Business Wire | Nov 5, 2020 04:17PM EST

Apple Hospitality REIT Reports Results of Operations for Third Quarter 2020

Nov. 05, 2020

RICHMOND, Va.--(BUSINESS WIRE)--Nov. 05, 2020--Apple Hospitality REIT, Inc. (NYSE: APLE) (the "Company" or "Apple Hospitality") today announced results of operations for the third quarter ended September 30, 2020.

Apple Hospitality REIT, Inc.

Selected Statistical and Financial Data

As of and For the Three and Nine Months Ended September 30

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

Three Months Ended Nine Months Ended

September 30, September 30,

2020 2019 % Change 2020 2019 % Change

Net income $ (40,948 ) $ 46,223 n/m $ (121,960 ) $ 146,464 n/m (loss)Net income $ (0.18 ) $ 0.21 n/m $ (0.55 ) $ 0.65 n/m (loss) pershare Adjusted $ 27,962 $ 115,557 (75.8 %) $ 76,415 $ 342,675 (77.7 %)EBITDAreComparableHotels $ 34,699 $ 123,071 (71.8 %) $ 98,334 $ 361,199 (72.8 %)Adjusted HotelEBITDAComparableHotels 23.3 % 37.5 % (1,420 21.1 % 37.7 % (1,660Adjusted Hotel bps) bps)EBITDA Margin%Modified fundsfrom $ 9,118 $ 100,403 (90.9 %) $ 22,912 $ 295,317 (92.2 %)operations(MFFO)MFFO per share $ 0.04 $ 0.45 (91.1 %) $ 0.10 $ 1.32 (92.4 %)

Average Daily $ 104.78 $ 139.21 (24.7 %) $ 116.16 $ 139.13 (16.5 %)Rate (ADR)(Actual)Occupancy 48.6 % 79.9 % (39.2 %) 45.9 % 78.4 % (41.5 %)(Actual)Revenue PerAvailable Room $ 50.94 $ 111.17 (54.2 %) $ 53.33 $ 109.02 (51.1 %)(RevPAR)(Actual) Comparable $ 104.78 $ 139.78 (25.0 %) $ 116.17 $ 139.85 (16.9 %)Hotels ADRComparable 48.6 % 79.9 % (39.2 %) 45.9 % 78.5 % (41.5 %)HotelsOccupancyComparable $ 50.94 $ 111.66 (54.4 %) $ 53.30 $ 109.78 (51.4 %)Hotels RevPAR Distributions $ - $ 67,154 (100.0 %) $ 67,324 $ 201,497 (66.6 %)paidDistributions $ - $ 0.30 (100.0 %) $ 0.30 $ 0.90 (66.7 %)paid per share Cash and cash $ 27,435 $ - n/a equivalentsTotal debt $ 1,515,215 outstandingTotal debtoutstanding, $ 1,487,780 net of cashand cashequivalentsTotal debtoutstanding,net of cashand cash 41.0 %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 $9.61 on September 30, 2020. Comparable Hotels is defined as the 235 hotels owned by the Company as of September 30, 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, "While the current environment has created more significant operating challenges than we experienced in prior cycles, it has highlighted the merits of our underlying strategy and highly diversified portfolio of rooms-focused hotels. With meaningfully lower leverage, greater market diversification and more efficient asset-level operations, we were first among publicly traded lodging REITs to generate positive cash flow. Our ability to keep our hotels open and operate efficiently at low occupancy levels combined with our discipline in maintaining low leverage late cycle enabled us to preserve our balance sheet, protecting the value of our equity and uniquely positioning us to pursue opportunities in the early stages of a recovery. Our rooms-focused hotels do not rely on large group business and have proven appeal with the broadest group of potential customers. Since April, occupancy and RevPAR have steadily improved for our portfolio, with occupancy increasing from 28% in the second quarter to nearly 50% in the third quarter, and we are pleased to report positive cash flow at the corporate level for the third quarter. Our outperformance during these unprecedented times would not be possible without the remarkable associates at our hotels, and we are incredibly grateful for their strength, dedication and unwavering hospitality. We remain intently focused on safeguarding long-term value for our shareholders. While there may be challenges ahead, I am confident we are well positioned to continue to outperform as travel improves."

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. * 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 and maximizing performance based on available demand. * Sequential improvement: Occupancy and RevPAR for the Company's portfolio have sequentially improved since April 2020, with average occupancy reaching approximately 52% for the month of September 2020 and approximately 53% for the month of 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. * 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 50% during the third quarter of 2020 as compared to the same period last year. * Reduced corporate-level expenses: General and administrative expenses were reduced by approximately 26% during the third quarter of 2020 as compared to the same period last year primarily due to anticipated decreases in compensation and other overhead expenses. * Cash flow positive: By July 2020, the Company produced sufficient cash from hotel operations to cover property-level and corporate-level costs, including debt service. The Company achieved positive Adjusted Hotel EBITDA of approximately $35 million and positive MFFO of approximately $9 million during the third quarter of 2020.

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

_______________

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 $9.61 on September 30, 2020. Comparable Hotels is defined as the 235 hotels owned by the Company as of September 30, 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, "While the current environment has created more significant operating challenges than we experienced in prior cycles, it has highlighted the merits of our underlying strategy and highly diversified portfolio of rooms-focused hotels. With meaningfully lower leverage, greater market diversification and more efficient asset-level operations, we were first among publicly traded lodging REITs to generate positive cash flow. Our ability to keep our hotels open and operate efficiently at low occupancy levels combined with our discipline in maintaining low leverage late cycle enabled us to preserve our balance sheet, protecting the value of our equity and uniquely positioning us to pursue opportunities in the early stages of a recovery. Our rooms-focused hotels do not rely on large group business and have proven appeal with the broadest group of potential customers. Since April, occupancy and RevPAR have steadily improved for our portfolio, with occupancy increasing from 28% in the second quarter to nearly 50% in the third quarter, and we are pleased to report positive cash flow at the corporate level for the third quarter. Our outperformance during these unprecedented times would not be possible without the remarkable associates at our hotels, and we are incredibly grateful for their strength, dedication and unwavering hospitality. We remain intently focused on safeguarding long-term value for our shareholders. While there may be challenges ahead, I am confident we are well positioned to continue to outperform as travel improves."

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. * 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 and maximizing performance based on available demand. * Sequential improvement: Occupancy and RevPAR for the Company's portfolio have sequentially improved since April 2020, with average occupancy reaching approximately 52% for the month of September 2020 and approximately 53% for the month of 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. * 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 50% during the third quarter of 2020 as compared to the same period last year. * Reduced corporate-level expenses: General and administrative expenses were reduced by approximately 26% during the third quarter of 2020 as compared to the same period last year primarily due to anticipated decreases in compensation and other overhead expenses. * Cash flow positive: By July 2020, the Company produced sufficient cash from hotel operations to cover property-level and corporate-level costs, including debt service. The Company achieved positive Adjusted Hotel EBITDA of approximately $35 million and positive MFFO of approximately $9 million during the third quarter of 2020.

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

Three Three

July August September Months July August September Months Ended Ended

2020 2020 2020 September 2019 2019 2019 September 30, 2020 30, 2019

ADR $ 107.40 $ 104.58 $ 102.63 $ 104.78 $ 143.05 $ 137.65 $ 136.69 $ 139.21

Occupancy 45.0 % 49.3 % 51.7 % 48.6 % 81.7 % 80.7 % 77.1 % 79.9 %

RevPAR $ 48.32 $ 51.51 $ 53.02 $ 50.94 $ 116.82 $ 111.12 $ 105.37 $ 111.17

AdjustedHotel $ 10,676 $ 12,796 $ 11,216 $ 34,688 $ 45,699 $ 41,818 $ 37,079 $ 124,596 EBITDA ^(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 the 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 vary by market and hotel. With the support of its brands and third-party management companies, the Company will continue to rethink brand standards, redefine its operating model at various occupancy levels, and allocate capital to maximize long-term profitability.

Portfolio Activity

Acquisitions and Contract for Potential Acquisition

Since the beginning of 2020, Apple Hospitality has acquired four hotels, all of which were contracted for in 2018. In April 2020, the Company closed on the purchase of the newly developed Hampton Inn & Suites by Hilton and Home2 Suites by Hilton in Cape Canaveral, Florida, a combined 224-room, dual-branded complex, for a total purchase price of approximately $47 million. In August 2020, Apple Hospitality closed on the purchase of the newly developed Hyatt House and Hyatt Place in Tempe, Arizona, a combined 259-room, dual-branded complex, for a total purchase price of approximately $65 million.

The Company has an outstanding contract, which was entered into prior to 2020, for the purchase of a 176-room Hilton Garden Inn in Madison, Wisconsin, for a total expected purchase price of approximately $50 million. The hotel is currently under development, and the Company anticipates acquiring the hotel within the next six months from September 30, 2020. There are many conditions to closing under the contract that have not yet been satisfied, including completion of construction, and there can be no assurance that a closing on the hotel will occur. If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract.

Dispositions and Contract for Potential Disposition

Since the beginning of 2020, Apple Hospitality has sold two hotels, both of which were sold during the first quarter of 2020, for a combined gross sales price of approximately $45 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 within three to six months of September 30, 2020, and the Company expects to recognize a gain upon completion of the sale.

The contract the Company entered into during the second quarter of 2020 for the sale of its 140-room Homewood Suites by Hilton in Memphis, Tennessee, was terminated in October 2020.

Capital Improvements

During the nine months ended September 30, 2020, the Company invested approximately $35 million in capital expenditures. The Company anticipates spending an additional $5 million in capital expenditures during the remainder of 2020. This estimate is approximately $50 million less than originally planned for the entire year of 2020, as the Company has postponed all previously planned, non-essential capital improvements in order to maintain a sound liquidity position as a result of COVID-19.

Balance Sheet and Liquidity

Summary

As of September 30, 2020, Apple Hospitality had approximately $1.5 billion of total outstanding debt with a current combined weighted-average interest rate of approximately 3.8%, cash on hand of approximately $27 million and availability under its revolving credit facility of approximately $295 million. Excluding unamortized debt issuance costs and fair value adjustments, the Company's total outstanding debt is comprised of approximately $516 million in property-level debt secured by 33 hotels and approximately $1.0 billion outstanding on its unsecured credit facilities. The Company's total debt to total capitalization, net of cash and cash equivalents at September 30, 2020, was approximately 41%. As of September 30, 2020, the Company's weighted-average debt maturities are 5 years, with no maturities for the remainder of 2020 and 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. The amendments provide for, among other restrictions, the following during the Covenant Waiver Period:

* Mandatory prepayments of amounts outstanding under the Company's unsecured credit facilities of net cash proceeds from certain debt and equity issuances and asset dispositions, subject to various exceptions. A portion of the mandatory prepayments will be available for future borrowing under the revolving credit facility; * A minimum liquidity covenant of $100 million; * A requirement to pledge the equity interests of each direct or indirect owner of certain unencumbered property in favor of the administrative agents if average liquidity for any month is less than $275 million or the total amount outstanding under the revolving credit facility exceeds $275 million; * Restrictions on the Company's and its subsidiaries' ability to incur additional indebtedness or prepay certain existing indebtedness; * Restrictions on the Company's ability to make cash distributions (except to the extent required to maintain REIT status) and share repurchases; * Maximum discretionary capital expenditures of $50 million; * Limitations on additional investments; * An increase in the applicable interest rate under the unsecured credit facilities until the end of the Covenant Waiver Period to a rate that corresponds to the highest leverage-based applicable interest rate margin with respect to the unsecured credit facilities; * An increase in the LIBOR floor under the credit agreements from 0 to 25 basis points for Eurodollar Rate Loans and establish a Base Rate floor of 1.25% on the revolving credit facility, and any term loans under the credit agreements that are not hedged; and * Modifications to the calculation of the existing financial covenants for the four quarters subsequent to the end of the Covenant Waiver Period to annualize calculated amounts to the extent the most recently ended fiscal quarter is not at least four fiscal quarters from the end of the Covenant Waiver Period.

