0001185185-13-002314.txt : 20131106 0001185185-13-002314.hdr.sgml : 20131106 20131106094913 ACCESSION NUMBER: 0001185185-13-002314 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20130930 FILED AS OF DATE: 20131106 DATE AS OF CHANGE: 20131106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Apple REIT Nine, Inc. CENTRAL INDEX KEY: 0001418121 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 261379210 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-53603 FILM NUMBER: 131194942 BUSINESS ADDRESS: STREET 1: 814 EAST MAIN STREET CITY: RICHMOND STATE: VA ZIP: 23219 BUSINESS PHONE: 804.344.8121 MAIL ADDRESS: STREET 1: 814 EAST MAIN STREET CITY: RICHMOND STATE: VA ZIP: 23219 10-Q 1 applereitnine10q093013.htm 10-Q applereitnine10q093013.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 10-Q
 

x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2013

o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _______ TO _______

Commission File Number 000-53603

Apple REIT Nine, Inc.
(Exact name of registrant as specified in its charter)
 
Virginia   26-1379210
(State or other jurisdiction
of incorporation or organization)
  
(IRS Employer
Identification No.)
     
814 East Main Street
Richmond, Virginia 
   23219
(Address of principal executive offices)   (Zip Code)
                                                                                                                                                                                                                     
(804) 344-8121
(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes x    No  o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer   ¨
  
Accelerated filer   ¨
  
Non-accelerated filer   x
  
Smaller reporting company   ¨
       
(Do not check if a smaller
reporting company)
    

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ¨    No  x

Number of registrant’s common shares outstanding as of November 1, 2013:182,784,131
 
 
 
 
APPLE REIT NINE, INC.
FORM 10-Q
INDEX
 
 
Page Number
PART I.  FINANCIAL INFORMATION
    
     
 
Item 1.
    
         
   
3
  
         
   
4
  
         
   
5
  
         
   
6
  
         
 
Item 2.
16
  
         
 
Item 3.
30
  
         
 
Item 4.
30
  
         
PART II.  OTHER INFORMATION
    
     
 
Item 1.
31
  
         
 
Item 1A.
32
  
         
 
Item 6.
33
  
         
34
  
 
This Form 10-Q includes references to certain trademarks or service marks.  The Courtyard® by Marriott, Fairfield Inn® by Marriott, Fairfield Inn and Suites® by Marriott, TownePlace Suites® by Marriott, SpringHill Suites® by Marriott, Residence Inn® by Marriott and Marriott® trademarks are the property of Marriott International, Inc. or one of its affiliates.  The Hampton Inn®, Hampton Inn and Suites®, Homewood Suites® by Hilton, Embassy Suites Hotels®, Hilton Garden Inn®, Home2 Suites® by Hilton and Hilton® trademarks are the property of Hilton Worldwide or one or more of its affiliates.  For convenience, the applicable trademark or service mark symbol has been omitted but will be deemed to be included wherever the above referenced terms are used.
 
 
 
 
PART I.  FINANCIAL INFORMATION
 
Item 1.  Financial Statements
 
APPLE REIT NINE, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
 
   
September 30,
    
December 31,
  
   
2013
    
2012
  
   
(unaudited)
        
Assets
            
Investment in real estate, net of accumulated depreciation
of $186,792 and $145,927, respectively
   $ 1,443,024     $ 1,463,894  
Cash and cash equivalents
     0       9,027  
Restricted cash-furniture, fixtures and other escrows
     10,360       9,922  
Note receivable, net
     17,675       22,375  
Due from third party managers, net
     15,855       10,751  
Other assets, net
     9,802       10,048  
Total Assets
   $ 1,496,716     $ 1,526,017  
                 
Liabilities
                
Credit facility
   $ 22,000     $ 0  
Notes payable
     163,635       166,783  
Accounts payable and accrued expenses
     18,087       13,101  
Total Liabilities
     203,722       179,884  
                 
Shareholders' Equity
                
Preferred stock, authorized 30,000,000 shares; none issued
and outstanding
     0       0  
Series A preferred stock, no par value, authorized 400,000,000 shares;
issued and outstanding 182,784,131 and 182,619,400 shares, respectively
     0       0  
Series B convertible preferred stock, no par value, authorized 480,000 shares;
issued and outstanding 480,000 shares
     48       48  
Common stock, no par value, authorized 400,000,000 shares;
issued and outstanding 182,784,131 and 182,619,400 shares, respectively
     1,807,236       1,805,335  
Distributions greater than net income
     (514,290 )     (459,250 )
Total Shareholders' Equity
     1,292,994       1,346,133  
                 
Total Liabilities and Shareholders' Equity
   $ 1,496,716     $ 1,526,017  
 
See notes to consolidated financial statements.
 
 
3
 
APPLE REIT NINE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share data)
 
   
Three Months Ended
    
Nine Months Ended
  
   
September 30,
    
September 30,
  
   
2013
    
2012
    
2013
    
2012
  
Revenues:
                        
    Room revenue
   $ 91,936     $ 85,900     $ 271,324     $ 253,500  
    Other revenue
     8,301       7,753       25,888       25,354  
Total revenue
     100,237       93,653       297,212       278,854  
                                 
Expenses:
                                
    Operating expense
     25,800       24,162       75,318       70,813  
    Hotel administrative expense
     7,218       6,616       21,287       20,197  
    Sales and marketing
     8,369       7,947       24,968       23,529  
    Utilities
     4,213       4,074       11,153       10,778  
    Repair and maintenance
     3,807       3,364       11,136       9,882  
    Franchise fees
     4,185       3,642       12,248       11,037  
    Management fees
     3,567       3,267       10,329       9,513  
    Property taxes, insurance and other
     4,843       5,168       15,632       15,122  
    General and administrative
     1,778       2,149       5,815       6,443  
    Acquisition related costs
     0       3       74       464  
    Merger transaction costs
     1,908       0       1,970       637  
    Depreciation expense
     13,732       13,329       40,865       39,338  
Total expenses
     79,420       73,721       230,795       217,753  
                                 
    Operating income
     20,817       19,932       66,417       61,101  
                                 
    Interest expense, net
     (2,287 )     (1,709 )     (6,701 )     (4,664 )
                                 
Income before income taxes
     18,530       18,223       59,716       56,437  
                                 
    Income tax expense
     (365 )     (296 )     (1,110 )     (885 )
                                 
Income from continuing operations
     18,165       17,927       58,606       55,552  
                                 
Income from discontinued operations
     0       0       0       6,792  
                                 
Net income
   $ 18,165     $ 17,927     $ 58,606     $ 62,344  
                                 
Basic and diluted net income per common share
                                
    From continuing operations
   $ 0.10     $ 0.10     $ 0.32     $ 0.30  
    From discontinued operations
     0.00       0.00       0.00       0.04  
Total basic and diluted net income per common share
   $ 0.10     $ 0.10     $ 0.32     $ 0.34  
                                 
Weighted average common shares outstanding - basic and diluted
     182,784       182,130       182,560       182,200  
 
See notes to consolidated financial statements.
 
 
4
 
APPLE REIT NINE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
   
Nine Months Ended
  
   
September 30,
  
   
2013
    
2012
  
Cash flows from operating activities:
            
Net income
   $ 58,606     $ 62,344  
Adjustments to reconcile net income to cash provided by
    operating activities:
                
Depreciation
     40,865       39,338  
Amortization of deferred financing costs, fair value
   adjustments and other non-cash expenses, net
     264       264  
Straight-line rental income
     0       (1,975 )
Changes in operating assets and liabilities:
                
Increase in due from third party managers, net
     (5,104 )     (5,516 )
Increase in other assets, net
     (523 )     (1,203 )
Increase in accounts payable and accrued expenses
     3,914       678  
Net cash provided by operating activities
     98,022       93,930  
                 
Cash flows from investing activities:
                
Cash paid for acquisitions, net
     (7,225 )     (18,015 )
Net proceeds (costs) from sale of assets
     (353 )     135,410  
Capital improvements and development costs
     (11,370 )     (13,520 )
Increase in capital improvement reserves
     (207 )     (372 )
Payments received on note receivable
     4,725       2,940  
Net cash provided by (used in) investing activities
     (14,430 )     106,443  
                 
Cash flows from financing activities:
                
Net proceeds related to issuance of Units
     21,778       38,239  
Redemptions of Units
     (19,992 )     (41,988 )
Special distribution paid to common shareholders
     0       (136,113 )
Monthly distributions paid to common shareholders
     (113,646 )     (117,164 )
Net proceeds from credit facility
     22,000       0  
Proceeds from notes payable
     0       77,690  
Payments of notes payable
     (2,759 )     (31,899 )
Deferred financing costs
     0       (358 )
Net cash used in financing activities
     (92,619 )     (211,593 )
                 
Decrease in cash and cash equivalents
     (9,027 )     (11,220 )
                 
Cash and cash equivalents, beginning of period
     9,027       30,733  
                 
Cash and cash equivalents, end of period
   $ 0     $ 19,513  
                 
Non-cash transactions:
                
Note receivable issued from sale of assets
   $ 0     $ 60,000  
 
See notes to consolidated financial statements.
 
 
5
 
APPLE REIT NINE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1.  Organization and Summary of Significant Accounting Policies

Organization
  
Apple REIT Nine, Inc., together with its wholly owned subsidiaries (the “Company”), is a Virginia corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes.  The Company was formed to invest in income-producing real estate in the United States.  Initial capitalization occurred on November 9, 2007 and operations began on July 31, 2008 when the Company acquired its first hotel.  The Company concluded its best-efforts offering of Units (each Unit consists of one common share and one Series A preferred share) in December 2010.  The Company’s fiscal year end is December 31.  The Company has no foreign operations or assets and its operating structure includes only one segment.  The consolidated financial statements include the accounts of the Company and its subsidiaries.  All intercompany accounts and transactions have been eliminated.  Although the Company has an interest in a variable interest entity through its note receivable, it is not the primary beneficiary as the Company does not have any elements of power in the decision making process of the entity and does not share in any of the benefits, and therefore does not consolidate the entity.  As of September 30, 2013, the Company owned 89 hotels located in 27 states with an aggregate of 11,371 rooms.

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations for reporting on Form 10-Q.  Accordingly, they do not include all of the information required by accounting principles generally accepted in the United States for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.  These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its 2012 Annual Report on Form 10-K.  Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the twelve month period ending December 31, 2013.

Use of Estimates

The preparation of the financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Reclassifications

Certain amounts in the 2012 consolidated financial statements have been reclassified to conform with the 2013 presentation with no effect on previously reported net income or shareholders’ equity.

Restricted Cash

Restricted cash includes reserves for debt service, real estate taxes, and insurance, and reserves for furniture, fixtures, and equipment replacements of up to 5% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions.

Earnings Per Common Share

Basic earnings per common share is computed based upon the weighted average number of shares outstanding during the period.  Diluted earnings per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the period.  There were no potential common shares with a dilutive effect for the three and nine months ended September 30, 2013 or 2012.  As a result, basic and dilutive outstanding shares were the same.  Series B convertible preferred shares are not included in earnings per common share calculations until such time that such shares are eligible to be converted to common shares.
 
 
6

2.  Merger Agreement

On August 7, 2013, Apple REIT Seven, Inc. (“Apple Seven”), Apple REIT Eight, Inc. (“Apple Eight”), Apple REIT Nine, Inc. (“Apple Nine”), Apple Seven Acquisition Sub, Inc. (“Seven Acquisition Sub”) a wholly owned subsidiary of Apple Nine, and Apple Eight Acquisition Sub, Inc. (“Eight Acquisition Sub”) a wholly owned subsidiary of Apple Nine, entered into an Agreement and Plan of Merger, as amended (the “Merger Agreement”).  The Merger Agreement provides for the merger of Apple Seven and Apple Eight with and into Seven Acquisition Sub and Eight Acquisition Sub, respectively, which were formed solely for engaging in the mergers and have not conducted any prior activities.  Upon completion of the mergers, the separate corporate existence of Apple Seven and Apple Eight will cease and Seven Acquisition Sub and Eight Acquisition Sub will be the surviving corporations.  Pursuant to the terms of the Merger Agreement, upon completion of the mergers, the current Apple Nine common shares totaling 182,784,131 will remain outstanding and:

·  
Each issued and outstanding unit of Apple Seven (consisting of one Apple Seven common share together with one Apple Seven Series A preferred share) will be converted into one (the “Apple Seven exchange ratio”) common share of Apple Nine, or a total of approximately 90,613,633 common shares (assuming no dissenting shares), and each issued and outstanding Series B convertible preferred share of Apple Seven will be converted into a number of Apple Nine’s common shares equal to 24.17104 multiplied by the Apple Seven exchange ratio, or a total of 5,801,050 common shares; and

·  
Each issued and outstanding unit of Apple Eight (consisting of one Apple Eight common share together with one Apple Eight Series A preferred share) will be converted into 0.85 (the “Apple Eight exchange ratio”) common share of Apple Nine, or a total of approximately 78,319,004 common shares (assuming no dissenting shares), and each issued and outstanding Series B convertible preferred share of Apple Eight will be converted into a number of Apple Nine’s common shares equal to 24.17104 multiplied by the Apple Eight exchange ratio, or a total of 4,930,892 common shares.

As contemplated in the Merger Agreement, in connection with completion of the mergers, Apple Nine will become self-advised and the existing advisory agreements between Apple Nine and Apple Nine Advisors, Inc. and Apple Suites Realty Group, Inc. will be terminated.  The termination of the advisory agreements will result in the conversion of each issued and outstanding Series B convertible preferred share of Apple Nine into the right to receive 24.17104 common shares of Apple Nine, or a total of 11,602,099 common shares.  As a result of the conversion, all of Apple Nine’s Series A preferred shares will terminate.  In addition, upon termination of the advisory agreements, Apple Nine will record an expense related to the conversion of Apple Nine’s Series B convertible preferred shares into common shares.  Although the final estimate of fair value may vary significantly from these estimates, Apple Nine’s preliminary estimate of the fair value of $9.00 to $11.00 per common share would result in an expense ranging from approximately $104 million to $128 million.

The Merger Agreement contains various closing conditions, including shareholder approval by Apple Seven, Apple Eight and Apple Nine.  As a result, there is no assurance that the mergers will occur.  Under the Merger Agreement, Apple Seven, Apple Eight and Apple Nine may terminate the Merger Agreement under certain circumstances; however, each of the companies may be required to pay a fee of $1.7 million, plus reasonable third party expenses to each of the other companies upon such termination.  All costs related to the proposed mergers are being expensed in the period they are incurred and are included in the merger transaction costs in the Company’s consolidated statements of operations.  In connection with these activities, the Company incurred approximately $2.0 million in expenses for the nine months ended September 30, 2013.
 
 
7

3.  Disposition and Discontinued Operations

On April 27, 2012, the Company completed the sale of its 406 acres of land and land improvements located on 110 sites in the Ft. Worth, Texas area (the “110 parcels”) and the assignment of the lease for a total sale price of $198.4 million.  The 110 parcels were acquired in April 2009 for a total purchase price of $147.3 million and were leased to a subsidiary of Chesapeake Energy Corporation (“Chesapeake”) under a long term lease for the production of natural gas.  At closing, the Company received approximately $138.4 million in cash proceeds and issued a note receivable totaling $60.0 million to the purchaser (the “note”).  The note, which approximated fair market value, is secured by a junior lien on the land and land improvements owned by the purchaser.  The stated interest rate on the note is 10.5%.  The note requires interest only payments for the first three years of the note.  After the first three years, interest is accrued and payments will only be received once the purchaser extinguishes its senior loan with a third party.  Once the senior loan is repaid, the Company will receive all payments from the existing lease until fully repaid or the note reaches maturity which is April 2049.  Although the purchaser is not affiliated with the Company, a partner of the purchaser is also a member of the Board of Directors of Apple REIT Ten, Inc.  In conjunction with the sale, the Company incurred a brokerage commission to Apple Suites Realty Group, Inc. (“ASRG”) totaling approximately $4.0 million, representing 2% of the gross sales price.  Of this amount, approximately $2.8 million was paid to ASRG during the second quarter of 2012 and the remaining $1.2 million will be paid upon repayment of the $60.0 million note.  The $4.0 million commission has been recorded as a reduction to the deferred gain on sale as described below.

The total gain on sale was approximately $33.3 million (total sale price of $198.4 million less carrying value totaling $160.5 million, ASRG fee totaling $4.0 million, closing costs totaling $0.3 million and related franchise taxes totaling $0.3 million).  In accordance with the Accounting Standards Codification on real estate sales, the sales transaction is being accounted for under the cost recovery method, therefore the gain on sale and interest earned on the note will be deferred until cash payments by the purchaser, including principal and interest on the note due to the Company and the payment of the $138.4 million at closing exceed the Company’s cost basis of the 110 parcels sold.  The note receivable is included in the Company’s consolidated balance sheets, net of the total deferred gain.  As of September 30, 2013, the note receivable, net was $17.7 million, including $60.0 million note receivable offset by $33.3 million deferred gain and $9.0 million deferred interest earned.  As of December 31, 2012, the note receivable, net was $22.4 million, including $60.0 million note receivable offset by $33.4 million deferred gain and $4.3 million deferred interest earned.  The 110 parcels was a separate reportable segment and the results of operations for these properties have been classified in the consolidated statements of operations in the line item income from discontinued operations.

The following table sets forth the components of income from discontinued operations for the three and nine months ended September 30, 2012 (in thousands):
 
   
Three Months
    
Nine Months
  
   
Ended
    
Ended
  
   
September 30, 2012
    
September 30, 2012
  
Rental revenue
   $ 0     $ 6,826  
Operating expenses
     0       34  
Depreciation expense
     0       0  
Income from discontinued operations
   $ 0     $ 6,792  
 
Prior to the sale, the lease was classified as an operating lease and rental income was recognized on a straight-line basis over the initial term of the lease.  Rental revenue includes approximately $2.0 million of adjustments to record rent on the straight-line basis for the nine months ended September 30, 2012.
 
 
8
 
4.  Credit Facility

In November 2012, the Company entered into a $50 million credit facility with a commercial bank that is utilized for working capital, hotel renovations and development, and other general corporate funding purposes, including the payment of redemptions and distributions.  The credit facility may be increased to $100 million, subject to certain conditions.  Under the terms of the credit agreement, the Company may make voluntary prepayments in whole or in part at any time.  The credit facility matures in November 2014; however, the Company has the right, upon satisfaction of certain conditions, including covenant compliance and payment of an extension fee, to extend the maturity date to November 2015.  Interest payments are due monthly and the interest rate, subject to certain exceptions, is equal to the one-month LIBOR (the London Inter-Bank Offered Rate for a one-month term) plus a margin ranging from 2.25% to 2.75%, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement.  The Company is also required to pay an unused facility fee of 0.30% or 0.40% on the unused portion of the revolving credit facility, based on the amount of borrowings outstanding during the quarter.  As of September 30, 2013, the credit facility had an outstanding principal balance of $22.0 million and an annual interest rate of approximately 2.43%.  As of December 31, 2012, there were no borrowings outstanding under the credit facility.

The credit agreement requires the Company to maintain a specific pool of Unencumbered Borrowing Base Properties (must be a minimum of ten properties and must satisfy conditions as defined in the credit agreement).  The obligations of the lender to make any advances under the credit facility are subject to certain conditions, including that the outstanding borrowings do not exceed the Borrowing Base Availability, as defined in the credit agreement.  The credit facility contains customary affirmative covenants, negative covenants and events of defaults.  It also contains quarterly financial covenants, which include, among others, a minimum tangible net worth, maximum debt limits, and minimum debt service and fixed charge coverage ratios.  The Company was in compliance with each of these covenants at September 30, 2013.

5.  Fair Value of Financial Instruments

The Company estimates the fair value of its debt and note receivable by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity of an instrument with similar credit terms and credit characteristics which are Level 3 inputs.  Market rates take into consideration general market conditions and maturity.  As of September 30, 2013, the carrying value and estimated fair value of the Company’s debt was approximately $185.6 million and $190.1 million.  As of December 31, 2012, the carrying value and estimated fair value of the Company’s debt was approximately $166.8 million and $173.3 million.  As of September 30, 2013 and December 31, 2012, the carrying value of the $60 million note receivable as discussed in note 3 approximates fair market value.  The carrying value of the Company’s other financial instruments approximates fair value due to the short-term nature of these financial instruments.

6.  Related Parties

The Company has, and is expected to continue to engage in, significant transactions with related parties.  These transactions cannot be construed to be at arm’s length and the results of the Company’s operations may be different if these transactions were conducted with non-related parties.  The Company’s independent members of the Board of Directors oversee and annually review the Company’s related party relationships (which include the relationships discussed in this section) and are required to approve any significant modifications to the contracts, as well as any new significant related party transactions.  There were no changes to the contracts discussed in this section and no new significant related party transactions during the nine months ended September 30, 2013 (other than the transactions related to the completion of Apple REIT Six, Inc.’s merger with a third party and the Merger Agreement and related transactions discussed below).  The Board of Directors is not required to approve each individual transaction that falls under the related party relationships.  However, under the direction of the Board of Directors, at least one member of the Company’s senior management team approves each related party transaction.
 
 
9
 
The term the “Apple REIT Entities” means Apple REIT Six, Inc. (“Apple Six”), Apple REIT Seven, Inc. (“Apple Seven”), Apple REIT Eight, Inc. (“Apple Eight”), Apple REIT Nine, Inc. (“Apple Nine”) and Apple REIT Ten, Inc. (“Apple Ten”).  The term the “Advisors” means Apple Six Advisors, Inc., Apple Seven Advisors, Inc., Apple Eight Advisors, Inc., Apple Nine Advisors, Inc. (“A9A”), Apple Ten Advisors, Inc., Apple Suites Realty Group, Inc. (“ASRG”) and Apple Six Realty Group, Inc.  The Advisors are wholly owned by Glade M. Knight, Chairman and Chief Executive Officer of the Company.  Mr. Knight is also Chairman and Chief Executive Officer of Apple Seven, Apple Eight and Apple Ten.  Members of the Company’s Board of Directors are also on the Board of Directors of Apple Seven and Apple Eight.

On May 14, 2013, Apple Six merged with and into an entity that is not affiliated with the Apple REIT Entities or the Advisors.  Pursuant to the terms and conditions of the merger agreement, dated as of November 29, 2012, upon completion of the merger, the separate corporate existence of Apple Six ceased (the “A6 Merger”).  Prior to the A6 Merger, Glade M. Knight was Chairman and Chief Executive Office of Apple Six and members of the Company’s Board of Directors were also on the Board of Directors of Apple Six.

ASRG Agreement

The Company has a contract with ASRG, to acquire and dispose of real estate assets for the Company.  A fee of 2% of the gross purchase price or gross sale price in addition to certain reimbursable expenses is paid to ASRG for these services.  As of September 30, 2013, payments to ASRG for fees under the terms of this contract related to the acquisition of assets have totaled approximately $33.6 million since inception.  Of this amount, the Company incurred approximately $0.1 million and $0.4 million during the nine months ended September 30, 2013 and 2012.  During the second quarter of 2013, the Company paid fees to ASRG for the purchase of two land parcels located at the Residence Inn hotels in Manassas, Virginia and San Bernardino, California, both which had previously been leased from a third party.  In addition, the Company incurred a brokerage commission to ASRG totaling approximately $4.0 million related to the sale of the Company’s 110 parcels in April 2012, which has been recorded as a reduction to the deferred gain on sale.  Of this amount, approximately $2.8 million was paid to ASRG during the second quarter of 2012 and the remaining $1.2 million will be paid upon repayment of the $60 million note.

A9A Agreement

The Company is party to an advisory agreement with A9A, pursuant to which A9A provides management services to the Company.  A9A provides these management services through Apple Fund Management, LLC (“AFM”), which immediately after the A6 Merger became a wholly-owned subsidiary of A9A.  This transaction between A9A and Apple Six was made with no cash consideration exchanged between the entities.  Prior to May 14, 2013, AFM was a wholly-owned subsidiary of Apple Six.  An annual advisory fee ranging from 0.1% to 0.25% of total equity proceeds received by the Company, in addition to certain reimbursable expenses as described below, are payable to A9A for these management services.  Total advisory fees incurred by the Company under the advisory agreement are included in general and administrative expenses and totaled approximately $2.1 million and $2.2 million for the nine months ended September 30, 2013 and 2012.

Apple REIT Entities and Advisors Cost Sharing Structure

In addition to the fees payable to ASRG or A9A, the Company reimbursed to ASRG or A9A, or paid directly to AFM on behalf of ASRG or A9A, approximately $1.6 million for both the nine months ended September 30, 2013 and 2012.  The expenses reimbursed were approximately $0 and $0.1 million, respectively, for costs reimbursed under the contract with ASRG and approximately $1.6 million and $1.5 million, respectively, for costs reimbursed under the contract with A9A.  The costs are included in general and administrative expenses and are for the Company’s allocated share of the staffing and related costs provided by AFM at the direction of A9A.
 
