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Apple Hospitality REIT (APLE)

Market Price (4/22/2026): $13.09 | Market Cap: $3.1 Bil
Sector: Real Estate | Industry: Hotel & Resort REITs

Apple Hospitality REIT (APLE)

Market Price (4/22/2026): $13.09
Market Cap: $3.1 Bil
Sector: Real Estate
Industry: Hotel & Resort REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 7.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.6%, FCF Yield is 9.2%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20%

Low stock price volatility
Vol 12M is 22%

Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization, Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Hospitality & Hotel Investment, Show more.

Trading close to highs
Dist 52W High is -1.0%

Weak multi-year price returns
2Y Excs Rtn is -41%, 3Y Excs Rtn is -68%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 53%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.3%, Rev Chg QQuarterly Revenue Change % is -2.0%

Key risks
APLE key risks include [1] refinancing challenges tied to its substantial debt and short-term maturities, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 7.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.6%, FCF Yield is 9.2%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20%
2 Low stock price volatility
Vol 12M is 22%
3 Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization, Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Hospitality & Hotel Investment, Show more.
4 Trading close to highs
Dist 52W High is -1.0%
5 Weak multi-year price returns
2Y Excs Rtn is -41%, 3Y Excs Rtn is -68%
6 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%
7 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 53%
8 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.3%, Rev Chg QQuarterly Revenue Change % is -2.0%
9 Key risks
APLE key risks include [1] refinancing challenges tied to its substantial debt and short-term maturities, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Apple Hospitality REIT (APLE) stock has gained about 10% since 12/31/2025 because of the following key factors:

1. Favorable Trends in the Upscale Hotel Sector.

The broader hotel real estate investment trust (REIT) sector, which includes Apple Hospitality REIT's portfolio of upscale, select-service hotels, has experienced constructive RevPAR (revenue per available room) trends, with industry growth at approximately 2% year-to-date in 2026. The luxury segment, relevant to APLE's portfolio, has notably outperformed with RevPAR up around 4% year-to-date. This positive momentum is further supported by still-muted new hotel supply, positioning hotel REITs to disproportionately benefit from continued strength in higher-income consumer travel.

2. Shareholder-Friendly Capital Allocation Strategies.

Apple Hospitality REIT has actively engaged in capital allocation strategies favorable to shareholders. In 2025, the company repurchased approximately 4.6 million common shares for $58.3 million, with $242.5 million remaining available for future repurchases under its program. Additionally, the company declared a consistent regular monthly cash distribution of $0.08 per common share, representing an attractive annualized yield of approximately 7.4% based on the April 17, 2026 closing price.

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Stock Movement Drivers

Fundamental Drivers

The 11.9% change in APLE stock from 12/31/2025 to 4/21/2026 was primarily driven by a 11.8% change in the company's P/E Multiple.
(LTM values as of)123120254212026Change
Stock Price ($)11.6113.0011.9%
Change Contribution By: 
Total Revenues ($ Mil)1,4191,412-0.5%
Net Income Margin (%)12.4%12.4%0.4%
P/E Multiple15.717.511.8%
Shares Outstanding (Mil)2372360.3%
Cumulative Contribution11.9%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/21/2026
ReturnCorrelation
APLE11.9% 
Market (SPY)-5.4%46.0%
Sector (XLRE)8.5%50.5%

Fundamental Drivers

The 12.7% change in APLE stock from 9/30/2025 to 4/21/2026 was primarily driven by a 15.7% change in the company's P/E Multiple.
(LTM values as of)93020254212026Change
Stock Price ($)11.5313.0012.7%
Change Contribution By: 
Total Revenues ($ Mil)1,4241,412-0.8%
Net Income Margin (%)12.7%12.4%-2.3%
P/E Multiple15.117.515.7%
Shares Outstanding (Mil)2382360.5%
Cumulative Contribution12.7%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/21/2026
ReturnCorrelation
APLE12.7% 
Market (SPY)-2.9%37.8%
Sector (XLRE)5.1%53.0%

Fundamental Drivers

The 9.1% change in APLE stock from 3/31/2025 to 4/21/2026 was primarily driven by a 31.2% change in the company's P/E Multiple.
(LTM values as of)33120254212026Change
Stock Price ($)11.9113.009.1%
Change Contribution By: 
Total Revenues ($ Mil)1,4311,412-1.3%
Net Income Margin (%)15.0%12.4%-17.0%
P/E Multiple13.417.531.2%
Shares Outstanding (Mil)2402361.5%
Cumulative Contribution9.1%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/21/2026
ReturnCorrelation
APLE9.1% 
Market (SPY)16.3%66.8%
Sector (XLRE)7.5%63.1%

