<\/p>\n
Apple Hospitality REIT Reports Results of Operations for Second Quarter 2025<\/b><\/p>\n
| \n Apple Hospitality REIT, Inc.<\/b><\/p>\n Selected Statistical and Financial Data<\/b><\/p>\n As of and For the Three and Six Months Ended June 30<\/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 Six Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n June 30,<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n % Change<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2024<\/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$63,648<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$73,931<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(13.9%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$94,869<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$127,981<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(25.9%)<\/p>\n<\/td>\n<\/tr>\n \nNet income per share<\/p>\n<\/td>\n \n$0.27<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.31<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(12.9%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.40<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.53<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(24.5%)<\/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 \nOperating income<\/p>\n<\/td>\n \n$84,851<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$93,515<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(9.3%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$135,710<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$165,130<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(17.8%)<\/p>\n<\/td>\n<\/tr>\n \nOperating margin %<\/p>\n<\/td>\n \n22.1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n24.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(190 bps)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n19.1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n22.9%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(380 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$133,006<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$140,916<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5.6%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$228,384<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$241,726<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5.5%)<\/p>\n<\/td>\n<\/tr>\n \nComparable Hotels Adjusted Hotel EBITDA<\/p>\n<\/td>\n \n$142,191<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$150,376<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5.4%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$247,954<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$261,962<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5.3%)<\/p>\n<\/td>\n<\/tr>\n \nComparable Hotels Adjusted Hotel EBITDA Margin %<\/p>\n<\/td>\n \n37.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n39.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(200 bps)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n35.1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n37.0%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(190 bps)<\/p>\n<\/td>\n<\/tr>\n \nModified funds from operations (MFFO)<\/p>\n<\/td>\n \n$111,803<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$121,329<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(7.9%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$187,542<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$204,569<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(8.3%)<\/p>\n<\/td>\n<\/tr>\n \nMFFO per share<\/p>\n<\/td>\n \n$0.47<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.50<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6.0%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.79<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.84<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6.0%)<\/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$163.56<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$162.98<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$160.11<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$158.34<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.1%<\/p>\n<\/td>\n<\/tr>\n \nOccupancy (Actual)<\/p>\n<\/td>\n \n78.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n79.8%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.5%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n74.9%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n75.9%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.3%)<\/p>\n<\/td>\n<\/tr>\n \nRevenue Per Available Room (RevPAR) (Actual)<\/p>\n<\/td>\n \n$128.59<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$130.07<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.1%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$119.88<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$120.18<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.2%)<\/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$163.62<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$163.80<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.1%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$160.38<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$159.70<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.4%<\/p>\n<\/td>\n<\/tr>\n \nComparable Hotels Occupancy<\/p>\n<\/td>\n \n78.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n79.9%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.6%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n74.9%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n76.1%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.6%)<\/p>\n<\/td>\n<\/tr>\n \nComparable Hotels RevPAR<\/p>\n<\/td>\n \n$128.68<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$130.89<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.7%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$120.18<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$121.49<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.1%)<\/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$57,042<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$58,045<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.7%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$126,657<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$128,201<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.2%)<\/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$0.53<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.53<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.0%<\/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$7,896<\/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$1,530,248<\/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$1,522,352<\/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 \n35.5%<\/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 \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 \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 $11.67 on June 30, 2025.<\/p>\n<\/td>\n<\/tr>\n Comparable Hotels is defined as the 219 hotels owned and held for use by the Company as of June 30, 2025, and excludes the Company’s independent boutique hotel in New York, New York (the “New York Property”) recently recovered 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, assets held for sale 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.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nJustin Knight, Chief Executive Officer of Apple Hospitality, commented, “Fundamentals for our portfolio improved sequentially as we moved through the second quarter, with Comparable Hotels RevPAR declines moderating each month, and preliminary results for the month of July show Comparable Hotels RevPAR growth of approximately 1% year over year. As anticipated, April was the most challenging month during the quarter, as heightened economic uncertainty, a pullback in government travel, the shift in timing of the Easter holiday and the elongated spring break period all weighed on overall performance. Second quarter 2025 Comparable Hotels RevPAR declined 1.7% as compared to the second quarter 2024, driven primarily by a decline in occupancy, which was 79%, down 1.6% as compared to the second quarter 2024. During the quarter, we worked with our management companies to further optimize the mix of business at our hotels and were able to strengthen market share broadly across our portfolio as well as our position in markets more heavily impacted by demand shifts related to government travel. Our teams have demonstrated an exceptional ability to swiftly adapt to changing demand trends within our markets, in many cases layering on additional group business at attractive rates. The hotels we own operate efficiently, produce strong cash flow, provide our guests with a compelling value proposition, and appeal to a broad set of business and leisure customers. We are confident we remain well positioned for outperformance.