 
10

AFM is an affiliate of each of the Advisors.  Each of the Advisors provides management services through the use of AFM to, respectively, Apple Six (prior to the A6 Merger), Apple Seven, Apple Eight, Apple Nine and Apple Ten.  In connection with the A6 Merger, effective May 14, 2013, the entire membership interest of Apple Six in AFM was transferred and assigned to A9A, which then became the sole member of AFM.  As part of the assignment, A9A and the other Advisors agreed to indemnify the buyer of Apple Six for liabilities related to AFM.  The assignment of AFM’s interest to A9A had no impact on the Company’s advisory agreement with A9A or the process of allocating costs from AFM to the Apple REIT Entities or Advisors as described below, except Apple Six and its advisors, Apple Six Advisors, Inc. and Apple Six Realty Group, Inc. (collectively “A6 Advisors”), no longer participate in the cost sharing arrangement, thereby increasing the remaining companies’ share of the allocated costs.

Also, in connection with the A6 Merger, on May 13, 2013, the Company acquired from Apple Six the Apple REIT Entities’ and Advisors’ headquarters in Richmond, Virginia (“Headquarters”) and assumed the Fort Worth, Texas office lease agreement for approximately $4.5 million, which approximated fair value at the time of acquisition based on third party market comparisons.  As part of the purchase, the Company agreed to release Apple Six from any liabilities related to the Headquarters or office lease.  As described below, any costs associated with the Headquarters and office lease, including office rent, utilities, office supplies, etc. (“Office Related Costs”) will continue to be allocated to the Apple REIT Entities and Advisors, excluding Apple Six and A6 Advisors.

Prior to the A6 Merger, amounts reimbursed to AFM included both compensation for personnel and Office Related Costs used by the companies.  As discussed above, as a result of the A6 Merger, beginning on May 14, 2013, Office Related Costs are now allocated from the Company to the other Apple REIT Entities and Advisors, excluding Apple Six and A6 Advisors.  Each of these companies has agreed to reimburse the Company for its share of these costs.  From the period May 14, 2013 through September 30, 2013, the Company received reimbursement of its costs totaling approximately $0.4 million from the participating entities.  The Company’s net allocated Office Related Costs were approximately $0.1 million and is included in general and administrative costs in the Company’s consolidated statements of operations.

All of the Office Related Costs and costs of AFM are allocated among the Apple REIT Entities and the Advisors, excluding Apple Six and A6 Advisors after the A6 Merger.  The allocation of costs is reviewed at least annually by the Compensation Committees of the Apple REIT Entities.  In making the allocation, management of each of the entities and their Compensation Committee consider all relevant facts related to each company’s level of business activity and the extent to which each company requires the services of particular personnel of AFM.  Such payments are based on the actual costs of the services and are not based on formal record keeping regarding the time these personnel devote to the Company, but are based on a good faith estimate by the employee and/or his or her supervisor of the time devoted by the employee to the Company.  Although there is a potential conflict on time allocation of employees due to the fact that a senior manager, officer or staff member will provide services to more than one company, the Company believes that the executives and staff compensation sharing arrangement described above allows the companies to share costs yet attract and retain superior executives and staff.  The cost sharing structure also allows each entity to maintain a much more cost effective structure than having separate staffing arrangements.  Since the employees of AFM perform services for the Apple REIT Entities and Advisors at the direction of the Advisors, individuals, including executive officers, receive their compensation at the direction of the Advisors and may receive consideration directly from the Advisors.

As part of the cost sharing arrangements, the day-to-day transactions may result in amounts due to or from the Apple REIT Entities and Advisors (excluding Apple Six and A6 Advisors after the A6 Merger).  To efficiently manage cash disbursements, an individual Apple REIT Entity or Advisor (excluding Apple Six and A6 Advisors after the A6 Merger) may make payments for any or all of the related companies.  The amounts due to or from the related Apple REIT Entity or Advisor (excluding Apple Six and A6 Advisors after the A6 Merger) are reimbursed or collected and are not significant in amount.

The Company has incurred legal fees associated with the Legal Proceedings and Related Matters discussed herein.  The Company also incurs other professional fees such as accounting, auditing and reporting.  These fees are included in general and administrative expense in the Company’s consolidated statements of operations.  To be cost effective, these services received by the Company are shared as applicable across the other Apple REIT Entities.  The professionals cannot always specifically identify their fees for one company; therefore management allocates these costs across the companies that benefit from the services.  The total costs for the Legal Proceedings and Related Matters discussed herein for all of the Apple REIT Entities (excluding Apple Six after the A6 Merger) was approximately $2.2 million for the nine months ended September 30, 2013, of which approximately $0.5 million was allocated to the Company.  Total costs for the nine months ended September 30, 2012 for all of the Apple REIT Entities was approximately $5.7 million, of which approximately $1.3 million was allocated to the Company.         
 
 
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Apple Air Holding, LLC (“Apple Air”) Membership Interest

Included in other assets, net on the Company’s consolidated balance sheet is a 24% equity investment in Apple Air.  The other current members of Apple Air are Apple Seven, Apple Eight and Apple Ten.  In connection with the A6 Merger, on May 13, 2013, Apple Ten acquired its membership interest in Apple Air from Apple Six.  Through its equity investment, the Company has access to Apple Air’s aircraft for acquisition, asset management and renovation purposes.  The Company’s equity investment was approximately $1.7 million and $1.9 million as of September 30, 2013 and December 31, 2012.  The Company has recorded its share of income and losses of the entity under the equity method of accounting and adjusted its investment in Apple Air accordingly.  For the nine months ended September 30, 2013 and 2012, the Company recorded a loss of approximately $181,000 and $145,000 respectively, as its share of the net loss of Apple Air, which primarily relates to the depreciation of the aircraft, and is included in general and administrative expense in the Company’s consolidated statements of operations.

Merger Agreement and Related Transactions

Concurrently with the execution of the Merger Agreement (as discussed in note 2), on August 7, 2013, the following agreements were entered into by the Company:

·  
Apple Seven, Apple Eight and Apple Nine entered into a termination agreement, as amended (the “Termination Agreement”) with Apple Seven Advisors, Inc., Apple Eight Advisors, Inc., A9A and ASRG, effective immediately before the completion of the mergers.  Pursuant to the Termination Agreement, the existing advisory agreements and property acquisition/disposition agreements with respect to Apple Seven, Apple Eight and Apple Nine will be terminated. The Termination Agreement does not provide for any separate payments to be made in connection with the termination of the existing advisory agreements and property acquisition/disposition agreements.  As a result, if the mergers are completed, Apple Seven, Apple Eight and Apple Nine will no longer pay the various fees currently paid to its respective advisors.

·  
Apple Nine entered into a subcontract agreement, as amended (the “Subcontract Agreement”) with Apple Ten Advisors, Inc. (“A10A”).  Pursuant to the Subcontract Agreement, A10A will subcontract its obligations under the advisory agreement between A10A and Apple Ten to Apple Nine. The Subcontract Agreement provides that, from and after the completion of the mergers, Apple Nine will provide to Apple Ten the advisory services contemplated under the A10A advisory agreement and will receive the fees and expenses payable under the A10A advisory agreement from Apple Ten.

·  
Apple Nine entered into an assignment and transfer agreement, as amended (the “Transfer Agreement”) with A9A and AFM.  Pursuant to the Transfer Agreement, Apple Nine will acquire all of the membership interests in AFM from A9A effective immediately following the completion of the mergers.  The Transfer Agreement provides that Apple Nine will assume all of the obligations of the predecessor owners of AFM under prior transfer agreements involving the transfer of the membership interests in AFM (including Apple Hospitality Two, Inc., Apple Hospitality Five, Inc., Apple Six and A9A) and relieve the predecessor owners and the other advisory companies of any liability with respect to AFM.

 
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7.  Shareholders’ Equity

Special Distribution

As a result of the sale of its 110 parcels, the Board of Directors approved a special distribution of $0.75 per Unit, totaling $136.1 million on May 17, 2012 to shareholders of record on May 11, 2012 (the “Special Distribution”).

Monthly Distributions

For the three months ended September 30, 2013 and 2012, the Company made distributions of $0.2076 and $0.2075 per common share for a total of $37.9 million and $37.8 million.  For the nine months ended September 30, 2013 and 2012, the Company made distributions (excluding the Special Distribution discussed above) of $0.6227 and $0.6434 per common share for a total of $113.6 million and $117.2 million.  In conjunction with the Special Distribution, in May 2012 the Company’s Board of Directors reduced the annual distribution rate from $0.88 per common share to $0.83 per common share.  The reduction was effective with the June 2012 distribution. In August 2012, the Board of Directors increased the annualized distribution rate from $0.83 per common share to $0.83025 per common share.  The distribution will continue to be paid monthly.  Total distributions (including the Special Distribution) for the nine months ended September 30, 2013 and 2012 totaled $113.6 million and $253.3 million.

Unit Redemption Program

In July 2009, the Company instituted a Unit Redemption Program to provide limited interim liquidity to its shareholders who have held their Units for at least one year.  Since the inception of the program through April 2012, shareholders were permitted to request redemption of Units for a purchase price equal to 92% of the price paid per Unit if the Units have been owned for less than three years, or 100% of the price paid per Unit if the Units have been owned more than three years.  In May 2012, as a result of the Special Distribution, the purchase price per Unit under the Company’s Unit Redemption Program was adjusted by the amount of the Special Distribution (from $11.00 to $10.25 for the maximum purchase price, based on the original purchase price and length of time such Units have been held by the shareholder).  The maximum number of Units that may be redeemed in any given year is five percent of the weighted average number of Units outstanding during the 12-month period immediately prior to the date of redemption. The Company reserves the right to change the purchase price of redemptions, reject any request for redemption, or otherwise amend the terms of, suspend, or terminate the Unit Redemption Program.  On June 27, 2013, the Company announced the suspension of its Unit Redemption Program as it evaluated the potential merger transaction.  Under the Merger Agreement, the Company is required to continue the suspension of the program until the Merger Agreement is terminated or the mergers are completed.

Since inception of the program through September 30, 2013, the Company has redeemed approximately 11.7 million Units representing $121.2 million, including 2.0 million Units in the amount of $20.0 million and 4.0 million Units in the amount of $42.0 million redeemed during the nine months ended September 30, 2013 and 2012, respectively.  Since July 2011, the total redemption requests have exceeded the authorized amount of redemptions and, as a result, the Board of Directors has limited the amount of redemptions as deemed prudent.  Therefore, as contemplated in the program, beginning with the July 2011 redemption, the scheduled redemption date for the third quarter of 2011, the Company redeemed Units on a pro-rata basis.  Prior to July 2011, the Company redeemed 100% of redemption requests.  The following is a summary of the Unit redemptions during 2012 and the first nine months of 2013:

Redemption Date
  
Total Requested Unit
Redemptions at
Redemption Date
    
Units Redeemed
    
Total Redemption
Requests Not
Redeemed at
Redemption Date
  
                   
First Quarter 2012
     10,689,219       1,507,187       9,182,032  
Second Quarter 2012
     11,229,890       1,509,922       9,719,968  
Third Quarter 2012
     10,730,084       1,004,365       9,725,719  
Fourth Quarter 2012
     11,155,269       1,003,267       10,152,002  
First Quarter 2013
     12,135,251       990,324       11,144,927  
Second Quarter 2013
     13,039,019       988,095       12,050,924  
 
 
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Dividend Reinvestment Plan

In December 2010, the Company instituted a Dividend Reinvestment Plan for its shareholders. The plan provides a way to increase shareholder investment in the Company by reinvesting dividends to purchase additional Units of the Company. The uses of the proceeds from this plan may include purchasing Units under the Company’s Unit Redemption Program, enhancing properties, satisfying financing obligations and other expenses, increasing working capital, funding various corporate operations, and acquiring hotels.  As a result of the Special Distribution, beginning in May 2012, the offering price per Unit under the Company’s Dividend Reinvestment Plan was adjusted by the amount of the Special Distribution (from $11.00 to $10.25).  The Company has registered 20.0 million Units for potential issuance under the plan.  Since inception of the plan through September 30, 2013, approximately 12.3 million Units, representing $131.0 million in proceeds to the Company, were issued under the plan.  During the nine months ended September 30, 2013 and 2012, approximately 2.1 million Units, representing $22.0 million in proceeds to the Company, and 3.6 million Units, representing $38.2 million in proceeds to the Company, were issued under the plan.  On June 27, 2013, the Company announced the suspension of its Dividend Reinvestment Plan as it evaluated the potential merger transaction.  Under the Merger Agreement, the Company is required to continue the suspension of the plan until the Merger Agreement is terminated or the mergers are completed.

8.  Legal Proceedings and Related Matters

On December 13, 2011, the United States District Court for the Eastern District of New York ordered that three putative class actions, Kronberg, et al. v. David Lerner Associates, Inc., et al., Kowalski v. Apple REIT Ten, Inc., et al., and Leff v. Apple REIT Ten, Inc., et al., be consolidated and amended the caption of the consolidated matter to be In re Apple REITs Litigation. The District Court also appointed lead plaintiffs and lead counsel for the consolidated action and ordered lead plaintiffs to file and serve a consolidated complaint by February 17, 2012. The Company was previously named as a party in all three of the above mentioned class action lawsuits.

On February 17, 2012, lead plaintiffs and lead counsel in the In re Apple REITs Litigation, Civil Action No. 1:11-cv-02919-KAM-JO, filed an amended consolidated complaint in the United States District Court for the Eastern District of New York against the Company, Apple Suites Realty Group, Inc., Apple Eight Advisors, Inc., Apple Nine Advisors, Inc., Apple Ten Advisors, Inc., Apple Fund Management, LLC, Apple REIT Six, Inc., Apple REIT Seven, Inc., Apple REIT Eight, Inc. and Apple REIT Ten, Inc., their directors and certain officers, and David Lerner Associates, Inc. and David Lerner. The consolidated complaint, which was dismissed in April 2013, was purportedly brought on behalf of all purchasers of Units in the Company and the other Apple REIT Entities, or those who otherwise acquired these Units that were offered and sold to them by David Lerner Associates, Inc., or its affiliates and on behalf of subclasses of shareholders in New Jersey, New York, Connecticut and Florida, and alleges that the Apple REIT Entities “misrepresented the investment objectives of the Apple REITs, the dividend payment policy of the Apple REITs, and the value of their Apple REIT investments.” The consolidated complaint asserts claims under Sections 11, 12 and 15 of the Securities Act of 1933, as well as claims for breach of fiduciary duty, aiding and abetting breach of fiduciary duty, negligence, and unjust enrichment, and claims for violation of the securities laws of Connecticut and Florida. The complaint seeks, among other things, certification of a putative nationwide class and the state subclasses, damages, rescission of share purchases and other costs and expenses.

On April 18, 2012, the Company, and the other defendants moved to dismiss the consolidated complaint in the In re Apple REITs Litigation.  By Order entered on March 31, 2013 and opinion issued on April 3, 2013, the Court dismissed the consolidated complaint in its entirety with prejudice and without leave to amend. Plaintiffs filed a Notice of Appeal to the Second Circuit Court of Appeals on April 12, 2013, and filed their Brief for Plaintiffs-Appellants on July 26, 2013.  Defendants-Appellees filed their Briefs on October 25, 2013.  The Company believes that Plaintiffs’ claims against it, its officers and directors and other Apple REIT Entities were properly dismissed by the lower court, and intends to vigorously defend the judgment as entered.  In the event some or all of Plaintiffs’ claims are revived as a result of Plaintiffs’ appeal, the Company will, once again, defend against them vigorously.  At this time, the Company cannot reasonably predict the outcome of these proceedings or provide a reasonable estimate of the possible loss or range of loss due to these proceedings, if any.
 
 
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The Securities and Exchange Commission (“SEC”) staff has been conducting a non-public investigation, which is focused principally on the adequacy of certain disclosures in the Company's filings with the SEC beginning in 2008, as well as the Company's review of certain transactions involving the Company and the other Apple REIT Entities.  The Company intends to continue to cooperate with the SEC staff, and it is engaging in a dialogue with the SEC staff concerning these issues and the roles of certain officers.  The Company does not believe the issues raised by the SEC staff affect the material accuracy of the Company's consolidated financial statements.  At this time, the Company cannot predict the outcome of this investigation as to the Company or any of its officers, nor can it predict the timing associated with any such conclusion or resolution.

9.  Subsequent Events

In October 2013, the Company declared and paid approximately $12.6 million, or $0.0691875 per outstanding common share, in distributions to its common shareholders.

On November 1, 2013, the $60 million note receivable, as discussed in note 3 was repaid by the purchaser in full and the purchaser was released from all liability and obligations under the note.  In exchange for the early payment and waiver by the purchaser of certain terms of the note, the Company agreed to waive approximately $0.5 million of interest for the month of October 2013.  As a result of the repayment of the note, the Company will recognize the deferred gain on sale totaling $33.3 million and deferred interest earned totaling $9.0 million for a total gain of approximately $42.3 million as of September 30, 2013 in the fourth quarter of 2013.  The Company plans to use the proceeds from the repayment of the note to reduce the outstanding balance under its $50 million credit facility and to fund general corporate purposes, including working capital, renovations and hotel development.
 
 
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Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This quarterly report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward-looking statements are typically identified by use of terms such as “may,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “target,” “goal,” “plan,” “should,” “will,” “predict,” “potential,” and similar expressions that convey the uncertainty of future events or outcomes.  Such statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.  Such factors include, but are not limited to, the  ability of the Company, Apple REIT Seven, Inc. or Apple REIT Eight, Inc. to obtain required shareholder or other third-party approvals required to consummate the proposed mergers, under which Apple REIT Seven, Inc. and Apple REIT Eight, Inc. would be merged with and into wholly owned subsidiaries of Apple REIT Nine, Inc.; the satisfaction or waiver of other conditions in the merger agreement; a material adverse effect on the Company, Apple REIT Seven, Inc. or Apple REIT Eight, Inc.; the outcome of any legal proceedings that may be instituted against the Company, Apple REIT Seven, Inc. or Apple REIT Eight, Inc. and others related to the merger agreement; the ability of the Company to implement its acquisition strategy and operating strategy; the Company’s ability to manage planned growth; changes in economic cycles; financing risks; the outcome of current and future litigation, regulatory proceedings or inquiries; changes in laws or regulations or interpretations of current laws and regulations that impact the Company’s business, assets or classification as a real estate investment trust; and competition within the hotel and real estate industry.  Although the Company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore there can be no assurance that such statements included in the quarterly report will prove to be accurate.  In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the results or conditions described in such statements or the objectives and plans of the Company will be achieved.  In addition, the Company’s qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code.  Readers should carefully review the Company’s financial statements and the notes thereto, as well as the risk factors described in the Company’s filings with the Securities and Exchange Commission (“SEC”).  Any forward-looking statement that the Company makes speaks only as of the date of this report.  The Company undertakes no obligation to publically update or revise any forward-looking statements or cautionary factors, as a result of new information, future events, or otherwise, except as required by law.

Overview

Apple REIT Nine, Inc., together with its wholly owned subsidiaries (the “Company”) was formed to invest in income-producing real estate in the United States.  The Company was initially capitalized on November 9, 2007, with its first investor closing on May 14, 2008.  The Company completed its best-efforts offering of Units (each Unit consists of one common share and one Series A preferred share) in December 2010.  The Company has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes.  The Company’s first hotel was acquired on July 31, 2008.  As of September 30, 2013, the Company owned 89 hotels (one acquired during 2012, 11 acquired and one newly constructed hotel opened during 2011, 43 acquired during 2010, 12 acquired during 2009 and 21 acquired during 2008).  Accordingly, the results of operations include only results from the date of ownership of the properties.

Hotel Operations

Although hotel performance can be influenced by many factors including local competition, local and general economic conditions in the United States and the performance of individual managers assigned to each hotel, performance of the hotels as compared to other hotels within their respective local markets, in general, has met the Company’s expectations for the period owned.  The hotel industry and the Company continue to see improvement in both revenues and operating income as compared to the prior year.  Although there is no way to predict future general economic conditions, and there are several key factors that may continue to negatively affect the economic recovery in the United States and add to general market uncertainty, including but not limited to, the continued high levels of unemployment, the slow pace of the economic recovery in the United States and the ongoing uncertainty surrounding the fiscal policy of the United States (including the “sequester,” tax increases and potential government spending cuts), the Company and industry are forecasting a mid-single digit percentage increase in revenue for 2013 as compared to 2012 for comparable hotels with the trend expected to continue in 2014.
 
 
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In evaluating financial condition and operating performance, the most important indicators on which the Company focuses are revenue measurements, such as average occupancy, average daily rate (“ADR”), revenue per available room (“RevPAR”) and market yield which compares an individual hotel’s results to others in its local market, and expenses, such as hotel operating expenses, general and administrative expenses and other expenses described below.

The following is a summary of the results from continuing operations of the 89 hotels owned as of September 30, 2013 for their respective periods of ownership by the Company:
 
   
Three Months Ended September 30,
    
Nine Months Ended September 30,
  
(in thousands, except statistical data)
  
2013
    
Percent of Revenue
    
2012
    
Percent of Revenue
    
Percent Change
    
2013
    
Percent of Revenue
    
2012
    
Percent of Revenue
    
Percent Change
  
                                                             
Total revenue
   $ 100,237       100 %   $ 93,653       100 %     7 %   $ 297,212       100 %   $ 278,854       100 %     7 %
Hotel operating expenses
     57,159       57 %     53,072       57 %     8 %     166,439       56 %     155,749       56 %     7 %
Property taxes, insurance and other expense
     4,843       5 %     5,168       6 %     -6 %     15,632       5 %     15,122       5 %     3 %
General and administrative expense
     1,778       2 %     2,149       2 %     -17 %     5,815       2 %     6,443       2 %     -10 %
                                                                                 
Acquisition related costs
     -               3               n/a     74               464               -84 %
Merger transaction costs
     1,908               -               n/a     1,970               637               209 %
Depreciation
     13,732               13,329               3 %     40,865               39,338               4 %
Interest expense, net
     2,287               1,709               34 %     6,701               4,664               44 %
Income tax expense
     365               296               23 %     1,110               885               25 %
                                                                                 
Number of hotels
     89               89               0 %     89               89               0 %
Average Market Yield(1)
     124               122               2 %     123               121               2 %
ADR
   $ 115             $ 111               4 %   $ 115             $ 112               3 %
Occupancy
     77 %             74 %             4 %     76 %             73 %             4 %
RevPAR
   $ 88             $ 82               7 %   $ 87             $ 82               6 %
Total rooms sold(2)
     801,732               768,609               4 %     2,358,269               2,260,943               4 %
Total rooms available(3)
     1,045,086               1,039,558               1 %     3,106,356               3,081,556               1 %
(1)  Calculated from data provided by Smith Travel Research, Inc.®  Excludes hotels under renovation or opened less than two years during the applicable periods.
(2)  Represents the number of room nights sold during the period.
(3)  Represents the number of rooms owned by the Company multiplied by the number of nights in the period.

Merger Agreement

On August 7, 2013, Apple REIT Seven, Inc. (“Apple Seven”), Apple REIT Eight, Inc. (“Apple Eight”), Apple REIT Nine, Inc. (“Apple Nine”), Apple Seven Acquisition Sub, Inc. (“Seven Acquisition Sub”) a wholly owned subsidiary of Apple Nine, and Apple Eight Acquisition Sub, Inc. (“Eight Acquisition Sub”) a wholly owned subsidiary of Apple Nine, entered into an Agreement and Plan of Merger, as amended (the “Merger Agreement”).  The Merger Agreement provides for the merger of Apple Seven and Apple Eight with and into Seven Acquisition Sub and Eight Acquisition Sub, respectively, which were formed solely for engaging in the mergers and have not conducted any prior activities.  Upon completion of the mergers, the separate corporate existence of Apple Seven and Apple Eight will cease and Seven Acquisition Sub and Eight Acquisition Sub will be the surviving corporations.  Pursuant to the terms of the Merger Agreement, upon completion of the mergers, the current Apple Nine common shares totaling 182,784,131 will remain outstanding and:

·  
Each issued and outstanding unit of Apple Seven (consisting of one Apple Seven common share together with one Apple Seven Series A preferred share) will be converted into one (the “Apple Seven exchange ratio”) common share of Apple Nine, or a total of approximately 90,613,633 common shares (assuming no dissenting shares), and each issued and outstanding Series B convertible preferred share of Apple Seven will be converted into a number of Apple Nine’s common shares equal to 24.17104 multiplied by the Apple Seven exchange ratio, or a total of 5,801,050 common shares; and
 
 
17

·  
Each issued and outstanding unit of Apple Eight (consisting of one Apple Eight common share together with one Apple Eight Series A preferred share) will be converted into 0.85 (the “Apple Eight exchange ratio”) common share of Apple Nine, or a total of approximately 78,319,004 common shares (assuming no dissenting shares), and each issued and outstanding Series B convertible preferred share of Apple Eight will be converted into a number of Apple Nine’s common shares equal to 24.17104 multiplied by the Apple Eight exchange ratio, or a total of 4,930,892 common shares.

