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Apple Hospitality REIT (APLE) investor relations material
Apple Hospitality REIT Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Portfolio consists of 217 hotels across 84 markets with 29,583 guest rooms as of December 31, 2025; achieved comparable hotels RevPAR of $118 for 2025, down 1.6% year-over-year, with strong leisure travel offset by government and policy-related demand disruptions, outperforming industry averages.
Net income for 2025 was $175.4 million, down 18.1% from 2024; Q4 net income was $29.6 million, down 0.7% year-over-year.
Portfolio remains diversified, with strategic asset sales, share repurchases, and capital improvements optimizing value.
Completed transition of 13 Marriott-managed hotels to franchise, consolidating management for operational synergies.
No acquisitions planned for 2026; focus remains on select dispositions and portfolio optimization.
Financial highlights
Comparable hotels total revenue was $1.4 billion for 2025, down 1% year-over-year; Q4 revenue was $319 million, down 2%.
Comparable hotels adjusted hotel EBITDA was $474.2 million for 2025, down 6.4%; Q4 EBITDA was $99.2 million, down 8.4%.
Adjusted EBITDAre was $444 million for 2025, down 5.1%; Q4 Adjusted EBITDAre was $93 million, down 3.6%.
FFO for 2025 was $361 million or $1.52 per share, down 5.6% per share year-over-year; MFFO was $361.1 million, down 7.0%.
Paid $240 million in distributions for 2025, or $1.01 per share; annualized yield of 7.8%.
Outlook and guidance
2026 guidance: net income $133–$160 million; comparable hotels RevPAR change -1% to +1%; adjusted hotel EBITDA margin 32.4%–33.4%.
Adjusted EBITDAre expected between $424–$447 million; capital expenditures $80–$90 million.
Total hotel expenses projected to rise ~3% at midpoint; variable expenses up 2.7%, fixed up 4.5%.
Guidance assumes little benefit from special events and no unannounced acquisitions/dispositions; highest growth expected in Q4.
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