As of September 30, 2020, the Company was in compliance with the applicable covenants of the credit agreements as amended.

Capital Markets

Apple Hospitality terminated its written trading plan under its Share Repurchase Program in March 2020, and no shares were repurchased by the Company during the second and third quarters of 2020. Year to date, 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. As of September 30, 2020, the Company had approximately $345 million remaining under its share repurchase authorization; however, 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 remainder of 2020.

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 September 30, 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 being paid March 16, 2020. The Company paid distributions of approximately $67 million, or $0.30 per common share, during the three months ended March 31, 2020. The Company anticipates it will not pay additional shareholder distributions for the remainder of 2020 unless it is determined that an additional distribution is required in order for the Company 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, 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.

2020 Outlook

Given the ongoing uncertainties related to the depth and duration of the COVID-19 pandemic and its impact on the travel industry and hotel operations, the Company does not expect to issue guidance until operating fundamentals and trends are more predictable.

Third Quarter 2020 Earnings Conference Call

The Company will host a quarterly conference call for investors and interested parties at 10 a.m. Eastern Time on Friday, November 6, 2020. 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 November 6, 2020, through 11:59 p.m. Eastern Time on November 27, 2020. 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 13710814. 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 30,000 guest rooms located in 87 markets throughout 34 states. Concentrated with industry-leading brands, the Company's portfolio consists of 104 Marriott-branded hotels, 126 Hilton-branded hotels, three Hyatt-branded hotels and two independent hotels. 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 is the adverse effect of COVID-19, including possible resurgences, 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 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 potential for additional hotel closures/consolidations that may be mandated or advisable, whether based on increased COVID-19 cases or other factors, the slowing or potential 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, 2019 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; 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. 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, 2019 and Quarterly Report on Form 10-Q for the quarter ended September 30, 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 the 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 vary by market and hotel. With the support of its brands and third-party management companies, the Company will continue to rethink brand standards, redefine its operating model at various occupancy levels, and allocate capital to maximize long-term profitability.

Portfolio Activity

Acquisitions and Contract for Potential Acquisition

Since the beginning of 2020, Apple Hospitality has acquired four hotels, all of which were contracted for in 2018. In April 2020, the Company closed on the purchase of the newly developed Hampton Inn & Suites by Hilton and Home2 Suites by Hilton in Cape Canaveral, Florida, a combined 224-room, dual-branded complex, for a total purchase price of approximately $47 million. In August 2020, Apple Hospitality closed on the purchase of the newly developed Hyatt House and Hyatt Place in Tempe, Arizona, a combined 259-room, dual-branded complex, for a total purchase price of approximately $65 million.

The Company has an outstanding contract, which was entered into prior to 2020, for the purchase of a 176-room Hilton Garden Inn in Madison, Wisconsin, for a total expected purchase price of approximately $50 million. The hotel is currently under development, and the Company anticipates acquiring the hotel within the next six months from September 30, 2020. There are many conditions to closing under the contract that have not yet been satisfied, including completion of construction, and there can be no assurance that a closing on the hotel will occur. If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract.

Dispositions and Contract for Potential Disposition

Since the beginning of 2020, Apple Hospitality has sold two hotels, both of which were sold during the first quarter of 2020, for a combined gross sales price of approximately $45 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 within three to six months of September 30, 2020, and the Company expects to recognize a gain upon completion of the sale.

The contract the Company entered into during the second quarter of 2020 for the sale of its 140-room Homewood Suites by Hilton in Memphis, Tennessee, was terminated in October 2020.

Capital Improvements

During the nine months ended September 30, 2020, the Company invested approximately $35 million in capital expenditures. The Company anticipates spending an additional $5 million in capital expenditures during the remainder of 2020. This estimate is approximately $50 million less than originally planned for the entire year of 2020, as the Company has postponed all previously planned, non-essential capital improvements in order to maintain a sound liquidity position as a result of COVID-19.

Balance Sheet and Liquidity

Summary

As of September 30, 2020, Apple Hospitality had approximately $1.5 billion of total outstanding debt with a current combined weighted-average interest rate of approximately 3.8%, cash on hand of approximately $27 million and availability under its revolving credit facility of approximately $295 million. Excluding unamortized debt issuance costs and fair value adjustments, the Company's total outstanding debt is comprised of approximately $516 million in property-level debt secured by 33 hotels and approximately $1.0 billion outstanding on its unsecured credit facilities. The Company's total debt to total capitalization, net of cash and cash equivalents at September 30, 2020, was approximately 41%. As of September 30, 2020, the Company's weighted-average debt maturities are 5 years, with no maturities for the remainder of 2020 and 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. The amendments provide for, among other restrictions, the following during the Covenant Waiver Period:

* Mandatory prepayments of amounts outstanding under the Company's unsecured credit facilities of net cash proceeds from certain debt and equity issuances and asset dispositions, subject to various exceptions. A portion of the mandatory prepayments will be available for future borrowing under the revolving credit facility; * A minimum liquidity covenant of $100 million; * A requirement to pledge the equity interests of each direct or indirect owner of certain unencumbered property in favor of the administrative agents if average liquidity for any month is less than $275 million or the total amount outstanding under the revolving credit facility exceeds $275 million; * Restrictions on the Company's and its subsidiaries' ability to incur additional indebtedness or prepay certain existing indebtedness; * Restrictions on the Company's ability to make cash distributions (except to the extent required to maintain REIT status) and share repurchases; * Maximum discretionary capital expenditures of $50 million; * Limitations on additional investments; * An increase in the applicable interest rate under the unsecured credit facilities until the end of the Covenant Waiver Period to a rate that corresponds to the highest leverage-based applicable interest rate margin with respect to the unsecured credit facilities; * An increase in the LIBOR floor under the credit agreements from 0 to 25 basis points for Eurodollar Rate Loans and establish a Base Rate floor of 1.25% on the revolving credit facility, and any term loans under the credit agreements that are not hedged; and * Modifications to the calculation of the existing financial covenants for the four quarters subsequent to the end of the Covenant Waiver Period to annualize calculated amounts to the extent the most recently ended fiscal quarter is not at least four fiscal quarters from the end of the Covenant Waiver Period.

As of September 30, 2020, the Company was in compliance with the applicable covenants of the credit agreements as amended.

Capital Markets

Apple Hospitality terminated its written trading plan under its Share Repurchase Program in March 2020, and no shares were repurchased by the Company during the second and third quarters of 2020. Year to date, 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. As of September 30, 2020, the Company had approximately $345 million remaining under its share repurchase authorization; however, 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 remainder of 2020.

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 September 30, 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 being paid March 16, 2020. The Company paid distributions of approximately $67 million, or $0.30 per common share, during the three months ended March 31, 2020. The Company anticipates it will not pay additional shareholder distributions for the remainder of 2020 unless it is determined that an additional distribution is required in order for the Company 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, 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.

2020 Outlook

Given the ongoing uncertainties related to the depth and duration of the COVID-19 pandemic and its impact on the travel industry and hotel operations, the Company does not expect to issue guidance until operating fundamentals and trends are more predictable.

Third Quarter 2020 Earnings Conference Call

The Company will host a quarterly conference call for investors and interested parties at 10 a.m. Eastern Time on Friday, November 6, 2020. 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 November 6, 2020, through 11:59 p.m. Eastern Time on November 27, 2020. 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 13710814. 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 30,000 guest rooms located in 87 markets throughout 34 states. Concentrated with industry-leading brands, the Company's portfolio consists of 104 Marriott-branded hotels, 126 Hilton-branded hotels, three Hyatt-branded hotels and two independent hotels. 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 is the adverse effect of COVID-19, including possible resurgences, 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 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 potential for additional hotel closures/consolidations that may be mandated or advisable, whether based on increased COVID-19 cases or other factors, the slowing or potential 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, 2019 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; 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. 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, 2019 and Quarterly Report on Form 10-Q for the quarter ended September 30, 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) September 30, December 31,

2020 2019

(unaudited)

AssetsInvestment in real estate, net of accumulated 4,793,945 4,825,738depreciation and amortization of $1,196,245 $ $and $1,054,429, respectivelyAssets held for sale - 12,093

Cash and cash equivalents 27,435 -

Restricted cash-furniture, fixtures and other 28,184 34,661 escrowsDue from third party managers, net 29,969 26,926

Other assets, net 36,887 42,993

Total Assets $ 4,916,420 $ 4,942,411

LiabilitiesDebt, net $ 1,508,939 $ 1,320,407

Finance lease liabilities 218,935 216,627

Accounts payable and other liabilities 113,542 114,364

Total Liabilities 1,841,416 1,651,398

Shareholders' EquityPreferred stock, authorized 30,000,000 shares; - - none issued and outstandingCommon stock, no par value, authorized800,000,000 shares; issued and outstanding 4,488,288 4,493,763 223,230,937 and 223,862,913 shares,respectivelyAccumulated other comprehensive loss (48,320 ) (4,698 )

Distributions greater than net income (1,364,964 ) (1,198,052 )

Total Shareholders' Equity 3,075,004 3,291,013

Total Liabilities and Shareholders' Equity $ 4,916,420 $ 4,942,411

____________________

Note:The Consolidated Balance Sheets and corresponding footnotes can be found in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.

____________________

Note: The Consolidated Balance Sheets and corresponding footnotes can be foundin the Company's Quarterly Report on Form 10-Q for the quarter ended September30, 2020.

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

Nine Months Ended

September 30,

September 30,

2020

2019

2020

2019

Revenues:Room$

140,116

$

307,293

$

434,923

$

901,995

Food and beverage2,235

14,079

14,386

44,786

Other6,475

10,350

18,605

29,845

Total revenue148,826

331,722

467,914

976,626

Expenses:Hotel operating expense:Operating33,124

80,717

120,860

236,463

Hotel administrative16,625

25,991

54,079

78,588

Sales and marketing13,728

29,764

47,517

88,289

Utilities9,967

11,635

25,465

31,135

Repair and maintenance8,842

13,430

26,983

39,337

Franchise fees6,603

14,508

20,516

42,371

Management fees4,873

11,548

15,425

34,049

Total hotel operating expense93,762

187,593

310,845

550,232

Property taxes, insurance and other20,523

19,611

58,820

58,470

General and administrative6,726

9,039

22,274

25,484

Loss on impairment of depreciable real estate assets-

6,467

4,382

6,467

Depreciation and amortization50,171

47,887

149,590

143,946

Total expense171,182

270,597

545,911

784,599

Gain on sale of real estate-

-

8,785

1,052

Operating income (loss)(22,356

)

61,125

(69,212

)

193,079

Interest and other expense, net(18,531

)

(14,759

)

(52,483

)

(46,110

)

Income (loss) before income taxes(40,887

)

46,366

(121,695

)

146,969

Income tax expense(61

)

(143

)

(265

)

(505

)

Net income (loss)$

(40,948

)

$

46,223

$

(121,960

)

$

146,464

Other comprehensive income (loss):Interest rate derivatives2,739

(4,193

)

(43,622

)

(20,357

)

Comprehensive income (loss)$

(38,209

)

$

42,030

$

(165,582

)

$

126,107

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

(0.18

)

$

0.21

$

(0.55

)

$

0.65

Weighted average common shares outstanding - basic and diluted223,293

223,901

223,620

223,911

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

September 30, September 30,

2020 2019 2020 2019

Revenues:Room $ 140,116 $ 307,293 $ 434,923 $ 901,995

Food and beverage 2,235 14,079 14,386 44,786

Other 6,475 10,350 18,605 29,845

Total revenue 148,826 331,722 467,914 976,626

Expenses:Hotel operatingexpense:Operating 33,124 80,717 120,860 236,463

Hotel administrative 16,625 25,991 54,079 78,588

Sales and marketing 13,728 29,764 47,517 88,289

Utilities 9,967 11,635 25,465 31,135

Repair and maintenance 8,842 13,430 26,983 39,337

Franchise fees 6,603 14,508 20,516 42,371

Management fees 4,873 11,548 15,425 34,049

Total hotel operating 93,762 187,593 310,845 550,232 expenseProperty taxes, 20,523 19,611 58,820 58,470 insurance and otherGeneral and 6,726 9,039 22,274 25,484 administrativeLoss on impairment of - 6,467 4,382 6,467 depreciable real estateassetsDepreciation and 50,171 47,887 149,590 143,946 amortizationTotal expense 171,182 270,597 545,911 784,599

Gain on sale of real - - 8,785 1,052 estate Operating income (loss) (22,356 ) 61,125 (69,212 ) 193,079

Interest and other (18,531 ) (14,759 ) (52,483 ) (46,110 )expense, net Income (loss) before (40,887 ) 46,366 (121,695 ) 146,969 income taxes Income tax expense (61 ) (143 ) (265 ) (505 )

Net income (loss) $ (40,948 ) $ 46,223 $ (121,960 ) $ 146,464

Other comprehensiveincome (loss):Interest rate 2,739 (4,193 ) (43,622 ) (20,357 )derivatives Comprehensive income $ (38,209 ) $ 42,030 $ (165,582 ) $ 126,107 (loss) Basic and diluted net $ (0.18 ) $ 0.21 $ (0.55 ) $ 0.65 income (loss) percommon share Weighted average common 223,293 223,901 223,620 223,911 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 Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.