As contemplated in the Merger Agreement, in connection with completion of the mergers, Apple Nine will become self-advised and the existing advisory agreements between Apple Nine and Apple Nine Advisors, Inc. and Apple Suites Realty Group, Inc. will be terminated.  The termination of the advisory agreements will result in the conversion of each issued and outstanding Series B convertible preferred share of Apple Nine into the right to receive 24.17104 common shares of Apple Nine, or a total of 11,602,099 common shares.  As a result of the conversion, all of Apple Nine’s Series A preferred shares will terminate.  In addition, upon termination of the advisory agreements, Apple Nine will record an expense related to the conversion of Apple Nine’s Series B convertible preferred shares into common shares.  Although the final estimate of fair value may vary significantly from these estimates, Apple Nine’s preliminary estimate of the fair value of $9.00 to $11.00 per common share would result in an expense ranging from approximately $104 million to $128 million.

The Merger Agreement contains various closing conditions, including shareholder approval by Apple Seven, Apple Eight and Apple Nine.  As a result, there is no assurance that the mergers will occur.  Under the Merger Agreement, Apple Seven, Apple Eight and Apple Nine may terminate the Merger Agreement under certain circumstances; however, each of the companies may be required to pay a fee of $1.7 million, plus reasonable third party expenses to each of the other companies upon such termination.  All costs related to the proposed mergers are being expensed in the period they are incurred and are included in the merger transaction costs in the Company’s consolidated statements of operations.  In connection with these activities, the Company incurred approximately $2.0 million in expenses for the nine months ended September 30, 2013.

Legal Proceedings

The term the “Apple REIT Entities” means Apple REIT Six, Inc., Apple Seven, Apple Eight, Apple Nine and Apple REIT Ten, Inc.

On December 13, 2011, the United States District Court for the Eastern District of New York ordered that three putative class actions, Kronberg, et al. v. David Lerner Associates, Inc., et al., Kowalski v. Apple REIT Ten, Inc., et al., and Leff v. Apple REIT Ten, Inc., et al., be consolidated and amended the caption of the consolidated matter to be In re Apple REITs Litigation. The District Court also appointed lead plaintiffs and lead counsel for the consolidated action and ordered lead plaintiffs to file and serve a consolidated complaint by February 17, 2012. The Company was previously named as a party in all three of the above mentioned class action lawsuits.

On February 17, 2012, lead plaintiffs and lead counsel in the In re Apple REITs Litigation, Civil Action No. 1:11-cv-02919-KAM-JO, filed an amended consolidated complaint in the United States District Court for the Eastern District of New York against the Company, Apple Suites Realty Group, Inc., Apple Eight Advisors, Inc., Apple Nine Advisors, Inc., Apple Ten Advisors, Inc., Apple Fund Management, LLC, Apple REIT Six, Inc., Apple REIT Seven, Inc., Apple REIT Eight, Inc. and Apple REIT Ten, Inc., their directors and certain officers, and David Lerner Associates, Inc. and David Lerner. The consolidated complaint, which was dismissed in April 2013, was purportedly brought on behalf of all purchasers of Units in the Company and the other Apple REIT Entities, or those who otherwise acquired these Units that were offered and sold to them by David Lerner Associates, Inc., or its affiliates and on behalf of subclasses of shareholders in New Jersey, New York, Connecticut and Florida, and alleges that the Apple REIT Entities “misrepresented the investment objectives of the Apple REITs, the dividend payment policy of the Apple REITs, and the value of their Apple REIT investments.” The consolidated complaint asserts claims under Sections 11, 12 and 15 of the Securities Act of 1933, as well as claims for breach of fiduciary duty, aiding and abetting breach of fiduciary duty, negligence, and unjust enrichment, and claims for violation of the securities laws of Connecticut and Florida. The complaint seeks, among other things, certification of a putative nationwide class and the state subclasses, damages, rescission of share purchases and other costs and expenses.
 
 
18

On April 18, 2012, the Company, and the other defendants moved to dismiss the consolidated complaint in the In re Apple REITs Litigation.  By Order entered on March 31, 2013 and opinion issued on April 3, 2013, the Court dismissed the consolidated complaint in its entirety with prejudice and without leave to amend. Plaintiffs filed a Notice of Appeal to the Second Circuit Court of Appeals on April 12, 2013, and filed their Brief for Plaintiffs-Appellants on July 26, 2013.  Defendants-Appellees filed their Briefs on October 25, 2013.  The Company believes that Plaintiffs’ claims against it, its officers and directors and other Apple REIT Entities were properly dismissed by the lower court, and intends to vigorously defend the judgment as entered.  In the event some or all of Plaintiffs’ claims are revived as a result of Plaintiffs’ appeal, the Company will, once again, defend against them vigorously.  At this time, the Company cannot reasonably predict the outcome of these proceedings or provide a reasonable estimate of the possible loss or range of loss due to these proceedings, if any.

Hotels Owned
 
The following table summarizes the location, brand, manager, date acquired, number of rooms and gross purchase price for each of the 89 hotels the Company owned as of September 30, 2013.  All dollar amounts are in thousands.

City
  
State
  
Brand
  
Manager
  
Date Acquired
  
Rooms
    
Gross Purchase Price
  
Tucson
  
AZ
  
Hilton Garden Inn
  
Western
  
7/31/2008
     125     $ 18,375  
Santa Clarita
  
CA
  
Courtyard
  
Dimension
  
9/24/2008
     140       22,700  
Charlotte
  
NC
  
Homewood Suites
  
McKibbon
  
9/24/2008
     112       5,750  
Allen
  
TX
  
Hampton Inn & Suites
  
Gateway
  
9/26/2008
     103       12,500  
Twinsburg
  
OH
  
Hilton Garden Inn
  
Gateway
  
10/7/2008
     142       17,792  
Lewisville
  
TX
  
Hilton Garden Inn
  
Gateway
  
10/16/2008
     165       28,000  
Duncanville
  
TX
  
Hilton Garden Inn
  
Gateway
  
10/21/2008
     142       19,500  
Santa Clarita
  
CA
  
Hampton Inn
  
Dimension
  
10/29/2008
     128       17,129  
Santa Clarita
  
CA
  
Residence Inn
  
Dimension
  
10/29/2008
     90       16,600  
Santa Clarita
  
CA
  
Fairfield Inn
  
Dimension
  
10/29/2008
     66       9,337  
Beaumont
  
TX
  
Residence Inn
  
Western
  
10/29/2008
     133       16,900  
Pueblo
  
CO
  
Hampton Inn & Suites
  
Dimension
  
10/31/2008
     81       8,025  
Allen
  
TX
  
Hilton Garden Inn
  
Gateway
  
10/31/2008
     150       18,500  
Bristol
  
VA
  
Courtyard
  
LBA
  
11/7/2008
     175       18,650  
Durham
  
NC
  
Homewood Suites
  
McKibbon
  
12/4/2008
     122       19,050  
Hattiesburg
  
MS
  
Residence Inn
  
LBA
  
12/11/2008
     84       9,793  
Jackson
  
TN
  
Courtyard
  
Vista
  
12/16/2008
     94       15,200  
Jackson
  
TN
  
Hampton Inn & Suites
  
Vista
  
12/30/2008
     83       12,600  
Pittsburgh
  
PA
  
Hampton Inn
  
Vista
  
12/31/2008
     132       20,458  
Fort Lauderdale
  
FL
  
Hampton Inn
  
Vista
  
12/31/2008
     109       19,290  
Frisco
  
TX
  
Hilton Garden Inn
  
Western
  
12/31/2008
     102       15,050  
Round Rock
  
TX
  
Hampton Inn
  
Vista
  
3/6/2009
     94       11,500  
Panama City
  
FL
  
Hampton Inn & Suites
  
LBA
  
3/12/2009
     95       11,600  
Austin
  
TX
  
Homewood Suites
  
Vista
  
4/14/2009
     97       17,700  
Austin
  
TX
  
Hampton Inn
  
Vista
  
4/14/2009
     124       18,000  
Dothan
  
AL
  
Hilton Garden Inn
  
LBA
  
6/1/2009
     104       11,601  
Troy
  
AL
  
Courtyard
  
LBA
  
6/18/2009
     90       8,696  
Orlando
  
FL
  
Fairfield Inn & Suites
  
Marriott
  
7/1/2009
     200       25,800  
Orlando
  
FL
  
SpringHill Suites
  
Marriott
  
7/1/2009
     200       29,000  
Clovis
  
CA
  
Hampton Inn & Suites
  
Dimension
  
7/31/2009
     86       11,150  
Rochester
  
MN
  
Hampton Inn & Suites
  
Raymond
  
8/3/2009
     124       14,136  
Johnson City
  
TN
  
Courtyard
  
LBA
  
9/25/2009
     90       9,880  
Baton Rouge
  
LA
  
SpringHill Suites
  
Dimension
  
9/25/2009
     119       15,100  
Houston
  
TX
  
Marriott
  
Western
  
1/8/2010
     206       50,750  
Albany
  
GA
  
Fairfield Inn & Suites
  
LBA
  
1/14/2010
     87       7,920  
Panama City
  
FL
  
TownePlace Suites
  
LBA
  
1/19/2010
     103       10,640  
Clovis
  
CA
  
Homewood Suites
  
Dimension
  
2/2/2010
     83       12,435  
Jacksonville
  
NC
  
TownePlace Suites
  
LBA
  
2/16/2010
     86       9,200  
Miami
  
FL
  
Hampton Inn & Suites
  
Dimension
  
4/9/2010
     121       11,900  
Anchorage
  
AK
  
Embassy Suites
  
Stonebridge
  
4/30/2010
     169       42,000  
Boise
  
ID
  
Hampton Inn & Suites
  
Raymond
  
4/30/2010
     186       22,370  
Rogers
  
AR
  
Homewood Suites
  
Raymond
  
4/30/2010
     126       10,900  
St. Louis
  
MO
  
Hampton Inn & Suites
  
Raymond
  
4/30/2010
     126       16,000  
Oklahoma City
  
OK
  
Hampton Inn & Suites
  
Raymond
  
5/28/2010
     200       32,657  
Ft. Worth
  
TX
  
TownePlace Suites
  
Western
  
7/19/2010
     140       18,435  
 
 
19

City
  
State
  
Brand
  
Manager
  
Date Acquired
  
Rooms
    
Gross Purchase Price
  
Lafayette
  
LA
  
Hilton Garden Inn
  
LBA
  
7/30/2010
     153     $ 17,261  
West Monroe
  
LA
  
Hilton Garden Inn
  
InterMountain
  
7/30/2010
     134       15,639  
Silver Spring
  
MD
  
Hilton Garden Inn
  
White
  
7/30/2010
     107       17,400  
Rogers
  
AR
  
Hampton Inn
  
Raymond
  
8/31/2010
     122       9,600  
St. Louis
  
MO
  
Hampton Inn
  
Raymond
  
8/31/2010
     190       23,000  
Kansas City
  
MO
  
Hampton Inn
  
Raymond
  
8/31/2010
     122       10,130  
Alexandria
  
LA
  
Courtyard
  
LBA
  
9/15/2010
     96       9,915  
Grapevine
  
TX
  
Hilton Garden Inn
  
Western
  
9/24/2010
     110       17,000  
Nashville
  
TN
  
Hilton Garden Inn
  
Vista
  
9/30/2010
     194       42,667  
Indianapolis
  
IN
  
SpringHill Suites
  
White
  
11/2/2010
     130       12,800  
Mishawaka
  
IN
  
Residence Inn
  
White
  
11/2/2010
     106       13,700  
Phoenix
  
AZ
  
Courtyard
  
White
  
11/2/2010
     164       16,000  
Phoenix
  
AZ
  
Residence Inn
  
White
  
11/2/2010
     129       14,000  
Mettawa
  
IL
  
Residence Inn
  
White
  
11/2/2010
     130       23,500  
Mettawa
  
IL
  
Hilton Garden Inn
  
White
  
11/2/2010
     170       30,500  
Austin
  
TX
  
Hilton Garden Inn
  
White
  
11/2/2010
     117       16,000  
Novi
  
MI
  
Hilton Garden Inn
  
White
  
11/2/2010
     148       16,200  
Warrenville
  
IL
  
Hilton Garden Inn
  
White
  
11/2/2010
     135       22,000  
Schaumburg
  
IL
  
Hilton Garden Inn
  
White
  
11/2/2010
     166       20,500  
Salt Lake City
  
UT
  
SpringHill Suites
  
White
  
11/2/2010
     143       17,500  
Austin
  
TX
  
Fairfield Inn & Suites
  
White
  
11/2/2010
     150       17,750  
Austin
  
TX
  
Courtyard
  
White
  
11/2/2010
     145       20,000  
Chandler
  
AZ
  
Courtyard
  
White
  
11/2/2010
     150       17,000  
Chandler
  
AZ
  
Fairfield Inn & Suites
  
White
  
11/2/2010
     110       12,000  
Tampa
  
FL
  
Embassy Suites
  
White
  
11/2/2010
     147       21,800  
Andover
  
MA
  
SpringHill Suites
  
Marriott
  
11/5/2010
     136       6,500  
Philadelphia (Collegeville)
  
PA
  
Courtyard
  
White
  
11/15/2010
     132       20,000  
Holly Springs
  
NC
  
Hampton Inn & Suites
  
LBA
  
11/30/2010
     124       14,880  
Philadelphia (Malvern)
  
PA
  
Courtyard
  
White
  
11/30/2010
     127       21,000  
Arlington
  
TX
  
Hampton Inn & Suites
  
Western
  
12/1/2010
     98       9,900  
Irving
  
TX
  
Homewood Suites
  
Western
  
12/29/2010
     77       10,250  
Mount Laurel
  
NJ
  
Homewood Suites
  
Tharaldson
  
1/11/2011
     118       15,000  
West Orange
  
NJ
  
Courtyard
  
Tharaldson
  
1/11/2011
     131       21,500  
Texarkana
  
TX
  
Hampton Inn & Suites
  
InterMountain
  
1/31/2011
     81       9,100  
Fayetteville
  
NC
  
Home2 Suites
  
LBA
  
2/3/2011
     118       11,397  
Manassas
  
VA
  
Residence Inn
  
Tharaldson
  
2/16/2011
     107       14,900  
San Bernardino
  
CA
  
Residence Inn
  
Tharaldson
  
2/16/2011
     95       13,600  
Alexandria (1)
  
VA
  
SpringHill Suites
  
Marriott
  
3/28/2011
     155       24,863  
Dallas
  
TX
  
Hilton
  
Hilton
  
5/17/2011
     224       42,000  
Santa Ana
  
CA
  
Courtyard
  
Dimension
  
5/23/2011
     155       24,800  
Lafayette
  
LA
  
SpringHill Suites
  
LBA
  
6/23/2011
     103       10,232  
Tucson
  
AZ
  
TownePlace Suites
  
Western
  
10/6/2011
     124       15,852  
El Paso
  
TX
  
Hilton Garden Inn
  
Western
  
12/19/2011
     145       19,974  
Nashville
  
TN
  
Home2 Suites
  
Vista
  
5/31/2012
     119       16,660  
    Total
                     11,371     $ 1,546,839  
(1)  Hotel construction was completed by the Company and the hotel opened for business on March 28, 2011.  The gross purchase price includes the acquisition of land during 2009 and construction costs.
 
 
20

Development Project

In July 2012, the Company acquired approximately one acre of land in downtown Richmond, Virginia for a purchase price totaling $3.0 million, for the development of adjoining Courtyard and Residence Inn hotels.  In May 2013, the Company entered into a construction contract with a third party and began construction of the hotels during the second quarter of 2013, which is expected to be completed within eighteen months to two years.  Upon completion, the Courtyard and Residence Inn are expected to contain approximately 135 and 75 guest rooms, respectively, and are planned to be managed by White.  The Company expects to spend a total of approximately $35 million to develop the hotels and has incurred approximately $5.3 million in development costs as of September 30, 2013.

Results of Operations

As of September 30, 2013, the Company owned 89 hotels with 11,371 rooms (including one newly constructed hotel acquired on May 31, 2012, the same day the hotel opened for business).  No other hotels have been purchased since the beginning of January 1, 2012.

Hotel performance is impacted by many factors, including the economic conditions in the United States as well as each locality.  Although hampered by government spending uncertainty, economic indicators in the United States have shown evidence of a sustainable recovery, which continues to overall positively impact the lodging industry.  As a result, the Company’s revenue and operating income improved during the first nine months of 2013 as compared to the same period of 2012 and the Company expects continued improvement in revenue and operating income in 2013 as compared to 2012 and into 2014.  The Company’s hotels in general have shown results consistent with industry and brand averages for the period of ownership.

Revenues

The Company’s principal source of revenue is hotel revenue consisting of room and other related revenue.  For the three months ended September 30, 2013 and 2012, the Company had hotel revenue of $100.2 million and $93.7 million, respectively.  For the nine months ended September 30, 2013 and 2012, the Company had hotel revenue of $297.2 million and $278.9 million, respectively.  This revenue reflects hotel operations for the 89 hotels owned as of September 30, 2013 for their respective periods of ownership by the Company.  For the three months ended September 30, 2013 and 2012, the hotels achieved combined average occupancy of 77% and 74%, ADR of $115 and $111 and RevPAR of $88 and $82.  For the nine months ended September 30, 2013 and 2012, the hotels achieved combined average occupancy of 76% and 73%, ADR of $115 and $112 and RevPAR of $87 and $82.  ADR is calculated as room revenue divided by the number of rooms sold, and RevPAR is calculated as occupancy multiplied by ADR.

During the third quarter and first nine months of 2013, the Company experienced an increase in demand as demonstrated by the improvement in average occupancy for its comparable hotels of 4% during these periods in 2013 as compared to the same period of 2012.  In addition, also signifying a progressing economy, the Company experienced an increase in ADR of 4% for comparable hotels during the third quarter and 3% during the first nine months of 2013 as compared to the same periods in the prior year.  Although certain markets have been negatively impacted by reduced government spending, with overall continued demand and room rate improvement, the Company and industry are forecasting a mid-single digit percentage increase in revenue for 2013 as compared to 2012 for comparable hotels with the trend expected to continue in 2014.  The Company’s hotels continue to be leaders in their respective markets.  The Company’s average Market Yield for the first nine months of 2013 and 2012 was 123 and 121, respectively.  The Market Yield is a measure of each hotel’s RevPAR compared to the average in the market, with 100 being the average (the index excludes hotels under renovation or open less than two years) and is provided by Smith Travel Research, Inc.®, an independent company that tracks historical hotel performance in most markets throughout the world.  The Company will continue to pursue market opportunities to improve revenue.
 
 
21
 
Expenses

Hotel operating expenses relate to the 89 hotels owned as of September 30, 2013 for their respective periods owned and consist of direct room expenses, hotel administrative expense, sales and marketing expense, utilities expense, repair and maintenance expense, franchise fees and management fees.  For the three months ended September 30, 2013 and 2012, hotel operating expenses totaled $57.2 million or 57% of total revenue and $53.1 million or 57% of total revenue.  For the nine months ended September 30, 2013 and 2012, hotel operating expenses totaled $166.4 million or 56% of total revenue and $155.7 million or 56% of total revenue.  Overall hotel operational expenses for the first nine months of 2013 reflect the impact of increases in revenues and occupancy at most of the Company’s hotels, and the Company’s efforts to control costs.  Certain operating costs such as management costs, certain utility costs and minimum supply and maintenance costs are relatively fixed in nature. The Company has been successful in reducing, relative to revenue increases, certain labor costs, hotel supply costs, maintenance costs and utility costs by continually monitoring and sharing utilization data across its hotels and management companies.  The Company has experienced an increase in labor benefit costs compared to the prior year, which are likely to continue to grow at increased rates due to new government regulations surrounding healthcare.  Although operating expenses will increase as revenue increases, the Company will continue to work with its management companies to reduce costs as a percentage of revenue where possible while maintaining quality and service levels at each property.

Property taxes, insurance, and other expense for the three months ended September 30, 2013 and 2012 totaled $4.8 million or 5% of total revenue and $5.2 million or 6% of total revenue.  For the nine months ended September 30, 2013 and 2012, property taxes, insurance, and other expense totaled $15.6 million or 5% of total revenue and $15.1 million or 5% of total revenue.  For comparable hotels, real estate taxes during the nine months ended September 30, 2013 increased due to higher taxes for certain properties due to the reassessment of property values by localities resulting from the improved economy, partially offset by a decrease in 2013 due to successful appeals of tax assessments at certain locations.  Also, for comparable hotels, 2013 insurance rates increased modestly.  

General and administrative expense for the three months ended September 30, 2013 and 2012 was $1.8 million and $2.1 million.  For the nine months ended September 30, 2013 and 2012, general and administrative expenses were $5.8 million and $6.4 million. The principal components of general and administrative expense are advisory fees and reimbursable expenses, legal fees, accounting fees, the Company’s share of the loss in its investment in Apple Air Holding, LLC, and reporting expenses.  During the nine months ended September 30, 2013 and 2012, the Company incurred approximately $0.5 million and $1.3 million, respectively in legal costs related to the legal matters discussed herein and continued costs related to responding to requests from the staff of the SEC.  The SEC staff has been conducting a non-public investigation, which is focused principally on the adequacy of certain disclosures in the Company’s filings with the SEC beginning in 2008, as well as the Company’s review of certain transactions involving the Company and the other Apple REIT Entities.  The Company intends to continue to cooperate with the SEC staff, and it is engaging in a dialogue with the SEC staff concerning these issues and the roles of certain officers. The Company does not believe the issues raised by the SEC staff affect the material accuracy of the Company's consolidated financial statements.  At this time, the Company cannot predict the outcome of this investigation as to the Company or any of its officers, nor can it predict the timing associated with any such conclusion or resolution.  As discussed below under Related Parties, the Company shares legal counsel with the other Apple REIT Entities.  Total costs for these legal matters for all of the Apple REIT Entities were approximately $2.2 million and $5.7 million during the nine months ended September 30, 2013 and 2012.  The Company anticipates it will continue to incur costs associated with these matters.  

Merger transaction costs for the three months ended September 30, 2013 and 2012 totaled $1.9 million and $0, and for the nine months ended September 30, 2013 and 2012, were $2.0 million and $0.6 million.  Costs incurred during the three and nine months ended September 30, 2013 were in connection with the Merger Agreement discussed herein.  The Company will continue to incur these costs until the mergers are completed or the Merger Agreement is terminated.  Costs incurred during the nine months ended September 30, 2012 were associated with the Company’s evaluation of a prior potential consolidation transaction with Apple REIT Six, Inc., Apple REIT Seven, Inc. and Apple REIT Eight, Inc. (the “other Apple REITs”).  In May 2012, it was determined by the Board of Directors of the Company and the Board of Directors of each of the other Apple REITs not to move forward with the prior potential consolidation transaction at that time.
 
 
22

Acquisition related costs for the three months ended September 30, 2013 and 2012 were $0 and $3,000, and $0.1 million and $0.5 million for the nine months ended September 30, 2013 and 2012.  During the second quarter of 2013, the Company purchased two land parcels which had previously been leased from a third party.  The Company did not complete any hotel acquisitions during 2013 and completed only one hotel acquisition during 2012, resulting in a significant decline in these costs from prior years.  

Depreciation expense for the three months ended September 30, 2013 and 2012 was $13.7 million and $13.3 million, and $40.9 million and $39.3 million for the nine months ended September 30, 2013 and 2012.  Depreciation expense primarily represents expense of the Company’s 89 hotel buildings and related improvements, and associated personal property (furniture, fixtures, and equipment) for their respective periods owned.  The increase was due to the increase in the number of properties owned and renovations completed throughout 2013 and 2012.

Interest expense for the three months ended September 30, 2013 and 2012 was $2.4 million and $1.9 million, respectively and is net of approximately $46,000 and $0.2 million of interest capitalized associated with renovation and construction projects.  Interest expense for the nine months ended September 30, 2013 and 2012 was $7.1 million and $5.2 million, respectively and is net of approximately $0.2 million and $0.5 million of interest capitalized associated with renovation and construction projects.  Interest expense primarily arose from debt assumed with the acquisition of 14 of the Company’s hotels, the origination of three mortgage loans during the third quarter 2012, borrowings on the Company’s $50 million revolving line of credit beginning in January 2013 and borrowings on the Company’s $30 million non-revolving line of credit in May 2012 that was extinguished and paid off during the third quarter of 2012.  During both the three months ended September 30, 2013 and 2012, the Company also recognized $0.1 million in interest income, and $0.4 million and $0.5 million for the nine months ended September 30, 2013 and 2012, primarily representing interest on excess cash invested in short-term money market instruments and one mortgage note acquired during 2010.

