At a glance
Apple Hospitality REIT Inc is worth $4.39B, about 25 times its fiscal 2025 earnings. Revenue fell 1.3% to $1.41B in fiscal 2025, with 12.4% kept as profit; over 5 years it has grown 18.6% a year. It pays a 5.16% dividend yield, and returned $971.2M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +73.6% over the past year with dividends reinvested and +10.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 67.7% in the 2020 crash (S&P 500: 33.7%) and 23.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and 4 months after the lows.
The business in plain English
Apple Hospitality REIT owns hotels. It is a real estate investment trust (REIT), a company that owns income-producing property and must pay out most of its taxable income as dividends. As of December 31, 2025, it owned 217 hotels with 29,583 guest rooms in 37 states and Washington, D.C., across urban, high-end suburban and developing markets. Substantially all operate under Marriott or Hilton brands. It favors upscale rooms-focused hotels, which earn most of their money from renting rooms rather than from restaurants or meeting space.
The company owns the hotels but does not run them. As of the same date, 16 unaffiliated management companies operated them, serving business, leisure and government travelers. In 2025, revenue totaled $1.41 billion: room rentals made up 90.5%, other hotel charges 4.8% and food and beverage 4.7%. The company has no foreign operations and reports one business segment.
The industry measures hotel results with RevPAR (revenue per available room), which combines occupancy with the average nightly rate. In 2025, its hotels averaged 74.1% occupancy and $159.06 per room night, and RevPAR slipped 0.5% to $117.90. Management also reshapes the portfolio: in 2025 it acquired two hotels for about $117.0 million and sold seven for about $73.3 million.
Price history
The interactive chart needs JavaScript.
APLE +73.6% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Occupancy | $1.28B | 90.5% |
| Hotel Other | $68.3M | 4.8% |
| Food And Beverage | $65.7M | 4.7% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $402.6M, up 4.7% from a year earlier, and net income was $67.1M (+5.4%).
- For fiscal 2025, revenue was $1.41B (-1.3% year over year; +18.6% a year from FY2020 to FY2025) with a 12.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +18.6% good |
|---|---|
| Operating margin | 18.3% good |
| Free cash flow margin | 20% good |
| Return on equity (FY2025) | 5.6% weak |
| Return on assets (FY2025) | 3.6% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $601.9M | $-173.2M | $-21.8M |
| FY2021 | $933.9M | $18.8M | $199.3M |
| FY2022 | $1.24B | $144.8M | $309.1M |
| FY2023 | $1.34B | $177.5M | $322.2M |
| FY2024 | $1.43B | $214.1M | $327.1M |
| FY2025 | $1.41B | $175.4M | $282.0M |
Valuation snapshot
| Market value | $4.39B |
|---|---|
| P/E ratio | 25.1 |
| Dividend yield | 5.16% |
Rank among 1514 US companies
Market value at each year end
Apple Hospitality REIT’s market value went from $4.46B at the end of 2016 to $4.39B on Oct 28, 2026, down 2%; since the end of 2025 it is up 57%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.39B | +56.7% |
| 2025 | $2.80B | -23.9% |
| 2024 | $3.68B | -3.1% |
| 2023 | $3.80B | +5.3% |
| 2022 | $3.61B | -2.1% |
| 2021 | $3.69B | +27.9% |
| 2020 | $2.88B | -20.8% |
| 2019 | $3.64B | +11.5% |
| 2018 | $3.26B | -25.4% |
| 2017 | $4.37B | -2.0% |
| 2016 | $4.46B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| APLE price data to Oct 28, 2026 | +65.3% | +73.6% | +15.5% | +10.0% | +6.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +65.3% |
| 2025 | -16.6% |
| 2024 | -1.3% |
| 2023 | +12.2% |
| 2022 | +2.4% |
| 2021 | +25.4% |
| 2020 | -18.9% |
| 2019 | +22.0% |
| 2018 | -21.6% |
| 2017 | +4.0% |
| 2016 | +6.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 57.1% over that stretch · deepest drop along the way 67.7%, back to its old high 11.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 5.9% over that stretch · deepest drop along the way 23.9%, back to its old high 4.2 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 1 open-market purchases ($70K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 11, 2026 | Glade M Knight Executive Chairman, Director | buy | $70K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.8% | Sep 30, 2025 |
| Vanguard Portfolio Management | 10.16% | Jul 31, 2026 |
ETFs with the most weight in APLE
| RDOG ALPS REIT Dividend Dogs ETF | 2.21% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 1.82% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.84% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.65% |
| NIXT Research Affiliates Deletions ETF | 0.61% |
| GQRE FlexShares Global Quality Real Estate Index Fund | 0.41% |
| PPTY US Diversified Real Estate ETF | 0.31% |
| SVAL iShares US Small Cap Value Factor ETF | 0.31% |
What could go wrong
- Nearly all hotels carry Marriott or Hilton brands. Substantially all of its hotels operate under Marriott or Hilton brands, and franchise agreements set rules the company must follow. Trouble at either brand family could affect much of the portfolio at once.
