effectiveness of the operators of the hotels. In addition, Adjusted EBITDAre and Adjusted Hotel EBITDA are both components of key compensation measures of operational performance within the Company's 2025 incentive plan. Effective January 1, 2026, in calculating Adjusted EBITDAre, the Company will exclude share-based compensation expense, as it represents a non-cash transaction and the add back to net income is consistent with the calculation of Adjusted EBITDA for the Company’s financial covenant ratios under its credit facilities and consistent with the presentation of Adjusted EBITDA for the majority of other public lodging REITs. For the year ended December 31, 2025, the expense recorded for share-based compensation totaled $7.7 million.


The following table reconciles the Company’s GAAP net income to EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted Hotel EBITDA on a quarterly basis for 2024 and 2025:




 






 






2024






 






2025








 






 






Q1






 






Q2






 






Q3






 






Q4






 






Q1






 






Q2






 






Q3






 






Q4








Net income






 






$54,050






 






$73,931






 






$56,266






 






$29,817






 






$31,221






 






$63,648






 






$50,880






 






$29,615








Depreciation and amortization






 






46,823






 






47,715






 






48,143






 






47,922






 






47,941






 






48,022






 






48,100






 






48,564








Amortization of favorable and unfavorable operating leases, net






 






102






 






102






 






102






 






102






 






102






 






102






 






102






 






102








Interest and other expense, net






 






17,309






 






19,370






 






21,217






 






19,852






 






19,397






 






20,963






 






21,375






 






19,746








Income tax expense






 






256






 






214






 






243






 






234






 






241






 






240






 






242






 






236








EBITDA






 






118,540






 






141,332






 






125,971






 






97,927






 






98,902






 






132,975






 






120,699






 






98,263








Gain on sale of real estate






 






(17,766)






 






(449)






 






-






 






(1,529)






 






(3,557)






 






-






 






(4,380)






 






(5,179)








Impairment of depreciable real estate






 






-






 






-






 






2,896






 






159






 






-






 






-






 






5,724






 






-








EBITDAre






 






100,774






 






140,883






 






128,867






 






96,557






 






95,345






 






132,975






 






122,043






 






93,084








Non-cash straight-line operating ground lease expense






 






36






 






33






 






33






 






33






 






33






 






31






 






31






 






31








Adjusted EBITDAre






 






100,810






 






140,916






 






128,900






 






96,590






 






95,378






 






133,006






 






122,074






 






93,115








General and administrative expense






 






10,584






 






11,065






 






9,190






 






11,703






 






9,228






 






8,064






 






7,528






 






7,473








Adjusted EBITDAre from non-hotel property (1)






 






(1,601)






 






(301)






 






998






 






690






 






659






 






-






 






-






 






-








Adjusted Hotel EBITDA






 






$109,793






 






$151,680






 






$139,088






 






$108,983






 






$105,265






 






$141,070






 






$129,602






 






$100,588









(1)






Non-hotel property consists of the results of the New York Property that was leased to a third-party hotel operator before possession was recovered and operations reinstated through a third-party manager on April 4, 2025. This property’s Adjusted EBITDAre results are not included in Adjusted Hotel EBITDA beginning with the second half of 2023 through the first quarter of 2025.







Apple Hospitality REIT, Inc.

Reconciliation of Net Income 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. In addition, MFFO is a component of a key compensation measure of operational performance within the Company's 2025 incentive plan. Effective January 1, 2026, in calculating MFFO, the Company will exclude share-based compensation expense, as it represents a non-cash transaction, consistent with the MFFO presentation of the majority of other public lodging REITs. For the year ended December 31, 2025, the expense recorded for share-based compensation totaled $7.7 million.


The following table reconciles the Company’s GAAP net income to FFO and MFFO for the three months and year ended December 31, 2025 and 2024:




 






 






Three Months Ended

December 31,






 






Year Ended

December 31,








 






 






2025






 






2024






 






2025






 






2024








Net income






 






$29,615






 






$29,817






 






$175,364






 






$214,064








Depreciation of real estate owned






 






47,805






 






47,161






 






189,589






 






187,555








Gain on sale of real estate






 






(5,179)






 






(1,529)






 






(13,116)






 






(19,744)








Impairment of depreciable real estate






 






-






 






159






 






5,724






 






3,055








Funds from operations






 






72,241






 






75,608






 






357,561






 






384,930








Amortization of finance ground lease assets






 






760






 






760






 






3,038






 






3,038








Amortization of favorable and unfavorable operating leases, net






 






102






 






102






 






408






 






408








Non-cash straight-line operating ground lease expense






 






31






 






33






 






126






 






135








Modified funds from operations






 






$73,134






 






$76,503






 






$361,133






 






$388,511







Apple Hospitality REIT, Inc.

2026 Guidance Reconciliation of Net Income to EBITDA, EBITDAre, Adjusted EBITDAre, Adjusted Hotel EBITDA and Comparable Hotels Adjusted Hotel EBITDA

(Unaudited) (in thousands)


The guidance of net income, EBITDA, EBITDAre, Adjusted EBITDAre, Adjusted Hotel EBITDA and Comparable Hotels Adjusted Hotel EBITDA (and all other guidance given) are forward-looking statements and are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause actual results and performance to differ materially from those expressed or implied by these forecasts. Although the Company believes the expectations reflected in the forecasts are based upon reasonable assumptions, there can be no assurance that the expectations will be achieved or that the results will not be materially different. Risks that may affect these assumptions and forecasts include, but are not limited to, the following: changes in political, economic, competitive and specific market conditions; the amount and timing of announced or future acquisitions and dispositions of hotel properties; the level of capital expenditures may change significantly, which will directly affect the level of depreciation expense, interest expense and net income; the amount and timing of debt repayments may change significantly based on market conditions, which will directly affect the level of interest expense and net income; the amount and timing of transactions involving the Company's common stock may change based on market conditions; and other risks and uncertainties associated with the Company's business described herein and in filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2025.


