[Results of Operations for Third Quarter 2024](index=1&type=section&id=Results%20of%20Operations%20for%20Third%20Quarter%202024) The company reported mixed financial results for Q3 2024, with a slight net income decrease offset by growth in Adjusted EBITDAre and RevPAR, supported by strong operating fundamentals and strategic capital allocation [Q3 2024 Key Financial & Operating Metrics](index=1&type=section&id=Q3%202024%20Key%20Financial%20%26%20Operating%20Metrics) For the third quarter of 2024, Apple Hospitality REIT reported a 3.8% decrease in Net Income to $56.3 million, while Adjusted EBITDAre grew by 5.7% to $128.9 million. Total portfolio RevPAR increased by 1.8% to $125.10, driven by a 2.0% rise in ADR, with occupancy remaining nearly flat. MFFO per share was stable at $0.45 Q3 2024 Financial Highlights (vs. Q3 2023) | Metric | Q3 2024 (in thousands) | Q3 2023 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Net Income | $56,266 | $58,512 | (3.8%) | | Net Income per Share | $0.23 | $0.26 | (11.5%) | | Operating Income | $77,726 | $76,295 | 1.9% | | Adjusted EBITDAre | $128,900 | $121,927 | 5.7% | | MFFO | $107,439 | $104,139 | 3.2% | | MFFO per Share | $0.45 | $0.45 | 0.0% | Q3 2024 Operating Metrics (Actual vs. Q3 2023) | Metric | Q3 2024 | Q3 2023 | % Change | | :--- | :--- | :--- | :--- | | ADR (Actual) | $162.57 | $159.36 | 2.0% | | Occupancy (Actual) | 77.0% | 77.1% | (0.1%) | | RevPAR (Actual) | $125.10 | $122.91 | 1.8% | [Management Commentary](index=2&type=section&id=Management%20Commentary) The CEO highlighted strong operating fundamentals, with a 1% Comparable Hotels RevPAR growth in Q3 2024, driven by steady business transient demand and strong leisure travel. The company emphasized its disciplined capital allocation strategy, including strategic acquisitions, dispositions, and share repurchases, while maintaining a strong balance sheet to maximize long-term shareholder value - Operating fundamentals remained strong during the quarter, with **Comparable Hotels RevPAR growth of approximately 1%** compared to Q3 2023, driven by slow but steady improvement in business transient demand and ongoing strength in leisure travel[3](index=3&type=chunk) - Preliminary results for October 2024 show continued momentum with **Comparable Hotels RevPAR growth of approximately 4%**, driven by increases in both occupancy and ADR[4](index=4&type=chunk) - The company highlighted its disciplined capital allocation strategy, which includes acquiring two hotels for **$196 million**, selling three for **$41 million**, and repurchasing **$35 million** in common shares since the beginning of the year through October[3](index=3&type=chunk) [Third Quarter 2024 Highlights](index=2&type=section&id=Third%20Quarter%202024%20Highlights) Key highlights for Q3 2024 include a 1% increase in Comparable Hotels RevPAR to $125, a 6% rise in Adjusted EBITDAre to $129 million, and a 3% increase in MFFO to $107 million. The company repurchased $19.2 million of its common shares, maintained a strong balance sheet with a net debt-to-capitalization ratio of approximately 30%, and paid distributions of $0.24 per share - **Comparable Hotels RevPAR was $125**, an increase of **approximately 1%** over Q3 2023[4](index=4&type=chunk) - **Adjusted EBITDAre increased by approximately 6% to $129 million**, and **MFFO grew by approximately 3% to $107 million** compared to Q3 2023[4](index=4&type=chunk) - The company repurchased approximately **1.4 million common shares for an aggregate price of $19.2 million** during the third quarter[4](index=4&type=chunk) - Maintained a strong balance sheet with total debt to total capitalization, net of cash, at **approximately 30%** as of September 30, 2024[5](index=5&type=chunk) [Portfolio Activity & Capital