____________________

Note: The Consolidated Statements of Operations and Comprehensive Income (Loss)and corresponding footnotes can be found in the Company's Quarterly Report onForm 10-Q for the quarter ended September 30, 2020.

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

Nine Months Ended

September 30,

September 30,

2020

2019

% Change

2020

2019

% Change

Total revenue$

148,826

$

327,778

(54.6

%)

$

466,774

$

958,133

(51.3

%)

Total operating expenses114,127

204,707

(44.2

%)

368,440

596,934

(38.3

%)

Adjusted Hotel EBITDA$

34,699

$

123,071

(71.8

%)

$

98,334

$

361,199

(72.8

%)

Adjusted Hotel EBITDA Margin %23.3

%

37.5

%

(1,420 bps)21.1

%

37.7

%

(1,660 bps)ADR (Comparable Hotels)$

104.78

$

139.78

(25.0

%)

$

116.17

$

139.85

(16.9

%)

Occupancy (Comparable Hotels)48.6

%

79.9

%

(39.2

%)

45.9

%

78.5

%

(41.5

%)

RevPAR (Comparable Hotels)$

50.94

$

111.66

(54.4

%)

$

53.30

$

109.78

(51.4

%)

ADR (Actual)$

104.78

$

139.21

(24.7

%)

$

116.16

$

139.13

(16.5

%)

Occupancy (Actual)48.6

%

79.9

%

(39.2

%)

45.9

%

78.4

%

(41.5

%)

RevPAR (Actual)$

50.94

$

111.17

(54.2

%)

$

53.33

$

109.02

(51.1

%)

Reconciliation to Actual ResultsTotal Revenue (Actual)$

148,826

$

331,722

$

467,914

$

976,626

Revenue from acquisitions prior to ownership-

675

-

3,290

Revenue from dispositions-

(4,619

)

(1,140

)

(21,783

)

Comparable Hotels Total Revenue$

148,826

$

327,778

$

466,774

$

958,133

Adjusted Hotel EBITDA (AHEBITDA) (Actual)$

34,688

$

124,596

$

98,689

$

368,159

AHEBITDA from acquisitions prior to ownership-

57

-

614

AHEBITDA from dispositions11

(1,582

)

(355

)

(7,574

)

Comparable Hotels AHEBITDA$

34,699

$

123,071

$

98,334

$

361,199

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

September 30, September 30,

2020 2019 % Change 2020 2019 % Change

Total revenue $ 148,826 $ 327,778 (54.6 %) $ 466,774 $ 958,133 (51.3 %)

Total 114,127 204,707 (44.2 %) 368,440 596,934 (38.3 %)operatingexpenses Adjusted Hotel $ 34,699 $ 123,071 (71.8 %) $ 98,334 $ 361,199 (72.8 %)EBITDAAdjusted Hotel 23.3 % 37.5 % (1,420 21.1 % 37.7 % (1,660EBITDA Margin bps) bps)% ADR $ 104.78 $ 139.78 (25.0 %) $ 116.17 $ 139.85 (16.9 %)(ComparableHotels)Occupancy 48.6 % 79.9 % (39.2 %) 45.9 % 78.5 % (41.5 %)(ComparableHotels)RevPAR $ 50.94 $ 111.66 (54.4 %) $ 53.30 $ 109.78 (51.4 %)(ComparableHotels) ADR (Actual) $ 104.78 $ 139.21 (24.7 %) $ 116.16 $ 139.13 (16.5 %)

Occupancy 48.6 % 79.9 % (39.2 %) 45.9 % 78.4 % (41.5 %)(Actual)RevPAR $ 50.94 $ 111.17 (54.2 %) $ 53.33 $ 109.02 (51.1 %)(Actual) Reconciliationto ActualResults Total Revenue $ 148,826 $ 331,722 $ 467,914 $ 976,626 (Actual)Revenue fromacquisitions - 675 - 3,290 prior toownershipRevenue from - (4,619 ) (1,140 ) (21,783 )dispositionsComparable $ 148,826 $ 327,778 $ 466,774 $ 958,133 Hotels TotalRevenue Adjusted HotelEBITDA $ 34,688 $ 124,596 $ 98,689 $ 368,159 (AHEBITDA)(Actual)AHEBITDA fromacquisitions - 57 - 614 prior toownershipAHEBITDA from 11 (1,582 ) (355 ) (7,574 )dispositionsComparable $ 34,699 $ 123,071 $ 98,334 $ 361,199 HotelsAHEBITDA____________________

Note:Comparable Hotels is defined as the 235 hotels owned by the Company as of September 30, 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 235 hotels owned by the Company as ofSeptember 30, 2020. For hotels acquired during the periods noted, the Companyhas included, as applicable, results of those hotels for periods prior to theCompany's ownership, and for dispositions, results have been excluded for theCompany's period of ownership. Results for periods prior to the Company'sownership have not been included in the Company's actual Consolidated FinancialStatements and are included only for comparison purposes. Results included forperiods prior to the Company's ownership are based on information from theprior owner of each hotel and have not been audited 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 Ended12/31/20183/31/20196/30/20199/30/201912/31/20193/31/20206/30/20209/30/2020Total revenue$

286,453

$

293,485

$

336,870

$

327,778

$

285,366

$

236,870

$

81,078

$

148,826

Total operating expenses187,090

188,489

203,738

204,707

190,356

173,977

80,336

114,127

Adjusted Hotel EBITDA$

99,363

$

104,996

$

133,132

$

123,071

$

95,010

$

62,893

$

742

$

34,699

Adjusted Hotel EBITDA Margin %34.7

%

35.8

%

39.5

%

37.5

%

33.3

%

26.6

%

0.9

%

23.3

%

ADR (Comparable Hotels)$

133.30

$

137.51

$

142.01

$

139.78

$

131.58

$

132.66

$

100.76

$

104.78

Occupancy (Comparable Hotels)72.7

%

74.0

%

81.5

%

79.9

%

72.9

%

60.8

%

28.2

%

48.6

%

RevPAR (Comparable Hotels)$

96.95

$

101.81

$

115.73

$

111.66

$

95.97

$

80.70

$

28.44

$

50.94

ADR (Actual)$

131.93

$

136.36

$

141.60

$

139.21

$

131.41

$

132.55

$

100.76

$

104.78

Occupancy (Actual)72.5

%

73.9

%

81.4

%

79.9

%

72.9

%

60.9

%

28.2

%

48.6

%

RevPAR (Actual)$

95.63

$

100.71

$

115.30

$

111.17

$

95.85

$

80.66

$

28.44

$

50.94

Reconciliation to Actual ResultsTotal Revenue (Actual)$

295,255

$

303,787

$

341,117

$

331,722

$

289,971

$

238,010

$

81,078

$

148,826

Revenue from acquisitions prior to ownership3,098

1,817

798

675

73

-

-

-

Revenue from dispositions(11,900

)

(12,119

)

(5,045

)

(4,619

)

(4,678

)

(1,140

)

-

-

Comparable Hotels Total Revenue$

286,453

$

293,485

$

336,870

$

327,778

$

285,366

$

236,870

$

81,078

$

148,826

Adjusted Hotel EBITDA (AHEBITDA) (Actual)$

102,157

$

108,804

$

134,759

$

124,596

$

96,836

$

63,297

$

704

$

34,688

AHEBITDA from acquisitions prior to ownership818

391

166

57

(1

)

-

-

-

AHEBITDA from dispositions(3,612

)

(4,199

)

(1,793

)

(1,582

)

(1,825

)

(404

)

38

11

Comparable Hotels AHEBITDA$

99,363

$

104,996

$

133,132

$

123,071

$

95,010

$

62,893

$

742

$

34,699

Apple Hospitality REIT, Inc.Comparable Hotels Quarterly Operating Metrics and Statistical Data(Unaudited)(in thousands except statistical data) Three Months Ended 12/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020 9/30/2020 Total revenue $ 286,453 $ 293,485 $ 336,870 $ 327,778 $ 285,366 $ 236,870 $ 81,078 $ 148,826

Total operating expenses 187,090 188,489 203,738 204,707 190,356 173,977 80,336 114,127

Adjusted Hotel EBITDA $ 99,363 $ 104,996 $ 133,132 $ 123,071 $ 95,010 $ 62,893 $ 742 $ 34,699

Adjusted Hotel EBITDA Margin 34.7 % 35.8 % 39.5 % 37.5 % 33.3 % 26.6 % 0.9 % 23.3 %% ADR (Comparable Hotels) $ 133.30 $ 137.51 $ 142.01 $ 139.78 $ 131.58 $ 132.66 $ 100.76 $ 104.78

Occupancy (Comparable 72.7 % 74.0 % 81.5 % 79.9 % 72.9 % 60.8 % 28.2 % 48.6 %Hotels)RevPAR (Comparable Hotels) $ 96.95 $ 101.81 $ 115.73 $ 111.66 $ 95.97 $ 80.70 $ 28.44 $ 50.94

ADR (Actual) $ 131.93 $ 136.36 $ 141.60 $ 139.21 $ 131.41 $ 132.55 $ 100.76 $ 104.78

Occupancy (Actual) 72.5 % 73.9 % 81.4 % 79.9 % 72.9 % 60.9 % 28.2 % 48.6 %

RevPAR (Actual) $ 95.63 $ 100.71 $ 115.30 $ 111.17 $ 95.85 $ 80.66 $ 28.44 $ 50.94

Reconciliation to ActualResults Total Revenue (Actual) $ 295,255 $ 303,787 $ 341,117 $ 331,722 $ 289,971 $ 238,010 $ 81,078 $ 148,826

Revenue from acquisitions 3,098 1,817 798 675 73 - - - prior to ownershipRevenue from dispositions (11,900 ) (12,119 ) (5,045 ) (4,619 ) (4,678 ) (1,140 ) - -

Comparable Hotels Total $ 286,453 $ 293,485 $ 336,870 $ 327,778 $ 285,366 $ 236,870 $ 81,078 $ 148,826 Revenue Adjusted Hotel EBITDA $ 102,157 $ 108,804 $ 134,759 $ 124,596 $ 96,836 $ 63,297 $ 704 $ 34,688 (AHEBITDA) (Actual)AHEBITDA from acquisitions 818 391 166 57 (1 ) - - - prior to ownershipAHEBITDA from dispositions (3,612 ) (4,199 ) (1,793 ) (1,582 ) (1,825 ) (404 ) 38 11

Comparable Hotels AHEBITDA $ 99,363 $ 104,996 $ 133,132 $ 123,071 $ 95,010 $ 62,893 $ 742 $ 34,699