The following table reconciles the Company’s GAAP net income guidance to EBITDA, EBITDAre, Adjusted EBITDAre, Adjusted Hotel EBITDA and Comparable Hotels Adjusted Hotel EBITDA guidance for the year ending December 31, 2026:




 






Year Ending December 31, 2026








 






Low-End






 






High-End








Net income






$133,169






 






$160,069








Depreciation and amortization






194,000






 






191,000








Amortization of favorable and unfavorable leases, net






408






 






408








Interest and other expense, net






84,000






 






82,000








Income tax expense






900






 






1,300








EBITDA and EBITDAre






412,477






 






434,777








Non-cash straight-line operating ground lease expense






123






 






123








Share-based compensation expense (1)






11,800






 






11,800








Adjusted EBITDAre






424,400






 






446,700








Corporate expense






29,500






 






31,500








Adjusted Hotel EBITDA






453,900






 






478,200








AHEBITDA from acquisitions prior to ownership






-






 






-








AHEBITDA from dispositions/assets held for sale






-






 






-








Comparable Hotels Adjusted Hotel EBITDA






$453,900






 






$478,200









____________________








(1)






Effective January 1, 2026, the Company will exclude from the calculation of Adjusted EBITDAre the expense recorded for share-based compensation, as it represents a non-cash transaction and the add back to net income is consistent with the calculation of Adjusted EBITDA for the Company’s financial covenant ratios under its credit facilities and consistent with the presentation of Adjusted EBITDA for the majority of other public lodging REITs.












Apple Hospitality REIT, Inc.




Debt Summary




(Unaudited)




($ in thousands)




December 31, 2025








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






2026






 






 






2027






 






 






2028






 






 






2029






 






 






2030






 






 






Thereafter






 






 






Total






 






 






Fair

Market

Value






 








Total debt:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Maturities






 






$






265,649






 






 






$






278,602






 






 






$






334,066






 






 






$






162,294






 






 






$






460,016






 






 






$






44,638






 






 






$






1,545,265






 






 






$






1,527,828






 








Average interest rates (1)






 






 






4.7






%






 






 






4.7






%






 






 






4.6






%






 






 






4.6






%






 






 






4.6






%






 






 






3.7






%






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Variable-rate debt:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Maturities






 






$






191,000






 






 






$






275,000






 






 






$






300,000






 






 






$






85,000






 






 






$






385,000






 






 






$






-






 






 






$






1,236,000






 






 






$






1,237,272






 








Average interest rates (1)






 






 






4.9






%






 






 






4.9






%






 






 






4.8






%






 






 






4.9






%






 






 






5.0






%






 






n/a






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Fixed-rate debt:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Maturities






 






$






74,649






 






 






$






3,602






 






 






$






34,066






 






 






$






77,294






 






 






$






75,016






 






 






$






44,638






 






 






$






309,265






 






 






$






290,556






 








Average interest rates






 






 






4.0






%






 






 






4.1






%






 






 






4.1






%






 






 






3.9






%






 






 






3.6






%






 






 






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, 2025.







Apple Hospitality REIT, Inc.




Comparable Hotels Operating Metrics by Market




Three Months Ended December 31




(Unaudited)








 








Top 30 Markets






 






 






Occupancy






 






ADR






 






RevPAR






 






% of Adjusted

Hotel EBITDA








 






# of Hotels






 






Q4 2025






Q4 2024






% Change






 






Q4 2025






Q4 2024






% Change






 






Q4 2025






Q4 2024






% Change






 






Q4 2025








Top 30 Markets






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Phoenix, AZ






10






 






77.2%






81.2%






(4.9%)






 






$154.18






$151.44






1.8%






 






$119.08






$122.96






(3.2%)






 






6.7%








Los Angeles, CA






8






 






82.5%






81.9%






0.7%






 






$177.44






$182.73






(2.9%)






 






$146.38






$149.67






(2.2%)






 






5.8%








San Diego, CA






7






 






68.8%






69.4%






(0.9%)






 






$168.05






$174.96






(3.9%)






 






$115.61






$121.47






(4.8%)






 






4.4%








Orange County, CA






6






 






77.7%






78.3%






(0.8%)






 






$154.82






$157.05






(1.4%)






 






$120.30






$123.01






(2.2%)






 






3.6%








Salt Lake City/Ogden, UT






5






 






70.7%






72.8%






(2.9%)






 






$147.42






$150.02






(1.7%)






 






$104.29






$109.22






(4.5%)






 






3.5%








Richmond/Petersburg, VA






3






 






67.9%






70.8%






(4.1%)






 






$194.18






$191.00






1.7%






 






$131.82






$135.17






(2.5%)






 






3.4%








Fort Worth/Arlington, TX






6






 






73.9%






76.9%






(3.9%)






 






$160.12






$155.05






3.3%






 






$118.40






$119.19






(0.7%)






 






3.4%








Portland, ME






3






 






77.7%






77.6%






0.1%






 






$196.02






$186.05






5.4%






 






$152.25






$144.40






5.4%






 






3.3%








Chicago, IL






7






 






69.8%






67.9%






2.8%






 






$146.15






$142.11






2.8%






 






$102.06






$96.53






5.7%






 






3.3%








Seattle, WA






4






 






73.2%






71.5%






2.4%






 






