Virginia
|
001-37389
|
26-1379210
|
||
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
·
|
Completed the listing of its common shares on the New York Stock Exchange on May 18, 2015 (the “Listing”)
|
·
|
Comparable Hotels revenue per available room (RevPAR) increased by 6.2 percent to $107.48
|
·
|
Comparable Hotels Adjusted Hotel EBITDA increased by 8.5 percent to $94.4 million
|
·
|
Comparable Hotels Adjusted Hotel EBITDA Margin increased by 70 basis points to 40.0 percent
|
·
|
Modified funds from operations (MFFO) totaled $82.2 million, an increase of over 7 percent to $0.44 per share
|
·
|
Acquired two hotels for a total purchase price of $43 million
|
·
|
Paid distributions of $0.327 per share
|
·
|
Completed a $200 million tender offer at $19.00 per common share
|
·
|
Number of hotels – 174
|
·
|
Number of rooms – 22,177
|
·
|
Number of Marriott® branded hotels – 90
|
·
|
Number of Hilton® branded hotels – 84
|
·
|
Number of states where hotels are located – 32
|
Selected Statistical and Financial Data
|
||||||||||||||||||||||||
As of and For the Three and Six Months Ended June 30, 2015
|
||||||||||||||||||||||||
(Unaudited) (in thousands, except statistical and per share amounts)(1)
|
||||||||||||||||||||||||
Three Months Ended
|
Six Months Ended
|
|||||||||||||||||||||||
June 30,
|
% Change
|
June 30,
|
% Change
|
|||||||||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||||||||||
Comparable Hotels ADR
|
$ | 131.28 | $ | 125.04 | 5.0 | % | $ | 129.27 | $ | 123.24 | 4.9 | % | ||||||||||||
Comparable Hotels Occupancy
|
81.9 | % | 80.9 | % | 1.2 | % | 78.1 | % | 76.6 | % | 2.0 | % | ||||||||||||
Comparable Hotels RevPAR
|
$ | 107.48 | $ | 101.17 | 6.2 | % | $ | 100.98 | $ | 94.43 | 6.9 | % | ||||||||||||
Adjusted EBITDA
|
$ | 90,106 | $ | 85,428 | 5.5 | % | $ | 161,209 | $ | 134,081 | 20.2 | % | ||||||||||||
Comparable Hotels Adjusted Hotel EBITDA
|
$ | 94,445 | $ | 87,021 | 8.5 | % | $ | 170,697 | $ | 153,202 | 11.4 | % | ||||||||||||
Modified funds from operations (MFFO)
|
$ | 82,229 | $ | 77,314 | 6.4 | % | $ | 145,053 | $ | 121,976 | 18.9 | % | ||||||||||||
MFFO per share
|
$ | 0.44 | $ | 0.41 | 7.3 | % | $ | 0.78 | $ | 0.78 | - | |||||||||||||
Net income
|
$ | 44,245 | $ | 43,799 | 1.0 | % | $ | 88,112 | $ | (50,663 | ) | n/a | ||||||||||||
Net income per share
|
$ | 0.24 | $ | 0.23 | 4.3 | % | $ | 0.47 | $ | (0.33 | ) | n/a | ||||||||||||
Distributions paid
|
$ | 60,821 | $ | 61,693 | (1.4 | %) | $ | 124,238 | $ | 107,559 | 15.5 | % | ||||||||||||
Distributions paid per share
|
$ | 0.327 | $ | 0.330 | (0.9 | %) | $ | 0.667 | $ | 0.717 | (7.0 | %) | ||||||||||||
Weighted avg. shares outstanding basic and diluted
|
185,351 | 186,945 | (0.9 | %) | 185,896 | 155,811 | 19.3 | % | ||||||||||||||||
Total shares outstanding
|
175,606 | 186,910 | (6.0 | %) | 175,606 | 186,910 | (6.0 | %) | ||||||||||||||||
Total debt outstanding
|
$ | 799,539 | ||||||||||||||||||||||
Net debt to trailing twelve month Adjusted EBITDA
|
2.6 |
_________________________________
|
1Explanations of and reconciliations to Net Income of Adjusted EBITDA, Comparable Hotels Adjusted Hotel EBITDA and MFFO, are included at the end of this release.
|
2015 Guidance
|
||||||
Low-End
|
High- End
|
|||||
Comparable Hotels RevPAR Growth
|
5% | 7% | ||||
Adjusted EBITDA
|
$310 million
|
$330 million
|
Apple Hospitality REIT, Inc.
|
||||||||
Consolidated Balance Sheets
|
||||||||
(in thousands, except share data)
|
||||||||
June 30,
|
December 31,
|
|||||||
2015
|
2014
|
|||||||
(unaudited)
|
||||||||
Assets
|
||||||||
Investment in real estate, net of accumulated depreciation of $357,947 and $296,559, respectively
|
$ | 3,499,689 | $ | 3,492,821 | ||||
Assets held for sale
|
0 | 195,588 | ||||||
Restricted cash-furniture, fixtures and other escrows
|
26,657 | 32,526 | ||||||
Due from third party managers, net
|
41,771 | 22,879 | ||||||
Other assets, net
|
42,278 | 35,935 | ||||||
Total Assets
|
$ | 3,610,395 | $ | 3,779,749 | ||||
Liabilities
|
||||||||
Credit facility
|
$ | 309,800 | $ | 191,600 | ||||
Mortgage debt
|
489,739 | 517,970 | ||||||
Accounts payable and other liabilities
|
64,492 | 55,555 | ||||||
Total Liabilities
|
864,031 | 765,125 | ||||||
Shareholders' Equity
|
||||||||
Preferred stock, authorized 30,000,000 shares; none issued and outstanding
|
0 | 0 | ||||||
Common stock, no par value, authorized 800,000,000 shares; issued and outstanding 175,605,637 and 186,910,407 shares, respectively
|
3,522,428 | 3,737,328 | ||||||
Accumulated other comprehensive loss
|
(185 | ) | (511 | ) | ||||
Distributions greater than net income
|
(775,879 | ) | (722,193 | ) | ||||
Total Shareholders' Equity
|
2,746,364 | 3,014,624 | ||||||
Total Liabilities and Shareholders' Equity
|
$ | 3,610,395 | $ | 3,779,749 |
Note:
|
The Consolidated Balance Sheets and corresponding footnotes can be found in the Company’s Quarterly Report on Form 10-Q, for the quarter ended June 30, 2015.
|
Apple Hospitality REIT, Inc.
