Apple Hospitality REIT Reports Results of Operations for Fourth Quarter and Full Year 2021
Apple Hospitality REIT, Inc. (NYSE: APLE) yesterday announced results of operations for the fourth quarter and full year ended December 31, 2021. The Company also today announced that its Board of Directors has reinstated monthly distributions and declared a monthly cash distribution of $0.05 per common share for the month of March 2022. The March distribution is payable on March 15, 2022, to shareholders of record as of March 4, 2022.
| 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, | |||||||||||
| 2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||
| Net income (loss) | $13,221 | $(51,247) | n/a | $18,828 | $(173,207) | n/a | ||||||
| Net income (loss) per share | $0.06 | $(0.23) | n/a | $0.08 | $(0.77) | n/a | ||||||
| Adjusted EBITDAre | $73,386 | $16,196 | 353.1% | $279,235 | $92,611 | 201.5% | ||||||
| Comparable Hotels Adjusted Hotel EBITDA | $85,381 | $21,614 | 295.0% | $321,682 | $114,828 | 180.1% | ||||||
| Comparable Hotels Adjusted Hotel EBITDA Margin % | 33.7% | 16.9% | 1,680 bps | 34.5% | 20.0% | 1,450 bps | ||||||
| Modified funds from operations (MFFO) | $58,584 | $(2,475) | n/a | $211,001 | $20,437 | 932.4% | ||||||
| MFFO per share | $0.26 | $(0.01) | n/a | $0.93 | $0.09 | 933.3% | ||||||
| Average Daily Rate (ADR) (Actual) | $131.04 | $97.87 | 33.9% | $123.78 | $111.49 | 11.0% | ||||||
| Occupancy (Actual) | 67.5% | 46.5% | 45.2% | 66.3% | 46.1% | 43.8% | ||||||
| Revenue Per Available Room (RevPAR) (Actual) | $88.43 | $45.46 | 94.5% | $82.03 | $51.34 | 59.8% | ||||||
| Comparable Hotels ADR | $131.19 | $98.94 | 32.6% | $125.43 | $112.72 | 11.3% | ||||||
| Comparable Hotels Occupancy | 67.4% | 46.0% | 46.5% | 66.3% | 45.9% | 44.4% | ||||||
| Comparable Hotels RevPAR | $88.45 | $45.52 | 94.3% | $83.14 | $51.69 | 60.8% | ||||||
| Cash and cash equivalents | $3,282 | |||||||||||
| Total debt outstanding | $1,444,046 | |||||||||||
| Total debt outstanding, net of cash and cash equivalents | $1,440,764 | |||||||||||
| Total debt outstanding, net of cash and cash equivalents, to total capitalization (2) | 28.1% | |||||||||||
| _______________________ | ||
| (1) | Explanations of and reconciliations to net income (loss) determined in accordance with generally accepted accounting principles (“GAAP”) of non-GAAP financial measures, Adjusted EBITDAre, Comparable Hotels Adjusted Hotel EBITDA and MFFO, are included below. | |
| (2) | Total debt outstanding, net of cash and cash equivalents ("net total debt outstanding"), divided by net total debt outstanding plus equity market capitalization based on the Company’s closing share price of $16.15 on December 31, 2021. | |
Comparable Hotels is defined as the 219 hotels owned by the Company as of December 31, 2021. For hotels acquired during the periods noted, the Company has included, as applicable, results of those hotels for periods prior to the Company's ownership, and for dispositions, results have been excluded for the Company's period of ownership. Results for periods prior to the Company's ownership have not been included in the Company's actual Consolidated Financial Statements and are included only for comparison purposes. Results included for periods prior to the Company's ownership are based on information from the prior owner of each hotel and have not been audited or adjusted.
Justin Knight, Chief Executive Officer of Apple Hospitality, commented, “We are pleased to report operating fundamentals for our portfolio for the fourth quarter of 2021 were the strongest we have achieved since the onset of the pandemic relative to 2019, with RevPAR of $88, occupancy of 68% and ADR of $131. Continued strength in rate during the fourth quarter helped us narrow the gap from fourth quarter 2019 RevPAR to only 8%, with the month of December producing our strongest RevPAR yet on a relative basis, down only 1% as compared to December 2019. Our corporate and on-site teams have continued to maximize profitability through strategic revenue management and continued efforts to realize operational efficiencies. Despite seasonality, inflationary pressures and a challenging labor environment, we once again achieved strong bottom-line results with Adjusted EBITDAre of $73 million and Comparable Hotels Adjusted Hotel EBITDA Margin of approximately 34% for the quarter. We achieved MFFO of $59 million, or $0.26 per share, for the quarter and $211 million, or $0.93 per share, for the full year."
Mr. Knight continued, “Our outperformance since the onset of the pandemic is a tribute to the collaborative efforts of our corporate, brand and management teams and a testament to the merits of our strategy of investing in a broadly diversified portfolio of high-quality, rooms-focused hotels with low leverage. Despite the unprecedented challenges brought by the pandemic, we have achieved strong operating results, enhanced the growth profile and quality of our portfolio through strategic dispositions and acquisitions, and maintained the strength and flexibility of our balance sheet. While the Omicron variant 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 2022. With continued confidence in our portfolio and the recovery, we are pleased to reinstate monthly dividends for our shareholders, with a March payment of $0.05 per share. We remain intently focused on maximizing long-term value for our shareholders and are confident we are well positioned for additional upside as leisure travel continues to show strength and business travel steadily recovers.”
Hotel Portfolio Overview
As of December 31, 2021, Apple Hospitality owned 219 hotels with an aggregate of 28,747 guest rooms located in 86 markets throughout 36 states.
Operations Update
- Strong operating performance: During the fourth quarter of 2021, operations across the Company’s portfolio continued to strengthen, with occupancy and RevPAR exceeding industry averages as reported by STR. For the Company’s portfolio for the fourth quarter 2021, ADR was in line with ADR achieved during the same period of 2019, while occupancy and RevPAR trailed fourth quarter 2019 by only 7% and 8%, respectively. ADR for the Company’s portfolio for the month of December 2021 exceeded December 2019 ADR by approximately 2%, with occupancy and RevPAR for the month of December 2021 trailing December 2019 by approximately 3% and 1%, respectively, the strongest monthly RevPAR performance relative to the same period in 2019 since the onset of the pandemic. For the full year 2021, RevPAR was down 22% as compared to 2019. Due in part to disruption related to the Omicron variant, occupancy for the month of January 2022 was approximately 56%, down 15% as compared to January 2019 and up 24% as compared to January 2021.
- Strong bottom-line performance: The Company achieved Comparable Hotels Adjusted Hotel EBITDA of approximately $85 million for the fourth quarter 2021 and $322 million for the full year 2021. The Company achieved MFFO of approximately $59 million for the fourth quarter 2021 and $211 million for the full year 2021. As a result of continued efforts to maximize operational efficiencies, hotel operating expenses were reduced by approximately 14% during the fourth quarter 2021, as compared to the same period of 2019. The Company achieved Comparable Hotels Adjusted Hotel EBITDA Margin of approximately 34% for the fourth quarter 2021, only 40 basis points below the same measure for the fourth quarter 2019.
- Transactional activity: During 2021, the Company sold 23 hotels for a total combined gross sales price of approximately $235 million and acquired eight hotels for a total combined purchase price of approximately $361 million. The Company currently has an outstanding contract for the potential purchase of one additional hotel for a total purchase price of approximately $79 million.
- Balance sheet: The Company successfully exited its extended covenant waiver period in July 2021 and has maintained the strength and flexibility of its balance sheet. At December 31, 2021, the Company’s total debt to total capitalization, net of cash and cash equivalents, was approximately 28%.
- March 2022 distribution: The Company today announced that its Board of Directors declared a monthly cash distribution of $0.05 per common share for the month of March 2022. The distribution is payable on March 15, 2022, to shareholders of record as of March 4, 2022.
The following table highlights the Company’s monthly performance during the fourth quarter of 2021, as compared to the fourth quarters of 2020 and 2019 (in thousands, except statistical data):
| Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||||
| October | November | December | December 31, | October | November | December | December 31, | October | November | December | December 31, | |||||||||||||
| 2021 | 2021 | 2021 | 2021 | 2020 | 2020 | 2020 | 2020 | 2019 | 2019 | 2019 | 2019 | |||||||||||||
| ADR | $137.61 | $129.83 | $124.69 | $131.04 | $101.94 | $97.77 | $92.55 | $97.87 | $139.07 | $130.85 | $122.20 | $131.41 | ||||||||||||
| Occupancy | 73.2% | 67.6% | 61.8% | 67.5% | 53.7% | 45.3% | 40.3% | 46.5% | 81.6% | 73.7% | 63.5% | 72.9% | ||||||||||||
| RevPAR | $100.72 | $87.74 | $77.06 | $88.43 | $54.76 | $44.27 | $37.32 | $45.46 | $113.43 | $96.49 | $77.61 | $95.85 | ||||||||||||
| Adjusted Hotel EBITDA (1) | $37,224 | $26,175 | $21,210 | $84,609 | $14,748 | $6,703 | $1,845 | $23,296 | $44,707 | $31,720 | $20,409 | $96,836 |
| _______________________ | ||
| (1) | See explanation and reconciliation of Adjusted Hotel EBITDA to net income (loss) included below. | |
Portfolio Activity
Acquisitions
During 2021, the Company acquired eight hotels for a total combined purchase price of approximately $361 million, including the following four hotels that were acquired during the fourth quarter of 2021:
- In October 2021, the Company acquired the existing 150-room Hilton Garden Inn Memphis Downtown in Memphis, Tennessee, for a total purchase price of approximately $38 million.
- In November 2021, the Company acquired the existing 157-room Hilton Garden Inn Fort Worth Medical Center in Fort Worth, Texas, for a total purchase price of approximately $29.5 million.
- In November 2021, the Company acquired the existing 112-room Homewood Suites by Hilton Fort Worth Medical Center in Fort Worth, Texas, for a total purchase price of approximately $21.5 million.
- In November 2021, the Company acquired the existing 243-room Hampton Inn & Suites by Hilton Portland Pearl District in Portland, Oregon, for a total purchase price of approximately $75 million.
Also during 2021, the Company purchased the fee interest in the land at its Residence Inn by Marriott in Seattle, Washington, which was previously held under a finance ground lease, for a total purchase price of $80 million, consisting of a $24 million cash payment and a one-year note payable to the seller for $56 million.
The Company has acquired 12 hotels for a total combined purchase price of approximately $473 million since March 2020, the beginning of the COVID-19 pandemic.
Contract for Potential Acquisition
The Company has an outstanding contract for the purchase of an Embassy Suites by Hilton in Madison, Wisconsin, for an anticipated total purchase price of approximately $79 million. The hotel is currently under development and expected to include 260 rooms. There are many conditions to closing that have not yet been satisfied, and there can be no assurance that a closing on this hotel will occur under the outstanding purchase contract. Assuming all conditions to closing are met, the Company anticipates acquiring the hotel following completion of construction, which is expected to occur in early 2024.
Dispositions
During 2021, the Company sold 23 hotels in four transactions for a total combined gross sales price of approximately $235 million. The Company has sold 24 hotels for a total combined gross sales price of approximately $245 million since March 2020, the beginning of the COVID-19 pandemic.
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, 2021, the Company invested approximately $26 million in capital expenditures. The Company plans to continue to reinvest in its hotels and anticipates investing approximately $55 million to $65 million in capital improvements during 2022, which includes renovation projects for approximately 20 to 25 hotels.
Balance Sheet and Liquidity
Summary
As of December 31, 2021, Apple Hospitality had approximately $1.4 billion of total outstanding debt with a current combined weighted-average interest rate of approximately 3.4%, cash on hand of approximately $3 million and availability under its revolving credit facility of approximately $349 million. Excluding unamortized debt issuance costs and fair value adjustments, the Company’s total outstanding debt is comprised of approximately $498 million in property-level debt secured by 28 hotels and approximately $946 million outstanding on its unsecured credit facilities. The number of unencumbered hotels in the Company’s portfolio as of December 31, 2021, was 191. The Company’s total debt to total capitalization, net of cash and cash equivalents at December 31, 2021, was approximately 28%. As of December 31, 2021, the Company’s weighted-average debt maturities are 3 years, with approximately $228 million, net of reserves, maturing in 2022.