$183.55






$174.19






5.4%






 






$134.37






$124.56






7.9%






 






3.2%








Alaska






2






 






85.0%






76.4%






11.3%






 






$234.69






$209.66






11.9%






 






$199.40






$160.19






24.5%






 






2.6%








Melbourne, FL






3






 






78.3%






83.5%






(6.2%)






 






$189.90






$192.55






(1.4%)






 






$148.77






$160.84






(7.5%)






 






2.5%








Washington, DC






5






 






69.6%






71.2%






(2.2%)






 






$168.63






$176.92






(4.7%)






 






$117.41






$126.02






(6.8%)






 






2.4%








Las Vegas, NV






1






 






72.1%






77.0%






(6.4%)






 






$195.20






$205.02






(4.8%)






 






$140.83






$157.95






(10.8%)






 






2.2%








Nashville, TN






6






 






66.6%






68.3%






(2.5%)






 






$150.75






$152.10






(0.9%)






 






$100.41






$103.91






(3.4%)






 






2.1%








Miami, FL






3






 






90.1%






86.0%






4.8%






 






$158.16






$163.06






(3.0%)






 






$142.53






$140.29






1.6%






 






2.0%








Pittsburgh, PA






2






 






83.4%






60.3%






38.3%






 






$137.33






$193.49






(29.0%)






 






$114.60






$116.66






(1.8%)






 






1.8%








Fort Lauderdale, FL






2






 






83.2%






77.0%






8.1%






 






$152.16






$154.93






(1.8%)






 






$126.66






$119.35






6.1%






 






1.4%








Madison, WI






2






 






50.8%






51.3%






(1.0%)






 






$205.37






$204.00






0.7%






 






$104.32






$104.71






(0.4%)






 






1.3%








Louisville, KY






1






 






69.4%






70.9%






(2.1%)






 






$175.43






$160.93






9.0%






 






$121.70






$114.16






6.6%






 






1.3%








Kansas City, MO






4






 






74.4%






70.2%






6.0%






 






$131.20






$131.21






0.0%






 






$97.60






$92.17






5.9%






 






1.3%








Newark, NJ






2






 






84.8%






87.1%






(2.6%)






 






$169.81






$169.44






0.2%






 






$144.01






$147.64






(2.5%)






 






1.2%








Syracuse, NY






2






 






78.7%






75.4%






4.4%






 






$173.17






$175.37






(1.3%)






 






$136.35






$132.30






3.1%






 






1.2%








Oklahoma City, OK






4






 






63.6%






61.0%






4.3%






 






$127.98






$133.13






(3.9%)






 






$81.33






$81.22






0.1%






 






1.2%








Indiana North






3






 






54.5%






58.6%






(7.0%)






 






$201.19






$183.76






9.5%






 






$109.60






$107.71






1.8%






 






1.2%








Alabama South






4






 






63.5%






64.7%






(1.9%)






 






$140.30






$129.75






8.1%






 






$89.03






$83.99






6.0%






 






1.2%








Birmingham, AL






4






 






68.8%






67.8%






1.5%






 






$144.39






$141.75






1.9%






 






$99.33






$96.06






3.4%






 






1.1%








Memphis, TN






2






 






67.2%






69.1%






(2.7%)






 






$173.27






$182.98






(5.3%)






 






$116.51






$126.36






(7.8%)






 






1.1%








Orlando, FL






3






 






76.0%






85.4%






(11.0%)






 






$119.56






$133.15






(10.2%)






 






$90.88






$113.65






(20.0%)






 






1.1%








Houston, TX






5






 






68.1%






71.0%






(4.1%)






 






$116.42






$117.80






(1.2%)






 






$79.29






$83.62






(5.2%)






 






1.1%








Top 30 Markets






119






 






72.7%






73.2%






(0.7%)






 






$161.96






$162.78






(0.5%)






 






$117.75






$119.10






(1.1%)






 






71.9%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








All Other Markets






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Boston, MA






3






 






74.2%






75.0%






(1.1%)






 






$150.48






$155.98






(3.5%)






 






$111.62






$116.93






(4.5%)






 






1.1%








North Carolina East






4






 






59.6%






62.0%






(3.9%)






 






$129.66






$132.51






(2.2%)






 






$77.29






$82.12






(5.9%)






 






1.0%








Idaho






1






 






75.2%






69.4%






8.4%






 






$177.09






$178.89






(1.0%)






 






$133.09






$124.21






7.1%






 






1.0%








Dallas, TX






5






 






60.4%






64.9%






(6.9%)






 






$131.80






$129.80






1.5%






 






$79.61






$84.21






(5.5%)






 






1.0%








Omaha, NE






4






 






61.2%






61.3%






(0.2%)






 






$117.34






$124.95






(6.1%)






 






$71.84






$76.62






(6.2%)






 






1.0%








Tucson, AZ






3






 






76.2%






75.6%






0.8%






 






$114.52






$116.76






(1.9%)






 






$87.27






$88.30






(1.2%)






 






1.0%








Austin, TX






6






 






66.5%






70.9%






(6.2%)






 






$116.11






$114.83






1.1%






 






$77.22






$81.45






(5.2%)






 






1.0%








Philadelphia, PA






3






 






67.8%






64.8%






4.6%






 






$140.19






$140.70






(0.4%)






 






$95.11






$91.11






4.4%






 






0.9%








Saint Louis, MO






2






 






66.5%






61.4%






8.3%






 






$152.20






$143.76






5.9%






 






$101.15






$88.34






14.5%






 






0.9%








New Orleans, LA






1






 






75.1%






72.3%






3.9%






 






$178.93






$229.44






(22.0%)






