Apple Hospitality Reit, Inc. · NYSE:APLE

Apple Hospitality Reit — Q4 2025 Earnings Presentation

52 slides from Apple Hospitality Reit's earnings presentation, Feb 24, 2026

  1. Slide 1: Investor Presentation

    IN VE ST O R P RESENTATION FEBRUARY 2026 • NYSE:APLE

  2. Slide 2: Forward-Looking Statements

    F O R WA R D - L O O K I N G S TAT E M E N T S Certain statements made in this presentation are forward-looking statements. These forward-looking statements include statements regarding our intent, belief or current expectations and are based on various assumptions. These statements involve substant

  3. Slide 3: Company Profile and Proven Investment Strategy

    C O M PA N Y P R O F I L E A N D P R O V E N I N V E S T M E N T S T R AT E G Y Apple Hospitality is a publicly traded real estate investment trust that owns one of the largest and most diverse portfolios of upscale, rooms-focused hotels in the United States. Scale Ownership of Upscale, Industry-Lea

  4. Slide 4: Company Overview

    C O M PA N Y O V E R V I E W $1.4 Billion $1.52 $240.4 Million IN REVENUE 2 0 2 5 M F F O P E R S H A R E (1) D I S T R I B U T I O N S PA I D Full Year 2025 $0.74 Net Income Per Share In 2025 +20.1 ppts +18.9 ppts +21.4 ppts TSR Outperformance vs. Nareit Lodging/Resorts Index TSR Outperformance vs.

  5. Slide 5: Mission Values

    MANAGEMENT TEAM WITH DEEP INDUSTRY E X P E R I E N C E O V E R M U LT I P L E H O T E L C Y C L E S • Average executive tenure with the Apple REIT Companies MISSION We are a leading real estate investment is 19 years company committed to increasing shareholder • Established and operated 8 public hos

  6. Slide 6: Proven Investment Strategy

    P R O V E N I N V E S T M E N T S T R AT E G Y • Efficient operating model yields higher margins • Resilient group business ✓ Concentrate on Upscale, • Scale ownership minimizes relative G&A load and provides rooms-focused hotels fixed cost efficiencies • Unparalleled access to data and operational

  7. Slide 7: Key Takeaways

    KEY TAKEAWAYS • Achieved fourth quarter 2025 Comparable Hotels RevPAR of $107, Occupancy of 70% and ADR of $152 • Comparable Hotels Occupancy and RevPAR ahead of industry averages on an absolute basis as reported by STR for the fourth quarter and full year 2025 • Adjusted strategy and reoptimized th

  8. Slide 8: Fourth Quarter 2025 Performance at a Glance

    YEAR-OVER-YEAR PERFORMANCE Fourth Quarter 2025 Performance at a Glance ($ in thousands except statistical data and per share amounts) Three Months Ended Year Ended December 31, December 31, % CHANGE % CHANGE 2025 2024 to 2024 2025 2024 to 2024 Comparable Hotels ADR $151.89 $153.34 (0.9%) $159.09 $15

  9. Slide 9: Rooms-focused operating model produces strong margins

    E F F I C I E N T O P E R AT I O N S Rooms-focused operating model produces strong margins Full Year 2025 Hotel EBITDA Margin and RevPAR Comparison 35% 34% 33% 29% 28% 28% 27% 26% 26% 26% 24% $229 $225 $207 $213 $185 $182 $143 $143 $118 $122 $132 CLDT APLE (1) INN HST DRH AHT RLJ PK XHR SHO PEB RevP

  10. Slide 10: Low leverage has always been a key component of our strategy

    N E T D E B T T O E B I T D A C O M PA R I S O N Low leverage has always been a key component of our strategy, providing stability and optionality across economic cycles Net Debt to TTM EBITDA Ratio at December 31, 2025 12.4x 7.8x 5.7x 5.9x 5.0x 5.3x 3.4x 3.4x 3.4x 3.5x 2.5x HST APLE (1) CLDT SHO DR