Fundamental Drivers

The 3.7% change in APLE stock from 3/31/2023 to 4/21/2026 was primarily driven by a 14.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)33120234212026Change
Stock Price ($)12.5313.003.7%
Change Contribution By: 
Total Revenues ($ Mil)1,2381,41214.0%
Net Income Margin (%)11.7%12.4%6.2%
P/E Multiple19.817.5-11.5%
Shares Outstanding (Mil)229236-3.2%
Cumulative Contribution3.7%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/21/2026
ReturnCorrelation
APLE3.7% 
Market (SPY)63.3%58.9%
Sector (XLRE)29.0%54.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
APLE Return25%2%12%-1%-17%13%34%
Peers Return17%-19%28%4%-8%15%34%
S&P 500 Return27%-19%24%23%16%4%89%

Monthly Win Rates [3]
APLE Win Rate50%42%58%50%50%50% 
Peers Win Rate47%40%55%47%48%70% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
APLE Max Drawdown-4%-12%-11%-14%-29%-3% 
Peers Max Drawdown-7%-24%-9%-11%-31%-2% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: HST, RHP, PK, SHO, XHR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/21/2026 (YTD)

How Low Can It Go

Unique KeyEventAPLES&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-25.2%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven33.6%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-70.2%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven235.7%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven440 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-31.2%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven45.3%24.7%
2018 CorrectionTime to BreakevenTime to BreakevenNot Fully Recovered days120 days

Compare to HST, RHP, PK, SHO, XHR

In The Past

Apple Hospitality REIT's stock fell -25.2% during the 2022 Inflation Shock from a high on 4/28/2022. A -25.2% loss requires a 33.6% gain to breakeven.

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About Apple Hospitality REIT (APLE)

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. Concentrated with industry-leading brands, the Company's portfolio consists of 104 Marriott-branded hotels, 126 Hilton-branded hotels, three Hyatt-branded hotels and two independent hotels.

AI Analysis | Feedback

Here are 1-3 brief analogies for Apple Hospitality REIT (APLE):

  • It's like the Simon Property Group for hotels.
  • It's like Prologis for hotels.

AI Analysis | Feedback

  • Hotel Accommodations: Providing guest rooms and associated hospitality services for travelers and visitors across its portfolio of upscale, rooms-focused hotels.

AI Analysis | Feedback

Apple Hospitality REIT (APLE) is a real estate investment trust that owns and invests in a portfolio of upscale, rooms-focused hotels. As such, its revenue is generated from guests staying at these hotels, meaning it primarily serves individuals rather than selling to other companies in a traditional B2B model.

The primary categories of customers that Apple Hospitality REIT's hotels serve are:

  1. Leisure Travelers: This segment includes individuals and families traveling for personal reasons such as vacations, tourism, holidays, or visiting friends and relatives. These guests seek comfortable and convenient accommodation for their recreational or personal trips.
  2. Business Travelers: This category comprises individuals traveling for work-related purposes, including corporate meetings, conferences, training, project work, or sales trips. Business travelers often prioritize amenities like Wi-Fi, business centers, and convenient locations.
  3. Group Bookings and Events: While often coordinated by organizations (e.g., corporations, associations, government agencies, sports teams, or wedding planners), the ultimate customers are individuals attending conventions, corporate retreats, social gatherings, weddings, or other organized events that require multiple hotel rooms and sometimes meeting spaces.

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  • Marriott International, Inc. (MAR)
  • Hilton Worldwide Holdings Inc. (HLT)
  • Hyatt Hotels Corporation (H)

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Justin G. Knight, Chief Executive Officer

Mr. Knight joined the Apple REIT Companies in 2000 and has served as Chief Executive Officer of Apple Hospitality REIT since May 2014. He previously served as President of the Company and each of the former Apple REIT Companies (except Apple Suites), until those entities were sold to a third party or merged with the Company. His career at Apple Hospitality REIT and its predecessor entities demonstrates a pattern of managing companies that were involved in strategic portfolio transactions, including sales and mergers.