Allocation](index=2&type=section&id=Portfolio%20Activity%20%26%20Capital%20Allocation) The company actively managed its portfolio in 2024 through strategic acquisitions and dispositions, while committing significant capital to property improvements to enhance asset value [Portfolio Overview](index=2&type=section&id=Portfolio%20Overview) As of September 30, 2024, Apple Hospitality's portfolio consisted of 224 hotels with 30,068 guest rooms across 37 states and the District of Columbia. One hotel was classified as held for sale - As of September 30, 2024, the Company owned **224 hotels**, with an aggregate of **30,068 guest rooms** located in 87 markets throughout 37 states and the District of Columbia[3](index=3&type=chunk) [Acquisitions & Dispositions](index=3&type=section&id=Acquisitions%20%26%20Dispositions) In 2024, the company acquired two hotels for a total of $196.3 million and sold three hotels for a combined $40.6 million, resulting in a gain of $18.2 million. Additionally, the company has one hotel under contract for a potential acquisition in late 2025 and four hotels under contract for sale for a combined price of $31.1 million - Acquired **two hotels** in 2024 for a combined purchase price of approximately **$196.3 million**: the AC Hotel by Marriott Washington DC Convention Center and the Embassy Suites by Hilton Madison Downtown[8](index=8&type=chunk) - Sold **three hotels** during the first nine months of 2024 for a combined gross sales price of approximately **$40.6 million**, generating a gain of **$18.2 million**[10](index=10&type=chunk) - The company has **one hotel**, a Motto by Hilton in Nashville, under contract for a potential acquisition for approximately **$98.2 million**, expected in late 2025[9](index=9&type=chunk) - **Four hotels** are currently under contract for sale for a combined gross sales price of approximately **$31.1 million**, with closings expected in late 2024 or early 2025[11](index=11&type=chunk) [Capital Improvements](index=4&type=section&id=Capital%20Improvements) The company is committed to reinvesting in its properties to maintain competitiveness. Approximately $48 million was invested in capital expenditures in the first nine months of 2024, with a full-year forecast of $75 million to $85 million, including comprehensive renovations for about 20 hotels - Invested approximately **$48 million** in capital expenditures during the nine months ended September 30, 2024[13](index=13&type=chunk) - Anticipates investing a total of **$75 million to $85 million** in capital improvements for the full year 2024, which includes renovations for approximately **20 hotels**[13](index=13&type=chunk) [Financial Condition & Capital Markets](index=4&type=section&id=Financial%20Condition%20%26%20Capital%20Markets) The company maintained a strong financial position with manageable debt and ample liquidity, actively engaging in share repurchases and consistent shareholder distributions [Balance Sheet and Liquidity](index=4&type=section&id=Balance%20Sheet%20and%20Liquidity) As of September 30, 2024, the company had approximately $1.5 billion in total debt with a weighted-average interest rate of 4.9%. Liquidity remained strong with $6 million in cash and $540 million available under its revolving credit facility. The company's net debt to total capitalization was approximately 30%, and it increased its unencumbered hotel count to 210 after repaying a $20 million mortgage Debt and Liquidity as of September 30, 2024 | Metric | Value | | :--- | :--- | | Total Outstanding Debt | ~$1.5 billion | | Weighted-Average Interest Rate | ~4.9% | | Cash on Hand | ~$6 million | | Revolving Credit Facility Availability | ~$540 million | | Net Debt to Total Capitalization | ~30% | - In August 2024, the company repaid a **$20 million secured mortgage loan**, increasing the number of unencumbered