Business Wire | Feb 23, 2021 04:21PM EST

Apple Hospitality REIT Reports Results of Operations for Fourth Quarter and Full Year 2020

Feb. 23, 2021

RICHMOND, Va.--(BUSINESS WIRE)--Feb. 23, 2021--Apple Hospitality REIT, Inc. (NYSE: APLE) (the "Company" or "Apple Hospitality") today announced results of operations for the fourth quarter and full year ended December 31, 2020.

Apple Hospitality REIT, Inc.

Selected Statistical and Financial Data

As of and For the Three Months and Year Ended December 31

(Unaudited) (in thousands, except statistical and per share amounts)^(1)

Three Months Ended Year Ended December 31, December 31, 2020 2019 % 2020 2019 % Change Change

Net income $ (51,247) $ 25,453 n/m $ (173,207) $ 171,917 n/m(loss)Net income $ (0.23) $ 0.11 n/m $ (0.77) $ 0.77 n/m(loss) per share Adjusted $ 16,196 $ 86,110 (81.2%) $ 92,611 $ 428,785 (78.4%)EBITDAreComparableHotels $ 23,035 $ 94,685 (75.7%) $ 120,732 $ 454,280 (73.4%)Adjusted HotelEBITDAComparableHotels 17.3% 33.3% (1,600 20.2% 36.7% (1,650Adjusted Hotel bps) bps)EBITDA Margin%Modified fundsfrom $ (2,475) $ 70,604 n/m $ 20,437 $ 365,921 (94.4%)operations(MFFO)MFFO per share $ (0.01) $ 0.32 n/m $ 0.09 $ 1.63 (94.5%)

Average Daily $ 97.87 $ 131.41 (25.5%) $ 111.49 $ 137.30 (18.8%)Rate (ADR) (Actual)Occupancy 46.5% 72.9% (36.2%) 46.1% 77.0% (40.1%)(Actual)Revenue PerAvailable Room $ 45.46 $ 95.85 (52.6%) $ 51.34 $ 105.72 (51.4%)(RevPAR)(Actual) Comparable $ 97.91 $ 131.79 (25.7%) $ 111.62 $ 138.09 (19.2%)Hotels ADRComparable 46.4% 72.9% (36.4%) 46.0% 77.1% (40.3%)Hotels OccupancyComparable $ 45.44 $ 96.12 (52.7%) $ 51.33 $ 106.45 (51.8%)Hotels RevPAR Cash and cash $ 5,556 $ - n/a equivalentsTotal debt $ 1,488,570 outstandingTotal debtoutstanding, $ 1,483,014net of cash and cashequivalentsTotal debtoutstanding,net of cashand cash 34.0% equivalents,to totalcapitalization^(2)_______________ Note n/m = not meaningful.

(1)

Explanations of and reconciliations to net income (loss) 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)

Total debt outstanding, net of cash and cash equivalents ("net total debt outstanding"), divided by net total debt outstanding plus equity market capitalization based on the Company's closing share price of $12.91 on December 31, 2020._______________Note: n/m = not meaningful.

Explanations of and reconciliations to net income (loss) determined in(1) accordance with generally accepted accounting principles ("GAAP") of non-GAAP financial measures, Adjusted EBITDAre, Comparable Hotels Adjusted Hotel EBITDA and MFFO, are included below. Total debt outstanding, net of cash and cash equivalents ("net total debt(2) outstanding"), divided by net total debt outstanding plus equity market capitalization based on the Company's closing share price of $12.91 on December 31, 2020.Comparable Hotels is defined as the 233 hotels owned and held for use by the Company as of December 31, 2020. 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, 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, Chief Executive Officer of Apple Hospitality, commented, "The challenges brought by the COVID-19 pandemic significantly altered the trajectory of 2020 and meaningfully impacted travel and the hotel industry beginning in March of last year. With the efficient operations, broad consumer appeal and market diversification of our portfolio of rooms-focused hotels and the tireless efforts of our corporate and property management teams, we were able to keep our hotels open, adjust our operating model, reduce property-level expenses and enhance our sales efforts to capture existing demand and maximize performance during the most difficult year on record for the hotel industry. We were first among publicly traded lodging REITs to return to positive cash flow in 2020 and are pleased to report Adjusted EBITDAre of approximately $93 million and MFFO of approximately $20 million for the full year. The pandemic's impact on travel has forced us to rethink every aspect of our business, concentrating on the services and amenities that our guests value most, and we are focused on enhancing our stabilized operating model to become even more efficient over time."

Mr. Knight continued, "As we transition from the traditionally slower travel months at year end, we are encouraged by the improving occupancy trends we have seen across our portfolio in January and February. While we have limited visibility, we anticipate domestic leisure travel will drive performance early in the year and business travel, led initially by local and regional business demand, will improve over the course of 2021. Our outperformance during these unprecedented times is a testament to the strength of our underlying strategy and low-levered balance sheet and has preserved our capacity to pursue accretive opportunities in the early stages of a recovery. We remain intently focused on maximizing long-term value for our shareholders and are confident we are well positioned as travel continues to recover."

Operations Update

* All hotels open: All of the Company's hotels are open with enhanced health and sanitation measures in place. The Company continues to intentionally consolidate operations at five hotels, down from 38 hotels as of May 2020, in market clusters to maximize operational efficiencies. The cost structure of the Company's primarily rooms-focused hotels allows them to operate cost effectively even at very low occupancy levels, resulting in positive Adjusted Hotel EBITDA for each month in 2020 except for April. * Enhanced sales efforts: Together with its third-party management companies, the Company has enhanced its sales efforts by focusing on COVID-19-specific opportunities in certain markets and strategically targeting available demand to maximize performance. * Seasonal fluctuations: Occupancy and RevPAR for the Company's portfolio sequentially improved from the lowest levels of approximately 18% and $18 in April 2020 to approximately 54% and $55 in October 2020, driven by a wide variety of demand generators including leisure, government, health care, construction, disaster recovery, insurance, athletics, education, and local and regional business-related travel. Demand during the months of November and December declined in line with typical seasonal travel trends. * Reduced property-level expenses: Since March 2020, the Company, its brands and its third-party management companies have implemented cost elimination and efficiency initiatives at each of the Company's hotels by effectively managing labor costs, reducing or eliminating certain services and amenities, and renegotiating rates under various service contracts. Hotel operating expenses were lowered by approximately 48% during the fourth quarter of 2020 and 44% during the year ended December 31, 2020, as compared to the same periods of 2019. * Reduced corporate-level expenses: General and administrative expenses were reduced by approximately 34% during the fourth quarter of 2020 and 19% during the year ended December 31, 2020, as compared to the same periods of 2019, primarily due to decreases in compensation and other overhead expenses. * Cash flow positive: The Company produced sufficient cash from hotel operations to cover property-level and corporate-level costs, including debt service, for six months during 2020. The Company achieved positive Adjusted Hotel EBITDA of approximately $23 million and $122 million and MFFO of approximately negative $2.5 million and positive $20 million for the fourth quarter and full year ended December 31, 2020, respectively. Performance during the fourth quarter was impacted by seasonal travel trends that typically occur during November and December relative to third quarter performance.

The following table highlights the Company's performance during the fourth quarter of 2020, amid the COVID-19 pandemic, as compared to the fourth quarter of 2019 (in thousands, except statistical data):

Comparable Hotels is defined as the 233 hotels owned and held for use by theCompany as of December 31, 2020. For hotels acquired during the periods noted,the Company has included, as applicable, results of those hotels for periodsprior to the Company's ownership, and for dispositions, results have beenexcluded for the Company's period of ownership. Results for periods prior tothe Company's ownership have not been included in the Company's actualConsolidated Financial Statements and are included only for comparisonpurposes. Results included for periods prior to the Company's ownership arebased on information from the prior owner of each hotel and have not beenaudited or adjusted.

Justin Knight, Chief Executive Officer of Apple Hospitality, commented, "The challenges brought by the COVID-19 pandemic significantly altered the trajectory of 2020 and meaningfully impacted travel and the hotel industry beginning in March of last year. With the efficient operations, broad consumer appeal and market diversification of our portfolio of rooms-focused hotels and the tireless efforts of our corporate and property management teams, we were able to keep our hotels open, adjust our operating model, reduce property-level expenses and enhance our sales efforts to capture existing demand and maximize performance during the most difficult year on record for the hotel industry. We were first among publicly traded lodging REITs to return to positive cash flow in 2020 and are pleased to report Adjusted EBITDAre of approximately $93 million and MFFO of approximately $20 million for the full year. The pandemic's impact on travel has forced us to rethink every aspect of our business, concentrating on the services and amenities that our guests value most, and we are focused on enhancing our stabilized operating model to become even more efficient over time."

Mr. Knight continued, "As we transition from the traditionally slower travel months at year end, we are encouraged by the improving occupancy trends we have seen across our portfolio in January and February. While we have limited visibility, we anticipate domestic leisure travel will drive performance early in the year and business travel, led initially by local and regional business demand, will improve over the course of 2021. Our outperformance during these unprecedented times is a testament to the strength of our underlying strategy and low-levered balance sheet and has preserved our capacity to pursue accretive opportunities in the early stages of a recovery. We remain intently focused on maximizing long-term value for our shareholders and are confident we are well positioned as travel continues to recover."

Operations Update

* All hotels open: All of the Company's hotels are open with enhanced health and sanitation measures in place. The Company continues to intentionally consolidate operations at five hotels, down from 38 hotels as of May 2020, in market clusters to maximize operational efficiencies. The cost structure of the Company's primarily rooms-focused hotels allows them to operate cost effectively even at very low occupancy levels, resulting in positive Adjusted Hotel EBITDA for each month in 2020 except for April. * Enhanced sales efforts: Together with its third-party management companies, the Company has enhanced its sales efforts by focusing on COVID-19-specific opportunities in certain markets and strategically targeting available demand to maximize performance. * Seasonal fluctuations: Occupancy and RevPAR for the Company's portfolio sequentially improved from the lowest levels of approximately 18% and $18 in April 2020 to approximately 54% and $55 in October 2020, driven by a wide variety of demand generators including leisure, government, health care, construction, disaster recovery, insurance, athletics, education, and local and regional business-related travel. Demand during the months of November and December declined in line with typical seasonal travel trends. * Reduced property-level expenses: Since March 2020, the Company, its brands and its third-party management companies have implemented cost elimination and efficiency initiatives at each of the Company's hotels by effectively managing labor costs, reducing or eliminating certain services and amenities, and renegotiating rates under various service contracts. Hotel operating expenses were lowered by approximately 48% during the fourth quarter of 2020 and 44% during the year ended December 31, 2020, as compared to the same periods of 2019. * Reduced corporate-level expenses: General and administrative expenses were reduced by approximately 34% during the fourth quarter of 2020 and 19% during the year ended December 31, 2020, as compared to the same periods of 2019, primarily due to decreases in compensation and other overhead expenses. * Cash flow positive: The Company produced sufficient cash from hotel operations to cover property-level and corporate-level costs, including debt service, for six months during 2020. The Company achieved positive Adjusted Hotel EBITDA of approximately $23 million and $122 million and MFFO of approximately negative $2.5 million and positive $20 million for the fourth quarter and full year ended December 31, 2020, respectively. Performance during the fourth quarter was impacted by seasonal travel trends that typically occur during November and December relative to third quarter performance.

The following table highlights the Company's performance during the fourth quarter of 2020, amid the COVID-19 pandemic, as compared to the fourth quarter of 2019 (in thousands, except statistical data):

Three Three October November December Months October November December Months Ended Ended 2020 2020 2020 December 2019 2019 2019 December 31, 2020 31, 2019

ADR $ 101.94 $ 97.77 $ 92.55 $ 97.87 $ 139.07 $ 130.85 $ 122.20 $ 131.41

Occupancy 53.7% 45.3% 40.3% 46.5% 81.6% 73.7% 63.5% 72.9%

RevPAR $ 54.76 $ 44.27 $ 37.32 $ 45.46 $ 113.43 $ 96.49 $ 77.61 $ 95.85

AdjustedHotel $ 14,748 $ 6,703 $ 1,845 $ 23,296 $ 44,707 $ 31,720 $ 20,409 $ 96,836EBITDA ^(1)_______________

(1)

See explanation and reconciliation of Adjusted Hotel EBITDA to net income (loss) included below.

The Company, its third-party management companies and the brands the Company's hotels are franchised with have aggressively worked to mitigate costs and uses of cash associated with operating the Company's hotels in a low-occupancy environment and are thoughtfully working to position the hotels to adapt to changes in guest preferences that may occur in the future. The operational impact of the COVID-19 pandemic has varied and will continue to vary by market and hotel. With the support of its brands and third-party management companies, the Company will continue to rethink brand standards, refine its operating model at various occupancy levels, and allocate capital to maximize long-term profitability.

Portfolio Activity

Acquisitions

In 2020, as previously announced, Apple Hospitality acquired four newly developed hotels with an aggregate of 483 guest rooms, all of which were contracted for in 2018, for a total purchase price of approximately $111 million.

In February 2021, the Company closed on the purchase of the newly developed 176-room Hilton Garden Inn in Madison, Wisconsin, which was contracted for in 2019, for a total purchase price of approximately $50 million.

Dispositions and Contract for Potential Disposition

In 2020, Apple Hospitality sold three hotels with an aggregate of 421 guest rooms for a combined gross sales price of approximately $55 million, including the 86-room Hampton Inn by Hilton in Tulare, California, which was sold during the fourth quarter for a gross sales price of approximately $10 million. The Company's 2020 dispositions resulted in a combined gain on sale of approximately $11 million.

In October 2020, the Company entered into a contract for the sale of its 118-room Homewood Suites by Hilton in Charlotte, North Carolina, for a gross sales price of approximately $10 million. Although the Company is working towards the sale of this hotel, there are many conditions to closing that have not yet been satisfied and there can be no assurance that a closing on this hotel will occur. If the closing occurs, the sale is expected to be completed in the first quarter of 2021, and the Company expects to recognize a gain upon completion of the sale.

Capital Improvements

During the year ended December 31, 2020, the Company invested approximately $38 million in capital expenditures, which was approximately $50 million less than originally planned as the Company postponed all planned non-essential capital improvements after March 2020 in order to maintain a sound liquidity position as a result of COVID-19. The Company anticipates investing approximately $25 million to $30 million in capital improvements during 2021, depending in part on the pace of economic recovery.

Balance Sheet and Liquidity

Summary

As of December 31, 2020, Apple Hospitality had approximately $1.5 billion of total outstanding debt with a current combined weighted-average interest rate of approximately 3.9%, cash on hand of approximately $6 million and availability under its revolving credit facility of approximately $319 million. Excluding unamortized debt issuance costs and fair value adjustments, the Company's total outstanding debt is comprised of approximately $513 million in property-level debt secured by 33 hotels and approximately $976 million outstanding on its unsecured credit facilities. The Company's total debt to total capitalization, net of cash and cash equivalents at December 31, 2020, was approximately 34%. As of December 31, 2020, the Company's weighted-average debt maturities are 4 years, with approximately $51 million, net of reserves, maturing in 2021.

Unsecured Credit Facilities Amendments

As a result of COVID-19 and the associated disruption to the Company's operating results, the Company anticipated that it may not be able to maintain compliance with certain covenants under its unsecured credit facilities in future periods. As a result, on June 5, 2020, the Company entered into amendments to each of its unsecured credit facilities to temporarily waive the financial covenant testing under each of its unsecured credit facilities until the date the compliance certificate is required to be delivered for the fiscal quarter ending June 30, 2021 (the "Covenant Waiver Period"), unless the Company elects an earlier date. As of December 31, 2020, the Company was in compliance with the applicable covenants of the credit agreements as amended. However, as a result of the continued disruption from COVID-19 and the related uncertainty on the Company's operating results, the Company anticipates that it could potentially not be in compliance with certain of the covenants as amended in future periods if the existing Covenant Waiver Period is not further extended. In January 2021, the Company notified lenders under its credit facilities of the anticipated potential non-compliance with certain covenants and anticipates entering into amendments to each of the credit facilities to extend the waiver period for the testing of all but two of its financial maintenance covenants through March 31, 2022. The waiver period for the testing of the ratio of Adjusted Consolidated EBITDA to Consolidated Fixed Charges and the ratio of Unencumbered Adjusted NOI to Consolidated Implied Interest Expense for Consolidated Unsecured Indebtedness is anticipated to be extended through December 31, 2021. The Company anticipates that the conditions to obtaining the waivers that currently apply during the Covenant Waiver Period, as implemented in the June 2020 amendments, will generally continue to apply during the extended covenant waiver period described above, including restrictions on the amount of the Company's distributions, capital expenditures, share repurchases and acquisitions, but the Company anticipates that the amendments will provide additional flexibility regarding certain of the conditions relative to the current restrictions, including an increased allowance for acquiring unencumbered assets through either proceeds from unencumbered asset sales or equity issuances. The Company also anticipates that the anticipated amendments will provide for less restrictive thresholds for certain financial covenant ratios once covenant testing recommences at the end of the extended covenant waiver period for a transitional period. As part of the amendments, the interest rate under each of its credit facilities is expected to increase 15 basis points during the extended covenant waiver period. Although the Company is close to finalizing these amendments and anticipates completing them in the near future, the amendments have not yet been finalized and the final terms could change. Thus, no assurances can be given as to the final terms of the amendments or that the Company will be able to complete the amendments.

Capital Markets

Apple Hospitality terminated its written trading plan under its Share Repurchase Program in March 2020 and did not engage in additional repurchases under the Share Repurchase Program during the balance of 2020. Prior to the Company's termination of its written trading plan under its Share Repurchase Program, the Company repurchased approximately 1.5 million of its common shares for an aggregate purchase price of approximately $14.3 million during the first quarter of 2020. As of December 31, 2020, the Company had approximately $345 million remaining under its share repurchase authorization. The Share Repurchase Program may be suspended or terminated at any time by the Company and will end in July 2021 if not terminated earlier. Share repurchases are subject to certain restrictions during the Covenant Waiver Period, and the Company does not anticipate utilizing the Share Repurchase Program during the Covenant Waiver Period.

In August 2020, the Company entered into an equity distribution agreement pursuant to which the Company may sell, from time to time, up to an aggregate of $300 million of its common shares under an at-the-market offering program (the "ATM Program"). As of December 31, 2020, the Company had not sold any common shares under the ATM Program.

Shareholder Distributions

In March 2020, as a result of COVID-19 and the impact on the Company's business, the Company suspended its monthly distributions, with the last distribution paid March 16, 2020. The Company paid distributions of approximately $0.30 per common share for the full year ended December 31, 2020. The Company's Board of Directors, in consultation with management, will continue to monitor hotel operations and intends to resume distributions at a time and level determined to be prudent in relation to the Company's other cash requirements or in order to maintain its REIT status for federal income tax purposes, subject to the distribution restrictions as a condition to the amendments to the Company's unsecured credit facilities during the Covenant Waiver Period.

2021 Outlook

In light of uncertainties related to the ongoing COVID-19 pandemic, the Company does not expect to issue 2021 operational guidance until it has greater visibility into more predictable operating fundamentals and trends. The Company is providing the following guidance on certain corporate expenses, which is based on management's current view and does not take into account any unanticipated developments in its business or changes in its operating environment:

* General and administrative expenses are projected to be approximately $28 million to $32 million. * Interest expense is projected to be approximately $75 million to $80 million. * Capital expenditures are projected to be approximately $25 million to $30 million.

