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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

 

 

 

 

Page

Number

PART I. FINANCIAL INFORMATION

 

 

 

 

 

 

Item 1.

Financial Statements (Unaudited)

3

 

 

 

 

 

 

Consolidated Balance Sheets – September 30, 2021 and December 31, 2020

3

 

 

 

 

 

 

Consolidated Statements of Operations and Comprehensive Income (Loss) – three and nine months ended September 30, 2021 and 2020

4

 

 

 

 

 

 

Consolidated Statements of Shareholders’ Equity – three and nine months ended September 30, 2021 and 2020

5

 

 

 

 

 

 

Consolidated Statements of Cash Flows – nine months ended September 30, 2021 and 2020

6

 

 

 

 

 

 

Notes to Consolidated Financial Statements

7

 

 

 

 

 

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

21

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

39

 

 

 

 

 

Item 4.

Controls and Procedures

39

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

 

Item 1.

Legal Proceedings

40

 

 

 

 

 

Item 6.

Exhibits

40

 

 

 

 

Signatures

41

 

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

 

 

$