Unsecured Credit Facilities Amendments
As a result of COVID-19 and the associated disruption to the Company’s operating results, as previously disclosed, the Company entered into amendments to each of its unsecured credit facilities in June 2020 and then again in March 2021 to temporarily waive the financial covenant testing under each of its unsecured credit facilities. In July 2021, the Company notified its lenders under its unsecured credit facilities that it had elected to exit the extended covenant waiver period, effective July 29, 2021, pursuant to the terms of each of its unsecured credit facilities, as amended. As of December 31, 2021, the Company met the financial maintenance covenants based on the annualized results of the nine months ended December 31, 2021, at the levels required for the third fiscal quarter tested since exiting the extended covenant waiver period.
Capital Markets
The Company terminated its written trading plan under its Share Repurchase Program in March 2020 and has not repurchased any shares under the Share Repurchase Program since that time. As of December 31, 2021, the Company had approximately $345 million remaining under its Share Repurchase Program. The Share Repurchase Program may be suspended or terminated at any time by the Company and will end in July 2022 unless extended. The timing of share repurchases and the number of common shares to be repurchased under the Share Repurchase Program will depend upon the prevailing market conditions, regulatory requirements and other factors.
In August 2020, the Company entered into an equity distribution agreement pursuant to which the Company may sell, from time to time, up to an aggregate of $300 million of its common shares under an at-the-market offering program (the “ATM Program”). No shares were sold under the Company’s ATM Program during the fourth quarter of 2021. As of December 31, 2021, approximately $224 million remained available for issuance under the ATM Program.
Shareholder Distributions
For the year ended December 31, 2021, the Company paid distributions of $0.03 per common share for a total of approximately $6.8 million. On January 18, 2022, the Company paid a quarterly distribution of $0.01 per common share for the fourth quarter of 2021, which was declared in December 2021 and totaled approximately $2.3 million.
The Company today announced that its Board of Directors has reinstated its policy of distributions on a monthly basis and declared a monthly cash distribution of $0.05 per common share for the month of March 2022. The distribution is payable on March 15, 2022, to shareholders of record as of March 4, 2022. Based on the Company’s common stock closing price of $17.49 on February 18, 2022, the annualized distribution of $0.60 per common share represents an annual yield of approximately 3.4 percent. While the Company expects monthly distributions to continue, each distribution is subject to approval by the Company’s Board of Directors. The Company’s Board of Directors, in consultation with management, will continue to regularly monitor the Company’s distribution rate and timing relative to the performance of its hotels, capital improvement needs, varying economic cycles, acquisitions and dispositions. At its discretion, the Company’s Board of Directors may make adjustments as determined to be prudent in relation to other cash requirements of the Company or in order to maintain its REIT status for federal income tax purposes.
2022 Outlook
In light of continued economic uncertainty caused by COVID-19, the Company has not issued 2022 operational guidance. The Company is providing the following full year 2022 outlook regarding certain corporate expenses, which is based on management’s current view and does not take into account any unanticipated developments in its business or changes in its operating environment:
- General and administrative expenses are projected to be approximately $32 million to $38 million.
- Interest expense is projected to be approximately $58 million to $63 million.
- Capital expenditures are projected to be approximately $55 million to $65 million.
The Company does not intend to provide additional outlook updates unless deemed appropriate.
About Apple Hospitality REIT, Inc.
Apple Hospitality REIT, Inc. (NYSE: APLE) is a publicly traded real estate investment trust (“REIT”) that owns one of the largest and most diverse portfolios of upscale, rooms-focused hotels in the United States. Apple Hospitality’s portfolio consists of 219 hotels with more than 28,700 guest rooms located in 86 markets throughout 36 states. Concentrated with industry-leading brands, the Company’s portfolio consists of 94 Marriott-branded hotels, 119 Hilton-branded hotels, four Hyatt-branded hotels and two independent hotels.
| Apple Hospitality REIT, Inc. | ||||
| Consolidated Balance Sheets | ||||
| (in thousands, except share data) | ||||
| As of December 31, | ||||
| 2021 | 2020 | |||
| Assets | ||||
| Investment in real estate, net of accumulated depreciation and amortization of $1,311,262 and $1,235,698, respectively | $4,677,185 | $4,732,896 | ||
| Assets held for sale | - | 5,316 | ||
| Cash and cash equivalents | 3,282 | 5,556 | ||
| Restricted cash-furniture, fixtures and other escrows | 36,667 | 28,812 | ||
| Due from third party managers, net | 40,052 | 22,137 | ||
| Other assets, net | 33,341 | 35,042 | ||
| Total Assets | $4,790,527 | $4,829,759 | ||
| Liabilities | ||||
| Debt, net | $1,438,758 | $1,482,571 | ||
| Finance lease liabilities | 111,776 | 219,981 | ||
| Accounts payable and other liabilities | 92,672 | 97,860 | ||
| Total Liabilities | 1,643,206 | 1,800,412 | ||
| Shareholders' Equity | ||||
| Preferred stock, authorized 30,000,000 shares; none issued and outstanding | - | - | ||
| Common stock, no par value, authorized 800,000,000 shares; issued and outstanding 228,255,642 and 223,212,346 shares, respectively | 4,569,352 | 4,488,419 | ||
| Accumulated other comprehensive loss | (15,508) | (42,802) | ||
| Distributions greater than net income | (1,406,523) | (1,416,270) | ||
| Total Shareholders' Equity | 3,147,321 | 3,029,347 | ||
| Total Liabilities and Shareholders' Equity | $4,790,527 | $4,829,759 | ||
| _______________________ | ||||
| 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, 2021. | ||||
| Apple Hospitality REIT, Inc. | ||||||||
| Consolidated Statements of Operations and Comprehensive Income (Loss) | ||||||||
| (in thousands, except per share data) | ||||||||
| Three Months Ended | Year Ended | |||||||
| December 31, (Unaudited) | December 31, | |||||||
| 2021 | 2020 | 2021 | 2020 | |||||
| Revenues: | ||||||||
| Room | $231,374 | $125,562 | $871,436 | $560,485 | ||||
| Food and beverage | 7,832 | 2,333 | 22,018 | 16,719 | ||||
| Other | 11,382 | 6,070 | 40,415 | 24,675 | ||||
| Total revenue | 250,588 | 133,965 | 933,869 | 601,879 | ||||
| Expenses: | ||||||||
| Hotel operating expense: | ||||||||
| Operating | 63,354 | 35,239 | 216,644 | 156,099 | ||||
| Hotel administrative | 22,658 | 14,394 | 85,066 | 68,473 | ||||
| Sales and marketing | 21,551 | 13,486 | 79,834 | 61,003 | ||||
| Utilities | 9,313 | 7,947 | 40,635 | 33,412 | ||||
| Repair and maintenance | 12,949 | 10,104 | 47,660 | 37,087 | ||||
| Franchise fees | 10,891 | 5,871 | 40,949 | 26,387 | ||||
| Management fees | 8,359 | 4,392 | 31,390 | 19,817 | ||||
| Total hotel operating expense | 149,075 | 91,433 | 542,178 | 402,278 | ||||
| Property taxes, insurance and other | 17,044 | 19,418 | 71,980 | 78,238 | ||||
| General and administrative | 11,223 | 7,100 | 41,038 | 29,374 | ||||
| Loss on impairment of depreciable real estate assets | - | 715 | 10,754 | 5,097 | ||||
| Depreciation and amortization | 45,158 | 50,196 | 184,471 | 199,786 | ||||
| Total expense | 222,500 | 168,862 | 850,421 | 714,773 | ||||
| Gain (loss) on sale of real estate | (68) | 2,069 | 3,596 | 10,854 | ||||
| Operating income (loss) | 28,020 | (32,828) | 87,044 | (102,040) | ||||
| Interest and other expense, net | $(14,640) | $(18,352) | $(67,748) | $(70,835) | ||||
| Income (loss) before income taxes | 13,380 | (51,180) | 19,296 | (172,875) | ||||
| Income tax expense | (159) | (67) | (468) | (332) | ||||
| Net income (loss) | $13,221 | $(51,247) | $18,828 | $(173,207) | ||||
| Other comprehensive income (loss): | ||||||||
| Interest rate derivatives | 9,142 | 5,518 | 27,294 | (38,104) | ||||
| Comprehensive income (loss) | $22,363 | $(45,729) | $46,122 | $(211,311) | ||||
| Basic and diluted net income (loss) per common share | $0.06 | $(0.23) | $0.08 | $(0.77) | ||||
| Weighted average common shares outstanding - basic and diluted | 228,429 | 223,316 | 226,361 | 223,544 | ||||
| _______________________ | ||||||||
| Note: The Consolidated Statements of Operations and Comprehensive Income (Loss) and corresponding footnotes can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. | ||||||||
| 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, | |||||||||||
| 2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||
| Total revenue | $253,225 | $127,697 | 98.3% | $932,928 | $574,977 | 62.3% | ||||||
| Total operating expenses | 167,844 | 106,083 | 58.2% | 611,246 | 460,149 | 32.8% | ||||||
| Adjusted Hotel EBITDA | $85,381 | $21,614 | 295.0% | $321,682 | $114,828 | 180.1% | ||||||
| Adjusted Hotel EBITDA Margin % | 33.7% | 16.9% | 1,680 bps | 34.5% | 20.0% | 1,450 bps | ||||||
| ADR (Comparable Hotels) | $131.19 | $98.94 | 32.6% | $125.43 | $112.72 | 11.3% | ||||||
| Occupancy (Comparable Hotels) | 67.4% | 46.0% | 46.5% | 66.3% | 45.9% | 44.4% | ||||||
| RevPAR (Comparable Hotels) | $88.45 | $45.52 | 94.3% | $83.14 | $51.69 | 60.8% | ||||||
| ADR (Actual) | $131.04 | $97.87 | 33.9% | $123.78 | $111.49 | 11.0% | ||||||
| Occupancy (Actual) | 67.5% | 46.5% | 45.2% | 66.3% | 46.1% | 43.8% | ||||||
| RevPAR (Actual) | $88.43 | $45.46 | 94.5% | $82.03 | $51.34 | 59.8% | ||||||
| Reconciliation to Actual Results | ||||||||||||
| Total Revenue (Actual) | $250,588 | $133,965 | $933,869 | $601,879 | ||||||||
| Revenue from acquisitions prior to ownership | 2,870 | 5,104 | 29,674 | 20,507 | ||||||||
| Revenue from dispositions | (233) | (11,372) | (30,615) | (47,409) | ||||||||
| Comparable Hotels Total Revenue | $253,225 | $127,697 | $932,928 | $574,977 | ||||||||
| Adjusted Hotel EBITDA (AHEBITDA) (Actual) | $84,609 | $23,296 | $320,273 | $121,985 | ||||||||
| AHEBITDA from acquisitions prior to ownership | 989 | 972 | 10,362 | 2,679 | ||||||||
| AHEBITDA from dispositions | (217) | (2,654) | (8,953) | (9,836) | ||||||||
| Comparable Hotels AHEBITDA | $85,381 | $21,614 | $321,682 | $114,828 | ||||||||
| _______________________ | ||||||||||||
