Business Context and Reporting Period
This Form 8-K is filed by Apple REIT Nine, Inc. (a subsidiary of Apple Hospitality REIT, Inc.) for the reporting period of February 11, 2013. The filing addresses corporate governance changes under Item 5.02 regarding the departure of a director.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is strictly a current report regarding personnel changes and does not contain financial performance data.
Material Changes
- Director Resignation: Lisa B. Kern resigned from the Board of Directors effective February 11, 2013, to accept a new employment position that prohibits service on public company boards.
- Board Size Reduction: The Board of Directors reduced its size from five (5) to four (4) members effective on the date of resignation.
- Audit Committee Restructuring: Bruce Matson was appointed to fill the vacancy on the Audit Committee. Michael Waters was appointed as the new chairperson of the Audit Committee, succeeding Ms. Kern.
Guidance, Outlook, and Risks
The filing text does not provide a clear value for guidance, outlook, management commentary on financial performance, risks, contingencies, or unusual items. The document focuses solely on the administrative transition of board roles.
Key Facts for Investor Verification
- Verify the current composition of the Board of Directors and Audit Committee following the reduction to four members.
- Confirm the qualifications and tenure of the newly appointed Audit Committee chairperson, Michael Waters.
- Review subsequent filings to ensure no further governance changes were triggered by this resignation.