RICHMOND, Va.–(BUSINESS WIRE)–Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple Hospitality”) today announced results of operations for the third quarter ended September 30, 2019.
|
Selected Statistical and Financial Data |
||||||||||||||||
|
As of and For the Three and Nine Months Ended September 30 |
||||||||||||||||
|
(Unaudited) (in thousands, except statistical and per share amounts)(1) |
||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||
|
September 30, |
|
September 30, |
||||||||||||||
|
2019 |
|
2018 |
|
% Change |
|
2019 |
|
2018 |
|
% Change |
||||||
| Net income(2) |
$ |
46,223 |
$ |
62,122 |
(25.6%) |
$ |
146,464 |
$ |
171,934 |
(14.8%) |
||||||
| Net income per share(2) |
$ |
0.21 |
$ |
0.27 |
(22.2%) |
$ |
0.65 |
$ |
0.75 |
(13.3%) |
||||||
|
|
|
|||||||||||||||
| Adjusted EBITDAre(2) |
$ |
115,557 |
$ |
122,552 |
(5.7%) |
$ |
342,675 |
$ |
353,681 |
(3.1%) |
||||||
| Comparable Hotels Adjusted Hotel EBITDA(2) |
$ |
124,367 |
$ |
124,032 |
0.3% |
$ |
366,102 |
$ |
365,708 |
0.1% |
||||||
| Comparable Hotels Adjusted Hotel EBITDA Margin %(2) |
|
37.6% |
|
38.1% |
(50 bps) |
|
37.8% |
|
38.2% |
(40 bps) |
||||||
| Modified funds from operations (MFFO)(2) |
$ |
100,403 |
$ |
109,068 |
(7.9%) |
$ |
295,317 |
$ |
314,283 |
(6.0%) |
||||||
| MFFO per share(2) |
$ |
0.45 |
$ |
0.47 |
(4.3%) |
$ |
1.32 |
$ |
1.36 |
(2.9%) |
||||||
|
|
|
|||||||||||||||
| Average Daily Rate (ADR) (Actual) |
$ |
139.21 |
$ |
137.77 |
1.0% |
$ |
139.13 |
$ |
137.32 |
1.3% |
||||||
| Occupancy (Actual) |
|
79.9% |
|
78.9% |
1.3% |
|
78.4% |
|
78.4% |
– |
||||||
| Revenue Per Available Room (RevPAR) (Actual) |
$ |
111.17 |
$ |
108.70 |
2.3% |
$ |
109.02 |
$ |
107.71 |
1.2% |
||||||
|
|
|
|||||||||||||||
| Comparable Hotels ADR |
$ |
139.32 |
$ |
139.01 |
0.2% |
$ |
139.58 |
$ |
138.72 |
0.6% |
||||||
| Comparable Hotels Occupancy |
|
79.9% |
|
79.2% |
0.9% |
|
78.6% |
|
78.8% |
(0.3%) |
||||||
| Comparable Hotels RevPAR |
$ |
111.36 |
$ |
110.12 |
1.1% |
$ |
109.64 |
$ |
109.25 |
0.4% |
||||||
|
|
|
|||||||||||||||
| Distributions paid |
$ |
67,154 |
$ |
69,061 |
(2.8%) |
$ |
201,497 |
$ |
207,265 |
(2.8%) |
||||||
| Distributions paid per share |
$ |
0.30 |
$ |
0.30 |
– |
$ |
0.90 |
$ |
0.90 |
– |
||||||
| Total debt outstanding |
$ |
1,344,804 |
||||||||||||||
| Total debt to total capitalization (3) |
|
26.6% |
||||||||||||||
|
(1) |
|
Explanations of and reconciliations to net income determined in accordance with generally accepted accounting principles (“GAAP”) of non-GAAP financial measures, Adjusted EBITDAre, Comparable Hotels Adjusted Hotel EBITDA and MFFO, are included below. |
||||||||||||
|
(2) |
|
On January 1, 2019, the Company adopted the Financial Accounting Standards Board’s Accounting Standards Update No. 2016-02, Leases (Topic 842). Under the new lease accounting standard, the Company classified four ground leases as finance leases that were previously classified as operating leases in accordance with the previous accounting standard. See discussion below for additional information on the adoption of the new lease accounting standard. |
||||||||||||
|
(3) |
|
Total debt outstanding divided by total debt outstanding plus equity market capitalization based on the Company’s closing share price of $16.58 on September 30, 2019. |
||||||||||||
Comparable Hotels is defined as the 233 hotels owned and held for use by the Company as of September 30, 2019. For hotels acquired during the periods noted, the Company has included, as applicable, results of those hotels for periods prior to the Company’s ownership, and for dispositions and assets held for sale, results have been excluded for the Company’s period of ownership. Results for periods prior to the Company’s ownership have not been included in the Company’s actual Consolidated Financial Statements and are included only for comparison purposes. Results included for periods prior to the Company’s ownership are based on information from the prior owner of each hotel and have not been audited or adjusted.