- Outside companies run every hotel. As of December 31, 2025, 16 unaffiliated management companies ran its hotels. If they handle service or costs poorly, results suffer. REIT tax rules also require hotels to be run by independent managers.
- Hotel demand rises and falls with the economy. Lodging is highly cyclical. Recessions, government shutdowns, bad weather and less business or government travel cut occupancy and room rates. In 2025, such factors pushed comparable-hotel revenue per available room down 1.6%.
- The dividend can change or come in shares. Its annual report says the company may change its distribution policy or pay dividends in shares, which could leave a tax bill larger than the cash received. Dividends fell to $0.04 per share in 2021.
- New hotels and online booking sites compete. Overbuilding in its markets can add rooms faster than demand grows. Growing use of booking channels outside Marriott and Hilton, such as online travel agencies, can raise commission costs and squeeze profits.
- Labor and operating costs may outrun room rates. Wages, insurance, property taxes, utilities and renovations can rise faster than room rates because of labor shortages, inflation, tariffs or new rules. The average nightly rate rose only 0.7% in 2025.
Recent events
- Investor presentation or announcement
- Investor presentation or announcement
- Other company announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Other company announcement
- Investor presentation or announcement
- Executive or board change
- Investor presentation or announcement
- Shareholder vote results; Other company announcement
- Investor presentation or announcement
For income and retirement investors
The dividend yield was 5.16% as of October 28, 2026, but the record is uneven, with no streak of annual increases. Dividends per share were $0.20 in 2020 and just $0.04 in 2021 during the pandemic, rebuilt to $1.01 in 2023 and 2024, then eased to $0.96 in 2025. That year, dividends equaled 137.1% of earnings but 85.3% of free cash flow (operating cash minus capital spending). Earnings understate a hotel owner's cash because they subtract depreciation, a non-cash charge. Share buybacks totaled $102.5 million over fiscal 2021 to 2025, yet the share count rose 3.4% between August 2021 and July 2026.
In the 2020 COVID crash, the shares fell 67.7% between February 20 and March 18, 2020, and took about 12 months to regain their peak. In the 2022 bear market they fell 23.9% and recovered in about four months. A single hotel REIT carries more risk than a diversified fund, as its pandemic-era dividend cut showed.
Questions investors ask
How does Apple Hospitality REIT make money?
Mainly by renting hotel rooms. In 2025, room revenue made up 90.5% of its $1.41 billion in revenue, with food and beverage at 4.7% and other hotel charges at 4.8%. As of December 31, 2025, it owned 217 hotels with 29,583 rooms in 37 states and Washington, D.C., substantially all under Marriott or Hilton brands. The company owns the properties, while 16 outside management companies run them day to day.
Does Apple Hospitality REIT raise its dividend every year?
No. It has no streak of annual increases. Dividends per share were $0.20 in 2020 and $0.04 in 2021, when the pandemic hit travel. They then climbed to $1.01 in 2023 and 2024 before slipping to $0.96 in 2025. The yield was 5.16% as of October 28, 2026. The annual report warns that the company may change its distribution policy or may not have funds available for distributions.
Does Apple Hospitality REIT earn enough to cover its dividend?
On a cash basis, it did in 2025. Dividends paid of $240.4 million equaled 85.3% of free cash flow (cash from operations minus capital spending) of $282.0 million. Measured against net income, the payout was 137.1%. But REIT earnings subtract depreciation, a non-cash expense, so cash flow is a fairer test. The cushion did shrink: free cash flow fell from $327.1 million in 2024 to $282.0 million in 2025.
How much debt does Apple Hospitality REIT have?
About $1.50 billion as of June 30, 2026, against about $10.2 million of cash and $4.73 billion of real estate on its books. The company describes its borrowing as low. At December 31, 2025, its debt minus cash equaled 35.5% of total capitalization, which adds that net debt to the market value of its shares. Its annual report warns that loan covenants, the conditions lenders set, can limit flexibility and that financing may not always be available on good terms.
How has Apple Hospitality REIT stock performed?
Unevenly. Based on share prices as of October 28, 2026, the stock returned about 10% a year over five years and 6.1% a year over 10 years. Single years swing widely: it lost 18.9% in 2020 and 16.6% in 2025, then gained 65.3% in 2026 through October 28. Its largest peak-to-trough fall in about 11 years of price history was 71.8%.