| Comparable Hotels is defined as the 219 hotels owned by the Company as of December 31, 2021. For hotels acquired during the periods noted, the Company has included, as applicable, results of those hotels for periods prior to the Company's ownership, and for dispositions, results have been excluded for the Company's period of ownership. Results for periods prior to the Company's ownership have not been included in the Company's actual Consolidated Financial Statements and are included only for comparison purposes. Results included for periods prior to the Company's ownership are based on information from the prior owner of each hotel and have not been audited or adjusted. | ||||||||||||
| Reconciliation of net income (loss) to non-GAAP financial measures is included in the following pages. | ||||||||||||
| Apple Hospitality REIT, Inc. | ||||||||||||||||||||||||
| Comparable Hotels Quarterly Operating Metrics and Statistical Data | ||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| (in thousands, except statistical data) | ||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||
| 3/31/2019 | 6/30/2019 | 9/30/2019 | 12/31/2019 | 3/31/2020 | 6/30/2020 | 9/30/2020 | 12/31/2020 | 3/31/2021 | 6/30/2021 | 9/30/2021 | 12/31/2021 | |||||||||||||
| Total revenue | $282,224 | $327,033 | $321,161 | $278,005 | $228,401 | $76,274 | $142,605 | $127,697 | $152,446 | $242,644 | $284,613 | $253,225 | ||||||||||||
| Total operating expenses | 180,155 | 195,324 | 197,051 | 183,205 | 167,871 | 76,435 | 109,760 | 106,083 | 118,608 | 149,052 | 175,742 | 167,844 | ||||||||||||
| Adjusted Hotel EBITDA | $102,069 | $131,709 | $124,110 | $94,800 | $60,530 | $(161) | $32,845 | $21,614 | $33,838 | $93,592 | $108,871 | $85,381 | ||||||||||||
| Adjusted Hotel EBITDA Margin % | 36.2% | 40.3% | 38.6% | 34.1% | 26.5% | -0.2% | 23.0% | 16.9% | 22.2% | 38.6% | 38.3% | 33.7% | ||||||||||||
| ADR (Comparable Hotels) | $139.83 | $145.14 | $143.87 | $134.61 | $134.68 | $100.11 | $106.15 | $98.94 | $99.98 | $122.69 | $141.86 | $131.19 | ||||||||||||
| Occupancy (Comparable Hotels) | 73.8% | 81.6% | 80.1% | 73.2% | 60.8% | 28.2% | 48.4% | 46.0% | 55.4% | 70.7% | 71.4% | 67.4% | ||||||||||||
| RevPAR (Comparable Hotels) | $103.26 | $118.41 | $115.28 | $98.47 | $81.94 | $28.21 | $51.39 | $45.52 | $55.34 | $86.71 | $101.36 | $88.45 | ||||||||||||
| ADR (Actual) | $136.36 | $141.60 | $139.21 | $131.41 | $132.55 | $100.76 | $104.78 | $97.87 | $99.19 | $120.56 | $140.02 | $131.04 | ||||||||||||
| Occupancy (Actual) | 73.9% | 81.4% | 79.9% | 72.9% | 60.9% | 28.2% | 48.6% | 46.5% | 55.5% | 70.7% | 71.5% | 67.5% | ||||||||||||
| RevPAR (Actual) | $100.71 | $115.30 | $111.17 | $95.85 | $80.66 | $28.44 | $50.94 | $45.46 | $55.09 | $85.28 | $100.14 | $88.43 | ||||||||||||
| Reconciliation to Actual Results | ||||||||||||||||||||||||
| Total Revenue (Actual) | $303,787 | $341,117 | $331,722 | $289,971 | $238,010 | $81,078 | $148,826 | $133,965 | $158,713 | $247,404 | $277,164 | $250,588 | ||||||||||||
| Revenue from acquisitions prior to ownership | $11,541 | $14,123 | $16,510 | $12,982 | $8,680 | $1,617 | $5,106 | $5,104 | $5,133 | $10,350 | $11,321 | $2,870 | ||||||||||||
| Revenue from dispositions | $(33,104) | $(28,207) | $(27,071) | $(24,948) | $(18,289) | $(6,421) | $(11,327) | $(11,372) | $(11,400) | $(15,110) | $(3,872) | $(233) | ||||||||||||
| Comparable Hotels Total Revenue | $282,224 | $327,033 | $321,161 | $278,005 | $228,401 | $76,274 | $142,605 | $127,697 | $152,446 | $242,644 | $284,613 | $253,225 | ||||||||||||
| Adjusted Hotel EBITDA (AHEBITDA) (Actual) | $108,804 | $134,759 | $124,596 | $96,836 | $63,297 | $704 | $34,688 | $23,296 | $35,427 | $94,814 | $105,423 | $84,609 | ||||||||||||
| AHEBITDA from acquisitions prior to ownership | $4,812 | $7,049 | $8,607 | $5,843 | $2,140 | $(1,066) | $633 | $972 | $707 | $3,917 | $4,749 | $989 | ||||||||||||
| AHEBITDA from dispositions | $(11,547) | $(10,099) | $(9,093) | $(7,879) | $(4,907) | $201 | $(2,476) | $(2,654) | $(2,296) | $(5,139) | $(1,301) | $(217) | ||||||||||||
| Comparable Hotels AHEBITDA | $102,069 | $131,709 | $124,110 | $94,800 | $60,530 | $(161) | $32,845 | $21,614 | $33,838 | $93,592 | $108,871 | $85,381 | ||||||||||||
| _______________________ | ||||||||||||||||||||||||
| Note: Comparable Hotels is defined as the 219 hotels owned by the Company as of December 31, 2021. For hotels acquired during the periods noted, the Company has included, as applicable, results of those hotels for periods prior to the Company's ownership, and for dispositions, results have been excluded for the Company's period of ownership. Results for periods prior to the Company's ownership have not been included in the Company's actual Consolidated Financial Statements and are included only for comparison purposes. Results included for periods prior to the Company's ownership are based on information from the prior owner of each hotel and have not been audited or adjusted. | ||||||||||||||||||||||||
| Reconciliation of net income (loss) to non-GAAP financial measures is included in the following pages. | ||||||||||||||||||||||||
| Apple Hospitality REIT, Inc. | ||||||||||||
| Same Store Hotels Operating Metrics and Statistical Data | ||||||||||||
| (Unaudited) | ||||||||||||
| (in thousands, except statistical data) | ||||||||||||
| Three Months Ended | Year Ended | |||||||||||
| December 31, | December 31, | |||||||||||
| 2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||
| Total revenue | $235,499 | $120,621 | 95.2% | $872,831 | $550,953 | 58.4% | ||||||
| Total operating expenses | 156,650 | 100,298 | 56.2% | 572,214 | 439,338 | 30.2% | ||||||
| Adjusted Hotel EBITDA | $78,849 | $20,323 | 288.0% | $300,617 | $111,615 | 169.3% | ||||||
| Adjusted Hotel EBITDA Margin % | 33.5% | 16.8% | 1,670 bps | 34.4% | 20.3% | 1,410 bps | ||||||
| ADR (Same Store Hotels) | $129.58 | $98.36 | 31.7% | $124.07 | $112.60 | 10.2% | ||||||
| Occupancy (Same Store Hotels) | 67.9% | 46.2% | 47.0% | 66.8% | 46.1% | 44.9% | ||||||
| RevPAR (Same Store Hotels) | $87.97 | $45.47 | 93.5% | $82.82 | $51.87 | 59.7% | ||||||
| ADR (Actual) | $131.04 | $97.87 | 33.9% | $123.78 | $111.49 | 11.0% | ||||||
| Occupancy (Actual) | 67.5% | 46.5% | 45.2% | 66.3% | 46.1% | 43.8% | ||||||
| RevPAR (Actual) | $88.43 | $45.46 | 94.5% | $82.03 | $51.34 | 59.8% | ||||||
| Reconciliation to Actual Results | ||||||||||||
| Total Revenue (Actual) | $250,588 | $133,965 | $933,869 | $601,879 | ||||||||
| Revenue from acquisitions | (14,856) | (1,972) | (30,423) | (3,517) | ||||||||
| Revenue from dispositions | (233) | (11,372) | (30,615) | (47,409) | ||||||||
| Same Store Hotels Total Revenue | $235,499 | $120,621 | $872,831 | $550,953 | ||||||||
| Adjusted Hotel EBITDA (AHEBITDA) (Actual) | $84,609 | $23,296 | $320,273 | $121,985 | ||||||||
| AHEBITDA from acquisitions | (5,543) | (319) | (10,703) | (534) | ||||||||
| AHEBITDA from dispositions | (217) | (2,654) | (8,953) | (9,836) | ||||||||
| Same Store Hotels AHEBITDA | $78,849 | $20,323 | $300,617 | $111,615 | ||||||||
| _______________________ | ||||||||||||
| Same Store Hotels is defined as the 207 hotels owned by the Company as of January 1, 2020 and during the entirety of the periods being compared. This information has not been audited. | ||||||||||||
| Reconciliation of net income (loss) to non-GAAP financial measures is included in the following pages. | ||||||||||||
| Apple Hospitality REIT, Inc. | ||||||||||||||||
| Same Store Hotels Quarterly Operating Metrics and Statistical Data | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (in thousands, except statistical data) | ||||||||||||||||
| Three Months Ended | ||||||||||||||||
| 3/31/2020 | 6/30/2020 | 9/30/2020 | 12/31/2020 | 3/31/2021 | 6/30/2021 | 9/30/2021 | 12/31/2021 | |||||||||
| Total revenue | $219,721 | $74,264 | $136,347 | $120,621 | $144,861 | $228,153 | $264,318 | $235,499 | ||||||||
| Total operating expenses | 161,331 | 73,442 | 104,267 | 100,298 | 112,106 | 139,459 | 163,999 | 156,650 | ||||||||
| Adjusted Hotel EBITDA | $58,390 | $822 | $32,080 | $20,323 | $32,755 | $88,694 | $100,319 | $78,849 | ||||||||
| Adjusted Hotel EBITDA Margin % | 26.6% | 1.1% | 23.5% | 16.8% | 22.6% | 38.9% | 38.0% | 33.5% | ||||||||
| ADR (Same Store Hotels) | $134.29 | $101.44 | $105.71 | $98.36 | $99.61 | $121.79 | $139.75 | $129.58 | ||||||||
| Occupancy (Same Store Hotels) | 60.9% | 28.2% | 48.9% | 46.2% | 56.0% | 71.3% | 71.7% | 67.9% | ||||||||
| RevPAR (Same Store Hotels) | $81.81 | $28.62 | $51.64 | $45.47 | $55.74 | $86.79 | $100.24 | $87.97 | ||||||||
| ADR (Actual) | $132.55 | $100.76 | $104.78 | $97.87 | $99.19 | $120.56 | $140.02 | $131.04 | ||||||||
| Occupancy (Actual) | 60.9% | 28.2% | 48.6% | 46.5% | 55.5% | 70.7% | 71.5% | 67.5% | ||||||||
| RevPAR (Actual) | $80.66 | $28.44 | $50.94 | $45.46 | $55.09 | $85.28 | $100.14 | $88.43 | ||||||||
| Reconciliation to Actual Results | ||||||||||||||||
| Total Revenue (Actual) | $238,010 | $81,078 | $148,826 | $133,965 | $158,713 | $247,404 | $277,164 | $250,588 | ||||||||
| Revenue from acquisitions | - | (393) | (1,152) | (1,972) | (2,452) | (4,141) | (8,974) | (14,856) | ||||||||
| Revenue from dispositions | (18,289) | (6,421) | (11,327) | (11,372) | (11,400) | (15,110) | (3,872) | (233) | ||||||||
| Same Store Hotels Total Revenue | $219,721 | $74,264 | $136,347 | $120,621 | $144,861 | $228,153 | $264,318 | $235,499 | ||||||||
| Adjusted Hotel EBITDA (AHEBITDA) (Actual) | $63,297 | $704 | $34,688 | $23,296 | $35,427 | $94,814 | $105,423 | $84,609 | ||||||||
| AHEBITDA from acquisitions | - | (83) | (132) | (319) | (376) | (981) | (3,803) | (5,543) | ||||||||
| AHEBITDA from dispositions | (4,907) | 201 | (2,476) | (2,654) | (2,296) | (5,139) | (1,301) | (217) | ||||||||
| Same Store Hotels AHEBITDA | $58,390 | $822 | $32,080 | $20,323 | $32,755 | $88,694 | $100,319 | $78,849 | ||||||||
| _______________________ | ||||||||||||||||
| Note: Same Store Hotels is defined as the 207 hotels owned by the Company as of January 1, 2020 and during the entirety of the periods being compared. This information has not been audited. | ||||||||||||||||
| Reconciliation of net income (loss) to non-GAAP financial measures is included in the following pages. | ||||||||||||||||
Apple Hospitality REIT, Inc. Reconciliation of Net Income (Loss) to EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted Hotel EBITDA (Unaudited) (in thousands)
EBITDA is a commonly used measure of performance in many industries and is defined as net income (loss) excluding interest, income taxes, depreciation and amortization. The Company believes EBITDA is useful to investors because it helps the Company and its investors evaluate the ongoing operating performance of the Company by removing the impact of its capital structure (primarily interest expense) and its asset base (primarily depreciation and amortization). In addition, certain covenants included in the agreements governing the Company’s indebtedness use EBITDA, as defined in the specific credit agreement, as a measure of financial compliance.