Elizabeth S. Perkins, Senior Vice President and Chief Financial Officer

Ms. Perkins joined the Apple REIT Companies in 2006 and has served as Senior Vice President and Chief Financial Officer for Apple Hospitality REIT since April 1, 2020. She began her career with the Apple REIT Companies as an Asset Manager and held various management and senior management roles, including Senior Vice President of Corporate Strategy and Reporting, prior to her promotion to CFO. Her prior experience includes serving as an assurance associate with Ernst & Young LLP.

Nelson G. Knight, President, Real Estate and Investments

Mr. Knight joined the Apple REIT Companies in 2005 and currently serves as President, Real Estate and Investments. He previously served as Executive Vice President and Chief Investment Officer since May 2014 and held various other senior management positions within the Company and its former predecessor Apple REIT Companies. He oversees the Company's capital deployment strategies.

Karen Catherine Gallagher, Senior Vice President and Chief Operating Officer

Ms. Gallagher joined the Apple REIT Companies in 2003 and currently serves as Senior Vice President and Chief Operating Officer. She began her career with the Apple REIT Companies as a senior asset manager and has held various management and senior management roles since 2005. Her previous experience includes serving as a senior assurance associate with Ernst & Young LLP.

Rachel S. Labrecque, Senior Vice President and Chief Accounting Officer

Ms. Labrecque joined the Apple REIT Companies in 2015 and currently serves as Senior Vice President and Chief Accounting Officer. She began her career with the Apple REIT Companies as a Director of Accounting and has since held various management and senior management roles. Ms. Labrecque previously served as Senior Vice President of Finance and Corporate Controller with Bowlero Corporation (formerly BowlmorAMF Corporation).

AI Analysis | Feedback

The key risks to Apple Hospitality REIT (APLE) primarily revolve around the cyclical nature of the hospitality industry, escalating operational expenses, and the impact of interest rate fluctuations.

  1. Economic Downturns and Cyclicality of the Hospitality Industry: The demand for hotel rooms is highly susceptible to the overall health of the economy. Economic downturns can lead to significant reductions in travel, resulting in lower occupancy rates, decreased revenue per available room (RevPAR), and ultimately, a negative impact on the company's cash flow.

  2. Rising Operational Costs and Labor Challenges: Apple Hospitality REIT faces ongoing pressure from increasing operational expenses. These include, but are not limited to, labor costs, utility expenses, and insurance premiums. Such rising costs can erode profit margins and negatively affect the company's overall financial performance.

  3. Interest Rate Volatility and Refinancing Risk: As a real estate investment trust, APLE utilizes debt to finance its portfolio. Fluctuations in interest rates directly influence borrowing costs, and rising rates can increase the company's cost of capital. Furthermore, the need to refinance existing debt, particularly with relatively short maturity periods, exposes the company to the risk of higher interest expenses in the future.

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The addressable market for Apple Hospitality REIT's main products and services, upscale rooms-focused hotels, within the United States, is estimated to be approximately $160.56 billion in 2024.

This figure is derived from the overall U.S. hotel market, which was estimated at $263.21 billion in 2024. The luxury and upscale segment of this market accounted for approximately 61% of the total in 2024.

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For Apple Hospitality REIT (APLE), the following are expected drivers of future revenue growth over the next 2-3 years:

  1. Improvements in Revenue Per Available Room (RevPAR): A primary driver of revenue growth for Apple Hospitality REIT will be continued enhancements in its RevPAR, which is a key metric combining both occupancy rates and the average daily rate (ADR) achieved by its hotels. While the company has provided a 2026 outlook for comparable hotels RevPAR change to be between negative 1% and positive 1%, analysts anticipate overall annual revenue growth for APLE to outpace the US REIT - Hotel & Motel industry average over the next 2-3 years, indicating an expected uplift in this core performance indicator.
  2. Strategic Capital Investments and Renovations: Apple Hospitality REIT's ongoing investment in its existing portfolio through strategic capital expenditures and renovations is expected to drive future revenue. These improvements aim to enhance the guest experience, maintain competitiveness, and support higher average daily rates, thereby contributing to increased revenue. For example, the company has planned renovations for approximately 21 hotels.
  3. Continued Recovery and Growth in Business and Leisure Travel Demand: The broader recovery and sustained growth in both leisure and business travel are significant external drivers for APLE's revenue. A shift in consumer sentiment favoring travel and experiences, coupled with projections for growth in business travel volumes and room rates, suggests a favorable environment for increased hotel demand and occupancy across the company's diverse portfolio.
  4. Optimized Portfolio Performance through Brand Strength and Operational Efficiencies: Leveraging its portfolio concentrated with industry-leading brands like Marriott and Hilton, along with strategic operational optimizations, will be crucial for revenue growth. Efforts such as maximizing top-line performance and carefully managing expenses to preserve margins, as well as transitions of hotel management models for improved synergies and cost savings, are expected to contribute to overall portfolio performance and revenue generation.

