# Apple Hospitality REIT, Inc. (APLE)

Informational only - not investment advice.

CIK: 0001418121
SIC: 6798 Real Estate Investment Trusts
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Holding And Other Investment Offices](/major-group/67/) > [SIC 6798 Real Estate Investment Trusts](/industry/6798/)
Latest 10-K filed: 2026-02-23
SEC page: https://www.sec.gov/edgar/browse/?CIK=1418121
Filing source: https://www.sec.gov/Archives/edgar/data/1418121/000119312526064008/aple-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-23 · accession 0001193125-26-064008 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001418121.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,412,386,000 USD | 2025 | verified |
| Net income | 175,364,000 USD | 2025 | verified |
| Assets | 4,902,178,000 USD | 2025 | verified |
| Free cash flow | 282,811,000 USD | 2025 | computed |
| Net margin | 12.42% | 2025 | computed |
| Operating margin | 18.25% | 2025 | computed |
| Revenue YoY | -1.33% | 2025 | computed |
| ROE | 5.57% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | APLE | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 12.4% | 16.8% | 43 | 149 |
| Operating margin | 18.3% | 23.2% | 34 | 66 |
| Revenue growth | -1.3% | 3.7% | 28 | 149 |
| FCF margin | 20.0% | 21.8% | 43 | 70 |
| ROE | 5.6% | 5.7% | 47 | 151 |
| ROA | 3.6% | 1.5% | 72 | 155 |
| Liabilities / equity | 0.56 | 1.48 | 9 | 151 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6798 Real Estate Investment Trusts, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1412386000 | USD | 2025 | 2026-02-23 |
| Net income | 175364000 | USD | 2025 | 2026-02-23 |
| Assets | 4902178000 | USD | 2025 | 2026-02-23 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-23. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001418121.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 1,041,025,000 | 1,238,622,000 | 1,270,555,000 | 1,266,597,000 | 601,879,000 | 933,869,000 | 1,238,417,000 | 1,343,800,000 | 1,431,468,000 | 1,412,386,000 |
| Net income |  | 144,652,000 | 182,492,000 | 206,086,000 | 171,917,000 | -173,207,000 | 18,828,000 | 144,805,000 | 177,489,000 | 214,064,000 | 175,364,000 |
| Operating income |  | 185,109,000 | 230,682,000 | 257,858,000 | 233,787,000 | -102,040,000 | 87,044,000 | 206,478,000 | 247,481,000 | 292,759,000 | 257,804,000 |
| Diluted EPS |  |  |  |  |  | -0.77 | 0.08 | 0.63 | 0.77 | 0.89 | 0.74 |
| Operating cash flow |  | 331,171,000 | 384,071,000 | 404,812,000 | 381,674,000 | 26,728,000 | 217,562,000 | 368,446,000 | 399,044,000 | 405,350,000 | 370,222,000 |
| Capital expenditures |  | 65,128,000 | 63,305,000 | 74,293,000 | 74,896,000 | 48,559,000 | 18,312,000 | 59,376,000 | 72,066,000 | 80,340,000 | 87,411,000 |
| Dividends paid |  | 229,056,000 | 267,917,000 | 275,892,000 | 268,672,000 | 67,378,000 | 6,797,000 | 139,467,000 | 238,283,000 | 243,722,000 | 240,425,000 |
| Share buybacks | 237,567,000 | 7,869,000 | 0.00 | 104,304,000 | 4,335,000 | 14,336,000 |  | 2,675,000 | 6,880,000 | 34,652,000 | 58,287,000 |
| Assets |  | 4,979,883,000 | 4,902,338,000 | 4,928,672,000 | 4,942,411,000 | 4,829,759,000 | 4,790,527,000 | 4,772,714,000 | 4,937,298,000 | 4,969,920,000 | 4,902,178,000 |
| Liabilities |  | 1,462,819,000 | 1,331,253,000 | 1,519,662,000 | 1,651,398,000 | 1,800,412,000 | 1,643,206,000 | 1,594,319,000 | 1,613,317,000 | 1,704,061,000 | 1,753,583,000 |
| Stockholders' equity |  | 3,517,064,000 | 3,571,085,000 | 3,409,010,000 | 3,291,013,000 | 3,029,347,000 | 3,147,321,000 | 3,178,395,000 | 3,323,981,000 | 3,265,859,000 | 3,148,595,000 |
| Cash and cash equivalents |  | 0.00 | 0.00 | 0.00 | 0.00 | 5,556,000 | 3,282,000 | 4,077,000 | 10,287,000 | 10,253,000 | 8,515,000 |
| Free cash flow |  | 266,043,000 | 320,766,000 | 330,519,000 | 306,778,000 | -21,831,000 | 199,250,000 | 309,070,000 | 326,978,000 | 325,010,000 | 282,811,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 13.90% | 14.73% | 16.22% | 13.57% | -28.78% | 2.02% | 11.69% | 13.21% | 14.95% | 12.42% |
| Operating margin |  | 17.78% | 18.62% | 20.29% | 18.46% | -16.95% | 9.32% | 16.67% | 18.42% | 20.45% | 18.25% |
| Return on equity |  | 4.11% | 5.11% | 6.05% | 5.22% | -5.72% | 0.60% | 4.56% | 5.34% | 6.55% | 5.57% |
| Return on assets |  | 2.90% | 3.72% | 4.18% | 3.48% | -3.59% | 0.39% | 3.03% | 3.59% | 4.31% | 3.58% |
| Liabilities / equity |  | 0.42 | 0.37 | 0.45 | 0.50 | 0.59 | 0.52 | 0.50 | 0.49 | 0.52 | 0.56 |