|
||||||||||||||||
Consolidated Statements of Operations and Comprehensive Income (Loss)
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
(in thousands, except per share data)
|
||||||||||||||||
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Revenues:
|
||||||||||||||||
Room
|
$ | 214,991 | $ | 213,372 | $ | 407,004 | $ | 338,814 | ||||||||
Other
|
19,383 | 19,196 | 37,722 | 30,875 | ||||||||||||
Total revenue
|
234,374 | 232,568 | 444,726 | 369,689 | ||||||||||||
Expenses:
|
||||||||||||||||
Operating
|
57,152 | 58,147 | 111,757 | 93,403 | ||||||||||||
Hotel administrative
|
17,408 | 16,625 | 34,564 | 26,983 | ||||||||||||
Sales and marketing
|
17,880 | 18,273 | 34,978 | 29,357 | ||||||||||||
Utilities
|
7,559 | 7,988 | 15,717 | 13,378 | ||||||||||||
Repair and maintenance
|
9,357 | 9,258 | 18,526 | 14,870 | ||||||||||||
Franchise fees
|
9,887 | 9,659 | 18,709 | 15,375 | ||||||||||||
Management fees
|
8,085 | 8,058 | 15,590 | 12,991 | ||||||||||||
Property taxes, insurance and other
|
11,716 | 11,230 | 23,277 | 18,356 | ||||||||||||
Ground lease
|
2,507 | 2,489 | 5,008 | 3,361 | ||||||||||||
General and administrative
|
3,699 | 6,628 | 9,246 | 9,147 | ||||||||||||
Transaction and listing costs
|
5,825 | 1,776 | 7,049 | 3,886 | ||||||||||||
Series B convertible preferred share expense
|
0 | 0 | 0 | 117,133 | ||||||||||||
Depreciation
|
31,135 | 30,754 | 61,854 | 50,313 | ||||||||||||
Total expenses
|
182,210 | 180,885 | 356,275 | 408,553 | ||||||||||||
Operating income (loss)
|
52,164 | 51,683 | 88,451 | (38,864 | ) | |||||||||||
Interest and other expense, net
|
(7,226 | ) | (7,333 | ) | (14,963 | ) | (10,857 | ) | ||||||||
Gain (loss) on sale of real estate
|
(271 | ) | 0 | 15,358 | 0 | |||||||||||
Income (loss) before income taxes
|
44,667 | 44,350 | 88,846 | (49,721 | ) | |||||||||||
Income tax expense
|
(422 | ) | (551 | ) | (734 | ) | (942 | ) | ||||||||
Net income (loss)
|
$ | 44,245 | $ | 43,799 | $ | 88,112 | $ | (50,663 | ) | |||||||
Other comprehensive income (loss):
|
||||||||||||||||
Unrealized loss on interest rate derivatives
|
(185 | ) | (914 | ) | (459 | ) | (446 | ) | ||||||||
Cash flow hedge losses reclassified to earnings
|
785 | 0 | 785 | 0 | ||||||||||||
Comprehensive income (loss)
|
$ | 44,845 | $ | 42,885 | $ | 88,438 | $ | (51,109 | ) | |||||||
Basic and diluted net income (loss) per common share
|
$ | 0.24 | $ | 0.23 | $ | 0.47 | $ | (0.33 | ) | |||||||
Weighted average common shares outstanding - basic and diluted
|
185,351 | 186,945 | 185,896 | 155,811 |
Note:
|
The Consolidated Statements of Operations and Comprehensive Income (Loss) and corresponding footnotes can be found in the Company’s Quarterly Report on Form 10-Q, for the quarter ended June 30, 2015.
|
Apple Hospitality REIT, Inc.
|
||||||||||||||||||||||||
Comparable Hotels Operating Metrics and Statistical Data
|
||||||||||||||||||||||||
(Unaudited) (in thousands except statistical data)
|
||||||||||||||||||||||||
Three Months Ended
|
Six Months Ended
|
|||||||||||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||||||||||
2015
|
2014
|
% Change
|
2015
|
2014
|
% Change
|
|||||||||||||||||||
Room revenue
|
$ | 216,891 | $ | 202,210 | 7.3 | % | $ | 405,311 | $ | 375,372 | 8.0 | % | ||||||||||||
Other revenue
|
19,490 | 18,961 | 2.8 | % | 39,564 | 35,811 | 10.5 | % | ||||||||||||||||
Total revenue
|
236,381 | 221,171 | 6.9 | % | 444,875 | 411,183 | 8.2 | % | ||||||||||||||||
Total operating expenses
|
141,936 | 134,150 | 5.8 | % | 274,178 | 257,981 | 6.3 | % | ||||||||||||||||
Adjusted Hotel EBITDA
|
$ | 94,445 | $ | 87,021 | 8.5 | % | $ | 170,697 | $ | 153,202 | 11.4 | % | ||||||||||||
Adjusted Hotel EBITDA Margin %
|
40.0 | % | 39.3 | % | 1.8 | % | 38.4 | % | 37.3 | % | 2.9 | % | ||||||||||||
ADR
|
$ | 131.28 | $ | 125.04 | 5.0 | % | $ | 129.27 | $ | 123.24 | 4.9 | % | ||||||||||||
Occupancy
|
81.9 | % | 80.9 | % | 1.2 | % | 78.1 | % | 76.6 | % | 2.0 | % | ||||||||||||
RevPAR
|
$ | 107.48 | $ | 101.17 | 6.2 | % | $ | 100.98 | $ | 94.43 | 6.9 | % | ||||||||||||
Reconciliation to Actual Results
|
||||||||||||||||||||||||
Total Revenue (Actual)
|
$ | 234,374 | $ | 232,568 | $ | 444,726 | $ | 369,689 | ||||||||||||||||
Revenue from properties acquired in Apple Seven and Apple Eight mergers for periods prior to mergers
|
- | - | - | 61,665 | ||||||||||||||||||||
Revenue from acquisitions (prior to acquisition)
|
2,272 | 2,694 | 5,683 | 6,221 | ||||||||||||||||||||
Revenue from dispositions
|
(232 | ) | (14,261 | ) | (7,359 | ) | (26,504 | ) | ||||||||||||||||
Lease revenue intangible amortization
|
(33 | ) | 170 | 1,825 | 112 | |||||||||||||||||||
Comparable Hotels Total Revenue
|
$ | 236,381 | $ | 221,171 | $ | 444,875 | $ | 411,183 | ||||||||||||||||
Adjusted Hotel EBITDA (AHEBITDA) (Actual)
|
$ | 93,805 | $ | 92,056 | $ | 170,455 | $ | 143,228 | ||||||||||||||||
AHEBITDA from properties acquired in Apple Seven and Apple Eight mergers for periods prior to mergers
|
- | - | - | 17,415 | ||||||||||||||||||||
AHEBITDA from acquisitions (prior to ownership)
|
606 | 616 | 2,265 | 2,162 | ||||||||||||||||||||
AHEBITDA from dispositions
|
34 | (5,651 | ) | (2,023 | ) | (9,603 | ) | |||||||||||||||||
Comparable Hotels AHEBITDA
|
$ | 94,445 | $ | 87,021 | $ | 170,697 | $ | 153,202 |
Note:
|
Comparable Hotels is defined as the 174 hotels owned by the Company as of June 30, 2015. For hotels acquired during the period the Company has included 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.
|
Reconciliation of Net Income (Loss) to Non-GAAP financial measures is included in the following pages.
|
Apple Hospitality REIT, Inc.