In addition to EBITDA, the Company also calculates and presents EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts (“Nareit”), which defines EBITDAre as EBITDA, excluding gains and losses from the sale of certain real estate assets (including gains and losses from change in control), plus real estate related impairments, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates. The Company presents EBITDAre because it believes that it provides further useful information to investors in comparing its operating performance between periods and between REITs that report EBITDAre using the Nareit definition.
The Company also considers the exclusion of non-cash straight-line operating ground lease expense from EBITDAre useful, as this expense does not reflect the underlying performance of the related hotels (Adjusted EBITDAre).
The Company further excludes actual corporate-level general and administrative expense for the Company from Adjusted EBITDAre (Adjusted Hotel EBITDA) to isolate property-level operational performance over which the Company’s hotel operators have direct control. The Company believes Adjusted Hotel EBITDA provides useful supplemental information to investors regarding operating performance and is used by management to measure the performance of the Company’s hotels and effectiveness of the operators of the hotels.
The following table reconciles the Company’s GAAP net income (loss) to EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted Hotel EBITDA on a quarterly basis from March 31, 2019 through December 31, 2021:
| Three Months Ended | |||||||||||||||||||||||||
| 3/31/2019 | 6/30/2019 | 9/30/2019 | 12/31/2019 | 3/31/2020 | 6/30/2020 | 9/30/2020 | 12/31/2020 | 3/31/2021 | 6/30/2021 | 9/30/2021 | 12/31/2021 | ||||||||||||||
| Net income (loss) | $38,151 | $62,090 | $46,223 | $25,453 | $(2,769) | $(78,243) | $(40,948) | $(51,247) | $(46,435) | $20,283 | $31,759 | $13,221 | |||||||||||||
| Depreciation and amortization | 47,950 | 48,109 | 47,887 | 49,294 | 49,522 | 49,897 | 50,171 | 50,196 | 48,710 | 46,386 | 44,217 | 45,158 | |||||||||||||
| Amortization of favorable and unfavorable operating leases, net | 31 | 31 | 31 | 31 | 101 | 101 | 103 | 137 | 98 | 98 | 98 | 99 | |||||||||||||
| Interest and other expense, net | 15,494 | 15,857 | 14,759 | 15,081 | 15,566 | 18,386 | 18,531 | 18,352 | 18,513 | 18,618 | 15,977 | 14,640 | |||||||||||||
| Income tax expense | 206 | 156 | 143 | 174 | 146 | 58 | 61 | 67 | 108 | 87 | 114 | 159 | |||||||||||||
| EBITDA | 101,832 | 126,243 | 109,043 | 90,033 | 62,566 | (9,801) | 27,918 | 17,505 | 20,994 | 85,472 | 92,165 | 73,277 | |||||||||||||
| (Gain) loss on sale of real estate | (1,213) | 161 | - | (3,969) | (8,839) | 54 | - | (2,069) | (4,484) | 864 | (44) | 68 | |||||||||||||
| Loss on impairment of depreciable real estate assets | - | - | 6,467 | - | - | 4,382 | - | 715 | 10,754 | - | - | - | |||||||||||||
| EBITDAre | 100,619 | 126,404 | 115,510 | 86,064 | 53,727 | (5,365) | 27,918 | 16,151 | 27,264 | 86,336 | 92,121 | 73,345 | |||||||||||||
| Non-cash straight-line operating ground lease expense | 48 | 47 | 47 | 46 | 47 | 44 | 44 | 45 | 44 | 43 | 41 | 41 | |||||||||||||
| Adjusted EBITDAre | $100,667 | $126,451 | $115,557 | $86,110 | $53,774 | $(5,321) | $27,962 | $16,196 | $27,308 | $86,379 | $92,162 | $73,386 | |||||||||||||
| General and administrative expense | 8,137 | 8,308 | 9,039 | 10,726 | 9,523 | 6,025 | 6,726 | 7,100 | 8,119 | 8,435 | 13,261 | 11,223 | |||||||||||||
| Adjusted Hotel EBITDA | $108,804 | $134,759 | $124,596 | $96,836 | $63,297 | $704 | $34,688 | $23,296 | $35,427 | $94,814 | $105,423 | $84,609 | |||||||||||||
Apple Hospitality REIT, Inc. Reconciliation of Net Income (Loss) to FFO and MFFO (Unaudited) (in thousands)
The Company calculates and presents FFO in accordance with standards established by Nareit, which defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains and losses from the sale of certain real estate assets (including gains and losses from change in control), extraordinary items as defined by GAAP, and the cumulative effect of changes in accounting principles, plus real estate related depreciation, amortization and impairments, and adjustments for unconsolidated affiliates. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most real estate industry investors consider FFO to be helpful in evaluating a real estate company’s operations. The Company further believes that by excluding the effects of these items, FFO is useful to investors in comparing its operating performance between periods and between REITs that report FFO using the Nareit definition. FFO as presented by the Company is applicable only to its common shareholders, but does not represent an amount that accrues directly to common shareholders.
The Company calculates MFFO by further adjusting FFO for the exclusion of amortization of finance ground lease assets, amortization of favorable and unfavorable operating leases, net and non-cash straight-line operating ground lease expense, as these expenses do not reflect the underlying performance of the related hotels. The Company presents MFFO when evaluating its performance because it believes that it provides further useful supplemental information to investors regarding its ongoing operating performance.
The following table reconciles the Company’s GAAP net income (loss) to FFO and MFFO for the three months and year ended December 31, 2021 and 2020:
| Three Months Ended December 31, | Year Ended December 31, | |||||||
| 2021 | 2020 | 2021 | 2020 | |||||
| Net income (loss) | $13,221 | $(51,247) | $18,828 | $(173,207) | ||||
| Depreciation of real estate owned | 44,395 | 48,327 | 179,275 | 192,346 | ||||
| (Gain) loss on sale of real estate | 68 | (2,069) | (3,596) | (10,854) | ||||
| Loss on impairment of depreciable real estate assets | - | 715 | 10,754 | 5,097 | ||||
| Funds from operations | 57,684 | (4,274) | 205,261 | 13,382 | ||||
| Amortization of finance ground lease assets | 760 | 1,617 | 5,178 | 6,433 | ||||
| Amortization of favorable and unfavorable operating leases, net | 99 | 137 | 393 | 442 | ||||
| Non-cash straight-line operating ground lease expense | 41 | 45 | 169 | 180 | ||||
| Modified funds from operations | $58,584 | $(2,475) | $211,001 | $20,437 | ||||
| Apple Hospitality REIT, Inc. | |||||||||||||||||||||||||||||||
| Debt Summary | |||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||
| ($ in thousands) | |||||||||||||||||||||||||||||||
| December 31, 2021 | |||||||||||||||||||||||||||||||
| 2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | Total | Fair Market Value | ||||||||||||||||||||||||
| Total debt: | |||||||||||||||||||||||||||||||
| Maturities | $ | 241,831 | $ | 296,213 | $ | 338,597 | $ | 245,140 | $ | 74,649 | $ | 247,616 | $ | 1,444,046 | $ | 1,409,689 | |||||||||||||||
| Average interest rates (1) | 3.3 | % | 3.4 | % | 3.7 | % | 3.9 | % | 3.8 | % | 3.7 | % | |||||||||||||||||||
| Variable-rate debt: | |||||||||||||||||||||||||||||||
| Maturities | $ | 76,000 | $ | 250,000 | $ | 310,000 | $ | 175,000 | $ | - | $ | 85,000 | $ | 896,000 | $ | 869,618 | |||||||||||||||
| Average interest rates (1) | 3.0 | % | 3.2 | % | 3.6 | % | 4.1 | % | 4.2 | % | 3.7 | % | |||||||||||||||||||
| Fixed-rate debt: | |||||||||||||||||||||||||||||||
| Maturities | $ | 165,831 | $ | 46,213 | $ | 28,597 | $ | 70,140 | $ | 74,649 | $ | 162,616 | $ | 548,046 | $ | 540,071 | |||||||||||||||
| Average interest rates | 4.0 | % | 3.9 | % | 3.9 | % | 3.8 | % | 3.7 | % | 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, 2021. | |||||||||||||||||||||||||||||||
| Apple Hospitality REIT, Inc. | |||||||||||||||
| Comparable Hotels Operating Metrics by Market | |||||||||||||||
| Three Months Ended December 31 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Top 20 Markets | Occupancy | ADR | RevPAR | % of Adjusted Hotel EBITDA | |||||||||||
| # of Hotels | Q4 2021 | Q4 2020 | % Change | Q4 2021 | Q4 2020 | % Change | Q4 2021 | Q4 2020 | % Change | Q4 2021 | |||||
| Top 20 Markets | |||||||||||||||
| Los Angeles, CA | 8 | 79.3% | 70.5% | 12.5% | $165.38 | $113.89 | 45.2% | $131.13 | $80.25 | 63.4% | 6.3% | ||||
| Phoenix, AZ | 10 | 76.2% | 43.1% | 76.8% | $124.00 | $89.64 | 38.3% | $94.46 | $38.66 | 144.3% | 5.9% | ||||
