Apple Hospitality REIT, Inc. (NYSE:APLE) Q4 2019 Earnings Conference Call - Final Transcript

Feb 25, 2020 • 10:00 am ET


Apple Hospitality REIT, Inc. (NYSE:APLE) Q4 2019 Earnings Conference Call - Final Transcript


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Greetings. Welcome to Apple Hospitality REIT Fourth Quarter and Full Year 2019 Earnings Call. [Operator Instructions] A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded.

I will now turn the conference over to your host, Kelly Clarke, Vice President Investor Relations. Thank you. You may begin.

Kelly Clarke

Thank you, and good morning. We welcome you to Apple Hospitality REIT's fourth quarter and full year 2019 earnings call on this, the 25th day of February 2020. Today's call will be based on the fourth quarter and full year 2019 earnings release and Form 10-K, which were distributed and filed yesterday afternoon.

As a reminder, today's call will contain forward-looking statements as defined by federal securities laws, including statements regarding future operating results. These statements involve known and unknown risks and other factors, which may cause actual results, performance or achievements of Apple Hospitality to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

Participants should carefully review our financial statements and the notes thereto, as well as the risk factors described in Apple Hospitality's 2019 Form 10-K and other filings with the SEC. Any forward-looking statement that Apple Hospitality makes speaks only as of today and the company undertakes no obligation to publicly update or revise any forward-looking statements except as required by law.

In addition, certain non-GAAP measures of performance, such as EBITDA, EBITDAre, adjusted EBITDAre, adjusted hotel EBITDA, FFO, and modified FFO will be discussed during this call. We encourage participants to review reconciliations of those measures to GAAP measures as included in yesterday's earnings release and other filings with the SEC. For a copy of the earnings release or additional information about the company, please visit

This morning, Justin Knight, our Chief Executive Officer; and Liz Perkins, Senior Vice President, Corporate Strategy and Reporting will provide an overview of our results for the fourth quarter and full year 2019, as well as an outlook for the sector and for the company. Following the overview, we will open the call for Q&A.

At this time, it is my pleasure to turn the call over to our CEO, Justin Knight.

Justin Knight

Thank you, Kelly. Good morning, and thank you for joining us. Before I get started, as we've discussed previously, Bryan Peery and Krissy Gathright plan to retire from their current officer roles with the company during the first quarter. We are close to finalizing plans for the reallocation and transition of their responsibilities and anticipate making an announcement in the coming weeks. I would like to take this opportunity to recognize, both of them for their significant contributions to the Apple REIT Companies over the years.

Krissy Gathright was the company's first employee and it's been an integral part of the development of our strategy and our team. She is one of the brightest and most talented people I know, and it's been a tremendous pleasure to work with her over the past 20 years. Krissy