Discontinued Operations

On April 27, 2012, the Company completed the sale of its 406 acres of land and land improvements located on 110 sites in the Ft. Worth, Texas area (the “110 parcels”) and the assignment of the lease for a total sale price of $198.4 million.  The 110 parcels were acquired in April 2009 for a total purchase price of $147.3 million and were leased to a subsidiary of Chesapeake Energy Corporation (“Chesapeake”) under a long term lease for the production of natural gas.  At closing, the Company received approximately $138.4 million in cash proceeds and issued a note receivable totaling $60.0 million to the purchaser (the “note”).  The note, which approximated fair market value, is secured by a junior lien on the land and land improvements owned by the purchaser.  The stated interest rate on the note is 10.5%.  The note requires interest only payments for the first three years of the note.  After the first three years, interest is accrued and payments will only be received once the purchaser extinguishes its senior loan with a third party.  Once the senior loan is repaid, the Company will receive all payments from the existing lease until fully repaid or the note reaches maturity which is April 2049.  Although the purchaser is not affiliated with the Company, a partner of the purchaser is also a member of the Board of Directors of Apple REIT Ten, Inc.  In conjunction with the sale, the Company incurred a brokerage commission to Apple Suites Realty Group, Inc. (“ASRG”) totaling approximately $4.0 million, representing 2% of the gross sales price.  Of this amount, approximately $2.8 million was paid to ASRG during the second quarter of 2012 and the remaining $1.2 million will be paid upon repayment of the $60.0 million note.  The $4.0 million commission has been recorded as a reduction to the deferred gain on sale as described below.

The total gain on sale was approximately $33.3 million (total sale price of $198.4 million less carrying value totaling $160.5 million, ASRG fee totaling $4.0 million, closing costs totaling $0.3 million and related franchise taxes totaling $0.3 million).  In accordance with the Accounting Standards Codification on real estate sales, the sales transaction is being accounted for under the cost recovery method, therefore the gain on sale and interest earned on the note will be deferred until cash payments by the purchaser, including principal and interest on the note due to the Company and the payment of the $138.4 million at closing exceed the Company’s cost basis of the 110 parcels sold.  The note receivable is included in the Company’s consolidated balance sheets, net of the total deferred gain.  As of September 30, 2013, the note receivable, net was $17.7 million, including $60.0 million note receivable offset by $33.3 million deferred gain and $9.0 million deferred interest earned.  As of December 31, 2012, the note receivable, net was $22.4 million, including $60.0 million note receivable offset by $33.4 million deferred gain and $4.3 million deferred interest earned.  The 110 parcels was a separate reportable segment and the results of operations for these properties have been classified in the consolidated statements of operations in the line item income from discontinued operations.
 
 
23

The following table sets forth the components of income from discontinued operations for the three and nine months ended September 30, 2012 (in thousands):

   
Three Months
    
Nine Months
  
   
Ended
    
Ended
  
   
September 30, 2012
    
September 30, 2012
  
Rental revenue
   $ 0     $ 6,826  
Operating expenses
     0       34  
Depreciation expense
     0       0  
Income from discontinued operations
   $ 0     $ 6,792  

Prior to the sale, the lease was classified as an operating lease and rental income was recognized on a straight-line basis over the initial term of the lease.  Rental revenue includes approximately $2.0 million of adjustments to record rent on the straight-line basis for the nine months ended September 30, 2012.

Related Parties

The Company has, and is expected to continue to engage in, significant transactions with related parties.  These transactions cannot be construed to be at arm’s length and the results of the Company’s operations may be different if these transactions were conducted with non-related parties.  The Company’s independent members of the Board of Directors oversee and annually review the Company’s related party relationships (which include the relationships discussed in this section) and are required to approve any significant modifications to the contracts, as well as any new significant related party transactions.  There were no changes to the contracts discussed in this section and no new significant related party transactions during the nine months ended September 30, 2013 (other than the transactions related to the completion of Apple REIT Six, Inc.’s merger with a third party and the Merger Agreement and related transactions discussed below).  The Board of Directors is not required to approve each individual transaction that falls under the related party relationships.  However, under the direction of the Board of Directors, at least one member of the Company’s senior management team approves each related party transaction.
 
The term the “Apple REIT Entities” means Apple REIT Six, Inc. (“Apple Six”), Apple REIT Seven, Inc. (“Apple Seven”), Apple REIT Eight, Inc. (“Apple Eight”), Apple REIT Nine, Inc. (“Apple Nine”) and Apple REIT Ten, Inc. (“Apple Ten”).  The term the “Advisors” means Apple Six Advisors, Inc., Apple Seven Advisors, Inc., Apple Eight Advisors, Inc., Apple Nine Advisors, Inc. (“A9A”), Apple Ten Advisors, Inc., Apple Suites Realty Group, Inc. (“ASRG”) and Apple Six Realty Group, Inc.  The Advisors are wholly owned by Glade M. Knight, Chairman and Chief Executive Officer of the Company.  Mr. Knight is also Chairman and Chief Executive Officer of Apple Seven, Apple Eight and Apple Ten.  Members of the Company’s Board of Directors are also on the Board of Directors of Apple Seven and Apple Eight.

On May 14, 2013, Apple Six merged with and into an entity that is not affiliated with the Apple REIT Entities or the Advisors.  Pursuant to the terms and conditions of the merger agreement, dated as of November 29, 2012, upon completion of the merger, the separate corporate existence of Apple Six ceased (the “A6 Merger”).  Prior to the A6 Merger, Glade M. Knight was Chairman and Chief Executive Office of Apple Six and members of the Company’s Board of Directors were also on the Board of Directors of Apple Six.

ASRG Agreement

The Company has a contract with ASRG, to acquire and dispose of real estate assets for the Company.  A fee of 2% of the gross purchase price or gross sale price in addition to certain reimbursable expenses is paid to ASRG for these services.  As of September 30, 2013, payments to ASRG for fees under the terms of this contract related to the acquisition of assets have totaled approximately $33.6 million since inception.  Of this amount, the Company incurred approximately $0.1 million and $0.4 million during the nine months ended September 30, 2013 and 2012.  During the second quarter of 2013, the Company paid fees to ASRG for the purchase of two land parcels located at the Residence Inn hotels in Manassas, Virginia and San Bernardino, California, both which had previously been leased from a third party.  In addition, the Company incurred a brokerage commission to ASRG totaling approximately $4.0 million related to the sale of the Company’s 110 parcels in April 2012, which has been recorded as a reduction to the deferred gain on sale.  Of this amount, approximately $2.8 million was paid to ASRG during the second quarter of 2012 and the remaining $1.2 million will be paid upon repayment of the $60 million note.
 
 
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A9A Agreement

The Company is party to an advisory agreement with A9A, pursuant to which A9A provides management services to the Company.  A9A provides these management services through Apple Fund Management, LLC (“AFM”), which immediately after the A6 Merger became a wholly-owned subsidiary of A9A.  This transaction between A9A and Apple Six was made with no cash consideration exchanged between the entities.  Prior to May 14, 2013, AFM was a wholly-owned subsidiary of Apple Six.  An annual advisory fee ranging from 0.1% to 0.25% of total equity proceeds received by the Company, in addition to certain reimbursable expenses as described below, are payable to A9A for these management services.  Total advisory fees incurred by the Company under the advisory agreement are included in general and administrative expenses and totaled approximately $2.1 million and $2.2 million for the nine months ended September 30, 2013 and 2012.

Apple REIT Entities and Advisors Cost Sharing Structure

In addition to the fees payable to ASRG or A9A, the Company reimbursed to ASRG or A9A, or paid directly to AFM on behalf of ASRG or A9A, approximately $1.6 million for both the nine months ended September 30, 2013 and 2012.  The expenses reimbursed were approximately $0 and $0.1 million, respectively, for costs reimbursed under the contract with ASRG and approximately $1.6 million and $1.5 million, respectively, for costs reimbursed under the contract with A9A.  The costs are included in general and administrative expenses and are for the Company’s allocated share of the staffing and related costs provided by AFM at the direction of A9A.

AFM is an affiliate of each of the Advisors.  Each of the Advisors provides management services through the use of AFM to, respectively, Apple Six (prior to the A6 Merger), Apple Seven, Apple Eight, Apple Nine and Apple Ten.  In connection with the A6 Merger, effective May 14, 2013, the entire membership interest of Apple Six in AFM was transferred and assigned to A9A, which then became the sole member of AFM.  As part of the assignment, A9A and the other Advisors agreed to indemnify the buyer of Apple Six for liabilities related to AFM.  The assignment of AFM’s interest to A9A had no impact on the Company’s advisory agreement with A9A or the process of allocating costs from AFM to the Apple REIT Entities or Advisors as described below, except Apple Six and its advisors, Apple Six Advisors, Inc. and Apple Six Realty Group, Inc. (collectively “A6 Advisors”), no longer participate in the cost sharing arrangement, thereby increasing the remaining companies’ share of the allocated costs.

Also, in connection with the A6 Merger, on May 13, 2013, the Company acquired from Apple Six the Apple REIT Entities’ and Advisors’ headquarters in Richmond, Virginia (“Headquarters”) and assumed the Fort Worth, Texas office lease agreement for approximately $4.5 million, which approximated fair value at the time of acquisition based on third party market comparisons.  As part of the purchase, the Company agreed to release Apple Six from any liabilities related to the Headquarters or office lease.  As described below, any costs associated with the Headquarters and office lease, including office rent, utilities, office supplies, etc. (“Office Related Costs”) will continue to be allocated to the Apple REIT Entities and Advisors, excluding Apple Six and A6 Advisors.

Prior to the A6 Merger, amounts reimbursed to AFM included both compensation for personnel and Office Related Costs used by the companies.  As discussed above, as a result of the A6 Merger, beginning on May 14, 2013, Office Related Costs are now allocated from the Company to the other Apple REIT Entities and Advisors, excluding Apple Six and A6 Advisors.  Each of these companies has agreed to reimburse the Company for its share of these costs.  From the period May 14, 2013 through September 30, 2013, the Company received reimbursement of its costs totaling approximately $0.4 million from the participating entities.  The Company’s net allocated Office Related Costs were approximately $0.1 million and is included in general and administrative costs in the Company’s consolidated statements of operations.

All of the Office Related Costs and costs of AFM are allocated among the Apple REIT Entities and the Advisors, excluding Apple Six and A6 Advisors after the A6 Merger.  The allocation of costs is reviewed at least annually by the Compensation Committees of the Apple REIT Entities.  In making the allocation, management of each of the entities and their Compensation Committee consider all relevant facts related to each company’s level of business activity and the extent to which each company requires the services of particular personnel of AFM.  Such payments are based on the actual costs of the services and are not based on formal record keeping regarding the time these personnel devote to the Company, but are based on a good faith estimate by the employee and/or his or her supervisor of the time devoted by the employee to the Company.  Although there is a potential conflict on time allocation of employees due to the fact that a senior manager, officer or staff member will provide services to more than one company, the Company believes that the executives and staff compensation sharing arrangement described above allows the companies to share costs yet attract and retain superior executives and staff.  The cost sharing structure also allows each entity to maintain a much more cost effective structure than having separate staffing arrangements.  Since the employees of AFM perform services for the Apple REIT Entities and Advisors at the direction of the Advisors, individuals, including executive officers, receive their compensation at the direction of the Advisors and may receive consideration directly from the Advisors.
 
 
25

As part of the cost sharing arrangements, the day-to-day transactions may result in amounts due to or from the Apple REIT Entities and Advisors (excluding Apple Six and A6 Advisors after the A6 Merger).  To efficiently manage cash disbursements, an individual Apple REIT Entity or Advisor (excluding Apple Six and A6 Advisors after the A6 Merger) may make payments for any or all of the related companies.  The amounts due to or from the related Apple REIT Entity or Advisor (excluding Apple Six and A6 Advisors after the A6 Merger) are reimbursed or collected and are not significant in amount.

The Company has incurred legal fees associated with the Legal Proceedings and Related Matters discussed herein.  The Company also incurs other professional fees such as accounting, auditing and reporting.  These fees are included in general and administrative expense in the Company’s consolidated statements of operations.  To be cost effective, these services received by the Company are shared as applicable across the other Apple REIT Entities.  The professionals cannot always specifically identify their fees for one company; therefore management allocates these costs across the companies that benefit from the services.  The total costs for the Legal Proceedings and Related Matters discussed herein for all of the Apple REIT Entities (excluding Apple Six after the A6 Merger) was approximately $2.2 million for the nine months ended September 30, 2013, of which approximately $0.5 million was allocated to the Company.  Total costs for the nine months ended September 30, 2012 for all of the Apple REIT Entities was approximately $5.7 million, of which approximately $1.3 million was allocated to the Company.          

Apple Air Holding, LLC (“Apple Air”) Membership Interest

Included in other assets, net on the Company’s consolidated balance sheet is a 24% equity investment in Apple Air.  The other current members of Apple Air are Apple Seven, Apple Eight and Apple Ten.  In connection with the A6 Merger, on May 13, 2013, Apple Ten acquired its membership interest in Apple Air from Apple Six.  Through its equity investment, the Company has access to Apple Air’s aircraft for acquisition, asset management and renovation purposes.  The Company’s equity investment was approximately $1.7 million and $1.9 million as of September 30, 2013 and December 31, 2012.  The Company has recorded its share of income and losses of the entity under the equity method of accounting and adjusted its investment in Apple Air accordingly.  For the nine months ended September 30, 2013 and 2012, the Company recorded a loss of approximately $181,000 and $145,000 respectively, as its share of the net loss of Apple Air, which primarily relates to the depreciation of the aircraft, and is included in general and administrative expense in the Company’s consolidated statements of operations.

Merger Agreement and Related Transactions

Concurrently with the execution of the Merger Agreement (as discussed in note 2), on August 7, 2013, the following agreements were entered into by the Company:

·      Apple Seven, Apple Eight and Apple Nine entered into a termination agreement, as amended (the “Termination Agreement”) with Apple Seven Advisors, Inc., Apple Eight Advisors, Inc., A9A and ASRG, effective immediately before the completion of the mergers.  Pursuant to the Termination Agreement, the existing advisory agreements and property acquisition/disposition agreements with respect to Apple Seven, Apple Eight and Apple Nine will be terminated. The Termination Agreement does not provide for any separate payments to be made in connection with the termination of the existing advisory agreements and property acquisition/disposition agreements.  As a result, if the mergers are completed, Apple Seven, Apple Eight and Apple Nine will no longer pay the various fees currently paid to its respective advisors.

·      Apple Nine entered into a subcontract agreement, as amended (the “Subcontract Agreement”) with Apple Ten Advisors, Inc. (“A10A”).  Pursuant to the Subcontract Agreement, A10A will subcontract its obligations under the advisory agreement between A10A and Apple Ten to Apple Nine. The Subcontract Agreement provides that, from and after the completion of the mergers, Apple Nine will provide to Apple Ten the advisory services contemplated under the A10A advisory agreement and will receive the fees and expenses payable under the A10A advisory agreement from Apple Ten.

·      Apple Nine entered into an assignment and transfer agreement, as amended (the “Transfer Agreement”) with A9A and AFM.  Pursuant to the Transfer Agreement, Apple Nine will acquire all of the membership interests in AFM from A9A effective immediately following the completion of the mergers.  The Transfer Agreement provides that Apple Nine will assume all of the obligations of the predecessor owners of AFM under prior transfer agreements involving the transfer of the membership interests in AFM (including Apple Hospitality Two, Inc., Apple Hospitality Five, Inc., Apple Six and A9A) and relieve the predecessor owners and the other advisory companies of any liability with respect to AFM.
 
 
26

Liquidity and Capital Resources

Capital Resources

In November 2012, the Company entered into a $50 million credit facility with a commercial bank that is utilized for working capital, hotel renovations and development, and other general corporate funding purposes, including the payment of redemptions and distributions.  The credit facility may be increased to $100 million, subject to certain conditions.  Under the terms of the credit agreement, the Company may make voluntary prepayments in whole or in part at any time.  The credit facility matures in November 2014; however, the Company has the right, upon satisfaction of certain conditions, including covenant compliance and payment of an extension fee, to extend the maturity date to November 2015.  Interest payments are due monthly and the interest rate, subject to certain exceptions, is equal to the one-month LIBOR (the London Inter-Bank Offered Rate for a one-month term) plus a margin ranging from 2.25% to 2.75%, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement.  The Company is also required to pay an unused facility fee of 0.30% or 0.40% on the unused portion of the revolving credit facility, based on the amount of borrowings outstanding during the quarter.  As of September 30, 2013, the credit facility had an outstanding principal balance of $22.0 million and an annual interest rate of approximately 2.43%.  As of December 31, 2012, there were no borrowings outstanding under the credit facility.

The credit agreement requires the Company to maintain a specific pool of Unencumbered Borrowing Base Properties (must be a minimum of ten properties and must satisfy conditions as defined in the credit agreement).  The obligations of the lender to make any advances under the credit facility are subject to certain conditions, including that the outstanding borrowings do not exceed the Borrowing Base Availability.  The credit facility contains customary affirmative covenants, negative covenants and events of default.  In addition, the credit facility contains the following quarterly financial covenants (capitalized terms are defined in the credit agreement):

·  
A maximum Consolidated Total Indebtedness limit of 45% of the aggregate Real Estate Values for all Eligible Real Estate that is or qualifies as an Unencumbered Borrowing Base Property;
·  
A maximum Consolidated Total Indebtedness limit of 50% of the Consolidated Total Asset Value;
·  
A minimum Adjusted Consolidated EBITDA to Consolidated Fixed Charges covenant of 1.75 to 1.00 for the total of the four trailing quarterly periods;
·  
A minimum Consolidated Tangible Net Worth of $1.0 billion;
·  
A maximum Consolidated Secured Debt limit of 40% of Consolidated Total Asset Value;
·  
A minimum Adjusted NOI for all Eligible Real Estate that is or qualifies as an Unencumbered Borrowing Base Property to Implied Debt Service covenant of 2.25 to 1.00;
·  
A maximum Consolidated Secured Recourse Indebtedness of $10 million; and
·  
Restricted Payments (including Distributions and Unit Redemptions), net of proceeds from the Company’s Dividend Reinvestment Plan, cannot exceed $152 million in any cumulative 12 month period and Distributions cannot exceed $0.83025 per share for any calendar year, unless such Restricted Payments are less than the Company’s Funds From Operations for any cumulative four calendar quarters.

The Company was in compliance with each of these covenants at September 30, 2013.

Capital Uses

The Company’s principal sources of liquidity are the operating cash flow generated from the Company’s properties, interest received on the Company’s note receivables and its $50 million revolving credit facility.  The Company anticipates that cash flow from operations, interest received from notes receivables and availability under its revolving credit facility will be adequate to meet its anticipated liquidity requirements, including debt service, capital improvements (including its development project discussed herein), required distributions to shareholders (the Company is not required to make distributions at its current rate for REIT purposes), and planned Unit redemptions.

As a result of the sale of its 110 parcels, the Board of Directors approved a special distribution of $0.75 per Unit, totaling $136.1 million on May 17, 2012 to shareholders of record on May 11, 2012 (the “Special Distribution”).  As a result of the sale and Special Distribution, the Company’s Board of Directors changed the annualized distribution rate from $0.88 per Unit to $0.83 per Unit beginning with the June 2012 distribution, and in August 2012, the Board of Directors increased the annualized distribution rate from $0.83 per Unit to $0.83025 per Unit.  Additionally, the offering price per Unit under the Company’s Dividend Reinvestment Plan was adjusted by the amount of the Special Distribution (from $11.00 to $10.25), and the purchase price per Unit under the Company’s Unit Redemption Program was adjusted by the amount of the Special Distribution (from $11.00 to $10.25 for the maximum purchase price, based on the original purchase price and length of time such Units have been held by the shareholder).
 
 
27

To maintain its REIT status the Company is required to distribute at least 90% of its ordinary income.  Distributions during the first nine months of 2013 totaled approximately $113.6 million and were paid at a monthly rate of $0.0691875 per common share.  For the same period the Company’s net cash generated from operations was approximately $98.0 million.  This shortfall includes a return of capital and was funded primarily by borrowings on the credit facility and cash on hand.  

The Company’s objective in setting an annualized distribution rate is to project a rate that will provide consistency over the life of the Company taking into account acquisitions, dispositions, capital improvements, ramp up of new properties, completion of planned development projects and varying economic cycles.  To meet this objective, the Company may require the use of debt and offering proceeds, in addition to cash from operations.  Since a portion of distributions has been funded with borrowed funds, the Company’s ability to maintain its current intended rate of distribution will be primarily based on the ability of the Company’s properties to generate cash from operations at this level, as well as the Company’s ability to utilize currently available financing, or the Company’s ability to obtain additional financing. Since there can be no assurance of the Company’s ability to obtain additional financing or that properties owned by the Company will provide income at this level, there can be no assurance as to the classification or duration of distributions at the current rate.  The Board of Directors monitors the Company’s distribution rate relative to the performance of the hotels on an ongoing basis and may make adjustments to the distribution rate as determined to be prudent in relation to other cash requirements of the Company.

In July 2009, the Company instituted a Unit Redemption Program to provide limited interim liquidity to its shareholders who have held their Units for at least one year.  Since the inception of the program through April 2012, shareholders were permitted to request redemption of Units for a purchase price equal to 92% of the price paid per Unit if the Units have been owned for less than three years, or 100% of the price paid per Unit if the Units have been owned more than three years.  In May 2012, as a result of the Special Distribution, the purchase price per Unit under the Company’s Unit Redemption Program was adjusted by the amount of the Special Distribution (from $11.00 to $10.25 for the maximum purchase price, based on the original purchase price and length of time such Units have been held by the shareholder).  The maximum number of Units that may be redeemed in any given year is five percent of the weighted average number of Units outstanding during the 12-month period immediately prior to the date of redemption. The Company reserves the right to change the purchase price of redemptions, reject any request for redemption, or otherwise amend the terms of, suspend, or terminate the Unit Redemption Program.  On June 27, 2013, the Company announced the suspension of its Unit Redemption Program as it evaluated the potential merger transaction.  Under the Merger Agreement, the Company is required to continue the suspension of the program until the Merger Agreement is terminated or the mergers are completed.

Since inception of the program through September 30, 2013, the Company has redeemed approximately 11.7 million Units representing $121.2 million, including 2.0 million Units in the amount of $20.0 million and 4.0 million Units in the amount of $42.0 million redeemed during the nine months ended September 30, 2013 and 2012, respectively.  Since July 2011, the total redemption requests have exceeded the authorized amount of redemptions and, as a result, the Board of Directors has limited the amount of redemptions as deemed prudent.  Therefore, as contemplated in the program, beginning with the July 2011 redemption, the scheduled redemption date for the third quarter of 2011, the Company redeemed Units on a pro-rata basis.  Prior to July 2011, the Company redeemed 100% of redemption requests.  The following is a summary of the Unit redemptions during 2012 and the first nine months of 2013:
 
Redemption Date
  
Total Requested Unit
Redemptions at
Redemption Date
    
Units Redeemed
    
Total Redemption
Requests Not
Redeemed at
Redemption Date
  
                   
First Quarter 2012
     10,689,219       1,507,187       9,182,032  
Second Quarter 2012
     11,229,890       1,509,922       9,719,968  
Third Quarter 2012
     10,730,084       1,004,365       9,725,719  
Fourth Quarter 2012
     11,155,269       1,003,267       10,152,002  
First Quarter 2013
     12,135,251       990,324       11,144,927  
Second Quarter 2013
     13,039,019       988,095       12,050,924  
 
 
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In December 2010, the Company instituted a Dividend Reinvestment Plan for its shareholders. The plan provides a way to increase shareholder investment in the Company by reinvesting dividends to purchase additional Units of the Company. The uses of the proceeds from this plan may include purchasing Units under the Company’s Unit Redemption Program, enhancing properties, satisfying financing obligations and other expenses, increasing working capital, funding various corporate operations, and acquiring hotels.  As a result of the Special Distribution, beginning in May 2012, the offering price per Unit under the Company’s Dividend Reinvestment Plan was adjusted by the amount of the Special Distribution (from $11.00 to $10.25).  The Company has registered 20.0 million Units for potential issuance under the plan.  Since inception of the plan through September 30, 2013, approximately 12.3 million Units, representing $131.0 million in proceeds to the Company, were issued under the plan. During the nine months ended September 30, 2013 and 2012, approximately 2.1 million Units, representing $22.0 million in proceeds to the Company, and 3.6 million Units, representing $38.2 million in proceeds to the Company, were issued under the plan.  On June 27, 2013, the Company announced the suspension of its Dividend Reinvestment Plan as it evaluated the potential merger transaction.  Under the Merger Agreement, the Company is required to continue the suspension of the plan until the Merger Agreement is terminated or the mergers are completed.

The Company has on-going capital commitments to fund its capital improvements.  The Company is required, under all of the hotel management agreements and certain loan agreements, to make available, for the repair, replacement, refurbishing of furniture, fixtures, and equipment, a percentage of gross revenues provided that such amount may be used for the Company’s capital expenditures with respect to the hotels.  As of September 30, 2013, the Company held $7.7 million in reserves for capital expenditures.  During the first nine months of 2013, the Company spent approximately $8.8 million on capital expenditures for existing hotels and anticipates spending an additional $20 to $25 million through 2014.  Additionally, the Company acquired land in Richmond, Virginia for the development of adjoining Courtyard and Residence Inn hotels.  In May 2013, the Company entered into a construction contract with a third party and began construction of the hotels during the second quarter of 2013, which is expected to be completed within eighteen months to two years.  The Company expects to spend a total of approximately $35 million to develop the hotels and has incurred approximately $5.3 million in development costs as of September 30, 2013, of which approximately $4.2 million was incurred during the first nine months of 2013.

