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Apple Hospitality REIT (APLE)

Apple Hospitality REIT, Inc. is a real estate investment trust ('REIT') that owns one of the largest and most diverse portfolios of upscale, rooms-focused hotels in the United States. Apple Hospitality's portfolio consists of 233 hotels with more than 29,800 guest rooms located in 88 markets throughout 35 states. Concentrated with industry-leading brands, the Company's portfolio consists of 104 Marriott-branded hotels, 124 Hilton-branded hotels, three Hyatt-branded hotels and two independent hotels.

Company profile

Ticker
APLE
Exchange
CEO
Justin Knight
Employees
Incorporated
Location
Fiscal year end
Former names
Apple REIT Nine, Inc.
SEC CIK
Subsidiaries
Apple Air Holding, LLC • Apple Fund Management, LLC • Apple Nine Alabama, LLC • Apple Nine Hospitality, Inc. • Apple Nine Oklahoma, LLC • Apple REIT Eight, Inc. • Apple REIT Seven, Inc. • Apple REIT Ten, Inc • Apple Eight California, Inc. • Apple Eight Hospitality Management, Inc. ...

APLE stock data

Analyst ratings and price targets

Last 3 months
Current price
Average target
$19.00
Low target
$19.00
High target
$19.00
Barclays
Maintains
Overweight
$19.00
7 Jul 22
B. Riley Securities
Upgraded
Buy
$19.00
16 Jun 22

Calendar

4 Aug 22
11 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
13 Jun 22 Elizabeth Perkins Common Shares Buy Acquire P No No 14.8657 200 2.97K 174,143
13 Jun 22 Elizabeth Perkins Common Shares Buy Acquire P No No 14.865 400 5.95K 173,943
10 Jun 22 Justin G Knight Common Shares Buy Acquire P No No 15.8577 500 7.93K 1,572,017
10 Jun 22 Elizabeth Perkins Common Shares Buy Acquire P No No 15.95 600 9.57K 173,543
31 May 22 Kristian M Gathright Common Shares Grant Acquire A No No 16.71 1,721 28.76K 973,972
31 May 22 Redd Hugh Deferred Stock Units Common Shares Other Acquire J No No 16.71 172 2.87K 21,097
31 May 22 Redd Hugh Deferred Stock Units Common Shares Grant Acquire A No No 16.71 1,721 28.76K 20,925
31 May 22 Daryl Arthur Nickel Common Shares Grant Acquire A No No 16.71 1,721 28.76K 50,718
31 May 22 Daryl Arthur Nickel Deferred Stock Units Common Shares Other Acquire J No No 16.71 321 5.36K 36,132
32.6% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 263 246 +6.9%
Opened positions 44 38 +15.8%
Closed positions 27 31 -12.9%
Increased positions 87 83 +4.8%
Reduced positions 89 78 +14.1%
13F shares Current Prev Q Change
Total value 4.25B 2.92B +45.5%
Total shares 187.06M 181.32M +3.2%
Total puts 58.5K 67.3K -13.1%
Total calls 253.1K 310.4K -18.5%
Total put/call ratio 0.2 0.2 +6.6%
Largest owners Shares Value Change
Vanguard 33.26M $597.65M +1.4%
BLK Blackrock 19.74M $354.75M -5.9%
TROW T. Rowe Price 15.23M $273.76M +61.4%
STT State Street 10.39M $186.69M +14.7%
Victory Capital Management 8.78M $157.69M -6.7%
PFG Principal Financial Group Inc - Registered Shares 6.86M $123.35M +8.0%
JPM JPMorgan Chase & Co. 6.79M $122.07M +7.3%
Charles Schwab Investment Management 4.48M $80.51M +37.2%
Fuller & Thaler Asset Management 4.48M $80.47M +0.5%
Geode Capital Management 4.31M $77.4M +1.6%
Largest transactions Shares Bought/sold Change
TROW T. Rowe Price 15.23M +5.8M +61.4%
DB Deutsche Bank AG - Registered Shares 3.53M +2.94M +496.6%
Monarch Alternative Capital 2.42M -2.87M -54.3%
Par Capital Management 2.8M +2.59M +1246.0%
Norges Bank 0 -2.06M EXIT
Northwood Liquid Management 1.37M -1.57M -53.4%
King Street Capital Management 0 -1.53M EXIT
STT State Street 10.39M +1.33M +14.7%
PRU Prudential Financial 1.23M -1.3M -51.4%
Citadel Advisors 145.47K -1.25M -89.5%