hotels in its portfolio to **210**[14](index=14&type=chunk) - In July 2024, the company amended its unsecured term loan facility, increasing the amount from **$85 million to $130 million** and extending the maturity date to July 2026[15](index=15&type=chunk) [Capital Markets Activity](index=5&type=section&id=Capital%20Markets%20Activity) During Q3 2024, the company repurchased 1.4 million common shares for $19.2 million under its Share Repurchase Program, leaving $301 million of authorization. No shares were issued under its $500 million At-The-Market (ATM) Program during the quarter - In Q3 2024, the Company repurchased approximately **1.4 million common shares for $19.2 million** at a weighted-average price of **$14.02 per share**[16](index=16&type=chunk) - As of September 30, 2024, approximately **$301 million** remained available for repurchases under the Share Repurchase Program[16](index=16&type=chunk) - No shares were sold under the At-The-Market (ATM) offering program during the three and nine months ended September 30, 2024[17](index=17&type=chunk) [Shareholder Distributions](index=5&type=section&id=Shareholder%20Distributions) The company paid distributions totaling $0.24 per common share during the third quarter of 2024. The current annualized distribution of $0.96 per share represents an annual yield of approximately 6.5% based on the stock price on November 1, 2024. All distributions are subject to Board of Directors' approval - Paid distributions of **$0.24 per common share** during the three months ended September 30, 2024[18](index=18&type=chunk) - The current annualized regular monthly cash distribution of **$0.96 per common share** represents an annual yield of **6.5%** as of November 1, 2024[18](index=18&type=chunk) [Updated 2024 Outlook](index=5&type=section&id=Updated%202024%20Outlook) The company updated its full-year 2024 financial outlook, adjusting forecasts for Net Income, Adjusted EBITDAre, and Comparable Hotels RevPAR Change [Full Year 2024 Guidance](index=5&type=section&id=Full%20Year%202024%20Guidance) The company has updated its full-year 2024 outlook, adjusting its forecast for Net Income to a range of $204 million to $221 million and Adjusted EBITDAre to between $458 million and $469 million. The guidance for Comparable Hotels RevPAR Change is now 0.75% to 2.00%, while capital expenditures are projected to be between $75 million and $85 million - The company updated its 2024 guidance, decreasing the midpoint for Net Income by **$1 million**, decreasing Comparable Hotels RevPAR Change by **12.5 bps**, and decreasing Adjusted EBITDAre by **$1.5 million** compared to previous guidance[19](index=19&type=chunk) Updated Full-Year 2024 Guidance | Metric | Low-End | High-End | | :--- | :--- | :--- | | Net income | $204 Million | $221 Million | | Comparable Hotels RevPAR Change | 0.75% | 2.00% | | Comparable Hotels Adjusted Hotel EBITDA Margin % | 35.3% | 35.9% | | Adjusted EBITDAre | $458 Million | $469 Million | | Capital expenditures | $75 Million | $85 Million | [Financial Statements & Reconciliations](index=8&type=section&id=Financial%20Condition%20%26%20Capital%20Markets) The report provides comprehensive consolidated financial statements and detailed reconciliations of GAAP net income to key non-GAAP measures, alongside a summary of the company's debt structure [Consolidated Financial Statements](index=8&type=section&id=Consolidated%20Financial%20Statements) The Consolidated Balance Sheet as of September 30, 2024, shows Total Assets of $5.02 billion and Total Liabilities of $1.72 billion. The Consolidated Statement of Operations for Q3 2024 reported Total Revenue of $378.8 million and Net Income of $56.3 million Consolidated Balance Sheet Highlights (as of Sep 30, 2024) | Account | Amount (in thousands) | | :--- | :--- | | Total