Apple hospitality reit, inc (APLE)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows from operating activities:
Net income (loss)

-2,769

25,453

46,223

62,090

38,151

34,152

62,122

67,630

42,182

-2,303

62,824

87,606

34,365

41,554

13,694

54,718

34,686

-17,792

46,968

44,245

43,867

22,334

35,162

43,799

-94,462

56,616

18,165

23,535

16,906

13,132

17,927

22,558

21,859

13,881

20,762

20,396

14,949

Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation and amortization

49,522

49,294

47,887

48,109

47,950

46,730

46,169

45,743

44,840

44,729

44,110

43,893

43,767

43,512

37,343

33,824

33,484

33,244

32,351

31,135

30,719

31,704

31,095

30,754

19,559

13,962

13,732

13,633

13,500

13,410

13,329

13,166

12,843

-

-

-

-

Loss on impairment of depreciable real estate assets

-

-

-

-

-

-

-

-

-

38,025

0

0

7,875

0

5,471

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gain on sale of real estate

8,839

3,969

0

-161

1,213

152

0

0

0

-

-

-

-

-

-

-

-

-72

0

-271

15,629

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Series B convertible preferred share expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

117,133

0

0

0

0

-

-

-

-

-

-

-

-

Amortization of deferred financing costs, fair value adjustments and other non-cash expenses, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

32

-

39

211

66

Straight-line rental income

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

443

1,532

1,533

1,532

4,639

-1,546

Depreciation, including discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

12,628

12,511

12,778

11,898

Other non-cash expenses, net

-1,773

-1,605

-277

-1,452

-1,186

-1,982

-1,997

-2,001

-1,992

-1,748

-1,755

-1,768

-1,849

-1,941

-1,573

-1,658

-1,575

-1,017

-1,010

-1,469

-2,519

16

107

-1,017

-223

-50

-49

-165

-50

-

-

-

-

-

-

-

-

Changes in operating assets and liabilities:
Decrease (increase) in due from third party managers, net

-4,886

-13,577

-11,741

846

22,251

-18,900

-13,669

4,622

25,920

-20,900

-5,323

-16

26,222

-19,514

-6,000

2,066

18,284

-13,693

-3,420

2,482

16,458

-11,375

-6,413

2,982

12,875

-5,434

-2,752

874

6,982

-4,370

-2,594

-1,023

9,133

-4,363

-2,349

15,458

-7,420

Decrease (increase) in other assets, net

-439

-3,566

41

2,001

2,345

-3,332

401

1,218

2,485

-3,205

-972

2,287

-9,345

9,761

-538

2,672

-1,120

-3,988

2,112

291

2,229

-2,600

1,363

1,533

1,190

-892

89

1,059

-625

-615

364

463

376

-1,076

573

440

-549

Decrease in accounts payable and other liabilities

-11,670

630

14,892

-1,136

-5,235

2,988

6,956

836

-7,746

-1,928

9,953

3,917

-34,814

-3,713

36,682

404

-1,777

-3,332

6,708

6,212

-6,531

-2,314

6,343

4,047

-5,517

-4,224

3,252

1,465

-803

-2,531

2,336

1,433

-3,091

-846

2,529

605

471

Net cash provided by operating activities

33,342

90,156

127,446

107,829

56,243

107,932

130,512

113,505

52,863

104,039

125,094

118,773

36,165

93,200

101,301

85,866

50,804

75,890

88,345

80,559

36,258

68,071

86,143

75,102

22,871

39,424

37,861

36,865

23,296

29,036

35,839

37,489

20,602

29,607

36,085

32,483

17,869

Cash flows from investing activities:
Acquisition of hotel properties, net

0

7,017

-175

6

52,576

15,557

25

73,550

61,614

106,109

38,663

0

18,131

58,334

23,994

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

30,972

-35

50,693

80,015

Deposits and other disbursements for potential acquisitions

0

-300

583

586

360

0

175

158

204

-451

1,810

0

0

510

-503

364

139

-567

805

325

0

-

-

-

-

-

-

-

-

-

-

-

-

-5,153

65

3

5,845

Capital improvements

27,022

23,288

12,838

17,547

21,223

21,624

13,590

14,407

24,672

21,935

12,504

11,405

17,461

17,605

12,035

13,157

22,331

22,206

10,877

10,371

18,806

19,751

19,411

17,038

11,790

11,135

4,546

3,514

3,310

3,006

4,316

4,520

4,684

3,252

2,469

2,518

7,495

Decrease (increase) in capital improvement reserves

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-848

-25

-1,586

-1,100

-380

-3,135

-3,836

-1,570

-714

-1,468

-186

-275

78

441

-312

-941

-569

455

486

-618

-270

516

498

Net proceeds from sale of real estate

44,387

26,196

0

-114

95,143

5,616

9,800

0

0

-

-

-

-

-

-

-

-

11

1,650

1,651

201,853

0

0

3,514

2,134

-

-

-

-

-

-

-

-

-

-

-

-

Net proceeds from sale of other assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

