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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, 2021
☐ |
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)
Virginia |
|
26-1379210 |
(State or other jurisdiction
of incorporation or organization) |
|
(I.R.S. Employer
Identification No.) |
|
|
|
814 East Main Street
Richmond, Virginia |
|
23219 |
(Address of principal executive offices) |
|
(Zip Code) |
(804) 344-8121
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Shares, no par value |
|
APLE |
|
New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ |
Accelerated filer ☐ |
|
Non-accelerated filer ☐ |
Smaller reporting company ☐ |
Emerging growth company ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Number of registrant’s common shares outstanding as of November 1, 2021: 228,354,214
Apple Hospitality REIT, Inc.
Form 10-Q
Index
This Form 10-Q includes references to certain trademarks or service marks. The AC Hotels by Marriott®, Aloft Hotels®, Courtyard by Marriott®, Fairfield by Marriott®, Marriott® Hotels, Residence Inn by Marriott®, SpringHill Suites by Marriott® and TownePlace Suites by Marriott® trademarks are the property of Marriott International, Inc. or one of its affiliates. The Embassy Suites by Hilton®, Hampton by Hilton®, Hampton Inn by Hilton®, Hampton Inn & Suites by Hilton®, Hilton Garden Inn®, Home2 Suites by Hilton® and Homewood Suites by Hilton® trademarks are the property of Hilton Worldwide Holdings Inc. or one or more of its affiliates. The Hyatt®, Hyatt House® and Hyatt Place® trademarks are the property of Hyatt Hotels Corporation or one or more of its affiliates. For convenience, the applicable trademark or service mark symbol has been omitted but will be deemed to be included wherever the above referenced terms are used.
Index
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Hospitality REIT, Inc.
Consolidated Balance Sheets
(in thousands, except share data)
|
|
September 30, |
|
|
December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
|
(unaudited) |
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Investment in real estate, net of accumulated depreciation and amortization of
$1,266,122 and $1,235,698, respectively |
|
$ |
4,541,424 |
|
|
$ |
4,732,896 |
|
Assets held for sale |
|
|
- |
|
|
|
5,316 |
|
Cash and cash equivalents |
|
|
39,432 |
|
|
|
5,556 |
|
Restricted cash-furniture, fixtures and other escrows |
|
|
34,446 |
|
|
|
28,812 |
|
Due from third party managers, net |
|
|
52,322 |
|
|
|
22,137 |
|
Other assets, net |
|
|
37,203 |
|
|
|
35,042 |
|
Total Assets |
|
$ |
4,704,827 |
|
|
$ |
4,829,759 |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Debt, net |
|
$ |
1,366,621 |
|
|
$ |
1,482,571 |
|
Finance lease liabilities |
|
|
111,706 |
|
|
|
219,981 |
|
Accounts payable and other liabilities |
|
|
98,386 |
|
|
|
97,860 |
|
Total Liabilities |
|
|
1,576,713 |
|
|
|
1,800,412 |
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
Preferred stock, authorized 30,000,000 shares; none issued and outstanding |
|
|
- |
|
|
|
- |
|
Common stock, no par value, authorized 800,000,000 shares; issued and outstanding
228,354,214 and 223,212,346 shares, respectively |
|
|
4,570,217 |
|
|
|
4,488,419 |
|
Accumulated other comprehensive loss |
|
|
(24,650 |
) |
|
|
(42,802 |
) |
Distributions greater than net income |
|
|
(1,417,453 |
) |
|
|
(1,416,270 |
) |
Total Shareholders' Equity |
|
|
3,128,114 |
|
|
|
3,029,347 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity |
|
$ |
4,704,827 |
|
|
$ |
4,829,759 |
|
See notes to consolidated financial statements.
3
Index
Apple Hospitality REIT, Inc.