## As-reported value updates

1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/APLE/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001418121.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.26 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.14 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.29 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 358,260,000 | 58,512,000 | 0.26 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 312,456,000 | 20,765,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 329,512,000 | 54,050,000 | 0.22 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 390,077,000 | 73,931,000 | 0.31 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 378,843,000 | 56,266,000 | 0.23 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 333,036,000 | 29,817,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 327,702,000 | 31,221,000 | 0.13 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 384,370,000 | 63,648,000 | 0.27 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 373,878,000 | 50,880,000 | 0.21 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 326,436,000 | 29,615,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 337,741,000 | 27,699,000 | 0.12 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 402,553,000 | 67,077,000 | 0.28 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from APLE's latest 10-K: [/company/APLE/business/](/company/APLE/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from APLE's latest 10-K: [/company/APLE/risk-factors/](/company/APLE/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1418121/000119312526335151/aple-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are typically identified by use of statements that include phrases such as “may,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “target,” “goal,” “plan,” “should,” “will,” “predict,” “potential,” “outlook,” “strategy,” and similar expressions that convey the uncertainty of future events or outcomes. Such statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Apple Hospitality REIT, Inc. and its wholly-owned subsidiaries (the “Company”) to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

Such factors include, but are not limited to, the ability of the Company to effectively acquire and dispose of properties and redeploy proceeds; the anticipated timing and frequency of shareholder distributions; the ability of the Company to fund capital obligations; the ability of the Company to successfully integrate pending transactions and implement its operating strategy; changes in general political, economic and competitive conditions and specific market conditions (including the potential effects of tariffs, inflation or a recessionary environment); reduced business and leisure travel due to geopolitical uncertainty, including terrorism and acts of war; travel-related health concerns, including widespread outbreaks of infectious or contagious diseases in the U.S.; inclement weather conditions, including natural disasters such as hurricanes, earthquakes and wildfires; government shutdowns, airline strikes or equipment failures, or other disruptions; adverse changes in the real estate and real estate capital markets; financing risks; changes in interest rates; litigation risks; regulatory proceedings or inquiries; and changes in laws or regulations or interpretations of current laws and regulations that impact the Company’s business, assets or classification as a real estate investment trust (“REIT”). Although the Company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore there can be no assurance that such statements included in this Quarterly Report will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the results or conditions described in such statements or the objectives and plans of the Company will be achieved. In addition, the Company’s qualification as a REIT involves the application of highly technical and complex provisions of the Internal Revenue Code of 1986, as amended (the “Code”). Readers should carefully review the risk factors described in the Company’s filings with the Securities and Exchange Commission (“SEC”), including but not limited to those discussed in the section titled “Risk Factors” in the 2025 Form 10-K. Any forward-looking statement that the Company makes speaks only as of the date of this Quarterly Report. The Company undertakes no obligation to publicly update or revise any forward-looking statements or cautionary factors, as a result of new information, future events, or otherwise, except as required by law.