Fourth Quarter and Full Year 2020 Earnings Conference Call

The Company will host a quarterly conference call for investors and interested parties at 10 a.m. Eastern Time on Wednesday, February 24, 2021. 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 1:00 p.m. Eastern Time on February 24, 2021, through 11:59 p.m. Eastern Time on March 17, 2021. 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 13714678. 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 30,100 guest rooms located in 88 markets throughout 35 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. 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

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 typically 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 the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

Currently, one of the most significant factors that could cause actual outcomes to differ materially from the Company's forward-looking statements continues to be the adverse effect of COVID-19, including resurgences and new variants, on the Company's business, financial performance and condition, operating results and cash flows, the real estate market and the hospitality industry specifically, and the global economy and financial markets generally. The significance, extent and duration of the continued impacts caused by the COVID-19 outbreak on the Company will depend on future developments, which are highly uncertain and cannot be predicted with confidence at this time, including the scope, severity and duration of the pandemic, the extent and effectiveness of the actions taken to contain the pandemic or mitigate its impact, the Company's ability to complete the anticipated amendments to its credit facilities on the terms and timing anticipated, or at all, the speed of the vaccine roll-out, the efficacy, acceptance and availability of vaccines, the duration of associated immunity and efficacy of the vaccines against emerging variants of COVID-19, the potential for additional hotel closures/consolidations that may be mandated or advisable, whether based on increased COVID-19 cases, new variants or other factors, the slowing or rollback of "reopenings" in certain states, and the direct and indirect economic effects of the pandemic and containment measures, among others. Moreover, investors are cautioned to interpret many of the risks identified under the section titled "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020 as being heightened as a result of the ongoing and numerous adverse impacts of COVID-19. Such additional factors include, but are not limited to, the ability of the Company to effectively acquire and dispose of properties; the ability of the Company to successfully integrate pending transactions and implement its operating 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 widespread outbreak of COVID-19 or an increase in COVID-19 cases or any other infectious or contagious diseases in the U.S. or abroad; adverse changes in the real estate and real estate capital markets; financing risks; changes in interest rates; litigation risks; regulatory proceedings or inquiries; and changes in laws or regulations or interpretations of current laws and regulations that impact 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, 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 the Company or any other person that the results or conditions described in such statements or the objectives and plans of the Company will be achieved. In addition, the Company's qualification as a REIT involves the application of highly technical and complex provisions of the Internal Revenue 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 titled "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020. Any forward-looking statement that the Company makes speaks 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 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.

_______________

(1) See explanation and reconciliation of Adjusted Hotel EBITDA to net income (loss) included below.

The Company, its third-party management companies and the brands the Company's hotels are franchised with have aggressively worked to mitigate costs and uses of cash associated with operating the Company's hotels in a low-occupancy environment and are thoughtfully working to position the hotels to adapt to changes in guest preferences that may occur in the future. The operational impact of the COVID-19 pandemic has varied and will continue to vary by market and hotel. With the support of its brands and third-party management companies, the Company will continue to rethink brand standards, refine its operating model at various occupancy levels, and allocate capital to maximize long-term profitability.

Portfolio Activity

Acquisitions

In 2020, as previously announced, Apple Hospitality acquired four newly developed hotels with an aggregate of 483 guest rooms, all of which were contracted for in 2018, for a total purchase price of approximately $111 million.

In February 2021, the Company closed on the purchase of the newly developed 176-room Hilton Garden Inn in Madison, Wisconsin, which was contracted for in 2019, for a total purchase price of approximately $50 million.

Dispositions and Contract for Potential Disposition

In 2020, Apple Hospitality sold three hotels with an aggregate of 421 guest rooms for a combined gross sales price of approximately $55 million, including the 86-room Hampton Inn by Hilton in Tulare, California, which was sold during the fourth quarter for a gross sales price of approximately $10 million. The Company's 2020 dispositions resulted in a combined gain on sale of approximately $11 million.

In October 2020, the Company entered into a contract for the sale of its 118-room Homewood Suites by Hilton in Charlotte, North Carolina, for a gross sales price of approximately $10 million. Although the Company is working towards the sale of this hotel, there are many conditions to closing that have not yet been satisfied and there can be no assurance that a closing on this hotel will occur. If the closing occurs, the sale is expected to be completed in the first quarter of 2021, and the Company expects to recognize a gain upon completion of the sale.

Capital Improvements

During the year ended December 31, 2020, the Company invested approximately $38 million in capital expenditures, which was approximately $50 million less than originally planned as the Company postponed all planned non-essential capital improvements after March 2020 in order to maintain a sound liquidity position as a result of COVID-19. The Company anticipates investing approximately $25 million to $30 million in capital improvements during 2021, depending in part on the pace of economic recovery.

Balance Sheet and Liquidity

Summary

As of December 31, 2020, Apple Hospitality had approximately $1.5 billion of total outstanding debt with a current combined weighted-average interest rate of approximately 3.9%, cash on hand of approximately $6 million and availability under its revolving credit facility of approximately $319 million. Excluding unamortized debt issuance costs and fair value adjustments, the Company's total outstanding debt is comprised of approximately $513 million in property-level debt secured by 33 hotels and approximately $976 million outstanding on its unsecured credit facilities. The Company's total debt to total capitalization, net of cash and cash equivalents at December 31, 2020, was approximately 34%. As of December 31, 2020, the Company's weighted-average debt maturities are 4 years, with approximately $51 million, net of reserves, maturing in 2021.

Unsecured Credit Facilities Amendments

As a result of COVID-19 and the associated disruption to the Company's operating results, the Company anticipated that it may not be able to maintain compliance with certain covenants under its unsecured credit facilities in future periods. As a result, on June 5, 2020, the Company entered into amendments to each of its unsecured credit facilities to temporarily waive the financial covenant testing under each of its unsecured credit facilities until the date the compliance certificate is required to be delivered for the fiscal quarter ending June 30, 2021 (the "Covenant Waiver Period"), unless the Company elects an earlier date. As of December 31, 2020, the Company was in compliance with the applicable covenants of the credit agreements as amended. However, as a result of the continued disruption from COVID-19 and the related uncertainty on the Company's operating results, the Company anticipates that it could potentially not be in compliance with certain of the covenants as amended in future periods if the existing Covenant Waiver Period is not further extended. In January 2021, the Company notified lenders under its credit facilities of the anticipated potential non-compliance with certain covenants and anticipates entering into amendments to each of the credit facilities to extend the waiver period for the testing of all but two of its financial maintenance covenants through March 31, 2022. The waiver period for the testing of the ratio of Adjusted Consolidated EBITDA to Consolidated Fixed Charges and the ratio of Unencumbered Adjusted NOI to Consolidated Implied Interest Expense for Consolidated Unsecured Indebtedness is anticipated to be extended through December 31, 2021. The Company anticipates that the conditions to obtaining the waivers that currently apply during the Covenant Waiver Period, as implemented in the June 2020 amendments, will generally continue to apply during the extended covenant waiver period described above, including restrictions on the amount of the Company's distributions, capital expenditures, share repurchases and acquisitions, but the Company anticipates that the amendments will provide additional flexibility regarding certain of the conditions relative to the current restrictions, including an increased allowance for acquiring unencumbered assets through either proceeds from unencumbered asset sales or equity issuances. The Company also anticipates that the anticipated amendments will provide for less restrictive thresholds for certain financial covenant ratios once covenant testing recommences at the end of the extended covenant waiver period for a transitional period. As part of the amendments, the interest rate under each of its credit facilities is expected to increase 15 basis points during the extended covenant waiver period. Although the Company is close to finalizing these amendments and anticipates completing them in the near future, the amendments have not yet been finalized and the final terms could change. Thus, no assurances can be given as to the final terms of the amendments or that the Company will be able to complete the amendments.

Capital Markets

Apple Hospitality terminated its written trading plan under its Share Repurchase Program in March 2020 and did not engage in additional repurchases under the Share Repurchase Program during the balance of 2020. Prior to the Company's termination of its written trading plan under its Share Repurchase Program, the Company repurchased approximately 1.5 million of its common shares for an aggregate purchase price of approximately $14.3 million during the first quarter of 2020. As of December 31, 2020, the Company had approximately $345 million remaining under its share repurchase authorization. The Share Repurchase Program may be suspended or terminated at any time by the Company and will end in July 2021 if not terminated earlier. Share repurchases are subject to certain restrictions during the Covenant Waiver Period, and the Company does not anticipate utilizing the Share Repurchase Program during the Covenant Waiver Period.

In August 2020, the Company entered into an equity distribution agreement pursuant to which the Company may sell, from time to time, up to an aggregate of $300 million of its common shares under an at-the-market offering program (the "ATM Program"). As of December 31, 2020, the Company had not sold any common shares under the ATM Program.

Shareholder Distributions

In March 2020, as a result of COVID-19 and the impact on the Company's business, the Company suspended its monthly distributions, with the last distribution paid March 16, 2020. The Company paid distributions of approximately $0.30 per common share for the full year ended December 31, 2020. The Company's Board of Directors, in consultation with management, will continue to monitor hotel operations and intends to resume distributions at a time and level determined to be prudent in relation to the Company's other cash requirements or in order to maintain its REIT status for federal income tax purposes, subject to the distribution restrictions as a condition to the amendments to the Company's unsecured credit facilities during the Covenant Waiver Period.

2021 Outlook

In light of uncertainties related to the ongoing COVID-19 pandemic, the Company does not expect to issue 2021 operational guidance until it has greater visibility into more predictable operating fundamentals and trends. The Company is providing the following guidance on certain corporate expenses, which is based on management's current view and does not take into account any unanticipated developments in its business or changes in its operating environment:

* General and administrative expenses are projected to be approximately $28 million to $32 million. * Interest expense is projected to be approximately $75 million to $80 million. * Capital expenditures are projected to be approximately $25 million to $30 million.

Fourth Quarter and Full Year 2020 Earnings Conference Call

The Company will host a quarterly conference call for investors and interested parties at 10 a.m. Eastern Time on Wednesday, February 24, 2021. 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 1:00 p.m. Eastern Time on February 24, 2021, through 11:59 p.m. Eastern Time on March 17, 2021. 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 13714678. 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 30,100 guest rooms located in 88 markets throughout 35 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. 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

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 typically 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 the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

Currently, one of the most significant factors that could cause actual outcomes to differ materially from the Company's forward-looking statements continues to be the adverse effect of COVID-19, including resurgences and new variants, on the Company's business, financial performance and condition, operating results and cash flows, the real estate market and the hospitality industry specifically, and the global economy and financial markets generally. The significance, extent and duration of the continued impacts caused by the COVID-19 outbreak on the Company will depend on future developments, which are highly uncertain and cannot be predicted with confidence at this time, including the scope, severity and duration of the pandemic, the extent and effectiveness of the actions taken to contain the pandemic or mitigate its impact, the Company's ability to complete the anticipated amendments to its credit facilities on the terms and timing anticipated, or at all, the speed of the vaccine roll-out, the efficacy, acceptance and availability of vaccines, the duration of associated immunity and efficacy of the vaccines against emerging variants of COVID-19, the potential for additional hotel closures/consolidations that may be mandated or advisable, whether based on increased COVID-19 cases, new variants or other factors, the slowing or rollback of "reopenings" in certain states, and the direct and indirect economic effects of the pandemic and containment measures, among others. Moreover, investors are cautioned to interpret many of the risks identified under the section titled "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020 as being heightened as a result of the ongoing and numerous adverse impacts of COVID-19. Such additional factors include, but are not limited to, the ability of the Company to effectively acquire and dispose of properties; the ability of the Company to successfully integrate pending transactions and implement its operating 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 widespread outbreak of COVID-19 or an increase in COVID-19 cases or any other infectious or contagious diseases in the U.S. or abroad; adverse changes in the real estate and real estate capital markets; financing risks; changes in interest rates; litigation risks; regulatory proceedings or inquiries; and changes in laws or regulations or interpretations of current laws and regulations that impact 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, 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 the Company or any other person that the results or conditions described in such statements or the objectives and plans of the Company will be achieved. In addition, the Company's qualification as a REIT involves the application of highly technical and complex provisions of the Internal Revenue 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 titled "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020. Any forward-looking statement that the Company makes speaks 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 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) December 31, December 31,

2020 2019

Assets Investment in real estate, net of accumulated $ 4,732,896 $ 4,825,738 depreciation and amortization of $1,235,698 and $1,054,429, respectivelyAssets held for sale 5,316 12,093

Cash and cash equivalents 5,556 -

Restricted cash-furniture, fixtures and other 28,812 34,661 escrowsDue from third party managers, net 22,137 26,926

Other assets, net 35,042 42,993

Total Assets $ 4,829,759 $ 4,942,411

Liabilities Debt, net $ 1,482,571 $ 1,320,407

Finance lease liabilities 219,981 216,627

Accounts payable and other liabilities 97,860 114,364

Total Liabilities 1,800,412 1,651,398

Shareholders' Equity Preferred stock, authorized 30,000,000 - - shares; none issued and outstandingCommon stock, no par value, authorized800,000,000 shares; issued and outstanding 4,488,419 4,493,763 223,212,346 and 223,862,913 shares,respectivelyAccumulated other comprehensive loss (42,802 ) (4,698 )

Distributions greater than net income (1,416,270 ) (1,198,052 )

Total Shareholders' Equity 3,029,347 3,291,013

Total Liabilities and Shareholders' Equity $ 4,829,759 $ 4,942,411

____________________

Note:The Consolidated Balance Sheets and corresponding footnotes can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.

____________________

Note: The Consolidated Balance Sheets and corresponding footnotes can be foundin the Company's Annual Report on Form 10-K for the year ended December 31,2020.

Apple Hospitality REIT, Inc.Consolidated Statements of Operations and Comprehensive Income (Loss)(in thousands, except per share data)Three Months EndedYear EndedDecember 31, (Unaudited)December 31,2020

2019

2020

2019

Revenues:Room$

125,562

$

265,208

$

560,485

$

1,167,203

Food and beverage2,333

15,029

16,719

59,815

Other6,070

9,734

24,675

39,579

Total revenue133,965

289,971

601,879

1,266,597

Expenses:Hotel operating expense:Operating35,239

75,986

156,099

312,449

Hotel administrative14,394

25,307

68,473

103,895

Sales and marketing13,486

27,800

61,003

116,089

Utilities7,947

9,463

33,412

40,598

Repair and maintenance10,104

13,358

37,087

52,695

Franchise fees5,871

12,491

26,387

54,862

Management fees4,392

9,779

19,817

43,828

Total hotel operating expense91,433

174,184

402,278

724,416

Property taxes, insurance and other19,418

19,028

78,238

77,498

General and administrative7,100

10,726

29,374

36,210

Loss on impairment of depreciable real estate assets715

-

5,097

6,467

Depreciation and amortization50,196

49,294

199,786

193,240

Total expense168,862

253,232

714,773

1,037,831

Gain on sale of real estate2,069

3,969

10,854

5,021

Operating income (loss)(32,828

)

40,708

(102,040

)

233,787

Interest and other expense, net(18,352

)

(15,081

)

(70,835

)

(61,191

)

Income (loss) before income taxes(51,180

)

25,627

(172,875

)

172,596

Income tax expense(67

)

(174

)

(332

)

(679

)

Net income (loss)$

(51,247

)

$

25,453

$

(173,207

)

$

171,917

Other comprehensive income (loss):Interest rate derivatives5,518

5,653

(38,104

)

(14,704

)

Comprehensive income (loss)$

(45,729

)

$

31,106

$

(211,311

)

$

157,213

Basic and diluted net income (loss) per common share$

(0.23

)

$

0.11

$

(0.77

)

$

0.77

Weighted average common shares outstanding - basic and diluted223,316

223,906

223,544

223,910

Apple Hospitality REIT, Inc.Consolidated Statements of Operations and Comprehensive Income (Loss)(in thousands, except per share data) Three Months Ended Year Ended December 31, (Unaudited) December 31, 2020 2019 2020 2019

Revenues:Room $ 125,562 $ 265,208 $ 560,485 $ 1,167,203

Food and beverage 2,333 15,029 16,719 59,815

Other 6,070 9,734 24,675 39,579

Total revenue 133,965 289,971 601,879 1,266,597

Expenses:Hotel operating expense:Operating 35,239 75,986 156,099 312,449

Hotel administrative 14,394 25,307 68,473 103,895

Sales and marketing 13,486 27,800 61,003 116,089

Utilities 7,947 9,463 33,412 40,598

Repair and maintenance 10,104 13,358 37,087 52,695

Franchise fees 5,871 12,491 26,387 54,862

Management fees 4,392 9,779 19,817 43,828

Total hotel operating 91,433 174,184 402,278 724,416 expenseProperty taxes, 19,418 19,028 78,238 77,498 insurance and otherGeneral and 7,100 10,726 29,374 36,210 administrativeLoss on impairment of 715 - 5,097 6,467 depreciable real estateassetsDepreciation and 50,196 49,294 199,786 193,240 amortizationTotal expense 168,862 253,232 714,773 1,037,831

Gain on sale of real 2,069 3,969 10,854 5,021 estate Operating income (loss) (32,828 ) 40,708 (102,040 ) 233,787

Interest and other (18,352 ) (15,081 ) (70,835 ) (61,191 )expense, net Income (loss) before (51,180 ) 25,627 (172,875 ) 172,596 income taxes Income tax expense (67 ) (174 ) (332 ) (679 )

Net income (loss) $ (51,247 ) $ 25,453 $ (173,207 ) $ 171,917

Other comprehensiveincome (loss):Interest rate 5,518 5,653 (38,104 ) (14,704 )derivatives Comprehensive income $ (45,729 ) $ 31,106 $ (211,311 ) $ 157,213 (loss) Basic and diluted net $ (0.23 ) $ 0.11 $ (0.77 ) $ 0.77 income (loss) per commonshare Weighted average common 223,316 223,906 223,544 223,910 shares outstanding -basic and diluted____________________

Note:The Consolidated Statements of Operations and Comprehensive Income (Loss) and corresponding footnotes can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.

____________________

Note: The Consolidated Statements of Operations and Comprehensive Income (Loss)and corresponding footnotes can be found in the Company's Annual Report on Form10-K for the year ended December 31, 2020.