Justin Knight, President and Chief Executive Officer of Apple Hospitality, commented, “Performance across our portfolio of hotels during the third quarter was generally consistent with our expectations and was positively impacted by calendar shifts and solid transient demand. We remain diligently focused on maximizing profitability and are pleased to report a strong Comparable Hotels Adjusted Hotel EBITDA Margin of approximately 38 percent for the quarter and year to date, despite ongoing cost and supply pressures. Given the strength of our portfolio of rooms-focused hotels, our geographic diversification and the flexibility of our balance sheet, we believe we are well positioned to maximize shareholder value over the long term.”
Portfolio Activity
Acquisitions and Contracts for Potential Acquisitions
Since the beginning of 2019, Apple Hospitality has completed the acquisition of three hotels, including a 55-room independent boutique hotel in downtown Richmond, Virginia, that was acquired in October of 2019 for a total purchase price of approximately $7 million. Although the Company does not intend to associate this hotel with a brand, the Company does plan to reposition the hotel to be consistent with its existing rooms-focused hotels. The Company continues to have outstanding contracts for the potential purchase of six additional hotels for a combined total expected purchase price of approximately $209 million. The six hotels under contract are currently under development and assuming all conditions to closing are met, will be acquired over the next nine to 21 months from September 30, 2019. There are many conditions to closing under each of the contracts that have not yet been satisfied, including completion of construction, and there can be no assurance that closings on the six hotels will occur.
Dispositions and Contracts for Potential Dispositions
In addition to the nine hotels sold in March of 2019, Apple Hospitality has entered into separate contracts for the potential sale of three hotels. Details related to the sale contracts are as follows:
Although the Company is working towards the sale of the three hotels, there are many conditions to closing that have not yet been satisfied and there can be no assurance that closings on the three hotels will occur.
Renaissance New York Hotel 57 to Become an Independent Boutique Hotel
The Company plans to convert its 208-room Renaissance hotel in New York, New York, to an independent boutique hotel during the first quarter of 2020. The Company anticipates it will incur conversion costs of approximately $1 million over the next six months to complete the transition to an independent boutique hotel. The intent of the conversion is to provide greater long-term flexibility with the operations of the hotel. Although the Company is not able to fully estimate the near-term impact associated with the transition, it does anticipate operational disruption as the management team works to replace revenue that currently results from participation in the Renaissance brand system.
Capital Improvements
Apple Hospitality consistently reinvests in its hotels to maintain and enhance each property’s relevance and competitive position within its respective market. During the nine months ended September 30, 2019, the Company invested approximately $47 million in capital expenditures. The Company plans to continue to reinvest in its hotels and anticipates investing an additional $30 million to $40 million in capital improvements during the remainder of 2019, which includes various scheduled renovation projects at approximately 20 properties, including the Company’s full-service Marriott in Richmond, Virginia.