  11. Slide 11: Comparable Hotels Operating Trends

    C O M PA R A B L E H O T E L S O P E R AT I N G T R E N D S Occ ADR RevPAR 100% $168 $168 $163 $163 $165 $162 $164 $167 $164 $166 $165 $161 $160 $162 $159 $160 $161 90% $156 $149 $148 $149 $146 $140 $136 $139 80% $136 $134 $130 $127 $129 $129 $127 $130 $128 $126 $125 $124 $123 $122 $120 70% $116 $11

  12. Slide 12: Comparable Hotels Occupancy Trends

    C O M PA R A B L E H O T E L S O C C U PA N C Y T R E N D S Continued Strength in Comparable Hotels Occupancy 100% 90% 81% 80% 81% 78% 80% 79% 78% 78% 76% 77% 78% 78% 78% 79% 80% 74% 76% 75% 76% 77% 72% 73% 70% 70% 70% 70% 65% 66% 66% 63% 64% 63% 60% 57% Occupancy 53% 50% 40% 30% 20% 10% 0% Week end

  13. Slide 13: Weekday vs. Weekend Occupancy

    W E E K D AY V S . W E E K E N D O C C U PA N C Y Continued Strength in Absolute Weekday and Weekend Occupancy Weekday Weekend 100% 90% 85% 84% 84% 83% 86% 84% 85% 83% 83% 86% 81% 81% 81% 82% 82% 80% 79% 80% 80% 80% 78% 78% 80% 73% 76% 76% 76% 75% 76% 74% 76% 76% 74% 76% 75% 76% 74% 73% 76% 75% 74%

  14. Slide 14: Portfolio Poised for Continued Outperformance

    PORTFOLIO POISED FOR CONTINUED OUTPERFORMANCE • Balanced exposure to business, leisure and group • Select-service hotels franchised with industry-leading brands provide strong value proposition and have proven appeal with broadest group of customers • Broad geographic diversification provides exposu

  15. Slide 15: Outperformance Across Cycles

    POSITIONED FOR OUTPERFORMANCE ACROSS CYCLES Limited near-term portfolio impact from new supply High margins drive profitability Embedded Continued opportunity for growth in business transient upside Balance sheet strength and liquidity for opportunistic transactions potential Outperformance across c

  16. Slide 16: Benefits of Branded Select-Service Hotels

    BENEF ITS OF BRAND ED SELEC T-SERV IC E HOTELS Efficient Operating Model Broad Consumer Appeal Maximize Shareholder Value • Total revenue primarily derived • High-quality hotels with strong • Ability to optimize mix of business from rooms sold value proposition for guests to drive RevPAR and EBITDA

  17. Slide 17: Broad Consumer Appeal

    BROAD CONSUMER APPEAL Rooms-focused hotels with industry-leading brands have broad consumer appeal HILTON GARDEN INN HOFFMAN ESTATES HOMEWOOD SUITES DALLAS DOWNTOWN, TX Independent Note: Hotel portfolio statistics as of February 23, 2026. Based on number of guest rooms. 17 COURTYARD SEATTLE KIRKLAND

  18. Slide 18: Modern Accommodations and Amenities

    M O D E R N A C C O M M O D AT I O N S A N D A M E N I T I E S WITH BROAD CONSUMER APPEAL 18

  19. Slide 19: Broad Geographic Diversification

    B R O A D G E O G R A P H I C D I V E R S I F I C AT I O N Diversification across 84 markets helps drive strong, consistent performance 4% 4% ✓ Broad geographic diversification provides exposure to wide variety of demand generators ✓ Markets benefit from a mix of business and leisure demand 4% ✓ Por

  20. Slide 20: High-Density Suburban

    M A R K E T S T R AT E G Y HIGH-DENSITY SUBURBAN Properties ideally located in upscale submarkets with attractive cost structures that benefit from a broad mix of business and leisure demand generators and resilient group business. With proximity to an array of guest amenities and conveniences, thes