Apple Hospitality REIT, Inc.Comparable Hotels Operating Metrics and Statistical Data(Unaudited)(in thousands, except statistical data)Three Months EndedYear EndedDecember 31,December 31,2020

2019

% Change

2020

2019

% Change

Total revenue$

132,998

$

283,950

(53.2%)

$

596,972

$

1,237,149

(51.7%)

Total operating expenses109,963

189,265

(41.9%)

476,240

782,869

(39.2%)

Adjusted Hotel EBITDA$

23,035

$

94,685

(75.7%)

$

120,732

$

454,280

(73.4%)

Adjusted Hotel EBITDA Margin %17.3

%

33.3

%

(1,600 bps)

20.2

%

36.7

%

(1,650 bps)

ADR (Comparable Hotels)$

97.91

$

131.79

(25.7%)

$

111.62

$

138.09

(19.2%)

Occupancy (Comparable Hotels)46.4

%

72.9

%

(36.4%)

46.0

%

77.1

%

(40.3%)

RevPAR (Comparable Hotels)$

45.44

$

96.12

(52.7%)

$

51.33

$

106.45

(51.8%)

ADR (Actual)$

97.87

$

131.41

(25.5%)

$

111.49

$

137.30

(18.8%)

Occupancy (Actual)46.5

%

72.9

%

(36.2%)

46.1

%

77.0

%

(40.1%)

RevPAR (Actual)$

45.46

$

95.85

(52.6%)

$

51.34

$

105.72

(51.4%)

Reconciliation to Actual ResultsTotal Revenue (Actual)$

133,965

$

289,971

$

601,879

$

1,266,597

Revenue from acquisitions prior to ownership-

73

-

3,363

Revenue from dispositions/assets held for sale(967

)

(6,094

)

(4,907

)

(32,811

)

Comparable Hotels Total Revenue$

132,998

$

283,950

$

596,972

$

1,237,149

Adjusted Hotel EBITDA (AHEBITDA) (Actual)$

23,296

$

96,836

$

121,985

$

464,995

AHEBITDA from acquisitions prior to ownership-

(1

)

-

613

AHEBITDA from dispositions/assets held for sale(261

)

(2,150

)

(1,253

)

(11,328

)

Comparable Hotels AHEBITDA$

23,035

$

94,685

$

120,732

$

454,280

Apple Hospitality REIT, Inc.Comparable Hotels Operating Metrics and Statistical Data(Unaudited)(in thousands, except statistical data) Three Months Ended Year Ended December 31, December 31, 2020 2019 % 2020 2019 % Change Change

Total revenue $ 132,998 $ 283,950 (53.2%) $ 596,972 $ 1,237,149 (51.7%)



Total 109,963 189,265 (41.9%) 476,240 782,869 (39.2%)operating expenses

Adjusted Hotel $ 23,035 $ 94,685 (75.7%) $ 120,732 $ 454,280 (73.4%)EBITDAAdjusted Hotel 17.3 % 33.3 % (1,600 20.2 % 36.7 % (1,650EBITDA Margin bps) bps)%



ADR $ 97.91 $ 131.79 (25.7%) $ 111.62 $ 138.09 (19.2%)(Comparable Hotels)Occupancy 46.4 % 72.9 % (36.4%) 46.0 % 77.1 % (40.3%)(Comparable Hotels)RevPAR $ 45.44 $ 96.12 (52.7%) $ 51.33 $ 106.45 (51.8%)(Comparable Hotels)

ADR (Actual) $ 97.87 $ 131.41 (25.5%) $ 111.49 $ 137.30 (18.8%)

Occupancy 46.5 % 72.9 % (36.2%) 46.1 % 77.0 % (40.1%)(Actual)RevPAR $ 45.46 $ 95.85 (52.6%) $ 51.34 $ 105.72 (51.4%)(Actual) Reconciliationto Actual Results Total Revenue $ 133,965 $ 289,971 $ 601,879 $ 1,266,597 (Actual)Revenue fromacquisitions - 73 - 3,363 prior toownershipRevenue fromdispositions/ (967 ) (6,094 ) (4,907 ) (32,811 ) assets heldfor saleComparable $ 132,998 $ 283,950 $ 596,972 $ 1,237,149 Hotels Total Revenue Adjusted HotelEBITDA $ 23,296 $ 96,836 $ 121,985 $ 464,995 (AHEBITDA)(Actual)AHEBITDA fromacquisitions - (1 ) - 613 prior toownershipAHEBITDA fromdispositions/ (261 ) (2,150 ) (1,253 ) (11,328 ) assets heldfor saleComparable $ 23,035 $ 94,685 $ 120,732 $ 454,280 Hotels AHEBITDA____________________

Note:Comparable Hotels is defined as the 233 hotels owned and held for use by the Company as of December 31, 2020. 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, 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.

Reconciliation of net income (loss) to non-GAAP financial measures is included in the following pages.

____________________

Note: Comparable Hotels is defined as the 233 hotels owned and held for use bythe Company as of December 31, 2020. For hotels acquired during the periodsnoted, the Company has included, as applicable, results of those hotels forperiods prior to the Company's ownership, and for dispositions, results havebeen excluded for the Company's period of ownership. Results for periods priorto the Company's ownership have not been included in the Company's actualConsolidated Financial Statements and are included only for comparisonpurposes. Results included for periods prior to the Company's ownership arebased on information from the prior owner of each hotel and have not beenaudited or adjusted.



Reconciliation of net income (loss) to non-GAAP financial measures is includedin the following pages.

Apple Hospitality REIT, Inc.Comparable Hotels Quarterly Operating Metrics and Statistical Data(Unaudited)(in thousands, except statistical data)Three Months Ended3/31/20196/30/20199/30/201912/31/20193/31/20206/30/20209/30/202012/31/2020Total revenue$

291,934

$

335,181

$

326,084

$

283,950

$

235,658

$

80,509

$

147,807

$

132,998

Total operating expenses187,449

202,618

203,537

189,265

173,057

79,810

113,410

109,963

Adjusted Hotel EBITDA$

104,485

$

132,563

$

122,547

$

94,685

$

62,601

$

699

$

34,397

$

23,035

Adjusted Hotel EBITDA Margin %35.8

%

39.5

%

37.6

%

33.3

%

26.6

%

0.9

%

23.3

%

17.3

%

ADR (Comparable Hotels)$

137.65

$

142.26

$

140.04

$

131.79

$

132.82

$

100.93

$

104.90

$

97.91

Occupancy (Comparable Hotels)74.1

%

81.5

%

79.9

%

72.9

%

60.8

%

28.2

%

48.5

%

46.4

%

RevPAR (Comparable Hotels)$

101.94

$

115.91

$

111.82

$

96.12

$

80.81

$

28.43

$

50.92

$

45.44

ADR (Actual)$

136.36

$

141.60

$

139.21

$

131.41

$

132.55

$

100.76

$

104.78

$

97.87

Occupancy (Actual)73.9

%

81.4

%

79.9

%

72.9

%

60.9

%

28.2

%

48.6

%

46.5

%

RevPAR (Actual)$

100.71

$

115.30

$

111.17

$

95.85

$

80.66

$

28.44

$

50.94

$

45.46

Reconciliation to Actual ResultsTotal Revenue (Actual)$

303,787

$

341,117

$

331,722

$

289,971

$

238,010

$

81,078

$

148,826

$

133,965

Revenue from acquisitions prior to ownership1,817

798

675

73

-

-

-

-

Revenue from dispositions/assets held for sale(13,670

)

(6,734

)

(6,313

)

(6,094

)

(2,352

)

(569

)

(1,019

)

(967

)

Comparable Hotels Total Revenue$

291,934

$

335,181

$

326,084

$

283,950

$

235,658

$

80,509

$

147,807

$

132,998

Adjusted Hotel EBITDA (AHEBITDA) (Actual)$

108,804

$

134,759

$

124,596

$

96,836

$

63,297

$

704

$

34,688

$

23,296

AHEBITDA from acquisitions prior to ownership391

166

57

(1

)

-

-

-

-

AHEBITDA from dispositions/assets held for sale(4,710

)

(2,362

)

(2,106

)

(2,150

)

(696

)

(5

)

(291

)

(261

)

Comparable Hotels AHEBITDA$

104,485

$

132,563

$

122,547

$

94,685

$

62,601

$

699

$

34,397

$

23,035

Apple Hospitality REIT, Inc.Comparable Hotels Quarterly Operating Metrics and Statistical Data(Unaudited)(in thousands, except statistical data) Three Months Ended 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020 9/30/2020 12/31/2020Total revenue $ 291,934 $ 335,181 $ 326,084 $ 283,950 $ 235,658 $ 80,509 $ 147,807 $ 132,998

Total operating expenses 187,449 202,618 203,537 189,265 173,057 79,810 113,410 109,963

Adjusted Hotel EBITDA $ 104,485 $ 132,563 $ 122,547 $ 94,685 $ 62,601 $ 699 $ 34,397 $ 23,035

Adjusted Hotel EBITDA Margin 35.8 % 39.5 % 37.6 % 33.3 % 26.6 % 0.9 % 23.3 % 17.3 %% ADR (Comparable Hotels) $ 137.65 $ 142.26 $ 140.04 $ 131.79 $ 132.82 $ 100.93 $ 104.90 $ 97.91

Occupancy (Comparable Hotels) 74.1 % 81.5 % 79.9 % 72.9 % 60.8 % 28.2 % 48.5 % 46.4 %

RevPAR (Comparable Hotels) $ 101.94 $ 115.91 $ 111.82 $ 96.12 $ 80.81 $ 28.43 $ 50.92 $ 45.44

ADR (Actual) $ 136.36 $ 141.60 $ 139.21 $ 131.41 $ 132.55 $ 100.76 $ 104.78 $ 97.87

Occupancy (Actual) 73.9 % 81.4 % 79.9 % 72.9 % 60.9 % 28.2 % 48.6 % 46.5 %

RevPAR (Actual) $ 100.71 $ 115.30 $ 111.17 $ 95.85 $ 80.66 $ 28.44 $ 50.94 $ 45.46

Reconciliation to Actual ResultsTotal Revenue (Actual) $ 303,787 $ 341,117 $ 331,722 $ 289,971 $ 238,010 $ 81,078 $ 148,826 $ 133,965

Revenue from acquisitions 1,817 798 675 73 - - - - prior to ownershipRevenue from dispositions/ (13,670 ) (6,734 ) (6,313 ) (6,094 ) (2,352 ) (569 ) (1,019 ) (967 )assets held for saleComparable Hotels Total $ 291,934 $ 335,181 $ 326,084 $ 283,950 $ 235,658 $ 80,509 $ 147,807 $ 132,998 Revenue Adjusted Hotel EBITDA $ 108,804 $ 134,759 $ 124,596 $ 96,836 $ 63,297 $ 704 $ 34,688 $ 23,296 (AHEBITDA) (Actual)AHEBITDA from acquisitions 391 166 57 (1 ) - - - - prior to ownershipAHEBITDA from dispositions/ (4,710 ) (2,362 ) (2,106 ) (2,150 ) (696 ) (5 ) (291 ) (261 )assets held for saleComparable Hotels AHEBITDA $ 104,485 $ 132,563 $ 122,547 $ 94,685 $ 62,601 $ 699 $ 34,397 $ 23,035

___________________

Note:Comparable Hotels is defined as the 233 hotels owned and held for use by the Company as of December 31, 2020. 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, 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.

Reconciliation of net income (loss) to non-GAAP financial measures is included in the following pages.

___________________

Note: Comparable Hotels is defined as the 233 hotels owned and held for use bythe Company as of December 31, 2020. For hotels acquired during the periodsnoted, the Company has included, as applicable, results of those hotels forperiods prior to the Company's ownership, and for dispositions, results havebeen excluded for the Company's period of ownership. Results for periods priorto the Company's ownership have not been included in the Company's actualConsolidated Financial Statements and are included only for comparisonpurposes. Results included for periods prior to the Company's ownership arebased on information from the prior owner of each hotel and have not beenaudited or adjusted.



Reconciliation of net income (loss) to non-GAAP financial measures is includedin the following pages.

Apple Hospitality REIT, Inc.Same Store Hotels Operating Metrics and Statistical Data(Unaudited)(in thousands, except statistical data)Three Months Ended

Year Ended

December 31,

December 31,

2020

2019

% Change

2020

2019

% Change

Total revenue$

129,964

$

280,556

(53.7%)

$

587,722

$

1,224,196

(52.0%)

Total operating expenses107,015

186,866

(42.7%)

467,582

773,794

(39.6%)

Adjusted Hotel EBITDA$

22,949

$

93,690

(75.5%)

$

120,140

$

450,402

(73.3%)

Adjusted Hotel EBITDA Margin %17.7

%

33.4

%

(1,570 bps)

20.4

%

36.8

%

(1,640 bps)

ADR (Same Store Hotels)$

98.10

$

131.86

(25.6%)

$

111.72

$

138.15

(19.1%)

Occupancy (Same Store Hotels)46.6

%

72.9

%

(36.1%)

46.2

%

77.1

%

(40.1%)

RevPAR (Same Store Hotels)$

45.67

$

96.12

(52.5%)

$

51.56

$

106.53

(51.6%)

ADR (Actual)$

97.87

$

131.41

(25.5%)

$

111.49

$

137.30

(18.8%)

Occupancy (Actual)46.5

%

72.9

%

(36.2%)

46.1

%

77.0

%

(40.1%)

RevPAR (Actual)$

45.46

$

95.85

(52.6%)

$

51.34

$

105.72

(51.4%)

Reconciliation to Actual ResultsTotal Revenue (Actual)$

133,965

$

289,971

$

601,879

$

1,266,597

Revenue from acquisitions(3,034

)

(3,321

)

(9,250

)

(9,590

)

Revenue from dispositions/assets held for sale(967

)

(6,094

)

(4,907

)

(32,811

)

Same Store Hotels Total Revenue$

129,964

$

280,556

$

587,722

$

1,224,196

Adjusted Hotel EBITDA (AHEBITDA) (Actual)$

23,296

$

96,836

$

121,985

$

464,995

AHEBITDA from acquisitions(86

)

(996

)

(592

)

(3,265

)

AHEBITDA from dispositions/assets held for sale(261

)

(2,150

)

(1,253

)

(11,328

)

Same Store Hotels AHEBITDA$

22,949

$

93,690

$

120,140

$

450,402

Apple Hospitality REIT, Inc.Same Store Hotels Operating Metrics and Statistical Data(Unaudited)(in thousands, except statistical data) Three Months Ended Year Ended

December 31, December 31,

2020 2019 % 2020 2019 % Change Change

Total revenue $ 129,964 $ 280,556 (53.7%) $ 587,722 $ 1,224,196 (52.0%)



Total 107,015 186,866 (42.7%) 467,582 773,794 (39.6%)operating expenses

Adjusted Hotel $ 22,949 $ 93,690 (75.5%) $ 120,140 $ 450,402 (73.3%)EBITDAAdjusted Hotel 17.7 % 33.4 % (1,570 20.4 % 36.8 % (1,640EBITDA Margin bps) bps)%



ADR (Same $ 98.10 $ 131.86 (25.6%) $ 111.72 $ 138.15 (19.1%)Store Hotels)Occupancy 46.6 % 72.9 % (36.1%) 46.2 % 77.1 % (40.1%)(Same Store Hotels)RevPAR (Same $ 45.67 $ 96.12 (52.5%) $ 51.56 $ 106.53 (51.6%)Store Hotels)

ADR (Actual) $ 97.87 $ 131.41 (25.5%) $ 111.49 $ 137.30 (18.8%)

Occupancy 46.5 % 72.9 % (36.2%) 46.1 % 77.0 % (40.1%)(Actual)RevPAR $ 45.46 $ 95.85 (52.6%) $ 51.34 $ 105.72 (51.4%)(Actual) Reconciliationto Actual Results Total Revenue $ 133,965 $ 289,971 $ 601,879 $ 1,266,597 (Actual)Revenue from (3,034 ) (3,321 ) (9,250 ) (9,590 ) acquisitionsRevenue fromdispositions/ (967 ) (6,094 ) (4,907 ) (32,811 ) assets heldfor saleSame Store $ 129,964 $ 280,556 $ 587,722 $ 1,224,196 Hotels Total Revenue Adjusted HotelEBITDA $ 23,296 $ 96,836 $ 121,985 $ 464,995 (AHEBITDA)(Actual)AHEBITDA from (86 ) (996 ) (592 ) (3,265 ) acquisitionsAHEBITDA fromdispositions/ (261 ) (2,150 ) (1,253 ) (11,328 ) assets heldfor saleSame Store $ 22,949 $ 93,690 $ 120,140 $ 450,402 Hotels AHEBITDA____________________

Note:Same Store Hotels is defined as the 226 hotels owned by the Company as of January 1, 2019 and during the entirety of the periods being compared. This information has not been audited.

Reconciliation of net income (loss) to non-GAAP financial measures is included in the following pages.

____________________

Note: Same Store Hotels is defined as the 226 hotels owned by the Company as ofJanuary 1, 2019 and during the entirety of the periods being compared. Thisinformation has not been audited.



Reconciliation of net income (loss) to non-GAAP financial measures is includedin the following pages.

Apple Hospitality REIT, Inc.Same Store Hotels Quarterly Operating Metrics and Statistical Data(Unaudited)(in thousands, except statistical data)Three Months Ended

3/31/2019

6/30/2019

9/30/2019

12/31/2019

3/31/2020

6/30/2020

9/30/2020

12/31/2020

Total revenue$

289,413

$

331,647

$

322,580

$

280,556

$

232,480

$

79,594

$

145,684

$

129,964

Total operating expenses185,567

200,231

201,130

186,866

170,786

78,532

111,249

107,015

Adjusted Hotel EBITDA$

103,846

$

131,416

$

121,450

$

93,690

$

61,694

$

1,062

$

34,435

$

22,949

Adjusted Hotel EBITDA Margin %35.9

%

39.6

%

37.6

%

33.4

%

26.5

%

1.3

%

23.6

%

17.7

%

ADR (Same Store Hotels)$

137.58

$

142.33

$

140.18

$

131.86

$

132.75

$

101.00

$

104.99

$

98.10

Occupancy (Same Store Hotels)74.1

%

81.6

%

79.9

%

72.9

%

60.8

%

28.3

%

49.0

%

46.6

%

RevPAR (Same Store Hotels)$

101.94

$

116.08

$

111.96

$

96.12

$

80.68

$

28.58

$

51.39

$

45.67

ADR (Actual)$

136.36

$

141.60

$

139.21

$

131.41

$

132.55

$

100.76

$

104.78

$

97.87

Occupancy (Actual)73.9

%

81.4

%

79.9

%

72.9

%

60.9

%

28.2

%

48.6

%

46.5

%

RevPAR (Actual)$

100.71

$

115.30

$

111.17

$

95.85

$

80.66

$

28.44

$

50.94

$

45.46

Reconciliation to Actual ResultsTotal Revenue (Actual)$

303,787

$

341,117

$

331,722

$

289,971

$

238,010

$

81,078

$

148,826

$

133,965

Revenue from acquisitions(704

)

(2,736

)

(2,829

)

(3,321

)

(3,178

)

(915

)

(2,123

)

(3,034

)

Revenue from dispositions/assets held for sale(13,670

)

(6,734

)

(6,313

)

(6,094

)

(2,352

)

(569

)

(1,019

)

(967

)

Same Store Hotels Total Revenue$

289,413

$

331,647

$

322,580

$

280,556

$

232,480

$

79,594

$

145,684

$

129,964

Adjusted Hotel EBITDA (AHEBITDA) (Actual)$

108,804

$

134,759

$

124,596

$

96,836

$

63,297

$

704

$

34,688

$

23,296

AHEBITDA from acquisitions(248

)

(981

)

(1,040

)

(996

)

(907

)

363

38

(86

)

AHEBITDA from dispositions/assets held for sale(4,710

)

(2,362

)

(2,106

)

(2,150

)

(696

)

(5

)

(291

)

(261

)

Same Store Hotels AHEBITDA$

103,846

$

131,416

$

121,450

$

93,690

$

61,694

$

1,062

$

34,435

$

22,949

Apple Hospitality REIT, Inc.Same Store Hotels Quarterly Operating Metrics and Statistical Data(Unaudited)(in thousands, except statistical data) Three Months Ended

3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020 9/30/2020 12/31/2020

Total revenue $ 289,413 $ 331,647 $ 322,580 $ 280,556 $ 232,480 $ 79,594 $ 145,684 $ 129,964

Total operating expenses 185,567 200,231 201,130 186,866 170,786 78,532 111,249 107,015

Adjusted Hotel EBITDA $ 103,846 $ 131,416 $ 121,450 $ 93,690 $ 61,694 $ 1,062 $ 34,435 $ 22,949

Adjusted Hotel EBITDA Margin 35.9 % 39.6 % 37.6 % 33.4 % 26.5 % 1.3 % 23.6 % 17.7 %% ADR (Same Store Hotels) $ 137.58 $ 142.33 $ 140.18 $ 131.86 $ 132.75 $ 101.00 $ 104.99 $ 98.10

Occupancy (Same Store Hotels) 74.1 % 81.6 % 79.9 % 72.9 % 60.8 % 28.3 % 49.0 % 46.6 %

RevPAR (Same Store Hotels) $ 101.94 $ 116.08 $ 111.96 $ 96.12 $ 80.68 $ 28.58 $ 51.39 $ 45.67

ADR (Actual) $ 136.36 $ 141.60 $ 139.21 $ 131.41 $ 132.55 $ 100.76 $ 104.78 $ 97.87

Occupancy (Actual) 73.9 % 81.4 % 79.9 % 72.9 % 60.9 % 28.2 % 48.6 % 46.5 %

RevPAR (Actual) $ 100.71 $ 115.30 $ 111.17 $ 95.85 $ 80.66 $ 28.44 $ 50.94 $ 45.46

Reconciliation to Actual Results Total Revenue (Actual) $ 303,787 $ 341,117 $ 331,722 $ 289,971 $ 238,010 $ 81,078 $ 148,826 $ 133,965

Revenue from acquisitions (704 ) (2,736 ) (2,829 ) (3,321 ) (3,178 ) (915 ) (2,123 ) (3,034 )

Revenue from dispositions/ (13,670 ) (6,734 ) (6,313 ) (6,094 ) (2,352 ) (569 ) (1,019 ) (967 )assets held for saleSame Store Hotels Total $ 289,413 $ 331,647 $ 322,580 $ 280,556 $ 232,480 $ 79,594 $ 145,684 $ 129,964 Revenue Adjusted Hotel EBITDA $ 108,804 $ 134,759 $ 124,596 $ 96,836 $ 63,297 $ 704 $ 34,688 $ 23,296 (AHEBITDA) (Actual)AHEBITDA from acquisitions (248 ) (981 ) (1,040 ) (996 ) (907 ) 363 38 (86 )

AHEBITDA from dispositions/ (4,710 ) (2,362 ) (2,106 ) (2,150 ) (696 ) (5 ) (291 ) (261 )assets held for saleSame Store Hotels AHEBITDA $ 103,846 $ 131,416 $ 121,450 $ 93,690 $ 61,694 $ 1,062 $ 34,435 $ 22,949

____________________

Note:Same Store Hotels is defined as the 226 hotels owned by the Company as of January 1, 2019 and during the entirety of the periods being compared. This information has not been audited.

