Page 37 - Apple REIT 9 2008 Annual Report

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Apple REIT Nine, Inc.
Consolidated Balance Sheets
(in thousands, except share data)
December 31, December 31,
2008 2007
Assets
Investment in real estate, net of accumulated depreciation of
$2,277 and $-, respectively......................................................................................... $ 346,423 $ -
Cash and cash equivalents.................................................................................................. 75,193 20
Due from third party managers, net................................................................................... 1,775 -
Other assets, net. ................................................................................................................ 8,228 317
TotalAssets...................................................................................................................... $ 431,619 $ 337
Liabilities
Notes payable..................................................................................................................... $ 38,647 $ 151
Accounts payable and accrued expenses............................................................................ 3,232 155
Total Liabilities............................................................................................................ 41,879 306
Shareholders’ Equity
Preferred stock, authorized 30,000,000 shares; none issued and outstanding................... - -
Series A preferred stock, no par value, authorized 400,000,000 shares;
issued and outstanding 41,013,517 and 10 shares, respectively................................. - -
Series B convertible preferred stock, no par value, authorized 480,000 shares;
issued and outstanding 480,000 shares, respectively.................................................. 48 48
Common stock, no par value, authorized 400,000,000 shares;
issued and outstanding 41,013,517 and 10 shares, respectively................................. 400,569 -
Distributions greater than net income................................................................................ (10,877) (17)
Total Shareholders’ Equity. ................................................................................ 389,740 31
Total Liabilities and Shareholders’ Equity.............................................. $ 431,619 $ 337
See accompanying notes to consolidated financial statements.
The Company was initially capitalized on November 9, 2007 and commenced operations on July 31, 2008.