Apple Hospitality REIT Inc

The Summary Compensation Table reflects compensation under the executive compensation arrangements discussed above under “Compensation Discussion and Analysis.”

(1)

The amounts in this column reflect the estimated grant date fair value of the Common Shares to be issued subject to achievement of performance conditions as determined in accordance with FASB ASC Topic 718. As discussed above under “Compensation Discussion and Analysis—Elements of Executive Compensation—Incentive Compensation,” in 2023 each NEO participated in an incentive plan which included operational performance goals and metrics and six market-based metrics. In 2022, NEOs participated in an incentive plan which included operational performance goals and metrics and six market-based metrics. In 2021, NEOs participated in an incentive plan which included operational performance goals and six market-based metrics. The table below summarizes the estimated fair value of the share incentive awards as of February 8, 2023, February 9, 2022 and February 16, 2021, the dates the Compensation Committee approved the plans for both the performance-based and market-based incentives. To estimate the fair value of the market-based awards, the Company used a Monte Carlo simulation to estimate the probability of the Company’s total shareholder return and relative return to the peer group for the applicable year as of February 8, 2023, February 9, 2022, and February 16, 2021, the effective dates of the incentive awards. For the Company’s operational performance-based incentives, the Company used the target as the probable incentive to be earned. See “Grants of Plan-Based Awards” below for the maximum value as of the grant date of the equity incentive plan awards for 2023 assuming the highest market and performance conditions were met.

(2)

The annual cash incentive compensation with respect to each year is paid in the following year. See “Compensation Discussion and Analysis—Elements of Executive Compensation—Incentive Compensation.”

(3)

Includes the portion of the health insurance, life and disability insurance, parking, and 401(k) match paid by the Company. Also includes estimated dividends on the share awards in all three years. For 2023, includes the following amounts for estimated dividends (approximately one-third of such amounts will be paid following vesting of the restricted Common Shares, as applicable): Justin G. Knight—$368,059; Nelson G. Knight—$150,701; Ms. Perkins—$149,253; Ms. Gallagher—$139,108; and Ms. Labrecque—$91,083.