Consolidated Statements of Operations and Comprehensive Income (Loss)
(Unaudited)
(in thousands, except per share data)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room |
|
$ |
260,415 |
|
|
$ |
140,116 |
|
|
$ |
640,062 |
|
|
$ |
434,923 |
|
Food and beverage |
|
|
6,315 |
|
|
|
2,235 |
|
|
|
14,186 |
|
|
|
14,386 |
|
Other |
|
|
10,434 |
|
|
|
6,475 |
|
|
|
29,033 |
|
|
|
18,605 |
|
Total revenue |
|
|
277,164 |
|
|
|
148,826 |
|
|
|
683,281 |
|
|
|
467,914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel operating expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
|
|
61,954 |
|
|
|
33,124 |
|
|
|
153,290 |
|
|
|
120,860 |
|
Hotel administrative |
|
|
23,126 |
|
|
|
16,625 |
|
|
|
62,408 |
|
|
|
54,079 |
|
Sales and marketing |
|
|
23,015 |
|
|
|
13,728 |
|
|
|
58,283 |
|
|
|
47,517 |
|
Utilities |
|
|
11,410 |
|
|
|
9,967 |
|
|
|
31,322 |
|
|
|
25,465 |
|
Repair and maintenance |
|
|
12,600 |
|
|
|
8,842 |
|
|
|
34,711 |
|
|
|
26,983 |
|
Franchise fees |
|
|
12,274 |
|
|
|
6,603 |
|
|
|
30,058 |
|
|
|
20,516 |
|
Management fees |
|
|
9,574 |
|
|
|
4,873 |
|
|
|
23,031 |
|
|
|
15,425 |
|
Total hotel operating expense |
|
|
153,953 |
|
|
|
93,762 |
|
|
|
393,103 |
|
|
|
310,845 |
|
Property taxes, insurance and other |
|
|
17,927 |
|
|
|
20,523 |
|
|
|
54,936 |
|
|
|
58,820 |
|
General and administrative |
|
|
13,261 |
|
|
|
6,726 |
|
|
|
29,815 |
|
|
|
22,274 |
|
Loss on impairment of depreciable real estate assets |
|
|
- |
|
|
|
- |
|
|
|
10,754 |
|
|
|
4,382 |
|
Depreciation and amortization |
|
|
44,217 |
|
|
|
50,171 |
|
|
|
139,313 |
|
|
|
149,590 |
|
Total expense |
|
|
229,358 |
|
|
|
171,182 |
|
|
|
627,921 |
|
|
|
545,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of real estate |
|
|
44 |
|
|
|
- |
|
|
|
3,664 |
|
|
|
8,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
47,850 |
|
|
|
(22,356 |
) |
|
|
59,024 |
|
|
|
(69,212 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other expense, net |
|
|
(15,977 |
) |
|
|
(18,531 |
) |
|
|
(53,108 |
) |
|
|
(52,483 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
|
31,873 |
|
|
|
(40,887 |
) |
|
|
5,916 |
|
|
|
(121,695 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
(114 |
) |
|
|
(61 |
) |
|
|
(309 |
) |
|
|
(265 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
31,759 |
|
|
$ |
(40,948 |
) |
|
$ |
5,607 |
|
|
$ |
(121,960 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate derivatives |
|
|
3,426 |
|
|
|
2,739 |
|
|
|
18,152 |
|
|
|
(43,622 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) |
|
$ |
35,185 |
|
|
$ |
(38,209 |
) |
|
$ |
23,759 |
|
|
$ |
(165,582 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net income (loss) per common share |
|
$ |
0.14 |
|
|
$ |
(0.18 |
) |
|
$ |
0.02 |
|
|
$ |
(0.55 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding - basic and diluted |
|
|
228,436 |
|
|
|
223,293 |
|
|
|
225,664 |
|
|
|
223,620 |
|
See notes to consolidated financial statements.
4
Index
Apple Hospitality REIT, Inc.