The following discussion and analysis should be read in conjunction with the Company’s Unaudited Consolidated Financial Statements and Notes thereto, appearing elsewhere in this Quarterly Report on Form 10-Q, as well as the information contained in the 2025 Form 10-K.

Overview

The Company is a Virginia corporation that has elected to be treated as a REIT for U.S. federal income tax purposes. The Company is self-advised and invests in income-producing real estate, primarily in the lodging sector, in the U.S. As of June 30, 2026, the Company owned 216 hotels with an aggregate of 29,459 guest rooms located in urban, high-end suburban and developing markets throughout 37 states and the District of Columbia. Substantially all of the Company’s hotels operate under Marriott or Hilton brands. The hotels are operated and managed under separate management agreements with 15 hotel management companies, none of which are affiliated with the Company. The Company’s common shares are listed on the NYSE under the ticker symbol “APLE.”

Recent Hotel Portfolio Activities

The Company continually monitors market conditions and attempts to maximize shareholder value by investing in properties that it believes provide superior value over the long term. Consistent with this strategy and the Company’s focus on investing in rooms-focused hotels, as of June 30, 2026, the Company had one outstanding contract, which was entered into during the third quarter of 2025, for the potential purchase of a hotel in Anchorage, Alaska for an expected fixed purchase price of approximately $65.5 million. The hotel is under development as a 160-guest-room AC Hotel and is currently planned to be completed and opened for business in the fourth quarter of 2027. As of June 30, 2026, a $2.0 million contract deposit (refundable if the seller does not meet its obligations under the contract) had been paid. If the closing occurs, the Company plans to utilize its available cash or borrowings, including borrowings under its unsecured credit facilities available at closing, to purchase the hotel under contract. Although the Company is working towards acquiring this hotel, there are a number of conditions to closing that have not yet been satisfied, and there can be no assurance that closing on this hotel will occur under the outstanding purchase contract. If the seller meets all of the

21

conditions to closing, the Company is obligated to specifically perform under the purchase contract and acquire this hotel. As this hotel is under development, at this time, the seller has not met all of the conditions to closing.

As of June 30, 2026, the Company had one outstanding development project. During the third quarter of 2025, the Company entered into a fixed-price contract with a third party to develop a dual-branded property, consisting of an AC Hotel and a Residence Inn, on Company-owned land in Las Vegas, Nevada, adjacent to its existing SpringHill Suites. The Company expects to spend a total of approximately $143.7 million to develop the AC Hotel and Residence Inn, which are currently planned to be completed and opened for business in the second quarter of 2028. Upon completion, the AC Hotel and Residence Inn are expected to contain approximately 237 and 160 guest rooms, respectively. As of June 30, 2026, the Company has capitalized $9.9 million related to the construction of the AC Hotel and Residence Inn.

For its existing portfolio, the Company monitors each property’s profitability, market conditions and capital requirements and attempts to maximize shareholder value by disposing of properties when it believes that superior value can be provided from the sale of the property. As a result, during the six months ended June 30, 2026, the Company sold one hotel to an unrelated party for a gross sales price of approximately $8.7 million, resulting in a gain on the sale of approximately $0.2 million, net of transaction costs. The Company used the net proceeds from the sale to repay amounts outstanding under the Revolving Credit Facility.

See Note 3 titled “Dispositions” and Note 10 titled “Contract Commitments” in the Company’s Unaudited Consolidated Financial Statements and Notes thereto, appearing elsewhere in this Quarterly Report on Form 10-Q, for additional information concerning these transactions.

As of June 30, 2026, the Company’s New York Property was included in the Company’s hotel and guest room counts. On April 4, 2025, the Company recovered possession of this property and reinstated operations of the hotel's 209 guest rooms through a third-party manager engaged by the Company. Therefore, starting in April 2025, the New York Property was included in the Company’s hotel and guest room counts. From May 2023 through March 2025, the Company classified the property as a “non-hotel property” and excluded it from hotel and guest room counts, as it was leased to a third-party hotel operator.

Hotel Operations

As of June 30, 2026, the Company owned 216 hotels with a total of 29,459 guest rooms as compared to 221 hotels with a total of 29,893 guest rooms as of June 30, 2025. Results of operations are included only for the period of ownership for hotels acquired or disposed of during the current reporting period and the prior year. During the six months ended June 30, 2026, the Company did not acquire any properties and sold one property on April 15, 2026. During the six months ended June 30, 2025, the Company acquired one existing hotel on June 10, 2025, and sold two properties, including one property sold on February 12, 2025 and one property sold on March 19, 2025. On April 4, 2025, the Company recovered possession from a third-party hotel operator and reinstated operations of its 209-guest-room New York Property through a third-party manager engaged by the Company.