  21. Slide 21: Urban

    M A R K E T S T R AT E G Y URBAN Properties located in business-friendly cities. Beneficiaries of demographic shifts and economic development, these urban locations are home to numerous demand generators, not heavily dependent on inbound international travel and poised for continued growth. HILTON G

  22. Slide 22: APLE has a proven record of maximizing operating margins across economic cycles

    S T R O N G O P E R AT I N G M A R G I N S APLE is well positioned to maximize efficiencies and drive profitability: • Broad consumer appeal allows for optimization of business mix to drive APLE has a proven record of ADR and RevPAR growth • Rooms-focused hotels are inherently efficient maximizing o

  23. Slide 23: Limited Near-Term Impact From New Supply

    L I M I T E D N E A R - T E R M I M PA C T F R O M N E W S U P P LY Supply growth well below historical average for our portfolio Portfolio Exposure to New Supply 80% New construction starts have meaningfully decreased since onset of pandemic with anticipated delays in 70% completion 60% Approximate

  24. Slide 24: Industry-Leading Asset Management

    I N D U S T R Y- L E A D I N G A S S E T M A N A G E M E N T Best-in-Class Operators Strategic Asset Management Approach • 100% of Apple Hospitality’s portfolio operated by third-party • Analytical, data-driven asset management to maximize property-level performance property managers • Scale to nego

  25. Slide 25: Proprietary Management Agreement Structure

    P R O P R I E TA R Y M A N A G E M E N T A G R E E M E N T S T R U C T U R E Our unique management company contract structure better aligns owner and operator to maximize performance in all market environments. AC HOTEL WASHINGTON DC CONVENTION CENTER APLE’s Management Company Contract Structure Ind

  26. Slide 26: Balance Sheet Poised for Future Growth

    BALANCE SHEET POISED FOR FUTURE GROWTH • Positive corporate cash flow early in the pandemic recovery preserved strength of balance sheet and equity value • Conservative capital structure with staggered maturities lowers capital costs • As of December 31, 2025, 64% of outstanding debt fixed or hedged

  27. Slide 27: Strong Balance Sheet and Liquidity Position

    STRONG BALANCE SHEET & LIQUIDITY POSITION Low debt and staggered maturities facilitate agile balance sheet strategy Strong liquidity position for opportunistic growth Debt Composition(1) Debt Maturity Schedule (1) ($ in millions) Total Liquidity (1) ($ in millions) Hotels: 2 Keys: 210 Rate: 3.4% $58

  28. Slide 28: Effective Portfolio Management & Strategic Growth

    EFFECTIVE PORTFOLIO MANAGEMENT & S T R AT E G I C G R O W T H Opportunistic Dispositions Accretive Acquisitions Strategic Growth ▪ Reduce exposure to lower growth ▪ Invest in hotels and markets with markets greater growth potential ▪ Dispose of hotels where strong ▪ Acquire assets in strong RevPAR E

  29. Slide 29: Value Creation Through Disciplined Capital Allocation and Portfolio Management

    VA L U E C R E AT I O N T H R O U G H D I S C I P L I N E D C A P I TA L A L L O C AT I O N A N D P O R T F O L I O M A N A G E M E N T Post Pandemic Strategic Acquisitions and Opportunistic Dispositions Disciplined Capital Allocation Enhance Portfolio Value January 2023 through December 2025 Pre-CO

  30. Slide 30: Net Acquirers Since Onset of Pandemic

    N E T A C Q U I R E R S I N C E O N S E T O F PA N D E M I C Our acquisition and disposition activity since the start of the pandemic has optimized our portfolio by lowering the average age of our assets, reducing near-term CapEx and increasing exposure to markets we anticipate will outperform over

  31. Slide 31: Recent Acquisition Activity

    RECENT ACQUISITION ACTIVITY 24 Hotels Acquired Since Beginning of 2020 Hotels Under Contract for Purchase(3) Anticipated Brand Location Rooms Date Opened Date Acquired Purchase Price Brand Location Rooms Date Opened Purchase Price Acquisition Date Hampton Inn & Suites(1)(2) Cape Canaveral, FL 116 Ap