|
||||||||||||||||||||
Comparable Hotels Operating Metrics and Statistical Data (Continued)
|
||||||||||||||||||||
(Unaudited) (in thousands except statistical data)
|
||||||||||||||||||||
Three Months Ended
|
Trailing 12
|
|||||||||||||||||||
Sept 30, 2014
|
Dec 31, 2014
|
March 31, 2015
|
June 30, 2015
|
June 30, 2015
|
||||||||||||||||
Room revenue
|
$ | 202,972 | $ | 174,008 | $ | 188,420 | $ | 216,891 | $ | 782,291 | ||||||||||
Other revenue
|
17,838 | 18,880 | 20,074 | 19,490 | 76,282 | |||||||||||||||
Total revenue
|
220,810 | 192,888 | 208,494 | 236,381 | 858,573 | |||||||||||||||
Total operating expenses
|
135,904 | 125,084 | 132,242 | 141,936 | 535,166 | |||||||||||||||
Adjusted Hotel EBITDA
|
$ | 84,906 | $ | 67,804 | $ | 76,252 | $ | 94,445 | $ | 323,407 | ||||||||||
Adjusted Hotel EBITDA Margin %
|
38.5 | % | 35.2 | % | 36.6 | % | 40.0 | % | 37.7 | % | ||||||||||
ADR
|
$ | 126.06 | $ | 120.89 | $ | 127.04 | $ | 131.28 | $ | 126.48 | ||||||||||
Occupancy
|
79.7 | % | 71.1 | % | 74.3 | % | 81.9 | % | 76.7 | % | ||||||||||
RevPAR
|
$ | 100.45 | $ | 85.93 | $ | 94.42 | $ | 107.48 | $ | 97.07 | ||||||||||
Reconciliation to Actual Results
|
||||||||||||||||||||
Total Revenue (Actual)
|
$ | 231,884 | $ | 202,323 | $ | 210,352 | $ | 234,374 | $ | 878,933 | ||||||||||
Revenue from acquisitions (prior to ownership)
|
2,423 | 2,389 | 3,411 | 2,272 | 10,495 | |||||||||||||||
Revenue from dispositions
|
(13,639 | ) | (11,966 | ) | (7,127 | ) | (232 | ) | (32,964 | ) | ||||||||||
Lease revenue intangible amortization
|
142 | 142 | 1,858 | (33 | ) | 2,109 | ||||||||||||||
Comparable Hotels Total Revenue
|
$ | 220,810 | $ | 192,888 | $ | 208,494 | $ | 236,381 | $ | 858,573 | ||||||||||
Adjusted Hotel EBITDA (AHEBITDA)
|
$ | 89,252 | $ | 71,073 | $ | 76,650 | $ | 93,805 | $ | 330,780 | ||||||||||
AHEBITDA from acquisitions (prior to ownership)
|
644 | 703 | 1,659 | 606 | 3,612 | |||||||||||||||
AHEBITDA from dispositions
|
(4,990 | ) | (3,972 | ) | (2,057 | ) | 34 | (10,985 | ) | |||||||||||
Comparable Hotels Total AHEBITDA
|
$ | 84,906 | $ | 67,804 | $ | 76,252 | $ | 94,445 | $ | 323,407 |
Note:
|
Comparable Hotels is defined as the 174 hotels owned by the Company as of June 30, 2015. For hotels acquired during the period the Company has included 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.
|
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 Non-GAAP Financial Measures
|
Reconciliation of Net Income (Loss) to FFO and MFFO
|
(Unaudited) (in thousands)
|
The Company calculates and presents FFO in accordance with standards established by the National Association of Real Estate Investment Trusts (“NAREIT”), which defines FFO as net income (loss) (computed in accordance with generally accepted accounting principles (“GAAP”)), excluding gains or losses from sales of real estate, extraordinary items as defined by GAAP, the cumulative effect of changes in accounting principles, plus real estate related depreciation, amortization and impairments, and adjustments for unconsolidated partnerships and joint ventures. 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, even though FFO as presented by the Company is applicable only to its common shareholders and does not represent an amount that accrues directly to common shareholders.
|
The Company further adjusts FFO for certain additional items that are not in NAREIT’s definition of FFO, including: (i) the exclusion of the non-cash Series B convertible preferred share conversion expense and transaction and listing costs as these do not represent ongoing operations and (ii) the exclusion of non-cash straight-line ground lease expense as this expense does 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 and six months ended June 30, 2015 and 2014 (in thousands).
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Net income (loss)
|
$ | 44,245 | $ | 43,799 | $ | 88,112 | $ | (50,663 | ) | |||||||
Depreciation of real estate owned
|
30,906 | 30,524 | 61,395 | 50,007 | ||||||||||||
(Gain) loss on sale of real estate
|
271 | - | (15,358 | ) | - | |||||||||||
Amortization of favorable and unfavorable leases, net
|
133 | 336 | 2,156 | 440 | ||||||||||||
Funds (loss) from operations
|
75,555 | 74,659 | 136,305 | (216 | ) | |||||||||||
Series B convertible preferred share expense
|
- | - | - | 117,133 | ||||||||||||
Transaction and listing costs
|
5,825 | 1,776 | 7,049 | 3,886 | ||||||||||||
Non-cash straight-line ground lease expense
|
849 | 879 | 1,699 | 1,173 | ||||||||||||
Modified funds from operations
|
$ | 82,229 | $ | 77,314 | $ | 145,053 | $ | 121,976 |
Apple Hospitality REIT, Inc.
|
Reconciliation of Net Income (Loss) to Non-GAAP Financial Measures
|
Reconciliation of Net Income (Loss) to EBITDA, Adjusted EBITDA 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 and 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 Company’s indebtedness use EBITDA, as defined in the specific credit agreement, as a measure of financial compliance.
|
The Company considers the exclusion of certain additional items from EBITDA useful, including: (i) the exclusion of the non-cash Series B convertible preferred share conversion expense, transaction and listing costs, and gains or losses from sales of real estate as these do not represent ongoing operations and (ii) the exclusion of non-cash straight-line ground lease expense as this expense does not reflect the underlying performance of the related hotels.
|
The following table reconciles the Company’s GAAP net income (loss) to EBITDA and Adjusted EBITDA for the three and six months ended June 30, 2015 and 2014 (in thousands).
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Net income (loss)
|
$ | 44,245 | $ | 43,799 | $ | 88,112 | $ | (50,663 | ) | |||||||
Depreciation
|
31,135 | 30,754 | 61,854 | 50,313 | ||||||||||||
Amortization of favorable and unfavorable leases, net
|
133 | 336 | 2,156 | 440 | ||||||||||||
Interest and other expense, net
|
7,226 | 7,333 | 14,963 | 10,857 | ||||||||||||
Income tax expense
|
422 | 551 | 734 | 942 | ||||||||||||
EBITDA
|
83,161 | 82,773 | 167,819 | 11,889 | ||||||||||||
Series B convertible preferred share expense
|
- | - | - | 117,133 | ||||||||||||
Transaction and listing costs
|
5,825 | 1,776 | 7,049 | 3,886 | ||||||||||||
(Gain) loss on sale of real estate
|
271 | - | (15,358 | ) | - | |||||||||||
Non-cash straight-line ground lease expense
|
849 | 879 | 1,699 | 1,173 | ||||||||||||
Adjusted EBITDA
|
$ | 90,106 | $ | 85,428 | $ | 161,209 | $ | 134,081 | ||||||||
General and administrative
|
3,699 | 6,628 | 9,246 | 9,147 | ||||||||||||
Adjusted Hotel EBITDA
|
$ | 93,805 | $ | 92,056 | $ | 170,455 | $ | 143,228 |
Apple Hospitality REIT, Inc.
|
||||||||||||||||||||||||||||
Debt Summary
|
||||||||||||||||||||||||||||
(Unaudited) ($ in thousands)
|
||||||||||||||||||||||||||||
June 30, 2015
|
||||||||||||||||||||||||||||
2015
|
2016
|
2017
|
2018
|
2019
|
Thereafter
|
Total
|
||||||||||||||||||||||
Total debt:
|
||||||||||||||||||||||||||||
Maturities
|
$ | 37,264 | $ | 133,502 | $ | 95,710 | $ | 6,305 | $ | 103,902 | $ | 420,036 | $ | 796,719 | ||||||||||||||
Average interest rates
|
4.1 | % | 3.9 | % | 3.6 | % | 3.4 | % | 3.6 | % | 3.8 | % | ||||||||||||||||
Variable rate debt:
|
||||||||||||||||||||||||||||
Maturities
|
$ | 390 | $ | 780 | $ | 36,945 | $ | - | $ | 97,300 | $ | 212,500 | $ | 347,915 | ||||||||||||||
Average interest rates (1)
|
2.8 | % | 2.8 | % | 2.7 | % | 2.7 | % | 2.8 | % | 3.1 | % | ||||||||||||||||
Fixed rate debt:
|
||||||||||||||||||||||||||||
Maturities
|
$ | 36,874 | $ | 132,722 | $ | 58,765 | $ | 6,305 | $ | 6,602 | $ | 207,536 | $ | 448,804 | ||||||||||||||
Average interest rates
|
5.2 | % | 5.0 | % | 4.7 | % | 4.5 | % | 4.5 | % | 4.5 | % | ||||||||||||||||
________
|
||||||||||||||||||||||||||||
(1) The average interest rate gives effect to interest rate swaps, as applicable.