Management Company Transitions

The Company continually evaluates the performance of each property and may transfer management responsibilities to a different third-party manager to improve operational efficiency and maximize asset value. In markets or regions where the Company owns multiple properties, it may consolidate hotels under specific third-party managers to leverage regional expertise, gain operating efficiencies, and enhance overall portfolio performance. In January 2026, the Company transitioned the remaining nine hotels managed by affiliates of Marriott, as of December 31, 2025, to separate management companies that are not affiliated with Marriott, Hilton or Hyatt. In 2025, the Company transitioned the management responsibilities for nine other hotels to different third-party management companies with which it already had existing management agreements for other properties, a portion of which involved transitions from hotels previously managed by affiliates of Marriott to management companies unaffiliated with Marriott, Hilton, or Hyatt.

Operating Results

In evaluating financial condition and operating performance, the most important indicators on which the Company focuses are revenue measurements, such as average occupancy, average daily rate (“ADR”) and revenue per available room (“RevPAR”), and expenses, such as hotel operating expenses, general and administrative expenses and other expenses described below. RevPAR and operating results may be impacted by regional and local economies and local regulations as well as changes in lodging demand due to macroeconomic factors including inflationary or deflationary pressures, changes in energy costs, economic expansion or a recessionary environment.

22

The following is a summary of the results from operations of the Company’s hotels for their respective periods of ownership by the Company:

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1418121/000119312526064008/aple-20251231.htm
Complete FY 2025 MD&A: /company/APLE/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-23
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with Item 8, the Consolidated Financial Statements and Notes thereto, the introduction of Part I regarding “Forward-Looking Statements,” and Item 1A, “Risk Factors” appearing elsewhere in this Annual Report on Form 10-K.

Overview

The Company is a Virginia corporation that has elected to be treated as a REIT for U.S. federal income tax purposes. The Company is self-advised and invests in income-producing real estate, primarily in the lodging sector, in the U.S. As of December 31, 2025, the Company owned 217 hotels with an aggregate of 29,583 guest rooms located in urban, high-end suburban and developing markets throughout 37 states and the District of Columbia and substantially all of the Company’s hotels operated under Marriott or Hilton brands. As of December 31, 2025, the hotels are operated and managed under separate management agreements with one of 16 hotel management companies, none of which are affiliated with the Company. The Company’s common shares are listed on the NYSE under the ticker symbol “APLE.”

Recent Hotel Portfolio Activities

The Company continually monitors market conditions and attempts to maximize shareholder value by investing in properties that it believes provide superior value over the long term. Consistent with this strategy and the Company’s focus on investing in rooms-focused hotels, during the year ended December 31, 2025, the Company acquired two hotels for an aggregate purchase price of approximately $117.0 million: an existing 126-guest-room Homewood Suites in Tampa, Florida and a newly constructed 260-guest-room Motto in Nashville, Tennessee that was purchased at the completion of development. The Company utilized its available cash, proceeds from the sales of properties, which included proceeds from two separate 1031 Exchanges, and borrowings under its unsecured credit facilities to fund these acquisitions. The Company plans to utilize its available cash, net proceeds from the sale of shares under the ATM program, proceeds from the sales of properties or borrowings under its unsecured credit facilities for any future hotel acquisitions.

As of December 31, 2025, the Company had one outstanding contract, which was entered into during the third quarter of 2025, for the potential purchase of a hotel in Anchorage, Alaska for an expected purchase price of approximately $65.5 million. The hotel is under development as a 160-guest-room AC Hotel and is currently planned to be completed and opened for business in the fourth quarter of 2027. As of December 31, 2025, a $2.0 million contract deposit (refundable if the seller does not meet its obligations under the contract) had been paid. If the closing occurs, the Company plans to utilize its available cash or borrowings, including borrowings under its unsecured credit facilities available at closing, to purchase the hotel under contract. Although the Company is working towards acquiring this hotel, there are a number of conditions to closing that have not yet been satisfied, and there can be no assurance that closing on this hotel will occur under the outstanding purchase contract. If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the purchase contract and acquire this hotel. As this hotel is under development, at this time, the seller has not met all of the conditions to closing.