Reconciliation of net income (loss) to non-GAAP financial measures is included in the following pages.

Apple Hospitality REIT, Inc.Reconciliation of Net Income (Loss) to EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted Hotel EBITDA(Unaudited)(in thousands)

EBITDA is a commonly used measure of performance in many industries and is defined as net income (loss) excluding interest, income taxes, depreciation and amortization. The Company believes EBITDA is useful to investors because it helps the Company and its investors evaluate the ongoing operating performance of the Company by removing the impact of its capital structure (primarily interest expense) and its asset base (primarily depreciation and amortization). In addition, certain covenants included in the agreements governing the Company's indebtedness use EBITDA, as defined in the specific credit agreement, as a measure of financial compliance.

In addition to EBITDA, the Company also calculates and presents EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts ("Nareit"), which defines EBITDAre as EBITDA, excluding gains and losses from the sale of certain real estate assets (including gains and losses from change in control), plus real estate related impairments, and adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates. The Company presents EBITDAre because it believes that it provides further useful information to investors in comparing its operating performance between periods and between REITs that report EBITDAre using the Nareit definition.

The Company also considers the exclusion of non-cash straight-line operating ground lease expense from EBITDAre useful, as this expense does not reflect the underlying performance of the related hotels (Adjusted EBITDAre).

The Company further excludes actual corporate-level general and administrative expense for the Company from Adjusted EBITDAre (Adjusted Hotel EBITDA) to isolate property-level operational performance over which the Company's hotel operators have direct control. The Company believes Adjusted Hotel EBITDA provides useful supplemental information to investors regarding operating performance and is used by management to measure the performance of the Company's hotels and effectiveness of the operators of the hotels.

The following table reconciles the Company's GAAP net income (loss) to EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted Hotel EBITDA on a quarterly basis from March 31, 2019 through December 31, 2020:

____________________

Note: Same Store Hotels is defined as the 226 hotels owned by the Company as ofJanuary 1, 2019 and during the entirety of the periods being compared. Thisinformation has not been audited.



Reconciliation of net income (loss) to non-GAAP financial measures is includedin the following pages.

Apple Hospitality REIT, Inc.Reconciliation of Net Income (Loss) to EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted Hotel EBITDA(Unaudited)(in thousands)

EBITDA is a commonly used measure of performance in many industries and is defined as net income (loss) excluding interest, income taxes, depreciation and amortization. The Company believes EBITDA is useful to investors because it helps the Company and its investors evaluate the ongoing operating performance of the Company by removing the impact of its capital structure (primarily interest expense) and its asset base (primarily depreciation and amortization). In addition, certain covenants included in the agreements governing the Company's indebtedness use EBITDA, as defined in the specific credit agreement, as a measure of financial compliance.

In addition to EBITDA, the Company also calculates and presents EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts ("Nareit"), which defines EBITDAre as EBITDA, excluding gains and losses from the sale of certain real estate assets (including gains and losses from change in control), plus real estate related impairments, and adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates. The Company presents EBITDAre because it believes that it provides further useful information to investors in comparing its operating performance between periods and between REITs that report EBITDAre using the Nareit definition.

The Company also considers the exclusion of non-cash straight-line operating ground lease expense from EBITDAre useful, as this expense does not reflect the underlying performance of the related hotels (Adjusted EBITDAre).

The Company further excludes actual corporate-level general and administrative expense for the Company from Adjusted EBITDAre (Adjusted Hotel EBITDA) to isolate property-level operational performance over which the Company's hotel operators have direct control. The Company believes Adjusted Hotel EBITDA provides useful supplemental information to investors regarding operating performance and is used by management to measure the performance of the Company's hotels and effectiveness of the operators of the hotels.

The following table reconciles the Company's GAAP net income (loss) to EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted Hotel EBITDA on a quarterly basis from March 31, 2019 through December 31, 2020:

Three Months Ended 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020 9/30/2020 12/31/2020Net income $ 38,151 $ 62,090 $ 46,223 $ 25,453 $ (2,769 ) $ (78,243 ) $ (40,948 ) $ (51,247 )(loss)Depreciation 47,950 48,109 47,887 49,294 49,522 49,897 50,171 50,196 and amortizationAmortizationof favorableand 31 31 31 31 101 101 103 137 unfavorableoperatingleases, netInterest and 15,494 15,857 14,759 15,081 15,566 18,386 18,531 18,352 other expense, netIncome tax 206 156 143 174 146 58 61 67 expenseEBITDA 101,832 126,243 109,043 90,033 62,566 (9,801 ) 27,918 17,505

(Gain) loss on (1,213 ) 161 - (3,969 ) (8,839 ) 54 - (2,069 )sale of real estateLoss onimpairment of - - 6,467 - - 4,382 - 715 depreciable real estateassetsEBITDAre 100,619 126,404 115,510 86,064 53,727 (5,365 ) 27,918 16,151

Non-cashstraight-line 48 47 47 46 47 44 44 45 operating ground leaseexpenseAdjusted $ 100,667 $ 126,451 $ 115,557 $ 86,110 $ 53,774 $ (5,321 ) $ 27,962 $ 16,196 EBITDAreGeneral and 8,137 8,308 9,039 10,726 9,523 6,025 6,726 7,100 administrative expenseAdjusted Hotel $ 108,804 $ 134,759 $ 124,596 $ 96,836 $ 63,297 $ 704 $ 34,688 $ 23,296 EBITDA Apple Hospitality REIT, Inc.Reconciliation of Net Income (Loss) to FFO and MFFO(Unaudited)(in thousands)

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 from change in control), extraordinary items as defined by GAAP, and the cumulative effect of changes in accounting principles, plus real estate related depreciation, amortization and impairments, and adjustments for unconsolidated affiliates. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most real estate industry investors consider FFO to be helpful in evaluating a real estate company's operations. The Company further believes that by excluding the effects of these items, FFO is useful to investors in comparing its operating performance between periods and between REITs that report FFO using the Nareit definition. FFO as presented by the Company is applicable only to its common shareholders, but does not represent an amount that accrues directly to common shareholders.

The Company calculates MFFO by further adjusting FFO for the exclusion of amortization of finance ground lease assets, amortization of favorable and unfavorable operating leases, net and non-cash straight-line operating ground lease expense, as these expenses do not reflect the underlying performance of the related hotels. The Company presents MFFO when evaluating its performance because it believes that it provides further useful supplemental information to investors regarding its ongoing operating performance.

The following table reconciles the Company's GAAP net income (loss) to FFO and MFFO for the three months and year ended December 31, 2020 and 2019:

Three Months Ended Year Ended December 31, December 31, 2020 2019 2020 2019

Net income (loss) $ (51,247 ) $ 25,453 $ (173,207 ) $ 171,917

Depreciation of real 48,327 47,441 192,346 187,729 estate ownedGain on sale of real (2,069 ) (3,969 ) (10,854 ) (5,021 )estateLoss on impairment of 715 - 5,097 6,467 depreciable real estate assetsFunds from operations (4,274 ) 68,925 13,382 361,092

Amortization of finance 1,617 1,602 6,433 4,517 ground lease assetsAmortization offavorable and 137 31 442 124 unfavorable operatingleases, netNon-cash straight-line 45 46 180 188 operating ground lease expenseModified funds from $ (2,475 ) $ 70,604 $ 20,437 $ 365,921 operationsApple Hospitality REIT, Inc.

Debt Summary

(Unaudited)

($ in thousands)

December 31, 2020

2021

2022

2023

2024

2025

Thereafter

Total

Fair Market Value

Total debt:Maturities$

70,724

$

215,631

$

296,213

$

338,597

$

245,140

$

322,265

$

1,488,570

$

1,494,175

Average interest rates (1)3.9

%

3.8

%

4.0

%

4.2

%

4.3

%

4.3

%

Variable rate debt:Maturities$

20,551

$

105,800

$

250,000

$

310,000

$

175,000

$

85,000

$

946,351

$

931,264

Average interest rates (1)3.6

%

3.7

%

4.0

%

4.4

%

4.8

%

5.4

%

Fixed rate debt:Maturities$

50,173

$

109,831

$

46,213

$

28,597

$

70,140

$

237,265

$

542,219

$

562,911

Average interest rates4.3

%

4.1

%

4.0

%

4.0

%

3.9

%

3.9

%

Apple Hospitality REIT, Inc.

Debt Summary

(Unaudited)

($ in thousands)

December 31, 2020

2021 2022 2023 2024 2025 Thereafter Total Fair Market Value

Total debt:Maturities $ 70,724 $ 215,631 $ 296,213 $ 338,597 $ 245,140 $ 322,265 $ 1,488,570 $ 1,494,175

Average 3.9 % 3.8 % 4.0 % 4.2 % 4.3 % 4.3 %interest rates ^(1) Variable rate debt:Maturities $ 20,551 $ 105,800 $ 250,000 $ 310,000 $ 175,000 $ 85,000 $ 946,351 $ 931,264

Average 3.6 % 3.7 % 4.0 % 4.4 % 4.8 % 5.4 %interest rates ^(1) Fixed rate debt:Maturities $ 50,173 $ 109,831 $ 46,213 $ 28,597 $ 70,140 $ 237,265 $ 542,219 $ 562,911

Average 4.3 % 4.1 % 4.0 % 4.0 % 3.9 % 3.9 %interest rates____________________

(1)

The average interest rate gives effect to interest rate swaps, as applicable.

Note:See further information on the Company's indebtedness in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.____________________

(1) The average interest rate gives effect to interest rate swaps, as applicable.



Note: See further information on the Company's indebtedness in the Company'sAnnual Report on Form 10-K for the year ended December 31, 2020.Apple Hospitality REIT, Inc.

Comparable Hotels Operating Metrics by Market

Three Months Ended December 31

(Unaudited)

OccupancyADRRevPAR% of AdjustedHotel EBITDA# of HotelsQ4 2020Q4 2019% ChangeQ4 2020Q4 2019% ChangeQ4 2020Q4 2019% ChangeQ4 2020Top 20 MarketsLos Angeles/Long Beach, CA8

70.5%

87.3%

(19.2%)

$113.89

$171.23

(33.5%)

$80.25

$149.48

(46.3%)

12.9%

North Carolina East5

64.7%

70.5%

(8.2%)

$109.61

$109.10

0.5%

$70.92

$76.89

(7.8%)

6.5%

Anaheim/Santa Ana, CA6

50.7%

80.4%

(36.9%)

$102.70

$137.12

(25.1%)

$52.07

$110.28

(52.8%)

5.4%

Alabama North4

62.1%

73.0%

(14.9%)

$105.98

$113.07

(6.3%)

$65.84

$82.54

(20.2%)

4.4%

Melbourne/Titusville, FL3

47.3%

89.9%

(47.4%)

$129.72

$153.18

(15.3%)

$61.32

$137.73

(55.5%)

4.4%

Phoenix, AZ11

44.6%

74.0%

(39.7%)

$91.04

$125.51

(27.5%)

$40.61

$92.83

(56.3%)

4.4%

Florida Panhandle5

56.9%

70.5%

(19.3%)

$108.83

$129.10

(15.7%)

$61.89

$91.08

(32.0%)

4.2%

Texas West2

87.6%

80.8%

8.4%

$98.28

$126.93

(22.6%)

$86.11

$102.53

(16.0%)

3.9%

Texas East2

84.6%

87.4%

(3.2%)

$103.22

$105.63

(2.3%)

$87.31

$92.36

(5.5%)

3.5%

Seattle, WA3

47.8%

79.6%

(39.9%)

$122.24

$165.24

(26.0%)

$58.37

$131.58

(55.6%)

3.3%

San Diego, CA7

39.7%

71.1%

(44.2%)

$109.85

$136.46

(19.5%)

$43.61

$97.08

(55.1%)

3.3%

Fort Worth/Arlington, TX5

53.2%

75.7%

(29.7%)

$97.81

$126.85

(22.9%)

$52.05

$96.05

(45.8%)

3.0%

Alabama South6

48.2%

67.2%

(28.3%)

$99.45

$119.04

(16.5%)

$47.93

$80.00

(40.1%)

2.9%

Oklahoma City, OK4

50.1%

67.0%

(25.2%)

$96.94

$127.61

(24.0%)

$48.55

$85.50

(43.2%)

2.8%

Louisiana South2

69.3%

61.9%

12.0%

$101.20

$106.28

(4.8%)

$70.18

$65.73

6.8%

2.7%

Tucson, AZ3

62.2%

75.1%

(17.2%)

$87.04

$105.18

(17.2%)

$54.14

$78.94

(31.4%)

2.7%

Alaska2

58.7%

75.2%

(21.9%)

$135.24

$148.19

(8.7%)

$79.41

$111.48

(28.8%)

2.7%

Riverside & San Bernardino, CA1

84.7%

86.6%

(2.2%)

$155.46

$169.79

(8.4%)

$131.75

$147.04

(10.4%)

2.7%

Knoxville, TN3

54.2%

75.5%

(28.2%)

$100.27

$112.92

(11.2%)

$54.33

$85.26

(36.3%)

2.6%

California South/Central2

75.8%

81.0%

(6.4%)

$113.03

$139.91

(19.2%)

$85.73

$113.34

(24.4%)

2.4%

Top 20 Markets84

55.2%

75.6%

(27.0%)

$106.22

$134.04

(20.8%)

$58.62

$101.29

(42.1%)

80.7%

All Other MarketsVirginia Area1

100.0%

58.2%

71.8%

$74.22

$165.42

(55.1%)

$74.20

$96.23

(22.9%)

2.4%

Norfolk/Virginia Beach, VA4

59.7%

65.4%

(8.7%)

$94.47

$104.25

(9.4%)

$56.44

$68.20

(17.2%)

2.3%

Memphis, TN-AR-MS2

52.3%

76.8%

(31.9%)

$110.57

$153.97

(28.2%)

$57.78

$118.20

(51.1%)

2.1%

Tennessee Area2

67.9%

78.2%

(13.2%)

$105.48

$119.75

(11.9%)

$71.57

$93.61

(23.5%)

1.9%

Nashville, TN5

45.7%

79.9%

(42.8%)

$95.52

$163.43

(41.6%)

$43.70

$130.51

(66.5%)

1.9%

Portland, ME1

47.9%

85.4%

(43.9%)

$137.14

$157.54

(12.9%)

$65.65

$134.52

(51.2%)

1.9%

Washington, DC-MD-VA4

42.3%

72.5%

(41.7%)

$94.99

$129.89

(26.9%)

$40.16

$94.22

(57.4%)

1.8%

Jacksonville, FL2

60.9%

67.7%

(10.0%)

$98.51

$109.84

(10.3%)

$60.00

$74.42

(19.4%)

1.6%

Birmingham, AL4

43.5%

76.3%

(43.0%)

$103.87

$119.03

(12.7%)

$45.15

$90.79

(50.3%)

1.6%

San Jose/Santa Cruz, CA1

76.1%

82.6%

(7.9%)

$114.19

$219.83

(48.1%)

$86.86

$181.60

(52.2%)

1.5%

Salt Lake City/Ogden, UT2

57.4%

69.7%

(17.6%)

$71.58

$109.73

(34.8%)

$41.11

$76.53

(46.3%)

1.4%

Newark, NJ2

58.8%

76.7%

(23.3%)

$112.50

$149.38

(24.7%)

$66.20

$114.65

(42.3%)

1.3%

Indiana North3

38.7%

61.1%

(36.7%)

$108.90

$152.86

(28.8%)

$42.18

$93.37

(54.8%)

1.2%

Mississippi2

52.4%

66.9%

(21.7%)

$101.17

$99.43

1.7%

$53.05

$66.48

(20.2%)

1.0%

Columbia, SC2

59.3%

76.6%

(22.6%)

$88.73

$110.37

(19.6%)

$52.64

$84.60

(37.8%)

1.0%

Bergen/Passaic, NJ1

73.0%

81.0%

(9.9%)

$94.02

$142.10

(33.8%)

$68.59

$115.11

(40.4%)

1.0%

Iowa Area3

52.6%

70.9%

(25.8%)

$96.52

$106.87

(9.7%)

$50.77

$75.79

(33.0%)

0.9%

Mobile, AL1

64.0%

66.2%

(3.3%)

$97.21

$95.81

1.5%

$62.24

$63.45

(1.9%)

0.9%

Chattanooga, TN-GA1

69.2%

82.7%

(16.3%)

$112.29

$115.22

(2.5%)

$77.73

$95.23

(18.4%)

0.8%

Miami/Hialeah, FL3

57.3%

85.7%

(33.1%)

$80.60

$130.96

(38.5%)

$46.18

$112.27

(58.9%)

0.8%

Arkansas Area3

46.5%

72.4%

(35.8%)

$75.67

$117.17

(35.4%)

$35.16

$84.77

(58.5%)

0.7%

Macon/Warner Robins, GA1

51.7%

74.3%

(30.4%)

$112.83

$133.80

(15.7%)

$58.33

$99.46

(41.4%)

0.7%

Syracuse, NY2

34.8%

64.1%

(45.7%)

$101.14

$145.17

(30.3%)

$35.24

$93.12

(62.2%)

0.7%

Utah Area1

51.8%

65.3%

(20.7%)

$93.95

$107.67

(12.7%)

$48.71

$70.26

(30.7%)

