Elizabeth S. Perkins
About Elizabeth S. Perkins
Elizabeth S. Perkins is Senior Vice President and Chief Financial Officer of Apple Hospitality REIT, Inc. (APLE), appointed effective April 1, 2020; she is 42 and oversees finance, capital markets, investor relations, risk management, IT, business intelligence, and internal audit, and serves as executive sponsor of the company’s ESG Advisory Committee . During her tenure, APLE delivered 2024 RevPAR of $118.54 (+2.5% YoY), Adjusted EBITDAre of $467.2M, and MFFO/share of $1.61, while three-year cumulative TSR outperformed the peer average by 21.4 percentage points through year-end 2024 . She sits on brand and industry advisory councils (Marriott, Hilton, AHLA) and holds a BBA in Accounting from the University of Georgia .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Apple Hospitality REIT, Inc. | SVP & Chief Financial Officer | 2020–present | Leads finance, capital markets, IR, risk, IT/BI, internal audit; executive sponsor of ESG Advisory Committee . |
| Apple Hospitality REIT, Inc. | SVP, Corporate Strategy & Reporting | 2015–2020 | Directed corporate strategy and reporting; aided strategic investment decisions . |
| Apple REIT Companies | Management and senior management roles | 2008–2015 (joined Apple REIT Companies in 2006) | Fostered relationships across brands/managers; supported capital allocation and performance analytics . |
| Ernst & Young LLP | Assurance Associate | 2004–2006 | Specialized in insurance clients; part of IPO assurance team . |
External Roles
| Organization | Role/Committee | Notes |
|---|---|---|
| Residence Inn by Marriott | System Marketing Fund Council | Member . |
| Marriott; Hilton | Distribution Advisory Councils | Member for both brands . |
| American Hotel & Lodging Association | Owner Leader Council | Member . |
| AHLA Foundation | Board of Trustees; ForWard Advisory Committee | Member . |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 446,250 | 515,000 | 530,450 |
| All Other Compensation ($) | 122,384 | 185,452 | 142,381 |
| Notable Perquisites/Benefits | colspan=3: Limited perqs (e.g., parking), health/life/disability, 401(k) match up to $13,800 in 2024; dividends on RS awards accrue and pay only upon vesting . |
Performance Compensation
2024 Incentive Design and Outcomes (Company-wide metrics for NEOs)
| Metric | Weight | Target | Actual | Payout Result |
|---|---|---|---|---|
| Comparable Hotels RevPAR Change | 7.5% | 3.0% | 1.4% | 0.0% |
| Comparable Hotels Adjusted Hotel EBITDA Margin % | 7.5% | 35.1% | 36.0% | 15.0% |
| Adjusted EBITDAre ($000) | 7.5% | 463,000 | 467,216 | 10.4% |
| MFFO per Share | 7.5% | $1.61 | $1.61 | 7.5% |
| 2024 Capital Expenditures ($000) | 7.5% | 80,000 | 78,262 | 10.1% |
| Balance sheet maturities & capital allocation (discretionary) | 6.25% | Target | Above Target | 9.38% |
| Build proprietary market forecasting (discretionary) | 6.25% | Target | Target | 6.25% |
| TSR one-year (absolute) | 4.2% | 7.0% | -1.3% | 0.0% |
| TSR two-year (absolute) | 4.2% | 13.0% | 10.8% | 3.4% |
| TSR three-year (absolute) | 4.2% | 18.0% | 13.4% | 2.8% |
| TSR one-year (relative to peers) | 12.5% | 55th pct | 44th pct | 10.2% |
| TSR two-year (relative to peers) | 12.5% | 55th pct | 39th pct | 9.2% |
| TSR three-year (relative to peers) | 12.5% | 55th pct | 86th pct | 25.0% |
Key structural points:
- 50% of target incentive tied to shareholder return (75% relative TSR, 25% absolute TSR); 50% tied to operational metrics/goals; 75% of target incentive delivered in stock; relative TSR requires 55th percentile for target .
2024 Target vs Actual Awards (Perkins)
| Component | Target ($) | Actual ($) |
|---|---|---|
| Cash Incentive | 464,144 | 544,037 |
| Equity Incentive | 1,392,431 | 1,484,789 |
| Total Incentive | 1,856,575 | 2,028,826 |
- Vesting structure: For TSR metrics, half of equity is restricted stock vesting on December 12, 2025, and half is fully vested on grant; for operational metrics, half in fully vested stock and half in cash .