During the third quarter of 2025, the Company entered into a contract with a third party to develop a dual-branded property, consisting of an AC Hotel and a Residence Inn, on Company-owned land in Las Vegas, Nevada, adjacent to its existing SpringHill Suites. The Company expects to spend a total of approximately $143.7 million to develop the hotels, which are currently planned to be completed and opened for business in the second quarter of 2028. Upon completion, the AC Hotel and Residence Inn are expected to contain approximately 237 and 160 guest rooms, respectively.

For its existing portfolio, the Company monitors each property’s profitability, market conditions and capital requirements and attempts to maximize shareholder value by disposing of properties when it believes that superior value can be provided from the sale of the property. As a result, during the year ended December 31, 2025, the Company sold seven hotels to five unrelated parties for a combined gross sales price of approximately $73.3 million, resulting in a combined gain on the sales of approximately $13.1 million, net of transaction costs. The Company used a portion of the net proceeds from the sale of the one hotel in March 2025 to complete a 1031 Exchange for the acquisition of the Homewood Suites in Tampa, Florida, which was completed in June 2025. Similarly, a portion of the proceeds from the sale of two hotels in November 2025 were used to complete a 1031 Exchange for the acquisition of the Motto in Nashville, Tennessee, which was completed in December 2025. The net proceeds from the sale of the other four hotels were used for share repurchases and general corporate purposes.

New York Independent Boutique Hotel Lease

On April 4, 2025, the Company recovered possession of the New York Property and reinstated operations of the hotel’s 209 guest rooms through a third-party manager engaged by the Company. From May 2023 through March 2025, the Company classified the property as a “non-hotel property” and excluded it from hotel and guest room counts, as it was leased to a third-party hotel

37

operator. Following the third-party hotel operator’s failure to make lease payments, the Company commenced legal proceedings in 2024 to remove the third-party hotel operator from possession of the property. In April 2025, the Company and the third-party hotel operator entered into an agreement to mutually release all claims, to terminate the lease and for the third-party hotel operator to voluntarily surrender possession of the property back to the Company.

See Note 2 titled “Investment in Real Estate,” Note 3 titled “Dispositions” and Note 13 titled “Contract Commitments” of the Consolidated Financial Statements and Notes thereto in Part II, Item 8, in this Annual Report on Form 10-K, for additional information concerning these transactions.

Hotel Operations

As of December 31, 2025, the Company owned 217 hotels with a total of 29,583 guest rooms as compared to 221 hotels with a total of 29,764 guest rooms as of December 31, 2024. Results of operations are included only for the period of ownership for hotels acquired or disposed of during all periods presented. During 2025, the Company acquired two hotels and sold seven hotels. During 2024, the Company acquired two hotels and sold six hotels. On April 4, 2025, the Company recovered possession from a third-party hotel operator and reinstated operations of its 209-guest-room New York Property through a third-party manager engaged by the Company. Results of the hotel operations of the New York Property are included only after April 4, 2025. See further discussion in Note 2 titled “Investments in Real Estate” and Note 3 titled “Dispositions” of the Consolidated Financial Statements and Notes thereto in Part II, Item 8, in this Annual Report on Form 10-K. As a result, the comparability of results for the years ended December 31, 2025 and 2024, as discussed below, is also impacted by these transactions.

Management Company Transitions

The Company continually evaluates the performance of each property and may transfer management responsibilities to a different third-party manager to improve operational efficiency and maximize asset value. In markets or regions where the Company owns multiple properties, it may consolidate hotels under specific third-party managers to leverage regional expertise, gain operating efficiencies, and enhance overall portfolio performance. In 2025, the Company transitioned the management responsibilities for nine hotels to different third-party management companies with which it already had existing management agreements for other properties. In January 2026, the Company transitioned the nine hotels managed by affiliates of Marriott, as of December 31, 2025, to separate management companies that are not affiliated with Marriott, Hilton or Hyatt.

Operating Results

In evaluating financial condition and operating performance, the most important indicators on which the Company focuses are revenue measurements, such as average occupancy, ADR and RevPAR, and expenses, such as hotel operating expenses, general and administrative expenses and other expenses described below. RevPAR and operating results may be impacted by regional and local economies and local regulations as well as changes in lodging demand due to macroeconomic factors including inflationary pressures, higher energy prices or a recessionary environment.