 






$134.29






$165.81






(19.0%)






 






0.9%








Tampa, FL






2






 






73.1%






87.5%






(16.5%)






 






$159.90






$174.77






(8.5%)






 






$116.91






$152.88






(23.5%)






 






0.8%








Denver, CO






3






 






66.2%






58.8%






12.6%






 






$135.02






$136.25






(0.9%)






 






$89.35






$80.10






11.5%






 






0.8%








Knoxville, TN






2






 






80.2%






80.1%






0.1%






 






$137.81






$148.28






(7.1%)






 






$110.46






$118.82






(7.0%)






 






0.8%








Alabama North






4






 






58.4%






68.2%






(14.4%)






 






$136.85






$148.67






(8.0%)






 






$79.88






$101.45






(21.3%)






 






0.8%








Atlanta, GA






3






 






64.2%






64.7%






(0.8%)






 






$143.14






$150.29






(4.8%)






 






$91.89






$97.24






(5.5%)






 






0.7%








Norfolk/Virginia Beach, VA






4






 






62.5%






57.9%






7.9%






 






$127.58






$126.08






1.2%






 






$79.74






$72.97






9.3%






 






0.7%








Virginia Area






1






 






60.7%






61.5%






(1.3%)






 






$188.46






$189.99






(0.8%)






 






$114.40






$116.90






(2.1%)






 






0.7%








Louisiana South






2






 






66.1%






65.8%






0.5%






 






$124.82






$126.70






(1.5%)






 






$82.51






$83.41






(1.1%)






 






0.7%









Note: Market categorization based on STR designation. Top 30 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 2025






Q4 2024






% Change






 






Q4 2025






Q4 2024






% Change






 






Q4 2025






Q4 2024






% Change






 






Q4 2025








San Jose/Santa Cruz, CA






1






 






79.5%






76.2%






4.3%






 






$184.81






$187.02






(1.2%)






 






$146.98






$142.45






3.2%






 






0.7%








Florida Central North






2






 






64.3%






83.2%






(22.7%)






 






$166.91






$158.17






5.5%






 






$107.25






$131.57






(18.5%)






 






0.6%








Portland, OR






1






 






66.3%






66.6%






(0.5%)






 






$135.43






$135.28






0.1%






 






$89.84






$90.06






(0.2%)






 






0.6%








Minneapolis, MN






2






 






65.1%






63.8%






2.0%






 






$146.90






$152.31






(3.6%)






 






$95.70






$97.21






(1.6%)






 






0.6%








Palm Beach, FL






1






 






87.9%






86.7%






1.4%






 






$130.19






$120.83






7.7%






 






$114.47






$104.80






9.2%






 






0.5%








Ohio Area






1






 






70.1%






69.0%






1.6%






 






$138.77






$135.49






2.4%






 






$97.33






$93.44






4.2%






 






0.5%








Jacksonville, FL






2






 






81.4%






85.4%






(4.7%)






 






$120.51






$124.08






(2.9%)






 






$98.09






$105.96






(7.4%)






 






0.5%








Greenville/Spartanburg, SC






1






 






69.4%






74.6%






(7.0%)






 






$170.58






$186.64






(8.6%)






 






$118.40






$139.19






(14.9%)






 






0.5%








Florida Panhandle






5






 






53.0%






63.6%






(16.7%)






 






$126.85






$127.62






(0.6%)






 






$67.22






$81.17






(17.2%)






 






0.5%








Columbia, SC






2






 






76.5%






78.8%






(2.9%)






 






$119.90






$130.93






(8.4%)






 






$91.72






$103.21






(11.1%)






 






0.5%








El Paso, TX






1






 






88.7%






89.7%






(1.1%)






 






$123.46






$124.49






(0.8%)






 






$109.52






$111.69






(1.9%)






 






0.5%








Bergen/Passaic, NJ






1






 






88.0%






92.4%






(4.8%)






 






$150.99






$148.99






1.3%






 






$132.88






$137.62






(3.4%)






 






0.5%








Long Island, NY






1






 






78.1%






84.6%






(7.7%)






 






$148.96






$150.03






(0.7%)






 






$116.34






$126.86






(8.3%)






 






0.4%








Macon/Warner Robins, GA






1






 






63.9%






83.8%






(23.7%)






 






$160.26






$155.10






3.3%






 






$102.45






$130.01






(21.2%)






 






0.4%








Mississippi






2






 






69.1%






67.5%






2.4%






 






$121.11






$121.12






0.0%






 






$83.72






$81.80






2.3%






 






0.4%








Detroit, MI






1






 






65.1%






66.1%






(1.5%)






 






$150.21






$144.47






4.0%






 






$97.81






$95.52






2.4%






 






0.4%








Sacramento, CA






1






 






73.4%






72.5%






1.2%






 






$159.65






$173.60






(8.0%)






 






$117.13






$125.88






(7.0%)






 






0.4%








Raleigh/Durham/Chapel Hill, NC






1






 






80.1%






78.2%






2.4%






 






$136.65






$134.46






1.6%






 






$109.39






$105.16






4.0%






 






0.4%








Cleveland, OH






1






 






51.8%






54.6%






(5.1%)






 






$187.25






$187.29






0.0%






 






$97.07






$102.22






(5.0%)






 






0.3%








Greensboro/Winston Salem, NC






1






 






69.2%






72.1%






(4.0%)






 






$145.36






$137.29






5.9%






 






$100.58






$98.95






1.6%






 






0.3%








Texas East






1






 






84.4%






82.2%






2.7%






 






$139.61






$135.48






3.0%






 






$117.86






$111.34






5.9%






 






