Page 39 - Apple REIT 9 2008 Annual Report

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Apple REIT Nine, Inc.
Consolidated Statements of Shareholders’ Equity
(in thousands, except per share data)
Class B Convertible
Common Stock Preferred Stock Distributions
Number Number Greater than
of Shares Amount of Shares Amount Net Income Total
Initial capitalization November 9, 2007........... - $ - 480 $ 48 $ - $ 48
Offering costs...................................................... - - - - - -
Net loss................................................................ - - - - (17) (17)
Balance at December 31, 2007.......................... - - 480 48 (17) 31
Net proceeds from the sale of
common shares................................................. 41,014 400,543 - - - 400,543
Stock options granted.......................................... - 26 - - - 26
Net income. ......................................................... - - - - 2,152 2,152
Cash distributions declared and paid to
shareholders ($0.51 per share).......................... - - - - (13,012) (13,012)
Balance at December 31, 2008.......................... 41,014 $400,569 480 $ 48 $ (10,877) $ 389,740
See accompanying notes to consolidated financial statements.
The Company was initially capitalized on November 9, 2007 and commenced operations on July 31, 2008.