0.7%

Tampa/St Petersburg, FL1

61.6%

82.9%

(25.7%)

$100.26

$134.59

(25.5%)

$61.78

$111.57

(44.6%)

0.7%

Long Island1

51.1%

79.4%

(35.6%)

$102.42

$143.34

(28.5%)

$52.35

$113.86

(54.0%)

0.6%

Georgia South1

58.1%

69.6%

(16.5%)

$84.96

$107.48

(21.0%)

$49.38

$74.76

(33.9%)

0.6%

Idaho1

43.0%

73.5%

(41.5%)

$104.89

$150.18

(30.2%)

$45.10

$110.33

(59.1%)

0.6%

New Orleans, LA1

34.5%

79.6%

(56.7%)

$137.34

$174.39

(21.2%)

$47.43

$138.80

(65.8%)

0.6%

Sacramento, CA1

47.7%

89.3%

(46.6%)

$103.30

$149.63

(31.0%)

$49.30

$133.58

(63.1%)

0.5%

Greensboro/Winston Salem, NC2

49.2%

73.9%

(33.4%)

$86.61

$116.75

(25.8%)

$42.64

$86.33

(50.6%)

0.5%

Kansas City, MO-KS5

31.5%

71.5%

(55.9%)

$101.57

$114.57

(11.3%)

$32.04

$81.96

(60.9%)

0.5%

Colorado Springs, CO1

51.3%

64.2%

(20.1%)

$108.48

$122.46

(11.4%)

$55.65

$78.63

(29.2%)

0.5%

Florida Central3

45.7%

71.4%

(36.0%)

$91.92

$118.22

(22.2%)

$42.01

$84.38

(50.2%)

0.5%

Savannah, GA1

72.3%

84.3%

(14.2%)

$87.47

$115.44

(24.2%)

$63.22

$97.26

(35.0%)

0.4%

Greenville/Spartanburg, SC1

51.2%

66.7%

(23.2%)

$90.79

$109.99

(17.5%)

$46.46

$73.31

(36.6%)

0.3%

San Antonio, TX1

55.6%

75.9%

(26.7%)

$70.48

$87.40

(19.4%)

$39.21

$66.34

(40.9%)

0.3%

Charleston, SC1

40.3%

62.6%

(35.6%)

$99.99

$117.79

(15.1%)

$40.34

$73.73

(45.3%)

0.3%

Raleigh/Durham/Chapel Hill, NC1

51.7%

70.2%

(26.4%)

$81.56

$125.80

(35.2%)

$42.18

$88.28

(52.2%)

0.2%

Fort Lauderdale, FL2

49.3%

86.3%

(42.9%)

$79.94

$133.38

(40.1%)

$39.37

$115.08

(65.8%)

0.2%

South Carolina Area1

50.2%

68.9%

(27.1%)

$94.18

$107.34

(12.3%)

$47.25

$74.01

(36.2%)

0.2%

Omaha, NE4

30.1%

65.3%

(53.9%)

$85.58

$110.70

(22.7%)

$25.76

$72.32

(64.4%)

0.2%

Philadelphia, PA-NJ3

41.1%

70.1%

(41.4%)

$91.82

$136.71

(32.8%)

$37.78

$95.85

(60.6%)

0.1%

Portland, OR1

30.5%

66.6%

(54.2%)

$86.10

$121.11

(28.9%)

$26.30

$80.70

(67.4%)

0.1%

Kansas1

38.3%

62.0%

(38.2%)

$75.33

$95.46

(21.1%)

$28.86

$59.18

(51.2%)

0.0%

Ohio Area1

37.5%

69.6%

(46.1%)

$90.35

$113.68

(20.5%)

$33.89

$79.08

(57.1%)

0.0%

Baltimore, MD1

35.8%

62.9%

(43.1%)

$79.94

$122.31

(34.6%)

$28.60

$76.99

(62.9%)

0.0%

Boston, MA4

35.3%

65.8%

(46.4%)

$97.58

$130.36

(25.1%)

$34.45

$85.74

(59.8%)

(0.1)%

Pittsburgh, PA1

31.3%

55.5%

(43.6%)

$94.56

$127.58

(25.9%)

$29.60

$70.83

(58.2%)

(0.1)%

West Palm Beach/Boca Raton, FL1

47.9%

80.6%

(40.6%)

$71.74

$113.07

(36.6%)

$34.35

$91.17

(62.3%)

(0.1)%

Charlotte, NC-SC1

51.7%

77.6%

(33.4%)

$68.83

$87.31

(21.2%)

$35.61

$67.71

(47.4%)

(0.1)%

Minnesota1

44.5%

68.8%

(35.3%)

$85.56

$115.49

(25.9%)

$38.10

$79.48

(52.1%)

(0.2)%

Indianapolis, IN1

32.8%

61.9%

(47.0%)

$89.89

$109.76

(18.1%)

$29.49

$67.91

(56.6%)

(0.2)%

Detroit, MI1

23.1%

65.5%

(64.7%)

$92.59

$124.91

(25.9%)

$21.38

$81.78

(73.9%)

(0.2)%

Richmond/Petersburg, VA5

28.8%

65.3%

(55.9%)

$103.00

$145.45

(29.2%)

$29.71

$95.01

(68.7%)

(0.3)%

Dallas, TX8

37.5%

70.5%

(46.8%)

$80.82

$116.84

(30.8%)

$30.32

$82.36

(63.2%)

(0.3)%

Denver, CO3

40.0%

69.7%

(42.6%)

$86.32

$144.25

(40.2%)

$34.55

$100.49

(65.6%)

(0.3)%

Cincinnati, OH-KY-IN1

32.8%

62.9%

(47.9%)

$92.85

$110.13

(15.7%)

$30.48

$69.28

(56.0%)

(0.3)%

Houston, TX6

37.0%

61.8%

(40.1%)

$80.95

$112.22

(27.9%)

$29.92

$69.40

(56.9%)

(0.4)%

St Louis, MO-IL2

33.3%

71.1%

(53.2%)

$94.07

$137.64

(31.7%)

$31.35

$97.81

(67.9%)

(0.6)%

Atlanta, GA3

35.5%

69.0%

(48.6%)

$89.41

$146.09

(38.8%)

$31.73

$100.74

(68.5%)

(0.7)%

Orlando, FL3

29.5%

84.1%

(64.9%)

$71.89

$118.74

(39.5%)

$21.20

$99.82

(78.8%)

(0.7)%

Central New Jersey1

29.7%

68.8%

(56.8%)

$72.15

$131.43

(45.1%)

$21.40

$90.44

(76.3%)

(1.1)%

Minneapolis/St Paul, MN-WI2

22.0%

66.4%

(66.9%)

$82.06

$131.66

(37.7%)

$18.08

$87.39

(79.3%)

(1.4)%

Austin, TX7

32.9%

68.9%

(52.2%)

$75.45

$119.63

(36.9%)

$24.82

$82.44

(69.9%)

(1.7)%

Chicago, IL8

23.7%

70.2%

(66.2%)

$82.53

$126.79

(34.9%)

$19.53

$89.00

(78.1%)

(5.7)%

New York, NY1

41.3%

97.0%

(57.4%)

$122.12

$303.79

(59.8%)

$50.41

$294.55

(82.9%)

(6.2)%

All Other Markets149

41.5%

71.5%

(42.0%)

$91.78

$130.53

(29.7%)

$38.12

$93.39

(59.2%)

19.3%

Total Portfolio233

46.4%

72.9%

(36.4%)

$97.91

$131.79

(25.7%)

$45.44

$96.12

(52.7%)

100.0%

Apple Hospitality REIT, Inc.

Comparable Hotels Operating Metrics by Market

Three Months Ended December 31

(Unaudited)

% of Occupancy ADR RevPAR Adjusted Hotel EBITDA # of Q4 Q4 % Q4 2020 Q4 2019 % Q4 2020 Q4 2019 % Q4 2020 Hotels 2020 2019 Change Change ChangeTop 20 MarketsLos Angeles/ 8 70.5% 87.3% (19.2%) $113.89 $171.23 (33.5%) $80.25 $149.48 (46.3%) 12.9%Long Beach, CANorth 5 64.7% 70.5% (8.2%) $109.61 $109.10 0.5% $70.92 $76.89 (7.8%) 6.5%Carolina EastAnaheim/Santa 6 50.7% 80.4% (36.9%) $102.70 $137.12 (25.1%) $52.07 $110.28 (52.8%) 5.4%Ana, CAAlabama North 4 62.1% 73.0% (14.9%) $105.98 $113.07 (6.3%) $65.84 $82.54 (20.2%) 4.4%

Melbourne/ 3 47.3% 89.9% (47.4%) $129.72 $153.18 (15.3%) $61.32 $137.73 (55.5%) 4.4%Titusville, FLPhoenix, AZ 11 44.6% 74.0% (39.7%) $91.04 $125.51 (27.5%) $40.61 $92.83 (56.3%) 4.4%

Florida 5 56.9% 70.5% (19.3%) $108.83 $129.10 (15.7%) $61.89 $91.08 (32.0%) 4.2%PanhandleTexas West 2 87.6% 80.8% 8.4% $98.28 $126.93 (22.6%) $86.11 $102.53 (16.0%) 3.9%

Texas East 2 84.6% 87.4% (3.2%) $103.22 $105.63 (2.3%) $87.31 $92.36 (5.5%) 3.5%

Seattle, WA 3 47.8% 79.6% (39.9%) $122.24 $165.24 (26.0%) $58.37 $131.58 (55.6%) 3.3%

San Diego, CA 7 39.7% 71.1% (44.2%) $109.85 $136.46 (19.5%) $43.61 $97.08 (55.1%) 3.3%

Fort Worth/ 5 53.2% 75.7% (29.7%) $97.81 $126.85 (22.9%) $52.05 $96.05 (45.8%) 3.0%Arlington, TXAlabama South 6 48.2% 67.2% (28.3%) $99.45 $119.04 (16.5%) $47.93 $80.00 (40.1%) 2.9%

Oklahoma 4 50.1% 67.0% (25.2%) $96.94 $127.61 (24.0%) $48.55 $85.50 (43.2%) 2.8%City, OKLouisiana 2 69.3% 61.9% 12.0% $101.20 $106.28 (4.8%) $70.18 $65.73 6.8% 2.7%SouthTucson, AZ 3 62.2% 75.1% (17.2%) $87.04 $105.18 (17.2%) $54.14 $78.94 (31.4%) 2.7%

Alaska 2 58.7% 75.2% (21.9%) $135.24 $148.19 (8.7%) $79.41 $111.48 (28.8%) 2.7%

Riverside &San 1 84.7% 86.6% (2.2%) $155.46 $169.79 (8.4%) $131.75 $147.04 (10.4%) 2.7%Bernardino,CAKnoxville, TN 3 54.2% 75.5% (28.2%) $100.27 $112.92 (11.2%) $54.33 $85.26 (36.3%) 2.6%

California 2 75.8% 81.0% (6.4%) $113.03 $139.91 (19.2%) $85.73 $113.34 (24.4%) 2.4%South/CentralTop 20 84 55.2% 75.6% (27.0%) $106.22 $134.04 (20.8%) $58.62 $101.29 (42.1%) 80.7%Markets All Other MarketsVirginia Area 1 100.0% 58.2% 71.8% $74.22 $165.42 (55.1%) $74.20 $96.23 (22.9%) 2.4%

Norfolk/ 4 59.7% 65.4% (8.7%) $94.47 $104.25 (9.4%) $56.44 $68.20 (17.2%) 2.3%Virginia Beach, VAMemphis, 2 52.3% 76.8% (31.9%) $110.57 $153.97 (28.2%) $57.78 $118.20 (51.1%) 2.1%TN-AR-MSTennessee 2 67.9% 78.2% (13.2%) $105.48 $119.75 (11.9%) $71.57 $93.61 (23.5%) 1.9%AreaNashville, TN 5 45.7% 79.9% (42.8%) $95.52 $163.43 (41.6%) $43.70 $130.51 (66.5%) 1.9%

Portland, ME 1 47.9% 85.4% (43.9%) $137.14 $157.54 (12.9%) $65.65 $134.52 (51.2%) 1.9%

Washington, 4 42.3% 72.5% (41.7%) $94.99 $129.89 (26.9%) $40.16 $94.22 (57.4%) 1.8%DC-MD-VAJacksonville, 2 60.9% 67.7% (10.0%) $98.51 $109.84 (10.3%) $60.00 $74.42 (19.4%) 1.6%FLBirmingham, 4 43.5% 76.3% (43.0%) $103.87 $119.03 (12.7%) $45.15 $90.79 (50.3%) 1.6%ALSan Jose/ 1 76.1% 82.6% (7.9%) $114.19 $219.83 (48.1%) $86.86 $181.60 (52.2%) 1.5%Santa Cruz, CASalt Lake 2 57.4% 69.7% (17.6%) $71.58 $109.73 (34.8%) $41.11 $76.53 (46.3%) 1.4%City/Ogden, UTNewark, NJ 2 58.8% 76.7% (23.3%) $112.50 $149.38 (24.7%) $66.20 $114.65 (42.3%) 1.3%

Indiana North 3 38.7% 61.1% (36.7%) $108.90 $152.86 (28.8%) $42.18 $93.37 (54.8%) 1.2%

Mississippi 2 52.4% 66.9% (21.7%) $101.17 $99.43 1.7% $53.05 $66.48 (20.2%) 1.0%

Columbia, SC 2 59.3% 76.6% (22.6%) $88.73 $110.37 (19.6%) $52.64 $84.60 (37.8%) 1.0%

Bergen/ 1 73.0% 81.0% (9.9%) $94.02 $142.10 (33.8%) $68.59 $115.11 (40.4%) 1.0%Passaic, NJIowa Area 3 52.6% 70.9% (25.8%) $96.52 $106.87 (9.7%) $50.77 $75.79 (33.0%) 0.9%

Mobile, AL 1 64.0% 66.2% (3.3%) $97.21 $95.81 1.5% $62.24 $63.45 (1.9%) 0.9%

Chattanooga, 1 69.2% 82.7% (16.3%) $112.29 $115.22 (2.5%) $77.73 $95.23 (18.4%) 0.8%TN-GAMiami/ 3 57.3% 85.7% (33.1%) $80.60 $130.96 (38.5%) $46.18 $112.27 (58.9%) 0.8%Hialeah, FLArkansas Area 3 46.5% 72.4% (35.8%) $75.67 $117.17 (35.4%) $35.16 $84.77 (58.5%) 0.7%

Macon/Warner 1 51.7% 74.3% (30.4%) $112.83 $133.80 (15.7%) $58.33 $99.46 (41.4%) 0.7%Robins, GASyracuse, NY 2 34.8% 64.1% (45.7%) $101.14 $145.17 (30.3%) $35.24 $93.12 (62.2%) 0.7%

Utah Area 1 51.8% 65.3% (20.7%) $93.95 $107.67 (12.7%) $48.71 $70.26 (30.7%) 0.7%

Tampa/St 1 61.6% 82.9% (25.7%) $100.26 $134.59 (25.5%) $61.78 $111.57 (44.6%) 0.7%Petersburg, FLLong Island 1 51.1% 79.4% (35.6%) $102.42 $143.34 (28.5%) $52.35 $113.86 (54.0%) 0.6%

Georgia South 1 58.1% 69.6% (16.5%) $84.96 $107.48 (21.0%) $49.38 $74.76 (33.9%) 0.6%

Idaho 1 43.0% 73.5% (41.5%) $104.89 $150.18 (30.2%) $45.10 $110.33 (59.1%) 0.6%

New Orleans, 1 34.5% 79.6% (56.7%) $137.34 $174.39 (21.2%) $47.43 $138.80 (65.8%) 0.6%LASacramento, 1 47.7% 89.3% (46.6%) $103.30 $149.63 (31.0%) $49.30 $133.58 (63.1%) 0.5%CAGreensboro/ 2 49.2% 73.9% (33.4%) $86.61 $116.75 (25.8%) $42.64 $86.33 (50.6%) 0.5%Winston Salem, NCKansas City, 5 31.5% 71.5% (55.9%) $101.57 $114.57 (11.3%) $32.04 $81.96 (60.9%) 0.5%MO-KSColorado 1 51.3% 64.2% (20.1%) $108.48 $122.46 (11.4%) $55.65 $78.63 (29.2%) 0.5%Springs, COFlorida 3 45.7% 71.4% (36.0%) $91.92 $118.22 (22.2%) $42.01 $84.38 (50.2%) 0.5%CentralSavannah, GA 1 72.3% 84.3% (14.2%) $87.47 $115.44 (24.2%) $63.22 $97.26 (35.0%) 0.4%

Greenville/ 1 51.2% 66.7% (23.2%) $90.79 $109.99 (17.5%) $46.46 $73.31 (36.6%) 0.3%Spartanburg, SCSan Antonio, 1 55.6% 75.9% (26.7%) $70.48 $87.40 (19.4%) $39.21 $66.34 (40.9%) 0.3%TXCharleston, 1 40.3% 62.6% (35.6%) $99.99 $117.79 (15.1%) $40.34 $73.73 (45.3%) 0.3%SCRaleigh/ 1 51.7% 70.2% (26.4%) $81.56 $125.80 (35.2%) $42.18 $88.28 (52.2%) 0.2%Durham/Chapel Hill, NCFort 2 49.3% 86.3% (42.9%) $79.94 $133.38 (40.1%) $39.37 $115.08 (65.8%) 0.2%Lauderdale, FLSouth 1 50.2% 68.9% (27.1%) $94.18 $107.34 (12.3%) $47.25 $74.01 (36.2%) 0.2%Carolina AreaOmaha, NE 4 30.1% 65.3% (53.9%) $85.58 $110.70 (22.7%) $25.76 $72.32 (64.4%) 0.2%

Philadelphia, 3 41.1% 70.1% (41.4%) $91.82 $136.71 (32.8%) $37.78 $95.85 (60.6%) 0.1%PA-NJPortland, OR 1 30.5% 66.6% (54.2%) $86.10 $121.11 (28.9%) $26.30 $80.70 (67.4%) 0.1%

Kansas 1 38.3% 62.0% (38.2%) $75.33 $95.46 (21.1%) $28.86 $59.18 (51.2%) 0.0%

Ohio Area 1 37.5% 69.6% (46.1%) $90.35 $113.68 (20.5%) $33.89 $79.08 (57.1%) 0.0%

Baltimore, MD 1 35.8% 62.9% (43.1%) $79.94 $122.31 (34.6%) $28.60 $76.99 (62.9%) 0.0%

Boston, MA 4 35.3% 65.8% (46.4%) $97.58 $130.36 (25.1%) $34.45 $85.74 (59.8%) (0.1)%

Pittsburgh, 1 31.3% 55.5% (43.6%) $94.56 $127.58 (25.9%) $29.60 $70.83 (58.2%) (0.1)%PAWest Palm 1 47.9% 80.6% (40.6%) $71.74 $113.07 (36.6%) $34.35 $91.17 (62.3%) (0.1)%Beach/Boca Raton, FLCharlotte, 1 51.7% 77.6% (33.4%) $68.83 $87.31 (21.2%) $35.61 $67.71 (47.4%) (0.1)%NC-SCMinnesota 1 44.5% 68.8% (35.3%) $85.56 $115.49 (25.9%) $38.10 $79.48 (52.1%) (0.2)%

Indianapolis, 1 32.8% 61.9% (47.0%) $89.89 $109.76 (18.1%) $29.49 $67.91 (56.6%) (0.2)%INDetroit, MI 1 23.1% 65.5% (64.7%) $92.59 $124.91 (25.9%) $21.38 $81.78 (73.9%) (0.2)%

Richmond/ 5 28.8% 65.3% (55.9%) $103.00 $145.45 (29.2%) $29.71 $95.01 (68.7%) (0.3)%Petersburg, VADallas, TX 8 37.5% 70.5% (46.8%) $80.82 $116.84 (30.8%) $30.32 $82.36 (63.2%) (0.3)%

Denver, CO 3 40.0% 69.7% (42.6%) $86.32 $144.25 (40.2%) $34.55 $100.49 (65.6%) (0.3)%

Cincinnati, 1 32.8% 62.9% (47.9%) $92.85 $110.13 (15.7%) $30.48 $69.28 (56.0%) (0.3)%OH-KY-INHouston, TX 6 37.0% 61.8% (40.1%) $80.95 $112.22 (27.9%) $29.92 $69.40 (56.9%) (0.4)%

St Louis, 2 33.3% 71.1% (53.2%) $94.07 $137.64 (31.7%) $31.35 $97.81 (67.9%) (0.6)%MO-ILAtlanta, GA 3 35.5% 69.0% (48.6%) $89.41 $146.09 (38.8%) $31.73 $100.74 (68.5%) (0.7)%

Orlando, FL 3 29.5% 84.1% (64.9%) $71.89 $118.74 (39.5%) $21.20 $99.82 (78.8%) (0.7)%

Central New 1 29.7% 68.8% (56.8%) $72.15 $131.43 (45.1%) $21.40 $90.44 (76.3%) (1.1)%JerseyMinneapolis/ 2 22.0% 66.4% (66.9%) $82.06 $131.66 (37.7%) $18.08 $87.39 (79.3%) (1.4)%St Paul, MN-WIAustin, TX 7 32.9% 68.9% (52.2%) $75.45 $119.63 (36.9%) $24.82 $82.44 (69.9%) (1.7)%

Chicago, IL 8 23.7% 70.2% (66.2%) $82.53 $126.79 (34.9%) $19.53 $89.00 (78.1%) (5.7)%

New York, NY 1 41.3% 97.0% (57.4%) $122.12 $303.79 (59.8%) $50.41 $294.55 (82.9%) (6.2)%

All Other 149 41.5% 71.5% (42.0%) $91.78 $130.53 (29.7%) $38.12 $93.39 (59.2%) 19.3%Markets Total 233 46.4% 72.9% (36.4%) $97.91 $131.79 (25.7%) $45.44 $96.12 (52.7%) 100.0%Portfolio ____________________

Note:Market categorization based on STR designation. Top 20 markets based on Comparable Hotels Adjusted Hotel EBITDA contribution.