Assets | $5,021,803 | | Debt, net | $1,501,189 | | Total Liabilities | $1,724,934 | | Total Shareholders' Equity | $3,296,869 | Consolidated Statement of Operations (Q3 2024) | Account | Amount (in thousands) | | :--- | :--- | | Total Revenue | $378,843 | | Total Expense | $301,117 | | Operating Income | $77,726 | | Net Income | $56,266 | [Non-GAAP Reconciliations](index=14&type=section&id=Non-GAAP%20Reconciliations) The report provides detailed reconciliations of GAAP Net Income to key non-GAAP measures. For Q3 2024, Net Income of $56.3 million was reconciled to Adjusted EBITDAre of $128.9 million and Modified Funds From Operations (MFFO) of $107.4 million. These adjustments primarily account for depreciation, amortization, interest, and taxes Reconciliation of Net Income to Adjusted EBITDAre (Q3 2024) | Item | Amount (in thousands) | | :--- | :--- | | Net income | $56,266 | | Depreciation and amortization | $48,143 | | Interest and other expense, net | $21,217 | | Income tax expense | $243 | | Loss on impairment | $2,896 | | **Adjusted EBITDAre** | **$128,900** | Reconciliation of Net Income to MFFO (Q3 2024) | Item | Amount (in thousands) | | :--- | :--- | | Net income | $56,266 | | Depreciation of real estate owned | $47,383 | | Loss on impairment | $2,896 | | **Funds from operations (FFO)** | **$106,545** | | Other adjustments | $894 | | **Modified funds from operations (MFFO)** | **$107,439** | [Debt Summary](index=18&type=section&id=Debt%20Summary) As of September 30, 2024, the company's total debt was $1.507 billion with a weighted-average interest rate of 4.9%. The debt is laddered, with maturities extending beyond 2028. Variable-rate debt constituted approximately $1.126 billion of the total - **Total debt outstanding was $1.507 billion** with an average interest rate of **4.9%**[45](index=45&type=chunk) - The debt portfolio consists of **$1.126 billion in variable-rate debt** and **$381.5 million in fixed-rate debt**[45](index=45&type=chunk) [Detailed Operating Metrics](index=10&type=section&id=Detailed%20Operating%20Metrics) Detailed operating metrics reveal varied performance across comparable and same-store hotels, with insights into regional, market, location, and chain scale segment contributions [Comparable vs. Same Store Hotels Performance](index=10&type=section&id=Comparable%20vs.%20Same%20Store%20Hotels%20Performance) For Q3 2024, Comparable Hotels (223 properties) saw RevPAR grow by 0.8% to $125.30, while Same Store Hotels (215 properties) saw a smaller 0.6% RevPAR growth to $123.90. The Comparable Hotels portfolio showed slightly stronger revenue growth, benefiting from recent acquisitions, whereas the Same Store portfolio provides a more stabilized view of underlying performance Q3 2024 Performance: Comparable vs. Same Store Hotels | Metric | Comparable Hotels | Same Store Hotels | | :--- | :--- | :--- | | RevPAR | $125.30 (+0.8% YoY) | $123.90 (+0.6% YoY) | | Adjusted Hotel EBITDA | $139.2 million (+0.3% YoY) | $129.0 million (-0.8% YoY) | | Adj. Hotel EBITDA Margin | 36.8% (-60 bps) | 36.6% (-50 bps) | [Performance by Market, Region, and Location](index=19&type=section&id=Performance%20by%20Market%2C%20Region%2C%20and%20Location) In Q3 2024, performance varied significantly by market. Strong RevPAR growth was seen in markets like Chicago (+10.7%) and Melbourne, FL (+17.1%), while Nashville (-13.9%) and Denver (-7.5%) experienced declines. Regionally, the East North Central area showed strong RevPAR growth of 7.8%, whereas the East South Central region declined by 6.2%. Urban and Suburban locations, which constitute the bulk of the portfolio, showed modest RevPAR changes - Top 20 markets, representing **62.7% of Q3 Adjusted Hotel EBITDA**, saw an aggregate RevPAR increase of **1.1% YoY**[46](index=46&type=chunk) - By region, the