Page 5 - Apple REIT 9 2008 Annual Report

ANNUAL REPORT 2008 3
Apple REIT Nine has selected a diversified group of third-party management companies to oversee the day-to-day
operations of our hotels. These companies—Dimension Development Company, McKibbon Hotel Group, Gateway
Hospitality, Larry Blumberg and Associates, Texas Western Management Partners and Vista Host, Inc.—bring a
wealth of regional expertise to our lodging real estate and share the high standards of business fundamentals that
we have, as well as the high standards of hospitality set forth by Marriott® and Hilton®. The breadth of our diverse
selection of skilled management companies allows our asset managers to pinpoint and benchmark successful
lodging practices and share them among our properties.
We are currently within the acquisition stage of our program, a time during which our purchasing team seeks
new real estate opportunities that have the potential for future revenue growth and carefully develops an attractive
portfolio of income-producing real estate. The current economic downturn paired with the advantage of our
all-cash purchasing power, has amplified the number of valuable opportunities available to the Company. Although
during difficult economic times operations may fall slightly behind our expectations, our steady and conservative
approach to our acquisitions and our operations will, we believe, enable us to meet our shareholder goals over
time. As such, we plan to continue our annualized dividend return of $0.88 per share, or eight percent based
on an $11 share price. From June of 2008, when shareholder distributions began, until the end of the year, the
Company paid total dividends of $0.51 per share. Our team remains vigilant and will keep you abreast of any
significant changes in the status of our acquisitions and operations in upcoming shareholder reports.
I believe that Apple REIT Nine is well poised to find opportunity in the adversities of this challenging economic
environment and I am confident in the long-term success of our program. I look forward to sharing our future
progress with you in upcoming shareholder reports. As always, thank you for your investment.
Sincerely,
Glade M. Knight
Chairman and Chief Executive Officer
HAMPTON INN & SUITES, JACKSON, TN