In connection with the A6 Merger, on May 13, 2013, the Company acquired from Apple Six the Apple REIT Entities’ and Advisors’ headquarters in Richmond, Virginia (“Headquarters”) and assumed the Fort Worth, Texas office lease agreement for approximately $4.5 million.  As part of the purchase, the Company agreed to release Apple Six from any liabilities related to the Headquarters or office lease.  Any costs associated with the Headquarters and office lease, including office rent, utilities, office supplies, etc. will continue to be allocated to the Apple REIT Entities and Advisors, excluding Apple Six and A6 Advisors as described above in Related Parties.

As discussed above in Related Parties, as part of the cost sharing arrangements, the day-to-day transactions may result in amounts due to or from the Apple REIT Entities and Advisors (excluding Apple Six and A6 Advisors after the A6 Merger).  To efficiently manage cash disbursements, an individual Apple REIT Entity or Advisor (excluding Apple Six and A6 Advisors after the A6 Merger) may make payments for any or all of the related companies.

Impact of Inflation

Operators of hotels, in general, possess the ability to adjust room rates daily to reflect the effects of inflation. Competitive pressures may, however, limit the operators’ ability to raise room rates. Currently the Company is not experiencing any material impact from inflation.

Business Interruption

Being in the real estate industry, the Company is exposed to natural disasters on both a local and national scale. Although management believes there is adequate insurance to cover this exposure, there can be no assurance that such events will not have a material adverse effect on the Company’s financial position or results of operations.
 
 
29

Seasonality

The hotel industry historically has been seasonal in nature. Seasonal variations in occupancy at the Company’s hotels may cause quarterly fluctuations in its revenues. Generally, occupancy rates and hotel revenues are greater in the second and third quarters than in the first and fourth quarters.  To the extent that cash flow from operations is insufficient during any quarter, due to temporary or seasonal fluctuations in revenue, the Company expects to utilize cash on hand or, if necessary, any available other financing sources to make distributions.

Subsequent Events

In October 2013, the Company declared and paid approximately $12.6 million, or $0.0691875 per outstanding common share, in distributions to its common shareholders.

On November 1, 2013, the $60 million note receivable, as discussed above in Discontinued Operations was repaid by the purchaser in full and the purchaser was released from all liability and obligations under the note.  In exchange for the early payment and waiver by the purchaser of certain terms of the note, the Company agreed to waive approximately $0.5 million of interest for the month of October 2013.  As a result of the repayment of the note, the Company will recognize the deferred gain on sale totaling $33.3 million and deferred interest earned totaling $9.0 million for a total gain of approximately $42.3 million as of September 30, 2013 in the fourth quarter of 2013.  The Company plans to use the proceeds from the repayment of the note to reduce the outstanding balance under its $50 million credit facility and to fund general corporate purposes, including working capital, renovations and hotel development.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

The Company does not engage in transactions in derivative financial instruments or derivative commodity instruments.  As of September 30, 2013, the Company’s financial instruments were not exposed to significant market risk due to foreign currency exchange risk, commodity price risk or equity price risk.  The Company will be exposed to interest rate risk due to possible changes in short term interest rates as it invests its cash or borrows on its credit facility.  Based on the balance of the Company’s credit facility at September 30, 2013 of $22.0 million, every 100 basis points change in interest rates could impact the Company’s annual net income by approximately $0.2 million, all other factors remaining the same.  The Company’s cash balance at September 30, 2013 was $0.

Item 4.  Controls and Procedures
 
Senior management, including the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this report.  Based on this evaluation process, the Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures were effective as of September 30, 2013.  There have been no changes in the Company’s internal control over financial reporting that occurred during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
 
 
 
30
 
PART II.  OTHER INFORMATION

Item 1.  Legal Proceedings 
 
The term the “Apple REIT Entities” means Apple REIT Six, Inc., Apple REIT Seven, Inc., Apple REIT Eight, Inc., Apple REIT Nine, Inc. and Apple REIT Ten, Inc.

On December 13, 2011, the United States District Court for the Eastern District of New York ordered that three putative class actions, Kronberg, et al. v. David Lerner Associates, Inc., et al., Kowalski v. Apple REIT Ten, Inc., et al., and Leff v. Apple REIT Ten, Inc., et al., be consolidated and amended the caption of the consolidated matter to be In re Apple REITs Litigation. The District Court also appointed lead plaintiffs and lead counsel for the consolidated action and ordered lead plaintiffs to file and serve a consolidated complaint by February 17, 2012. The Company was previously named as a party in all three of the above mentioned class action lawsuits.

On February 17, 2012, lead plaintiffs and lead counsel in the In re Apple REITs Litigation, Civil Action No. 1:11-cv-02919-KAM-JO, filed an amended consolidated complaint in the United States District Court for the Eastern District of New York against the Company, Apple Suites Realty Group, Inc., Apple Eight Advisors, Inc., Apple Nine Advisors, Inc., Apple Ten Advisors, Inc., Apple Fund Management, LLC, Apple REIT Six, Inc., Apple REIT Seven, Inc., Apple REIT Eight, Inc. and Apple REIT Ten, Inc., their directors and certain officers, and David Lerner Associates, Inc. and David Lerner. The consolidated complaint, which was dismissed in April 2013, was purportedly brought on behalf of all purchasers of Units in the Company and the other Apple REIT Entities, or those who otherwise acquired these Units that were offered and sold to them by David Lerner Associates, Inc., or its affiliates and on behalf of subclasses of shareholders in New Jersey, New York, Connecticut and Florida, and alleges that the Apple REIT Entities “misrepresented the investment objectives of the Apple REITs, the dividend payment policy of the Apple REITs, and the value of their Apple REIT investments.” The consolidated complaint asserts claims under Sections 11, 12 and 15 of the Securities Act of 1933, as well as claims for breach of fiduciary duty, aiding and abetting breach of fiduciary duty, negligence, and unjust enrichment, and claims for violation of the securities laws of Connecticut and Florida. The complaint seeks, among other things, certification of a putative nationwide class and the state subclasses, damages, rescission of share purchases and other costs and expenses.

On April 18, 2012, the Company, and the other defendants moved to dismiss the consolidated complaint in the In re Apple REITs Litigation.  By Order entered on March 31, 2013 and opinion issued on April 3, 2013, the Court dismissed the consolidated complaint in its entirety with prejudice and without leave to amend. Plaintiffs filed a Notice of Appeal to the Second Circuit Court of Appeals on April 12, 2013, and filed their Brief for Plaintiffs-Appellants on July 26, 2013.  Defendants-Appellees filed their Briefs on October 25, 2013.  The Company believes that Plaintiffs’ claims against it, its officers and directors and other Apple REIT Entities were properly dismissed by the lower court, and intends to vigorously defend the judgment as entered.  In the event some or all of Plaintiffs’ claims are revived as a result of Plaintiffs’ appeal, the Company will, once again, defend against them vigorously.  At this time, the Company cannot reasonably predict the outcome of these proceedings or provide a reasonable estimate of the possible loss or range of loss due to these proceedings, if any.
 
31

Item 1A. Risk Factors

The Company faces many risks, a number of which are described under “Risk Factors” in Part I of its 2012 Annual Report and described below. The risks so described may not be the only risks the Company faces. Additional risks of which the Company is not yet aware, or that currently are not significant, may also impair its operations or financial results.  If any of the events or circumstances described in the risk factors contained in the Company’s 2012 Annual Report or described below occurs, the business, financial condition or results of operations of the Company could be negatively impacted. The following updates the disclosures from Item 1A. “Risk Factors” previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, filed with the Securities and Exchange Commission, and should be read in conjunction with those risk factors.

The proposed mergers with Apple REIT Seven, Inc. and Apple REIT Eight, Inc. present certain risks to the Company’s business and operations.

In August 2013, the Company entered into an agreement and plan of merger with Apple REIT Seven, Inc. and Apple REIT Eight, Inc. under which Apple REIT Seven, Inc. and Apple REIT Eight, Inc. would merge into wholly owned subsidiaries of the Company.  The mergers are expected to be completed in the fourth quarter of 2013 or the first quarter of 2014, although there can be no assurance of completion by any particular date, if at all.  Because the mergers are subject to a number of conditions, including required shareholder and other third party approvals and the receipt of certain consents and waivers from third parties, the exact timing of when the mergers will be completed, if at all, cannot be determined at this time.

Prior to closing, the mergers may present certain risks to the Company’s business and operations, including, among other things, that:

·  
management’s attention to day-to-day business may be diverted;
·  
the Company expects to incur significant transaction costs related to the mergers;
·  
if the merger agreement is terminated under certain circumstances, the Company may be required to pay termination fees and reimburse certain expenses; and
·  
the merger agreement prohibits the Company from soliciting competing transactions, and places conditions on its ability to negotiate and accept a superior competing transaction.

 
32

Item 6.  Exhibits

Exhibit Number
Description of Documents
   
2.1
Agreement and Plan of Merger, dated as of August 7, 2013, as amended, among Apple REIT Seven, Inc., Apple REIT Eight, Inc., Apple REIT Nine, Inc., Apple Seven Acquisition Sub, Inc. and Apple Eight Acquisition Sub, Inc. (Incorporated by reference to Annex A to the joint proxy statement/prospectus included in the registrant’s registration statement on Form S-4 (SEC File No. 333-191084) originally filed September 11, 2013)
   
3.1
Articles of Incorporation of the Registrant. (Incorporated by reference to Exhibit 3.1 to the registrant’s registration statement on Form S-11 (SEC File No. 333-147414) filed November 15, 2007 and effective April 25, 2008)
   
3.2
Bylaws of the Registrant, as amended.  (Incorporated by reference to Exhibit 3.2 to the registrant’s registration statement on Form S-11 (SEC File No. 333-147414) filed November 15, 2007 and effective April 25, 2008)
   
10.103
Voting Agreement, dated as of August 7, 2013, as amended, by and among Apple REIT Seven, Inc., Apple REIT Eight, Inc., Apple REIT Nine, Inc. and Glade M. Knight (Incorporated by reference to Exhibit 10.7 to the registrant’s registration statement on Form S-4 (SEC File No. 333-191084) originally filed September 11, 2013)
   
10.104
Form of Conversion Agreement (Incorporated by reference to Exhibit 99.5 to the registrant’s current report on Form 8-K (SEC File No. 000-53603) filed August 8, 2013)
   
10.105
Termination Agreement dated as of August 7, 2013, as amended, by and among Apple Seven Advisors, Inc., Apple Eight Advisors, Inc., Apple Nine Advisors, Inc., Apple Suites Realty Group, Inc., Apple REIT Seven, Inc., Apple REIT Eight, Inc. and Apple REIT Nine, Inc. (Incorporated by reference to Annex G to the joint proxy statement/prospectus included in the registrant’s registration statement on Form S-4 (SEC File No. 333-191084) originally filed September 11, 2013)
   
10.106
Subcontract Agreement, dated as of August 7, 2013, as amended, between Apple REIT Nine, Inc. and Apple Ten Advisors, Inc. (Incorporated by reference to Annex H to the joint proxy statement/prospectus included in the registrant’s registration statement on Form S-4 (SEC File No. 333-191084) originally filed September 11, 2013)
   
10.107
Assignment and Transfer Agreement, dated as of August 7, 2013, as amended, by and among Apple Fund Management, LLC, Apple Nine Advisors, Inc. and Apple REIT Nine, Inc. (Incorporated by reference to Annex I to the joint proxy statement/prospectus included in the registrant’s registration statement on Form S-4 (SEC File No. 333-191084) originally filed September 11, 2013)

31.1
   
31.2
   
32.1 Certification of the Company’s Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002  (FILED HEREWITH)
   
101
The following materials from Apple REIT Nine, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2013 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Cash Flows, and (iv) related notes to these financial statements, tagged as blocks of text and in detail (FILED HEREWITH)
 
 
33
 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
APPLE REIT NINE, INC.
    
       
By:
/s/    GLADE M. KNIGHT 
  
Date:  November 6, 2013
 
Glade M. Knight,
    
 
Chairman of the Board and
Chief Executive Officer
(Principal Executive Officer)
    
       
By:
/s/    BRYAN PEERY
  
Date:  November 6, 2013
 
Bryan Peery,
    
 
Chief Financial Officer
(Principal Financial and Principal Accounting Officer)
    


 
34
 
 
 EX-31.1 2 ex31-1.htm EX-31.1 ex31-1.htm
 Exhibit 31.1
 
CERTIFICATION
 
I, Glade M. Knight, certify that:
 
1. I have reviewed this report on Form 10-Q of Apple REIT Nine, Inc.;
 
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
     
Date: November 6, 2013
  
/s/    GLADE M. KNIGHT
   
Glade M. Knight
Chief Executive Officer
   
APPLE REIT NINE, Inc.

 
 
 
 EX-31.2 3 ex31-2.htm EX-31.2 ex31-2.htm
Exhibit 31.2
 
CERTIFICATION
 
I, Bryan Peery, certify that:
 
1. I have reviewed this report on Form 10-Q of Apple REIT Nine, Inc.;
 
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
     
Date: November 6, 2013
  
/s/    BRYAN PEERY
   
Bryan Peery
Chief Financial Officer
APPLE REIT NINE, Inc.

 
 
 
 EX-32.1 4 ex32-1.htm EX-32.1 ex32-1.htm
Exhibit 32.1
 
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
In connection with the Quarterly Report of Apple REIT Nine, Inc., (the “Company”) on Form 10-Q for the quarter ending September 30, 2013 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned hereby certifies, pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that: (1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of September 30, 2013, and for the period then ended.

 
/s/    GLADE M. KNIGHT 
Glade M. Knight
Chief Executive Officer
 
/s/    BRYAN PEERY
Bryan Peery
Chief Financial Officer
 
November 6, 2013


 
 
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22000000 0 0 77690000 2759000 31899000 0 358000 -92619000 -211593000 -9027000 -11220000 30733000 19513000 0 60000000 Apple REIT Nine, Inc. 10-Q --12-31 182784131 false 0001418121 Yes No Non-accelerated Filer No 2013 Q3 2013-09-30 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1.&#160;&#160;Organization and Summary of Significant Accounting Policies</font> </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Organization</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Apple REIT Nine, Inc., together with its wholly owned subsidiaries (the &#8220;Company&#8221;), is a Virginia corporation that has elected to be treated as a real estate investment trust (&#8220;REIT&#8221;) for federal income tax purposes.&#160;&#160;The Company was formed to invest in income-producing real estate in the United States.&#160;&#160;Initial capitalization occurred on November&#160;9, 2007 and operations began on July 31, 2008 when the Company acquired its first hotel.&#160;&#160;The Company concluded its best-efforts offering of Units (each Unit consists of one common share and one Series A preferred share) in December 2010.&#160;&#160;The Company&#8217;s fiscal year end is December&#160;31.&#160;&#160;The Company has no foreign operations or assets and its operating structure includes only one segment.&#160;&#160;The consolidated financial statements include the accounts of the Company and its subsidiaries.&#160;&#160;All intercompany accounts and transactions have been eliminated.&#160;&#160;Although the Company has an interest in a variable interest entity through its note receivable, it is not the primary beneficiary as the Company does not have any elements of power in the decision making process of the entity and does not share in any of the benefits, and therefore does not consolidate the entity.&#160; As of September 30, 2013, the Company owned 89 hotels located in 27 states with an aggregate of 11,371 rooms.</font> </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Basis of Presentation</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations for reporting on Form 10-Q.&#160;&#160;Accordingly, they do not include all of the information required by accounting principles generally accepted in the United States for complete financial statements.&#160;&#160;In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.&#160;&#160;These unaudited financial statements should be read in conjunction with the Company&#8217;s audited consolidated financial statements included in its 2012 Annual Report on Form 10-K.&#160;&#160;Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the twelve month period ending December 31, 2013.</font> </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Use of Estimates</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The preparation of the financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</font> </div><br/><div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.05pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Reclassifications</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.05pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Certain amounts in the 2012 consolidated financial statements have been reclassified to conform with the 2013 presentation with no effect on previously reported net income or shareholders&#8217; equity.</font> </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Restricted Cash</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Restricted cash includes reserves for debt service, real estate taxes, and insurance, and reserves for furniture, fixtures, and equipment replacements of up to 5% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions.</font> </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Earnings Per Common Share</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Basic earnings per common share is computed based upon the weighted average number of shares outstanding during the period.&#160;&#160;Diluted earnings per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the period.&#160;&#160;There were no potential common shares with a dilutive effect for the three and nine months ended September 30, 2013 or 2012.&#160;&#160;As a result, basic and dilutive outstanding shares were the same.&#160;&#160;Series B convertible preferred shares are not included in earnings per common share calculations until such time that such shares are eligible to be converted to common shares.</font> </div><br/> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Organization</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Apple REIT Nine, Inc., together with its wholly owned subsidiaries (the &#8220;Company&#8221;), is a Virginia corporation that has elected to be treated as a real estate investment trust (&#8220;REIT&#8221;) for federal income tax purposes.&#160;&#160;The Company was formed to invest in income-producing real estate in the United States.&#160;&#160;Initial capitalization occurred on November&#160;9, 2007 and operations began on July 31, 2008 when the Company acquired its first hotel.&#160;&#160;The Company concluded its best-efforts offering of Units (each Unit consists of one common share and one Series A preferred share) in December 2010.&#160;&#160;The Company&#8217;s fiscal year end is December&#160;31.&#160;&#160;The Company has no foreign operations or assets and its operating structure includes only one segment.&#160;&#160;The consolidated financial statements include the accounts of the Company and its subsidiaries.&#160;&#160;All intercompany accounts and transactions have been eliminated.&#160;&#160;Although the Company has an interest in a variable interest entity through its note receivable, it is not the primary beneficiary as the Company does not have any elements of power in the decision making process of the entity and does not share in any of the benefits, and therefore does not consolidate the entity.&#160; As of September 30, 2013, the Company owned 89 hotels located in 27 states with an aggregate of 11,371 rooms.</font></div> one common share and one Series A preferred share 1 89 27 11371 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Basis of Presentation</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations for reporting on Form 10-Q.&#160;&#160;Accordingly, they do not include all of the information required by accounting principles generally accepted in the United States for complete financial statements.&#160;&#160;In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.&#160;&#160;These unaudited financial statements should be read in conjunction with the Company&#8217;s audited consolidated financial statements included in its 2012 Annual Report on Form 10-K.&#160;&#160;Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the twelve month period ending December 31, 2013.</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Use of Estimates</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The preparation of the financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</font></div> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.05pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Reclassifications</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.05pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Certain amounts in the 2012 consolidated financial statements have been reclassified to conform with the 2013 presentation with no effect on previously reported net income or shareholders&#8217; equity.</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Restricted Cash</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Restricted cash includes reserves for debt service, real estate taxes, and insurance, and reserves for furniture, fixtures, and equipment replacements of up to 5% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions.</font></div> up to 5% <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Earnings Per Common Share</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Basic earnings per common share is computed based upon the weighted average number of shares outstanding during the period.&#160;&#160;Diluted earnings per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the period.&#160;&#160;There were no potential common shares with a dilutive effect for the three and nine months ended September 30, 2013 or 2012.&#160;&#160;As a result, basic and dilutive outstanding shares were the same.&#160;&#160;Series B convertible preferred shares are not included in earnings per common share calculations until such time that such shares are eligible to be converted to common shares.</font></div> 0 0 0 0 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2.&#160;&#160;Merger Agreement</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On August 7, 2013, Apple REIT Seven, Inc. (&#8220;Apple Seven&#8221;), Apple REIT Eight, Inc. (&#8220;Apple Eight&#8221;), Apple REIT Nine, Inc. (&#8220;Apple Nine&#8221;), Apple Seven Acquisition Sub, Inc. (&#8220;Seven Acquisition Sub&#8221;) a wholly owned subsidiary of Apple Nine, and Apple Eight Acquisition Sub, Inc. (&#8220;Eight Acquisition Sub&#8221;) a wholly owned subsidiary of Apple Nine, entered into an Agreement and Plan of Merger, as amended (the &#8220;Merger Agreement&#8221;).&#160;&#160;The Merger Agreement provides for the merger of Apple Seven and Apple Eight with and into Seven Acquisition Sub and Eight Acquisition Sub, respectively, which were formed solely for engaging in the mergers and have not conducted any prior activities.&#160;&#160;Upon completion of the mergers, the separate corporate existence of Apple Seven and Apple Eight will cease and Seven Acquisition Sub and Eight Acquisition Sub will be the surviving corporations.&#160;&#160;Pursuant to the terms of the Merger Agreement, upon completion of the mergers, the current Apple Nine common shares totaling 182,784,131 will remain outstanding and:</font> </div><br/><table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Each issued and outstanding unit of Apple Seven (consisting of one Apple Seven common share together with one Apple Seven Series A preferred share) will be converted into one (the &#8220;Apple Seven exchange ratio&#8221;) common share of Apple Nine, or a total of approximately 90,613,633 common shares (assuming no dissenting shares), and each issued and outstanding Series B convertible preferred share of Apple Seven will be converted into a number of Apple Nine&#8217;s common shares equal to 24.17104 multiplied by the Apple Seven exchange ratio, or a total of 5,801,050 common shares; and</font> </div> </td> </tr> </table><br/><table cellpadding="0" cellspacing="0" id="list-0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 36pt"> <div> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Each issued and outstanding unit of Apple Eight (consisting of one Apple Eight common share together with one Apple Eight Series A preferred share) will be converted into 0.85 (the &#8220;Apple Eight exchange ratio&#8221;) common share of Apple Nine, or a total of approximately 78,319,004 common shares (assuming no dissenting shares), and each issued and outstanding Series B convertible preferred share of Apple Eight will be converted into a number of Apple Nine&#8217;s common shares equal to 24.17104 multiplied by the Apple Eight exchange ratio, or a total of 4,930,892 common shares.</font> </div> </td> </tr> </table><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As contemplated in the Merger Agreement, in connection with completion of the mergers, Apple Nine will become self-advised and the existing advisory agreements between Apple Nine and Apple Nine Advisors, Inc. and Apple Suites Realty Group, Inc. will be terminated.&#160;&#160;The termination of the advisory agreements will result in the conversion of each issued and outstanding Series B convertible preferred share of Apple Nine into the right to receive 24.17104 common shares of Apple Nine, or a total of 11,602,099 common shares.&#160;&#160;As a result of the conversion, all of Apple Nine&#8217;s Series A preferred shares will terminate.&#160;&#160;In addition, upon termination of the advisory agreements, Apple Nine will record an expense related to the conversion of Apple Nine&#8217;s Series B convertible preferred shares into common shares.&#160;&#160;Although the final estimate of fair value may vary significantly from these estimates, Apple Nine&#8217;s preliminary estimate of the fair value of $9.00 to $11.00 per common share would result in an expense ranging from approximately $104 million to $128 million.</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Merger Agreement contains various closing conditions, including shareholder approval by Apple Seven, Apple Eight and Apple Nine.&#160;&#160;As a result, there is no assurance that the mergers will occur.&#160;&#160;Under the Merger Agreement, Apple Seven, Apple Eight and Apple Nine may terminate the Merger Agreement under certain circumstances; however, each of the companies may be required to pay a fee of $1.7 million, plus reasonable third party expenses to each of the other companies upon such termination.&#160;&#160;All costs related to the proposed mergers are being expensed in the period they are incurred and are included in the merger transaction costs in the Company&#8217;s consolidated statements of operations.&#160;&#160;In connection with these activities, the Company incurred approximately $2.0 million in expenses for the nine months ended September 30, 2013.</font> </div><br/> On August 7, 2013, Apple REIT Seven, Inc. ("Apple Seven"), Apple REIT Eight, Inc. ("Apple Eight"), Apple REIT Nine, Inc. ("Apple Nine"), Apple Seven Acquisition Sub, Inc. ("Seven Acquisition Sub") a wholly owned subsidiary of Apple Nine, and Apple Eight Acquisition Sub, Inc. ("Eight Acquisition Sub") a wholly owned subsidiary of Apple Nine, entered into an Agreement and Plan of Merger, as amended (the "Merger Agreement").The Merger Agreement provides for the merger of Apple Seven and Apple Eight with and into Seven Acquisition Sub and Eight Acquisition Sub, respectively, which were formed solely for engaging in the mergers and have not conducted any prior activities.Upon completion of the mergers, the separate corporate existence of Apple Seven and Apple Eight will cease and Seven Acquisition Sub and Eight Acquisition Sub will be the surviving corporations.Pursuant to the terms of the Merger Agreement, upon completion of the mergers, the current Apple Nine common shares totaling 182,784,131 will remain outstanding Each issued and outstanding unit of Apple Seven (consisting of one Apple Seven common share together with one Apple Seven Series A preferred share) will be converted into one (the "Apple Seven exchange ratio") common share of Apple Nine, or a total of approximately 90,613,633 common shares (assuming no dissenting shares), and each issued and outstanding Series B convertible preferred share of Apple Seven will be converted into a number of Apple Nine's common shares equal to 24.17104 multiplied by the Apple Seven exchange ratio, or a total of 5,801,050 common shares 1 90613633 24.17104 5801050 Each issued and outstanding unit of Apple Eight (consisting of one Apple Eight common share together with one Apple Eight Series A preferred share) will be converted into 0.85 (the "Apple Eight exchange ratio") common share of Apple Nine, or a total of approximately 78,319,004 common shares (assuming no dissenting shares), and each issued and outstanding Series B convertible preferred share of Apple Eight will be converted into a number of Apple Nine's common shares equal to 24.17104 multiplied by the Apple Eight exchange ratio, or a total of 4,930,892 common shares. 0.85 78319004 24.17104 4930892 As contemplated in the Merger Agreement, in connection with completion of the mergers, Apple Nine will become self-advised and the existing advisory agreements between Apple Nine and Apple Nine Advisors, Inc. and Apple Suites Realty Group, Inc. will be terminated.The termination of the advisory agreements will result in the conversion of each issued and outstanding Series B convertible preferred share of Apple Nine into the right to receive 24.17104 common shares of Apple Nine, or a total of 11,602,099 common shares.As a result of the conversion, all of Apple Nine's Series A preferred shares will terminate.In addition, upon termination of the advisory agreements, Apple Nine will record an expense related to the conversion of Apple Nine's Series B convertible preferred shares into common shares. 24.17104 11602099 9.00 11.00 104000000 128000000 Under the Merger Agreement, Apple Seven, Apple Eight and Apple Nine may terminate the Merger Agreement under certain circumstances; however, each of the companies may be required to pay a fee of $1.7 million, plus reasonable third party expenses to each of the other companies upon such termination. 2000000 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3.&#160;&#160;Disposition and Discontinued Operations</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On April 27, 2012, the Company completed the sale of its 406 acres of land and land improvements located on 110 sites in the Ft. Worth, Texas area (the &#8220;110 parcels&#8221;) and the assignment of the lease for a total sale price of $198.4 million.&#160;&#160;The 110 parcels were acquired in April 2009 for a total purchase price of $147.3 million and were leased to a subsidiary of Chesapeake Energy Corporation (&#8220;Chesapeake&#8221;) under a long term lease for the production of natural gas.&#160;&#160;At closing, the Company received approximately $138.4 million in cash proceeds and issued a note receivable totaling $60.0 million to the purchaser (the &#8220;note&#8221;).&#160;&#160;The note, which approximated fair market value, is secured by a junior lien on the land and land improvements owned by the purchaser.&#160;&#160;The stated interest rate on the note is 10.5%.&#160;&#160;The note requires interest only payments for the first three years of the note.&#160;&#160;After the first three years, interest is accrued and payments will only be received once the purchaser extinguishes its senior loan with a third party.&#160;&#160;Once the senior loan is repaid, the Company will receive all payments from the existing lease until fully repaid or the note reaches maturity which is April 2049.&#160;&#160;Although the purchaser is not affiliated with the Company, a partner of the purchaser is also a member of the Board of Directors of Apple REIT Ten, Inc.&#160;&#160;In conjunction with the sale, the Company incurred a brokerage commission to Apple Suites Realty Group, Inc. (&#8220;ASRG&#8221;) totaling approximately $4.0 million, representing 2% of the gross sales price.&#160;&#160;Of this amount, approximately $2.8 million was paid to ASRG during the second quarter of 2012 and the remaining $1.2 million will be paid upon repayment of the $60.0 million note.&#160;&#160;The $4.0 million commission has been recorded as a reduction to the deferred gain on sale as described below.</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The total gain on sale was approximately $33.3 million (total sale price of $198.4 million less carrying value totaling $160.5 million, ASRG fee totaling $4.0 million, closing costs totaling $0.3 million and related franchise taxes totaling $0.3 million).&#160;&#160;In accordance with the Accounting Standards Codification on real estate sales, the sales transaction is being accounted for under the cost recovery method, therefore the gain on sale and interest earned on the note will be deferred until cash payments by the purchaser, including principal and interest on the note due to the Company and the payment of the $138.4 million at closing exceed the Company&#8217;s cost basis of the 110 parcels sold.&#160;&#160;The note receivable is included in the Company&#8217;s consolidated balance sheets, net of the total deferred gain.&#160;&#160;As of September 30, 2013, the note receivable, net was $17.7 million, including $60.0 million note receivable offset by $33.3 million deferred gain and $9.0 million deferred interest earned.&#160;&#160;As of December 31, 2012, the note receivable, net was $22.4 million, including $60.0 million note receivable offset by $33.4 million deferred gain and $4.3 million deferred interest earned.&#160;&#160;The 110 parcels was a separate reportable segment and the results of operations for these properties have been classified in the consolidated statements of operations in the line item income from discontinued operations.</font> </div><br/><div style="TEXT-INDENT: 27pt; 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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">AFM is an affiliate of each of the Advisors.&#160;&#160;Each of the Advisors provides management services through the use of AFM to, respectively, Apple Six (prior to the A6 Merger), Apple Seven, Apple Eight, Apple Nine and Apple Ten.&#160;&#160;In connection with the A6 Merger, effective May 14, 2013, the entire membership interest of Apple Six in AFM was transferred and assigned to A9A, which then became the sole member of AFM.&#160;&#160;As part of the assignment, A9A and the other Advisors agreed to indemnify the buyer of Apple Six for liabilities related to AFM.&#160;&#160;The assignment of AFM&#8217;s interest to A9A had no impact on the Company&#8217;s advisory agreement with A9A or the process of allocating costs from AFM to the Apple REIT Entities or Advisors as described below, except Apple Six and its advisors, Apple Six Advisors, Inc. and Apple Six Realty Group, Inc. 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The Company was previously named as a party in all three of the above mentioned class action lawsuits.</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On February 17, 2012, lead plaintiffs and lead counsel in the <font style="FONT-STYLE: italic; DISPLAY: inline">In re Apple REITs Litigation</font>, Civil Action No. 1:11-cv-02919-KAM-JO, filed an amended consolidated complaint in the United States District Court for the Eastern District of New York against the Company, Apple Suites Realty Group, Inc., Apple Eight Advisors, Inc., Apple Nine Advisors, Inc., Apple Ten Advisors, Inc., Apple Fund Management, LLC, Apple REIT Six, Inc., Apple REIT Seven, Inc., Apple REIT Eight, Inc. and Apple REIT Ten, Inc., their directors and certain officers, and David Lerner Associates, Inc. and David Lerner. 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Plaintiffs filed a Notice of Appeal to the Second Circuit Court of Appeals on April 12, 2013, and filed their Brief for Plaintiffs-Appellants on July 26, 2013.&#160;&#160;Defendants-Appellees filed their Briefs on October 25, 2013.&#160;&#160;The Company believes that Plaintiffs&#8217; claims against it, its officers and directors and other Apple REIT Entities were properly dismissed by the lower court, and intends to vigorously defend the judgment as entered.&#160;&#160;In the event some or all of Plaintiffs&#8217; claims are revived as a result of Plaintiffs&#8217; appeal, the Company will, once again, defend against them vigorously.&#160;&#160;At this time, the Company cannot reasonably predict the outcome of these proceedings or provide a reasonable estimate of the possible loss or range of loss due to these proceedings, if any.</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Securities and Exchange Commission (&#8220;SEC&#8221;) staff has been conducting a non-public investigation, which is focused principally on the adequacy of certain disclosures in the Company's filings with the SEC beginning in 2008, as well as the Company's review of certain transactions involving the Company and the other Apple REIT Entities.&#160; The Company intends to continue to cooperate with the SEC staff, and it is engaging in a dialogue with the SEC staff concerning these issues and the roles of certain officers.&#160; The Company does not believe the issues raised by the SEC staff affect the material accuracy of the Company's consolidated financial statements.&#160; At this time, the Company cannot predict the outcome of this investigation as to the Company or any of its officers, nor can it predict the timing associated with any such conclusion or resolution.</font> </div><br/> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">9.&#160;&#160;Subsequent Events</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In October 2013, the Company declared and paid approximately $12.6 million, or $0.0691875 per outstanding common share, in distributions to its common shareholders.</font> </div><br/><div style="text-indent: 27pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"> <font style="display: inline; font-family: Times New Roman; font-size: 10pt;">On November 1, 2013, the $60 million note receivable, as discussed in note 3 was repaid by the purchaser in full and the purchaser was released from all liability and obligations under the note.&#160;&#160;In exchange for the early payment and waiver by the&#160;purchaser of certain terms of the note, the Company agreed to waive approximately $0.5 million of interest for the month of October 2013.&#160;&#160;As a result of the repayment of the note, the Company will recognize the deferred gain on sale totaling $33.3 million and deferred interest earned totaling $9.0 million for a total gain of approximately $42.3 million as of September 30, 2013 in the fourth quarter of 2013.&#160;&#160;The Company plans to use the proceeds from the repayment of the note to reduce the outstanding balance under its $50 million credit facility and to fund general corporate purposes, including working capital, renovations and hotel development.</font> </div><br/> 12600000 0.0691875 60000000 500000 33300000 9000000 42300000 The Company plans to use the proceeds from the repayment of the note to reduce the outstanding balance under its $50 million credit facility and to fund general corporate purposes, including working capital, renovations and hotel development. 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Shareholder's Equity (Tables)
 9 Months Ended
Sep. 30, 2013
Stockholders' Equity Note [Abstract]  
Summary of Unit Redemptions [Table Text Block] The following is a summary of the Unit redemptions during 2012 and the first nine months of 2013:

Redemption Date
 
Total Requested Unit
Redemptions at
Redemption Date
   
Units Redeemed
   
Total Redemption
Requests Not
Redeemed at
Redemption Date
 
                   
First Quarter 2012
    10,689,219       1,507,187       9,182,032  
Second Quarter 2012
    11,229,890       1,509,922       9,719,968  
Third Quarter 2012
    10,730,084       1,004,365       9,725,719  
Fourth Quarter 2012
    11,155,269       1,003,267       10,152,002  
First Quarter 2013
    12,135,251       990,324       11,144,927  
Second Quarter 2013
    13,039,019       988,095       12,050,924  

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Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Revenues:        
Room revenue $ 91,936 $ 85,900 $ 271,324 $ 253,500
Other revenue 8,301 7,753 25,888 25,354
Total revenue 100,237 93,653 297,212 278,854
Expenses:        
Operating expense 25,800 24,162 75,318 70,813
Hotel administrative expense 7,218 6,616 21,287 20,197
Sales and marketing 8,369 7,947 24,968 23,529
Utilities 4,213 4,074 11,153 10,778
Repair and maintenance 3,807 3,364 11,136 9,882
Franchise fees 4,185 3,642 12,248 11,037
Management fees 3,567 3,267 10,329 9,513
Property taxes, insurance and other 4,843 5,168 15,632 15,122
General and administrative 1,778 2,149 5,815 6,443
Acquisition related costs 0 3 74 464
Merger transaction costs 1,908 0 1,970 637
Depreciation expense 13,732 13,329 40,865 39,338
Total expenses 79,420 73,721 230,795 217,753
Operating income 20,817 19,932 66,417 61,101
Interest expense, net (2,287) (1,709) (6,701) (4,664)
Income before income taxes 18,530 18,223 59,716 56,437
Income tax expense (365) (296) (1,110) (885)
Income from continuing operations 18,165 17,927 58,606 55,552
Income from discontinued operations 0 0 0 6,792
Net income $ 18,165 $ 17,927 $ 58,606 $ 62,344
Basic and diluted net income per common share        
From continuing operations (in Dollars per share) $ 0.10 $ 0.10 $ 0.32 $ 0.30
From discontinued operations (in Dollars per share) $ 0.00 $ 0.00 $ 0.00 $ 0.04
Total basic and diluted net income per common share (in Dollars per share) $ 0.10 $ 0.10 $ 0.32 $ 0.34
Weighted average common shares outstanding - basic and diluted (in Shares) 182,784 182,130 182,560 182,200
XML 15 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2013
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]
5.  Fair Value of Financial Instruments

The Company estimates the fair value of its debt and note receivable by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity of an instrument with similar credit terms and credit characteristics which are Level 3 inputs.  Market rates take into consideration general market conditions and maturity.  As of September 30, 2013, the carrying value and estimated fair value of the Company’s debt was approximately $185.6 million and $190.1 million.  As of December 31, 2012, the carrying value and estimated fair value of the Company’s debt was approximately $166.8 million and $173.3 million.  As of September 30, 2013 and December 31, 2012, the carrying value of the $60 million note receivable as discussed in note 3 approximates fair market value.  The carrying value of the Company’s other financial instruments approximates fair value due to the short-term nature of these financial instruments.

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Related Parties (Details) (USD $)
 0 Months Ended 5 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 0 Months Ended 9 Months Ended 71 Months Ended 9 Months Ended 5 Months Ended
Sep. 30, 2013
Real Estate Disposal Fees Remaining To Be Paid [Member]
Sale of 110 Sites Leased to Third Party [Member]
Apple Suites Realty Group (ASRG) [Member]
May 14, 2013
Cash Consideration Exchanged Between Entities [Member]
Assignment and Transfer of Apple REIT Six, Inc.'s Interest in Apple Fund Management to Apple Nine Advisors (A9A) [Member]
Sep. 30, 2013
Reimbursement Received From Related Parties For Their Proportionate Share of Office Related Costs Provided by Apple REIT Nine, Inc. [Member]
Jun. 30, 2013
Purchase of Previously Leased Land Parcels [Member]
Dec. 31, 2012
Sale of 110 Sites Leased to Third Party [Member]
Apple Suites Realty Group (ASRG) [Member]
Real Estate Disposal Fees Incurred [Member]
Jun. 30, 2012
Sale of 110 Sites Leased to Third Party [Member]
Apple Suites Realty Group (ASRG) [Member]
Real Estate Disposal Fees Paid [Member]
May 13, 2013
Acquisition of Headquarters and Assignment of Office Lease Agreement from Apple REIT Six, Inc. [Member]
Sep. 30, 2013
Apple Suites Realty Group (ASRG) [Member]
Real Estate Acquisition Fees Incurred [Member]
Sep. 30, 2012
Apple Suites Realty Group (ASRG) [Member]
Real Estate Acquisition Fees Incurred [Member]
Sep. 30, 2013
Apple Suites Realty Group (ASRG) [Member]
Real Estate Acquisition Fees Incurred [Member]
Sep. 30, 2013
Apple Suites Realty Group (ASRG) [Member]
Reimbursement to Related Party for Company's Proportionate Share of Staffing and Related Costs Provided by Related Party [Member]
Sep. 30, 2012
Apple Suites Realty Group (ASRG) [Member]
Reimbursement to Related Party for Company's Proportionate Share of Staffing and Related Costs Provided by Related Party [Member]
Sep. 30, 2013
Apple Suites Realty Group (ASRG) [Member]
Sep. 30, 2013
Apple Nine Advisors (A9A) [Member]
Advisory Fees Incurred [Member]
Sep. 30, 2012
Apple Nine Advisors (A9A) [Member]
Advisory Fees Incurred [Member]
Sep. 30, 2013
Apple Nine Advisors (A9A) [Member]
Reimbursement to Related Party for Company's Proportionate Share of Staffing and Related Costs Provided by Related Party [Member]
Sep. 30, 2012
Apple Nine Advisors (A9A) [Member]
Reimbursement to Related Party for Company's Proportionate Share of Staffing and Related Costs Provided by Related Party [Member]
Sep. 30, 2013
Apple Nine Advisors (A9A) [Member]
Sep. 30, 2013
ASRG and A9A [Member]
Reimbursement to Related Party for Company's Proportionate Share of Staffing and Related Costs Provided by Related Party [Member]
Sep. 30, 2012
ASRG and A9A [Member]
Reimbursement to Related Party for Company's Proportionate Share of Staffing and Related Costs Provided by Related Party [Member]
Sep. 30, 2013
All Apple REIT Entities [Member]
Legal Proceedings and SEC Investigation [Member]
Sep. 30, 2012
All Apple REIT Entities [Member]
Legal Proceedings and SEC Investigation [Member]
Sep. 30, 2013
Apple REIT Nine, Inc. [Member]
Legal Proceedings and SEC Investigation [Member]
Sep. 30, 2012
Apple REIT Nine, Inc. [Member]
Legal Proceedings and SEC Investigation [Member]
Sep. 30, 2013
Apple Air Holding, LLC [Member]
Sep. 30, 2012
Apple Air Holding, LLC [Member]
Dec. 31, 2012
Apple Air Holding, LLC [Member]
Sep. 30, 2013
Net Allocated Office Related Costs to Apple REIT Nine, Inc. [Member]
Related Parties (Details) [Line Items]                                                        
Real estate acquisition and disposal fee, Related Party, Percent                         2.00%                              
Costs and Expenses, Related Party         $ 4,000,000 $ 2,800,000   $ 100,000 $ 400,000 $ 33,600,000 $ 0 $ 100,000   $ 2,100,000 $ 2,200,000 $ 1,600,000 $ 1,500,000   $ 1,600,000 $ 1,600,000                
Number of Land Parcels Purchased       2                                                
Accounts Payable, Related Parties 1,200,000                                                      
Related Party Transaction, Amounts of Transaction   0         4,500,000                                          
Management Advisory Fee, Related Party, Percent                                   0.1% to 0.25%                    
Reimbursement of Office Related Costs From Related Parties     400,000                                                  
Net Allocated Office Related Costs                                                       100,000
Legal Fees                                         2,200,000 5,700,000 500,000 1,300,000        
Equity Method Investment, Ownership Percentage                                                 24.00%      
Equity Method Investments                                                 1,700,000   1,900,000  
Income (Loss) from Equity Method Investments                                                 $ (181,000) $ (145,000)    
XML 18 R18.htm IDEA: XBRL DOCUMENT v2.4.0.8
Organization and Summary of Significant Accounting Policies (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Organization and Summary of Significant Accounting Policies (Details) [Line Items]        
Unit description     one common share and one Series A preferred share  
Number of Reportable Segments     1  
Percentage of Revenue Reserved for Replacements     up to 5%  
Weighted Average Number Diluted Shares Outstanding Adjustment (in Shares) 0 0 0 0
Hotels [Member]
        
Organization and Summary of Significant Accounting Policies (Details) [Line Items]        
Number of Real Estate Properties 89   89  
Number of States in which Entity Operates 27   27  
Aggregate Hotel Rooms [Member]
        
Organization and Summary of Significant Accounting Policies (Details) [Line Items]        
Number of Units in Real Estate Property 11,371   11,371  
XML 19 R27.htm IDEA: XBRL DOCUMENT v2.4.0.8
Subsequent Events (Details) (USD $)
 9 Months Ended 0 Months Ended 1 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Nov. 01, 2013
Subsequent Event [Member]
Repayment of $60 Million Note Receivable [Member]
Oct. 31, 2013
Subsequent Event [Member]
Subsequent Events (Details) [Line Items]        
Payments of Ordinary Dividends, Common Stock $ 113,646,000 $ 117,164,000   $ 12,600,000
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share)       $ 0.0691875
Proceeds from Collection of Notes Receivable     60,000,000  
Note Receivable, Interest Waived     500,000  
Recognition of Deferred Gain on Sale of Real Estate Assets     33,300,000  
Recognition of Deferred Interest Earned on Note Receivable     9,000,000  
Total Deferred Gain Recognized Upon Repayment of Note Receivable     $ 42,300,000  
Subsequent Event, Description     The Company plans to use the proceeds from the repayment of the note to reduce the outstanding balance under its $50 million credit facility and to fund general corporate purposes, including working capital, renovations and hotel development.  
XML 20 R26.htm IDEA: XBRL DOCUMENT v2.4.0.8
Shareholder's Equity (Details) - Schedule of Unit Redemption (Redemptions [Member])
 3 Months Ended
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Redemptions [Member]
            
Shareholder's Equity (Details) - Schedule of Unit Redemption [Line Items]            
Total Requested Unit Redemptions at Redemption Date 13,039,019 12,135,251 11,155,269 10,730,084 11,229,890 10,689,219
Units Redeemed (in Shares) 988,095 990,324 1,003,267 1,004,365 1,509,922 1,507,187
Total Redemption Requests Not Redeemed at Redemption Date 12,050,924 11,144,927 10,152,002 9,725,719 9,719,968 9,182,032
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Shareholder's Equity (Details) (USD $)
 9 Months Ended 12 Months Ended 3 Months Ended 9 Months Ended 2 Months Ended 5 Months Ended 14 Months Ended 9 Months Ended 17 Months Ended 24 Months Ended 34 Months Ended 51 Months Ended 9 Months Ended 17 Months Ended 34 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Dec. 31, 2012
Special Distribution [Member]
Sep. 30, 2013
Monthly Distributions [Member]
Sep. 30, 2012
Monthly Distributions [Member]
Sep. 30, 2013
Monthly Distributions [Member]
Sep. 30, 2012
Monthly Distributions [Member]
Jul. 31, 2012
Annual Distribution [Member]
May 31, 2012
Annual Distribution [Member]
Sep. 30, 2013
Annual Distribution [Member]
Sep. 30, 2013
Total Distributions [Member]
Sep. 30, 2012
Total Distributions [Member]
Sep. 30, 2013
Unit Redemption Program [Member]
Sep. 30, 2012
Unit Redemption Program [Member]
Sep. 30, 2013
Unit Redemption Program [Member]
Jun. 30, 2013
Unit Redemption Program [Member]
Jun. 30, 2011
Unit Redemption Program [Member]
Apr. 30, 2012
Unit Redemption Program [Member]
Sep. 30, 2013
Unit Redemption Program [Member]
Sep. 30, 2013
Dividend Reinvestment Plan [Member]
Sep. 30, 2012
Dividend Reinvestment Plan [Member]
Sep. 30, 2013
Dividend Reinvestment Plan [Member]
Apr. 30, 2012
Dividend Reinvestment Plan [Member]
Sep. 30, 2013
Dividend Reinvestment Plan [Member]
Shareholder's Equity (Details) [Line Items]                                                
Special Distribution, Amount Per Unit (in Dollars per share)     $ 0.75                                          
Payments of Special Distribution $ 0 $ 136,113,000 $ 136,100,000                                          
Dividends Payable, Date to be Paid     May 17, 2012                                          
Dividends Payable, Date of Record     May 11, 2012                                          
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share)       $ 0.2076 $ 0.2075 $ 0.6227 $ 0.6434                                  
Payments of Ordinary Dividends, Common Stock 113,646,000 117,164,000   37,900,000 37,800,000 113,600,000 117,200,000                                  
Annual Distribution rate (in Dollars per share)               $ 0.83 $ 0.88 $ 0.83025                            
Payments of Total Distributions                     113,600,000 253,300,000                        
Unit redemption eligibility period                         1 year                      
Redemption rate, Units owned less than 3 years                         92.00%                      
Redemption rate, Units owned more than 3 years                         100.00%                      
Changes Resulting From Special Distribution, Description                             In May 2012, as a result of the Special Distribution, the purchase price per Unit under the Company's Unit Redemption Program was adjusted by the amount of the Special Distribution (from $11.00 to $10.25 for the maximum purchase price, based on the original purchase price and length of time such Units have been held by the shareholder).             As a result of the Special Distribution, beginning in May 2012, the offering price per Unit under the Company's Dividend Reinvestment Plan was adjusted by the amount of the Special Distribution (from $11.00 to $10.25).    
Unit Redemption, Maximum Purchase Price (in Dollars per share)                             $ 10.25     $ 11.00            
Weighted average number of Units outstanding, percentage redeemable                         5.00%                      
Units Redeemed (in Shares)                         2,000,000 4,000,000         11,700,000          
Payments for Redemption of Units 19,992,000 41,988,000                     20,000,000 42,000,000         121,200,000          
Redemption requests redeemed, description                               pro-rata basis                
Redemption requests redeemed, percentage                                 100.00%              
Dividend Reinvestment Plan, Offering Price Per Unit (in Dollars per share)                                           $ 10.25 $ 11.00  
Units Authorized (in Shares)                                       20,000,000   20,000,000   20,000,000
Stock Issued During Period, Shares, Dividend Reinvestment Plan (in Shares)                                       2,100,000 3,600,000     12,300,000
Stock Issued During Period, Value, Dividend Reinvestment Plan                                       $ 22,000,000 $ 38,200,000     $ 131,000,000
XML 22 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Organization and Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2013
Accounting Policies [Abstract]  
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]
1.  Organization and Summary of Significant Accounting Policies

Organization

Apple REIT Nine, Inc., together with its wholly owned subsidiaries (the “Company”), is a Virginia corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes.  The Company was formed to invest in income-producing real estate in the United States.  Initial capitalization occurred on November 9, 2007 and operations began on July 31, 2008 when the Company acquired its first hotel.  The Company concluded its best-efforts offering of Units (each Unit consists of one common share and one Series A preferred share) in December 2010.  The Company’s fiscal year end is December 31.  The Company has no foreign operations or assets and its operating structure includes only one segment.  The consolidated financial statements include the accounts of the Company and its subsidiaries.  All intercompany accounts and transactions have been eliminated.  Although the Company has an interest in a variable interest entity through its note receivable, it is not the primary beneficiary as the Company does not have any elements of power in the decision making process of the entity and does not share in any of the benefits, and therefore does not consolidate the entity.  As of September 30, 2013, the Company owned 89 hotels located in 27 states with an aggregate of 11,371 rooms.