____________________

Note: Market categorization based on STR designation. Top 20 markets based onComparable Hotels Adjusted Hotel EBITDA contribution.

Apple Hospitality REIT, Inc.

Comparable Hotels Operating Metrics by Market

Year Ended December 31

(Unaudited)

OccupancyADRRevPAR% of AdjustedHotel EBITDA# of HotelsYTD 2020YTD 2019% ChangeYTD 2020YTD 2019% ChangeYTD 2020YTD 2019% ChangeYTD 2020Top 20 MarketsLos Angeles/Long Beach, CA8

62.5%

88.1%

(29.1%)

$131.13

$176.57

(25.7%)

$81.95

$155.49

(47.3%)

9.5%

North Carolina East5

67.4%

81.4%

(17.2%)

$121.73

$129.64

(6.1%)

$82.05

$105.51

(22.2%)

6.1%

Phoenix, AZ11

43.4%

73.9%

(41.3%)

$115.41

$130.98

(11.9%)

$50.08

$96.83

(48.3%)

5.7%

San Diego, CA7

43.5%

78.9%

(44.9%)

$127.16

$155.45

(18.2%)

$55.32

$122.62

(54.9%)

5.0%

Florida Panhandle5

56.4%

78.9%

(28.5%)

$123.18

$150.67

(18.2%)

$69.41

$118.87

(41.6%)

4.4%

Norfolk/Virginia Beach, VA4

59.3%

76.2%

(22.2%)

$128.67

$148.59

(13.4%)

$76.34

$113.20

(32.6%)

4.2%

Anaheim/Santa Ana, CA6

46.3%

83.3%

(44.4%)

$120.22

$146.59

(18.0%)

$55.64

$122.18

(54.5%)

4.2%

Seattle, WA3

50.1%

84.1%

(40.4%)

$139.88

$190.01

(26.4%)

$70.02

$159.87

(56.2%)

3.5%

Melbourne/Titusville, FL3

52.4%

91.7%

(42.9%)

$139.26

$158.19

(12.0%)

$72.94

$145.04

(49.7%)

3.3%

Alaska2

65.4%

84.7%

(22.8%)

$138.79

$196.16

(29.2%)

$90.72

$166.22

(45.4%)

2.8%

Nashville, TN5

43.8%

83.6%

(47.6%)

$117.92

$165.13

(28.6%)

$51.62

$137.99

(62.6%)

2.7%

Texas West2

74.4%

84.0%

(11.4%)

$104.06

$121.06

(14.0%)

$77.41

$101.74

(23.9%)

2.5%

Alabama South6

46.3%

75.2%

(38.4%)

$103.37

$120.12

(13.9%)

$47.83

$90.31

(47.0%)

2.4%

Alabama North4

52.3%

81.6%

(35.9%)

$108.09

$115.10

(6.1%)

$56.53

$93.88

(39.8%)

2.4%

Oklahoma City, OK4

46.8%

73.9%

(36.7%)

$107.14

$132.56

(19.2%)

$50.17

$97.95

(48.8%)

2.3%

Texas East2

77.4%

82.7%

(6.4%)

$100.12

$104.23

(3.9%)

$77.46

$86.21

(10.1%)

2.2%

Tucson, AZ3

54.3%

80.4%

(32.5%)

$104.92

$110.05

(4.7%)

$57.01

$88.45

(35.5%)

2.1%

Fort Worth/Arlington, TX5

50.0%

76.4%

(34.6%)

$105.13

$130.76

(19.6%)

$52.52

$99.85

(47.4%)

2.0%

Riverside & San Bernardino, CA1

78.8%

86.6%

(9.0%)

$156.21

$169.58

(7.9%)

$123.08

$146.88

(16.2%)

1.8%

Louisiana South2

62.3%

69.6%

(10.5%)

$96.59

$112.75

(14.3%)

$60.15

$78.48

(23.4%)

1.8%

Top 20 Markets88

52.6%

80.1%

(34.3%)

$119.84

$146.30

(18.1%)

$63.02

$117.16

(46.2%)

70.9%

All Other MarketsMiami/Hialeah, FL3

54.2%

84.4%

(35.8%)

$108.07

$135.50

(20.2%)

$58.59

$114.37

(48.8%)

1.5%

Dallas, TX8

39.6%

72.3%

(45.2%)

$99.47

$120.19

(17.2%)

$39.37

$86.93

(54.7%)

1.5%

Portland, ME1

48.3%

79.9%

(39.5%)

$140.69

$184.84

(23.9%)

$67.95

$147.74

(54.0%)

1.4%

Birmingham, AL4

45.9%

77.7%

(40.9%)

$109.13

$122.90

(11.2%)

$50.11

$95.49

(47.5%)

1.4%

California South/Central2

67.2%

85.7%

(21.6%)

$114.51

$146.00

(21.6%)

$76.93

$125.17

(38.5%)

1.3%

Salt Lake City/Ogden, UT2

56.3%

76.2%

(26.1%)

$87.07

$122.01

(28.6%)

$48.99

$92.98

(47.3%)

1.3%

Washington, DC-MD-VA4

43.7%

78.1%

(44.0%)

$107.07

$131.46

(18.6%)

$46.81

$102.69

(54.4%)

1.3%

Knoxville, TN3

46.5%

77.7%

(40.2%)

$100.08

$110.96

(9.8%)

$46.50

$86.18

(46.0%)

1.3%

Memphis, TN-AR-MS2

48.7%

77.2%

(36.9%)

$124.31

$150.96

(17.7%)

$60.55

$116.49

(48.0%)

1.3%

San Jose/Santa Cruz, CA1

64.7%

86.4%

(25.1%)

$143.71

$234.47

(38.7%)

$93.01

$202.48

(54.1%)

1.2%

Tennessee Area2

59.8%

80.3%

(25.5%)

$107.99

$121.11

(10.8%)

$64.53

$97.26

(33.7%)

1.2%

Columbia, SC2

59.7%

81.3%

(26.6%)

$95.73

$114.92

(16.7%)

$57.14

$93.44

(38.8%)

1.1%

Macon/Warner Robins, GA1

69.0%

82.3%

(16.2%)

$112.55

$134.23

(16.2%)

$77.68

$110.47

(29.7%)

1.1%

Denver, CO3

45.4%

77.9%

(41.7%)

$103.21

$152.50

(32.3%)

$46.83

$118.74

(60.6%)

1.1%

Fort Lauderdale, FL2

47.3%

87.8%

(46.1%)

$120.20

$137.52

(12.6%)

$56.81

$120.70

(52.9%)

1.1%

New Orleans, LA1

41.7%

76.9%

(45.8%)

$148.86

$178.16

(16.4%)

$62.14

$136.92

(54.6%)

1.0%

Houston, TX6

42.3%

63.1%

(33.0%)

$94.83

$117.60

(19.4%)

$40.15

$74.21

(45.9%)

1.0%

Indiana North3

40.9%

67.1%

(39.0%)

$107.31

$134.32

(20.1%)

$43.88

$90.19

(51.3%)

0.9%

Jacksonville, FL2

54.0%

75.6%

(28.6%)

$105.10

$120.40

(12.7%)

$56.79

$91.00

(37.6%)

0.8%

Sacramento, CA1

51.8%

89.4%

(42.1%)

$119.72

$158.46

(24.4%)

$62.07

$141.69

(56.2%)

0.8%

Newark, NJ2

57.0%

80.1%

(28.8%)

$114.75

$150.23

(23.6%)

$65.39

$120.28

(45.6%)

0.8%

Arkansas Area3

41.0%

76.2%

(46.2%)

$94.40

$122.67

(23.0%)

$38.68

$93.47

(58.6%)

0.8%

Idaho1

45.9%

81.1%

(43.4%)

$121.41

$151.65

(19.9%)

$55.72

$123.00

(54.7%)

0.8%

Syracuse, NY2

35.2%

68.4%

(48.5%)

$117.15

$150.03

(21.9%)

$41.23

$102.64

(59.8%)

0.7%

Virginia Area1

54.6%

65.9%

(17.1%)

$93.59

$164.81

(43.2%)

$51.06

$108.60

(53.0%)

0.7%

Tampa/St Petersburg, FL1

52.5%

85.3%

(38.5%)

$128.01

$148.10

(13.6%)

$67.21

$126.29

(46.8%)

0.6%

Omaha, NE4

35.5%

76.9%

(53.8%)

$98.79

$124.75

(20.8%)

$35.06

$95.93

(63.5%)

0.6%

Bergen/Passaic, NJ1

63.5%

83.8%

(24.2%)

$103.46

$139.85

(26.0%)

$65.75

$117.20

(43.9%)

0.6%

Mississippi2

46.5%

67.3%

(30.9%)

$99.31

$100.38

(1.1%)

$46.15

$67.52

(31.6%)

0.6%

Colorado Springs, CO1

52.3%

78.4%

(33.3%)

$116.40

$143.17

(18.7%)

$60.90

$112.27

(45.8%)

0.6%

Utah Area1

50.9%

69.1%

(26.3%)

$98.56

$112.34

(12.3%)

$50.20

$77.67

(35.4%)

0.5%

Georgia South1

58.9%

78.2%

(24.7%)

$88.76

$107.44

(17.4%)

$52.31

$83.97

(37.7%)

0.5%

Florida Central3

43.4%

75.1%

(42.2%)

$103.69

$120.45

(13.9%)

$44.99

$90.45

(50.3%)

0.5%

South Carolina Area1

54.8%

78.3%

(30.0%)

$113.09

$131.28

(13.9%)

$61.94

$102.82

(39.8%)

0.5%

Mobile, AL1

56.3%

70.4%

(20.0%)

$96.75

$104.09

(7.1%)

$54.45

$73.24

(25.7%)

0.5%

Chattanooga, TN-GA1

66.1%

83.9%

(21.2%)

$112.60

$118.08

(4.6%)

$74.45

$99.11

(24.9%)

0.4%

Charleston, SC1

46.4%

76.2%

(39.1%)

$106.25

$119.75

(11.3%)

$49.31

$91.21

(45.9%)

0.4%

Atlanta, GA3

36.5%

70.8%

(48.4%)

$120.52

$158.02

(23.7%)

$43.96

$111.82

(60.7%)

0.4%

Iowa Area3

49.9%

76.0%

(34.3%)

$97.49

$111.78

(12.8%)

$48.63

$84.95

(42.8%)

0.4%

Kansas City, MO-KS5

34.8%

76.0%

(54.2%)

$106.49

$116.86

(8.9%)

$37.11

$88.79

(58.2%)

0.4%

Philadelphia, PA-NJ3

40.2%

71.7%

(43.9%)

$106.74

$141.62

(24.6%)

$42.95

$101.56

(57.7%)

0.3%

Greensboro/Winston Salem, NC2

46.8%

76.4%

(38.7%)

$91.57

$116.69

(21.5%)

$42.84

$89.21

(52.0%)

0.3%

Long Island1

45.0%

82.8%

(45.7%)

$113.48

$153.11

(25.9%)

$51.02

$126.70

(59.7%)

0.3%

West Palm Beach/Boca Raton, FL1

43.3%

80.5%

(46.2%)

$117.50

$120.51

(2.5%)

$50.92

$97.04

(47.5%)

0.3%

San Antonio, TX1

54.1%

75.3%

(28.2%)

$82.00

$94.64

(13.4%)

$44.32

$71.29

(37.8%)

0.3%

Savannah, GA1

64.1%

87.0%

(26.3%)

$99.20

$126.19

(21.4%)

$63.55

$109.80

(42.1%)

0.3%

Raleigh/Durham/Chapel Hill, NC1

49.8%

78.2%

(36.3%)

$94.98

$125.04

(24.0%)

$47.26

$97.74

(51.6%)

0.3%

Orlando, FL3

33.2%

81.4%

(59.2%)

$102.64

$114.68

(10.5%)

$34.09

$93.31

(63.5%)

0.2%

Ohio Area1

40.0%

72.1%

(44.5%)

$99.89

$117.63

(15.1%)

$39.91

$84.81

(52.9%)

0.2%

Portland, OR1

31.3%

73.1%

(57.2%)

$105.26

$134.88

(22.0%)

$32.93

$98.61

(66.6%)

0.2%

Greenville/Spartanburg, SC1

47.6%

63.9%

(25.5%)

$94.78

$113.75

(16.7%)

$45.07

$72.71

(38.0%)

0.2%

Boston, MA4

33.9%

70.3%

(51.8%)

$110.78

$133.19

(16.8%)

$37.50

$93.67

(60.0%)

0.1%

Kansas1

41.2%

71.5%

(42.4%)

$84.53

$98.65

(14.3%)

$34.81

$70.58

(50.7%)

0.1%

Baltimore, MD1

38.4%

65.8%

(41.6%)

$88.01

$120.44

(26.9%)

$33.84

$79.22

(57.3%)

0.1%

Minnesota1

46.5%

73.2%

(36.5%)

$95.83

$115.20

(16.8%)

$44.57

$84.37

(47.2%)

0.0%

Charlotte, NC-SC1

50.2%

71.8%

(30.1%)

$76.83

$93.41

(17.7%)

$38.60

$67.06

(42.4%)

0.0%

Pittsburgh, PA1

34.2%

63.8%

(46.4%)

$95.14

$121.32

(21.6%)

$32.49

$77.39

(58.0%)

0.0%

Indianapolis, IN1

33.4%

67.0%

(50.1%)

$99.83

$118.89

(16.0%)

$33.32

$79.60

(58.1%)

0.0%

St Louis, MO-IL2

35.3%

76.9%

(54.1%)

$109.42

$144.64

(24.4%)

$38.68

$111.28

(65.2%)

(0.1)%

Detroit, MI1

27.8%

65.8%

(57.8%)

$101.53

$135.90

(25.3%)

$28.27

$89.43

(68.4%)

(0.1)%

Austin, TX7

34.7%

73.0%

(52.5%)

$92.49

$121.21

(23.7%)

$32.10

$88.45

(63.7%)

(0.1)%

Richmond/Petersburg, VA5

29.2%

71.5%

(59.2%)

$125.07

$148.88

(16.0%)

$36.47

$106.38

(65.7%)

(0.1)%

Cincinnati, OH-KY-IN1

38.6%

71.2%

(45.8%)

$99.43

$118.72

(16.2%)

$38.38

$84.51

(54.6%)

(0.2)%

Central New Jersey1

35.7%

73.5%

(51.4%)

$93.05

$132.52

(29.8%)

$33.25

$97.39

(65.9%)

(0.3)%

Minneapolis/St Paul, MN-WI2

27.5%

76.0%

(63.8%)

$108.04

$136.46

(20.8%)

$29.70

$103.67

(71.4%)

(0.5)%

Chicago, IL8

31.8%

73.9%

(57.0%)

$96.95

$128.73

(24.7%)

$30.84

$95.13

(67.6%)

(1.9)%

New York, NY1

31.0%

94.4%

(67.2%)

$129.21

$260.56

(50.4%)

$40.06

$246.05

(83.7%)

(5.7)%

All Other Markets145

42.0%

75.3%

(44.2%)

$105.47

$132.99

(20.7%)

$44.33

$100.19

(55.8%)

29.1%

Total Portfolio233

46.0%

77.1%

(40.3%)

$111.62

$138.09

(19.2%)

$51.33

$106.45

(51.8%)

100.0%

Apple Hospitality REIT, Inc.