___________________

Note:Comparable Hotels is defined as the 235 hotels owned by the Company as of September 30, 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 235 hotels owned by the Company as ofSeptember 30, 2020. For hotels acquired during the periods noted, the Companyhas included, as applicable, results of those hotels for periods prior to theCompany's ownership, and for dispositions, results have been excluded for theCompany's period of ownership. Results for periods prior to the Company'sownership have not been included in the Company's actual Consolidated FinancialStatements and are included only for comparison purposes. Results included forperiods prior to the Company's ownership are based on information from theprior owner of each hotel and have not been audited 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

Nine Months Ended

September 30,

September 30,

2020

2019

% Change

2020

2019

% Change

Total revenue$

146,703

$

324,274

(54.8

%)

$

460,558

$

948,574

(51.4

%)

Total operating expenses111,966

202,300

(44.7

%)

362,730

590,258

(38.5

%)

Adjusted Hotel EBITDA$

34,737

$

121,974

(71.5

%)

$

97,828

$

358,316

(72.7

%)

Adjusted Hotel EBITDA Margin %23.7

%

37.6

%

(1,390 bps)21.2

%

37.8

%

(1,660 bps)ADR (Same Store Hotels)$

104.86

$

139.92

(25.1

%)

$

116.19

$

139.90

(16.9

%)

Occupancy (Same Store Hotels)49.0

%

79.9

%

(38.7

%)

46.1

%

78.5

%

(41.3

%)

RevPAR (Same Store Hotels)$

51.41

$

111.79

(54.0

%)

$

53.51

$

109.87

(51.3

%)

ADR (Actual)$

104.78

$

139.21

(24.7

%)

$

116.16

$

139.13

(16.5

%)

Occupancy (Actual)48.6

%

79.9

%

(39.2

%)

45.9

%

78.4

%

(41.5

%)

RevPAR (Actual)$

50.94

$

111.17

(54.2

%)

$

53.33

$

109.02

(51.1

%)

Reconciliation to Actual ResultsTotal Revenue (Actual)$

148,826

$

331,722

$

467,914

$

976,626

Revenue from acquisitions(2,123

)

(2,829

)

(6,216

)

(6,269

)

Revenue from dispositions-

(4,619

)

(1,140

)

(21,783

)

Same Store Hotels Total Revenue$

146,703

$

324,274

$

460,558

$

948,574

Adjusted Hotel EBITDA (AHEBITDA) (Actual)$

34,688

$

124,596

$

98,689

$

368,159

AHEBITDA from acquisitions38

(1,040

)

(506

)

(2,269

)

AHEBITDA from dispositions11

(1,582

)

(355

)

(7,574

)

Same Store Hotels AHEBITDA$

34,737

$

121,974

$

97,828

$

358,316

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

September 30, September 30,

2020 2019 % Change 2020 2019 % Change

Total revenue $ 146,703 $ 324,274 (54.8 %) $ 460,558 $ 948,574 (51.4 %)

Total 111,966 202,300 (44.7 %) 362,730 590,258 (38.5 %)operatingexpenses Adjusted Hotel $ 34,737 $ 121,974 (71.5 %) $ 97,828 $ 358,316 (72.7 %)EBITDAAdjusted Hotel 23.7 % 37.6 % (1,390 21.2 % 37.8 % (1,660EBITDA Margin bps) bps)% ADR (Same $ 104.86 $ 139.92 (25.1 %) $ 116.19 $ 139.90 (16.9 %)Store Hotels)Occupancy 49.0 % 79.9 % (38.7 %) 46.1 % 78.5 % (41.3 %)(Same StoreHotels)RevPAR (Same $ 51.41 $ 111.79 (54.0 %) $ 53.51 $ 109.87 (51.3 %)Store Hotels) ADR (Actual) $ 104.78 $ 139.21 (24.7 %) $ 116.16 $ 139.13 (16.5 %)

Occupancy 48.6 % 79.9 % (39.2 %) 45.9 % 78.4 % (41.5 %)(Actual)RevPAR $ 50.94 $ 111.17 (54.2 %) $ 53.33 $ 109.02 (51.1 %)(Actual) Reconciliationto ActualResults Total Revenue $ 148,826 $ 331,722 $ 467,914 $ 976,626 (Actual)Revenue from (2,123 ) (2,829 ) (6,216 ) (6,269 )acquisitionsRevenue from - (4,619 ) (1,140 ) (21,783 )dispositionsSame Store $ 146,703 $ 324,274 $ 460,558 $ 948,574 Hotels TotalRevenue Adjusted HotelEBITDA $ 34,688 $ 124,596 $ 98,689 $ 368,159 (AHEBITDA)(Actual)AHEBITDA from 38 (1,040 ) (506 ) (2,269 )acquisitionsAHEBITDA from 11 (1,582 ) (355 ) (7,574 )dispositionsSame Store $ 34,737 $ 121,974 $ 97,828 $ 358,316 HotelsAHEBITDA____________________

Note:Same Store Hotels is defined as the 228 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 228 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 Ended3/31/20196/30/20199/30/201912/31/20193/31/20206/30/20209/30/2020Total revenue$

290,964

$

333,336

$

324,274

$

281,972

$

233,692

$

80,163

$

146,703

Total operating expenses186,607

201,351

202,300

187,957

171,706

79,058

111,966

Adjusted Hotel EBITDA$

104,357

$

131,985

$

121,974

$

94,015

$

61,986

$

1,105

$

34,737

Adjusted Hotel EBITDA Margin %35.9

%

39.6

%

37.6

%

33.3

%

26.5

%

1.4

%

23.7

%

ADR (Same Store Hotels)$

137.44

$

142.08

$

139.92

$

131.65

$

132.60

$

100.83

$

104.86

Occupancy (Same Store Hotels)74.1

%

81.6

%

79.9

%

72.9

%

60.8

%

28.4

%

49.0

%

RevPAR (Same Store Hotels)$

101.80

$

115.90

$

111.79

$

95.97

$

80.57

$

28.59

$

51.41

ADR (Actual)$

136.36

$

141.60

$

139.21

$

131.41

$

132.55

$

100.76

$

104.78

Occupancy (Actual)73.9

%

81.4

%

79.9

%

72.9

%

60.9

%

28.2

%

48.6

%

RevPAR (Actual)$

100.71

$

115.30

$

111.17

$

95.85

$

80.66

$

28.44

$

50.94

Reconciliation to Actual ResultsTotal Revenue (Actual)$

303,787

$

341,117

$

331,722

$

289,971

$

238,010

$

81,078

$

148,826

Revenue from acquisitions(704

)

(2,736

)

(2,829

)

(3,321

)

(3,178

)

(915

)

(2,123

)

Revenue from dispositions(12,119

)

(5,045

)

(4,619

)

(4,678

)

(1,140

)

-

-

Same Store Hotels Total Revenue$

290,964

$

333,336

$

324,274

$

281,972

$

233,692

$

80,163

$

146,703

Adjusted Hotel EBITDA (AHEBITDA) (Actual)$

108,804

$

134,759

$

124,596

$

96,836

$

63,297

$

704

$

34,688

AHEBITDA from acquisitions(248

)

(981

)

(1,040

)

(996

)

(907

)

363

38

AHEBITDA from dispositions(4,199

)

(1,793

)

(1,582

)

(1,825

)

(404

)

38

11

Same Store Hotels AHEBITDA$

104,357

$

131,985

$

121,974

$

94,015

$

61,986

$

1,105

$

34,737

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 Total revenue $ 290,964 $ 333,336 $ 324,274 $ 281,972 $ 233,692 $ 80,163 $ 146,703

Total 186,607 201,351 202,300 187,957 171,706 79,058 111,966 operatingexpenses Adjusted Hotel $ 104,357 $ 131,985 $ 121,974 $ 94,015 $ 61,986 $ 1,105 $ 34,737 EBITDAAdjusted Hotel 35.9 % 39.6 % 37.6 % 33.3 % 26.5 % 1.4 % 23.7 %EBITDA Margin% ADR (Same $ 137.44 $ 142.08 $ 139.92 $ 131.65 $ 132.60 $ 100.83 $ 104.86 Store Hotels)Occupancy 74.1 % 81.6 % 79.9 % 72.9 % 60.8 % 28.4 % 49.0 %(Same StoreHotels)RevPAR (Same $ 101.80 $ 115.90 $ 111.79 $ 95.97 $ 80.57 $ 28.59 $ 51.41 Store Hotels) ADR (Actual) $ 136.36 $ 141.60 $ 139.21 $ 131.41 $ 132.55 $ 100.76 $ 104.78

Occupancy 73.9 % 81.4 % 79.9 % 72.9 % 60.9 % 28.2 % 48.6 %(Actual)RevPAR $ 100.71 $ 115.30 $ 111.17 $ 95.85 $ 80.66 $ 28.44 $ 50.94 (Actual) Reconciliationto ActualResults Total Revenue $ 303,787 $ 341,117 $ 331,722 $ 289,971 $ 238,010 $ 81,078 $ 148,826 (Actual)Revenue from (704 ) (2,736 ) (2,829 ) (3,321 ) (3,178 ) (915 ) (2,123 )acquisitionsRevenue from (12,119 ) (5,045 ) (4,619 ) (4,678 ) (1,140 ) - - dispositionsSame Store $ 290,964 $ 333,336 $ 324,274 $ 281,972 $ 233,692 $ 80,163 $ 146,703 Hotels TotalRevenue Adjusted HotelEBITDA $ 108,804 $ 134,759 $ 124,596 $ 96,836 $ 63,297 $ 704 $ 34,688 (AHEBITDA)(Actual)AHEBITDA from (248 ) (981 ) (1,040 ) (996 ) (907 ) 363 38 acquisitionsAHEBITDA from (4,199 ) (1,793 ) (1,582 ) (1,825 ) (404 ) 38 11 dispositionsSame Store $ 104,357 $ 131,985 $ 121,974 $ 94,015 $ 61,986 $ 1,105 $ 34,737 HotelsAHEBITDA____________________

Note:Same Store Hotels is defined as the 228 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 December 31, 2018 through September 30, 2020:

____________________

Note: Same Store Hotels is defined as the 228 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 December 31, 2018 through September 30, 2020:

Three Months Ended 12/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020 9/30/2020Net income $ 34,152 $ 38,151 $ 62,090 $ 46,223 $ 25,453 $ (2,769 ) $ (78,243 ) $ (40,948 )(loss)Depreciation 46,730 47,950 48,109 47,887 49,294 49,522 49,897 50,171 andamortizationAmortizationof favorableand 147 31 31 31 31 101 101 103 unfavorableoperatingleases, netInterest and 12,916 15,494 15,857 14,759 15,081 15,566 18,386 18,531 other expense,netIncome tax 173 206 156 143 174 146 58 61 expenseEBITDA 94,118 101,832 126,243 109,043 90,033 62,566 (9,801 ) 27,918

(Gain) loss on (152 ) (1,213 ) 161 - (3,969 ) (8,839 ) 54 - sale of realestateLoss onimpairment of - - - 6,467 - - 4,382 - depreciablereal estateassetsEBITDAre 93,966 100,619 126,404 115,510 86,064 53,727 (5,365 ) 27,918

Non-cashstraight-line 865 48 47 47 46 47 44 44 operatingground leaseexpenseAdjusted $ 94,831 $ 100,667 $ 126,451 $ 115,557 $ 86,110 $ 53,774 $ (5,321 ) $ 27,962 EBITDAreGeneral and 7,326 8,137 8,308 9,039 10,726 9,523 6,025 6,726 administrativeexpenseAdjusted Hotel $ 102,157 $ 108,804 $ 134,759 $ 124,596 $ 96,836 $ 63,297 $ 704 $ 34,688 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 and nine months ended September 30, 2020 and 2019:

Three Months Ended Nine Months Ended September 30, September 30,

2020 2019 2020 2019

Net income (loss) $ (40,948 ) $ 46,223 $ (121,960 ) $ 146,464

Depreciation of real 48,307 46,910 144,019 140,288 estate ownedGain on sale of real - - (8,785 ) (1,052 )estateLoss on impairment of - 6,467 4,382 6,467 depreciable real estateassetsFunds from operations 7,359 99,600 17,656 292,167

Amortization of finance 1,612 725 4,816 2,915 ground lease assetsAmortization of favorable 103 31 305 93 and unfavorable operatingleases, netNon-cash straight-line 44 47 135 142 operating ground leaseexpenseModified funds from $ 9,118 $ 100,403 $ 22,912 $ 295,317 operationsApple Hospitality REIT, Inc.