|
Apple Hospitality REIT, Inc.
|
||||||||||||||||||||||||||||||||||||||||||||
Comparable Hotels Operating Metrics by Region
|
||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30 | ||||||||||||||||||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||||||||
Region/State
|
|
Occupancy
|
ADR
|
RevPAR
|
% of
Adjusted
Hotel
EBITDA
|
|||||||||||||||||||||||||||||||||||||||
# of Hotels
|
Q2 2015 | Q2 2014 |
% Change
|
Q2 2015 | Q2 2014 |
% Change
|
Q2 2015 | Q2 2014 |
% Change
|
Q2 2015 | ||||||||||||||||||||||||||||||||||
East North Central
|
|
|||||||||||||||||||||||||||||||||||||||||||
Illinois
|
4 | 81.0 | % | 78.6 | % | 3.1 | % | $ | 133.08 | $ | 126.01 | 5.6 | % | $ | 107.82 | $ | 99.03 | 8.9 | % | 3.0 | % | |||||||||||||||||||||||
Indiana
|
2 | 77.9 | % | 80.6 | % | -3.3 | % | $ | 120.44 | $ | 101.71 | 18.4 | % | $ | 93.86 | $ | 81.96 | 14.5 | % | 1.0 | % | |||||||||||||||||||||||
Michigan
|
1 | 77.8 | % | 79.4 | % | -2.1 | % | $ | 127.68 | $ | 121.57 | 5.0 | % | $ | 99.33 | $ | 96.58 | 2.8 | % | 0.7 | % | |||||||||||||||||||||||
Ohio
|
1 | 72.5 | % | 76.5 | % | -5.2 | % | $ | 123.75 | $ | 118.51 | 4.4 | % | $ | 89.77 | $ | 90.68 | -1.0 | % | 0.6 | % | |||||||||||||||||||||||
East North Central Total
|
8 | 78.9 | % | 78.9 | % | 0.0 | % | $ | 128.69 | $ | 119.31 | 7.9 | % | $ | 101.51 | $ | 94.08 | 7.9 | % | 5.2 | % | |||||||||||||||||||||||
East South Central
|
||||||||||||||||||||||||||||||||||||||||||||
Alabama
|
10 | 80.7 | % | 78.9 | % | 2.3 | % | $ | 108.70 | $ | 103.67 | 4.9 | % | $ | 87.72 | $ | 81.82 | 7.2 | % | 3.5 | % | |||||||||||||||||||||||
Mississippi
|
2 | 81.5 | % | 86.6 | % | -5.9 | % | $ | 107.85 | $ | 108.38 | -0.5 | % | $ | 87.87 | $ | 93.82 | -6.3 | % | 0.6 | % | |||||||||||||||||||||||
Tennessee
|
6 | 89.9 | % | 88.8 | % | 1.1 | % | $ | 151.35 | $ | 142.12 | 6.5 | % | $ | 135.99 | $ | 126.25 | 7.7 | % | 4.8 | % | |||||||||||||||||||||||
East South Central Total
|
18 | 84.3 | % | 83.5 | % | 1.0 | % | $ | 126.17 | $ | 119.93 | 5.2 | % | $ | 106.37 | $ | 100.08 | 6.3 | % | 8.9 | % | |||||||||||||||||||||||
Middle Atlantic
|
||||||||||||||||||||||||||||||||||||||||||||
New Jersey
|
5 | 84.7 | % | 79.1 | % | 7.0 | % | $ | 134.91 | $ | 136.11 | -0.9 | % | $ | 114.23 | $ | 107.67 | 6.1 | % | 2.9 | % | |||||||||||||||||||||||
New York
|
2 | 87.1 | % | 90.6 | % | -3.9 | % | $ | 221.82 | $ | 210.30 | 5.5 | % | $ | 193.20 | $ | 190.52 | 1.4 | % | 0.9 | % | |||||||||||||||||||||||
Pennsylvania
|
3 | 74.5 | % | 76.0 | % | -2.0 | % | $ | 145.09 | $ | 144.15 | 0.7 | % | $ | 108.05 | $ | 109.50 | -1.3 | % | 2.0 | % | |||||||||||||||||||||||
Middle Atlantic Total
|
10 | 82.4 | % | 81.3 | % | 1.4 | % | $ | 161.87 | $ | 160.15 | 1.1 | % | $ | 133.46 | $ | 130.15 | 2.5 | % | 5.8 | % | |||||||||||||||||||||||
Mountain
|
||||||||||||||||||||||||||||||||||||||||||||
Arizona
|
7 | 64.6 | % | 62.9 | % | 2.7 | % | $ | 96.60 | $ | 92.84 | 4.0 | % | $ | 62.42 | $ | 58.43 | 6.8 | % | 1.7 | % | |||||||||||||||||||||||
Colorado
|
2 | 90.8 | % | 83.5 | % | 8.7 | % | $ | 127.75 | $ | 121.74 | 4.9 | % | $ | 115.95 | $ | 101.67 | 14.0 | % | 1.4 | % | |||||||||||||||||||||||
Idaho
|
2 | 83.0 | % | 76.8 | % | 8.1 | % | $ | 113.34 | $ | 108.46 | 4.5 | % | $ | 94.10 | $ | 83.27 | 13.0 | % | 1.7 | % | |||||||||||||||||||||||
Utah
|
2 | 79.7 | % | 84.5 | % | -5.8 | % | $ | 101.54 | $ | 97.89 | 3.7 | % | $ | 80.88 | $ | 82.75 | -2.3 | % | 0.8 | % | |||||||||||||||||||||||
Mountain Total
|
13 | 74.3 | % | 71.8 | % | 3.5 | % | $ | 106.61 | $ | 101.90 | 4.6 | % | $ | 79.25 | $ | 73.17 | 8.3 | % | 5.6 | % | |||||||||||||||||||||||
New England
|
||||||||||||||||||||||||||||||||||||||||||||
Massachusetts
|
4 | 84.3 | % | 83.8 | % | 0.6 | % | $ | 126.25 | $ | 114.01 | 10.7 | % | $ | 106.42 | $ | 95.56 | 11.4 | % | 2.1 | % | |||||||||||||||||||||||
New England Total
|
4 | 84.3 | % | 83.8 | % | 0.6 | % | $ | 126.25 | $ | 114.01 | 10.7 | % | $ | 106.42 | $ | 95.56 | 11.4 | % | 2.1 | % | |||||||||||||||||||||||
