Apple Hospitality REIT
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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.
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Q4 2025 earnings summary24 Feb, 2026

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.

How did government travel impact 2025 occupancy?
Net change in hotel count from 2025 transactions?
Factors potentially making 2026 outlook conservative?
What drives the current disposition strategy?
Detail expected financial impact of Marriott transitions.
What is the outlook for midweek business demand?
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Frequently asked questions

Apple Hospitality REIT, Inc. is a real estate investment trust (REIT) focused on owning and operating hotel properties across the United States. The company primarily invests in upscale, select-service, and extended-stay hotels under well-known brands, including Hilton, Marriott, and Hyatt. Its portfolio is geographically diversified, targeting high-demand markets to cater to both business and leisure travelers. The company is headquartered in Richmond, Virginia, and its shares are listed on the NYSE.

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