Debt Summary

(Unaudited)

($ in thousands)

September 30, 2020

October 1-

December 31,

2020

2021

2022

2023

2024

Thereafter

Total

Fair Market Value

Total debt:Maturities$

2,745

$

70,724

$

239,531

$

296,213

$

338,597

$

567,405

$

1,515,215

$

1,468,165

Average interest rates (1)3.8

%

3.8

%

3.8

%

4.0

%

4.2

%

4.3

%

Variable rate debt:Maturities$

-

$

20,551

$

129,700

$

250,000

$

310,000

$

260,000

$

970,251

$

923,215

Average interest rates (1)3.6

%

3.6

%

3.7

%

4.0

%

4.4

%

4.7

%

Fixed rate debt:Maturities$

2,745

$

50,173

$

109,831

$

46,213

$

28,597

$

307,405

$

544,964

$

544,950

Average interest rates4.3

%

4.3

%

4.1

%

4.0

%

4.0

%

4.0

%

____________________

(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 Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.

Apple Hospitality REIT, Inc.

Debt Summary

(Unaudited)

($ in thousands)

September 30, 2020



October 1-

December 31,

2020 2021 2022 2023 2024 Thereafter Total Fair Market Value

Totaldebt:Maturities $ 2,745 $ 70,724 $ 239,531 $ 296,213 $ 338,597 $ 567,405 $ 1,515,215 $ 1,468,165

Average 3.8 % 3.8 % 3.8 % 4.0 % 4.2 % 4.3 %interestrates ^(1) Variablerate debt:Maturities $ - $ 20,551 $ 129,700 $ 250,000 $ 310,000 $ 260,000 $ 970,251 $ 923,215

Average 3.6 % 3.6 % 3.7 % 4.0 % 4.4 % 4.7 %interestrates ^(1) Fixed ratedebt:Maturities $ 2,745 $ 50,173 $ 109,831 $ 46,213 $ 28,597 $ 307,405 $ 544,964 $ 544,950

Average 4.3 % 4.3 % 4.1 % 4.0 % 4.0 % 4.0 %interestrates____________________

(1) The average interest rate gives effect to interest rate swaps, asapplicable. Note: See further information on the Company's indebtedness in the Company'sQuarterly Report on Form 10-Q for the quarter ended September 30, 2020.

Apple Hospitality REIT, Inc.

Comparable Hotels Operating Metrics Top 20 Markets

Three Months Ended September 30

(Unaudited)

Top 20 MarketsOccupancy

ADR

RevPAR

% of Adjusted

Hotel EBITDA

# of Hotels

Q3 2020

Q3 2019

% Change

Q3 2020

Q3 2019

% Change

Q3 2020

Q3 2019

% Change

Q3 2020

Top 20 MarketsNorfolk/Virginia Beach, VA4

82.4

%

88.4

%

(6.8

%)

$169.20

$197.27

(14.2

%)

$139.40

$174.43

(20.1

%)

10.1

%

Los Angeles/Long Beach, CA8

71.0

%

90.8

%

(21.8

%)

$118.41

$182.29

(35.0

%)

$84.04

$165.55

(49.2

%)

9.6

%

North Carolina East5

82.9

%

83.4

%

(0.6

%)

$139.17

$152.26

(8.6

%)

$115.34

$127.01

(9.2

%)

8.5

%

San Diego, CA7

47.0

%

84.1

%

(44.1

%)

$118.76

$166.53

(28.7

%)

$55.87

$140.06

(60.1

%)

5.3

%

Florida Panhandle5

59.2

%

80.0

%

(26.0

%)

$121.51

$155.94

(22.1

%)

$71.91

$124.68

(42.3

%)

4.3

%

Alaska2

72.6

%

91.4

%

(20.6

%)

$150.89

$247.49

(39.0

%)

$109.54

$226.31

(51.6

%)

4.0

%

Portland, ME1

74.2

%

93.9

%

(21.0

%)

$162.03

$256.07

(36.7

%)

$120.30

$240.55

(50.0

%)

3.5

%

Melbourne/Titusville, FL3

52.3

%

87.3

%

(40.1

%)

$132.46

$152.54

(13.2

%)

$69.25

$133.11

(48.0

%)

3.5

%

Anaheim/Santa Ana, CA6

45.9

%

85.2

%

(46.1

%)

$110.51

$156.29

(29.3

%)

$50.76

$133.12

(61.9

%)

3.4

%

Seattle, WA3

48.7

%

91.4

%

(46.7

%)

$129.61

$226.51

(42.8

%)

$63.12

$206.95

(69.5

%)

2.9

%

Louisiana South2

87.1

%

68.2

%

27.7

%

$86.84

$109.62

(20.8

%)

$75.64

$74.80

1.1

%

2.7

%

California South/Central3

89.9

%

92.1

%

(2.4

%)

$101.03

$132.33

(23.7

%)

$90.79

$121.86

(25.5

%)

2.5

%

Texas West2

83.3

%

88.8

%

(6.2

%)

$97.78

$121.98

(19.8

%)

$81.41

$108.30

(24.8

%)

2.4

%

Alabama North4

54.7

%

83.2

%

(34.3

%)

$105.59

$114.82

(8.0

%)

$57.72

$95.58

(39.6

%)

2.3

%

Alabama South6

46.7

%

75.7

%

(38.3

%)

$99.59

$120.19

(17.1

%)

$46.48

$90.94

(48.9

%)

2.3

%

Oklahoma City, OK4

52.1

%

75.3

%

(30.7

%)

$99.38

$129.74

(23.4

%)

$51.81

$97.65

(46.9

%)

2.2

%

Texas East2

83.4

%

81.6

%

2.2

%

$99.02

$105.25

(5.9

%)

$82.58

$85.86

(3.8

%)

2.1

%

Riverside & San Bernardino, CA1

92.1

%

90.8

%

1.4

%

$153.28

$175.40

(12.6

%)

$141.15

$159.25

(11.4

%)

2.0

%

Nashville, TN5

43.3

%

85.7

%

(49.5

%)

$102.49

$162.85

(37.1

%)

$44.35

$139.53

(68.2

%)

1.9

%

Indiana North3

49.9

%

76.6

%

(34.9

%)

$108.93

$138.12

(21.1

%)

$54.35

$105.82

(48.6

%)

1.7

%

Top 20 Markets76

60.5

%

84.5

%

(28.3

%)

$120.24

$163.12

(26.3

%)

$72.80

$137.82

(47.2

%)

77.2

%

All Other Markets159

43.0

%

77.7

%

(44.7

%)

$94.45

$127.95

(26.2

%)

$40.57

$99.46

(59.2

%)

22.8

%

Total Portfolio235

48.6

%

79.9

%

(39.2

%)

$104.78

$139.78

(25.0

%)

$50.94

$111.66

(54.4

%)

100.0

%

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

Apple Hospitality REIT, Inc.

Comparable Hotels Operating Metrics Top 20 Markets

Three Months Ended September 30

(Unaudited)

% of AdjustedTop 20 Occupancy ADR RevPAR Markets Hotel EBITDA

# of Q3 Q3 % Change Q3 2020 Q3 2019 % Change Q3 2020 Q3 2019 % Change Q3 2020 Hotels 2020 2019

Top 20 MarketsNorfolk/ 4 82.4 % 88.4 % (6.8 %) $169.20 $197.27 (14.2 %) $139.40 $174.43 (20.1 %) 10.1 %VirginiaBeach, VALos Angeles 8 71.0 % 90.8 % (21.8 %) $118.41 $182.29 (35.0 %) $84.04 $165.55 (49.2 %) 9.6 %/LongBeach, CANorth 5 82.9 % 83.4 % (0.6 %) $139.17 $152.26 (8.6 %) $115.34 $127.01 (9.2 %) 8.5 %CarolinaEastSan Diego, 7 47.0 % 84.1 % (44.1 %) $118.76 $166.53 (28.7 %) $55.87 $140.06 (60.1 %) 5.3 %CAFlorida 5 59.2 % 80.0 % (26.0 %) $121.51 $155.94 (22.1 %) $71.91 $124.68 (42.3 %) 4.3 %PanhandleAlaska 2 72.6 % 91.4 % (20.6 %) $150.89 $247.49 (39.0 %) $109.54 $226.31 (51.6 %) 4.0 %

Portland, 1 74.2 % 93.9 % (21.0 %) $162.03 $256.07 (36.7 %) $120.30 $240.55 (50.0 %) 3.5 %MEMelbourne/ 3 52.3 % 87.3 % (40.1 %) $132.46 $152.54 (13.2 %) $69.25 $133.11 (48.0 %) 3.5 %Titusville,FLAnaheim/ 6 45.9 % 85.2 % (46.1 %) $110.51 $156.29 (29.3 %) $50.76 $133.12 (61.9 %) 3.4 %Santa Ana,CASeattle, WA 3 48.7 % 91.4 % (46.7 %) $129.61 $226.51 (42.8 %) $63.12 $206.95 (69.5 %) 2.9 %

Louisiana 2 87.1 % 68.2 % 27.7 % $86.84 $109.62 (20.8 %) $75.64 $74.80 1.1 % 2.7 %SouthCalifornia 3 89.9 % 92.1 % (2.4 %) $101.03 $132.33 (23.7 %) $90.79 $121.86 (25.5 %) 2.5 %South/CentralTexas West 2 83.3 % 88.8 % (6.2 %) $97.78 $121.98 (19.8 %) $81.41 $108.30 (24.8 %) 2.4 %

Alabama 4 54.7 % 83.2 % (34.3 %) $105.59 $114.82 (8.0 %) $57.72 $95.58 (39.6 %) 2.3 %NorthAlabama 6 46.7 % 75.7 % (38.3 %) $99.59 $120.19 (17.1 %) $46.48 $90.94 (48.9 %) 2.3 %SouthOklahoma 4 52.1 % 75.3 % (30.7 %) $99.38 $129.74 (23.4 %) $51.81 $97.65 (46.9 %) 2.2 %City, OKTexas East 2 83.4 % 81.6 % 2.2 % $99.02 $105.25 (5.9 %) $82.58 $85.86 (3.8 %) 2.1 %

Riverside &San 1 92.1 % 90.8 % 1.4 % $153.28 $175.40 (12.6 %) $141.15 $159.25 (11.4 %) 2.0 %Bernardino,CANashville, 5 43.3 % 85.7 % (49.5 %) $102.49 $162.85 (37.1 %) $44.35 $139.53 (68.2 %) 1.9 %TNIndiana 3 49.9 % 76.6 % (34.9 %) $108.93 $138.12 (21.1 %) $54.35 $105.82 (48.6 %) 1.7 %NorthTop 20 76 60.5 % 84.5 % (28.3 %) $120.24 $163.12 (26.3 %) $72.80 $137.82 (47.2 %) 77.2 %Markets

All Other 159 43.0 % 77.7 % (44.7 %) $94.45 $127.95 (26.2 %) $40.57 $99.46 (59.2 %) 22.8 %Markets



Total 235 48.6 % 79.9 % (39.2 %) $104.78 $139.78 (25.0 %) $50.94 $111.66 (54.4 %) 100.0 %Portfolio 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 Top 20 Markets

Nine Months Ended September 30

(Unaudited)

Top 20 MarketsOccupancyADRRevPAR% of Adjusted

Hotel EBITDA

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

59.8

%

88.3

%

(32.3

%)

$137.94

$178.35

(22.7

%)

$82.52

$157.51

(47.6

%)

8.8

%

North Carolina East5

68.3

%

85.1

%

(19.7

%)

$125.58

$135.38

(7.2

%)

$85.79

$115.16

(25.5

%)

6.0

%

Phoenix, AZ11

42.9

%

73.9

%

(41.9

%)

$125.29

$132.83

(5.7

%)