Payments received on note receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

50,760

1,575

1,575

1,575

1,575

2,100

840

0

-

-

-

-

Net cash provided by investing activities

17,365

-3,809

-13,246

-18,253

20,984

-31,565

-3,990

-88,115

-86,490

-86,656

-53,134

17,126

-35,592

448

-128,268

-13,496

-20,884

-40,417

-179,867

-48,884

186,883

-18,181

-18,697

-12,056

-9,470

39,876

-3,054

-9,953

-1,423

-492

-4,836

116,449

-5,170

-17,686

-816

-53,730

-93,853

Net proceeds (disbursements) related to issuance of common shares

-

-

-

-

-

0

0

-54

4,731

132,993

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

141

-151

10,745

11,184

11,768

12,029

12,781

13,429

-

-

-

13,197

Repurchases of common shares

14,336

0

239

0

4,096

100,000

0

0

4,304

0

0

0

0

7,508

0

0

361

849

21,296

204,595

10,827

0

0

2,349

0

-

-

-

-

-

-

-

-

-

-

-

-

Repurchases of common shares to satisfy employee withholding requirements

1,748

86

0

0

491

649

0

0

876

260

0

0

432

1,000

0

0

459

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Redemptions of Units

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

10,002

-

9,998

15,989

16,001

15,899

16,103

3,907

3,259

Distributions paid to common shareholders

67,324

67,175

67,154

67,155

67,188

68,627

69,061

69,060

69,144

67,201

66,905

66,903

66,908

67,116

57,227

52,353

52,360

52,313

52,576

60,821

63,417

63,550

62,303

61,693

45,866

37,940

37,939

37,863

37,844

37,816

37,778

39,282

40,104

40,158

40,197

40,130

39,914

Proceeds from term loans

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

28,000

10,000

0

27,000

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Net proceeds from existing revolving credit facility

-

-

-

-

-

-

-

-

-

-

-31,300

-65,300

96,600

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

Net proceeds from (payments on) revolving credit facility

374,100

-100,600

-117,300

78,400

-78,400

95,400

61,900

47,700

63,800

-

-

-

-

-143,200

146,500

-16,300

57,100

39,300

-21,800

97,300

-91,600

-83,400

-1,800

26,300

150,500

-22,000

4,200

11,100

6,700

0

0

0

0

-

-

-

-

Net payments on extinguished revolving credit facility

-

-

-

-

-

0

106,900

0

0

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

129,490

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from term loans and senior notes

50,000

85,000

0

0

75,000

0

575,000

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from mortgage debt

63,400

0

0

0

0

0

0

0

44,000

30,000

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments of mortgage debt

18,354

3,338

3,262

23,791

3,415

3,336

3,259

3,135

2,933

2,701

2,629

2,641

31,949

49,871

70,942

53,041

33,840

21,671

25,190

44,458

19,899

3,042

31,023

24,425

1,841

954

917

904

938

-

-

-

-

-

-

-

-

Payments of notes payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

30,637

627

635

626

2,549

-505

-470

Financing costs

511

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

45

11

6,506

493

-102

125

74

4,806

445

0

0

0

370

184

164

10

0

3

309

98

Net cash provided by (used in) financing activities

385,227

-86,973

-112,112

-88,646

-78,590

-77,223

-124,313

-24,549

35,274

-17,891

-69,905

-134,964

-2,689

-86,874

5,353

-50,756

-29,920

-35,578

91,627

-78,580

-176,236

-49,890

-68,251

-62,241

-31,503

-61,198

-34,807

-26,912

-30,900

-39,030

-18,878

-149,394

-43,321

-42,590

-41,558

-28,642

-30,544

Net change in cash, cash equivalents and restricted cash

435,934

-626

2,088

930

-1,363

-856

2,209

841

1,647

-508

2,055

935

-2,116

6,774

-21,614

21,614

0

-105

105

-46,905

46,905

0

-805

805

-18,102

18,102

0

0

-9,027

-10,486

12,125

4,544

-27,889

-30,669

-6,289

-49,889

-106,528

Supplemental cash flow information:
Interest paid

14,696

14,323

15,059

15,086

15,409

12,803

13,061

12,688

11,760

11,836

11,517

11,677

11,855

11,692

10,572

9,818

9,802

9,789

9,327

7,840

8,063

8,143

8,612

8,636

4,280

2,496

2,447

2,418

2,360

-

-

-

-

-

-

-

-

Supplemental disclosure of noncash investing and financing activities:
Conversion of Series B convertible preferred shares to common shares

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

117,133

0

0

0

0

-

-

-

-

-

-

-

-

Mortgage debt assumed in acquisition of hotel properties

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

20,988

4,954

Stock consideration in Apple Ten merger (see note 2)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

1,814,613

0

0

0

0

-

-

-

-

-

-

-

-