0.3%








Charleston, SC






1






 






72.2%






69.2%






4.3%






 






$120.20






$122.51






(1.9%)






 






$86.83






$84.83






2.4%






 






0.3%








Savannah, GA






1






 






82.2%






84.5%






(2.7%)






 






$137.41






$147.56






(6.9%)






 






$113.00






$124.70






(9.4%)






 






0.3%








Inland Empire, CA






1






 






61.3%






80.0%






(23.4%)






 






$163.05






$172.63






(5.5%)






 






$100.01






$138.17






(27.6%)






 






0.3%








Baltimore, MD






1






 






47.3%






55.6%






(14.9%)






 






$153.29






$147.91






3.6%






 






$72.51






$82.17






(11.8%)






 






0.3%








San Antonio, TX






1






 






70.9%






75.5%






(6.1%)






 






$111.17






$104.23






6.7%






 






$78.83






$78.64






0.2%






 






0.2%








Charlotte, NC






1






 






78.3%






80.3%






(2.5%)






 






$106.38






$100.89






5.4%






 






$83.27






$81.01






2.8%






 






0.2%








Utah North






1






 






57.3%






62.1%






(7.7%)






 






$139.79






$125.70






11.2%






 






$80.12






$78.12






2.6%






 






0.2%








Minnesota






1






 






68.9%






71.8%






(4.0%)






 






$113.43






$107.11






5.9%






 






$78.15






$76.92






1.6%






 






0.1%








Central New Jersey






1






 






60.5%






69.8%






(13.3%)






 






$123.33






$127.38






(3.2%)






 






$74.62






$88.94






(16.1%)






 






0.1%








Mobile, AL






1






 






73.5%






77.5%






(5.2%)






 






$101.84






$107.55






(5.3%)






 






$74.81






$83.36






(10.3%)






 






0.2%








Colorado Springs, CO






1






 






57.6%






57.3%






0.5%






 






$122.42






$130.19






(6.0%)






 






$70.52






$74.65






(5.5%)






 






0.2%








Iowa Area






1






 






63.3%






57.0%






11.1%






 






$110.78






$121.16






(8.6%)






 






$70.08






$69.01






1.6%






 






0.1%








South Carolina Area






1






 






57.0%






75.4%






(24.4%)






 






$116.99






$122.22






(4.3%)






 






$66.70






$92.14






(27.6%)






 






0.0%








Cincinnati, OH






1






 






55.9%






61.8%






(9.5%)






 






$115.26






$114.25






0.9%






 






$64.46






$70.64






(8.7%)






 






0.0%








All Other Markets






97






 






67.1%






69.3%






(3.2%)






 






$136.38






$139.23






(2.0%)






 






$91.47






$96.54






(5.3%)






 






28.1%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Total Portfolio






216






 






70.4%






71.6%






(1.7%)






 






$151.89






$153.34






(0.9%)






 






$106.90






$109.77






(2.6%)






 






100.0%









Note: Market categorization based on STR designation. Top 30 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 30 Markets






 






 






Occupancy






 






ADR






 






RevPAR






 






% of Adjusted

Hotel EBITDA








 






# of Hotels






 






YTD 2025






YTD 2024






% Change






 






YTD 2025






YTD 2024






% Change






 






YTD 2025






YTD 2024






% Change






 






YTD 2025








Top 30 Markets






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Los Angeles, CA






8






 






85.7%






84.8%






1.1%






 






$189.40






$185.91






1.9%






 






$162.28






$157.64






2.9%






 






5.9%








Phoenix, AZ






10






 






76.4%






80.1%






(4.6%)






 






$155.28






$158.02






(1.7%)






 






$118.58






$126.52






(6.3%)






 






5.4%








San Diego, CA






7






 






74.3%






75.5%






(1.6%)






 






$182.78






$189.55






(3.6%)






 






$135.81






$143.20






(5.2%)






 






5.1%








Salt Lake City/Ogden, UT






5






 






80.1%






78.1%






2.6%






 






$157.59






$154.77






1.8%






 






$126.19






$120.81






4.5%






 






3.8%








Seattle, WA






4






 






79.8%






81.2%






(1.7%)






 






$201.91






$200.94






0.5%






 






$161.03






$163.09






(1.3%)






 






3.7%








Orange County, CA






6






 






79.9%






79.5%






0.5%






 






$167.23






$165.42






1.1%






 






$133.62






$131.44






1.7%






 






3.5%








Portland, ME






3






 






77.9%






78.0%






(0.1%)






 






$225.23






$216.79






3.9%






 






$175.45






$169.18






3.7%






 






3.5%








Washington, DC






5






 






73.7%






76.6%






(3.8%)






 






$180.84






$184.89






(2.2%)






 






$133.26






$141.69






(5.9%)






 






3.1%








Alaska






2






 






87.4%






86.0%






1.6%






 






$278.82






$260.26






7.1%






 






$243.72






$223.77






8.9%






 






3.0%








Richmond/Petersburg, VA






3






 






72.6%






71.4%






1.7%






 






$195.31






$187.84






4.0%






 






$141.75






$134.08






5.7%






 






2.9%








Chicago, IL






7






 






72.1%






70.6%






2.1%






 






$146.36






$142.00






3.1%






 






$105.48






$100.23






5.2%






 






2.8%








Fort Worth/Arlington, TX






6






 






75.7%






81.7%






(7.3%)






 






$157.68






$158.05






(0.2%)






 






$119.39






$129.15






(7.6%)






 






2.8%








Melbourne, FL






3






 






83.4%






86.1%






(3.1%)






 






$201.05






$201.83






(0.4%)






 






$167.64






$173.82






(3.6%)