38

The following is a summary of the results from operations of the Company’s hotels for their respective periods of ownership by the Company.

[[GREPCENT_TABLE]]
[["","","Year Ended December 31,"],["(in thousands, except statistical data)","","2025","","","Percent of Revenue","","","2024","","","Percent of Revenue","","","Change 2024 to 2025","","","2023","","","Percent of Revenue","","","Change 2023 to 2024"],["Total revenue","","$","1,412,386","","","","100.0","%","","$","1,431,468","","","","100.0","%","","","-1.3","%","","$","1,343,800","","","","100.0","%","","","6.5","%"],["Hotel operating expense","","","847,322","","","","60.0","%","","","837,871","","","","58.5","%","","","1.1","%","","","780,725","","","","58.1","%","","","7.3","%"],["Property taxes, insurance and other expense","","","89,732","","","","6.4","%","","","84,382","","","","5.9","%","","","6.3","%","","","79,307","","","","5.9","%","","","6.4","%"],["General and administrative expense","","","32,293","","","","2.3","%","","","42,542","","","","3.0","%","","","-24.1","%","","","47,401","","","","3.5","%","","","-10.3","%"],["Impairment of depreciable real estate","","","5,724","","","","","","","3,055","","","","","","","87.4","%","","","5,644","","","","","","","-45.9","%"],["Depreciation and amortization expense","","","192,627","","","","","","","190,603","","","","","","","1.1","%","","","183,242","","","","","","","4.0","%"],["Gain on sale of real estate","","","13,116","","","","","","","19,744","","","","","","","-33.6","%","","","-","","","","","","n/a"],["Interest and other expense, net","","","81,481","","","","","","","77,748","","","","","","","4.8","%","","","68,857","","","","","","","12.9","%"],["Income tax expense","","","959","","","","","","","947","","","","","","","1.3","%","","","1,135","","","","","","","-16.6","%"],["Net income","","","175,364","","","","","","","214,064","","","","","","","-18.1","%","","","177,489","","","","","","","20.6","%"],["Adjusted Hotel EBITDA (1)","","","476,525","","","","","","","509,544","","","","","","","-6.5","%","","","481,892","","","","","","","5.7","%"],["Number of hotels owned at end of period","","","217","","","","","","","221","","","","","","","-1.8","%","","","225","","","","","","","-1.8","%"],["ADR","","$","159.06","","","","","","$","158.01","","","","","","","0.7","%","","$","155.76","","","","","","","1.4","%"],["Occupancy","","","74.1","%","","","","","","75.0","%","","","","","","-1.2","%","","","74.2","%","","","","","","1.1","%"],["RevPAR","","$","117.90","","","","","","$","118.54","","","","","","","-0.5","%","","$","115.60","","","","","","","2.5","%"]]
[[/GREPCENT_TABLE]]

(1)
See reconciliation of Adjusted Hotel EBITDA to net income in “Non-GAAP Financial Measures” below.

Comparable Hotels Operating Results

The following table reflects certain operating statistics for the Company’s 216 hotels owned as of December 31, 2025, and excludes the New York Property (“Comparable Hotels”). The Company def

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/APLE/mda/fy2025/
All MD&A years: /company/APLE/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/APLE/mda/fy2024/): filed 2025-02-24; accession 0000950170-25-025638 (https://www.sec.gov/Archives/edgar/data/1418121/000095017025025638/aple-20241231.htm)
- [FY 2023 MD&A](/company/APLE/mda/fy2023/): filed 2024-02-22; accession 0000950170-24-018793 (https://www.sec.gov/Archives/edgar/data/1418121/000095017024018793/aple-20231231.htm)
- [FY 2022 MD&A](/company/APLE/mda/fy2022/): filed 2023-02-21; accession 0000950170-23-003449 (https://www.sec.gov/Archives/edgar/data/1418121/000095017023003449/aple-20221231.htm)
- [FY 2021 MD&A](/company/APLE/mda/fy2021/): filed 2022-02-22; accession 0001564590-22-005942 (https://www.sec.gov/Archives/edgar/data/1418121/000156459022005942/aple-10k_20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6798 Real Estate Investment Trusts) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/APLE.md · JSON record: /company/APLE.json · verified financials: /company/APLE/financials.json / /company/APLE/financials.csv · machine TOC for the whole site: /llms.txt