  32. Slide 32: Recent Disposition Activity

    RECENT DISPOSITION ACTIVITY 40 Hotels Sold Since Beginning of 2020 Brand Location Rooms Age at Time of Sale Date Sold Sales Price SpringHill Suites Sanford, FL 105 20 yrs January 2020 $13.0 million SpringHill Suites Boise, ID 230 25 yrs February 2020 $32.0 million Hampton Inn & Suites Tulare, CA 86

  33. Slide 33: Recent Acquisitions Overview

    RECENT ACQUISITIONS OVERVIEW • 126-room Homewood Suites by Hilton® Tampa-Brandon for a total purchase price of $18.8 million or approximately $149,000 per key • Adjacent to the Company’s Embassy Suites Tampa Brandon, the hotel was offered for sale by a loan servicer and the purchase price represents

  34. Slide 34: Recent Acquisitions Overview

    RECENT ACQUISITIONS Rendering OVERVIEW • 260-room Motto by Hilton® Nashville Downtown for a total purchase price of approximately $98.2 million, or $378,000 per key • Ideally located in downtown Nashville within walking distance of well-known music and entertainment venues, Bridgestone Arena, popula

  35. Slide 35: Acquisitions Under Contract Overview

    ACQUISITIONS UNDER CONTRACT Renderings OVERVIEW • 160-room(2) AC Hotel by Marriott ® under development in Anchorage, Alaska, for an anticipated total purchase price of $65.5 million, or approximately $409,000 per key • Ideally located in Anchorage near the Company’s Embassy Suites by Hilton Anchorag

  36. Slide 36: Acquisitions Under Contract Overview

    ACQUISITIONS UNDER CONTRACT Renderings OVERVIEW • 237-room(2) AC Hotel by Marriott® and 160-room(2) Residence Inn by Marriott® to be developed in Las Vegas, Nevada, for an anticipated total purchase price of $143.7 million, or approximately $362,000 per key • The hotels will be developed on the land

  37. Slide 37: Apple REIT Companies Transaction History

    MORE THAN 25-YEAR TRACK RECORD OF HOTEL TRANSACTIONS Apple REIT Companies Transaction History 1999 – February 23, 2026 458 T O TA L H O T E L S A C Q U I R E D Having purchased as many as 74 hotels 241 in a single year through T O TA L H O T E L S S O L D individual hotel and small 217 portfolio tra

  38. Slide 38: Well-Maintained Portfolio

    W E L L - M A I N TA I N E D P O R T F O L I O WELL-MAINTAINED, INSTITUTIONAL-QUALITY PORTFOLIO ✓ Consistent reinvestment enhances long-term value and leads to traveler satisfaction outperformance ✓ Experienced team utilizes advantages of scale ownership to control costs and maximize impact of dolla

  39. Slide 39: U.S. Hotel Forecast

    U.S. HOTEL FORECAST U.S. Hotel Forecast 2025 2026 2027 Actual Forecast Forecast Occupancy 62.3% 62.1% 62.2% ADR Change (YOY) +0.9% +1.0% +1.3% RevPAR Change (YOY) -0.3% +0.6% +1.4% Source: STR; © 2026 CoStar Group; Tourism Economics. Published January 2026. 39 HOME2 SUITES NASHVILLE VANDERBILT, TN

  40. Slide 40: Corporate Responsibility Initiatives

    CORPORATE RESPONSIBILITY INITIATIVES We own one of the largest and most geographically diverse portfolios of rooms-focused hotels in the United States and are dedicated to making a positive impact on the many communities our hotels serve. We are mindful of our environmental footprint and committed t

  41. Slide 41: Environmental Stewardship

    E N V I R O N M E N TA L S T E WA R D S H I P Apple Hospitality is committed to enhancing and incorporating sustainability opportunities into our investment and asset management strategies, with a focus on minimizing our environmental impact through reductions in energy and water usage and through i