Adoption of New Lease Accounting Standard
On January 1, 2019, the Company adopted Accounting Standards Update No. 2016-02, Leases (Topic 842). Under this standard, lessees are required to recognize most leases on their balance sheets as right-of-use assets and lease liabilities. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Under the new standard, four of the Company’s ground leases that were previously classified as operating leases under the previous accounting standard are classified as financing leases under Topic 842. For these finance leases, effective January 1, 2019, the Company recognizes depreciation and amortization expense and interest and other expense, net in the Company’s consolidated statements of operations, instead of operating ground lease expense. While the total expense recognized over the life of a lease is unchanged, the timing of expense recognition for these finance leases results in higher expense during the earlier years of the lease and lower expense during the later years of the lease. For the three and nine months ended September 30, 2019, the Company recognized approximately $1.5 million and $5.4 million of interest expense, respectively, and approximately $0.7 million and $2.9 million of amortization expense, respectively, associated with these four finance leases. Under the previous accounting standard, the Company would have recognized approximately $1.3 million and $4.6 million of cash operating ground lease expense and $0.6 million and $2.8 million of non-cash straight-line ground lease expense and amortization of intangible lease expense during the three and nine months ended September 30, 2019, respectively, for these four ground leases. As a result of the new lease standard, at September 30, 2019, the Company’s balance sheet reflects finance ground lease assets, net, of approximately $194.8 million, operating lease assets, net, of approximately $28.6 million and associated combined lease liabilities of approximately $228.1 million.
Balance Sheet
As of September 30, 2019, Apple Hospitality had approximately $1.3 billion of total outstanding indebtedness with a current combined weighted-average interest rate of approximately 3.6 percent for the remainder of 2019. Excluding unamortized debt issuance costs and fair value adjustments, the Company’s total outstanding indebtedness is comprised of approximately $458 million in property-level debt secured by 29 hotels and $887 million outstanding on its unsecured credit facilities. Apple Hospitality’s undrawn capacity on its unsecured credit facilities at September 30, 2019 was approximately $274 million. The Company’s total debt to total capitalization at September 30, 2019 was approximately 27 percent, which provides Apple Hospitality with financial flexibility to fund capital requirements and pursue opportunities in the marketplace. The Company’s weighted-average debt maturities are 5 years, and the weighted-average maturity of its effectively fixed-rate debt is 4 years at a weighted-average interest rate of 3.7 percent.
Shareholder Distributions
Apple Hospitality paid distributions of $0.30 per common share during the three-month period ended September 30, 2019. Based on the Company’s common share closing price of $16.48 on October 31, 2019, the annualized distribution rate of $1.20 per common share represents an annual yield of approximately 7.3 percent. The Company’s Board of Directors, in consultation with management, will continue to regularly monitor the Company’s distribution rate relative to the performance of its hotels, capital improvement needs, varying economic cycles, acquisitions and dispositions. At its discretion, the Company’s Board of Directors may make adjustments as determined to be prudent in relation to other cash requirements of the Company.