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations for reporting on Form 10-Q.  Accordingly, they do not include all of the information required by accounting principles generally accepted in the United States for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.  These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its 2012 Annual Report on Form 10-K.  Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the twelve month period ending December 31, 2013.

Use of Estimates

The preparation of the financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Reclassifications

Certain amounts in the 2012 consolidated financial statements have been reclassified to conform with the 2013 presentation with no effect on previously reported net income or shareholders’ equity.

Restricted Cash

Restricted cash includes reserves for debt service, real estate taxes, and insurance, and reserves for furniture, fixtures, and equipment replacements of up to 5% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions.

Earnings Per Common Share

Basic earnings per common share is computed based upon the weighted average number of shares outstanding during the period.  Diluted earnings per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the period.  There were no potential common shares with a dilutive effect for the three and nine months ended September 30, 2013 or 2012.  As a result, basic and dilutive outstanding shares were the same.  Series B convertible preferred shares are not included in earnings per common share calculations until such time that such shares are eligible to be converted to common shares.

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Disposition and Discontinued Operations
 9 Months Ended
Sep. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
3.  Disposition and Discontinued Operations

On April 27, 2012, the Company completed the sale of its 406 acres of land and land improvements located on 110 sites in the Ft. Worth, Texas area (the “110 parcels”) and the assignment of the lease for a total sale price of $198.4 million.  The 110 parcels were acquired in April 2009 for a total purchase price of $147.3 million and were leased to a subsidiary of Chesapeake Energy Corporation (“Chesapeake”) under a long term lease for the production of natural gas.  At closing, the Company received approximately $138.4 million in cash proceeds and issued a note receivable totaling $60.0 million to the purchaser (the “note”).  The note, which approximated fair market value, is secured by a junior lien on the land and land improvements owned by the purchaser.  The stated interest rate on the note is 10.5%.  The note requires interest only payments for the first three years of the note.  After the first three years, interest is accrued and payments will only be received once the purchaser extinguishes its senior loan with a third party.  Once the senior loan is repaid, the Company will receive all payments from the existing lease until fully repaid or the note reaches maturity which is April 2049.  Although the purchaser is not affiliated with the Company, a partner of the purchaser is also a member of the Board of Directors of Apple REIT Ten, Inc.  In conjunction with the sale, the Company incurred a brokerage commission to Apple Suites Realty Group, Inc. (“ASRG”) totaling approximately $4.0 million, representing 2% of the gross sales price.  Of this amount, approximately $2.8 million was paid to ASRG during the second quarter of 2012 and the remaining $1.2 million will be paid upon repayment of the $60.0 million note.  The $4.0 million commission has been recorded as a reduction to the deferred gain on sale as described below.

The total gain on sale was approximately $33.3 million (total sale price of $198.4 million less carrying value totaling $160.5 million, ASRG fee totaling $4.0 million, closing costs totaling $0.3 million and related franchise taxes totaling $0.3 million).  In accordance with the Accounting Standards Codification on real estate sales, the sales transaction is being accounted for under the cost recovery method, therefore the gain on sale and interest earned on the note will be deferred until cash payments by the purchaser, including principal and interest on the note due to the Company and the payment of the $138.4 million at closing exceed the Company’s cost basis of the 110 parcels sold.  The note receivable is included in the Company’s consolidated balance sheets, net of the total deferred gain.  As of September 30, 2013, the note receivable, net was $17.7 million, including $60.0 million note receivable offset by $33.3 million deferred gain and $9.0 million deferred interest earned.  As of December 31, 2012, the note receivable, net was $22.4 million, including $60.0 million note receivable offset by $33.4 million deferred gain and $4.3 million deferred interest earned.  The 110 parcels was a separate reportable segment and the results of operations for these properties have been classified in the consolidated statements of operations in the line item income from discontinued operations.

The following table sets forth the components of income from discontinued operations for the three and nine months ended September 30, 2012 (in thousands):

   
Three Months
   
Nine Months
 
   
Ended
   
Ended
 
   
September 30, 2012
   
September 30, 2012
 
Rental revenue
  $ 0     $ 6,826  
Operating expenses
    0       34  
Depreciation expense
    0       0  
Income from discontinued operations
  $ 0     $ 6,792  

Prior to the sale, the lease was classified as an operating lease and rental income was recognized on a straight-line basis over the initial term of the lease.  Rental revenue includes approximately $2.0 million of adjustments to record rent on the straight-line basis for the nine months ended September 30, 2012.

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Related Parties
 9 Months Ended
Sep. 30, 2013
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]
6.  Related Parties

The Company has, and is expected to continue to engage in, significant transactions with related parties.  These transactions cannot be construed to be at arm’s length and the results of the Company’s operations may be different if these transactions were conducted with non-related parties.  The Company’s independent members of the Board of Directors oversee and annually review the Company’s related party relationships (which include the relationships discussed in this section) and are required to approve any significant modifications to the contracts, as well as any new significant related party transactions.  There were no changes to the contracts discussed in this section and no new significant related party transactions during the nine months ended September 30, 2013 (other than the transactions related to the completion of Apple REIT Six, Inc.’s merger with a third party and the Merger Agreement and related transactions discussed below).  The Board of Directors is not required to approve each individual transaction that falls under the related party relationships.  However, under the direction of the Board of Directors, at least one member of the Company’s senior management team approves each related party transaction.

The term the “Apple REIT Entities” means Apple REIT Six, Inc. (“Apple Six”), Apple REIT Seven, Inc. (“Apple Seven”), Apple REIT Eight, Inc. (“Apple Eight”), Apple REIT Nine, Inc. (“Apple Nine”) and Apple REIT Ten, Inc. (“Apple Ten”).  The term the “Advisors” means Apple Six Advisors, Inc., Apple Seven Advisors, Inc., Apple Eight Advisors, Inc., Apple Nine Advisors, Inc. (“A9A”), Apple Ten Advisors, Inc., Apple Suites Realty Group, Inc. (“ASRG”) and Apple Six Realty Group, Inc.  The Advisors are wholly owned by Glade M. Knight, Chairman and Chief Executive Officer of the Company.  Mr. Knight is also Chairman and Chief Executive Officer of Apple Seven, Apple Eight and Apple Ten.  Members of the Company’s Board of Directors are also on the Board of Directors of Apple Seven and Apple Eight.

On May 14, 2013, Apple Six merged with and into an entity that is not affiliated with the Apple REIT Entities or the Advisors.  Pursuant to the terms and conditions of the merger agreement, dated as of November 29, 2012, upon completion of the merger, the separate corporate existence of Apple Six ceased (the “A6 Merger”).  Prior to the A6 Merger, Glade M. Knight was Chairman and Chief Executive Office of Apple Six and members of the Company’s Board of Directors were also on the Board of Directors of Apple Six.

ASRG Agreement

The Company has a contract with ASRG, to acquire and dispose of real estate assets for the Company.  A fee of 2% of the gross purchase price or gross sale price in addition to certain reimbursable expenses is paid to ASRG for these services.  As of September 30, 2013, payments to ASRG for fees under the terms of this contract related to the acquisition of assets have totaled approximately $33.6 million since inception.  Of this amount, the Company incurred approximately $0.1 million and $0.4 million during the nine months ended September 30, 2013 and 2012.  During the second quarter of 2013, the Company paid fees to ASRG for the purchase of two land parcels located at the Residence Inn hotels in Manassas, Virginia and San Bernardino, California, both which had previously been leased from a third party.  In addition, the Company incurred a brokerage commission to ASRG totaling approximately $4.0 million related to the sale of the Company’s 110 parcels in April 2012, which has been recorded as a reduction to the deferred gain on sale.  Of this amount, approximately $2.8 million was paid to ASRG during the second quarter of 2012 and the remaining $1.2 million will be paid upon repayment of the $60 million note.

A9A Agreement

The Company is party to an advisory agreement with A9A, pursuant to which A9A provides management services to the Company.  A9A provides these management services through Apple Fund Management, LLC (“AFM”), which immediately after the A6 Merger became a wholly-owned subsidiary of A9A.  This transaction between A9A and Apple Six was made with no cash consideration exchanged between the entities.  Prior to May 14, 2013, AFM was a wholly-owned subsidiary of Apple Six.  An annual advisory fee ranging from 0.1% to 0.25% of total equity proceeds received by the Company, in addition to certain reimbursable expenses as described below, are payable to A9A for these management services.  Total advisory fees incurred by the Company under the advisory agreement are included in general and administrative expenses and totaled approximately $2.1 million and $2.2 million for the nine months ended September 30, 2013 and 2012.

Apple REIT Entities and Advisors Cost Sharing Structure

In addition to the fees payable to ASRG or A9A, the Company reimbursed to ASRG or A9A, or paid directly to AFM on behalf of ASRG or A9A, approximately $1.6 million for both the nine months ended September 30, 2013 and 2012.  The expenses reimbursed were approximately $0 and $0.1 million, respectively, for costs reimbursed under the contract with ASRG and approximately $1.6 million and $1.5 million, respectively, for costs reimbursed under the contract with A9A.  The costs are included in general and administrative expenses and are for the Company’s allocated share of the staffing and related costs provided by AFM at the direction of A9A.

AFM is an affiliate of each of the Advisors.  Each of the Advisors provides management services through the use of AFM to, respectively, Apple Six (prior to the A6 Merger), Apple Seven, Apple Eight, Apple Nine and Apple Ten.  In connection with the A6 Merger, effective May 14, 2013, the entire membership interest of Apple Six in AFM was transferred and assigned to A9A, which then became the sole member of AFM.  As part of the assignment, A9A and the other Advisors agreed to indemnify the buyer of Apple Six for liabilities related to AFM.  The assignment of AFM’s interest to A9A had no impact on the Company’s advisory agreement with A9A or the process of allocating costs from AFM to the Apple REIT Entities or Advisors as described below, except Apple Six and its advisors, Apple Six Advisors, Inc. and Apple Six Realty Group, Inc. (collectively “A6 Advisors”), no longer participate in the cost sharing arrangement, thereby increasing the remaining companies’ share of the allocated costs.

Also, in connection with the A6 Merger, on May 13, 2013, the Company acquired from Apple Six the Apple REIT Entities’ and Advisors’ headquarters in Richmond, Virginia (“Headquarters”) and assumed the Fort Worth, Texas office lease agreement for approximately $4.5 million, which approximated fair value at the time of acquisition based on third party market comparisons.  As part of the purchase, the Company agreed to release Apple Six from any liabilities related to the Headquarters or office lease.  As described below, any costs associated with the Headquarters and office lease, including office rent, utilities, office supplies, etc. (“Office Related Costs”) will continue to be allocated to the Apple REIT Entities and Advisors, excluding Apple Six and A6 Advisors.

Prior to the A6 Merger, amounts reimbursed to AFM included both compensation for personnel and Office Related Costs used by the companies.  As discussed above, as a result of the A6 Merger, beginning on May 14, 2013, Office Related Costs are now allocated from the Company to the other Apple REIT Entities and Advisors, excluding Apple Six and A6 Advisors.  Each of these companies has agreed to reimburse the Company for its share of these costs.  From the period May 14, 2013 through September 30, 2013, the Company received reimbursement of its costs totaling approximately $0.4 million from the participating entities.  The Company’s net allocated Office Related Costs were approximately $0.1 million and is included in general and administrative costs in the Company’s consolidated statements of operations.

All of the Office Related Costs and costs of AFM are allocated among the Apple REIT Entities and the Advisors, excluding Apple Six and A6 Advisors after the A6 Merger.  The allocation of costs is reviewed at least annually by the Compensation Committees of the Apple REIT Entities.  In making the allocation, management of each of the entities and their Compensation Committee consider all relevant facts related to each company’s level of business activity and the extent to which each company requires the services of particular personnel of AFM.  Such payments are based on the actual costs of the services and are not based on formal record keeping regarding the time these personnel devote to the Company, but are based on a good faith estimate by the employee and/or his or her supervisor of the time devoted by the employee to the Company.  Although there is a potential conflict on time allocation of employees due to the fact that a senior manager, officer or staff member will provide services to more than one company, the Company believes that the executives and staff compensation sharing arrangement described above allows the companies to share costs yet attract and retain superior executives and staff.  The cost sharing structure also allows each entity to maintain a much more cost effective structure than having separate staffing arrangements.  Since the employees of AFM perform services for the Apple REIT Entities and Advisors at the direction of the Advisors, individuals, including executive officers, receive their compensation at the direction of the Advisors and may receive consideration directly from the Advisors.

As part of the cost sharing arrangements, the day-to-day transactions may result in amounts due to or from the Apple REIT Entities and Advisors (excluding Apple Six and A6 Advisors after the A6 Merger).  To efficiently manage cash disbursements, an individual Apple REIT Entity or Advisor (excluding Apple Six and A6 Advisors after the A6 Merger) may make payments for any or all of the related companies.  The amounts due to or from the related Apple REIT Entity or Advisor (excluding Apple Six and A6 Advisors after the A6 Merger) are reimbursed or collected and are not significant in amount.

The Company has incurred legal fees associated with the Legal Proceedings and Related Matters discussed herein.  The Company also incurs other professional fees such as accounting, auditing and reporting.  These fees are included in general and administrative expense in the Company’s consolidated statements of operations.  To be cost effective, these services received by the Company are shared as applicable across the other Apple REIT Entities.  The professionals cannot always specifically identify their fees for one company; therefore management allocates these costs across the companies that benefit from the services.  The total costs for the Legal Proceedings and Related Matters discussed herein for all of the Apple REIT Entities (excluding Apple Six after the A6 Merger) was approximately $2.2 million for the nine months ended September 30, 2013, of which approximately $0.5 million was allocated to the Company.  Total costs for the nine months ended September 30, 2012 for all of the Apple REIT Entities was approximately $5.7 million, of which approximately $1.3 million was allocated to the Company.         

Apple Air Holding, LLC (“Apple Air”) Membership Interest

Included in other assets, net on the Company’s consolidated balance sheet is a 24% equity investment in Apple Air.  The other current members of Apple Air are Apple Seven, Apple Eight and Apple Ten.  In connection with the A6 Merger, on May 13, 2013, Apple Ten acquired its membership interest in Apple Air from Apple Six.  Through its equity investment, the Company has access to Apple Air’s aircraft for acquisition, asset management and renovation purposes.  The Company’s equity investment was approximately $1.7 million and $1.9 million as of September 30, 2013 and December 31, 2012.  The Company has recorded its share of income and losses of the entity under the equity method of accounting and adjusted its investment in Apple Air accordingly.  For the nine months ended September 30, 2013 and 2012, the Company recorded a loss of approximately $181,000 and $145,000 respectively, as its share of the net loss of Apple Air, which primarily relates to the depreciation of the aircraft, and is included in general and administrative expense in the Company’s consolidated statements of operations.

Merger Agreement and Related Transactions

Concurrently with the execution of the Merger Agreement (as discussed in note 2), on August 7, 2013, the following agreements were entered into by the Company:

·  
Apple Seven, Apple Eight and Apple Nine entered into a termination agreement, as amended (the “Termination Agreement”) with Apple Seven Advisors, Inc., Apple Eight Advisors, Inc., A9A and ASRG, effective immediately before the completion of the mergers.  Pursuant to the Termination Agreement, the existing advisory agreements and property acquisition/disposition agreements with respect to Apple Seven, Apple Eight and Apple Nine will be terminated. The Termination Agreement does not provide for any separate payments to be made in connection with the termination of the existing advisory agreements and property acquisition/disposition agreements.  As a result, if the mergers are completed, Apple Seven, Apple Eight and Apple Nine will no longer pay the various fees currently paid to its respective advisors.

·  
Apple Nine entered into a subcontract agreement, as amended (the “Subcontract Agreement”) with Apple Ten Advisors, Inc. (“A10A”).  Pursuant to the Subcontract Agreement, A10A will subcontract its obligations under the advisory agreement between A10A and Apple Ten to Apple Nine. The Subcontract Agreement provides that, from and after the completion of the mergers, Apple Nine will provide to Apple Ten the advisory services contemplated under the A10A advisory agreement and will receive the fees and expenses payable under the A10A advisory agreement from Apple Ten.

·  
Apple Nine entered into an assignment and transfer agreement, as amended (the “Transfer Agreement”) with A9A and AFM.  Pursuant to the Transfer Agreement, Apple Nine will acquire all of the membership interests in AFM from A9A effective immediately following the completion of the mergers.  The Transfer Agreement provides that Apple Nine will assume all of the obligations of the predecessor owners of AFM under prior transfer agreements involving the transfer of the membership interests in AFM (including Apple Hospitality Two, Inc., Apple Hospitality Five, Inc., Apple Six and A9A) and relieve the predecessor owners and the other advisory companies of any liability with respect to AFM.

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Credit Facility
 9 Months Ended
Sep. 30, 2013
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]
4.  Credit Facility

In November 2012, the Company entered into a $50 million credit facility with a commercial bank that is utilized for working capital, hotel renovations and development, and other general corporate funding purposes, including the payment of redemptions and distributions.  The credit facility may be increased to $100 million, subject to certain conditions.  Under the terms of the credit agreement, the Company may make voluntary prepayments in whole or in part at any time.  The credit facility matures in November 2014; however, the Company has the right, upon satisfaction of certain conditions, including covenant compliance and payment of an extension fee, to extend the maturity date to November 2015.  Interest payments are due monthly and the interest rate, subject to certain exceptions, is equal to the one-month LIBOR (the London Inter-Bank Offered Rate for a one-month term) plus a margin ranging from 2.25% to 2.75%, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement.  The Company is also required to pay an unused facility fee of 0.30% or 0.40% on the unused portion of the revolving credit facility, based on the amount of borrowings outstanding during the quarter.  As of September 30, 2013, the credit facility had an outstanding principal balance of $22.0 million and an annual interest rate of approximately 2.43%.  As of December 31, 2012, there were no borrowings outstanding under the credit facility.

The credit agreement requires the Company to maintain a specific pool of Unencumbered Borrowing Base Properties (must be a minimum of ten properties and must satisfy conditions as defined in the credit agreement).  The obligations of the lender to make any advances under the credit facility are subject to certain conditions, including that the outstanding borrowings do not exceed the Borrowing Base Availability, as defined in the credit agreement.  The credit facility contains customary affirmative covenants, negative covenants and events of defaults.  It also contains quarterly financial covenants, which include, among others, a minimum tangible net worth, maximum debt limits, and minimum debt service and fixed charge coverage ratios.  The Company was in compliance with each of these covenants at September 30, 2013.

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Consolidated Balance Sheets (Parentheticals) (USD $)
In Thousands, except Share data, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Investment in real estate accumulated depreciation (in Dollars) $ 186,792 $ 145,927
Preferred stock, shares authorized (in Shares) 30,000,000 30,000,000
Preferred stock, shares issued (in Shares) 0 0
Preferred stock, shares outstanding (in Shares) 0 0
Common stock, shares authorized (in Shares) 400,000,000 400,000,000
Common stock, shares issued (in Shares) 182,784,131 182,619,400
Common stock, shares outstanding (in Shares) 182,784,131 182,619,400
Series A Preferred Stock [Member]
    
Preferred stock, shares authorized (in Shares) 400,000,000 400,000,000
Preferred stock, shares issued (in Shares) 182,784,131 182,619,400
Preferred stock, shares outstanding (in Shares) 182,784,131 182,619,400
Series B Convertible Preferred Stock [Member]
    
Preferred stock, shares authorized (in Shares) 480,000 480,000
Preferred stock, shares issued (in Shares) 480,000 480,000
Preferred stock, shares outstanding (in Shares) 480,000 480,000
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Subsequent Events
 9 Months Ended
Sep. 30, 2013
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
9.  Subsequent Events

In October 2013, the Company declared and paid approximately $12.6 million, or $0.0691875 per outstanding common share, in distributions to its common shareholders.

On November 1, 2013, the $60 million note receivable, as discussed in note 3 was repaid by the purchaser in full and the purchaser was released from all liability and obligations under the note.  In exchange for the early payment and waiver by the purchaser of certain terms of the note, the Company agreed to waive approximately $0.5 million of interest for the month of October 2013.  As a result of the repayment of the note, the Company will recognize the deferred gain on sale totaling $33.3 million and deferred interest earned totaling $9.0 million for a total gain of approximately $42.3 million as of September 30, 2013 in the fourth quarter of 2013.  The Company plans to use the proceeds from the repayment of the note to reduce the outstanding balance under its $50 million credit facility and to fund general corporate purposes, including working capital, renovations and hotel development.

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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash flows from operating activities:    
Net income $ 58,606 $ 62,344
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation 40,865 39,338
Amortization of deferred financing costs, fair value adjustments and other non-cash expenses, net 264 264
Straight-line rental income 0 (1,975)
Changes in operating assets and liabilities:    
Increase in due from third party managers, net (5,104) (5,516)
Increase in other assets, net (523) (1,203)
Increase in accounts payable and accrued expenses 3,914 678
Net cash provided by operating activities 98,022 93,930
Cash flows from investing activities:    
Cash paid for acquisitions, net (7,225) (18,015)
Net proceeds (costs) from sale of assets (353) 135,410
Capital improvements and development costs (11,370) (13,520)
Increase in capital improvement reserves (207) (372)
Payments received on note receivable 4,725 2,940
Net cash provided by (used in) investing activities (14,430) 106,443
Cash flows from financing activities:    
Net proceeds related to issuance of Units 21,778 38,239
Redemptions of Units (19,992) (41,988)
Special distribution paid to common shareholders 0 (136,113)
Monthly distributions paid to common shareholders (113,646) (117,164)
Net proceeds from credit facility 22,000 0
Proceeds from notes payable 0 77,690
Payments of notes payable (2,759) (31,899)
Deferred financing costs 0 (358)
Net cash used in financing activities (92,619) (211,593)
Decrease in cash and cash equivalents (9,027) (11,220)
Cash and cash equivalents, beginning of period 9,027 30,733
Cash and cash equivalents, end of period 0 19,513
Non-cash transactions:    
Note receivable issued from sale of assets $ 0 $ 60,000
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Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Assets    
Investment in real estate, net of accumulated depreciation of $186,792 and $145,927, respectively $ 1,443,024 $ 1,463,894
Cash and cash equivalents 0 9,027
Restricted cash-furniture, fixtures and other escrows 10,360 9,922
Note receivable, net 17,675 22,375
Due from third party managers, net 15,855 10,751
Other assets, net 9,802 10,048
Total Assets 1,496,716 1,526,017
Liabilities    
Credit facility 22,000 0
Notes payable 163,635 166,783
Accounts payable and accrued expenses 18,087 13,101
Total Liabilities 203,722 179,884
Shareholders' Equity    
Preferred stock, value issued 0 0
Common stock, no par value, authorized 400,000,000 shares; issued and outstanding 182,784,131 and 182,619,400 shares, respectively 1,807,236 1,805,335
Distributions greater than net income (514,290) (459,250)
Total Shareholders' Equity 1,292,994 1,346,133
Total Liabilities and Shareholders' Equity 1,496,716 1,526,017
Series A Preferred Stock [Member]
    
Shareholders' Equity    
Preferred stock, value issued 0 0
Series B Convertible Preferred Stock [Member]
    
Shareholders' Equity    
Preferred stock, value issued $ 48 $ 48
XML 32 R23.htm IDEA: XBRL DOCUMENT v2.4.0.8
Fair Value of Financial Instruments (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Fair Value Disclosures [Abstract]    
Long-term Debt $ 185.6 $ 166.8
Long-term Debt, Fair Value 190.1 173.3
Notes, Loans and Financing Receivable, Gross, Noncurrent 60 60
Notes Receivable, Fair Value Disclosure $ 60 $ 60
XML 33 R13.htm IDEA: XBRL DOCUMENT v2.4.0.8
Legal Proceedings and Related Matters
 9 Months Ended
Sep. 30, 2013
Disclosure Text Block Supplement [Abstract]  
Legal Matters and Contingencies [Text Block]
8.  Legal Proceedings and Related Matters

On December 13, 2011, the United States District Court for the Eastern District of New York ordered that three putative class actions, Kronberg, et al. v. David Lerner Associates, Inc., et al., Kowalski v. Apple REIT Ten, Inc., et al., and Leff v. Apple REIT Ten, Inc., et al., be consolidated and amended the caption of the consolidated matter to be In re Apple REITs Litigation. The District Court also appointed lead plaintiffs and lead counsel for the consolidated action and ordered lead plaintiffs to file and serve a consolidated complaint by February 17, 2012. The Company was previously named as a party in all three of the above mentioned class action lawsuits.