  42. Slide 42: Social Responsibility

    SOCIAL RESPONSIBILITY Key Metrics for Apple Hospitality since 2017 We are thoughtful in our interactions with The Company has in place a Health, Safety others and know that strong, caring relationships are the core of our industry. 1,000+ and Well-Being Policy, a Human Rights Policy and a Vendor Cod

  43. Slide 43: Governance

    GOVERNANCE Corporate Governance Aligns with Shareholders • Audit, Compensation and Corporate Governance Committees are independent • Regular executive sessions of independent directors • De-staggered Board allows for annual elections of directors • Required resignation of an incumbent director not r

  44. Slide 44: Appendix

    APPENDIX FAIRFIELD INN & SUITES AND COURTYARD PHOENIX CHANDLER/FASHION CENTER

  45. Slide 45: Comparable Hotels Quarterly Operating Metrics and Statistical Data

    COMPARABLE HOTELS QUARTERLY OPERATING METRICS AND STATISTICAL DATA (Unaudited) (in thousands, except statistical data) 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Operating income (Actual) $71,615 $93,515 $77,726 $49,903 $50,859 $84,851 $72,497 $49,597 Operating margin % (Actual) 21.7% 24.0% 20.5% 15.0% 15.5%

  46. Slide 46: Same Store Hotels Quarterly Operating Metrics and Statistical Data

    SAME STORE HOTELS QUARTERLY OPERATING METRICS AND STATISTICAL DATA (Unaudited) (in thousands, except statistical data) 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Operating income (Actual) $71,615 $93,515 $77,726 $49,903 $50,859 $84,851 $72,497 $49,597 Operating margin % (Actual) 21.7% 24.0% 20.5% 15.0% 15.5%

  47. Slide 47: Reconciliation of Net Income to EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted Hotel EBITDA

    R E C O N C I L I AT I O N O F N E T I N C O M E T O E B I T D A , E B I T D A r e , ADJUSTED EBITDAre AND ADJUSTED HOTEL EBITDA THE FOLLOWING TABLE RECONCILES THE COMPANY’S GAAP NET INCOME TO EBITDA, EBITDAre, ADJUSTED EBITDAre AND ADJUSTED HOTEL EBITDA ON A QUARTERLY BASIS FOR 2024 AND 2025 (Unaud

  48. Slide 48: Reconciliation of Net Income to FFO and MFFO

    R E C O N C I L I AT I O N O F N E T I N C O M E T O F F O A N D M F F O THE FOLLOWING TABLE RECONCILES THE COMPANY’S GAAP NET INCOME TO FFO and MFFO ON A QUARTERLY BASIS FOR 2024 and 2025 (Unaudited) (in thousands, except per share amounts) 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Net income $54,050 $73,9

  49. Slide 49: Definitions

    DEFINITIONS 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 Amorti

  50. Slide 50: Definitions Continued

    DEFINITIONS CONTINUED FFO and MFFO The Company calculates and presents FFO in accordance with standards established by Nareit, which defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains and losses from the sale of certain real estate assets (including gains and losses

  51. Slide 51: Trademark Information

    T R A D E M A R K I N F O R M AT I O N “AC Hotels by Marriott®,” “Aloft Hotels®,” “Courtyard by Marriott®,” “Fairfield by Marriott®,” “Fairfield Inn by Marriott®,” “Fairfield Inn & Suites by Marriott®,” “Marriott® Hotels,” “Residence Inn by Marriott®,” “SpringHill Suites by Marriott®,” and “TownePla

  52. Slide 52: Apple Hospitality REIT, Inc.

    Apple Hospitality REIT, Inc. 814 East Main Street Richmond, VA 23219 (804) 344-8121 info@applehospitalityreit.com www.applehospitalityreit.com COURTYARD VIRGINIA BEACH OCEANFRONT/SOUTH

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