Short answer
Apple Hospitality REIT, Inc. (APLE) filed its fiscal 2025 10-K annual report with the SEC on Feb 23, 2026. It reported revenue of $1.4B (−1.3% year over year) and net income of $175M.
- Top risk flagged: Regulatory/legal risk: Compliance with Marriott and Hilton franchise agreements requiring costly renovations and adherence to brand standards, risking penalties or termination of agreements
FY2025 key financial metrics · XBRL
- Revenue
- $1.4B
- −1.3% YoY
- Net income
- $175M
- −18.1% YoY
- Operating margin
- 18.3%
- −2.2 pp YoY
- EPS (diluted)
- $0.74
- −16.9% YoY
- ROE
- 5.6%
- −1.0 pp YoY
- Operating cash flow
- $370M
- −8.7% YoY
Source: XBRL data from the Apple Hospitality REIT, Inc. (APLE) FY2025 10-K on SEC EDGAR. USD.
Apple Hospitality REIT, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: U.S.-focused self-advised REIT investing in income-producing upscale lodging sector hotels primarily under Marriott or Hilton brands
- New emphasis: Development of dual-branded AC Hotel and Residence Inn in Las Vegas, $143.7M expected spend, opening 2Q 2028
- Strategic shift: Transition of nine Marriott-managed hotels to non-Marriott/Hilton/Hyatt managers in Jan 2026 for operational realignment
- Quantitative metric: 7 hotel sales netting $73.3M gross proceeds, two acquisitions totaling $117M, and 4.6M shares repurchased for $58.3M in 2025
- Noteworthy fact: Repossession and operational reinstatement of 209-room New York boutique hotel in April 2025 after lease termination
Management Discussion & Analysis
- Revenue $1.412B in 2025, down 1.3% YoY from $1.431B in 2024
- Operating margin approx. 33.3% in 2025 (Adjusted Hotel EBITDA $476.5M / Revenue $1.412B) vs 35.6% in 2024 ($509.5M / $1.431B)
- Best segment: Hotels showing RevPAR $117.90 in 2025, slight decrease from $118.54 in 2024; worst: Decline in occupancy from 75.0% to 74.1%
- Cash allocation: Acquisitions $117.0M; Dispositions $73.3M proceeds; Share repurchases funded by some sale proceeds; No explicit dividend or total capex disclosed
- Outlook: 2026 RevPAR expected stable vs 2025; Risks from macroeconomic uncertainty, government travel softness, inflation and potential recession
Risk Factors
- Regulatory/legal risk: Compliance with Marriott and Hilton franchise agreements requiring costly renovations and adherence to brand standards, risking penalties or termination of agreements
- Geopolitical/macroeconomic threat: Reduced hotel demand from U.S. travel declines due to geopolitical uncertainty, terrorism, government shutdowns, and pandemic impacts
- Operational/supply chain vulnerability: Increased renovation costs and construction delays from supply chain disruptions and tariffs affecting ongoing hotel capital improvement projects
- Competitive/market disruption risk: Competition from alternative lodging providers, including short-term rental platforms, threatening occupancy, ADR, and RevPAR
- Financial/structural risk: 14 properties subject to ground leases risking loss of rights if leases not renewed or breaches occur, impairing asset value and income generation
Generated from the filing text; verify against the original. How to read a 10-K
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