| San Diego, CA | 7 | 67.0% | 39.7% | 68.8% | $143.68 | $109.85 | 30.8% | $96.28 | $43.61 | 120.8% | 4.6% | ||||
| Orange County, CA | 6 | 73.3% | 50.7% | 44.6% | $134.80 | $102.70 | 31.3% | $98.75 | $52.07 | 89.6% | 3.9% | ||||
| Fort Worth/Arlington, TX | 6 | 69.5% | 53.4% | 30.1% | $135.56 | $103.41 | 31.1% | $94.23 | $55.22 | 70.6% | 3.6% | ||||
| Portland, ME | 3 | 63.9% | 48.0% | 33.1% | $198.33 | $148.38 | 33.7% | $126.81 | $71.26 | 78.0% | 3.6% | ||||
| Nashville, TN | 5 | 74.7% | 45.7% | 63.5% | $150.71 | $95.52 | 57.8% | $112.56 | $43.70 | 157.6% | 3.6% | ||||
| Austin, TX | 7 | 76.6% | 32.9% | 132.8% | $110.76 | $75.45 | 46.8% | $84.85 | $24.82 | 241.9% | 2.5% | ||||
| Richmond/Petersburg, VA | 4 | 69.0% | 28.2% | 144.7% | $149.55 | $108.28 | 38.1% | $103.23 | $30.56 | 237.8% | 2.4% | ||||
| Melbourne, FL | 3 | 73.4% | 47.3% | 55.2% | $150.99 | $129.72 | 16.4% | $110.85 | $61.32 | 80.8% | 2.2% | ||||
| Miami, FL | 3 | 83.8% | 57.3% | 46.2% | $139.41 | $80.60 | 73.0% | $116.88 | $46.18 | 153.1% | 2.1% | ||||
| Seattle, WA | 3 | 63.5% | 47.8% | 32.8% | $149.69 | $122.24 | 22.5% | $95.05 | $58.37 | 62.8% | 2.0% | ||||
| Dallas, TX | 5 | 62.4% | 35.9% | 73.8% | $117.87 | $85.01 | 38.7% | $73.56 | $30.53 | 140.9% | 2.0% | ||||
| Omaha, NE | 4 | 60.2% | 30.1% | 100.0% | $115.24 | $85.58 | 34.7% | $69.35 | $25.76 | 169.2% | 1.8% | ||||
| North Carolina East | 4 | 67.2% | 60.8% | 10.5% | $122.24 | $107.94 | 13.2% | $82.10 | $65.66 | 25.0% | 1.7% | ||||
| Chicago, IL | 7 | 55.5% | 24.0% | 131.3% | $114.04 | $83.18 | 37.1% | $63.31 | $19.98 | 216.9% | 1.6% | ||||
| Indiana North | 3 | 62.7% | 38.7% | 62.0% | $155.52 | $108.90 | 42.8% | $97.54 | $42.18 | 131.2% | 1.6% | ||||
| Tucson, AZ | 3 | 79.4% | 62.2% | 27.7% | $103.42 | $87.04 | 18.8% | $82.13 | $54.14 | 51.7% | 1.5% | ||||
| Oklahoma City, OK | 4 | 56.8% | 50.1% | 13.4% | $128.51 | $96.94 | 32.6% | $72.96 | $48.55 | 50.3% | 1.5% | ||||
| New Orleans, LA | 1 | 72.6% | 34.5% | 110.4% | $217.23 | $137.34 | 58.2% | $157.63 | $47.43 | 232.3% | 1.5% | ||||
| Top 20 Markets | 96 | 69.2% | 44.1% | 56.9% | $137.25 | $101.65 | 35.0% | $95.03 | $44.84 | 111.9% | 55.9% | ||||
| All Other Markets | |||||||||||||||
| Florida Panhandle | 5 | 60.3% | 56.9% | 6.0% | $129.52 | $108.83 | 19.0% | $78.11 | $61.89 | 26.2% | 1.5% | ||||
| Alabama North | 4 | 68.8% | 62.1% | 10.8% | $123.47 | $105.98 | 16.5% | $84.95 | $65.84 | 29.0% | 1.4% | ||||
| Alaska | 2 | 83.8% | 58.7% | 42.8% | $151.81 | $135.24 | 12.3% | $127.16 | $79.41 | 60.1% | 1.4% | ||||
| Birmingham, AL | 4 | 67.3% | 43.5% | 54.7% | $127.52 | $103.87 | 22.8% | $85.83 | $45.15 | 90.1% | 1.4% | ||||
| Memphis, TN | 2 | 56.7% | 37.7% | 50.4% | $190.91 | $135.49 | 40.9% | $108.29 | $51.02 | 112.3% | 1.4% | ||||
| Newark, NJ | 2 | 81.9% | 58.8% | 39.3% | $154.19 | $112.50 | 37.1% | $126.30 | $66.20 | 90.8% | 1.4% | ||||
| Fort Lauderdale, FL | 2 | 76.5% | 49.3% | 55.2% | $135.14 | $79.94 | 69.1% | $103.37 | $39.37 | 162.6% | 1.4% | ||||
| Washington, DC | 4 | 64.6% | 42.3% | 52.7% | $111.29 | $94.99 | 17.2% | $71.91 | $40.16 | 79.1% | 1.3% | ||||
| Alabama South | 4 | 63.9% | 48.9% | 30.7% | $121.09 | $102.09 | 18.6% | $77.36 | $49.93 | 54.9% | 1.3% | ||||
| Knoxville, TN | 3 | 76.4% | 54.2% | 41.0% | $111.49 | $100.27 | 11.2% | $85.17 | $54.33 | 56.8% | 1.2% | ||||
| Houston, TX | 6 | 53.7% | 37.0% | 45.1% | $99.77 | $80.95 | 23.2% | $53.62 | $29.92 | 79.2% | 1.2% | ||||
| Boston, MA | 3 | 76.9% | 43.4% | 77.2% | $121.03 | $100.52 | 20.4% | $93.13 | $43.67 | 113.3% | 1.2% | ||||
| Kansas City, MO | 4 | 63.6% | 38.6% | 64.8% | $115.54 | $101.57 | 13.8% | $73.47 | $39.18 | 87.5% | 1.1% | ||||
| Orlando, FL | 3 | 69.3% | 29.5% | 134.9% | $102.11 | $71.89 | 42.0% | $70.75 | $21.20 | 233.7% | 1.1% | ||||
| Virginia Area | 1 | 79.6% | 100.0% | (20.4%) | $144.90 | $74.22 | 95.2% | $115.37 | $74.20 | 55.5% | 1.0% | ||||
| Syracuse, NY | 2 | 77.9% | 34.8% | 123.9% | $122.77 | $101.14 | 21.4% | $95.62 | $35.24 | 171.3% | 1.0% | ||||
| Salt Lake City/Ogden, UT | 2 | 77.0% | 57.4% | 34.1% | $104.94 | $71.58 | 46.6% | $80.84 | $41.11 | 96.6% | 0.9% | ||||
| Jacksonville, FL | 2 | 87.0% | 60.9% | 42.9% | $114.40 | $98.51 | 16.1% | $99.56 | $60.00 | 65.9% | 0.9% | ||||
| Norfolk/Virginia Beach, VA | 4 | 67.7% | 59.7% | 13.4% | $115.55 | $94.47 | 22.3% | $78.24 | $56.44 | 38.6% | 0.9% | ||||
| Philadelphia, PA | 3 | 61.6% | 41.1% | 49.9% | $120.53 | $91.82 | 31.3% | $74.23 | $37.78 | 96.5% | 0.9% | ||||
| California South/Central | 2 | 78.4% | 75.8% | 3.4% | $148.39 | $113.03 | 31.3% | $116.36 | $85.73 | 35.7% | 0.8% | ||||
| Savannah, GA | 1 | 81.0% | 72.3% | 12.0% | $124.46 | $87.47 | 42.3% | $100.80 | $63.22 | 59.4% | 0.8% | ||||
| Texas West | 1 | 97.9% | 85.3% | 14.8% | $119.33 | $102.51 | 16.4% | $116.86 | $87.45 | 33.6% | 0.8% | ||||
| Inland Empire, CA | 1 | 78.9% | 84.7% | (6.8%) | $190.34 | $155.46 | 22.4% | $150.12 | $131.75 | 13.9% | 0.8% | ||||
| Denver, CO | 3 | 50.7% | 40.0% | 26.8% | $119.94 | $86.32 | 38.9% | $60.76 | $34.55 | 75.9% | 0.8% | ||||
| Atlanta, GA | 3 | 52.3% | 35.5% | 47.3% | $148.21 | $89.41 | 65.8% | $77.52 | $31.73 | 144.3% | 0.8% | ||||
| Sacramento, CA | 1 | 71.8% | 47.7% | 50.5% | $152.58 | $103.30 | 47.7% | $109.49 | $49.30 | 122.1% | 0.7% | ||||
| Note: Market categorization based on STR designation. Top 20 markets based on Comparable Hotels Adjusted Hotel EBITDA contribution. | |||||||||||||||
| Apple Hospitality REIT, Inc. | |||||||||||||||
| Comparable Hotels Operating Metrics by Market | |||||||||||||||
| Three Months Ended December 31 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| All Other Markets (continued) | Occupancy | ADR | RevPAR | % of Adjusted Hotel EBITDA | |||||||||||
| # of Hotels | Q4 2021 | Q4 2020 | % Change | Q4 2021 | Q4 2020 | % Change | Q4 2021 | Q4 2020 | % Change | Q4 2021 | |||||
| Saint Louis, MO | 2 | 53.8% | 33.3% | 61.6% | $142.08 | $94.07 | 51.0% | $76.44 | $31.35 | 143.8% | 0.7% | ||||
| Long Island, NY | 1 | 75.6% | 51.1% | 47.9% | $146.30 | $102.42 | 42.8% | $110.65 | $52.35 | 111.4% | 0.7% | ||||
| Idaho | 1 | 63.7% | 43.0% | 48.1% | $146.67 | $104.89 | 39.8% | $93.37 | $45.10 | 107.0% | 0.7% | ||||
| Columbia, SC | 2 | 71.4% | 59.3% | 20.4% | $117.12 | $88.73 | 32.0% | $83.67 | $52.64 | 58.9% | 0.7% | ||||
| Iowa Area | 3 | 65.9% | 52.6% | 25.3% | $106.83 | $96.52 | 10.7% | $70.42 | $50.77 | 38.7% | 0.7% | ||||
| Louisiana South | 2 | 57.0% | 69.3% | (17.7%) | $124.57 | $101.20 | 23.1% | $70.97 | $70.18 | 1.1% | 0.7% | ||||
| Tampa, FL | 1 | 83.8% | 61.6% | 36.0% | $139.93 | $100.26 | 39.6% | $117.31 | $61.78 | 89.9% | 0.6% | ||||
| Palm Beach , FL | 1 | 69.6% | 47.9% | 45.3% | $132.67 | $71.74 | 84.9% | $92.29 | $34.35 | 168.7% | 0.6% | ||||
| Greenville/Spartanburg, SC | 1 | 66.8% | 65.1% | 2.6% | $159.38 | $98.04 | 62.6% | $106.53 | $63.78 | 67.0% | 0.5% | ||||
| San Jose/Santa Cruz, CA | 1 | 81.0% | 76.1% | 6.4% | $138.46 | $114.19 | 21.3% | $112.15 | $86.86 | 29.1% | 0.5% | ||||
| Bergen/Passaic, NJ | 1 | 90.5% | 73.0% | 24.0% | $119.81 | $94.02 | 27.4% | $108.47 | $68.59 | 58.1% | 0.5% | ||||
| Florida Central | 2 | 67.5% | 43.8% | 54.1% | $121.25 | $89.96 | 34.8% | $81.87 | $39.38 | 107.9% | 0.5% | ||||
| Madison, WI | 1 | 39.8% | $179.28 | $71.33 | 0.5% | ||||||||||
| Mississippi | 2 | 69.6% | 52.4% | 32.8% | $110.57 | $101.17 | 9.3% | $76.97 | $53.05 | 45.1% | 0.5% | ||||
| Baltimore, MD | 1 | 56.8% | 35.8% | 58.7% | $150.84 | $79.94 | 88.7% | $85.66 | $28.60 | 199.5% | 0.5% | ||||
| Macon/Warner Robins, GA | 1 | 68.8% | 51.7% | 33.1% | $140.42 | $112.83 | 24.5% | $96.56 | $58.33 | 65.5% | 0.5% | ||||
| Portland, OR | 1 | 44.4% | 18.9% | 134.9% | $145.64 | $98.90 | 47.3% | $64.69 | $18.73 | 245.4% | 0.4% | ||||
| Greensboro/Winston Salem, NC | 2 | 66.1% | 49.2% | 34.3% | $112.52 | $86.61 | 29.9% | $74.39 | $42.64 | 74.5% | 0.4% | ||||
| Arkansas Area | 2 | 57.5% | 44.7% | 28.6% | $101.12 | $72.80 | 38.9% | $58.12 | $32.51 | 78.8% | 0.4% | ||||
| Ohio Area | 1 | 60.1% | 37.5% | 60.3% | $112.11 | $90.35 | 24.1% | $67.39 | $33.89 | 98.8% | 0.4% | ||||
| San Antonio, TX | 1 | 84.5% | 55.6% | 52.0% | $93.96 | $70.48 | 33.3% | $79.36 | $39.21 | 102.4% | 0.3% | ||||