Pacific
|
||||||||||||||||||||||||||||||||||||||||||||
Alaska
|
1 | 89.0 | % | 89.6 | % | -0.7 | % | $ | 223.66 | $ | 204.71 | 9.3 | % | $ | 199.11 | $ | 183.44 | 8.5 | % | 1.6 | % | |||||||||||||||||||||||
California
|
20 | 86.5 | % | 84.0 | % | 3.0 | % | $ | 140.96 | $ | 133.04 | 6.0 | % | $ | 121.87 | $ | 111.69 | 9.1 | % | 13.5 | % | |||||||||||||||||||||||
Washington
|
4 | 90.0 | % | 87.0 | % | 3.5 | % | $ | 176.46 | $ | 162.97 | 8.3 | % | $ | 158.82 | $ | 141.76 | 12.0 | % | 5.0 | % | |||||||||||||||||||||||
Pacific Total
|
25 | 87.2 | % | 84.8 | % | 2.9 | % | $ | 151.67 | $ | 142.26 | 6.6 | % | $ | 132.28 | $ | 120.60 | 9.7 | % | 20.1 | % | |||||||||||||||||||||||
South Atlantic
|
||||||||||||||||||||||||||||||||||||||||||||
Florida
|
16 | 85.6 | % | 82.5 | % | 3.7 | % | $ | 125.06 | $ | 118.94 | 5.1 | % | $ | 107.00 | $ | 98.13 | 9.0 | % | 8.3 | % | |||||||||||||||||||||||
Georgia
|
5 | 78.8 | % | 78.4 | % | 0.6 | % | $ | 106.24 | $ | 103.00 | 3.1 | % | $ | 83.74 | $ | 80.71 | 3.8 | % | 1.5 | % | |||||||||||||||||||||||
Maryland
|
2 | 80.8 | % | 82.3 | % | -1.8 | % | $ | 135.17 | $ | 130.83 | 3.3 | % | $ | 109.19 | $ | 107.63 | 1.4 | % | 1.1 | % | |||||||||||||||||||||||
North Carolina
|
9 | 81.1 | % | 82.8 | % | -2.2 | % | $ | 121.33 | $ | 115.13 | 5.4 | % | $ | 98.36 | $ | 95.38 | 3.1 | % | 4.6 | % | |||||||||||||||||||||||
South Carolina
|
3 | 85.9 | % | 85.8 | % | 0.1 | % | $ | 120.80 | $ | 113.01 | 6.9 | % | $ | 103.74 | $ | 96.99 | 7.0 | % | 1.5 | % | |||||||||||||||||||||||
Virginia
|
14 | 79.5 | % | 79.7 | % | -0.3 | % | $ | 137.61 | $ | 126.38 | 8.9 | % | $ | 109.43 | $ | 100.79 | 8.6 | % | 10.8 | % | |||||||||||||||||||||||
South Atlantic Total
|
49 | 82.0 | % | 81.5 | % | 0.6 | % | $ | 127.50 | $ | 119.60 | 6.6 | % | $ | 104.58 | $ | 97.48 | 7.3 | % | 27.7 | % | |||||||||||||||||||||||
West North Central
|
||||||||||||||||||||||||||||||||||||||||||||
Kansas
|
4 | 79.2 | % | 73.5 | % | 7.8 | % | $ | 106.95 | $ | 108.54 | -1.5 | % | $ | 84.74 | $ | 79.81 | 6.2 | % | 1.1 | % | |||||||||||||||||||||||
Minnesota
|
1 | 74.9 | % | 78.7 | % | -4.8 | % | $ | 105.04 | $ | 100.42 | 4.6 | % | $ | 78.66 | $ | 79.03 | -0.5 | % | 0.3 | % | |||||||||||||||||||||||
Missouri
|
4 | 86.2 | % | 88.7 | % | -2.8 | % | $ | 140.06 | $ | 133.07 | 5.3 | % | $ | 120.78 | $ | 118.07 | 2.3 | % | 3.0 | % | |||||||||||||||||||||||
Nebraska
|
1 | 82.6 | % | 82.6 | % | -0.1 | % | $ | 160.40 | $ | 152.19 | 5.4 | % | $ | 132.43 | $ | 125.71 | 5.3 | % | 1.3 | % | |||||||||||||||||||||||
West North Central Total
|
10 | 82.3 | % | 81.8 | % | 0.5 | % | $ | 129.27 | $ | 125.43 | 3.1 | % | $ | 106.36 | $ | 102.64 | 3.6 | % | 5.7 | % | |||||||||||||||||||||||
West South Central
|
||||||||||||||||||||||||||||||||||||||||||||
Arkansas
|
4 | 75.7 | % | 76.0 | % | -0.3 | % | $ | 115.23 | $ | 107.01 | 7.7 | % | $ | 87.28 | $ | 81.28 | 7.4 | % | 1.5 | % | |||||||||||||||||||||||
Louisiana
|
4 | 82.2 | % | 81.2 | % | 1.3 | % | $ | 130.25 | $ | 127.15 | 2.4 | % | $ | 107.11 | $ | 103.25 | 3.7 | % | 2.6 | % | |||||||||||||||||||||||
Oklahoma
|
1 | 83.5 | % | 83.9 | % | -0.6 | % | $ | 152.00 | $ | 170.01 | -10.6 | % | $ | 126.87 | $ | 142.71 | -11.1 | % | 1.3 | % | |||||||||||||||||||||||
Texas
|
28 | 79.9 | % | 79.7 | % | 0.2 | % | $ | 121.69 | $ | 118.42 | 2.8 | % | $ | 97.20 | $ | 94.44 | 2.9 | % | 13.5 | % | |||||||||||||||||||||||
West South Central Total
|
37 | 79.9 | % | 79.8 | % | 0.2 | % | $ | 123.56 | $ | 120.86 | 2.2 | % | $ | 98.78 | $ | 96.40 | 2.5 | % | 18.9 | % | |||||||||||||||||||||||
Total Portfolio
|
174 | 81.9 | % | 80.9 | % | 1.2 | % | $ | 131.28 | $ | 125.04 | 5.0 | % | $ | 107.48 | $ | 101.17 | 6.2 | % | 100.0 | % | |||||||||||||||||||||||
Note:
|
||||||||||||||||||||||||||||||||||||||||||||
State categorization is based on census region designation.
|
Apple Hospitality REIT, Inc.