$53.77

$98.17

(45.2

%)

6.0

%

San Diego, CA7

44.8

%

81.5

%

(45.0

%)

$132.32

$161.03

(17.8

%)

$59.26

$131.22

(54.8

%)

5.4

%

Norfolk/Virginia Beach, VA4

59.2

%

79.8

%

(25.8

%)

$140.27

$160.84

(12.8

%)

$83.02

$128.37

(35.3

%)

4.6

%

Florida Panhandle5

56.2

%

81.7

%

(31.2

%)

$128.06

$156.94

(18.4

%)

$71.94

$128.23

(43.9

%)

4.4

%

Anaheim/Santa Ana, CA6

44.8

%

84.3

%

(46.9

%)

$126.87

$149.63

(15.2

%)

$56.84

$126.19

(55.0

%)

3.9

%

Seattle, WA3

50.8

%

85.7

%

(40.7

%)

$145.44

$197.77

(26.5

%)

$73.93

$169.41

(56.4

%)

3.5

%

Melbourne/Titusville, FL3

54.7

%

92.3

%

(40.7

%)

$143.01

$159.84

(10.5

%)

$78.21

$147.51

(47.0

%)

3.1

%

Alaska2

67.6

%

87.9

%

(23.1

%)

$139.82

$209.99

(33.4

%)

$94.52

$184.67

(48.8

%)

2.8

%

Nashville, TN5

43.1

%

84.8

%

(49.2

%)

$125.90

$165.67

(24.0

%)

$54.28

$140.51

(61.4

%)

2.8

%

Alabama South6

45.6

%

77.9

%

(41.4

%)

$104.76

$120.43

(13.0

%)

$47.80

$93.78

(49.0

%)

2.3

%

Texas West2

69.9

%

85.1

%

(17.8

%)

$106.49

$119.18

(10.6

%)

$74.49

$101.47

(26.6

%)

2.2

%

Oklahoma City, OK4

45.7

%

76.2

%

(40.0

%)

$110.89

$134.02

(17.3

%)

$50.71

$102.15

(50.4

%)

2.1

%

Dallas, TX8

40.3

%

73.0

%

(44.8

%)

$105.31

$121.27

(13.2

%)

$42.41

$88.47

(52.1

%)

1.9

%

Tucson, AZ3

51.7

%

82.2

%

(37.1

%)

$112.14

$111.55

0.5

%

$57.97

$91.66

(36.8

%)

1.9

%

Alabama North4

49.0

%

84.4

%

(42.0

%)

$108.99

$115.69

(5.8

%)

$53.40

$97.69

(45.3

%)

1.9

%

Texas East2

74.9

%

81.1

%

(7.6

%)

$98.95

$103.72

(4.6

%)

$74.15

$84.13

(11.9

%)

1.9

%

Miami/Hialeah, FL3

53.2

%

84.0

%

(36.7

%)

$118.00

$137.06

(13.9

%)

$62.75

$115.09

(45.5

%)

1.7

%

Fort Worth/Arlington, TX5

48.9

%

76.6

%

(36.2

%)

$107.80

$132.07

(18.4

%)

$52.67

$101.13

(47.9

%)

1.7

%

Top 20 Markets96

50.6

%

81.2

%

(37.6

%)

$123.99

$147.63

(16.0

%)

$62.78

$119.87

(47.6

%)

68.9

%

All Other Markets139

42.6

%

76.7

%

(44.4

%)

$109.85

$134.31

(18.2

%)

$46.84

$102.99

(54.5

%)

31.1

%

Total Portfolio235

45.9

%

78.5

%

(41.5

%)

$116.17

$139.85

(16.9

%)

$53.30

$109.78

(51.4

%)

100.0

%

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

Apple Hospitality REIT, Inc.Comparable Hotels Operating Metrics Top 20 Markets

Nine Months Ended September 30

(Unaudited)

% of AdjustedTop 20 Markets Occupancy ADR RevPAR Hotel EBITDA

# of YTD YTD % Change YTD YTD % Change YTD YTD % Change YTD 2020 Hotels 2020 2019 2020 2019 2020 2019Top 20 MarketsLos Angeles/Long 8 59.8 % 88.3 % (32.3 %) $137.94 $178.35 (22.7 %) $82.52 $157.51 (47.6 %) 8.8 %Beach, CANorth Carolina 5 68.3 % 85.1 % (19.7 %) $125.58 $135.38 (7.2 %) $85.79 $115.16 (25.5 %) 6.0 %EastPhoenix, AZ 11 42.9 % 73.9 % (41.9 %) $125.29 $132.83 (5.7 %) $53.77 $98.17 (45.2 %) 6.0 %

San Diego, CA 7 44.8 % 81.5 % (45.0 %) $132.32 $161.03 (17.8 %) $59.26 $131.22 (54.8 %) 5.4 %

Norfolk/Virginia 4 59.2 % 79.8 % (25.8 %) $140.27 $160.84 (12.8 %) $83.02 $128.37 (35.3 %) 4.6 %Beach, VAFlorida Panhandle 5 56.2 % 81.7 % (31.2 %) $128.06 $156.94 (18.4 %) $71.94 $128.23 (43.9 %) 4.4 %

Anaheim/Santa 6 44.8 % 84.3 % (46.9 %) $126.87 $149.63 (15.2 %) $56.84 $126.19 (55.0 %) 3.9 %Ana, CASeattle, WA 3 50.8 % 85.7 % (40.7 %) $145.44 $197.77 (26.5 %) $73.93 $169.41 (56.4 %) 3.5 %

Melbourne/ 3 54.7 % 92.3 % (40.7 %) $143.01 $159.84 (10.5 %) $78.21 $147.51 (47.0 %) 3.1 %Titusville, FLAlaska 2 67.6 % 87.9 % (23.1 %) $139.82 $209.99 (33.4 %) $94.52 $184.67 (48.8 %) 2.8 %

Nashville, TN 5 43.1 % 84.8 % (49.2 %) $125.90 $165.67 (24.0 %) $54.28 $140.51 (61.4 %) 2.8 %

Alabama South 6 45.6 % 77.9 % (41.4 %) $104.76 $120.43 (13.0 %) $47.80 $93.78 (49.0 %) 2.3 %

Texas West 2 69.9 % 85.1 % (17.8 %) $106.49 $119.18 (10.6 %) $74.49 $101.47 (26.6 %) 2.2 %

Oklahoma City, OK 4 45.7 % 76.2 % (40.0 %) $110.89 $134.02 (17.3 %) $50.71 $102.15 (50.4 %) 2.1 %

Dallas, TX 8 40.3 % 73.0 % (44.8 %) $105.31 $121.27 (13.2 %) $42.41 $88.47 (52.1 %) 1.9 %

Tucson, AZ 3 51.7 % 82.2 % (37.1 %) $112.14 $111.55 0.5 % $57.97 $91.66 (36.8 %) 1.9 %

Alabama North 4 49.0 % 84.4 % (42.0 %) $108.99 $115.69 (5.8 %) $53.40 $97.69 (45.3 %) 1.9 %

Texas East 2 74.9 % 81.1 % (7.6 %) $98.95 $103.72 (4.6 %) $74.15 $84.13 (11.9 %) 1.9 %

Miami/Hialeah, FL 3 53.2 % 84.0 % (36.7 %) $118.00 $137.06 (13.9 %) $62.75 $115.09 (45.5 %) 1.7 %

Fort Worth/ 5 48.9 % 76.6 % (36.2 %) $107.80 $132.07 (18.4 %) $52.67 $101.13 (47.9 %) 1.7 %Arlington, TXTop 20 Markets 96 50.6 % 81.2 % (37.6 %) $123.99 $147.63 (16.0 %) $62.78 $119.87 (47.6 %) 68.9 %

All Other Markets 139 42.6 % 76.7 % (44.4 %) $109.85 $134.31 (18.2 %) $46.84 $102.99 (54.5 %) 31.1 %

Total Portfolio 235 45.9 % 78.5 % (41.5 %) $116.17 $139.85 (16.9 %) $53.30 $109.78 (51.4 %) 100.0 %

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 September 30

(Unaudited)

RegionOccupancy

ADR

RevPAR

% of Adjusted

Hotel EBITDA

# of Hotels

Q3 2020

Q3 2019

% Change

Q3 2020

Q3 2019

% Change

Q3 2020

Q3 2019

% Change

Q3 2020

STR RegionEast North Central15

36.5

%

79.3

%

(53.9

%)

$95.28

$133.13

(28.4

%)

$34.79

$105.54

(67.0

%)

0.1

%

East South Central30

49.1

%

81.1

%

(39.5

%)

$104.42

$129.88

(19.6

%)

$51.26

$105.33

(51.3

%)

13.4

%

Middle Atlantic12

49.5

%

82.3

%

(39.8

%)

$104.71

$164.87

(36.5

%)

$51.87

$135.72

(61.8

%)

(0.9

)%

Mountain22

47.9

%

75.5

%

(36.6

%)

$88.79

$123.90

(28.3

%)

$42.53

$93.57

(54.5

%)

6.4

%

New England5

44.3

%

84.1

%

(47.3

%)

$129.56

$174.36

(25.7

%)

$57.41

$146.68

(60.9

%)

3.4

%

Pacific33

58.4

%

87.9

%

(33.6

%)

$119.78

$179.67

(33.3

%)

$69.95

$157.97

(55.7

%)

31.6

%

South Atlantic59

48.3

%

79.0

%

(38.9

%)

$113.19

$132.48

(14.6

%)

$54.66

$104.63

(47.8

%)

30.5

%

West North Central18

40.7

%

82.3

%

(50.5

%)

$96.03

$124.54

(22.9

%)

$39.13

$102.55

(61.8

%)

2.0

%

West South Central41

49.4

%

73.2

%

(32.5

%)

$89.25

$119.03

(25.0

%)

$44.08

$87.08

(49.4

%)

13.5

%

Total Portfolio235

48.6

%

79.9

%

(39.2

%)

$104.78

$139.78

(25.0

%)

$50.94

$111.66

(54.4

%)

100.0

%

Note:Region categorization based on STR designation.

Apple Hospitality REIT, Inc.Comparable Hotels Operating Metrics by Region

Three Months Ended September 30

(Unaudited)

% of AdjustedRegion Occupancy ADR RevPAR Hotel EBITDA

# of Q3 Q3 % Change Q3 2020 Q3 2019 % Change Q3 Q3 2019 % Change Q3 2020 Hotels 2020 2019 2020

STRRegionEast 15 36.5 % 79.3 % (53.9 %) $95.28 $133.13 (28.4 %) $34.79 $105.54 (67.0 %) 0.1 %NorthCentralEast 30 49.1 % 81.1 % (39.5 %) $104.42 $129.88 (19.6 %) $51.26 $105.33 (51.3 %) 13.4 %SouthCentralMiddle 12 49.5 % 82.3 % (39.8 %) $104.71 $164.87 (36.5 %) $51.87 $135.72 (61.8 %) (0.9 )Atlantic %

Mountain 22 47.9 % 75.5 % (36.6 %) $88.79 $123.90 (28.3 %) $42.53 $93.57 (54.5 %) 6.4 %

New 5 44.3 % 84.1 % (47.3 %) $129.56 $174.36 (25.7 %) $57.41 $146.68 (60.9 %) 3.4 %EnglandPacific 33 58.4 % 87.9 % (33.6 %) $119.78 $179.67 (33.3 %) $69.95 $157.97 (55.7 %) 31.6 %

South 59 48.3 % 79.0 % (38.9 %) $113.19 $132.48 (14.6 %) $54.66 $104.63 (47.8 %) 30.5 %AtlanticWest 18 40.7 % 82.3 % (50.5 %) $96.03 $124.54 (22.9 %) $39.13 $102.55 (61.8 %) 2.0 %NorthCentralWest 41 49.4 % 73.2 % (32.5 %) $89.25 $119.03 (25.0 %) $44.08 $87.08 (49.4 %) 13.5 %SouthCentral Total 235 48.6 % 79.9 % (39.2 %) $104.78 $139.78 (25.0 %) $50.94 $111.66 (54.4 %) 100.0 %Portfolio Note: Region categorization based on STR designation.

