ANNUAL REPORT 2008 1
CORPORATE PROFILE
Apple REIT Nine, Inc. is a real estate investment
trust (REIT) focused on the acquisition and ownership of income-producing real
estate that generates attractive returns for our shareholders. Our hotels operate
under the Courtyard
®
by Marriott
®
, Fairfield Inn
®
by Marriott
®
, Residence Inn
®
by Marriott
®
, Homewood Suites by Hilton
®
, Hilton Garden Inn
®
, Hampton Inn
®
and Hampton Inn & Suites
®
brands. As of February 28, 2009, the Apple REIT
Nine portfolio consisted of 21 hotels with a total of 2,478 guestrooms in 11 states.
MISSION
Apple REIT Nine, Inc. is a premier real estate investment company
committed to providing maximum value for our shareholders.
F INANCIAL HIGHL IGHTS
(in thousands, except per share and statistical data)
Operating results for the year ended December 31,
2008
TOTAL REVENUE
$11,524
NET INCOME
$2,152
FUNDS FROM OPERATIONS
(A)
$4,429
DISTRIBUTIONS PAID PER SHARE
$.51
WEIGHTED-AVERAGE SHARES OUTSTANDING
15,852
REVENUE PER AVAILABLE ROOM (R
EV
PAR)
$65
Balance sheet data as of December 31,
2008
INVESTMENT IN REAL ESTATE, NET
$346,423
TOTAL ASSETS
$431,619
SHAREHOLDERS’ EQUITY
$389,740
(A)Funds from operations (FFO) is defined as net income (computed in accordance with generally accepted
accounting principles – GAAP) excluding gains and losses from sales of depreciable property, plus
depreciation and amortization. The Company considers FFO in evaluating property acquisitions and its
operating performance and believes that FFO should be considered along with, but not as an alternative
to, net income and cash flows as a measure of the company’s activities in accordance with GAAP. FFO is
not necessarily indicative of cash available to fund cash needs.
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