 






2.4%








Omaha, NE






4






 






70.1%






69.9%






0.3%






 






$143.78






$150.45






(4.4%)






 






$100.80






$105.14






(4.1%)






 






2.1%








Nashville, TN






6






 






71.2%






76.0%






(6.3%)






 






$152.30






$157.20






(3.1%)






 






$108.45






$119.55






(9.3%)






 






2.1%








Norfolk/Virginia Beach, VA






4






 






72.7%






72.4%






0.4%






 






$171.49






$171.34






0.1%






 






$124.66






$124.06






0.5%






 






1.8%








North Carolina East






4






 






70.4%






71.0%






(0.8%)






 






$153.07






$151.48






1.0%






 






$107.76






$107.54






0.2%






 






1.7%








Miami, FL






3






 






89.8%






87.3%






2.9%






 






$156.17






$160.17






(2.5%)






 






$140.26






$139.81






0.3%






 






1.6%








Las Vegas, NV






1






 






72.6%






74.2%






(2.2%)






 






$190.86






$202.50






(5.7%)






 






$138.49






$150.33






(7.9%)






 






1.6%








Oklahoma City, OK






4






 






72.1%






72.7%






(0.8%)






 






$137.38






$135.81






1.2%






 






$99.02






$98.74






0.3%






 






1.5%








Madison, WI






2






 






58.9%






60.6%






(2.8%)






 






$199.66






$200.55






(0.4%)






 






$117.59






$121.55






(3.3%)






 






1.4%








Pittsburgh, PA






2






 






72.9%






64.4%






13.2%






 






$157.55






$179.23






(12.1%)






 






$114.84






$115.43






(0.5%)






 






1.2%








Houston, TX






5






 






70.3%






75.5%






(6.9%)






 






$119.48






$117.94






1.3%






 






$84.02






$89.03






(5.6%)






 






1.2%








Syracuse, NY






2






 






78.5%






74.4%






5.5%






 






$187.15






$182.45






2.6%






 






$146.99






$135.77






8.3%






 






1.1%








Alabama South






4






 






69.1%






72.7%






(5.0%)






 






$134.90






$133.20






1.3%






 






$93.20






$96.90






(3.8%)






 






1.1%








Fort Lauderdale, FL






2






 






79.9%






76.0%






5.1%






 






$157.72






$154.59






2.0%






 






$126.04






$117.44






7.3%






 






1.1%








Florida Panhandle






5






 






65.9%






70.4%






(6.4%)






 






$136.25






$136.52






(0.2%)






 






$89.82






$96.10






(6.5%)






 






1.1%








Alabama North






4






 






69.0%






76.2%






(9.4%)






 






$142.85






$149.39






(4.4%)






 






$98.63






$113.79






(13.3%)






 






1.1%








Dallas, TX






5






 






64.8%






67.6%






(4.1%)






 






$133.26






$135.66






(1.8%)






 






$86.33






$91.72






(5.9%)






 






1.1%








Kansas City, MO






4






 






76.2%






71.7%






6.3%






 






$130.24






$130.88






(0.5%)






 






$99.24






$93.89






5.7%






 






1.0%








Top 30 Markets






130






 






74.9%






76.0%






(1.4%)






 






$167.02






$166.84






0.1%






 






$125.10






$126.79






(1.3%)






 






71.7%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








All Other Markets






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Birmingham, AL






4






 






71.0%






71.9%






(1.3%)






 






$145.66






$143.70






1.4%






 






$103.37






$103.37






0.0%






 






1.0%








Boston, MA






3






 






75.2%






71.2%






5.6%






 






$155.33






$162.35






(4.3%)






 






$116.73






$115.52






1.0%






 






1.0%








Indiana North






3






 






62.1%






61.7%






0.6%






 






$169.43






$161.31






5.0%






 






$105.20






$99.51






5.7%






 






1.0%








Tampa, FL






2






 






80.6%






83.3%






(3.2%)






 






$174.69






$173.32






0.8%






 






$140.84






$144.42






(2.5%)






 






1.0%








Louisville, KY






1






 






73.5%






75.8%






(3.0%)






 






$185.04






$186.15






(0.6%)






 






$135.92






$141.12






(3.7%)






 






1.0%








Denver, CO






3






 






66.6%






68.1%






(2.2%)






 






$149.29






$152.16






(1.9%)






 






$99.49






$103.69






(4.1%)






 






1.0%








Tucson, AZ






3






 






77.0%






80.8%






(4.7%)






 






$124.26






$127.63






(2.6%)






 






$95.65






$103.11






(7.2%)






 






0.9%








Orlando, FL






3






 






75.1%






76.7%






(2.1%)






 






$125.41






$129.60






(3.2%)






 






$94.13






$99.42






(5.3%)






 






0.9%








Idaho






1






 






76.9%






76.9%






0.0%






 






$183.64






$183.39






0.1%






 






$141.18






$141.09






0.1%






 






0.9%








Saint Louis, MO






2






 






68.2%






66.8%






2.1%






 






$164.54






$159.23






3.3%






 






$112.25






$106.34






5.6%






 






0.9%








Philadelphia, PA






3






 






68.7%






68.2%






0.7%






 






$141.86






$143.12






(0.9%)






 






$97.50






$97.68






(0.2%)






 






0.9%








Memphis, TN






2






 






69.6%






69.1%






0.7%






 






$167.48






$181.78






(7.9%)






 






$116.55






$125.65






(7.2%)






 






0.8%








Austin, TX






6






 






70.6%






74.4%






(5.1%)






 






$112.31






$115.71






(2.9%)






 






$79.31






$86.07






(7.9%)