| Pittsburgh, PA | 1 | 42.4% | 31.3% | 35.5% | $152.09 | $94.56 | 60.8% | $64.46 | $29.60 | 117.8% | 0.3% | ||||
| Detroit, MI | 1 | 56.5% | 23.1% | 144.6% | $126.01 | $92.59 | 36.1% | $71.22 | $21.38 | 233.1% | 0.3% | ||||
| Texas East | 1 | 89.1% | 83.7% | 6.5% | $105.46 | $84.40 | 25.0% | $93.98 | $70.61 | 33.1% | 0.3% | ||||
| Colorado Springs, CO | 1 | 65.5% | 51.3% | 27.7% | $134.05 | $108.48 | 23.6% | $87.78 | $55.65 | 57.7% | 0.3% | ||||
| Raleigh/Durham/Chapel Hill, NC | 1 | 66.3% | 51.7% | 28.2% | $113.41 | $81.56 | 39.1% | $75.24 | $42.18 | 78.4% | 0.3% | ||||
| South Carolina Area | 1 | 65.6% | 50.2% | 30.7% | $129.59 | $94.18 | 37.6% | $85.03 | $47.25 | 80.0% | 0.3% | ||||
| Utah Area | 1 | 59.8% | 51.8% | 15.4% | $120.60 | $93.95 | 28.4% | $72.10 | $48.71 | 48.0% | 0.3% | ||||
| Charleston, SC | 1 | 62.1% | 40.3% | 54.1% | $114.77 | $99.99 | 14.8% | $71.31 | $40.34 | 76.8% | 0.2% | ||||
| Chattanooga, TN | 1 | 84.7% | 69.2% | 22.4% | $121.03 | $112.29 | 7.8% | $102.47 | $77.73 | 31.8% | 0.2% | ||||
| Indianapolis, IN | 1 | 61.8% | 32.8% | 88.4% | $110.98 | $89.89 | 23.5% | $68.58 | $29.49 | 132.6% | 0.2% | ||||
| Mobile, AL | 1 | 63.5% | 64.0% | (0.8%) | $107.50 | $97.21 | 10.6% | $68.26 | $62.24 | 9.7% | 0.2% | ||||
| Minneapolis, MN | 2 | 53.0% | 22.0% | 140.9% | $123.74 | $82.06 | 50.8% | $65.64 | $18.08 | 263.1% | 0.2% | ||||
| Charlotte, NC | 1 | 76.2% | 51.7% | 47.4% | $86.57 | $68.83 | 25.8% | $65.96 | $35.61 | 85.2% | 0.2% | ||||
| Central New Jersey | 1 | 49.1% | 29.7% | 65.3% | $117.88 | $72.15 | 63.4% | $57.86 | $21.40 | 170.4% | 0.2% | ||||
| Kansas | 1 | 63.4% | 38.3% | 65.5% | $82.41 | $75.33 | 9.4% | $52.23 | $28.86 | 81.0% | 0.1% | ||||
| Minnesota | 1 | 57.9% | 44.5% | 30.1% | $103.92 | $85.56 | 21.5% | $60.18 | $38.10 | 58.0% | 0.1% | ||||
| Cincinnati, OH | 1 | 55.9% | 32.8% | 70.4% | $107.71 | $92.85 | 16.0% | $60.18 | $30.48 | 97.4% | 0.1% | ||||
| New York, NY | 1 | 68.6% | 41.3% | 66.1% | $171.29 | $122.12 | 40.3% | $117.57 | $50.41 | 133.2% | (0.4)% | ||||
| All Other Markets | 123 | 65.8% | 47.7% | 37.9% | $125.34 | $96.65 | 29.7% | $82.43 | $46.14 | 78.7% | 44.1% | ||||
| Total Portfolio | 219 | 67.4% | 46.0% | 46.5% | $131.19 | $98.94 | 32.6% | $88.45 | $45.52 | 94.3% | 100.0% | ||||
| Note: Market categorization based on STR designation. Top 20 markets based on Comparable Hotels Adjusted Hotel EBITDA contribution. | |||||||||||||||
| Apple Hospitality REIT, Inc. | |||||||||||||||
| Comparable Hotels Operating Metrics by Market | |||||||||||||||
| Year Ended December 31 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Top 20 Markets | Occupancy | ADR | RevPAR | % of Adjusted Hotel EBITDA | |||||||||||
| # of Hotels | YTD 2021 | YTD 2020 | % Change | YTD 2021 | YTD 2020 | % Change | YTD 2021 | YTD 2020 | % Change | YTD 2021 | |||||
| Top 20 Markets | |||||||||||||||
| Los Angeles, CA | 8 | 82.9% | 62.5% | 32.6% | $145.84 | $131.13 | 11.2% | $120.88 | $81.95 | 47.5% | 6.3% | ||||
| San Diego, CA | 7 | 63.9% | 43.5% | 46.9% | $143.70 | $127.16 | 13.0% | $91.88 | $55.32 | 66.1% | 5.1% | ||||
| Orange County, CA | 6 | 72.2% | 46.3% | 55.9% | $129.58 | $120.22 | 7.8% | $93.58 | $55.64 | 68.2% | 3.9% | ||||
| Phoenix, AZ | 10 | 66.5% | 42.3% | 57.2% | $109.29 | $115.06 | (5.0%) | $72.65 | $48.67 | 49.3% | 3.9% | ||||
| Portland, ME | 3 | 65.0% | 52.0% | 25.0% | $223.19 | $121.50 | 83.7% | $145.01 | $63.15 | 129.6% | 3.8% | ||||
| Fort Worth/Arlington, TX | 6 | 73.0% | 50.2% | 45.4% | $123.55 | $113.99 | 8.4% | $90.20 | $57.22 | 57.6% | 3.0% | ||||
| Norfolk/Virginia Beach, VA | 4 | 75.8% | 59.3% | 27.8% | $159.31 | $128.67 | 23.8% | $120.82 | $76.34 | 58.3% | 3.0% | ||||
| Nashville, TN | 5 | 68.9% | 43.8% | 57.3% | $135.04 | $117.92 | 14.5% | $93.02 | $51.62 | 80.2% | 2.9% | ||||
| North Carolina East | 4 | 73.8% | 64.5% | 14.4% | $142.44 | $122.70 | 16.1% | $105.13 | $79.11 | 32.9% | 2.9% | ||||
| Alaska | 2 | 85.6% | 65.4% | 30.9% | $181.79 | $138.79 | 31.0% | $155.63 | $90.72 | 71.5% | 2.5% | ||||
| Seattle, WA | 3 | 66.0% | 50.1% | 31.7% | $151.18 | $139.88 | 8.1% | $99.74 | $70.02 | 42.4% | 2.5% | ||||
| Florida Panhandle | 5 | 69.7% | 56.4% | 23.6% | $139.55 | $123.18 | 13.3% | $97.33 | $69.41 | 40.2% | 2.5% | ||||
| Omaha, NE | 4 | 56.5% | 35.5% | 59.2% | $126.95 | $98.79 | 28.5% | $71.69 | $35.06 | 104.5% | 2.1% | ||||
| Melbourne, FL | 3 | 68.3% | 52.4% | 30.3% | $144.62 | $139.26 | 3.8% | $98.83 | $72.94 | 35.5% | 2.0% | ||||
| Austin, TX | 7 | 68.7% | 34.7% | 98.0% | $101.14 | $92.49 | 9.4% | $69.48 | $32.10 | 116.4% | 1.9% | ||||
| Oklahoma City, OK | 4 | 63.3% | 46.8% | 35.3% | $123.73 | $107.14 | 15.5% | $78.29 | $50.17 | 56.0% | 1.9% | ||||
| Miami, FL | 3 | 79.6% | 54.2% | 46.9% | $128.67 | $108.07 | 19.1% | $102.40 | $58.59 | 74.8% | 1.8% | ||||
| Richmond/Petersburg, VA | 4 | 56.7% | 28.4% | 99.6% | $142.15 | $132.14 | 7.6% | $80.54 | $37.59 | 114.3% | 1.8% | ||||
| Alabama North | 4 | 74.4% | 52.3% | 42.3% | $118.12 | $108.09 | 9.3% | $87.85 | $56.53 | 55.4% | 1.8% | ||||
| Dallas, TX | 5 | 63.9% | 38.9% | 64.3% | $106.34 | $105.48 | 0.8% | $67.90 | $41.07 | 65.3% | 1.5% | ||||
| Top 20 Markets | 97 | 69.1% | 47.4% | 45.8% | $134.59 | $119.93 | 12.2% | $93.06 | $56.82 | 63.8% | 57.1% | ||||
| All Other Markets | |||||||||||||||
| Birmingham, AL | 4 | 66.5% | 45.9% | 44.9% | $122.31 | $109.13 | 12.1% | $81.37 | $50.11 | 62.4% | 1.5% | ||||
| Chicago, IL | 7 | 50.5% | 32.4% | 55.9% | $107.54 | $97.51 | 10.3% | $54.33 | $31.57 | 72.1% | 1.4% | ||||
| Alabama South | 4 | 65.3% | 48.3% | 35.2% | $113.33 | $104.77 | 8.2% | $73.95 | $50.58 | 46.2% | 1.4% | ||||
| Indiana North | 3 | 67.1% | 40.9% | 64.1% | $123.76 | $107.31 | 15.3% | $83.10 | $43.88 | 89.4% | 1.4% | ||||
| Washington, DC | 4 | 60.3% | 43.7% | 38.0% | $106.84 | $107.07 | (0.2%) | $64.44 | $46.81 | 37.7% | 1.3% | ||||
| Memphis, TN | 2 | 56.7% | 38.9% | 45.8% | $178.24 | $148.07 | 20.4% | $101.01 | $57.61 | 75.3% | 1.3% | ||||
| Fort Lauderdale, FL | 2 | 79.7% | 47.3% | 68.5% | $119.22 | $120.20 | (0.8%) | $94.96 | $56.81 | 67.2% | 1.3% | ||||
| Tucson, AZ | 3 | 76.0% | 54.3% | 40.0% | $98.68 | $104.92 | (5.9%) | $74.99 | $57.01 | 31.5% | 1.3% | ||||
| Houston, TX | 6 | 58.3% | 42.3% | 37.8% | $97.00 | $94.83 | 2.3% | $56.59 | $40.15 | 40.9% | 1.2% | ||||
| Knoxville, TN | 3 | 71.3% | 46.5% | 53.3% | $103.91 | $100.08 | 3.8% | $74.06 | $46.50 | 59.3% | 1.1% | ||||
| Kansas City, MO | 4 | 64.8% | 40.2% | 61.2% | $106.97 | $107.58 | (0.6%) | $69.28 | $43.22 | 60.3% | 1.1% | ||||
| Newark, NJ | 2 | 73.7% | 57.0% | 29.3% | $140.07 | $114.75 | 22.1% | $103.30 | $65.39 | 58.0% | 1.1% | ||||
| Salt Lake City/Ogden, UT | 2 | 79.9% | 56.3% | 41.9% | $98.17 | $87.07 | 12.7% | $78.42 | $48.99 | 60.1% | 1.0% | ||||
| Saint Louis, MO | 2 | 58.7% | 35.3% | 66.3% | $136.84 | $109.42 | 25.1% | $80.36 | $38.68 | 107.8% | 1.0% | ||||
| Boston, MA | 3 | 69.1% | 40.2% | 71.9% | $114.37 | $112.57 | 1.6% | $79.08 | $45.23 | 74.8% | 0.9% | ||||
| Jacksonville, FL | 2 | 79.9% | 54.0% | 48.0% | $115.99 | $105.10 | 10.4% | $92.71 | $56.79 | 63.3% | 0.9% | ||||
| Inland Empire, CA | 1 | 87.5% | 78.8% | 11.0% | $179.30 | $156.21 | 14.8% | $156.83 | $123.08 | 27.4% | 0.9% | ||||
| Denver, CO | 3 | 50.7% | 45.4% | 11.7% | $121.24 | $103.21 | 17.5% | $61.41 | $46.83 | 31.1% | 0.9% | ||||
| Orlando, FL | 3 | 63.3% | 33.2% | 90.7% | $98.47 | $102.64 | (4.1%) | $62.36 | $34.09 | 82.9% | 0.9% | ||||
| California South/Central | 2 | 82.8% | 67.2% | 23.2% | $132.36 | $114.51 | 15.6% | $109.58 | $76.93 | 42.4% | 0.8% | ||||
| Syracuse, NY | 2 | 62.8% | 35.2% | 78.4% | $128.25 | $117.15 | 9.5% | $80.56 | $41.23 | 95.4% | 0.8% | ||||
| Louisiana South | 2 | 62.0% | 62.3% | (0.5%) | $116.82 | $96.59 | 20.9% | $72.43 | $60.15 | 20.4% | 0.8% | ||||
| Long Island, NY | 1 | 74.3% | 45.0% | 65.1% | $146.36 | $113.48 | 29.0% | $108.82 | $51.02 | 113.3% | 0.8% | ||||
| Virginia Area | 1 | 78.3% | 54.6% | 43.4% | $119.93 | $93.59 | 28.1% | $93.88 | $51.06 | 83.9% | 0.8% | ||||
| Philadelphia, PA | 3 | 57.5% | 40.2% | 43.0% | $113.82 | $106.74 | 6.6% | $65.49 | $42.95 | 52.5% | 0.8% | ||||
| Savannah, GA | 1 | 82.4% | 64.1% | 28.5% | $117.25 | $99.20 | 18.2% | $96.63 | $63.55 | 52.1% | 0.8% | ||||
| Columbia, SC | 2 | 71.7% | 59.7% | 20.1% | $106.40 | $95.73 | 11.1% | $76.31 | $57.14 | 33.5% | 0.8% | ||||