Comparable Hotels Operating Metrics by Market

Year Ended December 31

(Unaudited)

% of Occupancy ADR RevPAR Adjusted Hotel EBITDA # of YTD YTD % YTD YTD % YTD YTD % YTD 2020 Hotels 2020 2019 Change 2020 2019 Change 2020 2019 ChangeTop 20 MarketsLos Angeles/ 8 62.5% 88.1% (29.1%) $131.13 $176.57 (25.7%) $81.95 $155.49 (47.3%) 9.5%Long Beach, CANorth 5 67.4% 81.4% (17.2%) $121.73 $129.64 (6.1%) $82.05 $105.51 (22.2%) 6.1%Carolina EastPhoenix, AZ 11 43.4% 73.9% (41.3%) $115.41 $130.98 (11.9%) $50.08 $96.83 (48.3%) 5.7%

San Diego, CA 7 43.5% 78.9% (44.9%) $127.16 $155.45 (18.2%) $55.32 $122.62 (54.9%) 5.0%

Florida 5 56.4% 78.9% (28.5%) $123.18 $150.67 (18.2%) $69.41 $118.87 (41.6%) 4.4%PanhandleNorfolk/ 4 59.3% 76.2% (22.2%) $128.67 $148.59 (13.4%) $76.34 $113.20 (32.6%) 4.2%Virginia Beach, VAAnaheim/Santa 6 46.3% 83.3% (44.4%) $120.22 $146.59 (18.0%) $55.64 $122.18 (54.5%) 4.2%Ana, CASeattle, WA 3 50.1% 84.1% (40.4%) $139.88 $190.01 (26.4%) $70.02 $159.87 (56.2%) 3.5%

Melbourne/ 3 52.4% 91.7% (42.9%) $139.26 $158.19 (12.0%) $72.94 $145.04 (49.7%) 3.3%Titusville, FLAlaska 2 65.4% 84.7% (22.8%) $138.79 $196.16 (29.2%) $90.72 $166.22 (45.4%) 2.8%

Nashville, TN 5 43.8% 83.6% (47.6%) $117.92 $165.13 (28.6%) $51.62 $137.99 (62.6%) 2.7%

Texas West 2 74.4% 84.0% (11.4%) $104.06 $121.06 (14.0%) $77.41 $101.74 (23.9%) 2.5%

Alabama South 6 46.3% 75.2% (38.4%) $103.37 $120.12 (13.9%) $47.83 $90.31 (47.0%) 2.4%

Alabama North 4 52.3% 81.6% (35.9%) $108.09 $115.10 (6.1%) $56.53 $93.88 (39.8%) 2.4%

Oklahoma 4 46.8% 73.9% (36.7%) $107.14 $132.56 (19.2%) $50.17 $97.95 (48.8%) 2.3%City, OKTexas East 2 77.4% 82.7% (6.4%) $100.12 $104.23 (3.9%) $77.46 $86.21 (10.1%) 2.2%

Tucson, AZ 3 54.3% 80.4% (32.5%) $104.92 $110.05 (4.7%) $57.01 $88.45 (35.5%) 2.1%

Fort Worth/ 5 50.0% 76.4% (34.6%) $105.13 $130.76 (19.6%) $52.52 $99.85 (47.4%) 2.0%Arlington, TXRiverside &San 1 78.8% 86.6% (9.0%) $156.21 $169.58 (7.9%) $123.08 $146.88 (16.2%) 1.8%Bernardino,CALouisiana 2 62.3% 69.6% (10.5%) $96.59 $112.75 (14.3%) $60.15 $78.48 (23.4%) 1.8%SouthTop 20 88 52.6% 80.1% (34.3%) $119.84 $146.30 (18.1%) $63.02 $117.16 (46.2%) 70.9%Markets All Other MarketsMiami/ 3 54.2% 84.4% (35.8%) $108.07 $135.50 (20.2%) $58.59 $114.37 (48.8%) 1.5%Hialeah, FLDallas, TX 8 39.6% 72.3% (45.2%) $99.47 $120.19 (17.2%) $39.37 $86.93 (54.7%) 1.5%

Portland, ME 1 48.3% 79.9% (39.5%) $140.69 $184.84 (23.9%) $67.95 $147.74 (54.0%) 1.4%

Birmingham, 4 45.9% 77.7% (40.9%) $109.13 $122.90 (11.2%) $50.11 $95.49 (47.5%) 1.4%ALCalifornia 2 67.2% 85.7% (21.6%) $114.51 $146.00 (21.6%) $76.93 $125.17 (38.5%) 1.3%South/CentralSalt Lake 2 56.3% 76.2% (26.1%) $87.07 $122.01 (28.6%) $48.99 $92.98 (47.3%) 1.3%City/Ogden, UTWashington, 4 43.7% 78.1% (44.0%) $107.07 $131.46 (18.6%) $46.81 $102.69 (54.4%) 1.3%DC-MD-VAKnoxville, TN 3 46.5% 77.7% (40.2%) $100.08 $110.96 (9.8%) $46.50 $86.18 (46.0%) 1.3%

Memphis, 2 48.7% 77.2% (36.9%) $124.31 $150.96 (17.7%) $60.55 $116.49 (48.0%) 1.3%TN-AR-MSSan Jose/ 1 64.7% 86.4% (25.1%) $143.71 $234.47 (38.7%) $93.01 $202.48 (54.1%) 1.2%Santa Cruz, CATennessee 2 59.8% 80.3% (25.5%) $107.99 $121.11 (10.8%) $64.53 $97.26 (33.7%) 1.2%AreaColumbia, SC 2 59.7% 81.3% (26.6%) $95.73 $114.92 (16.7%) $57.14 $93.44 (38.8%) 1.1%

Macon/Warner 1 69.0% 82.3% (16.2%) $112.55 $134.23 (16.2%) $77.68 $110.47 (29.7%) 1.1%Robins, GADenver, CO 3 45.4% 77.9% (41.7%) $103.21 $152.50 (32.3%) $46.83 $118.74 (60.6%) 1.1%

Fort 2 47.3% 87.8% (46.1%) $120.20 $137.52 (12.6%) $56.81 $120.70 (52.9%) 1.1%Lauderdale, FLNew Orleans, 1 41.7% 76.9% (45.8%) $148.86 $178.16 (16.4%) $62.14 $136.92 (54.6%) 1.0%LAHouston, TX 6 42.3% 63.1% (33.0%) $94.83 $117.60 (19.4%) $40.15 $74.21 (45.9%) 1.0%

Indiana North 3 40.9% 67.1% (39.0%) $107.31 $134.32 (20.1%) $43.88 $90.19 (51.3%) 0.9%

Jacksonville, 2 54.0% 75.6% (28.6%) $105.10 $120.40 (12.7%) $56.79 $91.00 (37.6%) 0.8%FLSacramento, 1 51.8% 89.4% (42.1%) $119.72 $158.46 (24.4%) $62.07 $141.69 (56.2%) 0.8%CANewark, NJ 2 57.0% 80.1% (28.8%) $114.75 $150.23 (23.6%) $65.39 $120.28 (45.6%) 0.8%

Arkansas Area 3 41.0% 76.2% (46.2%) $94.40 $122.67 (23.0%) $38.68 $93.47 (58.6%) 0.8%

Idaho 1 45.9% 81.1% (43.4%) $121.41 $151.65 (19.9%) $55.72 $123.00 (54.7%) 0.8%

Syracuse, NY 2 35.2% 68.4% (48.5%) $117.15 $150.03 (21.9%) $41.23 $102.64 (59.8%) 0.7%

Virginia Area 1 54.6% 65.9% (17.1%) $93.59 $164.81 (43.2%) $51.06 $108.60 (53.0%) 0.7%

Tampa/St 1 52.5% 85.3% (38.5%) $128.01 $148.10 (13.6%) $67.21 $126.29 (46.8%) 0.6%Petersburg, FLOmaha, NE 4 35.5% 76.9% (53.8%) $98.79 $124.75 (20.8%) $35.06 $95.93 (63.5%) 0.6%

Bergen/ 1 63.5% 83.8% (24.2%) $103.46 $139.85 (26.0%) $65.75 $117.20 (43.9%) 0.6%Passaic, NJMississippi 2 46.5% 67.3% (30.9%) $99.31 $100.38 (1.1%) $46.15 $67.52 (31.6%) 0.6%

Colorado 1 52.3% 78.4% (33.3%) $116.40 $143.17 (18.7%) $60.90 $112.27 (45.8%) 0.6%Springs, COUtah Area 1 50.9% 69.1% (26.3%) $98.56 $112.34 (12.3%) $50.20 $77.67 (35.4%) 0.5%

Georgia South 1 58.9% 78.2% (24.7%) $88.76 $107.44 (17.4%) $52.31 $83.97 (37.7%) 0.5%

Florida 3 43.4% 75.1% (42.2%) $103.69 $120.45 (13.9%) $44.99 $90.45 (50.3%) 0.5%CentralSouth 1 54.8% 78.3% (30.0%) $113.09 $131.28 (13.9%) $61.94 $102.82 (39.8%) 0.5%Carolina AreaMobile, AL 1 56.3% 70.4% (20.0%) $96.75 $104.09 (7.1%) $54.45 $73.24 (25.7%) 0.5%

Chattanooga, 1 66.1% 83.9% (21.2%) $112.60 $118.08 (4.6%) $74.45 $99.11 (24.9%) 0.4%TN-GACharleston, 1 46.4% 76.2% (39.1%) $106.25 $119.75 (11.3%) $49.31 $91.21 (45.9%) 0.4%SCAtlanta, GA 3 36.5% 70.8% (48.4%) $120.52 $158.02 (23.7%) $43.96 $111.82 (60.7%) 0.4%

Iowa Area 3 49.9% 76.0% (34.3%) $97.49 $111.78 (12.8%) $48.63 $84.95 (42.8%) 0.4%

Kansas City, 5 34.8% 76.0% (54.2%) $106.49 $116.86 (8.9%) $37.11 $88.79 (58.2%) 0.4%MO-KSPhiladelphia, 3 40.2% 71.7% (43.9%) $106.74 $141.62 (24.6%) $42.95 $101.56 (57.7%) 0.3%PA-NJGreensboro/ 2 46.8% 76.4% (38.7%) $91.57 $116.69 (21.5%) $42.84 $89.21 (52.0%) 0.3%Winston Salem, NCLong Island 1 45.0% 82.8% (45.7%) $113.48 $153.11 (25.9%) $51.02 $126.70 (59.7%) 0.3%

West Palm 1 43.3% 80.5% (46.2%) $117.50 $120.51 (2.5%) $50.92 $97.04 (47.5%) 0.3%Beach/Boca Raton, FLSan Antonio, 1 54.1% 75.3% (28.2%) $82.00 $94.64 (13.4%) $44.32 $71.29 (37.8%) 0.3%TXSavannah, GA 1 64.1% 87.0% (26.3%) $99.20 $126.19 (21.4%) $63.55 $109.80 (42.1%) 0.3%

Raleigh/ 1 49.8% 78.2% (36.3%) $94.98 $125.04 (24.0%) $47.26 $97.74 (51.6%) 0.3%Durham/Chapel Hill, NCOrlando, FL 3 33.2% 81.4% (59.2%) $102.64 $114.68 (10.5%) $34.09 $93.31 (63.5%) 0.2%

Ohio Area 1 40.0% 72.1% (44.5%) $99.89 $117.63 (15.1%) $39.91 $84.81 (52.9%) 0.2%

Portland, OR 1 31.3% 73.1% (57.2%) $105.26 $134.88 (22.0%) $32.93 $98.61 (66.6%) 0.2%

Greenville/ 1 47.6% 63.9% (25.5%) $94.78 $113.75 (16.7%) $45.07 $72.71 (38.0%) 0.2%Spartanburg, SCBoston, MA 4 33.9% 70.3% (51.8%) $110.78 $133.19 (16.8%) $37.50 $93.67 (60.0%) 0.1%

Kansas 1 41.2% 71.5% (42.4%) $84.53 $98.65 (14.3%) $34.81 $70.58 (50.7%) 0.1%

Baltimore, MD 1 38.4% 65.8% (41.6%) $88.01 $120.44 (26.9%) $33.84 $79.22 (57.3%) 0.1%

Minnesota 1 46.5% 73.2% (36.5%) $95.83 $115.20 (16.8%) $44.57 $84.37 (47.2%) 0.0%

Charlotte, 1 50.2% 71.8% (30.1%) $76.83 $93.41 (17.7%) $38.60 $67.06 (42.4%) 0.0%NC-SCPittsburgh, 1 34.2% 63.8% (46.4%) $95.14 $121.32 (21.6%) $32.49 $77.39 (58.0%) 0.0%PAIndianapolis, 1 33.4% 67.0% (50.1%) $99.83 $118.89 (16.0%) $33.32 $79.60 (58.1%) 0.0%INSt Louis, 2 35.3% 76.9% (54.1%) $109.42 $144.64 (24.4%) $38.68 $111.28 (65.2%) (0.1)%MO-ILDetroit, MI 1 27.8% 65.8% (57.8%) $101.53 $135.90 (25.3%) $28.27 $89.43 (68.4%) (0.1)%

Austin, TX 7 34.7% 73.0% (52.5%) $92.49 $121.21 (23.7%) $32.10 $88.45 (63.7%) (0.1)%

Richmond/ 5 29.2% 71.5% (59.2%) $125.07 $148.88 (16.0%) $36.47 $106.38 (65.7%) (0.1)%Petersburg, VACincinnati, 1 38.6% 71.2% (45.8%) $99.43 $118.72 (16.2%) $38.38 $84.51 (54.6%) (0.2)%OH-KY-INCentral New 1 35.7% 73.5% (51.4%) $93.05 $132.52 (29.8%) $33.25 $97.39 (65.9%) (0.3)%JerseyMinneapolis/ 2 27.5% 76.0% (63.8%) $108.04 $136.46 (20.8%) $29.70 $103.67 (71.4%) (0.5)%St Paul, MN-WIChicago, IL 8 31.8% 73.9% (57.0%) $96.95 $128.73 (24.7%) $30.84 $95.13 (67.6%) (1.9)%

New York, NY 1 31.0% 94.4% (67.2%) $129.21 $260.56 (50.4%) $40.06 $246.05 (83.7%) (5.7)%

All Other 145 42.0% 75.3% (44.2%) $105.47 $132.99 (20.7%) $44.33 $100.19 (55.8%) 29.1%Markets Total 233 46.0% 77.1% (40.3%) $111.62 $138.09 (19.2%) $51.33 $106.45 (51.8%) 100.0%Portfolio ____________________

Note:Market categorization based on STR designation. Top 20 markets based on Comparable Hotels Adjusted Hotel EBITDA contribution.

____________________

Note: Market categorization based on STR designation. Top 20 markets based onComparable Hotels Adjusted Hotel EBITDA contribution.

Apple Hospitality REIT, Inc.

Comparable Hotels Operating Metrics by Region

Three Months Ended December 31

(Unaudited)

RegionOccupancyADRRevPAR% of AdjustedHotel EBITDA# of HotelsQ4 2020Q4 2019% ChangeQ4 2020Q4 2019% ChangeQ4 2020Q4 2019% ChangeQ4 2020STR RegionEast North Central15

27.7%

67.6%

(59.0%)

$90.39

$127.79

(29.3%)

$25.06

$86.45

(71.0%)

(5.2)%

East South Central30

52.1%

74.4%

(30.0%)

$102.10

$129.51

(21.2%)

$53.22

$96.35

(44.8%)

20.1%

Middle Atlantic12

44.4%

74.4%

(40.3%)

$100.89

$168.42

(40.1%)

$44.79

$125.25

(64.2%)

(3.7)%

Mountain22

47.6%

72.2%

(34.1%)

$89.15

$125.10

(28.7%)

$42.46

$90.35

(53.0%)

10.0%

New England5

38.8%

71.2%

(45.5%)

$111.12

$139.41

(20.3%)

$43.11

$99.28

(56.6%)

1.8%

Pacific32

54.4%

79.3%

(31.4%)

$114.04

$152.91

(25.4%)

$62.00

$121.26

(48.9%)

34.7%

South Atlantic58

49.1%

73.2%

(32.9%)

$94.62

$125.09

(24.4%)

$46.45

$91.53

(49.3%)

27.7%

West North Central18

34.0%

68.6%

(50.4%)

$91.84

$117.21

(21.6%)

$31.20

$80.36

(61.2%)

(0.6)%

West South Central41

46.8%

70.4%

(33.5%)

$89.89

$119.99

(25.1%)

$42.07

$84.52

(50.2%)

15.2%

Total Portfolio233

46.4%

72.9%

(36.4%)

$97.91

$131.79

(25.7%)

$45.44

$96.12

(52.7%)

100.0%

Note:Region categorization based on STR designation.

Apple Hospitality REIT, Inc.

Comparable Hotels Operating Metrics by Region

Three Months Ended December 31

(Unaudited)

% ofRegion Occupancy ADR RevPAR Adjusted Hotel EBITDA # of Q4 Q4 % Q4 2020 Q4 2019 % Q4 Q4 2019 % Q4 2020 Hotels 2020 2019 Change Change 2020 ChangeSTR RegionEast 15 27.7% 67.6% (59.0%) $90.39 $127.79 (29.3%) $25.06 $86.45 (71.0%) (5.2)%North CentralEast 30 52.1% 74.4% (30.0%) $102.10 $129.51 (21.2%) $53.22 $96.35 (44.8%) 20.1%South CentralMiddle 12 44.4% 74.4% (40.3%) $100.89 $168.42 (40.1%) $44.79 $125.25 (64.2%) (3.7)%AtlanticMountain 22 47.6% 72.2% (34.1%) $89.15 $125.10 (28.7%) $42.46 $90.35 (53.0%) 10.0%

New 5 38.8% 71.2% (45.5%) $111.12 $139.41 (20.3%) $43.11 $99.28 (56.6%) 1.8%EnglandPacific 32 54.4% 79.3% (31.4%) $114.04 $152.91 (25.4%) $62.00 $121.26 (48.9%) 34.7%

South 58 49.1% 73.2% (32.9%) $94.62 $125.09 (24.4%) $46.45 $91.53 (49.3%) 27.7%AtlanticWest 18 34.0% 68.6% (50.4%) $91.84 $117.21 (21.6%) $31.20 $80.36 (61.2%) (0.6)%North CentralWest 41 46.8% 70.4% (33.5%) $89.89 $119.99 (25.1%) $42.07 $84.52 (50.2%) 15.2%South Central Total 233 46.4% 72.9% (36.4%) $97.91 $131.79 (25.7%) $45.44 $96.12 (52.7%) 100.0%Portfolio Note: Region categorization based on STR designation.

Apple Hospitality REIT, Inc.

Comparable Hotels Operating Metrics by Region

Year Ended December 31

(Unaudited)

RegionOccupancyADRRevPAR% of Adjusted Hotel EBITDA

# of HotelsYTD 2020YTD 2019% ChangeYTD 2020YTD 2019% ChangeYTD 2020YTD 2019% ChangeYTD 2020STR RegionEast North Central15

33.8%

71.7%

(52.9%)

$99.60

$128.27

(22.4%)

$33.71

$91.99

(63.4%)

(1.1)%

East South Central30

48.3%

78.4%

(38.4%)

$109.30

$130.59

(16.3%)

$52.75

$102.41

(48.5%)

14.1%

Middle Atlantic12

42.1%

77.1%

(45.4%)

$109.99

$161.95

(32.1%)

$46.35

$124.91

(62.9%)

(3.2)%

Mountain22

47.1%

76.1%

(38.1%)

$108.38

$132.04

(17.9%)

$51.09

$100.50

(49.2%)

12.0%

New England5

37.9%

73.0%

(48.1%)

$121.37

$148.89

(18.5%)

$45.95

$108.67

(57.7%)

1.5%

Pacific32

52.7%

83.6%

(37.0%)

$129.67

$167.39

(22.5%)

$68.40

$139.98

(51.1%)

30.4%

South Atlantic58

48.4%

78.0%

(37.9%)

$113.44

$134.34

(15.6%)

$54.93

$104.79

(47.6%)

30.1%

West North Central18

37.0%

76.0%

(51.3%)

$101.74

$123.86

(17.9%)

$37.69

$94.18

(60.0%)

1.0%

West South Central41

46.1%

73.0%

(36.8%)

$100.42

$123.14

(18.5%)

$46.32

$89.89

(48.5%)

15.2%

Total Portfolio233

46.0%

77.1%

(40.3%)

$111.62

$138.09

(19.2%)

$51.33

$106.45

(51.8%)

100.0%

Note:Region categorization based on STR designation.

Apple Hospitality REIT, Inc.

