<\/p>\n
Apple Hospitality REIT Reports Results of Operations for Fourth Quarter and Full Year 2024<\/b><\/p>\n
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| \n Apple Hospitality REIT, Inc.<\/b><\/p>\n Selected Statistical and Financial Data<\/b><\/p>\n As of and For the Three Months and Year Ended December 31<\/b><\/p>\n (Unaudited) (in thousands, except statistical and per share amounts)(1)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Year Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n December 31,<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n % Change<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n % Change<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet income<\/p>\n<\/td>\n \n$29,817<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$20,765<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n43.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$214,064<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$177,489<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20.6%<\/p>\n<\/td>\n<\/tr>\n \nNet income per share<\/p>\n<\/td>\n \n$0.12<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.09<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n33.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.89<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.77<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15.6%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOperating income<\/p>\n<\/td>\n \n$49,903<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$38,910<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n28.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$292,759<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$247,481<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18.3%<\/p>\n<\/td>\n<\/tr>\n \nOperating margin %<\/p>\n<\/td>\n \n15.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n250 bps<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n210 bps<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdjusted EBITDAre<\/p>\n<\/td>\n \n$96,590<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$90,536<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$467,216<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$436,895<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6.9%<\/p>\n<\/td>\n<\/tr>\n \nComparable Hotels Adjusted Hotel EBITDA<\/p>\n<\/td>\n \n$108,434<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$105,310<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$508,609<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$506,736<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.4%<\/p>\n<\/td>\n<\/tr>\n \nComparable Hotels Adjusted Hotel EBITDA Margin %<\/p>\n<\/td>\n \n32.9%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n33.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(40 bps)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n36.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n36.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(70 bps)<\/p>\n<\/td>\n<\/tr>\n \nModified funds from operations (MFFO)<\/p>\n<\/td>\n \n$76,503<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$72,387<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$388,511<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$366,884<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.9%<\/p>\n<\/td>\n<\/tr>\n \nMFFO per share<\/p>\n<\/td>\n \n$0.32<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.31<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$1.61<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$1.60<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.6%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAverage Daily Rate (ADR) (Actual)<\/p>\n<\/td>\n \n$152.39<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$149.88<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$158.01<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$155.76<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.4%<\/p>\n<\/td>\n<\/tr>\n \nOccupancy (Actual)<\/p>\n<\/td>\n \n71.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n69.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n75.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n74.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.1%<\/p>\n<\/td>\n<\/tr>\n \nRevenue Per Available Room (RevPAR) (Actual)<\/p>\n<\/td>\n \n$108.75<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$104.27<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$118.54<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$115.60<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.5%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nComparable Hotels ADR<\/p>\n<\/td>\n \n$152.97<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$152.09<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$158.94<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$158.09<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.5%<\/p>\n<\/td>\n<\/tr>\n \nComparable Hotels Occupancy<\/p>\n<\/td>\n \n71.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n69.9%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n75.1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n74.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.9%<\/p>\n<\/td>\n<\/tr>\n \nComparable Hotels RevPAR<\/p>\n<\/td>\n \n$109.14<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$106.31<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$119.36<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$117.67<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.4%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDistributions paid<\/p>\n<\/td>\n \n$57,841<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$55,164<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4.9%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$243,722<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$238,283<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.3%<\/p>\n<\/td>\n<\/tr>\n \nDistributions paid per share<\/p>\n<\/td>\n \n$0.24<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.24<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$1.01<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$1.04<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2.9%)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents<\/p>\n<\/td>\n \n$10,253<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal debt outstanding<\/p>\n<\/td>\n \n$1,476,800<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal debt outstanding, net of cash and cash equivalents<\/p>\n<\/td>\n \n$1,466,547<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal debt outstanding, net of cash and cash equivalents, to total capitalization (2)<\/sup><\/p>\n<\/td>\n \n28.