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June 03, 2015 6:00 PM ET

Real Estate Investment Trusts (REITs)

Company Overview of Apple Hospitality REIT, Inc.

Company Overview

Apple Hospitality REIT, Inc. is a publicly owned real estate investment trust. It invests in the real estate markets of United States. The firm invests primarily in the lodging industry. It is focused on the acquisition and ownership of income-producing real estate. The firm was formerly known as Apple REIT Nine, Inc. Apple Hospitality REIT, Inc. was founded on November 9, 2007 and is based in Richmond, Virginia.

814 East Main Street

Richmond, VA 23219

United States

Founded in 2007

Phone:

804-344-8121

Fax:

804-344-8129

Key Executives for Apple Hospitality REIT, Inc.

Chief Executive Officer, President and Director
Age: 41
Total Annual Compensation: $411.5K
Founder, Executive Chairman and Chairman of Executive Committee
Age: 70
Total Annual Compensation: $262.8K
Chief Financial Officer and Executive Vice President
Age: 49
Total Annual Compensation: $373.0K
Chief Operating Officer and Executive Vice President
Age: 41
Total Annual Compensation: $388.3K
Executive Vice President, Chief Legal Counsel and Secretary
Age: 46
Total Annual Compensation: $354.8K
Compensation as of Fiscal Year 2014.

Apple Hospitality REIT, Inc. Key Developments

Apple Hospitality REIT, Inc. Enters into Amendment and Restatement of its Current Credit Facility with Bank of America, N.A

On May 18, 2015, Apple Hospitality REIT, Inc., as borrower, and certain of its subsidiaries, as guarantors, entered into an amendment and restatement of its current credit facility with Bank of America, N.A., as administrative agent, swing line lender, the letter of credit issuers party thereto, and the lenders party thereto. The Credit Agreement was entered into contemporaneously with the listing of the Company’s common shares on the New York Stock Exchange. The Credit Agreement provides for a term loan of $212.5 million with a maturity date of May 18, 2020, a revolving credit facility of $540.0 million with an initial maturity date of May 18, 2019 and a $212.5 million delayed draw term loan with a maturity date of May 18, 2020. The delayed draw term loan feature permits the Company to draw all or a portion of the $212.5 million available under the delayed draw term loan facility for a period from the closing date until the earlier of 120 days thereafter, provided no more than two draws may be made under the delayed draw term loan facility. Subject to certain conditions including covenant compliance and additional fees, the revolving credit facility maturity may be extended one year and the amount of the total credit facility may be increased from $965.0 million to $1.25 billion. The company plans to use borrowings under the Credit Agreement for share repurchases in connection with the Listing, the including Tender Offer, acquisitions, hotel renovations, working capital and other general corporate funding purposes, including the payment of distributions to shareholders. The terms of the Credit Agreement are similar to the existing credit agreement. The interest rate decreased slightly and, subject to certain exceptions, is equal to the LIBOR (London Inter-Bank Offered Rate) plus a margin ranging from 1.50% to 2.30%, depending upon the Company’s leverage ratio, as calculated under the terms of the Credit Agreement. The Company is required to pay a per annum fee of 0.2% or 0.3% on the daily amount of the unused portion of the revolving credit facility.

Apple Hospitality REIT, Inc. Authorizes Monthly Distributions, Payable on June 15, 2015

On April 23, 2015, the board of directors of Apple Hospitality REIT, Inc., in anticipation of listing, authorized monthly distributions at an annual rate of $1.20 (equivalent to $0.60 pre-reverse split) per common share. This new distribution rate will be payable effective with the planned June 15, 2015 distribution to shareholders of record at the close of business on May 29, 2015.

Apple Hospitality REIT, Inc. Reports Unaudited Consolidated Earnings and Operating Results for the First Quarter Ended March 31, 2015; Provides Earnings and Operating Guidance for the Year 2015

Apple REIT Nine Inc. reported unaudited consolidated earnings and operating results for the first quarter ended March 31, 2015. For the quarter, the company reported total revenue of $210,352,000 against $137,121,000 a year ago. Operating income was $36,287,000 against operating loss of $90,547,000 a year ago. Income before income taxes was $44,179,000 against loss before income taxes of $94,071,000 a year ago. Net income was $43,867,000 or $0.12 per basic and diluted share against net loss of $94,462,000 or $0.38 per basic and diluted share a year ago. Funds from operations were $60,750,000 or $0.30 per share against negative funds from operations of $74,875,000 or $0.17 per share a year ago. Modified funds from operations were $62,824,000 or $0.17 per share against $44,662,000 a year ago. EBITDA was $84,658,000 against LBITDA of $70,884,000 a year ago. Adjusted EBITDA was $71,103,000 against $48,653,000 a year ago. Adjusted Hotel EBITDA was $76,650,000 against $51,172,000 a year ago. Comparable hotels adjusted hotel EBITDA was $74,647,000 against $64,687,000 a year ago. Comparable hotels total revenue was $203,575,000 against $186,879,000 a year ago. For the quarter, the company reported comparable Hotels revenue per available room (RevPAR) increased by 7.6% to $93.69. Comparable hotels ADR was $126.56, comparable hotels occupancy was 74% and comparable hotels RevPAR growth was 7.6%. For the year 2015, the company expects comparable hotels RevPAR growth is in the range of 5% to 7% and adjusted EBITDA is in the range of $310 million to $330 million.

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Recent Private Companies Transactions

Type
Date
Target
Buyback
May 18, 2015
--
Buyback
April 23, 2015
--
Merger/Acquisition
March 18, 2015
--
 

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