Business Context and Reporting Period
This Form 8-K is a current report filed by Apple REIT Nine, Inc. on February 12, 2009. The filing addresses corporate governance changes under Item 5.02, specifically the election of new officers by the Board of Directors.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel appointments and does not contain financial performance data.
Material Changes
The primary material change reported is the immediate appointment of two new officers at the February 12, 2009 board meeting:
- Justin G. Knight was elected President.
- Kristian Gathright was elected Executive Vice President and Chief Operating Officer.
Both appointments are effective immediately. Additionally, both individuals were elected to serve in the same capacities for Apple REIT Six, Inc., Apple REIT Seven, Inc., and Apple REIT Eight, Inc.
Management Commentary and Background
Management highlights that both appointees have been with the Company since inception. Mr. Knight, 35, is the son of Chairman and CEO Glade M. Knight. His background includes previous roles as Chief Operating Officer and Senior Vice President of Acquisitions for the Company and its related REITs, as well as experience at iAccess.com, LLP, McKinsey & Company, and Cornerstone Realty Income Trust, Inc. He holds an MBA from Brigham Young University.
Mrs. Gathright, 36, previously served as Senior Vice President of Operations for the Company and related entities. Her background includes roles at Cornerstone Realty Income Trust, Inc., United Dominion Realty Trust, Inc., and Ernst and Young LLP. She holds a Bachelor of Science in Accounting from the University of Virginia and is a Virginia CPA.
Investor Verification Checklist
- Verify the effective date of the officer appointments (February 12, 2009).
- Confirm the scope of authority extends to Apple REIT Six, Seven, and Eight, Inc.
- Review the professional backgrounds of Mr. Knight and Mrs. Gathright to assess continuity of leadership.
- Note that this filing contains no financial data; refer to 10-K or 10-Q filings for financial metrics.