Apple Hospitality REIT, Inc. APLE
The Company, formed in November 2007 as a Virginia corporation, is a self-advised REIT that invests in income-producing real estate, primarily in the lodging sector, in the United States ("U.S."). The Company has elected to be treated as a REIT for U.S. federal income tax purposes. 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 ("D.C.") 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 New York Stock Exchange ("NYSE") under the ticker symbol "APLE." The Company has no foreign operations or assets, and its operating structure includes only one reportable segment. Refer to Part II, Item 8, for the Consolidated Financial Statements and Notes thereto, appearing elsewhere in this Annual Report on Form 10-K.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.41B | $1.43B | $1.34B | $1.24B | $933.9M | $601.9M | $1.27B | $1.27B | $1.24B | $1.04B |
| Cost of revenue | $847.3M | $837.9M | $780.7M | $710.5M | $542.2M | $402.3M | $724.4M | $715.9M | $697.4M | $582.8M |
| Gross profit | $565.1M | $593.6M | $563.1M | $527.9M | $391.7M | $199.6M | $542.2M | $554.6M | $541.2M | $458.2M |
| SG&A | $32.3M | $42.5M | $47.4M | $42.5M | $41.0M | $29.4M | $36.2M | $24.3M | $26.3M | $17.0M |
| Total operating expenses | $1.17B | $1.16B | $1.10B | $1.03B | $850.4M | $714.8M | $1.04B | $1.01B | $1.02B | $855.8M |
| Operating income | $257.8M | $292.8M | $247.5M | $206.5M | $87.0M | -$102.0M | $233.8M | $257.9M | $230.7M | $185.1M |
| Interest expense | $81.5M | $77.7M | $68.9M | $59.7M | $67.7M | $70.8M | $61.2M | $51.2M | $47.3M | $40.0M |
| Pre-tax income | $176.3M | $215.0M | $178.6M | $146.7M | $19.3M | -$172.9M | $172.6M | $206.7M | $183.3M | $145.1M |
| Income tax | $959.0K | $947.0K | $1.1M | $1.9M | $468.0K | $332.0K | $679.0K | $587.0K | $847.0K | $431.0K |
| Net income | $175.4M | $214.1M | $177.5M | $144.8M | $18.8M | -$173.2M | $171.9M | $206.1M | $182.5M | $144.7M |
| EPS, basic | 0.74 | 0.89 | 0.77 | 0.63 | 0.08 | -0.77 | — | — | — | — |
| EPS, diluted | 0.74 | 0.89 | 0.77 | 0.63 | 0.08 | -0.77 | 0.77 | 0.90 | 0.82 | 0.76 |
| Shares, diluted (wtd. avg.) | $237.8M | $241.3M | $229.3M | $228.9M | $226.4M | $223.5M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $8.5M | $10.3M | $10.3M | $4.1M | $3.3M | $5.6M | $34.7M | $33.6M | $29.8M | $0 |
| Total assets | $4.90B | $4.97B | $4.94B | $4.77B | $4.79B | $4.83B | $4.94B | $4.93B | $4.90B | $4.98B |
| Long-term debt | $1.54B | $1.47B | $1.37B | $1.37B | $1.44B | $1.48B | $1.32B | $1.41B | $1.22B | $1.30B |
| Total liabilities | $1.75B | $1.70B | $1.61B | $1.59B | $1.64B | $1.80B | $1.65B | $1.52B | $1.33B | $1.46B |
| Total equity | $3.15B | $3.27B | $3.32B | $3.18B | $3.15B | $3.03B | $3.29B | $3.41B | $3.57B | $3.52B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $370.2M | $405.4M | $399.0M | $368.4M | $217.6M | $26.7M | $381.7M | $404.8M | $384.1M | $331.2M |
| Depreciation and amortisation | — | — | — | — | — | — | — | $183.5M | $176.5M | $148.2M |
| Capital expenditure | $88.2M | $78.3M | $76.8M | $59.4M | $18.3M | $48.6M | $74.9M | $74.3M | $63.3M | $65.1M |
| Investing cash flow | -$135.4M | -$215.7M | -$364.6M | -$135.9M | -$150.7M | -$82.3M | -$14.3M | -$210.2M | -$158.3M | -$162.2M |
| Financing cash flow | -$239.5M | -$189.2M | -$34.3M | -$229.0M | -$61.3M | $55.2M | -$366.3M | -$190.8M | -$225.4M | -$162.2M |
| Dividends paid | $240.4M | $243.7M | $238.3M | $139.5M | $6.8M | $67.4M | $268.7M | $275.9M | $267.9M | $229.1M |
| Buybacks | $58.3M | $34.7M | $6.9M | $2.7M | — | $14.3M | $4.3M | $104.3M | $0 | $7.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-064008.
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