Financial report summary

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Risks
  • The Company is subject to various risks which are common to the hotel industry on a national, regional and local market basis that are beyond its control and could adversely affect its business.
  • The Company is affected by restrictions in, and compliance with, its franchise and license agreements.
  • Substantially all of the Company’s hotels operate under Marriott or Hilton brands; therefore, the Company is subject to risks associated with concentrating its portfolio in these brand families.
  • The Company is dependent on third-party hotel managers to operate its hotels and could be adversely affected if such management companies do not manage the hotels successfully.
  • The growing use of non-franchisor lodging distribution channels could adversely affect the Company’s business and profitability.
  • Renovations and capital improvements at the Company’s existing hotels or new hotel developments may reduce the Company’s profitability.
  • Certain hotels are subject to ground leases that may affect the Company’s ability to use the hotel or restrict its ability to sell the hotel.
  • The Company may not be able to complete hotel dispositions when and as anticipated.
  • Real estate impairment losses may adversely affect the Company’s financial condition and results of operations.
  • The Company’s failure to identify and complete accretive acquisitions may adversely affect the profitability of the Company.
  • The phase-out, replacement, or unavailability of LIBOR as the reference interest rate under the Company’s variable-rate debt and hedging arrangements could have a material adverse effect on the business, financial condition and results of operations of the Company, and the replacement rate may differ from LIBOR and between the loan and hedge markets.
  • Compliance with financial and other covenants in the Company’s existing or future debt agreements may reduce operational flexibility and create default risk.
  • Technology is used in operations, and any material failure, inadequacy, interruption or security failure of that technology from cyber-attacks or other events could harm the Company’s business.
  • Potential losses not covered by insurance may adversely affect the Company’s financial condition.
  • The Company faces possible risks associated with the physical effects of, and laws and regulations related to, climate change.
  • The Company could incur significant, material costs related to government regulation and litigation with respect to environmental matters, which could have a material adverse effect on the Company.
  • The Company may incur significant costs complying with various regulatory requirements, which could materially and adversely affect the Company.
  • The Company’s future issuances of preferred shares or debt securities may adversely affect the voting power or ownership interest of the holders of common shares or may limit the ability of a third party to acquire control of the Company.
  • The Company may be subject to adverse legislative or regulatory tax changes.
  • The Company may change its distribution policy or may not have funds available to make distributions to shareholders.
  • Future offerings or the perception that future offerings could occur may adversely affect the market price of the Company’s common shares and future offerings may be dilutive to existing shareholders.
Management Discussion
  • A discussion regarding the Company’s results of operations for the year ended December 31, 2021 compared to the year ended December 31, 2020 is presented below. A discussion regarding the results of operations for the year ended
  • December 31, 2020 compared to the year ended December 31, 2019 can be found under the section titled “Results of Operations” in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February 23, 2021, which is incorporated herein by reference and which is available free of charge on the SEC’s website at www.sec.gov and in the Investor Information section of the Company’s website at www.applehospitalityreit.com.
  • The Company’s principal source of revenue is hotel revenue consisting of room, food and beverage, and other related revenue. For the years ended December 31, 2021 and 2020, the Company had total revenue of $933.9 million and $601.9 million, respectively. For the years ended December 31, 2021 and 2020, respectively, Comparable Hotels achieved combined average occupancy of 66.3% and 45.9%, ADR of $125.43 and $112.72 and RevPAR of $83.14 and $51.69. ADR is calculated as room revenue divided by the number of rooms sold, and RevPAR is calculated as occupancy multiplied by ADR.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. senior Bad
New words: ensure, iii, larger, Overnight, pace, reassessment, recessionary, refinanced, refinancing, SOFR, system, understanding
Removed: criteria, declined, depth, leasing, luxury, noted, presently, suspension, upper, upscale