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Share Repurchases

  • Apple Hospitality REIT completed approximately $58.3 million worth of share repurchases in 2025, representing 4.6 million common shares.
  • As of May 19, 2025, the company's share repurchase program was extended until July 2026, with up to $262.6 million authorized for future repurchases. Approximately $257.6 million remained under this program as of June 30, 2025.
  • In the second quarter of 2024, the company repurchased 1.1 million common shares for $15.5 million.

Share Issuance

  • As of June 30, 2025, Apple Hospitality had $500 million remaining under its at-the-market offering program for the issuance of shares, though no shares were sold under this program during the first six months of 2025.

Outbound Investments

  • In 2025, Apple Hospitality acquired two hotels for a combined purchase price of approximately $117 million.
  • During the second quarter of 2024, the company acquired the newly built Embassy Suites by Hilton Madison Downtown for approximately $79.5 million.
  • The company sold seven hotels in 2025 for a combined gross sales price of approximately $73 million. Additionally, in the first six months of 2024, three hotels were sold for a combined gross sales price of approximately $40.6 million.

Capital Expenditures

  • Apple Hospitality REIT invested more than $88 million in capital improvements during 2025.
  • For 2024, capital expenditures were anticipated to be between $75 million and $85 million.
  • The company anticipates investing approximately $80 million to $90 million in capital improvements during 2026, primarily focused on comprehensive renovation projects for about 21 hotels.

Better Bets vs. Apple Hospitality REIT (APLE)

Latest Trefis Analyses

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0ARTICLES

Trade Ideas

Select ideas related to APLE.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
SBAC_3272026_Dip_Buyer_FCFYield03272026SBACSBA CommunicationsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		3.0%3.0%0.0%
HIW_3132026_Dip_Buyer_ValueBuy03132026HIWHighwoods PropertiesDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-0.2%-0.2%-4.1%
ARE_3062026_Insider_Buying_GTE_1Mil_EBITp+DE_V203062026AREAlexandria Real Estate EquitiesInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		-7.1%-7.1%-7.8%
VNO_3062026_Insider_Buying_GTE_1Mil_EBITp+DE_V203062026VNOVornado Realty TrustInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		-3.5%-3.5%-8.3%
KRC_2272026_Dip_Buyer_ValueBuy02272026KRCKilroy RealtyDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		-3.6%-3.6%-5.4%

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Peer Comparisons

Peers to compare with:

Financials

APLEHSTRHPPKSHOXHRMedian
NameApple Ho.Host Hot.Ryman Ho.Park Hot.Sunstone.Xenia Ho. 
Mkt Price13.0021.12102.1611.219.6316.2614.63
Mkt Cap3.114.56.42.21.81.52.7
Rev LTM1,4126,1142,5772,5419601,0781,977
Op Inc LTM25083149122676107238
FCF LTM28386623210218290207
FCF 3Y Avg31287025017418363217
CFO LTM3701,510591398182177384
CFO 3Y Avg3921,483575443183179417

Growth & Margins

APLEHSTRHPPKSHOXHRMedian
NameApple Ho.Host Hot.Ryman Ho.Park Hot.Sunstone.Xenia Ho. 
Rev Chg LTM-1.3%7.6%10.2%-2.2%6.0%3.8%4.9%
Rev Chg 3Y Avg4.6%7.6%12.7%0.7%2.0%2.6%3.6%
Rev Chg Q-2.0%12.3%13.9%0.6%10.3%1.4%5.9%
QoQ Delta Rev Chg LTM-0.5%2.9%3.6%0.2%2.4%0.3%1.4%
Op Inc Chg LTM-9.3%7.8%-0.8%-32.9%-3.7%26.2%-2.2%
Op Inc Chg 3Y Avg3.1%3.2%15.6%-5.7%-6.0%0.6%1.9%
Op Mgn LTM17.7%13.6%19.1%8.9%7.9%9.9%11.8%
Op Mgn 3Y Avg18.6%13.7%20.4%11.1%9.5%9.2%12.4%
QoQ Delta Op Mgn LTM-0.2%-0.0%0.2%0.5%0.6%0.6%0.4%
CFO/Rev LTM26.2%24.7%22.9%15.7%18.9%16.4%20.9%
CFO/Rev 3Y Avg28.1%26.1%24.5%16.9%19.3%17.1%21.9%
FCF/Rev LTM20.0%14.2%9.0%4.0%18.9%8.3%11.6%
FCF/Rev 3Y Avg22.4%15.3%10.8%6.6%19.3%6.0%13.1%