Apple Hospitality REIT, Inc.

Comparable Hotels Operating Metrics by Region

Nine Months Ended September 30

(Unaudited)

RegionOccupancyADRRevPAR% of Adjusted

Hotel EBITDA

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

35.9

%

73.1

%

(50.9

%)

$101.99

$128.41

(20.6

%)

$36.62

$93.85

(61.0

%)

(0.1

)%

East South Central30

47.0

%

79.8

%

(41.1

%)

$111.99

$130.93

(14.5

%)

$52.60

$104.45

(49.6

%)

12.6

%

Middle Atlantic12

41.4

%

78.1

%

(47.0

%)

$113.27

$159.87

(29.1

%)

$46.87

$124.79

(62.4

%)

(3.1

)%

Mountain22

47.0

%

77.4

%

(39.3

%)

$115.42

$134.22

(14.0

%)

$54.21

$103.92

(47.8

%)

12.4

%

New England5

37.5

%

73.6

%

(49.0

%)

$124.93

$151.98

(17.8

%)

$46.90

$111.84

(58.1

%)

1.4

%

Pacific33

52.5

%

85.2

%

(38.3

%)

$134.28

$170.75

(21.4

%)

$70.51

$145.42

(51.5

%)

29.8

%

South Atlantic59

48.0

%

79.5

%

(39.6

%)

$119.59

$136.77

(12.6

%)

$57.44

$108.75

(47.2

%)

30.6

%

West North Central18

38.1

%

78.6

%

(51.5

%)

$104.71

$125.82

(16.8

%)

$39.87

$98.84

(59.7

%)

1.3

%

West South Central41

45.9

%

73.9

%

(37.9

%)

$104.03

$124.15

(16.2

%)

$47.74

$91.69

(47.9

%)

15.1

%

Total Portfolio235

45.9

%

78.5

%

(41.5

%)

$116.17

$139.85

(16.9

%)

$53.30

$109.78

(51.4

%)

100.0

%

Note:Region categorization based on STR designation.

Apple Hospitality REIT, Inc.

Comparable Hotels Operating Metrics by Region

Nine Months Ended September 30

(Unaudited)

% of AdjustedRegion Occupancy ADR RevPAR Hotel EBITDA

# of YTD YTD % Change YTD YTD % Change YTD YTD % Change YTD 2020 Hotels 2020 2019 2020 2019 2020 2019STR RegionEast North 15 35.9 % 73.1 % (50.9 %) $101.99 $128.41 (20.6 %) $36.62 $93.85 (61.0 %) (0.1 )%CentralEast South 30 47.0 % 79.8 % (41.1 %) $111.99 $130.93 (14.5 %) $52.60 $104.45 (49.6 %) 12.6 %CentralMiddle 12 41.4 % 78.1 % (47.0 %) $113.27 $159.87 (29.1 %) $46.87 $124.79 (62.4 %) (3.1 )%AtlanticMountain 22 47.0 % 77.4 % (39.3 %) $115.42 $134.22 (14.0 %) $54.21 $103.92 (47.8 %) 12.4 %

New England 5 37.5 % 73.6 % (49.0 %) $124.93 $151.98 (17.8 %) $46.90 $111.84 (58.1 %) 1.4 %

Pacific 33 52.5 % 85.2 % (38.3 %) $134.28 $170.75 (21.4 %) $70.51 $145.42 (51.5 %) 29.8 %

South 59 48.0 % 79.5 % (39.6 %) $119.59 $136.77 (12.6 %) $57.44 $108.75 (47.2 %) 30.6 %AtlanticWest North 18 38.1 % 78.6 % (51.5 %) $104.71 $125.82 (16.8 %) $39.87 $98.84 (59.7 %) 1.3 %CentralWest South 41 45.9 % 73.9 % (37.9 %) $104.03 $124.15 (16.2 %) $47.74 $91.69 (47.9 %) 15.1 %Central Total 235 45.9 % 78.5 % (41.5 %) $116.17 $139.85 (16.9 %) $53.30 $109.78 (51.4 %) 100.0 %Portfolio Note: Region categorization based on STR designation.

Apple Hospitality REIT, Inc.

Comparable Hotels Operating Metrics by Chain Scale

Three Months Ended September 30

(Unaudited)

Chain Scale/BrandOccupancy

ADR

RevPAR

% of Adjusted

Hotel EBITDA

# of Hotels

Q3 2020

Q3 2019

% Change

Q3 2020

Q3 2019

% Change

Q3 2020

Q3 2019

% Change

Q3 2020

UpscaleCourtyard36

45.3

%

77.2

%

(41.4

%)

$115.04

$150.45

(23.5

%)

$52.07

$116.15

(55.2

%)

20.6

%

Hilton Garden Inn41

43.6

%

79.1

%

(44.9

%)

$94.58

$133.65

(29.2

%)

$41.22

$105.66

(61.0

%)

8.5

%

Homewood Suites33

64.5

%

83.2

%

(22.5

%)

$101.90

$134.23

(24.1

%)

$65.77

$111.74

(41.1

%)

20.2

%

Hyatt House1

20.3

%

$83.31

$16.95

(0.3

)%

Hyatt Place2

35.1

%

78.4

%

(55.2

%)

$89.82

$101.23

(11.3

%)

$31.56

$79.36

(60.2

%)

(0.3

)%

Residence Inn33

62.4

%

83.0

%

(24.8

%)

$120.01

$156.02

(23.1

%)

$74.93

$129.56

(42.2

%)

33.0

%

SpringHill Suites13

34.7

%

80.0

%

(56.6

%)

$85.93

$124.37

(30.9

%)

$29.84

$99.53

(70.0

%)

(0.1

)%

Upscale Total159

50.6

%

80.2

%

(36.9

%)

$106.32

$141.29

(24.7

%)

$53.82

$113.36

(52.5

%)

81.6

%

Upper MidscaleFairfield Inn / Fairfield Inn & Suites11

35.3

%

75.4

%

(53.1

%)

$86.59

$113.84

(23.9

%)

$30.58

$85.79

(64.4

%)

0.5

%

Hampton Inn / Hampton Inn & Suites40

43.0

%

80.5

%

(46.5

%)

$98.38

$132.32

(25.7

%)

$42.32

$106.49

(60.3

%)

8.4

%

Home2 Suites10

62.4

%

81.1

%

(23.1

%)

$108.04

$140.50

(23.1

%)

$67.44

$114.02

(40.9

%)

8.6

%

TownePlace Suites9

62.2

%

80.6

%

(22.8

%)

$94.32

$118.57

(20.5

%)

$58.71

$95.55

(38.6

%)

5.9

%

Upper Midscale Total70

46.6

%

79.8

%

(41.6

%)

$98.16

$129.04

(23.9

%)

$45.73

$102.93

(55.6

%)

23.4

%

Upper UpscaleEmbassy Suites2

61.6

%

88.3

%

(30.3

%)

$150.19

$212.44

(29.3

%)

$92.47

$187.56

(50.7

%)

2.9

%

Marriott2

12.5

%

61.0

%

(79.5

%)

$98.51

$144.98

(32.1

%)

$12.32

$88.45

(86.1

%)

(1.9

)%

Upper Upscale Total4

29.1

%

70.3

%

(58.5

%)

$135.51

$173.72

(22.0

%)

$39.47

$122.06

(67.7

%)

1.0

%

IndependentsIndependents2

28.4

%

90.5

%

(68.6

%)

$130.10

$240.66

(45.9

%)

$36.91

$217.72

(83.0

%)

(6.0

)%

Independents Total2

28.4

%

90.5

%

(68.6

%)

$130.10

$240.66

(45.9

%)

$36.91

$217.72

(83.0

%)

(6.0

)%

Total Portfolio235

48.6

%

79.9

%

(39.2

%)

$104.78

$139.78

(25.0

%)

$50.94

$111.66

(54.4

%)

100.0

%

Note:Chain scale categorization based on STR designation.

Apple Hospitality REIT, Inc.

Comparable Hotels Operating Metrics by Chain Scale

Three Months Ended September 30

(Unaudited)

% of AdjustedChain Scale/ Occupancy ADR RevPAR Brand Hotel EBITDA

# of Q3 Q3 % Change Q3 2020 Q3 2019 % Change Q3 Q3 2019 % Change Q3 2020 Hotels 2020 2019 2020

UpscaleCourtyard 36 45.3 % 77.2 % (41.4 %) $115.04 $150.45 (23.5 %) $52.07 $116.15 (55.2 %) 20.6 %

Hilton 41 43.6 % 79.1 % (44.9 %) $94.58 $133.65 (29.2 %) $41.22 $105.66 (61.0 %) 8.5 %Garden InnHomewood 33 64.5 % 83.2 % (22.5 %) $101.90 $134.23 (24.1 %) $65.77 $111.74 (41.1 %) 20.2 %Suites 1 20.3 % $83.31 $16.95 (0.3 )Hyatt House %

2 35.1 % 78.4 % (55.2 %) $89.82 $101.23 (11.3 %) $31.56 $79.36 (60.2 %) (0.3 )Hyatt Place %

Residence 33 62.4 % 83.0 % (24.8 %) $120.01 $156.02 (23.1 %) $74.93 $129.56 (42.2 %) 33.0 %InnSpringHill 13 34.7 % 80.0 % (56.6 %) $85.93 $124.37 (30.9 %) $29.84 $99.53 (70.0 %) (0.1 )Suites %

Upscale 159 50.6 % 80.2 % (36.9 %) $106.32 $141.29 (24.7 %) $53.82 $113.36 (52.5 %) 81.6 %Total UpperMidscaleFairfieldInn / 11 35.3 % 75.4 % (53.1 %) $86.59 $113.84 (23.9 %) $30.58 $85.79 (64.4 %) 0.5 %FairfieldInn & SuitesHampton Inn 40 43.0 % 80.5 % (46.5 %) $98.38 $132.32 (25.7 %) $42.32 $106.49 (60.3 %) 8.4 %/ HamptonInn & SuitesHome2 Suites 10 62.4 % 81.1 % (23.1 %) $108.04 $140.50 (23.1 %) $67.44 $114.02 (40.9 %) 8.6 %

TownePlace 9 62.2 % 80.6 % (22.8 %) $94.32 $118.57 (20.5 %) $58.71 $95.55 (38.6 %) 5.9 %SuitesUpper 70 46.6 % 79.8 % (41.6 %) $98.16 $129.04 (23.9 %) $45.73 $102.93 (55.6 %) 23.4 %MidscaleTotal UpperUpscaleEmbassy 2 61.6 % 88.3 % (30.3 %) $150.19 $212.44 (29.3 %) $92.47 $187.56 (50.7 %) 2.9 %Suites 2 12.5 % 61.0 % (79.5 %) $98.51 $144.98 (32.1 %) $12.32 $88.45 (86.1 %) (1.9 )Marriott %

Upper 4 29.1 % 70.3 % (58.5 %) $135.51 $173.72 (22.0 %) $39.47 $122.06 (67.7 %) 1.0 %UpscaleTotal Independents 2 28.4 % 90.5 % (68.6 %) $130.10 $240.66 (45.9 %) $36.91 $217.72 (83.0 %) (6.0 )Independents %

Independents 2 28.4 % 90.5 % (68.6 %) $130.10 $240.66 (45.9 %) $36.91 $217.72 (83.0 %) (6.0 )Total %

Total 235 48.6 % 79.9 % (39.2 %) $104.78 $139.78 (25.0 %) $50.94 $111.66 (54.4 %) 100.0 %Portfolio Note: Chain scale categorization based on STR designation.

Apple Hospitality REIT, Inc.