Consolidated Statements of Shareholders' Equity
(Unaudited)
(in thousands, except per share data)
Three Months Ended September 30, 2021 and 2020 |
|
|
|
Common Stock |
|
|
Accumulated
Other |
|
|
Distributions |
|
|
|
|
|
|
|
Number
of Shares |
|
|
Amount |
|
|
Comprehensive
Income (Loss) |
|
|
Greater Than
Net Income |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at June 30, 2021 |
|
|
228,341 |
|
|
$ |
4,569,332 |
|
|
$ |
(28,076 |
) |
|
$ |
(1,446,933 |
) |
|
$ |
3,094,323 |
|
Share based compensation, net |
|
|
13 |
|
|
|
915 |
|
|
|
- |
|
|
|
- |
|
|
|
915 |
|
Issuance of common shares, net |
|
|
- |
|
|
|
(30 |
) |
|
|
- |
|
|
|
- |
|
|
|
(30 |
) |
Interest rate derivatives |
|
|
- |
|
|
|
- |
|
|
|
3,426 |
|
|
|
- |
|
|
|
3,426 |
|
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
31,759 |
|
|
|
31,759 |
|
Distributions declared to shareholders ($0.01 per share) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,279 |
) |
|
|
(2,279 |
) |
Balance at September 30, 2021 |
|
|
228,354 |
|
|
$ |
4,570,217 |
|
|
$ |
(24,650 |
) |
|
$ |
(1,417,453 |
) |
|
$ |
3,128,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at June 30, 2020 |
|
|
223,224 |
|
|
$ |
4,488,034 |
|
|
$ |
(51,059 |
) |
|
$ |
(1,324,016 |
) |
|
$ |
3,112,959 |
|
Share based compensation, net |
|
|
7 |
|
|
|
591 |
|
|
|
- |
|
|
|
- |
|
|
|
591 |
|
Issuance of common shares, net |
|
|
- |
|
|
|
(337 |
) |
|
|
- |
|
|
|
- |
|
|
|
(337 |
) |
Interest rate derivatives |
|
|
- |
|
|
|
- |
|
|
|
2,739 |
|
|
|
- |
|
|
|
2,739 |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(40,948 |
) |
|
|
(40,948 |
) |
Balance at September 30, 2020 |
|
|
223,231 |
|
|
$ |
4,488,288 |
|
|
$ |
(48,320 |
) |
|
$ |
(1,364,964 |
) |
|
$ |
3,075,004 |
|
Nine Months Ended September 30, 2021 and 2020 |
|
|
|
Common Stock |
|
|
Accumulated
Other |
|
|
Distributions |
|
|
|
|
|
|
|
Number
of Shares |
|
|
Amount |
|
|
Comprehensive
Income (Loss) |
|
|
Greater Than
Net Income |
|
|
Total |
|
Balance at December 31, 2020 |
|
|
223,212 |
|
|
$ |
4,488,419 |
|
|
$ |
(42,802 |
) |
|
$ |
(1,416,270 |
) |
|
$ |
3,029,347 |
|
Share based compensation, net |
|
|
465 |
|
|
|
6,762 |
|
|
|
- |
|
|
|
- |
|
|
|
6,762 |
|
Issuance of common shares, net |
|
|
4,677 |
|
|
|
75,036 |
|
|
|
- |
|
|
|
- |
|
|
|
75,036 |
|
Interest rate derivatives |
|
|
- |
|
|
|
- |
|
|
|
18,152 |
|
|
|
- |
|
|
|
18,152 |
|
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,607 |
|
|
|
5,607 |
|
Distributions declared to shareholders ($0.03 per share) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(6,790 |
) |
|
|
(6,790 |
) |
Balance at September 30, 2021 |
|
|
228,354 |
|
|
$ |
4,570,217 |
|
|
$ |
(24,650 |
) |
|
$ |
(1,417,453 |
) |
|
$ |
3,128,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2019 |
|
|
223,863 |
|
|
$ |
|