Comparable Hotels Operating Metrics by Region

Year Ended December 31

(Unaudited)

% of AdjustedRegion Occupancy ADR RevPAR Hotel EBITDA

# of YTD YTD % YTD YTD % YTD YTD % YTD 2020 Hotels 2020 2019 Change 2020 2019 Change 2020 2019 ChangeSTR Region East North 15 33.8% 71.7% (52.9%) $99.60 $128.27 (22.4%) $33.71 $91.99 (63.4%) (1.1)%CentralEast South 30 48.3% 78.4% (38.4%) $109.30 $130.59 (16.3%) $52.75 $102.41 (48.5%) 14.1%CentralMiddle 12 42.1% 77.1% (45.4%) $109.99 $161.95 (32.1%) $46.35 $124.91 (62.9%) (3.2)%AtlanticMountain 22 47.1% 76.1% (38.1%) $108.38 $132.04 (17.9%) $51.09 $100.50 (49.2%) 12.0%

New England 5 37.9% 73.0% (48.1%) $121.37 $148.89 (18.5%) $45.95 $108.67 (57.7%) 1.5%

Pacific 32 52.7% 83.6% (37.0%) $129.67 $167.39 (22.5%) $68.40 $139.98 (51.1%) 30.4%

South 58 48.4% 78.0% (37.9%) $113.44 $134.34 (15.6%) $54.93 $104.79 (47.6%) 30.1%AtlanticWest North 18 37.0% 76.0% (51.3%) $101.74 $123.86 (17.9%) $37.69 $94.18 (60.0%) 1.0%CentralWest South 41 46.1% 73.0% (36.8%) $100.42 $123.14 (18.5%) $46.32 $89.89 (48.5%) 15.2%Central Total 233 46.0% 77.1% (40.3%) $111.62 $138.09 (19.2%) $51.33 $106.45 (51.8%) 100.0%Portfolio Note: Region categorization based on STR designation.

Apple Hospitality REIT, Inc.

Comparable Hotels Operating Metrics by Chain Scale

Three Months Ended December 31

(Unaudited)

Chain Scale/BrandOccupancyADRRevPAR% of AdjustedHotel EBITDA# of HotelsQ4 2020Q4 2019% ChangeQ4 2020Q4 2019% ChangeQ4 2020Q4 2019% ChangeQ4 2020UpscaleCourtyard36

42.9%

69.1%

(37.9%)

$93.91

$131.92

(28.8%)

$40.29

$91.13

(55.8%)

11.7%

Hilton Garden Inn41

39.5%

71.2%

(44.5%)

$90.77

$129.28

(29.8%)

$35.82

$92.02

(61.1%)

3.4%

Homewood Suites32

63.3%

78.1%

(19.0%)

$101.07

$134.00

(24.6%)

$63.94

$104.63

(38.9%)

27.4%

Hyatt House1

48.9%

$78.06

$38.20

(0.1)%

Hyatt Place2

45.7%

79.9%

(42.8%)

$86.67

$99.06

(12.5%)

$39.60

$79.11

(49.9%)

(0.3)%

Residence Inn33

56.8%

76.7%

(25.9%)

$114.80

$139.50

(17.7%)

$65.26

$107.06

(39.0%)

38.2%

SpringHill Suites13

37.8%

71.4%

(47.1%)

$81.54

$121.76

(33.0%)

$30.82

$86.97

(64.6%)

1.3%

Upscale Total158

47.9%

73.1%

(34.5%)

$98.69

$132.09

(25.3%)

$47.29

$96.53

(51.0%)

81.6%

Upper MidscaleFairfield Inn / Fairfield Inn & Suites11

39.1%

72.1%

(45.8%)

$83.16

$117.26

(29.1%)

$32.52

$84.50

(61.5%)

1.1%

Hampton Inn / Hampton Inn & Suites39

39.6%

72.3%

(45.2%)

$93.74

$127.83

(26.7%)

$37.16

$92.45

(59.8%)

6.4%

Home2 Suites10

58.4%

74.6%

(21.7%)

$101.17

$126.81

(20.2%)

$59.08

$94.60

(37.5%)

9.2%

TownePlace Suites9

58.6%

75.9%

(22.8%)

$93.16

$106.33

(12.4%)

$54.62

$80.73

(32.3%)

7.2%

Upper Midscale Total69

44.2%

73.0%

(39.5%)

$93.54

$123.47

(24.2%)

$41.38

$90.11

(54.1%)

23.9%

Upper UpscaleEmbassy Suites2

65.2%

79.8%

(18.3%)

$129.85

$155.43

(16.5%)

$84.66

$124.05

(31.8%)

3.0%

Marriott2

19.1%

55.5%

(65.6%)

$95.09

$143.62

(33.8%)

$18.13

$79.67

(77.2%)

(1.9)%

Upper Upscale Total4

34.7%

63.7%

(45.5%)

$117.19

$148.64

(21.2%)

$40.62

$94.72

(57.1%)

1.1%

IndependentsIndependents2

40.5%

93.3%

(56.6%)

$119.72

$274.97

(56.5%)

$48.51

$256.42

(81.1%)

(6.6)%

Independents Total2

40.5%

93.3%

(56.6%)

$119.72

$274.97

(56.5%)

$48.51

$256.42

(81.1%)

(6.6)%

Total Portfolio233

46.4%

72.9%

(36.4%)

$97.91

$131.79

(25.7%)

$45.44

$96.12

(52.7%)

100.0%

Note:Chain scale categorization based on STR designation.

Apple Hospitality REIT, Inc.

Comparable Hotels Operating Metrics by Chain Scale

Three Months Ended December 31

(Unaudited)

% ofChain Scale/ Occupancy ADR RevPAR AdjustedBrand Hotel EBITDA # of Q4 Q4 % Q4 2020 Q4 2019 % Q4 Q4 2019 % Q4 2020 Hotels 2020 2019 Change Change 2020 ChangeUpscale Courtyard 36 42.9% 69.1% (37.9%) $93.91 $131.92 (28.8%) $40.29 $91.13 (55.8%) 11.7%

Hilton 41 39.5% 71.2% (44.5%) $90.77 $129.28 (29.8%) $35.82 $92.02 (61.1%) 3.4%Garden InnHomewood 32 63.3% 78.1% (19.0%) $101.07 $134.00 (24.6%) $63.94 $104.63 (38.9%) 27.4%SuitesHyatt House 1 48.9% $78.06 $38.20 (0.1)%

Hyatt Place 2 45.7% 79.9% (42.8%) $86.67 $99.06 (12.5%) $39.60 $79.11 (49.9%) (0.3)%

Residence 33 56.8% 76.7% (25.9%) $114.80 $139.50 (17.7%) $65.26 $107.06 (39.0%) 38.2%InnSpringHill 13 37.8% 71.4% (47.1%) $81.54 $121.76 (33.0%) $30.82 $86.97 (64.6%) 1.3%SuitesUpscale 158 47.9% 73.1% (34.5%) $98.69 $132.09 (25.3%) $47.29 $96.53 (51.0%) 81.6%Total Upper MidscaleFairfieldInn / 11 39.1% 72.1% (45.8%) $83.16 $117.26 (29.1%) $32.52 $84.50 (61.5%) 1.1%FairfieldInn & SuitesHampton Inn 39 39.6% 72.3% (45.2%) $93.74 $127.83 (26.7%) $37.16 $92.45 (59.8%) 6.4%/ Hampton Inn & SuitesHome2 Suites 10 58.4% 74.6% (21.7%) $101.17 $126.81 (20.2%) $59.08 $94.60 (37.5%) 9.2%

TownePlace 9 58.6% 75.9% (22.8%) $93.16 $106.33 (12.4%) $54.62 $80.73 (32.3%) 7.2%SuitesUpper 69 44.2% 73.0% (39.5%) $93.54 $123.47 (24.2%) $41.38 $90.11 (54.1%) 23.9%Midscale Total Upper UpscaleEmbassy 2 65.2% 79.8% (18.3%) $129.85 $155.43 (16.5%) $84.66 $124.05 (31.8%) 3.0%SuitesMarriott 2 19.1% 55.5% (65.6%) $95.09 $143.62 (33.8%) $18.13 $79.67 (77.2%) (1.9)%

Upper 4 34.7% 63.7% (45.5%) $117.19 $148.64 (21.2%) $40.62 $94.72 (57.1%) 1.1%Upscale Total Independents Independents 2 40.5% 93.3% (56.6%) $119.72 $274.97 (56.5%) $48.51 $256.42 (81.1%) (6.6)%

Independents 2 40.5% 93.3% (56.6%) $119.72 $274.97 (56.5%) $48.51 $256.42 (81.1%) (6.6)%Total Total 233 46.4% 72.9% (36.4%) $97.91 $131.79 (25.7%) $45.44 $96.12 (52.7%) 100.0%Portfolio Note: Chain scale categorization based on STR designation.

Apple Hospitality REIT, Inc.

Comparable Hotels Operating Metrics by Chain Scale

Year Ended December 31

(Unaudited)

Chain Scale/BrandOccupancyADRRevPAR% of AdjustedHotel EBITDA# of HotelsYTD 2020YTD 2019% ChangeYTD 2020YTD 2019% ChangeYTD 2020YTD 2019% ChangeYTD 2020UpscaleCourtyard36

41.3%

74.4%

(44.5%)

$116.06

$143.24

(19.0%)

$47.88

$106.53

(55.1%)

15.6%

Hilton Garden Inn41

41.1%

76.1%

(46.0%)

$105.50

$134.11

(21.3%)

$43.37

$102.03

(57.5%)

10.2%

Homewood Suites32

60.7%

82.0%

(26.0%)

$111.23

$138.25

(19.5%)

$67.50

$113.32

(40.4%)

22.0%

Hyatt House1

39.0%

$79.01

$30.81

(0.1)%

Hyatt Place2

45.9%

77.4%

(40.7%)

$91.06

$105.42

(13.6%)

$41.76

$81.64

(48.8%)

(0.1)%

Residence Inn33

57.7%

79.3%

(27.2%)

$123.95

$147.09

(15.7%)

$71.49

$116.69

(38.7%)

32.5%

SpringHill Suites13

35.5%

75.8%

(53.2%)

$97.07

$124.82

(22.2%)

$34.45

$94.65

(63.6%)

0.9%

Upscale Total158

47.5%

77.3%

(38.6%)

$112.76

$138.74

(18.7%)

$53.53

$107.31

(50.1%)

81.0%

Upper MidscaleFairfield Inn / Fairfield Inn & Suites11

37.7%

74.6%

(49.5%)

$96.18

$117.68

(18.3%)

$36.28

$87.79

(58.7%)

1.3%

Hampton Inn / Hampton Inn & Suites39

39.8%

76.2%

(47.8%)

$108.30

$134.28

(19.3%)

$43.13

$102.38

(57.9%)

8.6%

Home2 Suites10

58.9%

80.7%

(27.0%)

$109.92

$136.82

(19.7%)

$64.76

$110.45

(41.4%)

7.9%

TownePlace Suites9

58.0%

78.2%

(25.8%)

$100.51

$115.71

(13.1%)

$58.29

$90.52

(35.6%)

6.2%

Upper Midscale Total69

44.1%

76.8%

(42.6%)

$105.81

$129.86

(18.5%)

$46.66

$99.69

(53.2%)

24.0%

Upper UpscaleEmbassy Suites2

62.4%

86.4%

(27.8%)

$148.00

$186.72

(20.7%)

$92.29

$161.34

(42.8%)

2.7%

Marriott2

20.2%

62.3%

(67.6%)

$124.75

$147.53

(15.4%)

$25.24

$91.96

(72.6%)

(1.8)%

Upper Upscale Total4

34.5%

70.5%

(51.1%)

$138.98

$163.82

(15.2%)

$47.95

$115.48

(58.5%)

0.9%

IndependentsIndependents2

32.4%

90.6%

(64.2%)

$128.87

$240.21

(46.4%)

$41.79

$217.69

(80.8%)

(5.9)%

Independents Total2

32.4%

90.6%

(64.2%)

$128.87

$240.21

(46.4%)

$41.79

$217.69

(80.8%)

(5.9)%

Total Portfolio233

46.0%

77.1%

(40.3%)

$111.62

$138.09

(19.2%)

$51.33

$106.45

(51.8%)

100.0%

Note:Chain scale categorization based on STR designation.

Apple Hospitality REIT, Inc.

Comparable Hotels Operating Metrics by Chain Scale

Year Ended December 31

(Unaudited)

% ofChain Scale/ Occupancy ADR RevPAR AdjustedBrand Hotel EBITDA # of YTD YTD % YTD YTD % YTD YTD % YTD 2020 Hotels 2020 2019 Change 2020 2019 Change 2020 2019 ChangeUpscale Courtyard 36 41.3% 74.4% (44.5%) $116.06 $143.24 (19.0%) $47.88 $106.53 (55.1%) 15.6%

Hilton 41 41.1% 76.1% (46.0%) $105.50 $134.11 (21.3%) $43.37 $102.03 (57.5%) 10.2%Garden InnHomewood 32 60.7% 82.0% (26.0%) $111.23 $138.25 (19.5%) $67.50 $113.32 (40.4%) 22.0%SuitesHyatt House 1 39.0% $79.01 $30.81 (0.1)%

Hyatt Place 2 45.9% 77.4% (40.7%) $91.06 $105.42 (13.6%) $41.76 $81.64 (48.8%) (0.1)%

Residence 33 57.7% 79.3% (27.2%) $123.95 $147.09 (15.7%) $71.49 $116.69 (38.7%) 32.5%InnSpringHill 13 35.5% 75.8% (53.2%) $97.07 $124.82 (22.2%) $34.45 $94.65 (63.6%) 0.9%SuitesUpscale 158 47.5% 77.3% (38.6%) $112.76 $138.74 (18.7%) $53.53 $107.31 (50.1%) 81.0%Total Upper MidscaleFairfieldInn / 11 37.7% 74.6% (49.5%) $96.18 $117.68 (18.3%) $36.28 $87.79 (58.7%) 1.3%FairfieldInn & SuitesHampton Inn 39 39.8% 76.2% (47.8%) $108.30 $134.28 (19.3%) $43.13 $102.38 (57.9%) 8.6%/ Hampton Inn & SuitesHome2 Suites 10 58.9% 80.7% (27.0%) $109.92 $136.82 (19.7%) $64.76 $110.45 (41.4%) 7.9%

TownePlace 9 58.0% 78.2% (25.8%) $100.51 $115.71 (13.1%) $58.29 $90.52 (35.6%) 6.2%SuitesUpper 69 44.1% 76.8% (42.6%) $105.81 $129.86 (18.5%) $46.66 $99.69 (53.2%) 24.0%Midscale Total Upper UpscaleEmbassy 2 62.4% 86.4% (27.8%) $148.00 $186.72 (20.7%) $92.29 $161.34 (42.8%) 2.7%SuitesMarriott 2 20.2% 62.3% (67.6%) $124.75 $147.53 (15.4%) $25.24 $91.96 (72.6%) (1.8)%

Upper 4 34.5% 70.5% (51.1%) $138.98 $163.82 (15.2%) $47.95 $115.48 (58.5%) 0.9%Upscale Total Independents Independents 2 32.4% 90.6% (64.2%) $128.87 $240.21 (46.4%) $41.79 $217.69 (80.8%) (5.9)%

Independents 2 32.4% 90.6% (64.2%) $128.87 $240.21 (46.4%) $41.79 $217.69 (80.8%) (5.9)%Total Total 233 46.0% 77.1% (40.3%) $111.62 $138.09 (19.2%) $51.33 $106.45 (51.8%) 100.0%Portfolio Note: Chain scale categorization based on STR designation.

Apple Hospitality REIT, Inc.

Comparable Hotels Operating Metrics by Location

Three Months Ended December 31

(Unaudited)

LocationOccupancyADRRevPAR% of AdjustedHotel EBITDA# of HotelsQ4 2020Q4 2019% ChangeQ4 2020Q4 2019% ChangeQ4 2020Q4 2019% ChangeQ4 2020STR LocationAirport19

51.9%

76.8%

(32.4%)

$88.03

$124.39

(29.2%)

$45.72

$95.49

(52.1%)

6.6%

Interstate6

59.3%

73.8%

(19.6%)

$98.05

$112.42

(12.8%)

$58.10

$83.01

(30.0%)

4.7%

Resort11

40.0%

77.1%

(48.1%)

$105.76

$127.80

(17.2%)

$42.33

$98.51

(57.0%)

5.6%

Small Metro/Town15

53.6%

73.2%

(26.8%)

$91.50

$115.11

(20.5%)

$49.05

$84.21

(41.8%)

9.5%

Suburban140

47.6%

72.3%

(34.2%)

$98.40

$127.39

(22.8%)

$46.79

$92.12

(49.2%)

64.2%

Urban42

39.6%

72.3%

(45.2%)

$101.50

$153.56

(33.9%)

$40.17

$111.03

(63.8%)

9.4%

Total Portfolio233

46.4%

72.9%

(36.4%)

$97.91

$131.79

(25.7%)

$45.44

$96.12

(52.7%)

100.0%

Note:Location categorization based on STR designation.

Apple Hospitality REIT, Inc.

Comparable Hotels Operating Metrics by Location

Three Months Ended December 31

(Unaudited)

% ofLocation Occupancy ADR RevPAR Adjusted Hotel EBITDA # of Q4 Q4 % Q4 2020 Q4 2019 % Q4 Q4 2019 % Q4 2020 Hotels 2020 2019 Change Change 2020 ChangeSTR Location Airport 19 51.9% 76.8% (32.4%) $88.03 $124.39 (29.2%) $45.72 $95.49 (52.1%) 6.6%

Interstate 6 59.3% 73.8% (19.6%) $98.05 $112.42 (12.8%) $58.10 $83.01 (30.0%) 4.7%

Resort 11 40.0% 77.1% (48.1%) $105.76 $127.80 (17.2%) $42.33 $98.51 (57.0%) 5.6%

Small Metro/ 15 53.6% 73.2% (26.8%) $91.50 $115.11 (20.5%) $49.05 $84.21 (41.8%) 9.5%TownSuburban 140 47.6% 72.3% (34.2%) $98.40 $127.39 (22.8%) $46.79 $92.12 (49.2%) 64.2%

Urban 42 39.6% 72.3% (45.2%) $101.50 $153.56 (33.9%) $40.17 $111.03 (63.8%) 9.4%

Total 233 46.4% 72.9% (36.4%) $97.91 $131.79 (25.7%) $45.44 $96.12 (52.7%) 100.0%Portfolio Note: Location categorization based on STR designation.

Apple Hospitality REIT, Inc.

Comparable Hotels Operating Metrics by Location

Year Ended December 31

(Unaudited)

LocationOccupancyADRRevPAR% of AdjustedHotel EBITDA# of HotelsYTD 2020YTD 2019% ChangeYTD 2020YTD 2019% ChangeYTD 2020YTD 2019% ChangeYTD 2020STR LocationAirport19

52.4%

80.0%

(34.5%)

$102.11

$129.34

(21.1%)

$53.50

$103.49

(48.3%)

7.1%

Interstate6

53.5%

76.5%

(30.1%)

$100.75

$111.50

(9.6%)

$53.94

$85.28

(36.7%)

3.2%

Resort11

43.4%

81.5%

(46.7%)

$136.09

$146.42

(7.1%)

$59.11

$119.39

(50.5%)

8.7%

Small Metro/Town15

51.6%

77.0%

(33.0%)

$102.94

$119.35

(13.7%)

$53.08

$91.90

(42.2%)

8.7%

Suburban140

47.0%

76.5%

(38.6%)

$109.96

$134.03

(18.0%)

$51.64

$102.60

(49.7%)

60.6%

Urban42

39.4%

76.7%

(48.6%)

$119.61

$157.82

(24.2%)

$47.17

$121.06

(61.0%)

11.7%

Total Portfolio233

46.0%

77.1%

(40.3%)

$111.62

$138.09

(19.2%)

$51.33

$106.45

(51.8%)

100.0%

Note:Location categorization based on STR designation.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210223006011/en/

CONTACT: Apple Hospitality REIT, Inc. Kelly Clarke, Vice President, Investor Relations 804-727-6321 kclarke@applereit.com