Comparable Hotels Operating Metrics by Chain Scale

Nine Months Ended September 30

(Unaudited)

Chain Scale/BrandOccupancy

ADR

RevPAR

% of Adjusted

Hotel EBITDA

# of Hotels

YTD 2020

YTD 2019

% Change

YTD 2020

YTD 2019

% Change

YTD 2020

YTD 2019

% Change

YTD 2020

UpscaleCourtyard36

40.7

%

76.2

%

(46.6

%)

$123.89

$146.70

(15.5

%)

$50.43

$111.72

(54.9

%)

16.4

%

Hilton Garden Inn41

41.7

%

77.7

%

(46.4

%)

$110.19

$135.60

(18.7

%)

$45.90

$105.40

(56.5

%)

11.7

%

Homewood Suites33

59.1

%

82.9

%

(28.7

%)

$114.35

$138.73

(17.6

%)

$67.64

$115.04

(41.2

%)

20.7

%

Hyatt House1

20.3

%

$83.31

$16.95

(0.1

)%

Hyatt Place2

46.0

%

76.6

%

(40.0

%)

$93.73

$107.66

(12.9

%)

$43.08

$82.49

(47.8

%)

0.0

%

Residence Inn33

58.0

%

80.2

%

(27.7

%)

$126.96

$149.54

(15.1

%)

$73.58

$119.93

(38.6

%)

31.0

%

SpringHill Suites13

34.7

%

77.3

%

(55.1

%)

$102.75

$125.78

(18.3

%)

$35.67

$97.24

(63.3

%)

0.7

%

Upscale Total159

47.3

%

78.7

%

(40.0

%)

$117.47

$140.65

(16.5

%)

$55.53

$110.75

(49.9

%)

80.4

%

Upper MidscaleFairfield Inn / Fairfield Inn & Suites11

37.3

%

75.5

%

(50.6

%)

$100.77

$117.82

(14.5

%)

$37.55

$88.90

(57.8

%)

1.3

%

Hampton Inn / Hampton Inn & Suites40

40.4

%

77.8

%

(48.1

%)

$112.80

$135.78

(16.9

%)

$45.56

$105.61

(56.9

%)

9.5

%

Home2 Suites10

59.1

%

82.9

%

(28.7

%)

$112.95

$139.97

(19.3

%)

$66.76

$115.98

(42.4

%)

7.6

%

TownePlace Suites9

57.8

%

79.0

%

(26.9

%)

$103.01

$118.74

(13.3

%)

$59.52

$93.82

(36.6

%)

5.9

%

Upper Midscale Total70

44.3

%

78.2

%

(43.3

%)

$109.83

$131.62

(16.6

%)

$48.66

$102.89

(52.7

%)

24.3

%

Upper UpscaleEmbassy Suites2

61.4

%

88.6

%

(30.7

%)

$154.47

$196.22

(21.3

%)

$94.86

$173.91

(45.5

%)

2.7

%

Marriott2

20.6

%

64.6

%

(68.1

%)

$134.00

$148.66

(9.9

%)

$27.63

$96.10

(71.2

%)

(1.7

)%

Upper Upscale Total4

34.4

%

72.8

%

(52.7

%)

$146.37

$168.30

(13.0

%)

$50.42

$122.48

(58.8

%)

1.0

%

IndependentsIndependents2

29.7

%

89.7

%

(66.9

%)

$133.06

$228.04

(41.7

%)

$39.53

$204.65

(80.7

%)

(5.7

)%

Independents Total2

29.7

%

89.7

%

(66.9

%)

$133.06

$228.04

(41.7

%)

$39.53

$204.65

(80.7

%)

(5.7

)%

Total Portfolio235

45.9

%

78.5

%

(41.5

%)

$116.17

$139.85

(16.9

%)

$53.30

$109.78

(51.4

%)

100.0

%

Note:Chain scale categorization based on STR designation.

Apple Hospitality REIT, Inc.

Comparable Hotels Operating Metrics by Chain Scale

Nine Months Ended September 30

(Unaudited)

% of AdjustedChain Scale/ Occupancy ADR RevPAR Brand Hotel EBITDA

# of YTD YTD % Change YTD YTD % Change YTD YTD % Change YTD 2020 Hotels 2020 2019 2020 2019 2020 2019

UpscaleCourtyard 36 40.7 % 76.2 % (46.6 %) $123.89 $146.70 (15.5 %) $50.43 $111.72 (54.9 %) 16.4 %

Hilton 41 41.7 % 77.7 % (46.4 %) $110.19 $135.60 (18.7 %) $45.90 $105.40 (56.5 %) 11.7 %Garden InnHomewood 33 59.1 % 82.9 % (28.7 %) $114.35 $138.73 (17.6 %) $67.64 $115.04 (41.2 %) 20.7 %SuitesHyatt House 1 20.3 % $83.31 $16.95 (0.1 )%

Hyatt Place 2 46.0 % 76.6 % (40.0 %) $93.73 $107.66 (12.9 %) $43.08 $82.49 (47.8 %) 0.0 %

Residence 33 58.0 % 80.2 % (27.7 %) $126.96 $149.54 (15.1 %) $73.58 $119.93 (38.6 %) 31.0 %InnSpringHill 13 34.7 % 77.3 % (55.1 %) $102.75 $125.78 (18.3 %) $35.67 $97.24 (63.3 %) 0.7 %SuitesUpscale 159 47.3 % 78.7 % (40.0 %) $117.47 $140.65 (16.5 %) $55.53 $110.75 (49.9 %) 80.4 %Total UpperMidscaleFairfieldInn / 11 37.3 % 75.5 % (50.6 %) $100.77 $117.82 (14.5 %) $37.55 $88.90 (57.8 %) 1.3 %FairfieldInn & SuitesHampton Inn 40 40.4 % 77.8 % (48.1 %) $112.80 $135.78 (16.9 %) $45.56 $105.61 (56.9 %) 9.5 %/ HamptonInn & SuitesHome2 Suites 10 59.1 % 82.9 % (28.7 %) $112.95 $139.97 (19.3 %) $66.76 $115.98 (42.4 %) 7.6 %

TownePlace 9 57.8 % 79.0 % (26.9 %) $103.01 $118.74 (13.3 %) $59.52 $93.82 (36.6 %) 5.9 %SuitesUpper 70 44.3 % 78.2 % (43.3 %) $109.83 $131.62 (16.6 %) $48.66 $102.89 (52.7 %) 24.3 %MidscaleTotal UpperUpscaleEmbassy 2 61.4 % 88.6 % (30.7 %) $154.47 $196.22 (21.3 %) $94.86 $173.91 (45.5 %) 2.7 %SuitesMarriott 2 20.6 % 64.6 % (68.1 %) $134.00 $148.66 (9.9 %) $27.63 $96.10 (71.2 %) (1.7 )%

Upper 4 34.4 % 72.8 % (52.7 %) $146.37 $168.30 (13.0 %) $50.42 $122.48 (58.8 %) 1.0 %UpscaleTotal IndependentsIndependents 2 29.7 % 89.7 % (66.9 %) $133.06 $228.04 (41.7 %) $39.53 $204.65 (80.7 %) (5.7 )%

Independents 2 29.7 % 89.7 % (66.9 %) $133.06 $228.04 (41.7 %) $39.53 $204.65 (80.7 %) (5.7 )%Total Total 235 45.9 % 78.5 % (41.5 %) $116.17 $139.85 (16.9 %) $53.30 $109.78 (51.4 %) 100.0 %Portfolio Note: Chain scale categorization based on STR designation.

Apple Hospitality REIT, Inc.

Comparable Hotels Operating Metrics by Location

Three Months Ended September 30

(Unaudited)

LocationOccupancy

ADR

RevPAR

% of Adjusted

Hotel EBITDA

# of Hotels

Q3 2020

Q3 2019

% Change

Q3 2020

Q3 2019

% Change

Q3 2020

Q3 2019

% Change

Q3 2020

STR LocationAirport19

50.5

%

81.0

%

(37.6

%)

$91.27

$128.82

(29.1

%)

$46.13

$104.35

(55.8

%)

3.4

%

Interstate6

60.1

%

81.7

%

(26.4

%)

$97.74

$112.44

(13.1

%)

$58.77

$91.91

(36.1

%)

3.7

%

Resort11

44.4

%

82.4

%

(46.1

%)

$154.89

$147.80

4.8

%

$68.80

$121.74

(43.5

%)

12.2

%

Small Metro/Town16

55.9

%

76.0

%

(26.4

%)

$91.49

$112.47

(18.7

%)

$51.16

$85.51

(40.2

%)

7.9

%

Suburban141

50.4

%

79.6

%

(36.6

%)

$103.14

$136.83

(24.6

%)

$52.01

$108.89

(52.2

%)

62.2

%

Urban42

40.8

%

80.6

%

(49.3

%)

$108.99

$159.58

(31.7

%)

$44.51

$128.63

(65.4

%)

10.6

%

Total Portfolio235

48.6

%

79.9

%

(39.2

%)

$104.78

$139.78

(25.0

%)

$50.94

$111.66

(54.4

%)

100.0

%

Note:Location categorization based on STR designation.

Apple Hospitality REIT, Inc.

Comparable Hotels Operating Metrics by Location

Three Months Ended September 30

(Unaudited)

% of AdjustedLocation Occupancy ADR RevPAR Hotel EBITDA

# of Q3 Q3 % Change Q3 2020 Q3 2019 % Change Q3 Q3 2019 % Change Q3 2020 Hotels 2020 2019 2020

STR LocationAirport 19 50.5 % 81.0 % (37.6 %) $91.27 $128.82 (29.1 %) $46.13 $104.35 (55.8 %) 3.4 %

Interstate 6 60.1 % 81.7 % (26.4 %) $97.74 $112.44 (13.1 %) $58.77 $91.91 (36.1 %) 3.7 %

Resort 11 44.4 % 82.4 % (46.1 %) $154.89 $147.80 4.8 % $68.80 $121.74 (43.5 %) 12.2 %

Small Metro/ 16 55.9 % 76.0 % (26.4 %) $91.49 $112.47 (18.7 %) $51.16 $85.51 (40.2 %) 7.9 %TownSuburban 141 50.4 % 79.6 % (36.6 %) $103.14 $136.83 (24.6 %) $52.01 $108.89 (52.2 %) 62.2 %

Urban 42 40.8 % 80.6 % (49.3 %) $108.99 $159.58 (31.7 %) $44.51 $128.63 (65.4 %) 10.6 %

Total 235 48.6 % 79.9 % (39.2 %) $104.78 $139.78 (25.0 %) $50.94 $111.66 (54.4 %) 100.0 %Portfolio Note: Location categorization based on STR designation.

Apple Hospitality REIT, Inc.

Comparable Hotels Operating Metrics by Location

Nine Months Ended September 30

(Unaudited)

LocationOccupancy

ADR

RevPAR

% of Adjusted

Hotel EBITDA

# of Hotels

YTD 2020

YTD 2019

% Change

YTD 2020

YTD 2019

% Change

YTD 2020

YTD 2019

% Change

YTD 2020

STR LocationAirport19

52.6

%

81.1

%

(35.2

%)

$107.23

$130.94

(18.1

%)

$56.36

$106.24

(47.0

%)

7.2

%

Interstate6

51.6

%

77.4

%

(33.3

%)

$101.79

$111.21

(8.5

%)

$52.54

$86.05

(38.9

%)

2.8

%

Resort11

44.7

%

83.0

%

(46.2

%)

$145.84

$152.24

(4.2

%)

$65.12

$126.43

(48.5

%)

9.4

%

Small Metro/Town16

51.8

%

78.9

%

(34.3

%)

$106.47

$120.07

(11.3

%)

$55.15

$94.71

(41.8

%)

8.9

%

Suburban141

46.7

%

77.9

%

(40.1

%)

$113.78

$135.93

(16.3

%)

$53.15

$105.94

(49.8

%)

59.5

%

Urban42

39.4

%

78.2

%

(49.6

%)

$125.71

$159.14

(21.0

%)

$49.52

$124.44

(60.2

%)

12.2

%

Total Portfolio235

45.9

%

78.5

%

(41.5

%)

$116.17

$139.85

(16.9

%)

$53.30

$109.78

(51.4

%)

100.0

%

Note:Location categorization based on STR designation.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201105006100/en/

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