2019 Outlook
Apple Hospitality is providing its operational and financial outlook for 2019. This outlook, which is based on management’s current view of both operating and economic fundamentals of the Company’s existing portfolio of hotels, does not take into account any unanticipated developments in its business or changes in its operating environment, nor does it take into account any unannounced hotel acquisitions or dispositions. As compared to previously provided 2019 guidance, the Company is adjusting: Net Income by increasing the low end of the range by $1 million and decreasing the high end of the range by $6 million; Comparable Hotels RevPAR Change by narrowing the low and high ends of the range by 25 bps and 50 bps, respectively; Comparable Hotels Adjusted Hotel EBITDA Margin % by narrowing the high end of the range by 10 bps while maintaining the low end of the range; and Adjusted EBITDAre by decreasing the high end of the range by $6 million while maintaining the low end of the range. The reduction in the midpoint of the Company’s guidance for Net Income and Adjusted EBITDAre is primarily a result of higher anticipated general and administrative expenses associated with outperformance of the Company’s relative shareholder return metrics, which are components of the Company’s incentive plans. Comparable Hotels RevPAR Change and Comparable Hotels Adjusted Hotel EBITDA Margin % guidance include properties acquired, as if the hotels were owned as of January 1, 2018, and exclude dispositions and assets held for sale since January 1, 2018. For the full year 2019, the Company anticipates:
|
2019 Guidance(1) |
||||
|
Low-End |
|
High-End |
||
| Net income |
$168 Million |
|
$182 Million |
|
|
|
|
|
||
| Comparable Hotels RevPAR Change |
(0.50%) |
|
0.25% |
|
|
|
|
|
||
| Comparable Hotels Adjusted Hotel EBITDA Margin % |
36.4% |
|
36.9% |
|
|
|
|
|
||
| Adjusted EBITDAre |
$425 Million |
|
$435 Million |
|
|
(1) |
Explanations of and reconciliations to net income guidance of Adjusted EBITDAre guidance are included below. |
Third Quarter 2019 Earnings Conference Call
The Company will host a quarterly conference call for investors and interested parties on Tuesday, November 5, 2019, at 9:00 a.m. Eastern Time. The conference call will be accessible by telephone and the internet. To access the call, participants from within the U.S. should dial 877-407-9039, and participants from outside the U.S. should dial 201-689-8470. Participants may also access the call via live webcast by visiting the Investor Information section of the Company’s website at ir.applehospitalityreit.com. A replay of the call will be available from approximately 12:00 p.m. Eastern Time on November 5, 2019, through 11:59 p.m. Eastern Time on November 26, 2019. To access the replay, the domestic dial-in number is 844-512-2921, the international dial-in number is 412-317-6671, and the passcode is 13694964. The archive of the webcast will be available on the Company’s website for a limited time.
About Apple Hospitality REIT, Inc.
Apple Hospitality REIT, Inc. (NYSE: APLE) is a publicly traded 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 235 hotels with more than 30,000 guest rooms located in 87 markets throughout 34 states. Franchised with industry-leading brands, the Company’s portfolio comprises 108 Marriott-branded hotels, 125 Hilton-branded hotels, one Hyatt-branded hotel and one independent hotel. For more information, please visit www.applehospitalityreit.com.
Apple Hospitality REIT Non-GAAP Financial Measures
The Company considers the following non-GAAP financial measures useful to investors as key supplemental measures of its operating performance: Funds from Operations (“FFO”); Modified FFO (“MFFO”); Earnings Before Interest, Income Taxes, Depreciation and Amortization (“EBITDA”); Earnings Before Interest, Income Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”); Adjusted EBITDAre (“Adjusted EBITDAre”); and Adjusted Hotel EBITDA (“Adjusted Hotel EBITDA”). These non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss), cash flow from operations or any other operating GAAP measure. FFO, MFFO, EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted Hotel EBITDA are not necessarily indicative of funds available to fund the Company’s cash needs, including its ability to make cash distributions. Although FFO, MFFO, EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted Hotel EBITDA, as calculated by the Company, may not be comparable to FFO, MFFO, EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted Hotel EBITDA, as reported by other companies that do not define such terms exactly as the Company defines such terms, the Company believes these supplemental measures are useful to investors when comparing the Company’s results between periods and with other REITs. Reconciliations of these non-GAAP financial measures to net income (loss) are provided in the following pages.