 






0.8%








Newark, NJ






2






 






77.0%






82.9%






(7.1%)






 






$167.32






$164.86






1.5%






 






$128.89






$136.63






(5.7%)






 






0.8%








Atlanta, GA






3






 






67.1%






67.6%






(0.7%)






 






$156.53






$159.04






(1.6%)






 






$105.05






$107.58






(2.4%)






 






0.7%








Louisiana South






2






 






69.7%






69.7%






0.0%






 






$135.02






$133.59






1.1%






 






$94.07






$93.07






1.1%






 






0.7%








New Orleans, LA






1






 






70.0%






69.7%






0.4%






 






$190.48






$199.74






(4.6%)






 






$133.32






$139.31






(4.3%)






 






0.7%








Portland, OR






1






 






72.8%






74.1%






(1.8%)






 






$147.05






$151.59






(3.0%)






 






$107.10






$112.33






(4.7%)






 






0.7%









Note: Market categorization based on STR designation. Top 30 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






 






YTD2025






YTD 2024






% Change






 






YTD 2025






YTD 2024






% Change






 






YTD 2025






YTD 2024






% Change






 






YTD 2025








Knoxville, TN






2






 






82.0%






81.3%






0.9%






 






$136.68






$138.46






(1.3%)






 






$112.09






$112.60






(0.5%)






 






0.6%








San Jose/Santa Cruz, CA






1






 






79.0%






81.4%






(2.9%)






 






$188.51






$184.60






2.1%






 






$148.87






$150.35






(1.0%)






 






0.6%








Minneapolis, MN






2






 






68.4%






67.9%






0.7%






 






$152.88






$155.38






(1.6%)






 






$104.55






$105.58






(1.0%)






 






0.6%








Florida Central North






2






 






73.2%






77.5%






(5.5%)






 






$154.27






$153.33






0.6%






 






$112.93






$118.89






(5.0%)






 






0.6%








Virginia Area






1






 






66.4%






68.4%






(2.9%)






 






$177.33






$176.80






0.3%






 






$117.70






$120.91






(2.7%)






 






0.6%








Long Island, NY






1






 






80.1%






83.7%






(4.3%)






 






$165.50






$157.63






5.0%






 






$132.60






$131.99






0.5%






 






0.5%








Columbia, SC






2






 






81.2%






76.5%






6.1%






 






$121.39






$123.59






(1.8%)






 






$98.52






$94.55






4.2%






 






0.5%








Palm Beach, FL






1






 






86.7%






81.3%






6.6%






 






$133.10






$128.54






3.5%






 






$115.35






$104.53






10.4%






 






0.5%








Macon/Warner Robins, GA






1






 






77.7%






84.3%






(7.8%)






 






$156.89






$153.08






2.5%






 






$121.95






$129.02






(5.5%)






 






0.5%








Jacksonville, FL






2






 






82.5%






84.7%






(2.6%)






 






$126.72






$127.09






(0.3%)






 






$104.53






$107.67






(2.9%)






 






0.4%








Ohio Area






1






 






72.0%






74.4%






(3.2%)






 






$147.59






$140.90






4.7%






 






$106.25






$104.88






1.3%






 






0.4%








El Paso, TX






1






 






87.1%






92.4%






(5.7%)






 






$124.68






$129.59






(3.8%)






 






$108.57






$119.77






(9.4%)






 






0.4%








Mississippi






2






 






75.2%






76.8%






(2.1%)






 






$122.94






$121.83






0.9%






 






$92.44






$93.54






(1.2%)






 






0.4%








Sacramento, CA






1






 






78.4%






75.5%






3.8%






 






$160.47






$164.07






(2.2%)






 






$125.82






$123.93






1.5%






 






0.4%








Detroit, MI






1






 






69.4%






71.3%






(2.7%)






 






$149.02






$145.10






2.7%






 






$103.45






$103.52






(0.1%)






 






0.4%








Greenville/Spartanburg, SC






1






 






74.2%






78.3%






(5.2%)






 






$163.44






$163.53






(0.1%)






 






$121.28






$128.11






(5.3%)






 






0.4%








Cleveland, OH






1






 






59.2%






61.9%






(4.4%)






 






$190.08






$192.52






(1.3%)






 






$112.55






$119.12






(5.5%)






 






0.4%








Bergen/Passaic, NJ






1






 






90.3%






90.4%






(0.1%)






 






$149.29






$148.81






0.3%






 






$134.81






$134.56






0.2%






 






0.4%








Charleston, SC






1






 






78.9%






78.6%






0.4%






 






$134.12






$134.76






(0.5%)






 






$105.85






$105.92






(0.1%)






 






0.3%








Inland Empire, CA






1






 






71.8%






78.2%






(8.2%)






 






$159.87






$167.66






(4.6%)






 






$114.72






$131.04






(12.5%)






 






0.3%








Savannah, GA






1






 






82.7%






83.7%






(1.2%)






 






$146.69






$158.59






(7.5%)






 






$121.25






$132.70






(8.6%)






 






0.3%








Raleigh/Durham/Chapel Hill, NC






1






 






84.0%






71.1%






18.1%






 






$132.68






$131.97






0.5%






 






$111.49






$93.80






18.9%






 






0.3%








Colorado Springs, CO






1






 






70.9%






70.9%






0.0%






 






$151.39






$156.72






(3.4%)






 






$107.33






$111.18






(3.5%)






 






0.3%








Utah North






1






 






71.2%






67.6%






5.3%






 






$132.31






$138.11






(4.2%)






 






$94.16






$93.39






0.8%






 






0.3%








Texas East






1






 