<\/p>\n \n“Over our 25-year history in the lodging industry, we have demonstrated our ability to transact opportunistically as market conditions change,” said Mr. Knight. “With a disciplined approach to capital allocation and portfolio management, we continuously seek opportunities to refine and enhance our existing portfolio, drive earnings per share and maximize long-term value for our shareholders. We currently have three hotels under contract for sale, our full-service Marriott in Houston and our Hampton Inn & Suites and Homewood Suites in Clovis, California, for a combined total sales price of approximately $36 million. As we previously reported, we acquired the Homewood Suites Tampa-Brandon during the quarter, a unique opportunity for us at an attractive price with a strong double-digit going-in-yield on in-place cash flow and additional upside potential through operational synergies and our planned renovation. Additionally, during the quarter, we purchased 1.4 million of our common shares, bringing the total shares purchased year-to-date through June to 3.4 million common shares for approximately $43 million. Since May 2024, we have invested nearly $78 million in the repurchase of our shares. While our long-term goal is to grow our portfolio, when our stock trades at an implied discount to values we can achieve in private market transactions, as it has for the past several months, we intend to opportunistically sell assets and redeploy proceeds primarily into additional share repurchases, preserving our balance sheet so that at the appropriate time in the cycle we can act quickly on attractive acquisition opportunities.”<\/p>\n \nMr. Knight continued, “Our portfolio of high-quality, select-service hotels, ideally located and broadly diversified across markets and demand generators, combined with the strength and flexibility of our balance sheet, differentiates us. 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 the long term.”<\/p>\n Hotel Portfolio Overview<\/span><\/b><\/p>\n \nAs of June 30, 2025, Apple Hospitality owned 221 hotels with an aggregate of 29,893 guest rooms located in 85 markets throughout 37 states and the District of Columbia, including one hotel with 206 guest rooms classified as held for sale.<\/p>\n Second Quarter 2025 Highlights<\/span><\/b><\/p>\n \nThe Company is providing monthly performance detail for its Comparable Hotels with comparisons to the respective periods of 2024. The following table highlights the Company\u2019s Comparable Hotels monthly performance during the second quarter 2025 as compared to the second quarter 2024 (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 April<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n May<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n June<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n April<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n May<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n June<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n April<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n May<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n June<\/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 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Q2 2025<\/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 2024<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Q2 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 2024<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Q2 2024<\/b><\/p>\n<\/td>\n<\/tr>\n \nADR (Comparable Hotels)<\/p>\n<\/td>\n \n$158.80<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$163.67<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$168.20<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$163.62<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$160.80<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$162.91<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$167.62<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$163.80<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.2%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.3%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.1%)<\/p>\n<\/td>\n<\/tr>\n \nOccupancy (Comparable Hotels)<\/p>\n<\/td>\n \n77.4%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n77.8%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n80.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n78.6%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n79.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n78.8%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n81.2%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n79.9%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2.9%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.3%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.6%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.6%)<\/p>\n<\/td>\n<\/tr>\n \nRevPAR (Comparable Hotels)<\/p>\n<\/td>\n \n$122.97<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$127.32<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$135.79<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$128.68<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$128.16<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$128.45<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$136.12<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$130.89<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4.0%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.9%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.2%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.7%)<\/p>\n<\/td>\n<\/tr>\n \nOperating income (Actual)<\/p>\n<\/td>\n \n$22,342<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$28,258<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$34,251<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$84,851<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$28,895<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$30,596<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$34,024<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$93,515<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(22.7%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(7.6%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.7%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(9.3%)<\/p>\n<\/td>\n<\/tr>\n \nAdjusted Hotel EBITDA (Actual) (1)<\/sup><\/p>\n<\/td>\n \n$41,412<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$47,750<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$51,908<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$141,070<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$48,307<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$49,570<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$53,803<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$151,680<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(14.3%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3.7%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3.5%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(7.0%)<\/p>\n<\/td>\n<\/tr>\n \nComparable Hotels Adjusted Hotel EBITDA (2)<\/sup><\/p>\n<\/td>\n \n$42,302<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$47,882<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$52,007<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$142,191<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$47,914<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$49,114<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$53,348<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$150,376<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(11.7%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2.5%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2.5%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5.4%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nSee explanation and reconciliation of Adjusted Hotel EBITDA to net income included below.