Forward-Looking Statements Disclaimer
Certain statements contained in this press release, other than historical facts, may be considered forward-looking statements. These forward-looking statements are predictions and generally can be identified by use of statements that include phrases such as “may,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “target,” “goal,” “plan,” “should,” “will,” “predict,” “potential,” “outlook,” “strategy,” and similar expressions that convey the uncertainty of future events or outcomes. Such statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Apple Hospitality to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the ability of Apple Hospitality to effectively acquire and dispose of properties; the ability of Apple Hospitality to successfully integrate pending transactions and implement its operating strategy; changes in general political, economic and competitive conditions and specific market conditions; adverse changes in the real estate and real estate capital markets; financing risks; litigation risks; regulatory proceedings or inquiries; and changes in laws or regulations or interpretations of current laws and regulations that impact Apple Hospitality’s business, assets or classification as a real estate investment trust. Although Apple Hospitality believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore there can be no assurance that such statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Apple Hospitality or any other person that the results or conditions described in such statements or the objectives and plans of Apple Hospitality will be achieved. In addition, Apple Hospitality’s qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code. Readers should carefully review Apple Hospitality’s financial statements and the notes thereto, as well as the risk factors described in Apple Hospitality’s filings with the Securities and Exchange Commission, including, but not limited to, in the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Any forward-looking statement that Apple Hospitality makes speaks only as of the date of such statement. Apple Hospitality undertakes no obligation to publicly update or revise any forward-looking statements or cautionary factors, as a result of new information, future events, or otherwise, except as required by law.
For additional information or to receive press releases by email, visit www.applehospitalityreit.com.
| Apple Hospitality REIT, Inc. | ||||||||
| Consolidated Balance Sheets | ||||||||
| (in thousands, except share data) | ||||||||
|
September 30, |
|
December 31, |
||||||
|
2019 |
|
2018 |
||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Investment in real estate, net of accumulated depreciation and amortization of $1,016,532 and $909,893, respectively |
$ |
4,863,873 |
$ |
4,816,410 |
||||
| Assets held for sale |
|
6,574 |
|
|
– |
|
||
| Restricted cash-furniture, fixtures and other escrows |
|
35,287 |
|
|
33,632 |
|
||
| Due from third party managers, net |
|
40,473 |
|
|
29,091 |
|
||
| Other assets, net |
|
44,220 |
|
|
49,539 |
|
||
| Total Assets |
$ |
4,990,427 |
|
$ |
4,928,672 |
|
||
| Liabilities | ||||||||
| Debt, net |
$ |
1,339,912 |
|
$ |
1,412,242 |
|
||
| Finance lease liabilities |
|
215,816 |
|
|
– |
|
||
| Accounts payable and other liabilities |
|
107,763 |
|
|
107,420 |
|
||
| Total Liabilities |
|
1,663,491 |
|
|
1,519,662 |
|
||
| 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 223,856,228 and 223,997,348 shares, respectively |
|
4,493,598 |
|
4,495,073 |
||||
| Accumulated other comprehensive income (loss) |
|
(10,351 |
) |
|
10,006 |
|
||