|
||||||||||||||||||||||||||||||||||||||||||||
Comparable Hotels Operating Metrics by Region
|
||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30
|
||||||||||||||||||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||||||||
Region/State
|
|
Occupancy
|
ADR
|
RevPAR
|
% of
Adjusted
Hotel
EBITDA
|
|||||||||||||||||||||||||||||||||||||||
# of Hotels
|
YTD 2015
|
YTD 2014
|
% Change
|
YTD 2015
|
YTD 2014
|
% Change
|
YTD 2015
|
YTD 2014
|
% Change
|
YTD 2015
|
||||||||||||||||||||||||||||||||||
East North Central
|
|
|||||||||||||||||||||||||||||||||||||||||||
Illinois
|
4 | 74.3 | % | 71.1 | % | 4.4 | % | $ | 129.69 | $ | 123.85 | 4.7 | % | $ | 96.35 | $ | 88.10 | 9.4 | % | 2.7 | % | |||||||||||||||||||||||
Indiana
|
2 | 74.9 | % | 74.0 | % | 1.1 | % | $ | 110.39 | $ | 97.78 | 12.9 | % | $ | 82.63 | $ | 72.37 | 14.2 | % | 0.9 | % | |||||||||||||||||||||||
Michigan
|
1 | 75.0 | % | 73.8 | % | 1.7 | % | $ | 124.89 | $ | 119.99 | 4.1 | % | $ | 93.68 | $ | 88.53 | 5.8 | % | 0.7 | % | |||||||||||||||||||||||
Ohio
|
1 | 67.7 | % | 71.5 | % | -5.4 | % | $ | 123.01 | $ | 118.36 | 3.9 | % | $ | 83.26 | $ | 84.65 | -1.6 | % | 0.5 | % | |||||||||||||||||||||||
East North Central Total
|
8 | 73.7 | % | 72.1 | % | 2.1 | % | $ | 124.17 | $ | 117.04 | 6.1 | % | $ | 91.47 | $ | 84.43 | 8.3 | % | 4.7 | % | |||||||||||||||||||||||
East South Central
|
||||||||||||||||||||||||||||||||||||||||||||
Alabama
|
10 | 75.4 | % | 73.1 | % | 3.1 | % | $ | 107.52 | $ | 103.36 | 4.0 | % | $ | 81.03 | $ | 75.58 | 7.2 | % | 3.3 | % | |||||||||||||||||||||||
Mississippi
|
2 | 80.0 | % | 81.9 | % | -2.3 | % | $ | 107.78 | $ | 107.36 | 0.4 | % | $ | 86.23 | $ | 87.89 | -1.9 | % | 0.7 | % | |||||||||||||||||||||||
Tennessee
|
6 | 84.7 | % | 85.3 | % | -0.7 | % | $ | 146.68 | $ | 138.10 | 6.2 | % | $ | 124.20 | $ | 117.75 | 5.5 | % | 4.5 | % | |||||||||||||||||||||||
East South Central Total
|
18 | 79.4 | % | 78.6 | % | 1.0 | % | $ | 123.67 | $ | 118.30 | 4.5 | % | $ | 98.18 | $ | 93.00 | 5.6 | % | 8.6 | % | |||||||||||||||||||||||
Middle Atlantic
|
||||||||||||||||||||||||||||||||||||||||||||
New Jersey
|
5 | 75.2 | % | 70.2 | % | 7.0 | % | $ | 132.47 | $ | 134.79 | -1.7 | % | $ | 99.58 | $ | 94.66 | 5.2 | % | 2.5 | % | |||||||||||||||||||||||
New York
|
2 | 80.0 | % | 84.7 | % | -5.6 | % | $ | 199.98 | $ | 196.84 | 1.6 | % | $ | 159.89 | $ | 166.65 | -4.1 | % | 0.9 | % | |||||||||||||||||||||||
Pennsylvania
|
3 | 67.1 | % | 68.9 | % | -2.7 | % | $ | 142.81 | $ | 141.23 | 1.1 | % | $ | 95.83 | $ | 97.37 | -1.6 | % | 1.7 | % | |||||||||||||||||||||||
Middle Atlantic Total
|
10 | 74.2 | % | 73.7 | % | 0.6 | % | $ | 154.41 | $ | 155.39 | -0.6 | % | $ | 114.53 | $ | 114.51 | 0.0 | % | 5.1 | % | |||||||||||||||||||||||
Mountain
|
||||||||||||||||||||||||||||||||||||||||||||
Arizona
|
7 | 73.0 | % | 71.2 | % | 2.6 | % | $ | 115.50 | $ | 105.47 | 9.5 | % | $ | 84.32 | $ | 75.08 | 12.3 | % | 3.5 | % | |||||||||||||||||||||||
Colorado
|
2 | 81.5 | % | 75.4 | % | 8.2 | % | $ | 125.45 | $ | 118.93 | 5.5 | % | $ | 102.27 | $ | 89.64 | 14.1 | % | 1.2 | % | |||||||||||||||||||||||
Idaho
|
2 | 73.9 | % | 71.9 | % | 2.8 | % | $ | 111.70 | $ | 106.78 | 4.6 | % | $ | 82.56 | $ | 76.75 | 7.6 | % | 1.6 | % | |||||||||||||||||||||||
Utah
|
2 | 75.2 | % | 81.4 | % | -7.7 | % | $ | 103.14 | $ | 97.58 | 5.7 | % | $ | 77.57 | $ | 79.48 | -2.4 | % | 0.8 | % | |||||||||||||||||||||||
Mountain Total
|
13 | 74.7 | % | 73.3 | % | 1.8 | % | $ | 114.36 | $ | 106.37 | 7.5 | % | $ | 85.37 | $ | 78.01 | 9.4 | % | 7.1 | % | |||||||||||||||||||||||
New England
|
||||||||||||||||||||||||||||||||||||||||||||
Massachusetts
|
4 | 75.6 | % | 76.7 | % | -1.4 | % | $ | 122.81 | $ | 113.80 | 7.9 | % | $ | 92.88 | $ | 87.31 | 6.4 | % | 1.8 | % | |||||||||||||||||||||||
New England Total
|
4 | 75.6 | % | 76.7 | % | -1.4 | % | $ | 122.81 | $ | 113.80 | 7.9 | % | $ | 92.88 | $ | 87.31 | 6.4 | % | 1.8 | % | |||||||||||||||||||||||
Pacific
|
||||||||||||||||||||||||||||||||||||||||||||
Alaska
|
1 | 85.3 | % | 88.0 | % | -3.0 | % | $ | 191.74 | $ | 177.17 | 8.2 | % | $ | 163.60 | $ | 155.87 | 5.0 | % | 1.3 | % | |||||||||||||||||||||||
California
|
20 | 83.5 | % | 80.8 | % | 3.4 | % | $ | 138.34 | $ | 130.36 | 6.1 | % | $ | 115.52 | $ | 105.30 | 9.7 | % | 13.8 | % | |||||||||||||||||||||||
Washington
|
4 | 85.2 | % | 81.4 | % | 4.7 | % | $ | 163.94 | $ | 150.63 | 8.8 | % | $ | 139.73 | $ | 122.61 | 14.0 | % | 4.6 | % | |||||||||||||||||||||||
Pacific Total
|
25 | 83.9 | % | 81.2 | % | 3.3 | % | $ | 145.67 | $ | 136.49 | 6.7 | % | $ | 122.21 | $ | 110.89 | 10.2 | % | 19.7 | % | |||||||||||||||||||||||
South Atlantic
|
||||||||||||||||||||||||||||||||||||||||||||
Florida
|
16 | 87.2 | % | 83.5 | % | 4.3 | % | $ | 137.24 | $ | 128.76 | 6.6 | % | $ | 119.62 | $ | 107.58 | 11.2 | % | 11.3 | % | |||||||||||||||||||||||
Georgia
|
5 | 77.1 | % | 76.6 | % | 0.7 | % | $ | 105.06 | $ | 100.81 | 4.2 | % | $ | 81.05 | $ | 77.21 | 5.0 | % | 1.6 | % | |||||||||||||||||||||||
Maryland
|
2 | 67.0 | % | 71.6 | % | -6.4 | % | $ | 128.23 | $ | 123.95 | 3.5 | % | $ | 85.86 | $ | 88.71 | -3.2 | % | 0.7 | % | |||||||||||||||||||||||
North Carolina
|
9 | 75.4 | % | 73.2 | % | 3.0 | % | $ | 112.40 | $ | 107.60 | 4.5 | % | $ | 84.72 | $ | 78.75 | 7.6 | % | 3.9 | % | |||||||||||||||||||||||
South Carolina
|
3 | 79.6 | % | 77.6 | % | 2.5 | % | $ | 114.53 | $ | 107.12 | 6.9 | % | $ | 91.13 | $ | 83.13 | 9.6 | % | 1.3 | % | |||||||||||||||||||||||
Virginia
|
14 | 72.8 | % | 71.4 | % | 1.9 | % | $ | 128.03 | $ | 118.96 | 7.6 | % | $ | 93.23 | $ | 84.99 | 9.7 | % | 9.0 | % | |||||||||||||||||||||||
South Atlantic Total
|