2024 Grants of Plan-Based Awards (Perkins)
| Award Type | Threshold ($) | Target ($) | Maximum ($) | Grant Date |
|---|---|---|---|---|
| Non-Equity (Cash) | 232,072 | 464,144 | 928,288 | Feb 7, 2024 |
| Equity (Stock) | 696,216 | 1,392,431 | 2,784,862 | Feb 7, 2024 |
2024 Stock Vested (Perkins)
| Metric | 2024 |
|---|---|
| Restricted Shares Vested (shares) | 53,816 |
| Value on Vesting Date ($) | 863,747 (at $16.05 on Dec 13, 2024) |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 360,544 shares; includes restricted time-vested shares; less than 1% of outstanding . |
| Unearned Performance Shares (as of 12/31/24, max scenario) | 181,424 shares; $2,784,862 payout value computed at $15.35/share . |
| 2024 Vesting Event | 53,816 shares vested on Dec 13, 2024 (value $863,747) . |
| Ownership Guidelines | Executives must hold ≥3x base salary; CEO 5x; all execs either meet levels or are within transition periods . |
| Hedging/Pledging | Hedging and margin accounts prohibited; pledging limited to ≤50% of individually held shares . |
| Option Grants | The company does not grant stock options to officers; none outstanding . |
Employment Terms
| Provision | Key Terms |
|---|---|
| Employment Contracts | None for executive officers (no individual employment agreements) . |
| Clawback Policy | Mandatory recovery of incentive-based compensation for 3 years preceding a required restatement; adopted 2023 . |
| Change-in-Control (CIC) Severance Plan | Double-trigger; upon qualifying termination within 1 year post-CIC: lump sum = 3.0x (Annual Base Salary + Annual Bonus) plus prorated current-year bonus, 12 months COBRA premiums, 12 months life insurance premiums, up to $15k outplacement; equity awards accelerate (plan-dependent) . |
| Potential Payments (Perkins; as of 12/31/24) | Termination without Cause/for Good Reason within 1 year of CIC: Cash Severance $12,569,497; Equity Acceleration $1,588,345; No-termination CIC: Equity Acceleration $1,588,345; Cash Award Acceleration $544,037 . |
| Non-Compete/Non-Solicit | Not disclosed in proxy –. |
| Tax Gross-Ups | None provided to NEOs . |
Compensation Structure Analysis
- Mix and rigor: Approximately 78% of target executive compensation is incentive-based; 75% of target incentive delivered in stock; relative TSR requires above-median (55th percentile) to achieve target payout, indicating a performance-forward design .
- Year-over-year shifts (Perkins): Base salary increased to $530,450 in 2024 (from $515,000 in 2023), while grant-date fair value of stock awards decreased vs 2023 ($1.465M in 2024 vs $1.753M in 2023); non-equity payout also trended lower vs 2023, consistent with TSR under-target in 2024 on a one-year basis but strong three-year relative TSR .
- Governance controls: No option grants; no tax gross-ups; robust clawback; anti-hedging/margin policy; ownership guidelines met or on track—reducing misalignment risk .
Performance & Track Record
| Metric | 2023 | 2024 | Notes |
|---|---|---|---|
| RevPAR (Actual) | $115.60 | $118.54 | +2.5% YoY, demand recovery and pricing . |
| Adjusted EBITDAre ($M) | — | 467.216 | 2024 result; reconciled in proxy . |
| MFFO per Share | 1.60 | 1.61 | 2024 met target . |
| TSR (Cumulative from 12/31/2019 base = 100) | 116.88 | 115.39 | Peer group 93.49 (2023) and 91.43 (2024) . |
| Capital Allocation 2024 | — | Sold 6 hotels; bought 2; $34.7M buybacks; capex $78.262M | Above-target balance sheet/capital allocation goal . |
Compensation Peer Group and Say-on-Pay
- Peer group used for 2024 incentive benchmarking includes DRH, HST, PK, PEB, RLJ, RHP, INN, SHO, XHR; median market cap ~$2.0B at 12/31/23 (APLE $3.8B) .
- Say-on-pay support: ~97% approval in 2024, indicating strong shareholder endorsement of pay design .
Investment Implications
- Alignment and retention: High equity mix (75%) and stringent relative TSR hurdles support pay-for-performance and align the CFO with long-term TSR; ownership guidelines and anti-hedging/margin further reinforce alignment .
- Vesting/selling pressure: One-third of 2024 equity tied to TSR vests on December 12, 2025, introducing a known vesting event; 53,816 RS vested in Dec 2024 illustrates ongoing cadence of equity vesting, though no hedging and margin accounts are permitted and pledging is limited .
- Change-in-control economics: A sizeable double-trigger package (3x salary+bonus plus equity acceleration) provides downside protection but introduces potential payout magnitude; however, no tax gross-ups and robust clawback mitigate governance risk .
- Execution track record: Under Perkins’ financial leadership, APLE met MFFO/share target, exceeded margin targets, and delivered top-decile three-year relative TSR (86th percentile) even as one-year TSR lagged; capital allocation shifted toward dispositions and buybacks, supporting returns and balance sheet flexibility .