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n(1)<\/p>\n<\/td>\n \nExplanations of and reconciliations to net income determined in accordance with generally accepted accounting principles (\u201cGAAP\u201d) of non-GAAP financial measures, Adjusted EBITDAre, Comparable Hotels Adjusted Hotel EBITDA and MFFO, are included below.<\/p>\n<\/td>\n<\/tr>\n \n(2)<\/p>\n<\/td>\n \nTotal 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\u2019s closing share price of $15.35 on December 31, 2024.<\/p>\n<\/td>\n<\/tr>\n Comparable Hotels is defined as the 219 hotels owned and held for use by the Company as of December 31, 2024, and excludes one non-hotel property. 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 assets held for sale, 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.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nJustin Knight, Chief Executive Officer of Apple Hospitality, commented, \u201cDriven by steady improvement in business transient demand, the ongoing strength in leisure travel and muted supply growth, we achieved Comparable Hotels RevPAR growth of approximately 3% for the fourth quarter and more than 1% for the full year 2024, as compared to the same periods of 2023, respectively. We remain intently focused on maximizing the profitability of our hotels through strategic asset management. Bolstered by recent acquisitions, continued strength in ADR and moderating expense growth, we are pleased to report strong bottom-line performance for the quarter and the full year 2024. Although winter weather conditions tempered our performance in January, we have seen improvement in February and expect to see continued positive momentum in operating fundamentals as we move through 2025.<\/p>\n \n\u201cOur thoughts and prayers are with everyone impacted by California’s wildfires,” Mr. Knight said. “We are fortunate that our hotels did not sustain any material damage and have remained open and operational. We commend the operating teams at our hotels for their courage and their dedication to the well-being of our guests and associates. As recovery from the fires moves forward, we will continue to support the ongoing efforts of our operating teams to care for guests, associates and their surrounding communities.\u201d<\/p>\n \nMr. Knight continued, \u201cOur disciplined approach to capital allocation and portfolio management has defined our strategy throughout our history and was especially evident in 2024. During the year, we acquired two hotels for $196 million, sold six non-core hotels for more than $63 million, repurchased approximately $35 million in common shares and reinvested $78 million in our existing portfolio. We continue to actively seek opportunities that will further optimize our portfolio, drive earnings per share and maximize long-term value for our shareholders. Our differentiated strategy of investing in a broadly diversified portfolio of high-quality, rooms-focused hotels with low leverage has been tested across economic cycles and consistently yielded compelling results for our investors. We are confident we are well positioned for continued outperformance.\u201d<\/p>\n Hotel Portfolio Overview<\/span><\/b><\/p>\n \nAs of December 31, 2024, Apple Hospitality owned 221 hotels with an aggregate of 29,764 guest rooms located in 86 markets throughout 37 states and the District of Columbia, including two hotels classified as held for sale, one of which was sold in February 2025 while the other is expected to be sold in the first quarter of 2025.<\/p>\n Fourth Quarter and Full Year 2024 Highlights<\/span><\/b><\/p>\n \nThe Company is providing monthly performance detail for its Comparable Hotels with comparisons to the respective periods of 2023. The following table highlights the Company\u2019s Comparable Hotels monthly performance during the fourth quarter of 2024 as compared to the fourth quarter of 2023 (in thousands, except statistical data):<\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n % Change<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n October<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n November<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n December<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n October<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n November<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n December<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n October<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n November<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n December<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Q4 2024<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Q4 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Q4 2023<\/b><\/p>\n<\/td>\n<\/tr>\n \nADR (Comparable Hotels)<\/p>\n<\/td>\n \n$166.55<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$148.94<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$140.06<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$152.97<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$165.38<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$149.55<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$138.21<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$152.09<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.4%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.6%<\/p>\n<\/td>\n<\/tr>\n \nOccupancy (Comparable Hotels)<\/p>\n<\/td>\n \n80.