Industry Overview - Hotel revenues have fully recovered from the pandemic, reaching record highs with the highest average daily rate (ADR) and revenue per available room (RevPAR) on record in 2023 [2] - Despite the recovery in hotel revenues, hotel REITs remain over 20% below pre-pandemic levels [2] Leverage and Cyclicality - Leverage amplifies both success and failure, acting as a multiplier during boom and bust cycles [5] - During the pandemic, leverage exacerbated the crash but should have also amplified the recovery, yet hotel REITs did not fully recover [4][5] - The cost of financial distress, triggered by leverage, led to dilutive maneuvers such as equity issuance, property sales, and preferred share conversions to avoid breaching loan covenants [6] - These dilutive actions resulted in permanent earnings dilution and hindered the recovery of FFO/share and AFFO/share for most hotel REITs [7] Apple Hospitality (APLE) Case Study - APLE stands out as an exception, fully recovering in both FFO and market price due to its low leverage entering the pandemic [8] - APLE's debt + preferred to total enterprise value was about 25% pre-pandemic, compared to 40%-60% for most hotel REITs, allowing it to avoid financial distress and dilutive capital raises [9] - APLE maintained its asset base and share count, enabling a clean recovery in AFFO/share as industry revenues rebounded [10] - APLE's RevPAR of $122.91 in 3Q23 is among the lowest in the industry, with properties spread proportionally to GDP across the U S [8] Market Mispricing and Investment Implications - The market appears to be mispricing hotel REITs, with low-leverage APLE trading at 12 3X AFFO while high-leverage Pebblebrook (PEB) trades at 15 5X AFFO [13] - High leverage in cyclical sectors like hotels increases vulnerability during downturns, making low-leverage companies like APLE more attractive [12] - APLE is identified as a clear opportunity in the sector due to its conservative balance sheet and full recovery [14]

RICHMOND, Va.--(BUSINESS WIRE)--Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple Hospitality”) today announced that its Board of Directors declared a regular monthly cash distribution of $0.08 per common share. The distribution is payable on February 15, 2024, to shareholders of record as of January 31, 2024. Based on the Company’s common stock closing price of $16.16 on January 18, 2024, the annualized distribution of $0.96 per common share represents an annual yield of approximately 5.9 ...

Apple Hospitality REIT, Inc. (NYSE:APLE) Q3 2023 Results Conference Call November 8, 2023 10:00 AM ET Company Participants Kelly Clarke - VP, IR Justin Knight - CEO Liz Perkins - CFO Conference Call Participants Austin Wurschmidt - KeyBanc Capital Markets Floris van Dijkum - Compass Point Tyler Batory - Oppenheimer & Co. Bryan Maher - B. Riley Securities Michael Bellisario - Baird Anthony Powell - Barclays Operator Greetings and welcome to the Apple Hospitality REIT Third Quarter 2023 Earnings Call. At this ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _______ TO _______ Commission File Number 001-37389 APPLE HOSPITALITY REIT, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of ...

Apple Hospitality REIT, Inc. (NYSE:APLE) Q2 2023 Earnings Conference Call August 4, 2023 9:00 AM ET Company Participants Kelly Clarke - VP, IR Justin Knight - CEO Liz Perkins - CFO Conference Call Participants Austin Wurschmidt - KeyBanc Capital Markets Dori Kesten - Wells Fargo Securities Tyler Batory - Oppenheimer Tyler Batory - Oppenheimer & Co. Inc. Anthony Powell - Barclays Michael Bellisario - Robert W. Baird Chris Darling - Green Street Operator Greetings and welcome to the Apple Hospitality REIT's S ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Shares, no par value APLE New York Stock Exchange FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _______ TO _______ Commission File N ...

Apple Hospitality REIT, Inc. (NYSE:APLE) Q1 2023 Earnings Conference Call May 3, 2023 10:00 AM ET Company Participants Kelly Clarke - VP, IR Justin Knight - CEO Liz Perkins - CFO Conference Call Participants Austin Wurschmidt - KeyBanc Capital Markets Bryan Maher - B. Riley Securities Dori Kesten - Wells Fargo Tyler Batory - Oppenheimer Anthony Palo - Barclays Dany Asad - Bank of America Michael Bellisario - Baird Chris Darling - Green Street Operator Greetings and welcome to the Apple Hospitality REIT’s Ea ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Shares, no par value APLE New York Stock Exchange FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _______ TO _______ Commission File ...

IN VESTOR PRESENTATION ...

Apple Hospitality REIT, Inc. (NYSE:APLE) Q4 2022 Results Conference Call February 22, 2023 10:00 AM ET Company Participants Kelly Clarke - VP, IR Justin Knight - CEO Liz Perkins - CFO Conference Call Participants Anthony Powell - Barclays Tyler Batory - Oppenheimer Dany Asad - Bank of America Michael Bellisario - Baird Bryan Maher - B. Riley Securities Chris Darling - Green Street Operator Greetings and welcome to the Apple Hospitality REIT’s Fourth Quarter and Full Year 2022 Earnings Call. [Operator Instru ...