| Distributions greater than net income |
|
(1,156,311 |
) |
|
(1,096,069 |
) |
||
| Total Shareholders’ Equity |
|
3,326,936 |
|
|
3,409,010 |
|
||
| Total Liabilities and Shareholders’ Equity |
$ |
4,990,427 |
|
$ |
4,928,672 |
|
||
|
Note: |
|
The Consolidated Balance Sheets and corresponding footnotes can be found in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019. |
|
Apple Hospitality REIT, Inc. |
||||||||||||||||
|
Consolidated Statements of Operations and Comprehensive Income |
||||||||||||||||
|
(Unaudited) |
||||||||||||||||
|
(in thousands, except per share data) |
||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||
|
September 30, |
|
September 30, |
||||||||||||||
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||||
| Revenues: | ||||||||||||||||
| Room |
$ |
307,293 |
|
$ |
307,794 |
|
$ |
901,995 |
|
$ |
901,652 |
|
||||
| Food and beverage |
|
14,079 |
|
|
14,629 |
|
|
44,786 |
|
|
46,857 |
|
||||
| Other |
|
10,350 |
|
|
9,774 |
|
|
29,845 |
|
|
26,791 |
|
||||
| Total revenue |
|
331,722 |
|
|
332,197 |
|
|
976,626 |
|
|
975,300 |
|
||||
| Expenses: | ||||||||||||||||
| Hotel operating expense: | ||||||||||||||||
| Operating |
|
80,717 |
|
|
81,318 |
|
|
236,463 |
|
|
238,514 |
|
||||
| Hotel administrative |
|
25,991 |
|
|
25,722 |
|
|
78,588 |
|
|
77,382 |
|
||||
| Sales and marketing |
|
29,764 |
|
|
27,265 |
|
|
88,289 |
|
|
80,765 |
|
||||
| Utilities |
|
11,635 |
|
|
12,163 |
|
|
31,135 |
|
|
32,693 |
|
||||
| Repair and maintenance |
|
13,430 |
|
|
13,204 |
|
|
39,337 |
|
|
39,133 |
|
||||
| Franchise fees |
|
14,508 |
|
|
14,326 |
|
|
42,371 |
|
|
41,840 |
|
||||
| Management fees |
|
11,548 |
|
|
11,250 |
|
|
34,049 |
|
|
33,781 |
|
||||
| Total hotel operating expense |
|
187,593 |
|
|
185,248 |
|
|
550,232 |
|
|
544,108 |
|
||||
| Property taxes, insurance and other |
|
19,186 |
|
|
19,230 |
|
|
57,217 |
|
|
55,140 |
|
||||
| Operating ground lease |
|
425 |
|
|
2,818 |
|
|
1,253 |
|
|
8,580 |
|
||||
| General and administrative |
|
9,039 |
|
|
3,370 |
|
|
25,484 |
|
|
16,968 |
|
||||
| Loss on impairment of depreciable real estate assets |
|
6,467 |
|
|
– |
|
|
6,467 |
|
|
3,135 |
|
||||
| Depreciation and amortization |
|
47,887 |
|
|
46,169 |
|
|
143,946 |
|
|
136,752 |
|
||||
| Total expense |
|
270,597 |
|
|
256,835 |
|
|
784,599 |
|
|
764,683 |
|
||||
| Gain on sale of real estate |
|
– |
|
|
– |
|
|
1,052 |
|
|
– |
|
||||
| Operating income |
|
61,125 |
|
|
75,362 |
|
|
193,079 |
|
|
210,617 |
|
||||
| Interest and other expense, net |
|
(14,759 |
) |
|
(13,140 |
) |
|
(46,110 |
) |
|
(38,269 |
) |
||||
| Income before income taxes |
|
46,366 |
|
|
62,222 |
|
|
146,969 |
|
|
172,348 |
|
||||
| Income tax expense |
|
(143 |
) |
|
(100 |
) |
|
(505 |
) |
|
(414 |
) |
||||
| Net income |
$ |
46,223 |
|
$ |
62,122 |
|
$ |
146,464 |
|
$ |
171,934 |
|
||||
| Other comprehensive income (loss): | ||||||||||||||||
| Interest rate derivatives |
|
(4,193 |
) |
|
1,657 |
|
|
(20,357 |
) |
|
9,689 |
|
||||
| Comprehensive income |
$ |
42,030 |
|
$ |
63,779 |
|
$ |
126,107 |
|
$ |
181,623 |
|
||||
| Basic and diluted net income per common share |
$ |
0.21 |
|
$ |
0.27 |
|
$ |
0.65 |
|
$ |
0.75 |
|
||||
| Weighted average common shares outstanding – basic and diluted |
|
223,901 |
|
|
230,351 |
|
|
223,911 |
|
|
230,402 |
|
||||
Contacts
Apple Hospitality REIT, Inc.
Kelly Clarke, Vice President, Investor Relations
804-727-6321
kclarke@applereit.com
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ANAHEIM, CA, NOVEMBER 13, 2024 – Eastern Acoustic Works (EAW®) has been chosen as a…
SCOTLAND, UK, NOVEMBER 13, 2024 ― Singer Paolo Nutini’s world tour recently wrapped after 130…