Valuation

APLEHSTRHPPKSHOXHRMedian
NameApple Ho.Host Hot.Ryman Ho.Park Hot.Sunstone.Xenia Ho. 
Mkt Cap3.114.56.42.21.81.52.7
P/S2.22.42.50.91.91.42.0
P/Op Inc12.317.513.19.924.114.113.6
P/EBIT11.913.813.0-743.624.59.812.5
P/E17.519.026.4-7.974.124.121.5
P/CFO8.39.610.95.610.08.69.1
Total Yield13.5%9.6%8.2%-0.1%1.3%7.7%8.0%
Dividend Yield7.8%4.3%4.4%12.6%0.0%3.6%4.4%
FCF Yield 3Y Avg9.2%6.9%4.0%6.3%9.0%4.6%6.6%
D/E0.50.40.61.80.50.90.6
Net D/E0.50.30.61.70.40.80.6

Returns

APLEHSTRHPPKSHOXHRMedian
NameApple Ho.Host Hot.Ryman Ho.Park Hot.Sunstone.Xenia Ho. 
1M Rtn13.0%14.8%14.6%11.8%9.5%15.0%13.8%
3M Rtn8.8%17.0%10.7%1.9%8.1%13.0%9.8%
6M Rtn17.0%30.7%17.5%6.8%6.6%24.4%17.3%
12M Rtn19.3%65.0%26.8%27.1%22.2%71.2%27.0%
3Y Rtn4.3%52.8%29.5%30.8%10.2%42.7%30.2%
1M Excs Rtn4.4%6.2%6.0%3.2%1.0%6.5%5.2%
3M Excs Rtn4.9%13.1%6.8%-2.1%4.2%9.1%5.9%
6M Excs Rtn11.2%27.7%12.4%2.7%0.8%21.2%11.8%
12M Excs Rtn-15.1%29.5%-8.4%-8.5%-12.1%37.3%-8.4%
3Y Excs Rtn-67.8%-18.5%-41.1%-38.3%-59.4%-29.4%-39.7%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single segment1,4311,344   
Food and beverage  462217
Other  534025
Room  1,139871560
Total1,4311,3441,238934602


Operating Income by Segment
$ Mil20252024202320222021
Single segment510    
Gain on sale of real estate20    
Other segment items-0    
Impairment of depreciable real estate-3    
General and administrative-43    
Depreciation and amortization-191    
Total293    


Net Income by Segment
$ Mil20252024202320222021
Single segment214    
Total214    


Price Behavior

Price Behavior
Market Price$13.00 
Market Cap ($ Bil)3.1 
First Trading Date05/18/2015 
Distance from 52W High-1.0% 
   50 Days200 Days
DMA Price$12.06$11.71
DMA Trendupindeterminate
Distance from DMA7.8%11.0%
 3M1YR
Volatility24.2%22.3%
Downside Capture0.020.28
Upside Capture70.0163.16
Correlation (SPY)39.9%41.4%
APLE Betas & Captures as of 3/31/2026

 1M2M3M6M1Y3Y
Beta1.040.850.810.641.030.98
Up Beta0.810.781.140.901.281.24
Down Beta1.041.230.960.750.960.89
Up Capture158%113%86%56%64%49%
Bmk +ve Days7162765139424
Stock +ve Days10223057117352
Down Capture88%47%58%52%91%99%
Bmk -ve Days12233358110323
Stock -ve Days11193265128381

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with APLE
APLE18.7%22.3%0.69-
Sector ETF (XLRE)11.3%13.8%0.5450.1%
Equity (SPY)23.7%12.7%1.5243.7%
Gold (GLD)41.4%27.5%1.25-4.3%
Commodities (DBC)22.4%16.2%1.25-3.0%
Real Estate (VNQ)14.2%13.8%0.7257.6%
Bitcoin (BTCUSD)-10.4%42.7%-0.1423.3%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with APLE
APLE2.7%27.2%0.10-
Sector ETF (XLRE)4.8%19.1%0.1655.7%
Equity (SPY)10.8%17.1%0.4962.4%
Gold (GLD)21.6%17.8%0.996.9%
Commodities (DBC)10.9%18.8%0.4721.3%
Real Estate (VNQ)4.1%18.8%0.1261.6%
Bitcoin (BTCUSD)3.8%56.4%0.2927.7%