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n71.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n62.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n71.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n77.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n70.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n61.8%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n69.9%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.0%<\/p>\n<\/td>\n<\/tr>\n \nRevPAR (Comparable Hotels)<\/p>\n<\/td>\n \n$133.26<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$106.66<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$87.42<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$109.14<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$128.13<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$105.34<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$85.42<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$106.31<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.7%<\/p>\n<\/td>\n<\/tr>\n \nOperating income (Actual)<\/p>\n<\/td>\n \n$34,060<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$13,720<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$2,123<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$49,903<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$30,204<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$11,972<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$(3,266)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$38,910<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12.8%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n165.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n28.3%<\/p>\n<\/td>\n<\/tr>\n \nAdjusted Hotel EBITDA (Actual) (1)<\/sup><\/p>\n<\/td>\n \n$53,866<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$33,414<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$21,703<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$108,983<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$49,280<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$30,470<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$21,988<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$101,738<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.3%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7.1%<\/p>\n<\/td>\n<\/tr>\n \nComparable Hotels Adjusted Hotel EBITDA (2)<\/sup><\/p>\n<\/td>\n \n$53,361<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$33,278<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$21,795<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$108,434<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$51,308<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$31,210<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$22,792<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$105,310<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4.4%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.0%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n(1)<\/p>\n<\/td>\n \nSee explanation and reconciliation of Adjusted Hotel EBITDA to net income included below.<\/p>\n<\/td>\n<\/tr>\n \n(2)<\/p>\n<\/td>\n \nSee explanation and reconciliation of Comparable Hotels Adjusted Hotel EBITDA to Adjusted Hotel EBITDA included below.<\/p>\n<\/td>\n<\/tr>\n Comparable Hotels is defined as the 219 hotels owned and held for use by the Company as of December 31, 2024, and excludes one non-hotel property. 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 assets held for sale, 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.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Portfolio Activity<\/span><\/b><\/p>\n 2024 Acquisitions<\/b><\/p>\n \nAs previously announced, during 2024, the Company acquired two hotels for a combined total purchase price of approximately $196.3 million. The acquisitions include the following:<\/p>\n Contract for Potential Acquisition<\/b><\/p>\n \nAs previously announced, the Company continues to have one additional hotel under contract for purchase, a Motto by Hilton that is under development in downtown Nashville, Tennessee, for an anticipated total purchase price of approximately $98.2 million with an expected 260 rooms, which the Company anticipates acquiring in late 2025 following completion of construction. There are many conditions to closing on this hotel that have not yet been satisfied, and there can be no assurance that a closing on this hotel will occur under the outstanding purchase contract.<\/p>\n 2024 Dispositions<\/b><\/p>\n \nAs previously announced, during the year ended December 31, 2024, the Company sold six hotels for a combined gross sales price of approximately $63.4 million, resulting in a combined gain on the sales of approximately $19.7 million, which is included in the Company’s consolidated statement of operations for the year ended December 31, 2024. The Company’s 2024 dispositions include the following:<\/p>\n \nDuring the year ended December 31, 2024, the Company recognized an impairment loss of approximately $3.1 million in the aggregate with respect to three of the properties sold.<\/p>\n 2025 Disposition<\/b><\/p>\n \nIn 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.<\/p>\n Contract for Potential Disposition<\/b><\/p>\n \nIn December 2024, the Company entered into a contract for the sale of its 130-room SpringHill Suites by Marriott Indianapolis Fishers for a gross sales price of approximately $12.7 million. The Company expects to complete the sale of the hotel during the first quarter 2025. There are many conditions to closing on the sale of this hotel that have not yet been satisfied, and there can be no assurance that closing on the sale of this hotel will occur under the outstanding sale agreement.