Apple Hospitality REIT Announces Increase in Monthly Distribution from September 2022 Distribution
RICHMOND, Virginia, August 17, 2022–(BUSINESS WIRE)–Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple Hospitality”) today announced that its Board of Directors has authorized an increase in the Company’s regular monthly cash distributions to $0.07 per common share, versus $0.05 per common share and declared a monthly cash distribution of $0.07 per common share for the month of September 2022. The distribution is payable September 15, 2022 to shareholders of record as of September 2, 2022. Based on the Company’s common shares closing price of $17.26 on August 16, 2022, the new annualized distribution of $0.84 per common share represents an annual return of approximately 4.9% .
“Our performance in the second quarter of the year far exceeded our expectations, and we are excited to increase the amount of our monthly dividend beginning with our September payout,” commented Justin Knight, CEO of Apple Hospitality. . “Our hotel ownership strategy has been intentionally designed to maximize shareholder value in any macro environment, providing the opportunity to produce a high dividend yield for our investors while simultaneously allowing us to invest and grow our portfolio. We remain confident in the positive trajectory of the recovery and believe we are incredibly well positioned to continue to allocate capital in a way that generates the strongest total returns for our shareholders over time.”
Although the Company expects monthly distributions to continue, each distribution is subject to the approval of the Company’s Board of Directors.
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 diversified portfolios of upscale, room-based hotel properties. United States. Apple Hospitality’s portfolio consists of 219 hotels with more than 28,700 rooms located in 86 markets across 36 states. A concentrate of industry-leading brands, the company’s portfolio consists of 94 Marriott-branded hotels, 119 Hilton-branded hotels, four Hyatt-branded hotels and two independent hotels. For more information, please visit www.applehospitalityreit.com.
Disclaimer of Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are generally identified by the use of statements that include expressions such as “may”, “believe”, “expect”, “anticipate”, “intend”, “estimate”, “project”, “target”, “goal”. ,” “plan”, “should”, “will”, “predict”, “potential”, “outlook”, “strategy” and similar expressions which convey the uncertainty of future events or results. These statements involve known risks and unknowns, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Currently, one of the most important factors that could cause actual results to differ materially from the company’s forward-looking statements continues to be the adverse effect of COVID-19, including resurgences and variations, on the company’s activities, financial performance and condition, its operations, results and cash flows, the real estate market and the hotel industry in particular, and the global economy and financial markets in general. The significance, extent and duration of the continued impacts caused by the COVID-19 pandemic on the Company will depend on future developments, which are highly uncertain and cannot be predicted with certainty at this time, including the extent, severity and duration of the pandemic. , the extent and effectiveness of the measures taken to contain the pandemic or mitigate its impact, the effectiveness, acceptance and availability of vaccines, the duration of associated immunity and the effectiveness of vaccines against variants of COVID-19, the potential for additional hotel closures/consolidations which may be mandatory or desirable, whether based on increasing COVID-19 cases, new variants or other factors, slowing or the potential cancellation of “reopenings” in some states, and the direct and indirect economic effects of the pandemic and containment measures, among others. In addition, investors are cautioned to interpret many of the risks identified in the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 as being heightened due to numerous and ongoing adverse effects of COVID-19. Additional factors include, but are not limited to, the Company’s ability to effectively acquire and sell properties and redeploy proceeds; the expected timing and frequency of distributions to shareholders; the Company’s ability to fund its capital obligations; the Company’s ability to successfully integrate ongoing operations and implement its operational strategy; changes in general political, economic and competitive conditions and specific market conditions; reduced business and leisure travel due to travel-related health concerns, including the COVID-19 pandemic or an increase in cases of COVID-19 or any other infectious or contagious disease in or around the United States abroad; adverse changes in real estate and real estate capital markets; funding risks; changes in interest rates; litigation risks; regulatory proceedings or investigations; and changes in applicable laws or regulations or interpretations of applicable laws and regulations that affect the Company’s business, assets or classification as a REIT. Although the Company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, each of these assumptions may prove to be incorrect and, accordingly, there can be no assurance that such statements included in this press release will prove to be accurate. In light of the material uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be taken as a representation by the Company or any other person that the results or conditions described in such statements or the objectives and Company plans will be achieved. Furthermore, the qualification of the Company as a REIT involves the application of very technical and complex provisions of the Tax Code of 1986, as amended. Readers should carefully review the risk factors described in the company’s filings with the Securities and Exchange Commission, including, but not limited to, those discussed in the section entitled “Risk Factors” in the annual report. of the company on Form 10-K for the fiscal year ending December. 31, 2021. Any forward-looking statements made by the Company speak only as of the date of this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements or cautionary statements, as a result of new information, future events or otherwise, except as required by law.
For more information or to receive press releases by email, visit www.applehospitalityreit.com.
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Apple Hospitality REIT, Inc.
Kelly Clarke, Vice President, Investor Relations