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Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with APLE
APLE1.8%34.4%0.14-
Sector ETF (XLRE)6.6%20.4%0.2856.3%
Equity (SPY)13.9%17.9%0.6757.4%
Gold (GLD)13.7%15.9%0.715.8%
Commodities (DBC)8.2%17.6%0.3925.1%
Real Estate (VNQ)5.4%20.7%0.2363.9%
Bitcoin (BTCUSD)68.0%66.9%1.0719.3%

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Short Interest

Short Interest: As Of Date3312026
Short Interest: Shares Quantity24.8 Mil
Short Interest: % Change Since 315202616.8%
Average Daily Volume3.2 Mil
Days-to-Cover Short Interest7.8 days
Basic Shares Quantity236.4 Mil
Short % of Basic Shares10.5%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/23/2026-0.5%0.7%-3.7%
11/3/2025-2.1%3.7%2.1%
8/6/20251.6%8.2%13.3%
2/24/2025-1.6%0.2%-9.1%
11/4/20240.2%8.6%9.8%
8/5/20240.5%-1.9%1.4%
5/6/20240.4%0.6%-2.8%
2/22/2024-0.1%-0.6%1.8%
...
SUMMARY STATS   
# Positive121516
# Negative1187
Median Positive1.3%2.6%2.8%
Median Negative-1.6%-2.2%-4.2%
Max Positive6.6%8.6%21.3%
Max Negative-5.5%-6.8%-14.8%

SEC Filings

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Report DateFiling DateFiling
12/31/202502/23/202610-K
09/30/202511/03/202510-Q
06/30/202508/06/202510-Q
03/31/202505/01/202510-Q
12/31/202402/24/202510-K
09/30/202411/04/202410-Q
06/30/202408/05/202410-Q
03/31/202405/06/202410-Q
12/31/202302/22/202410-K
09/30/202311/07/202310-Q
06/30/202308/03/202310-Q
03/31/202305/02/202310-Q
12/31/202202/21/202310-K
09/30/202211/07/202210-Q
06/30/202208/04/202210-Q
03/31/202205/05/202210-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/23/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Net Income133.00 Mil146.50 Mil160.00 Mil-13.1% Lower NewActual: 168.50 Mil for 2025
2026 Comparable Hotels RevPAR Change-0.0100.01 1.5%Higher NewActual: -0.01 for 2025
2026 Comparable Hotels Adjusted Hotel EBITDA Margin %32.4%32.9%33.4%-3.8%-1.3%Lower NewActual: 34.2% for 2025
2026 Adjusted EBITDAre424.00 Mil435.50 Mil447.00 Mil-0.9% Lower NewActual: 439.50 Mil for 2025
2026 Capital Expenditures80.00 Mil85.00 Mil90.00 Mil0.0% Same NewActual: 85.00 Mil for 2025

Prior: Q3 2025 Earnings Reported 11/3/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2025 Net Income162.00 Mil168.50 Mil175.00 Mil-3.2% LoweredGuidance: 174.14 Mil for 2025
2025 Comparable Hotels RevPAR Change-0.02-0.01-0.01200.0%-1.0%LoweredGuidance: -0.01 for 2025
2025 Comparable Hotels Adjusted Hotel EBITDA Margin %33.9%34.2%34.5%0.6%0.2%RaisedGuidance: 34.0% for 2025
2025 Adjusted EBITDAre435.00 Mil439.50 Mil444.00 Mil0.1% RaisedGuidance: 439.00 Mil for 2025
2025 Capital Expenditures80.00 Mil85.00 Mil90.00 Mil0 AffirmedGuidance: 85.00 Mil for 2025

Insider Activity

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#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Knight, Glade MExecutive ChairmanDirectBuy1212202511.915,00059,5508,460,197Form
2Hugh, Redd DirectBuy1117202511.751,00011,7551,625,134Form
3Woolley, Howard E DirectBuy1113202511.942,00023,880369,298Form
4Knight, Glade MExecutive ChairmanDirectBuy821202512.295,00061,4518,668,819Form
5Hugh, Redd DirectBuy606202511.571,00011,5751,588,660Form

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