| Note: Market categorization based on STR designation. Top 20 markets based on Comparable Hotels Adjusted Hotel EBITDA contribution. | |||||||||||||||
| Apple Hospitality REIT, Inc. | |||||||||||||||
| Comparable Hotels Operating Metrics by Market | |||||||||||||||
| Year Ended December 31 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| All Other Markets (continued) | Occupancy | ADR | RevPAR | % of Adjusted Hotel EBITDA | |||||||||||
| # of Hotels | YTD 2021 | YTD 2020 | % Change | YTD 2021 | YTD 2020 | % Change | YTD 2021 | YTD 2020 | % Change | YTD 2021 | |||||
| Atlanta, GA | 3 | 54.1% | 36.5% | 48.2% | $127.92 | $120.52 | 6.1% | $69.18 | $43.96 | 57.4% | 0.7% | ||||
| Texas West | 1 | 95.5% | 84.7% | 12.8% | $112.18 | $104.70 | 7.1% | $107.18 | $88.73 | 20.8% | 0.7% | ||||
| Idaho | 1 | 66.9% | 45.9% | 45.8% | $139.20 | $121.41 | 14.7% | $93.17 | $55.72 | 67.2% | 0.7% | ||||
| New Orleans, LA | 1 | 57.8% | 41.7% | 38.6% | $167.64 | $148.86 | 12.6% | $96.84 | $62.14 | 55.8% | 0.7% | ||||
| Iowa Area | 3 | 65.0% | 49.9% | 30.3% | $105.07 | $97.49 | 7.8% | $68.27 | $48.63 | 40.4% | 0.7% | ||||
| Tampa, FL | 1 | 78.0% | 52.5% | 48.6% | $140.18 | $128.01 | 9.5% | $109.36 | $67.21 | 62.7% | 0.6% | ||||
| Sacramento, CA | 1 | 73.2% | 51.8% | 41.3% | $131.96 | $119.72 | 10.2% | $96.63 | $62.07 | 55.7% | 0.6% | ||||
| San Jose/Santa Cruz, CA | 1 | 82.0% | 64.7% | 26.7% | $130.37 | $143.71 | (9.3%) | $106.88 | $93.01 | 14.9% | 0.6% | ||||
| Greenville/Spartanburg, SC | 1 | 66.3% | 44.3% | 49.7% | $136.42 | $109.56 | 24.5% | $90.40 | $48.59 | 86.0% | 0.6% | ||||
| Florida Central | 2 | 66.7% | 43.2% | 54.4% | $117.83 | $100.78 | 16.9% | $78.56 | $43.53 | 80.5% | 0.6% | ||||
| South Carolina Area | 1 | 71.4% | 54.8% | 30.3% | $156.41 | $113.09 | 38.3% | $111.72 | $61.94 | 80.4% | 0.6% | ||||
| Macon/Warner Robins, GA | 1 | 72.9% | 69.0% | 5.7% | $134.51 | $112.55 | 19.5% | $98.06 | $77.68 | 26.2% | 0.6% | ||||
| Colorado Springs, CO | 1 | 72.5% | 52.3% | 38.6% | $152.33 | $116.40 | 30.9% | $110.52 | $60.90 | 81.5% | 0.5% | ||||
| Portland, OR | 1 | 45.8% | 29.2% | 56.8% | $143.35 | $120.79 | 18.7% | $65.62 | $35.23 | 86.3% | 0.5% | ||||
| Mississippi | 2 | 68.6% | 46.5% | 47.5% | $110.14 | $99.31 | 10.9% | $75.51 | $46.15 | 63.6% | 0.5% | ||||
| Palm Beach , FL | 1 | 74.1% | 43.3% | 71.1% | $111.86 | $117.50 | (4.8%) | $82.90 | $50.92 | 62.8% | 0.5% | ||||
| Greensboro/Winston Salem, NC | 2 | 67.1% | 46.8% | 43.4% | $101.89 | $91.57 | 11.3% | $68.39 | $42.84 | 59.6% | 0.5% | ||||
| Utah Area | 1 | 67.4% | 50.9% | 32.4% | $119.24 | $98.56 | 21.0% | $80.34 | $50.20 | 60.0% | 0.4% | ||||
| Baltimore, MD | 1 | 55.7% | 38.4% | 45.1% | $128.35 | $88.01 | 45.8% | $71.50 | $33.84 | 111.3% | 0.4% | ||||
| Arkansas Area | 2 | 59.9% | 38.5% | 55.6% | $91.03 | $93.00 | (2.1%) | $54.54 | $35.82 | 52.3% | 0.4% | ||||
| San Antonio, TX | 1 | 83.6% | 54.1% | 54.5% | $92.34 | $82.00 | 12.6% | $77.17 | $44.32 | 74.1% | 0.4% | ||||
| Bergen/Passaic, NJ | 1 | 84.2% | 63.5% | 32.6% | $109.77 | $103.46 | 6.1% | $92.40 | $65.75 | 40.5% | 0.3% | ||||
| Charleston, SC | 1 | 69.1% | 46.4% | 48.9% | $111.79 | $106.25 | 5.2% | $77.21 | $49.31 | 56.6% | 0.3% | ||||
| Texas East | 1 | 85.7% | 80.6% | 6.3% | $103.01 | $83.14 | 23.9% | $88.25 | $66.97 | 31.8% | 0.3% | ||||
| Pittsburgh, PA | 1 | 45.8% | 34.2% | 33.9% | $124.82 | $95.14 | 31.2% | $57.21 | $32.49 | 76.1% | 0.3% | ||||
| Detroit, MI | 1 | 46.7% | 27.8% | 68.0% | $123.26 | $101.53 | 21.4% | $57.51 | $28.27 | 103.4% | 0.3% | ||||
| Ohio Area | 1 | 57.2% | 40.0% | 43.0% | $105.31 | $99.89 | 5.4% | $60.22 | $39.91 | 50.9% | 0.3% | ||||
| Mobile, AL | 1 | 65.5% | 56.3% | 16.3% | $108.94 | $96.75 | 12.6% | $71.35 | $54.45 | 31.0% | 0.3% | ||||
| Raleigh/Durham/Chapel Hill, NC | 1 | 68.6% | 49.8% | 37.8% | $98.20 | $94.98 | 3.4% | $67.35 | $47.26 | 42.5% | 0.3% | ||||
| Chattanooga, TN | 1 | 82.4% | 66.1% | 24.7% | $119.22 | $112.60 | 5.9% | $98.26 | $74.45 | 32.0% | 0.3% | ||||
| Madison, WI | 1 | 36.8% | $161.77 | $59.57 | 0.2% | ||||||||||
| Indianapolis, IN | 1 | 59.8% | 33.4% | 79.0% | $108.79 | $99.83 | 9.0% | $65.11 | $33.32 | 95.4% | 0.2% | ||||
| Kansas | 1 | 61.9% | 41.2% | 50.2% | $84.97 | $84.53 | 0.5% | $52.60 | $34.81 | 51.1% | 0.2% | ||||
| Central New Jersey | 1 | 43.7% | 35.7% | 22.4% | $106.22 | $93.05 | 14.2% | $46.46 | $33.25 | 39.7% | 0.1% | ||||
| Charlotte, NC | 1 | 69.5% | 50.2% | 38.4% | $81.40 | $76.83 | 5.9% | $56.58 | $38.60 | 46.6% | 0.1% | ||||
| Cincinnati, OH | 1 | 55.1% | 38.6% | 42.7% | $111.14 | $99.43 | 11.8% | $61.27 | $38.38 | 59.6% | 0.1% | ||||
| Minnesota | 1 | 61.0% | 46.5% | 31.2% | $98.42 | $95.83 | 2.7% | $60.09 | $44.57 | 34.8% | 0.1% | ||||
| Minneapolis, MN | 2 | 47.2% | 27.5% | 71.6% | $113.61 | $108.04 | 5.2% | $53.68 | $29.70 | 80.7% | 0.1% | ||||
| New York, NY | 1 | 65.4% | 31.0% | 111.0% | $135.77 | $129.21 | 5.1% | $88.74 | $40.06 | 121.5% | (1.0)% | ||||
| All Other Markets | 122 | 63.9% | 44.6% | 43.3% | $117.04 | $106.32 | 10.1% | $74.75 | $47.40 | 57.7% | 42.9% | ||||
| Total Portfolio | 219 | 66.3% | 45.9% | 44.4% | $125.43 | $112.72 | 11.3% | $83.14 | $51.69 | 60.8% | 100.0% | ||||
| Note: Market categorization based on STR designation. Top 20 markets based on Comparable Hotels Adjusted Hotel EBITDA contribution. | |||||||||||||||
| Apple Hospitality REIT, Inc. | |||||||||||||||
| Comparable Hotels Operating Metrics by Region | |||||||||||||||
| Three Months Ended December 31 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Region | Occupancy | ADR | RevPAR | % of Adjusted Hotel EBITDA | |||||||||||
| # of Hotels | Q4 2021 | Q4 2020 | % Change | Q4 2021 | Q4 2020 | % Change | Q4 2021 | Q4 2020 | % Change | Q4 2021 | |||||
| STR Region | |||||||||||||||
| East North Central | 15 | 56.1% | 28.3% | 98.2% | $124.73 | $91.17 | 36.8% | $70.00 | $25.76 | 171.7% | 4.7% | ||||
| East South Central | 26 | 69.2% | 49.9% | 38.7% | $133.87 | $104.10 | 28.6% | $92.61 | $51.97 | 78.2% | 11.2% | ||||
| Middle Atlantic | 12 | 68.1% | 44.4% | 53.4% | $138.14 | $100.89 | 36.9% | $94.04 | $44.79 | 110.0% | 4.5% | ||||
| Mountain | 21 | 70.8% | 47.1% | 50.3% | $120.12 | $88.43 | 35.8% | $85.04 | $41.61 | 104.4% | 10.4% | ||||
| New England | 6 | 69.0% | 45.8% | 50.7% | $164.64 | $126.58 | 30.1% | $113.64 | $58.00 | 95.9% | 4.7% | ||||
| Pacific | 32 | 71.7% | 53.2% | 34.8% | $149.99 | $114.16 | 31.4% | $107.52 | $60.68 | 77.2% | 21.8% | ||||
| South Atlantic | 54 | 69.3% | 49.0% | 41.4% | $128.31 | $94.59 | 35.6% | $88.96 | $46.35 | 91.9% | 23.2% | ||||
| West North Central | 17 | 59.8% | 35.5% | 68.5% | $116.43 | $91.84 | 26.8% | $69.68 | $32.65 | 113.4% | 4.7% | ||||
| West South Central | 36 | 65.7% | 44.9% | 46.3% | $120.52 | $90.91 | 32.6% | $79.19 | $40.86 | 93.8% | 14.8% | ||||
| Total Portfolio | 219 | 67.4% | 46.0% | 46.5% | $131.19 | $98.94 | 32.6% | $88.45 | $45.52 | 94.3% | 100.0% | ||||
| Note: Region categorization based on STR designation. | |||||||||||||||
| Apple Hospitality REIT, Inc. | |||||||||||||||
| Comparable Hotels Operating Metrics by Region | |||||||||||||||
| Year Ended December 31 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Region | Occupancy | ADR | RevPAR | % of Adjusted Hotel EBITDA | |||||||||||
| # of Hotels | YTD 2021 | YTD 2020 | % Change | YTD 2021 | YTD 2020 | % Change | YTD 2021 | YTD 2020 | % Change | YTD 2021 | |||||
| STR Region | |||||||||||||||
| East North Central | 15 | 53.1% | 34.3% | 54.8% | $114.20 | $100.08 | 14.1% | $60.59 | $34.37 | 76.3% | 3.9% | ||||
| East South Central | 26 | 68.0% | 46.9% | 45.0% | $125.15 | $111.80 | 11.9% | $85.11 | $52.43 | 62.3% | 10.9% | ||||
| Middle Atlantic | 12 | 62.9% | 42.1% | 49.4% | $126.97 | $109.99 | 15.4% | $79.82 | $46.35 | 72.2% | 3.2% | ||||
| Mountain | 21 | 66.7% | 46.8% | 42.5% | $111.84 | $107.87 | 3.7% | $74.62 | $50.50 | 47.8% | 8.7% | ||||
| New England | 6 | 66.8% | 46.3% | 44.3% | $172.72 | $117.78 | 46.6% | $115.45 | $54.55 | 111.6% | 4.8% | ||||
| Pacific | 32 | 72.4% | 52.1% | 39.0% | $144.82 | $129.78 | 11.6% | $104.81 | $67.59 | 55.1% | 23.9% | ||||
| South Atlantic | 54 | 68.6% | 48.0% | 42.9% | $126.88 | $114.19 | 11.1% | $87.06 | $54.83 | 58.8% | 26.5% | ||||
| West North Central | 17 | 59.0% | 38.3% | 54.0% | $115.62 | $101.92 | 13.4% | $68.21 | $38.99 | 74.9% | 5.3% | ||||
