Apple Hospitality REIT, Inc. APLE
New risk paragraphs, branching off last year
Each branch is a paragraph in Risk Factors with nothing like it in the 10-K filed Feb 24, 2025. A box jumps to the paragraph as filed, below.
Paragraphs with nothing like them in last year's 10-K
4 paragraphs in Risk Factors of the 10-K filed Feb 23, 2026 with nothing like them in the 10-K filed Feb 24, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
provide any assurances that demand for hotels will increase from current levels, nationally or more specifically, where the Company’s properties are located.
In the conduct of its business, both the Company and its hotel managers and franchisors rely on relationships with third parties, including cloud data storage and other information technology service providers, suppliers, distributors, contractors and other external business partners, for certain functions or for services in support of key portions of the Company’s operations. These third-party entities are subject to similar risks related to cybersecurity, privacy violations, and business interruption, and a cybersecurity incident or disruption affecting the Company’s third-party service providers or partners could have a material adverse effect on the Company’s business. While the Company may be entitled to damages if its third-party service providers fail to satisfy their cybersecurity-related obligations to the Company, any award may be insufficient to cover the Company’s damages, or the Company may be unable to recover such award.
deductions, the Company could elect to use the deficiency dividend procedure in order to maintain the Company’s REIT status. That deficiency dividend procedure could require the Company to make significant distributions to its shareholders and to pay significant interest to the IRS.
determinations under the requirements for “qualified lodging facilities,” and there can be no assurance that these requirements will be satisfied in all cases.
Paragraphs in the 10-Q filed Nov 5, 2026 that were not in the one before
New in the latest 10-Q
15 paragraphs in the 10-Q filed Nov 5, 2026 with nothing like them in the 10-Q filed Aug 5, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
Nine Months Ended September 30, 2026 2025 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Cash flows from operating activities: Net income $ 155,249 $ 145,749 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 148,998 144,063 Impairment of depreciable real estate 6,636 5,724 Gain on sale of real estate (112) (7,937) Other non-cash expenses, net 5,092 5,132 Changes in operating assets and liabilities: Increase in due from third-party managers, net (28,963) (18,320) Increase in other assets, net (3,207) (1,513) Increase in accounts payable and other liabilities 25,754 11,481 Net cash provided by operating activities 309,447 284,379 Cash flows from investing activities: Acquisition of hotel properties, net - (18,871) Disbursements for potential acquisitions, net (8) (3,661) Capital improvements (66,706) (58,809) Net proceeds from sale of real estate 8,644 36,242 Net cash used in investing activities (58,070) (45,099) Cash flows from financing activities: Net proceeds (disbursements) related to issuance of common shares 177 (422) Repurchases of common shares - (45,229) Common shares surrendered to satisfy employee withholding requirements (1,907) (3,275) Distributions paid to common shareholders (169,843) (183,477) Proceeds from revolving credit facility 89,100 173,000 Payments on revolving credit facility (150,100) (255,500) Proceeds from term loans and senior notes 30,000 385,000 Payments on term loans and senior notes - (225,000) Payments of mortgage debt and other loans (24,003) (39,071) Principal payments on finance leases (651) (501) Financing costs (12,450) (3,517) Net cash used in financing activities (239,677) (197,992) Net change in cash, cash equivalents and restricted cash 11,700 41,288 Cash, cash equivalents and restricted cash, beginning of period 39,418 44,067 Cash, cash equivalents and restricted cash, end of period $ 51,118 $ 85,355 Supplemental cash flow information: Interest paid, net $ 59,180 $ 59,895 Income taxes paid $ 1,102 $ 1,009 Supplemental disclosure of noncash investing and financing activities: Accrued distribution to common shareholders $ 18,874 $ 18,927 Accrued capital expenditures $ 22,615 $ 4,576 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents, beginning of period $ 8,515 $ 10,253 Restricted cash-furniture, fixtures and other escrows, beginning of period 30,903 33,814 Cash, cash equivalents and restricted cash, beginning of period $ 39,418 $ 44,067 Cash and cash equivalents, end of period $ 42,674 $ 50,290 Restricted cash-furniture, fixtures and other escrows, end of period 8,444 35,065 Cash, cash equivalents and restricted cash, end of period $ 51,118 $ 85,355
Read in the 10-Q
3. Assets Held for Sale and Dispositions Assets Held for Sale During the third quarter of 2026, the Company entered into three purchase and sale agreements with two unrelated parties to sell four hotels for an aggregate gross sales price of $50.3 million. Because the buyer under each contract made a non-refundable deposit, as of September 30, 2026, the Company classified the four hotels as assets held for sale on its consolidated balance sheet. As of September 30, 2026, three of the hotels were recorded at their respective carrying values, each of which was less than its contracted sales price, net of costs to sell. The fourth hotel held for sale was recorded at its estimated fair value less costs to sell, which was based on its contracted sales price, resulting in an impairment loss recognized during the third quarter of 2026, as described below. All four hotels are expected to be sold in the fourth quarter of 2026.