Pacific region was the largest contributor to Q3 Adjusted Hotel EBITDA (**26.1%**), with RevPAR growth of **0.9%**. The East North Central region had the highest RevPAR growth at **7.8%**[48](index=48&type=chunk) - By location type, Suburban hotels (**45.1% of EBITDA**) saw RevPAR grow **1.7%**, while Urban hotels (**38.0% of EBITDA**) saw RevPAR grow **0.2%** in Q3 2024[52](index=52&type=chunk) [Performance by Chain Scale](index=22&type=section&id=Performance%20by%20Chain%20Scale) In Q3 2024, the Upper Upscale segment demonstrated the strongest performance with a 7.1% increase in RevPAR. The large Upscale segment, which accounts for nearly 74% of EBITDA, had flat RevPAR growth. The Upper Midscale segment saw a 1.6% increase in RevPAR Q3 2024 RevPAR Growth by Chain Scale | Chain Scale | RevPAR Growth (YoY) | % of Adj. Hotel EBITDA | | :--- | :--- | :--- | | Upscale | 0.0% | 73.6% | | Upper Midscale | 1.6% | 21.5% | | Upper Upscale | 7.1% | 4.9% |

Core Insights - The article expresses a personal opinion regarding the investment potential of EPR shares, indicating a beneficial long position in the stock [1] Group 1 - The article does not provide specific financial data or performance metrics related to EPR or the broader market [2]

Market Overview - The market is currently trading at 21x forward EPS, which is 1.2 standard deviations above its 30-year average, indicating it is one of the most expensive markets excluding the pandemic period [2][5] - Historically, higher valuations correlate with poorer returns, with the implied five-year annualized return expected to be below 5% at current valuations [5] - The market anticipates S&P 500 EPS growth to accelerate from 11% in 2024 to 15% in both 2025 and 2026, providing a rationale for continued investment despite elevated valuations [5] Investment Opportunities - Finding deep-value ideas is becoming more challenging as the market is not cheap, with previously undervalued sectors like real estate, consumer staples, and utilities showing significant capital gains recently [5] - NewLake Capital Partners, a REIT focused on the cannabis sector, has a market cap of $410 million and owns 32 properties across 12 states, with a 100% occupancy rate and a weighted average remaining lease term of 14 years [6][8] - NewLake Capital Partners expects 10.5% annual growth in the cannabis industry through at least 2027, positioning itself well for continued growth [11] - Apple Hospitality REIT, with a market cap of $3.4 billion, owns 224 hotels and has a strong focus on room revenue, achieving a 99% occupancy rate and a 13.2% increase in net income in the second quarter [21][23] - Apple Hospitality REIT pays a monthly dividend of $0.08 per share, translating to an annualized yield of 6.7%, with a healthy AFFO payout ratio of 72% [24] Valuation Insights - NewLake Capital Partners trades at a blended P/AFFO ratio of 9.9x, below its long-term average of 13.8x, with expected per-share AFFO growth of 8% this year [16][18] - A conservative P/AFFO ratio of 12x for NewLake would indicate a fair stock price of $27, representing a 37% upside from the current price [18] - Apple Hospitality REIT trades at a blended P/AFFO ratio of 10.7x, slightly below its long-term average, with expected per-share AFFO growth of 3% in both 2025 and 2026 [26]

iridi Foreword This article concentrates on an August 12, 2024, list of 52 Buy & Hold contenders published below. Yields for those maybe buy & hold 52 were all greater than 2.11% in early August. The advantage of focusing on mid-to-large-cap stocks is that these companies tend to be less volatile and also tend to have more resources (e.g., strong management, access to credit, etc.) to maintain their dividend payments over the long-haul. Any collection of stocks is more clearly understood when subjected ...