<\/p>\n Capital Improvements<\/span><\/b><\/p>\n \nApple Hospitality consistently reinvests in its hotels to maintain and enhance each property\u2019s relevance and competitive position within its respective market. During the year ended December 31, 2024, the Company invested approximately $78 million in capital expenditures. The Company anticipates investing approximately $80 million to $90 million in capital improvements during 2025, which includes comprehensive renovation projects for approximately 20 hotels.<\/p>\n Balance Sheet and Liquidity<\/span><\/b><\/p>\n \nAs of December 31, 2024, 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 $10 million and availability under its revolving credit facility of approximately $568 million. Excluding unamortized debt issuance costs and fair value adjustments, the Company\u2019s total outstanding debt as of December 31, 2024, was comprised of approximately $254 million in property-level debt secured by 14 hotels and approximately $1.2 billion outstanding under its unsecured credit facilities. The Company continues to maintain a strong and flexible balance sheet, and in July 2024, amended its unsecured $85 million term loan facility, which increased the amount of the term loan facility to $130 million, with the additional $45 million funded at closing, and extended the maturity date to July 25, 2026, with the optionality, subject to certain conditions, to extend the maturity date further to July 25, 2027. Additionally, in August 2024, the Company repaid in full one secured mortgage loan, for a total of approximately $20 million. The number of unencumbered hotels in the Company\u2019s portfolio as of December 31, 2024, was 207. The Company\u2019s total debt to total capitalization, net of cash and cash equivalents at December 31, 2024, was approximately 28%, which provides Apple Hospitality with financial flexibility to fund capital requirements and pursue opportunities in the marketplace. As of December 31, 2024, the Company\u2019s weighted-average debt maturities were approximately three years.<\/p>\n Capital Markets<\/span><\/b><\/p>\n Share Repurchase Program<\/b><\/p>\n \nThe Company has in place a Share Repurchase Program that provides for share repurchases in open market transactions. During the year ended December 31, 2024, the Company purchased, under its Share Repurchase Program, approximately 2.4 million common shares at a weighted-average market purchase price of approximately $14.16 per common share, for an aggregate purchase price of approximately $34.7 million. As of December 31, 2024, the Company had approximately $301 million remaining under its Share Repurchase Program for the repurchase of shares.<\/p>\n ATM Program<\/b><\/p>\n \nThe Company also has in place an at-the-market offering program (the \u201cATM Program\u201d). As of December 31, 2024, the Company had $500 million remaining under its ATM Program for the issuance of shares. No shares were sold under the current or prior ATM Program during the three months and year ended December 31, 2024.<\/p>\n Shareholder Distributions<\/span><\/b><\/p>\n \nDuring the three months ended December 31, 2024, the Company paid distributions totaling $0.24 per common share. During the year ended December 31, 2024, the Company paid distributions totaling $1.01 per common share for a total of approximately $243.7 million. On January 15, 2025, the Company paid a regular monthly cash distribution of $0.08 per common share and a special cash distribution of $0.05 per common share, for a combined distribution of $0.13 per common share, to shareholders of record as of December 31, 2024.<\/p>\n \nBased on the Company\u2019s common stock closing price of $14.76 on February 21, 2025, the current annualized regular monthly cash distribution of $0.96 per common share represents an annual yield of approximately 6.5%. While the Company currently expects monthly distributions to continue, each distribution is subject to approval by the Company\u2019s Board of Directors. The Company\u2019s Board of Directors, in consultation with management, will continue to monitor the Company\u2019s 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\u2019s REIT status for federal income tax purposes, and may make adjustments as it deems appropriate.<\/p>\n 2025 Outlook<\/span><\/b><\/p>\n \nThe Company is providing its operational and financial outlook for 2025. This outlook, which is based on management\u2019s 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. Comparable Hotels RevPAR Change guidance, which is the change in Comparable Hotels RevPAR in 2025 compared to 2024, and Comparable Hotels Adjusted Hotel EBITDA Margin % guidance include properties acquired and announced for acquisition by year-end 2025 as if the hotels were owned as of January 1, 2024, exclude completed dispositions since January 1, 2024, exclude announced dispositions anticipated to close by year-end 2025, and exclude one non-hotel property. Results for periods prior to the Company\u2019s ownership are not included in the Company\u2019s 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 2025, the Company anticipates its 2025 results will be in the following range:<\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025 Guidance(1)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Low-End<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n High-End<\/b><\/p>\n<\/td>\n<\/tr>\n \nNet income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$173 Million<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$202 Million<\/p>\n<\/td>\n<\/tr>\n \nComparable Hotels RevPAR Change<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.0%<\/p>\n<\/td>\n<\/tr>\n \nComparable Hotels Adjusted Hotel EBITDA Margin %<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n34.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n35.2%<\/p>\n<\/td>\n<\/tr>\n \nAdjusted EBITDAre<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$447 Million<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$471 Million<\/p>\n<\/td>\n<\/tr>\n \nCapital expenditures<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$80 Million<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$90 Million<\/p>\n<\/td>\n<\/tr>\n<\/table>\n |