Read in the 10-Q
As of September 30, 2026 and December 31, 2025, the details of the Company’s unsecured credit facilities were as set forth in the table below. All dollar amounts are in thousands. Outstanding Balance Interest Rate Maturity September 30, 2026 December 31, 2025
Read in the 10-Q
Excludes unamortized debt issuance costs of approximately $ 5.9 million related to the Revolving Credit Facility as of September 30, 2026 and $ 0.8 millio n related to the $ 650 million revolving credit facility as of December 31, 2025, which are included in other assets, net in the Company’s consolidated balance sheets.
Read in the 10-Q
In March 2026, the Company amended the terms of the $ 650 million revolving credit facility and each unsecured term loan, as applicable, to remove the 0.10 % SOFR spread adjustment.
Read in the 10-Q
Show the other 10
The Revolving Credit Facility matures on July 24, 2030, but it can be extended up to one year, subject to certain conditions including covenant compliance and payment of additional fees.
Read in the 10-Q
Active interest rate swaps designated as cash flow hedges at September 30, 2026:
Read in the 10-Q
On October 14, 2026, the Company paid $49.6 million to repay in full a mortgage loan secured by three of its properties. The Company funded the repayment with cash on hand, including proceeds from the July 2026 increase in its $160 million term loan facility and cash flow from operations. See Note 4 for additional information concerning this transaction.
Read in the 10-Q
Hyatt. Effective October 1, 2026, the Company transitioned the management responsibilities of one hotel to a new third-party management company.
Read in the 10-Q
macroeconomic environment continues. Future revenues could be negatively impacted by, among other things, historical seasonal trends, deterioration of consumer sentiment, a recessionary macroeconomic environment, inflationary pressures, reduced government travel or continued geopolitical uncertainty.
Read in the 10-Q
Hotels are classified as held for sale as of September 30, 2026, and are expected to be sold in the fourth quarter of 2026.
Read in the 10-Q
Manager is as of September 30, 2026. Effective October 1, 2026, management responsibility of this property was transferred from Crestline to Auro Hotels Management, LLC (“Auro”).
Read in the 10-Q
loan secured by three of its properties. The Company funded the repayment with cash on hand, including proceeds from the July 2026 increase in its $160 million term loan facility and cash flow from operations.
Read in the 10-Q
On October 14, 2026, the Company paid $49.6 million to repay in full a mortgage loan secured by three of its properties. The Company funded the repayment with cash on hand, including proceeds from the July 2026 increase in its $160 million term loan facility and cash flow from operations. See Note 4 for additional information concerning this transaction.
Read in the 10-Q
Share sales and buybacks
The Company did not repurchase any of its common shares during the third quarter of 2026.
Read in the 10-Q
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 5, 2026 against Item 1A of the 10-K filed Feb 23, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted).
Text on the page, not a score; each links to the filing at sec.gov.
This 10-Q has no Item 1A (Risk Factors) text of its own, so there is nothing to compare. Many companies leave it out when their risks have not changed.
Phrases used for the first time
Two-word phrases in Risk Factors of the 10-K filed Feb 23, 2026 that are in none of the 1 earlier 10-Ks stored, back to Feb 24, 2025
Where each one is used
- unauthorized access: The Company and its hotel managers and franchisors rely on information technology networks and systems, including the Internet, to process, transmit and store electronic information, and to manage or support a variety of business processes, including financial transactions and records, personally identifiable...
- service providers: In the conduct of its business, both the Company and its hotel managers and franchisors rely on relationships with third parties, including cloud data storage and other information technology service providers, suppliers, distributors, contractors and other external business partners, for certain functions or for...
- third-party service: In the conduct of its business, both the Company and its hotel managers and franchisors rely on relationships with third parties, including cloud data storage and other information technology service providers, suppliers, distributors, contractors and other external business partners, for certain functions or for...
- responsibility practices: Companies across industries face increasing scrutiny from various stakeholders on how they address a variety of corporate responsibility matters. Potential and current employees, hotel brands, hotel management companies and vendors may consider these factors when establishing and extending business relationships...
Used at least twice, small words left out. Counted, not picked: a phrase can be new because the company renamed something.
What was taken out
16 paragraphs of last year's Risk Factors with nothing like them now. The longest are quoted.
Sources
Item 1A of each 10-K and 10-Q on EDGAR, quoted exactly. Each paragraph links to the filing at sec.gov.
Also
10-K change: what was reworded or cut, section by section.
Work with it
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