Financial Data and Key Metrics Changes - Comparable Hotels total revenue for Q2 2024 was $387 million, up 3% year-over-year, and $718 million year-to-date, up 2% compared to the same period in 2023 [20] - Comparable Hotels RevPAR for the quarter was $130, up 2.5%, with ADR at $163, also up slightly, and occupancy at 80%, an increase of 2% year-over-year [20][21] - Adjusted EBITDAre for the quarter was $141 million, up 9% year-over-year, and modified funds from operations (MFFO) was $121 million, also up 9% compared to the same period in 2023 [28] Business Line Data and Key Metrics Changes - Comparable Hotels adjusted hotel EBITDA margin was 39.1% for the quarter, down 50 basis points year-over-year [27] - Total hotel expenses increased by 3.5% year-over-year, decelerating from 4.2% in Q1 2024 [24] - Payroll per-occupied room was $38, up 3.4% year-over-year, but growth rate decelerated compared to Q1 [25][26] Market Data and Key Metrics Changes - Approximately 55% of hotels had no new upper upscale or upper midscale products under construction within a five-mile radius, indicating limited new supply [18] - Weekend occupancy increased by 2.3% year-over-year during Q2, while weekday occupancy also saw a similar increase [22] - The strongest rate growth was observed on Monday nights, with occupancy reaching 86% during the quarter [23] Company Strategy and Development Direction - The company continues to focus on maximizing long-term value for shareholders through disciplined capital allocation, including acquisitions and share repurchases [15][14] - Recent acquisitions have enhanced the portfolio, with seven hotels acquired since June of the previous year yielding approximately 9% after capital improvements [11] - The company is actively evaluating acquisition opportunities while monitoring the performance of existing hotels for potential disposals [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the portfolio and the ability to benefit from incremental demand due to limited new supply [18][19] - The updated guidance for 2024 reflects a decrease in net income expectations and a modest decline in RevPAR growth, primarily due to increased price sensitivity in leisure demand [31][34] - Despite challenges, management remains optimistic about the operating fundamentals and the potential for continued strong performance [35] Other Important Information - The company repurchased approximately 1.6 million shares at an average price of $14.29 per share, totaling around $23 million [14][31] - The company anticipates spending between $75 million and $85 million on capital expenditures in 2024, focusing on renovations at approximately 20 hotels [17] Q&A Session Summary Question: What is the current expectation for the spread between business transient and leisure rates? - Management noted that the spread is still behind 2019 levels, with a reversal in trends observed post-pandemic, but there is potential for improvement [39] Question: Will there be changes to the current dividend level? - Management confirmed that there is adequate coverage for the current dividend level and no changes are anticipated [42] Question: Are there potential acquisitions on hold due to stock price? - Management indicated that they are underwriting many deals but are cautious due to the current trading environment, with sellers generally holding assets rather than adjusting prices [44] Question: What needs to happen for additional rate upside? - Management expressed confidence in the booking pace and noted that negotiations for corporate accounts will soon begin, which could lead to favorable pricing [49] Question: Can you provide insights on the performance of the New York property? - Management discussed ongoing legal issues with LuxUrban and the conservative accounting approach taken regarding potential payments [87][90]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Shares, no par value APLE New York Stock Exchange FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _______ TO _______ Commission File N ...

Exhibit 99.1 Apple Hospitality REIT Reports Results of Operations for Second Quarter 2024 RICHMOND, Va. (August 5, 2024) – Apple Hospitality REIT, Inc. (NYSE: APLE) (the "Company" or "Apple Hospitality") today announced results of operations for the second quarter ended June 30, 2024. Apple Hospitality REIT, Inc. Selected Statistical and Financial Data As of and For the Three and Six Months Ended June 30 (Unaudited) (in thousands, except statistical and per share amounts) (1) Three Months Ended Six Months E ...

Calendar and piggy bank on yellow background.gettyLet’s talk about monthly dividend payers today because, well, why waste our valuable time with stocks that only pay quarterly?I selected five for our review. We’re talking sixty dividend payments per year from this group. The most generous stock dishes an elite 8.6% annually. (The “laggard” yields a respectable 6.5%.)Why don’t more companies pay monthly? The answer is predictable and disappointing.Wall Street runs on a quarterly system. US-listed companies a ...

Monthly dividend stocks are attractive for income investors who are looking for more frequent payouts. Most stocks that pay dividends do so on a quarterly or semi-annual schedule.But monthly dividend stocks pay shareholders each month, for 12 payments per year.Many of these monthly dividend stocks offer high yields. This article will discuss three of the top high-yielding monthly dividend stocks today.Main Street Capital (MAIN)Source: Piotr Swat / ShutterstockMain Street Capital is a business development co ...

PM Images Due to the sell-off of 2022 and 2023, REIT yields are higher than usual right now, despite the rally off the October 2023 low. If the fed cuts rates in September as anticipated, REIT prices will probably rise. In fact, they have been trending generally upward for the past 3 months. VNQ price movement (Seeking Alpha Premium) So this may be a good time to go shopping for a higher yield than you might ordinarily trust. The problem, of course, is that some high-yielding REITs are actually mouset ...