<\/p>\n<\/td>\n<\/tr>\n \nSee explanation and reconciliation of Comparable Hotels Adjusted Hotel EBITDA to Adjusted Hotel EBITDA included below.<\/p>\n<\/td>\n<\/tr>\n Portfolio Activity<\/span><\/b><\/p>\n Acquisition<\/b><\/p>\n \nAs previously announced, 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.<\/p>\n Contract for Potential Acquisition<\/b><\/p>\n \nAs previously announced, the Company currently has one 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 closing on this hotel will occur under the outstanding purchase contract.<\/p>\n Dispositions<\/b><\/p>\n \nAs previously announced, since the beginning of 2025, the Company has sold two hotels in separate transactions for a combined gross sales price of approximately $21.0 million, resulting in a combined gain on the sales of approximately $3.6 million. The hotels sold include:<\/p>\n Contracts for Potential Dispositions<\/b><\/p>\n \nThe Company has three hotels under contract for sale for a combined gross sales price of approximately $36.3 million. The hotels under contract for sale include:<\/p>\n \nThere are many conditions to closing on the sale of these hotels that have not yet been satisfied, and there can be no assurance that closings on the sale of these hotels will occur under the outstanding sale agreements.<\/p>\n New York Property<\/b><\/p>\n \nThe Company’s independent boutique hotel in New York, New York (the “New York Property”) was previously leased to a third-party hotel operator, and as of March 31, 2025, excluded from the Company’s hotel and guest room counts. As a result of the third-party hotel operator’s failure to make lease payments, in 2024, the Company commenced legal proceedings to remove the third-party hotel operator from possession of the property. In April 2025, the Company and the third-party hotel operator entered into an agreement to mutually release all claims, to terminate the lease, and for the third-party hotel operator to voluntarily surrender possession of the property. On April 4, 2025, the Company recovered possession of the property from the third-party hotel operator and reinstated operations of the hotel’s 209 guest rooms through a third-party manager engaged by the Company.<\/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 six months ended June 30, 2025, the Company invested approximately $32 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, however, inflationary pressures, supply chain shortages or tariffs, among other issues, may result in increased costs and delays for anticipated projects.<\/p>\n Balance Sheet and Liquidity<\/span><\/b><\/p>\n \nAs of June 30, 2025, the Company had approximately $1.5 billion of total outstanding debt with a current combined weighted-average interest rate of approximately 5.0%, cash on hand of approximately $8 million and availability under its revolving credit facility of approximately $475 million. Excluding unamortized debt issuance costs and fair value adjustments, the Company\u2019s total outstanding debt as of June 30, 2025, was comprised of approximately $217 million in property-level debt secured by 12 hotels and approximately $1.3 billion outstanding under its unsecured credit facilities. During the second quarter, the Company repaid in full two secured mortgage loans, for a total of approximately $33 million, bringing the number of unencumbered hotels in the Company\u2019s portfolio as of June 30, 2025, to 209. The Company\u2019s total debt to total capitalization, net of cash and cash equivalents at June 30, 2025, was approximately 36%, which provides Apple Hospitality with financial flexibility to fund capital requirements and pursue opportunities in the marketplace. As of June 30, 2025, the Company\u2019s weighted-average debt maturities were approximately two years.<\/p>\n \nOn 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 a portion of the balance outstanding under the Company’s revolving credit facility. The outstanding principal under the $385 million term loan facility bears interest at an annual variable rate equal to a term SOFR, depending 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. The credit agreement for the $385 million term loan facility contains customary affirmative and negative covenants, restrictions on certain investments and customary events of default, which are the same terms as those under the previous credit agreement for the $225 million term loan facility. The Company may make voluntary prepayments, in whole or in part, at any time, subject to certain conditions.<\/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 three months ended June 30, 2025, the Company purchased, under its Share Repurchase Program, approximately 1.4 million of its common shares at a weighted-average market purchase price of approximately $11.78 per common share, for an aggregate purchase price of approximately $16.9 million, bringing the total shares purchased year to date through June 30, 2025, to approximately 3.4 million common shares at a weighted-average market purchase price of approximately $12.83 per common share, for an aggregate purchase price of approximately $43.2 million. As of June 30, 2025, the Company had approximately $257.6 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 June 30, 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 and six months ended June 30, 2025.<\/p>\n Shareholder Distributions<\/span><\/b><\/p>\n \nDuring the three months ended June 30, 2025, the Company paid distributions totaling $0.24 per common share. Based on the Company\u2019s common stock closing price of $11.64 on August 4, 2025, the current annualized regular monthly cash distribution of $0.96 per common share represents an annual yield of approximately 8.2%. 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 Updated 2025 Outlook<\/span><\/b><\/p>\n \nThe Company is updating its operational and financial outlook for 2025. Looking ahead to the second half of the year, it is encouraging to see modest improvements in consumer sentiment and some easing of uncertainty related to policy changes though economic uncertainty remains elevated. While the Company\u2019s reservation booking window is short, these improvements are not yet reflected in its current booking data which has pulled back slightly year-over-year for August and September, partly due to the shift of Rosh Hashanah into September from October. The adjustments made to full year guidance reflect current booking trends and could prove conservative if improvements in the macroeconomic environment drive stronger short-term bookings. 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. As compared to the midpoint of previously provided 2025 guidance, the Company is decreasing Net Income by $6.5 million, decreasing Comparable Hotels RevPAR Change by 50 bps, decreasing Comparable Hotels Adjusted Hotel EBITDA Margin % by 20 bps, and decreasing Adjusted EBITDAre by $5.5 million. 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 the New York 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 Updated 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$161 Million<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$187 Million<\/p>\n<\/td>\n<\/tr>\n \nComparable Hotels RevPAR Change<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.5%)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.5%<\/p>\n<\/td>\n<\/tr>\n \nComparable Hotels Adjusted Hotel EBITDA Margin %<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n33.5%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n34.5%<\/p>\n<\/td>\n<\/tr>\n \nAdjusted EBITDAre<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$428 Million<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$450 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 |