49 | 78.3 | % | 76.5 | % | 2.4 | % | $ | 126.39 | $ | 118.74 | 6.4 | % | $ | 98.93 | $ | 90.80 | 8.9 | % | 27.8 | % | |||||||||||||||||||||||
West North Central
|
||||||||||||||||||||||||||||||||||||||||||||
Kansas
|
4 | 73.4 | % | 69.4 | % | 5.8 | % | $ | 105.01 | $ | 104.56 | 0.4 | % | $ | 77.09 | $ | 72.56 | 6.2 | % | 1.0 | % | |||||||||||||||||||||||
Minnesota
|
1 | 69.6 | % | 70.0 | % | -0.7 | % | $ | 103.08 | $ | 98.96 | 4.2 | % | $ | 71.72 | $ | 69.31 | 3.5 | % | 0.2 | % | |||||||||||||||||||||||
Missouri
|
4 | 79.5 | % | 78.9 | % | 0.8 | % | $ | 132.68 | $ | 126.83 | 4.6 | % | $ | 105.43 | $ | 100.02 | 5.4 | % | 2.6 | % | |||||||||||||||||||||||
Nebraska
|
1 | 77.4 | % | 74.6 | % | 3.7 | % | $ | 141.99 | $ | 138.06 | 2.8 | % | $ | 109.91 | $ | 103.01 | 6.7 | % | 1.1 | % | |||||||||||||||||||||||
West North Central Total
|
10 | 76.2 | % | 74.3 | % | 2.6 | % | $ | 122.54 | $ | 118.96 | 3.0 | % | $ | 93.37 | $ | 88.33 | 5.7 | % | 4.9 | % | |||||||||||||||||||||||
West South Central
|
||||||||||||||||||||||||||||||||||||||||||||
Arkansas
|
4 | 68.7 | % | 65.1 | % | 5.5 | % | $ | 114.22 | $ | 105.90 | 7.9 | % | $ | 78.45 | $ | 68.91 | 13.8 | % | 1.5 | % | |||||||||||||||||||||||
Louisiana
|
4 | 81.1 | % | 78.4 | % | 3.4 | % | $ | 133.54 | $ | 129.02 | 3.5 | % | $ | 108.35 | $ | 101.19 | 7.1 | % | 2.9 | % | |||||||||||||||||||||||
Oklahoma
|
1 | 80.3 | % | 81.7 | % | -1.7 | % | $ | 146.89 | $ | 167.58 | -12.3 | % | $ | 117.98 | $ | 136.95 | -13.9 | % | 1.3 | % | |||||||||||||||||||||||
Texas
|
28 | 77.9 | % | 77.3 | % | 0.8 | % | $ | 122.72 | $ | 118.88 | 3.2 | % | $ | 95.60 | $ | 91.88 | 4.0 | % | 14.7 | % | |||||||||||||||||||||||
West South Central Total
|
37 | 77.6 | % | 76.5 | % | 1.4 | % | $ | 124.47 | $ | 121.38 | 2.5 | % | $ | 96.55 | $ | 92.90 | 3.9 | % | 20.3 | % | |||||||||||||||||||||||
Total Portfolio
|
174 | 78.1 | % | 76.6 | % | 2.0 | % | $ | 129.27 | $ | 123.24 | 4.9 | % | $ | 100.98 | $ | 94.43 | 6.9 | % | 100.0 | % | |||||||||||||||||||||||
Note:
|
||||||||||||||||||||||||||||||||||||||||||||
State categorization is based on census region designation.
|
Apple Hospitality REIT, Inc.
|
||||||||||||||||||||||||||||||||||||||||||||
Comparable Hotels Operating Metrics by Chain Scale
|
||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30
|
||||||||||||||||||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||||||||
Chain Scale/Brand
|
Occupancy
|
ADR
|
RevPAR
|
% of
Adjusted
Hotel
EBITDA
|
||||||||||||||||||||||||||||||||||||||||
# of Hotels
|
Q2 2015 | Q2 2014 |
% Change
|
Q2 2015 | Q2 2014 |
% Change
|
Q2 2015 | Q2 2014 |
% Change
|
Q2 2015 | ||||||||||||||||||||||||||||||||||
Upscale
|
|
|||||||||||||||||||||||||||||||||||||||||||
Courtyard
|
31 | 77.4 | % | 77.4 | % | 0.1 | % | $ | 137.64 | $ | 129.43 | 6.3 | % | $ | 106.57 | $ | 100.15 | 6.4 | % | 20.4 | % | |||||||||||||||||||||||
Hilton Garden Inn
|
30 | 82.9 | % | 81.6 | % | 1.6 | % | $ | 128.96 | $ | 122.39 | 5.4 | % | $ | 106.91 | $ | 99.84 | 7.1 | % | 19.1 | % | |||||||||||||||||||||||
Homewood Suites
|
23 | 86.8 | % | 84.3 | % | 3.0 | % | $ | 132.22 | $ | 126.79 | 4.3 | % | $ | 114.81 | $ | 106.86 | 7.4 | % | 11.9 | % | |||||||||||||||||||||||
Residence Inn
|
26 | 84.9 | % | 83.4 | % | 1.7 | % | $ | 137.49 | $ | 131.07 | 4.9 | % | $ | 116.68 | $ | 109.38 | 6.7 | % | 15.7 | % | |||||||||||||||||||||||
SpringHill Suites
|
14 | 81.4 | % | 79.6 | % | 2.2 | % | $ | 109.32 | $ | 101.26 | 8.0 | % | $ | 88.95 | $ | 80.63 | 10.3 | % | 6.5 | % | |||||||||||||||||||||||
Upscale Total
|
124 | 82.3 | % | 81.0 | % | 1.5 | % | $ | 131.04 | $ | 124.06 | 5.6 | % | $ | 107.81 | $ | 100.53 | 7.2 | % | 73.5 | % | |||||||||||||||||||||||
Upper Midscale
|
||||||||||||||||||||||||||||||||||||||||||||
Fairfield Inn/Fairfield Inn & Suites
|
7 | 79.4 | % | 80.9 | % | -1.9 | % | $ | 109.74 | $ | 102.21 | 7.4 | % | $ | 87.10 | $ | 82.68 | 5.3 | % | 2.7 | % | |||||||||||||||||||||||
Hampton Inn/Hampton Inn & Suites
|
26 | 83.4 | % | 82.4 | % | 1.3 | % | $ | 127.16 | $ | 123.84 | 2.7 | % | $ | 106.10 | $ | 102.01 | 4.0 | % | 13.6 | % | |||||||||||||||||||||||
Home2 Suites
|
2 | 90.4 | % | 92.9 | % | -2.7 | % | $ | 137.98 | $ | 126.00 | 9.5 | % | $ | 124.69 | $ | 117.07 | 6.5 | % | 1.7 | % | |||||||||||||||||||||||
TownePlace Suites
|
8 | 77.5 | % | 75.1 | % | 3.1 | % | $ | 93.55 | $ | 91.49 | 2.3 | % | $ | 72.48 | $ | 68.75 | 5.4 | % | 2.2 | % | |||||||||||||||||||||||
Upper Midscale Total
|
43 | 82.1 | % | 81.5 | % | 0.8 | % | $ | 119.84 | $ | 115.60 | 3.7 | % | $ | 98.43 | $ | 94.17 | 4.5 | % | 20.1 | % | |||||||||||||||||||||||
Upper Upscale
|
||||||||||||||||||||||||||||||||||||||||||||
Embassy Suites
|
2 | 87.5 | % | 83.7 | % | 4.5 | % | $ | 179.36 | $ | 169.85 | 5.6 | % | $ | 156.98 | $ | 142.24 | 10.4 | % | 2.1 | % | |||||||||||||||||||||||
Hilton
|
1 | 79.6 | % | 83.8 | % | -5.0 | % | $ | 166.82 | $ | 156.78 | 6.4 | % | $ | 132.82 | $ | 131.33 | 1.1 | % | 1.2 | % | |||||||||||||||||||||||
Marriott
|
3 | 69.4 | % | 70.6 | % | -1.6 | % | $ | 136.31 | $ | 134.57 | 1.3 | % | $ | 94.66 | $ | 94.94 | -0.3 | % | 3.0 | % | |||||||||||||||||||||||
Renaissance
|
1 | 89.6 | % | 93.2 | % | -3.8 | % | $ | 284.14 | $ | 270.78 | 4.9 | % | $ | 254.73 | $ | 252.28 | 1.0 | % | 0.1 | % | |||||||||||||||||||||||
Upper Upscale Total
|
7 | 77.1 | % | 78.0 | % | -1.1 | % | $ | 172.67 | $ | 166.43 | 3.7 | % | $ | 133.11 | $ | 129.74 | 2.6 | % | 6.4 | % | |||||||||||||||||||||||
Total Portfolio
|
174 | 81.9 | % | 80.9 | % | 1.2 | % | $ | 131.28 | $ | 125.04 | 5.0 | % | $ | 107.48 | $ | 101.17 | 6.2 | % | 100.0 | % | |||||||||||||||||||||||
Note:
|
||||||||||||||||||||||||||||||||||||||||||||
Brand categorization is based on census chain scale designation.
