Apple Hospitality REIT, Inc.

$1.27bn committed across 1 active facility, next covenant test Sep 30, 2026. APLE

Real Estate Investment Trusts

Recent changes

  1. Jul 28, 2026Apple Hospitality REIT, Inc. signs $1.27bn FOURTH AMENDED AND RESTATED CREDIT AGREEMENT, matures Jul 2030SEC ↗

Net leverage: when the limit steps, and which way the company's ratio has been moving.

7.85x5.25x2.64x
Tested quarterly54.6%ratio 3.29x, estimated, vs 7.25x limit in force at Jun 30, 20267.25x
Permit, as of the last day of each fiscal quarter of Apple Hospitality REIT, the Consolidated Leverage Ratio to exceed 7.25 to 1.00.
Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured0.45x
Permit Consolidated Secured Indebtedness to exceed 45% of Consolidated Total Assets as of the last day of each fiscal quarter of Apple Hospitality REIT.
Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured1.50x
Permit the ratio of Adjusted Consolidated EBITDA to Consolidated Fixed Charges to be less than 1.50:1.00 as of the last day of each fiscal quarter of Apple Hospitality REIT for the period of four full fiscal quarters then ended.
Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured2.00x
Permit the ratio of Unencumbered Adjusted NOI to Consolidated Interest Expense for such period in respect of Consolidated Unsecured Indebtedness to be less than 2.00:1.00 as of the last day of each fiscal quarter of Apple Hospitality REIT for the period of four full fiscal quarters then ended.
Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured0.60x
Permit Consolidated Net Unsecured Indebtedness to exceed 60% of the Unencumbered Asset Value as of the last day of each fiscal quarter of Apple Hospitality REIT; provided that, notwithstanding the foregoing, Consolidated Net Unsecured Indebtedness may exceed 60% of the Unencumbered Asset Value, but not exceed 65% of the Unencumbered Asset Value, as of the last day of each fiscal quarter that occurs during a Surge Period.
Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured0.10x
Permit Consolidated Secured Recourse Indebtedness to exceed 10% of Consolidated Total Assets as of the last day of each fiscal quarter of Apple Hospitality REIT.
Read the filing on sec.gov ↗

Download CSV · Download JSON

FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

Signed Jul 23, 2026

Committed
$1.27bn
Matures
Jul 2030
Agent
Bank of America, N.A.
TrancheSizeMaturesMargin
Revolving credit facility$700mJul 203068–230 bps
Term A-1 Facility$275mJul 203168–230 bps
Term A-2 Facility$300mJan 203268–230 bps

Priced over Term SOFR, floor 0 bps (Revolving credit facility, Term Loan A).

LevelConditionMarginUnused fee
Level Category 1< 3.5x140 bpsn/a
Level Category 2≥ 3.5x – < 4.0x145 bpsn/a
Level Category 3≥ 4.0x – < 4.5x150 bpsn/a
Level Category 4≥ 4.5x – < 5.0x155 bpsn/a
Level Category 5≥ 5.0x – < 5.5x165 bpsn/a
Level Category 6≥ 5.5x – < 6.0x180 bpsn/a
Level Category 7≥ 6.0x – < 6.5x195 bpsn/a
Level Category 8≥ 6.5x230 bpsn/a
Level Revolver Usage Tier 1Revolver Usage < 50%n/a25 bps
Level Revolver Usage Tier 2Revolver Usage ≥ 50%n/a20 bps

Priced over Term SOFR, floor 0 bps (Revolving credit facility, Term Loan A).

LevelConditionMarginUnused fee
Level Category 1≥ A- / A368 bps13 bps
Level Category 2BBB+ / Baa173 bps15 bps
Level Category 3BBB / Baa280 bps20 bps
Level Category 4BBB- / Baa3100 bps25 bps
Level Category 5< BBB- / Baa3 (or unrated)135 bps30 bps

Lenders: BofA SECURITIES, INC., WELLS FARGO SECURITIES, LLC, KEYBANC CAPITAL MARKETS, U.S. BANK NATIONAL ASSOCIATION, PNC CAPITAL MARKETS LLC, TRUIST BANK

No amendments on file yet.

Report an error

Email [email protected].