Apple Hospitality REIT Inc

Latest Results (18.05.2026):

Apple Hospitality REIT, Inc. — Third Quarter 2025: Apple Hospitality REIT Inc reported Q3 2025 results showing resilient operations but modest year‑over‑year declines: net income of $50.9 million ($0.21 per share), down roughly 9.6% vs. Q3 2024, with comparable‑hotel RevPAR of $124.01 (down 1.8%). Management continued active portfolio and capital‑allocation activity—including dispositions, targeted acquisitions/developments, share repurchases and continued monthly distributions—while maintaining a conservative balance sheet (net debt to capitalization ~34%).

Key financial results

Q3 2025 net income $50.9M (Q3 2024: $56.3M, -9.6%); net income per share $0.21 (down ~8.7%). Total revenue $373.9M (slightly below prior year). Adjusted EBITDAre was $122.1M (-5.3% YoY) and Comparable Hotels Adjusted Hotel EBITDA was $128.6M (-6.7% YoY). MFFO was $100.5M (-6.5% YoY), or $0.42 per share (-6.7%).

Operating performance (rooms)

Comparable Hotels Q3 2025 ADR ~$162.68 (down 0.6% YoY), occupancy 76.2% (down 1.2% YoY) and RevPAR $124.01 (down 1.8% YoY). On an actual-portfolio basis ADR was flat (~$162.70), occupancy 76.2% and RevPAR $124.03 (down 0.9%). Management cited pullback in government travel and noted October preliminary RevPAR ~3% lower vs. Oct 2024 due to a government shutdown.

Profitability & margins

Operating income for the quarter was $72.5M (down 6.7% YoY) and comparable‑hotel Adjusted Hotel EBITDA margin fell to 35.2% (down ~200 bps YoY). Company highlighted cost control that partially offset revenue softness.

Capital allocation and distributions

Distributions paid in Q3 totaled $56.8M ($0.24 per share). The company continued its share repurchase program: ~0.2M shares repurchased in Q3 for ~$2.0M; year‑to‑date through Oct. 31 total repurchases ~3.8M shares for ~$48.3M. Capital expenditures invested YTD ~$50M; 2025 capex guidance $80–90M.

Portfolio transactions & development

Portfolio at Sept. 30, 2025: 220 hotels (29,687 rooms), with 215 hotels defined as Comparable Hotels. YTD the company sold three non‑core hotels for ~$37M (combined gain ≈ $7.9M) and acquired Homewood Suites Tampa‑Brandon (~$18.8M). Under contract: purchases including Motto by Hilton Downtown Nashville (~$98.2M) and an AC Hotel in Anchorage (~$65.5M), plus a forward purchase for a dual‑branded AC/Residence Inn in Las Vegas (~$143.7M). Four additional hotel sales (~$36M) expected to close by year‑end.

Balance sheet & liquidity

At Sept. 30, 2025 cash and cash equivalents ~$50.3M; total debt outstanding ~$1.515B; net debt (debt minus cash) ~$1.465B; net debt to total capitalization ≈ 34.0%. Availability on revolver ~ $648M. Weighted‑average debt maturity ~3 years and blended interest rate ~4.8%.

Updated 2025 outlook

Management updated full‑year 2025 guidance: net income $162M–$175M; Comparable Hotels RevPAR change -2.0% to -1.0%; Comparable Hotels Adjusted Hotel EBITDA margin 33.9%–34.5%; Adjusted EBITDAre $435M–$444M; capex $80M–$90M. Guidance reflects year‑to‑date performance and potential impacts from prolonged economic uncertainty and the government shutdown.

Near‑term risk/notes

Company flagged demand headwinds from reduced government travel (noted October weakness), ongoing macro/economic uncertainty, and potential capex/cost pressures from inflation and supply chain issues. Management emphasized tactical mix shifts, portfolio optimization and continued focus on liquidity and disciplined capital deployment.