| West South Central | 36 | 66.3% | 45.2% | 46.7% | $110.48 | $102.45 | 7.8% | $73.28 | $46.27 | 58.4% | 12.8% | ||||
| Total Portfolio | 219 | 66.3% | 45.9% | 44.4% | $125.43 | $112.72 | 11.3% | $83.14 | $51.69 | 60.8% | 100.0% | ||||
| Note: Region categorization based on STR designation. | |||||||||||||||
| Apple Hospitality REIT, Inc. | |||||||||||||||
| Comparable Hotels Operating Metrics by Chain Scale | |||||||||||||||
| Three Months Ended December 31 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Chain Scale/Brand | Occupancy | ADR | RevPAR | % of Adjusted Hotel EBITDA | |||||||||||
| # of Hotels | Q4 2021 | Q4 2020 | % Change | Q4 2021 | Q4 2020 | % Change | Q4 2021 | Q4 2020 | % Change | Q4 2021 | |||||
| Upscale | |||||||||||||||
| AC Hotels | 1 | 66.8% | 48.2% | 38.6% | $221.79 | $159.61 | 39.0% | $148.21 | $76.89 | 92.8% | 1.7% | ||||
| Aloft | 1 | 50.6% | $197.01 | $99.75 | 0.6% | ||||||||||
| Courtyard | 33 | 65.3% | 41.9% | 55.8% | $127.78 | $93.29 | 37.0% | $83.49 | $39.13 | 113.4% | 15.4% | ||||
| Hilton Garden Inn | 40 | 60.5% | 39.1% | 54.7% | $132.06 | $92.47 | 42.8% | $79.85 | $36.14 | 120.9% | 17.0% | ||||
| Homewood Suites | 30 | 78.8% | 63.7% | 23.7% | $132.28 | $102.41 | 29.2% | $104.21 | $65.27 | 59.7% | 15.4% | ||||
| Hyatt House | 1 | 78.6% | 48.9% | 60.7% | $122.69 | $78.06 | 57.2% | $96.44 | $38.20 | 152.5% | 0.4% | ||||
| Hyatt Place | 3 | 71.2% | 51.8% | 37.5% | $129.39 | $91.18 | 41.9% | $92.11 | $47.25 | 94.9% | 1.4% | ||||
| Residence Inn | 29 | 73.7% | 55.3% | 33.3% | $139.00 | $116.01 | 19.8% | $102.41 | $64.16 | 59.6% | 16.9% | ||||
| SpringHill Suites | 9 | 65.7% | 44.4% | 48.0% | $114.75 | $81.90 | 40.1% | $75.45 | $36.37 | 107.5% | 3.1% | ||||
| Upscale Total | 147 | 68.0% | 48.0% | 41.7% | $132.51 | $99.97 | 32.5% | $90.04 | $48.01 | 87.5% | 71.9% | ||||
| Upper Midscale | |||||||||||||||
| Fairfield | 10 | 66.2% | 37.7% | 75.6% | $116.92 | $82.96 | 40.9% | $77.35 | $31.31 | 147.0% | 3.6% | ||||
| Hampton | 37 | 63.0% | 37.5% | 68.0% | $130.52 | $94.33 | 38.4% | $82.28 | $35.39 | 132.5% | 14.0% | ||||
| Home2 Suites | 10 | 76.3% | 58.4% | 30.7% | $129.20 | $101.17 | 27.7% | $98.57 | $59.08 | 66.8% | 5.1% | ||||
| TownePlace Suites | 9 | 72.6% | 58.6% | 23.9% | $106.98 | $93.16 | 14.8% | $77.67 | $54.62 | 42.2% | 3.1% | ||||
| Upper Midscale Total | 66 | 66.4% | 42.8% | 55.1% | $125.41 | $93.97 | 33.5% | $83.30 | $40.26 | 106.9% | 25.8% | ||||
| Upper Upscale | |||||||||||||||
| Embassy Suites | 2 | 83.3% | 65.2% | 27.8% | $158.82 | $129.85 | 22.3% | $132.28 | $84.66 | 56.2% | 1.4% | ||||
| Marriott | 2 | 56.1% | 19.1% | 193.7% | $132.10 | $95.09 | 38.9% | $74.07 | $18.13 | 308.5% | 1.1% | ||||
| Upper Upscale Total | 4 | 65.3% | 34.7% | 88.2% | $143.62 | $117.19 | 22.6% | $93.74 | $40.62 | 130.8% | 2.5% | ||||
| Independents | |||||||||||||||
| Independents | 2 | 67.3% | 40.5% | 66.2% | $169.35 | $119.72 | 41.5% | $113.90 | $48.51 | 134.8% | (0.2)% | ||||
| Independents Total | 2 | 67.3% | 40.5% | 66.2% | $169.35 | $119.72 | 41.5% | $113.90 | $48.51 | 134.8% | (0.2)% | ||||
| Total Portfolio | 219 | 67.4% | 46.0% | 46.5% | $131.19 | $98.94 | 32.6% | $88.45 | $45.52 | 94.3% | 100.0% | ||||
| Note: Chain scale categorization based on STR designation. | |||||||||||||||
| Apple Hospitality REIT, Inc. | |||||||||||||||
| Comparable Hotels Operating Metrics by Chain Scale | |||||||||||||||
| Year Ended December 31 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Chain Scale/Brand | Occupancy | ADR | RevPAR | % of Adjusted Hotel EBITDA | |||||||||||
| # of Hotels | YTD 2021 | YTD 2020 | % Change | YTD 2021 | YTD 2020 | % Change | YTD 2021 | YTD 2020 | % Change | YTD 2021 | |||||
| Upscale | |||||||||||||||
| AC Hotels | 1 | 66.8% | 55.7% | 19.9% | $247.77 | $104.76 | 136.5% | $165.41 | $58.33 | 183.6% | 2.0% | ||||
| Aloft | 1 | 49.5% | $201.76 | $99.83 | 0.2% | ||||||||||
| Courtyard | 33 | 61.9% | 40.6% | 52.5% | $129.11 | $116.33 | 11.0% | $79.88 | $47.28 | 69.0% | 16.6% | ||||
| Hilton Garden Inn | 40 | 59.4% | 41.2% | 44.2% | $123.43 | $107.75 | 14.6% | $73.27 | $44.36 | 65.2% | 15.6% | ||||
| Homewood Suites | 30 | 78.3% | 61.5% | 27.3% | $122.10 | $112.37 | 8.7% | $95.63 | $69.05 | 38.5% | 14.3% | ||||
| Hyatt House | 1 | 63.0% | 39.0% | 61.5% | $111.01 | $79.01 | 40.5% | $69.95 | $30.81 | 127.0% | 0.2% | ||||
| Hyatt Place | 3 | 64.0% | 45.2% | 41.6% | $118.43 | $98.51 | 20.2% | $75.77 | $44.57 | 70.0% | 1.1% | ||||
| Residence Inn | 29 | 75.2% | 56.8% | 32.4% | $135.48 | $125.91 | 7.6% | $101.83 | $71.55 | 42.3% | 18.5% | ||||
| SpringHill Suites | 9 | 65.9% | 39.9% | 65.2% | $105.24 | $97.21 | 8.3% | $69.37 | $38.78 | 78.9% | 3.0% | ||||
| Upscale Total | 147 | 66.9% | 47.8% | 40.0% | $126.90 | $113.89 | 11.4% | $84.85 | $54.43 | 55.9% | 71.5% | ||||
| Upper Midscale | |||||||||||||||
| Fairfield | 10 | 64.1% | 36.2% | 77.1% | $104.16 | $97.05 | 7.3% | $66.82 | $35.14 | 90.2% | 2.9% | ||||
| Hampton | 37 | 61.7% | 38.4% | 60.7% | $124.27 | $110.06 | 12.9% | $76.69 | $42.29 | 81.3% | 14.3% | ||||
| Home2 Suites | 10 | 77.7% | 58.9% | 31.9% | $124.92 | $109.92 | 13.6% | $97.06 | $64.76 | 49.9% | 5.7% | ||||
| TownePlace Suites | 9 | 76.4% | 58.0% | 31.7% | $105.69 | $100.51 | 5.2% | $80.73 | $58.29 | 38.5% | 3.8% | ||||
| Upper Midscale Total | 66 | 65.9% | 43.1% | 52.9% | $119.07 | $106.95 | 11.3% | $78.52 | $46.11 | 70.3% | 26.7% | ||||
| Upper Upscale | |||||||||||||||
| Embassy Suites | 2 | 82.9% | 62.4% | 32.9% | $176.77 | $148.00 | 19.4% | $146.53 | $92.29 | 58.8% | 2.1% | ||||
| Marriott | 2 | 44.8% | 20.2% | 121.8% | $126.52 | $124.75 | 1.4% | $56.72 | $25.24 | 124.7% | 0.6% | ||||
| Upper Upscale Total | 4 | 57.7% | 34.5% | 67.2% | $150.92 | $138.98 | 8.6% | $87.07 | $47.95 | 81.6% | 2.7% | ||||
| Independents | |||||||||||||||
| Independents | 2 | 65.2% | 32.4% | 101.2% | $136.75 | $128.87 | 6.1% | $89.20 | $41.79 | 113.4% | (0.9)% | ||||
| Independents Total | 2 | 65.2% | 32.4% | 101.2% | $136.75 | $128.87 | 6.1% | $89.20 | $41.79 | 113.4% | (0.9)% | ||||
| Total Portfolio | 219 | 66.3% | 45.9% | 44.4% | $125.43 | $112.72 | 11.3% | $83.14 | $51.69 | 60.8% | 100.0% | ||||
| Note: Chain scale categorization based on STR designation. | |||||||||||||||
| 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 2021 | Q4 2020 | % Change | Q4 2021 | Q4 2020 | % Change | Q4 2021 | Q4 2020 | % Change | Q4 2021 | |||||
| STR Location | |||||||||||||||
| Airport | 18 | 74.0% | 51.5% | 43.7% | $118.79 | $88.48 | 34.3% | $87.85 | $45.58 | 92.7% | 7.9% | ||||
| Interstate | 4 | 62.3% | 46.8% | 33.1% | $112.01 | $96.91 | 15.6% | $69.84 | $45.34 | 54.0% | 1.2% | ||||
| Resort | 11 | 65.3% | 40.0% | 63.3% | $132.60 | $105.76 | 25.4% | $86.63 | $42.33 | 104.7% | 5.0% | ||||
| Small Metro/Town | 11 | 73.1% | 53.1% | 37.7% | $115.32 | $91.40 | 26.2% | $84.26 | $48.57 | 73.5% | 4.7% | ||||
| Suburban | 125 | 69.0% | 48.1% | 43.5% | $126.61 | $98.95 | 28.0% | $87.31 | $47.57 | 83.5% | 51.4% | ||||
| Urban | 50 | 62.1% | 39.9% | 55.6% | $149.82 | $103.67 | 44.5% | $93.11 | $41.36 | 125.1% | 29.8% | ||||
| Total Portfolio | 219 | 67.4% | 46.0% | 46.5% | $131.19 | $98.94 | 32.6% | $88.45 | $45.52 | 94.3% | 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 2021 | YTD 2020 | % Change | YTD 2021 | YTD 2020 | % Change | YTD 2021 | YTD 2020 | % Change | YTD 2021 | |||||
| STR Location | |||||||||||||||
| Airport | 18 | 71.8% | 52.4% | 37.0% | $111.74 | $102.16 | 9.4% | $80.28 | $53.51 | 50.0% | 7.3% | ||||
| Interstate | 4 | 61.7% | 47.1% | 31.0% | $106.81 | $97.21 | 9.9% | $65.87 | $45.75 | 44.0% | 1.2% | ||||
| Resort | 11 | 65.2% | 43.4% | 50.2% | $146.57 | $136.09 | 7.7% | $95.57 | $59.11 | 61.7% | 7.1% | ||||
| Small Metro/Town | 11 | 71.1% | 51.7% | 37.5% | $106.56 | $103.75 | 2.7% | $75.78 | $53.65 | 41.2% | 4.3% | ||||
| Suburban | 125 | 68.3% | 47.5% | 43.8% | $121.34 | $110.93 | 9.4% | $82.83 | $52.67 | 57.3% | 53.2% | ||||
| Urban | 50 | 60.2% | 39.9% | 50.9% | $140.16 | $119.37 | 17.4% | $84.42 | $47.63 | 77.2% | 26.9% | ||||
| Total Portfolio | 219 | 66.3% | 45.9% | 44.4% | $125.43 | $112.72 | 11.3% | $83.14 | $51.69 | 60.8% | 100.0% | ||||
| Note: Location categorization based on STR designation. | |||||||||||||||