|
Apple Hospitality REIT, Inc.
|
||||||||||||||||||||||||||||||||||||||||||||
Comparable Hotels Operating Metrics by Chain Scale
|
||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30
|
||||||||||||||||||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||||||||||||||
Chain Scale/Brand
|
Occupancy
|
ADR
|
RevPAR
|
% of
Adjusted
Hotel
EBITDA
|
||||||||||||||||||||||||||||||||||||||||
# of Hotels
|
YTD 2015
|
YTD 2014
|
% Change
|
YTD 2015
|
YTD 2014
|
% Change
|
YTD 2015
|
YTD 2014
|
% Change
|
YTD 2015
|
||||||||||||||||||||||||||||||||||
Upscale
|
|
|||||||||||||||||||||||||||||||||||||||||||
Courtyard
|
31 | 73.2 | % | 72.1 | % | 1.6 | % | $ | 132.40 | $ | 125.28 | 5.7 | % | $ | 96.98 | $ | 90.34 | 7.3 | % | 18.9 | % | |||||||||||||||||||||||
Hilton Garden Inn
|
30 | 78.4 | % | 77.0 | % | 1.8 | % | $ | 126.91 | $ | 120.43 | 5.4 | % | $ | 99.45 | $ | 92.69 | 7.3 | % | 18.5 | % | |||||||||||||||||||||||
Homewood Suites
|
23 | 82.0 | % | 79.7 | % | 2.9 | % | $ | 134.82 | $ | 129.18 | 4.4 | % | $ | 110.54 | $ | 102.90 | 7.4 | % | 12.3 | % | |||||||||||||||||||||||
Residence Inn
|
26 | 81.9 | % | 79.5 | % | 3.0 | % | $ | 133.95 | $ | 126.85 | 5.6 | % | $ | 109.66 | $ | 100.82 | 8.8 | % | 15.6 | % | |||||||||||||||||||||||
SpringHill Suites
|
14 | 76.5 | % | 74.7 | % | 2.5 | % | $ | 107.53 | $ | 100.15 | 7.4 | % | $ | 82.30 | $ | 74.82 | 10.0 | % | 6.2 | % | |||||||||||||||||||||||
Upscale Total
|
124 | 78.0 | % | 76.3 | % | 2.2 | % | $ | 128.77 | $ | 121.99 | 5.6 | % | $ | 100.49 | $ | 93.12 | 7.9 | % | 71.5 | % | |||||||||||||||||||||||
Upper Midscale
|
||||||||||||||||||||||||||||||||||||||||||||
Fairfield Inn/Fairfield Inn & Suites
|
7 | 79.1 | % | 78.1 | % | 1.4 | % | $ | 110.82 | $ | 102.29 | 8.3 | % | $ | 87.70 | $ | 79.86 | 9.8 | % | 3.0 | % | |||||||||||||||||||||||
Hampton Inn/Hampton Inn & Suites
|
26 | 79.6 | % | 77.7 | % | 2.4 | % | $ | 128.43 | $ | 124.98 | 2.8 | % | $ | 102.27 | $ | 97.17 | 5.3 | % | 14.4 | % | |||||||||||||||||||||||
Home2 Suites
|
2 | 87.7 | % | 90.0 | % | -2.5 | % | $ | 134.65 | $ | 123.02 | 9.4 | % | $ | 118.15 | $ | 110.75 | 6.7 | % | 1.7 | % | |||||||||||||||||||||||
TownePlace Suites
|
8 | 75.2 | % | 73.9 | % | 1.8 | % | $ | 94.15 | $ | 91.64 | 2.7 | % | $ | 70.84 | $ | 67.71 | 4.6 | % | 2.4 | % | |||||||||||||||||||||||
Upper Midscale Total
|
43 | 79.2 | % | 77.8 | % | 1.9 | % | $ | 120.62 | $ | 116.01 | 4.0 | % | $ | 95.56 | $ | 90.21 | 5.9 | % | 21.4 | % | |||||||||||||||||||||||
Upper Upscale
|
||||||||||||||||||||||||||||||||||||||||||||
Embassy Suites
|
2 | 86.1 | % | 84.2 | % | 2.3 | % | $ | 166.40 | $ | 155.66 | 6.9 | % | $ | 143.35 | $ | 131.05 | 9.4 | % | 2.1 | % | |||||||||||||||||||||||
Hilton
|
1 | 79.3 | % | 80.4 | % | -1.5 | % | $ | 166.28 | $ | 156.76 | 6.1 | % | $ | 131.80 | $ | 126.09 | 4.5 | % | 1.4 | % | |||||||||||||||||||||||
Marriott
|
3 | 68.3 | % | 68.6 | % | -0.4 | % | $ | 135.57 | $ | 132.93 | 2.0 | % | $ | 92.62 | $ | 91.19 | 1.6 | % | 3.3 | % | |||||||||||||||||||||||
Renaissance
|
1 | 83.5 | % | 86.8 | % | -3.9 | % | $ | 249.50 | $ | 252.30 | -1.1 | % | $ | 208.21 | $ | 219.09 | -5.0 | % | 0.3 | % | |||||||||||||||||||||||
Upper Upscale Total
|
7 | 75.4 | % | 75.7 | % | -0.5 | % | $ | 163.40 | $ | 159.15 | 2.7 | % | $ | 123.15 | $ | 120.51 | 2.2 | % | 7.1 | % | |||||||||||||||||||||||
Total Portfolio
|
174 | 78.1 | % | 76.6 | % | 2.0 | % | $ | 129.27 | $ | 123.24 | 4.9 | % | $ | 100.98 | $ | 94.43 | 6.9 | % | 100.0 | % | |||||||||||||||||||||||
Note:
|
||||||||||||||||||||||||||||||||||||||||||||
Brand categorization is based on census chain scale designation.
|
Contacts | |
Apple Hospitality REIT, Inc.
Kelly Clarke, Director of Investor Services
804-727-6321
kclarke@applereit.com
|