84.5%






85.2%






(0.8%)






 






$141.73






$138.03






2.7%






 






$119.76






$117.55






1.9%






 






0.3%








South Carolina Area






1






 






72.2%






78.4%






(7.9%)






 






$143.17






$147.93






(3.2%)






 






$103.43






$115.94






(10.8%)






 






0.2%








Greensboro/Winston Salem, NC






1






 






73.6%






75.7%






(2.8%)






 






$138.28






$138.53






(0.2%)






 






$101.82






$104.86






(2.9%)






 






0.2%








Baltimore, MD






1






 






58.5%






60.9%






(3.9%)






 






$131.53






$137.88






(4.6%)






 






$76.93






$84.02






(8.4%)






 






0.2%








Mobile, AL






1






 






76.1%






76.1%






0.0%






 






$113.45






$117.12






(3.1%)






 






$86.28






$89.14






(3.2%)






 






0.2%








Charlotte, NC






1






 






80.8%






80.6%






0.2%






 






$103.81






$99.54






4.3%






 






$83.91






$80.22






4.6%






 






0.2%








Central New Jersey






1






 






60.6%






70.7%






(14.3%)






 






$126.50






$125.98






0.4%






 






$76.63






$89.08






(14.0%)






 






0.3%








San Antonio, TX






1






 






69.3%






75.5%






(8.2%)






 






$108.57






$105.15






3.3%






 






$75.22






$79.41






(5.3%)






 






0.3%








Cincinnati, OH






1






 






61.3%






65.2%






(6.0%)






 






$136.04






$128.38






6.0%






 






$83.40






$83.64






(0.3%)






 






0.1%








Iowa Area






1






 






67.4%






68.6%






(1.7%)






 






$124.95






$128.86






(3.0%)






 






$84.18






$88.37






(4.7%)






 






0.1%








Minnesota






1






 






69.5%






71.6%






(2.9%)






 






$114.84






$109.88






4.5%






 






$79.77






$78.69






1.4%






 






0.1%








All Other Markets






86






 






72.9%






74.1%






(1.6%)






 






$145.45






$146.49






(0.7%)






 






$105.99






$108.50






(2.3%)






 






28.3%











 






 






 






 






 






 






 






 






 






 






 






 






 









 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Total Portfolio






216






 






74.1%






75.3%






(1.6%)






 






$159.09






$159.31






(0.1%)






 






$117.95






$119.92






(1.6%)






 






100.0%









Note: Market categorization based on STR designation. Top 30 markets based on Comparable Hotels Adjusted Hotel EBITDA contribution.












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 2025






Q4 2024






% Change






 






Q4 2025






Q4 2024






% Change






 






Q4 2025






Q4 2024






% Change






 






Q4 2025








STR Location






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Airport






20






 






80.5%






78.4%






2.7%






 






$144.13






$144.23






(0.1%)






 






$116.01






$113.10






2.6%






 






9.7%








Interstate






8






 






71.5%






69.8%






2.4%






 






$144.10






$142.65






1.0%






 






$103.08






$99.63






3.5%






 






2.4%








Resort






11






 






67.2%






73.4%






(8.4%)






 






$157.49






$162.97






(3.4%)






 






$105.82






$119.70






(11.6%)






 






6.2%








Small Metro/Town






3






 






68.6%






68.4%






0.3%






 






$122.70






$131.03






(6.4%)






 






$84.21






$89.63






(6.0%)






 






0.9%








Suburban






112






 






70.4%






72.6%






(3.0%)






 






$145.42






$145.47






0.0%






 






$102.38






$105.66






(3.1%)






 






42.7%








Urban






62






 






68.0%






68.0%






0.0%






 






$165.01






$168.56






(2.1%)






 






$112.14






$114.56






(2.1%)






 






38.1%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Total Portfolio






216






 






70.4%






71.6%






(1.7%)






 






$151.89






$153.34






(0.9%)






 






$106.90






$109.77






(2.6%)






 






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 2025






YTD 2024






% Change






 






YTD 2025






YTD 2024






% Change






 






YTD 2025






YTD 2024






% Change






 






YTD 2025








STR Location






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Airport






20






 






82.0%






81.2%






1.0%






 






$148.58






$149.21






(0.4%)






 






$121.83






$121.11






0.6%






 






8.9%








Interstate






8






 






74.3%






73.2%






1.5%






 






$144.11






$146.21






(1.4%)






 






$107.05






$107.01






0.0%






 






2.2%








Resort






11






 






72.3%






74.2%






(2.6%)






 






$174.29






$178.19






(2.2%)






 






$126.02






$132.26






(4.7%)






 






6.8%








Small Metro/Town






3






 






76.4%






77.6%






(1.5%)






 






$126.12






$126.35






(0.2%)






 






$96.41






$97.99






(1.6%)






 






0.9%








Suburban






112






 






74.3%






75.9%






(2.1%)






 






$151.37






$150.71






0.4%






 






$112.45






$114.37






(1.7%)






 






43.5%








Urban






62






 






71.9%






72.9%






(1.4%)






 






$173.95






$174.73






(0.4%)






 






$125.07






$127.41






(1.8%)






 






37.7%








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Total Portfolio






216






 






74.1%






75.3%






(1.6%)






 






$159.09






$159.31






(0.1%)






 






$117.95






$119.92






(1.6%)






 






100.0%









Note: Location categorization based on STR designation.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260222039350/en/
Apple Hospitality REIT, Inc.

Kelly Clarke, Vice President, Investor Relations

804-727-6321

kclarke@applereit.com


Original: Apple Hospitality REIT Reports Results of Operations for Fourth Quarter and Full Year 2025