On February 17, 2012, lead plaintiffs and lead counsel in the In re Apple REITs Litigation, Civil Action No. 1:11-cv-02919-KAM-JO, filed an amended consolidated complaint in the United States District Court for the Eastern District of New York against the Company, Apple Suites Realty Group, Inc., Apple Eight Advisors, Inc., Apple Nine Advisors, Inc., Apple Ten Advisors, Inc., Apple Fund Management, LLC, Apple REIT Six, Inc., Apple REIT Seven, Inc., Apple REIT Eight, Inc. and Apple REIT Ten, Inc., their directors and certain officers, and David Lerner Associates, Inc. and David Lerner. The consolidated complaint, which was dismissed in April 2013, was purportedly brought on behalf of all purchasers of Units in the Company and the other Apple REIT Entities, or those who otherwise acquired these Units that were offered and sold to them by David Lerner Associates, Inc., or its affiliates and on behalf of subclasses of shareholders in New Jersey, New York, Connecticut and Florida, and alleges that the Apple REIT Entities “misrepresented the investment objectives of the Apple REITs, the dividend payment policy of the Apple REITs, and the value of their Apple REIT investments.” The consolidated complaint asserts claims under Sections 11, 12 and 15 of the Securities Act of 1933, as well as claims for breach of fiduciary duty, aiding and abetting breach of fiduciary duty, negligence, and unjust enrichment, and claims for violation of the securities laws of Connecticut and Florida. The complaint seeks, among other things, certification of a putative nationwide class and the state subclasses, damages, rescission of share purchases and other costs and expenses.

On April 18, 2012, the Company, and the other defendants moved to dismiss the consolidated complaint in the In re Apple REITs Litigation.  By Order entered on March 31, 2013 and opinion issued on April 3, 2013, the Court dismissed the consolidated complaint in its entirety with prejudice and without leave to amend. Plaintiffs filed a Notice of Appeal to the Second Circuit Court of Appeals on April 12, 2013, and filed their Brief for Plaintiffs-Appellants on July 26, 2013.  Defendants-Appellees filed their Briefs on October 25, 2013.  The Company believes that Plaintiffs’ claims against it, its officers and directors and other Apple REIT Entities were properly dismissed by the lower court, and intends to vigorously defend the judgment as entered.  In the event some or all of Plaintiffs’ claims are revived as a result of Plaintiffs’ appeal, the Company will, once again, defend against them vigorously.  At this time, the Company cannot reasonably predict the outcome of these proceedings or provide a reasonable estimate of the possible loss or range of loss due to these proceedings, if any.

The Securities and Exchange Commission (“SEC”) staff has been conducting a non-public investigation, which is focused principally on the adequacy of certain disclosures in the Company's filings with the SEC beginning in 2008, as well as the Company's review of certain transactions involving the Company and the other Apple REIT Entities.  The Company intends to continue to cooperate with the SEC staff, and it is engaging in a dialogue with the SEC staff concerning these issues and the roles of certain officers.  The Company does not believe the issues raised by the SEC staff affect the material accuracy of the Company's consolidated financial statements.  At this time, the Company cannot predict the outcome of this investigation as to the Company or any of its officers, nor can it predict the timing associated with any such conclusion or resolution.

XML 34 R16.htm IDEA: XBRL DOCUMENT v2.4.0.8
Disposition and Discontinued Operations (Tables)
 9 Months Ended
Sep. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] The following table sets forth the components of income from discontinued operations for the three and nine months ended September 30, 2012 (in thousands):

   
Three Months
   
Nine Months
 
   
Ended
   
Ended
 
   
September 30, 2012
   
September 30, 2012
 
Rental revenue
  $ 0     $ 6,826  
Operating expenses
    0       34  
Depreciation expense
    0       0  
Income from discontinued operations
  $ 0     $ 6,792  
XML 35 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
Shareholder's Equity
 9 Months Ended
Sep. 30, 2013
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]
7.  Shareholders’ Equity

Special Distribution

As a result of the sale of its 110 parcels, the Board of Directors approved a special distribution of $0.75 per Unit, totaling $136.1 million on May 17, 2012 to shareholders of record on May 11, 2012 (the “Special Distribution”).

Monthly Distributions

For the three months ended September 30, 2013 and 2012, the Company made distributions of $0.2076 and $0.2075 per common share for a total of $37.9 million and $37.8 million.  For the nine months ended September 30, 2013 and 2012, the Company made distributions (excluding the Special Distribution discussed above) of $0.6227 and $0.6434 per common share for a total of $113.6 million and $117.2 million.  In conjunction with the Special Distribution, in May 2012 the Company’s Board of Directors reduced the annual distribution rate from $0.88 per common share to $0.83 per common share.  The reduction was effective with the June 2012 distribution. In August 2012, the Board of Directors increased the annualized distribution rate from $0.83 per common share to $0.83025 per common share.  The distribution will continue to be paid monthly.  Total distributions (including the Special Distribution) for the nine months ended September 30, 2013 and 2012 totaled $113.6 million and $253.3 million.

Unit Redemption Program

In July 2009, the Company instituted a Unit Redemption Program to provide limited interim liquidity to its shareholders who have held their Units for at least one year.  Since the inception of the program through April 2012, shareholders were permitted to request redemption of Units for a purchase price equal to 92% of the price paid per Unit if the Units have been owned for less than three years, or 100% of the price paid per Unit if the Units have been owned more than three years.  In May 2012, as a result of the Special Distribution, the purchase price per Unit under the Company’s Unit Redemption Program was adjusted by the amount of the Special Distribution (from $11.00 to $10.25 for the maximum purchase price, based on the original purchase price and length of time such Units have been held by the shareholder).  The maximum number of Units that may be redeemed in any given year is five percent of the weighted average number of Units outstanding during the 12-month period immediately prior to the date of redemption. The Company reserves the right to change the purchase price of redemptions, reject any request for redemption, or otherwise amend the terms of, suspend, or terminate the Unit Redemption Program.  On June 27, 2013, the Company announced the suspension of its Unit Redemption Program as it evaluated the potential merger transaction.  Under the Merger Agreement, the Company is required to continue the suspension of the program until the Merger Agreement is terminated or the mergers are completed.

Since inception of the program through September 30, 2013, the Company has redeemed approximately 11.7 million Units representing $121.2 million, including 2.0 million Units in the amount of $20.0 million and 4.0 million Units in the amount of $42.0 million redeemed during the nine months ended September 30, 2013 and 2012, respectively.  Since July 2011, the total redemption requests have exceeded the authorized amount of redemptions and, as a result, the Board of Directors has limited the amount of redemptions as deemed prudent.  Therefore, as contemplated in the program, beginning with the July 2011 redemption, the scheduled redemption date for the third quarter of 2011, the Company redeemed Units on a pro-rata basis.  Prior to July 2011, the Company redeemed 100% of redemption requests.  The following is a summary of the Unit redemptions during 2012 and the first nine months of 2013:

Redemption Date
 
Total Requested Unit
Redemptions at
Redemption Date
   
Units Redeemed
   
Total Redemption
Requests Not
Redeemed at
Redemption Date
 
                   
First Quarter 2012
    10,689,219       1,507,187       9,182,032  
Second Quarter 2012
    11,229,890       1,509,922       9,719,968  
Third Quarter 2012
    10,730,084       1,004,365       9,725,719  
Fourth Quarter 2012
    11,155,269       1,003,267       10,152,002  
First Quarter 2013
    12,135,251       990,324       11,144,927  
Second Quarter 2013
    13,039,019       988,095       12,050,924  

Dividend Reinvestment Plan
In December 2010, the Company instituted a Dividend Reinvestment Plan for its shareholders. The plan provides a way to increase shareholder investment in the Company by reinvesting dividends to purchase additional Units of the Company. The uses of the proceeds from this plan may include purchasing Units under the Company’s Unit Redemption Program, enhancing properties, satisfying financing obligations and other expenses, increasing working capital, funding various corporate operations, and acquiring hotels.  As a result of the Special Distribution, beginning in May 2012, the offering price per Unit under the Company’s Dividend Reinvestment Plan was adjusted by the amount of the Special Distribution (from $11.00 to $10.25).  The Company has registered 20.0 million Units for potential issuance under the plan.  Since inception of the plan through September 30, 2013, approximately 12.3 million Units, representing $131.0 million in proceeds to the Company, were issued under the plan.  During the nine months ended September 30, 2013 and 2012, approximately 2.1 million Units, representing $22.0 million in proceeds to the Company, and 3.6 million Units, representing $38.2 million in proceeds to the Company, were issued under the plan.  On June 27, 2013, the Company announced the suspension of its Dividend Reinvestment Plan as it evaluated the potential merger transaction.  Under the Merger Agreement, the Company is required to continue the suspension of the plan until the Merger Agreement is terminated or the mergers are completed.

XML 36 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Merger Agreement
 9 Months Ended
Sep. 30, 2013
Disclosure Text Block Supplement [Abstract]  
Mergers, Acquisitions and Dispositions Disclosures [Text Block]
2.  Merger Agreement

On August 7, 2013, Apple REIT Seven, Inc. (“Apple Seven”), Apple REIT Eight, Inc. (“Apple Eight”), Apple REIT Nine, Inc. (“Apple Nine”), Apple Seven Acquisition Sub, Inc. (“Seven Acquisition Sub”) a wholly owned subsidiary of Apple Nine, and Apple Eight Acquisition Sub, Inc. (“Eight Acquisition Sub”) a wholly owned subsidiary of Apple Nine, entered into an Agreement and Plan of Merger, as amended (the “Merger Agreement”).  The Merger Agreement provides for the merger of Apple Seven and Apple Eight with and into Seven Acquisition Sub and Eight Acquisition Sub, respectively, which were formed solely for engaging in the mergers and have not conducted any prior activities.  Upon completion of the mergers, the separate corporate existence of Apple Seven and Apple Eight will cease and Seven Acquisition Sub and Eight Acquisition Sub will be the surviving corporations.  Pursuant to the terms of the Merger Agreement, upon completion of the mergers, the current Apple Nine common shares totaling 182,784,131 will remain outstanding and:

·  
Each issued and outstanding unit of Apple Seven (consisting of one Apple Seven common share together with one Apple Seven Series A preferred share) will be converted into one (the “Apple Seven exchange ratio”) common share of Apple Nine, or a total of approximately 90,613,633 common shares (assuming no dissenting shares), and each issued and outstanding Series B convertible preferred share of Apple Seven will be converted into a number of Apple Nine’s common shares equal to 24.17104 multiplied by the Apple Seven exchange ratio, or a total of 5,801,050 common shares; and

·  
Each issued and outstanding unit of Apple Eight (consisting of one Apple Eight common share together with one Apple Eight Series A preferred share) will be converted into 0.85 (the “Apple Eight exchange ratio”) common share of Apple Nine, or a total of approximately 78,319,004 common shares (assuming no dissenting shares), and each issued and outstanding Series B convertible preferred share of Apple Eight will be converted into a number of Apple Nine’s common shares equal to 24.17104 multiplied by the Apple Eight exchange ratio, or a total of 4,930,892 common shares.

As contemplated in the Merger Agreement, in connection with completion of the mergers, Apple Nine will become self-advised and the existing advisory agreements between Apple Nine and Apple Nine Advisors, Inc. and Apple Suites Realty Group, Inc. will be terminated.  The termination of the advisory agreements will result in the conversion of each issued and outstanding Series B convertible preferred share of Apple Nine into the right to receive 24.17104 common shares of Apple Nine, or a total of 11,602,099 common shares.  As a result of the conversion, all of Apple Nine’s Series A preferred shares will terminate.  In addition, upon termination of the advisory agreements, Apple Nine will record an expense related to the conversion of Apple Nine’s Series B convertible preferred shares into common shares.  Although the final estimate of fair value may vary significantly from these estimates, Apple Nine’s preliminary estimate of the fair value of $9.00 to $11.00 per common share would result in an expense ranging from approximately $104 million to $128 million.

The Merger Agreement contains various closing conditions, including shareholder approval by Apple Seven, Apple Eight and Apple Nine.  As a result, there is no assurance that the mergers will occur.  Under the Merger Agreement, Apple Seven, Apple Eight and Apple Nine may terminate the Merger Agreement under certain circumstances; however, each of the companies may be required to pay a fee of $1.7 million, plus reasonable third party expenses to each of the other companies upon such termination.  All costs related to the proposed mergers are being expensed in the period they are incurred and are included in the merger transaction costs in the Company’s consolidated statements of operations.  In connection with these activities, the Company incurred approximately $2.0 million in expenses for the nine months ended September 30, 2013.

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Merger Agreement (Details) (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Merger Agreement (Details) [Line Items]        
Business Combination, Merger Agreement Description     On August 7, 2013, Apple REIT Seven, Inc. ("Apple Seven"), Apple REIT Eight, Inc. ("Apple Eight"), Apple REIT Nine, Inc. ("Apple Nine"), Apple Seven Acquisition Sub, Inc. ("Seven Acquisition Sub") a wholly owned subsidiary of Apple Nine, and Apple Eight Acquisition Sub, Inc. ("Eight Acquisition Sub") a wholly owned subsidiary of Apple Nine, entered into an Agreement and Plan of Merger, as amended (the "Merger Agreement").The Merger Agreement provides for the merger of Apple Seven and Apple Eight with and into Seven Acquisition Sub and Eight Acquisition Sub, respectively, which were formed solely for engaging in the mergers and have not conducted any prior activities.Upon completion of the mergers, the separate corporate existence of Apple Seven and Apple Eight will cease and Seven Acquisition Sub and Eight Acquisition Sub will be the surviving corporations.Pursuant to the terms of the Merger Agreement, upon completion of the mergers, the current Apple Nine common shares totaling 182,784,131 will remain outstanding  
Business Combination, Merger Agreement, Termination Terms     Under the Merger Agreement, Apple Seven, Apple Eight and Apple Nine may terminate the Merger Agreement under certain circumstances; however, each of the companies may be required to pay a fee of $1.7 million, plus reasonable third party expenses to each of the other companies upon such termination.  
Merger Transaction Costs (in Dollars) $ 1,908,000 $ 0 $ 1,970,000 $ 637,000
Apple Seven, Eight and Nine Merger Agreement [Member] | Apple Seven [Member]
        
Merger Agreement (Details) [Line Items]        
Business Combination, Merger Agreement Description     Each issued and outstanding unit of Apple Seven (consisting of one Apple Seven common share together with one Apple Seven Series A preferred share) will be converted into one (the "Apple Seven exchange ratio") common share of Apple Nine, or a total of approximately 90,613,633 common shares (assuming no dissenting shares), and each issued and outstanding Series B convertible preferred share of Apple Seven will be converted into a number of Apple Nine's common shares equal to 24.17104 multiplied by the Apple Seven exchange ratio, or a total of 5,801,050 common shares  
Business Combination, Unit Exchange Ratio 1   1  
Business Combination, Common Shares to be Issued Upon Conversion of Acquiree Units 90,613,633   90,613,633  
Convertible Preferred Stock, Conversion Rate 24.17104   24.17104  
Business Combination, Conversion of Preferred Stock Into Number of Common Shares to be Issued 5,801,050   5,801,050  
Apple Seven, Eight and Nine Merger Agreement [Member] | Apple Eight [Member]
        
Merger Agreement (Details) [Line Items]        
Business Combination, Merger Agreement Description     Each issued and outstanding unit of Apple Eight (consisting of one Apple Eight common share together with one Apple Eight Series A preferred share) will be converted into 0.85 (the "Apple Eight exchange ratio") common share of Apple Nine, or a total of approximately 78,319,004 common shares (assuming no dissenting shares), and each issued and outstanding Series B convertible preferred share of Apple Eight will be converted into a number of Apple Nine's common shares equal to 24.17104 multiplied by the Apple Eight exchange ratio, or a total of 4,930,892 common shares.  
Business Combination, Unit Exchange Ratio 0.85   0.85  
Business Combination, Common Shares to be Issued Upon Conversion of Acquiree Units 78,319,004   78,319,004  
Convertible Preferred Stock, Conversion Rate 24.17104   24.17104  
Business Combination, Conversion of Preferred Stock Into Number of Common Shares to be Issued 4,930,892   4,930,892  
Apple Seven, Eight and Nine Merger Agreement [Member] | Apple Nine [Member]
        
Merger Agreement (Details) [Line Items]        
Convertible Preferred Stock, Conversion Rate 24.17104   24.17104  
Termination of Advisory Agreements, Description     As contemplated in the Merger Agreement, in connection with completion of the mergers, Apple Nine will become self-advised and the existing advisory agreements between Apple Nine and Apple Nine Advisors, Inc. and Apple Suites Realty Group, Inc. will be terminated.The termination of the advisory agreements will result in the conversion of each issued and outstanding Series B convertible preferred share of Apple Nine into the right to receive 24.17104 common shares of Apple Nine, or a total of 11,602,099 common shares.As a result of the conversion, all of Apple Nine's Series A preferred shares will terminate.In addition, upon termination of the advisory agreements, Apple Nine will record an expense related to the conversion of Apple Nine's Series B convertible preferred shares into common shares.  
Conversion of Preferred Stock, Number of Common Shares Issued 11,602,099   11,602,099  
Preliminary Minimum Estimate of the Fair Value of the Company's Common Stock, Per Share (in Dollars per share) $ 9.00   $ 9.00  
Preliminary Maximum Estimate of the Fair Value of the Company's Common Stock, Per Share (in Dollars per share) $ 11.00   $ 11.00  
Estimated Expense Related to the Conversion of the Convertible Preferred Stock, Minimum (in Dollars)     104,000,000  
Estimated Expense Related to the Conversion of the Convertible Preferred Stock, Maximum (in Dollars)     128,000,000  
Merger Transaction Costs (in Dollars)     $ 2,000,000  
XML 39 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
Accounting Policies, by Policy (Policies)
 9 Months Ended
Sep. 30, 2013
Accounting Policies [Abstract]  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]
Organization

Apple REIT Nine, Inc., together with its wholly owned subsidiaries (the “Company”), is a Virginia corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes.  The Company was formed to invest in income-producing real estate in the United States.  Initial capitalization occurred on November 9, 2007 and operations began on July 31, 2008 when the Company acquired its first hotel.  The Company concluded its best-efforts offering of Units (each Unit consists of one common share and one Series A preferred share) in December 2010.  The Company’s fiscal year end is December 31.  The Company has no foreign operations or assets and its operating structure includes only one segment.  The consolidated financial statements include the accounts of the Company and its subsidiaries.  All intercompany accounts and transactions have been eliminated.  Although the Company has an interest in a variable interest entity through its note receivable, it is not the primary beneficiary as the Company does not have any elements of power in the decision making process of the entity and does not share in any of the benefits, and therefore does not consolidate the entity.  As of September 30, 2013, the Company owned 89 hotels located in 27 states with an aggregate of 11,371 rooms.
Basis of Accounting, Policy [Policy Text Block]
Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations for reporting on Form 10-Q.  Accordingly, they do not include all of the information required by accounting principles generally accepted in the United States for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.  These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its 2012 Annual Report on Form 10-K.  Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the twelve month period ending December 31, 2013.
Use of Estimates, Policy [Policy Text Block]
Use of Estimates

The preparation of the financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Reclassification, Policy [Policy Text Block]
Reclassifications

Certain amounts in the 2012 consolidated financial statements have been reclassified to conform with the 2013 presentation with no effect on previously reported net income or shareholders’ equity.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]
Restricted Cash

Restricted cash includes reserves for debt service, real estate taxes, and insurance, and reserves for furniture, fixtures, and equipment replacements of up to 5% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions.
Earnings Per Share, Policy [Policy Text Block]
Earnings Per Common Share

Basic earnings per common share is computed based upon the weighted average number of shares outstanding during the period.  Diluted earnings per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the period.  There were no potential common shares with a dilutive effect for the three and nine months ended September 30, 2013 or 2012.  As a result, basic and dilutive outstanding shares were the same.  Series B convertible preferred shares are not included in earnings per common share calculations until such time that such shares are eligible to be converted to common shares.
XML 40 R22.htm IDEA: XBRL DOCUMENT v2.4.0.8
Credit Facility (Details) (USD $)
 9 Months Ended
Sep. 30, 2013
Dec. 31, 2012
Credit Facility (Details) [Line Items]    
Line of Credit Facility, Amount Outstanding (in Dollars) $ 22,000,000 $ 0
Revolving Credit Facility $50 Million [Member]
    
Credit Facility (Details) [Line Items]    
Debt Instrument, Origination Date November 2012  
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) 50,000,000  
Line of Credit Facility, Borrowing Capacity, Description may be increased to $100 million, subject to certain conditions  
Debt Instrument, Maturity Date, Description matures in November 2014; however, the Company has the right, upon satisfaction of certain conditions, including covenant compliance and payment of an extension fee, to extend the maturity date to November 2015  
Line of Credit Facility, Interest Rate Description one-month LIBOR (the London Inter-Bank Offered Rate for a one-month term) plus a margin ranging from 2.25% to 2.75%, depending upon the Company's leverage ratio, as calculated under the terms of the credit agreement  
Line of Credit Facility, Amount Outstanding (in Dollars) $ 22,000,000 $ 0
Line of Credit Facility, Interest Rate at Period End 2.43%  
Line of Credit Facility, Collateral the Company to maintain a specific pool of Unencumbered Borrowing Base Properties (must be a minimum of ten properties and must satisfy conditions as defined in the credit agreement)  
Line of Credit Facility, Covenant Terms The credit facility contains customary affirmative covenants, negative covenants and events of defaults.It also contains quarterly financial covenants, which include, among others, a minimum tangible net worth, maximum debt limits, and minimum debt service and fixed charge coverage ratios.The Company was in compliance with each of these covenants at September 30, 2013.  
Minimum [Member] | Revolving Credit Facility $50 Million [Member]
    
Credit Facility (Details) [Line Items]    
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage 0.30%  
Maximum [Member] | Revolving Credit Facility $50 Million [Member]
    
Credit Facility (Details) [Line Items]    
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage 0.40%  
XML 41 R20.htm IDEA: XBRL DOCUMENT v2.4.0.8
Disposition and Discontinued Operations (Details) (USD $)
 9 Months Ended 12 Months Ended 1 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Dec. 31, 2012
Dec. 31, 2012
Sale of 110 Sites Leased to Third Party [Member]
acre
Sep. 30, 2013
Sale of 110 Sites Leased to Third Party [Member]
Apr. 27, 2012
Sale of 110 Sites Leased to Third Party [Member]
Apr. 30, 2009
Acquisition of 110 Sites Leased to Third Party [Member]
Disposition and Discontinued Operations (Details) [Line Items]              
Disposal Date       Apr. 27, 2012      
Area of Land (in Acres)       406      
Land Sites Sold       110      
Total Sales Price of Real Estate Sold       $ 198,400,000      
Land Parcels Sold       110      
Payments to Acquire Real Estate             147,300,000
Proceeds from Sale of Real Estate Held-for-investment       138,400,000      
Note Receivable Issued       60,000,000      
Note Receivable, Collateral       junior lien on the land and land improvements owned by the purchaser      
Interest Rate on Note Receivable       10.50%      
Gains (Losses) on Sales of Investment Real Estate       33,300,000      
Assets Held-for-sale, at Carrying Value           160,500,000  
Closing Costs on Sale of Real Estate       300,000      
Franchise Taxes on Sale of Real Estate       300,000      
Note Receivable, Net 17,675,000   22,375,000 22,400,000 17,700,000    
Notes, Loans and Financing Receivable, Gross, Noncurrent 60,000,000   60,000,000 60,000,000 60,000,000    
Deferred Gain on Sale of Real Estate Assets       33,400,000 33,300,000    
Deferred Interest Earned on Note Receivable       4,300,000 9,000,000    
Straight Line Rent $ 0 $ 1,975,000          
XML 42 R1.htm IDEA: XBRL DOCUMENT v2.4.0.8
Document And Entity Information
 9 Months Ended
Sep. 30, 2013
Nov. 01, 2013
Document and Entity Information [Abstract]    
Entity Registrant Name Apple REIT Nine, Inc.  
Document Type 10-Q  
Current Fiscal Year End Date --12-31  
Entity Common Stock, Shares Outstanding   182,784,131
Amendment Flag false  
Entity Central Index Key 0001418121  
Entity Current Reporting Status Yes  
Entity Voluntary Filers No  
Entity Filer Category Non-accelerated Filer  
Entity Well-known Seasoned Issuer No  
Document Period End Date Sep. 30, 2013  
Document Fiscal Year Focus 2013  
Document Fiscal Period Focus Q3  
XML 43 R21.htm IDEA: XBRL DOCUMENT v2.4.0.8
Disposition and Discontinued Operations (Details) - Components of Income from Discontinued Operations (USD $)
In Thousands, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Components of Income from Discontinued Operations [Abstract]        
Rental revenue   $ 0   $ 6,826
Operating expenses   0   34
Depreciation expense   0   0
Income from discontinued operations $ 0 $ 0 $ 0 $ 6,792