Business Context and Reporting Period
This Form 8-K filing by Apple REIT Nine, Inc. (a predecessor entity to Apple Hospitality REIT, Inc.) reports on the Annual Meeting of Shareholders held on May 17, 2012. The filing addresses the submission of matters to a vote of security holders under Item 5.07.
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 corporate governance voting results.
Material Changes and Voting Results
Shareholders voted on three primary matters at the Annual Meeting:
- Election of Directors: Both nominees, Lisa B. Kern and Bruce H. Matson, were elected. Approximately 39.2 million votes were cast "For" each nominee, with roughly 2.4 million votes "Withheld." There were approximately 141 million broker non-votes.
- Executive Compensation: The advisory resolution to approve the compensation of named executive officers was approved. Votes were 33,066,805 "For," 6,641,900 "Against," and 1,899,469 "Abstain." There were approximately 141 million broker non-votes.
- Ratification of Auditors: Shareholders ratified the appointment of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2012. Votes were 179,672,035 "For," 1,764,111 "Against," and 1,161,112 "Abstain." There were no broker non-votes on this item.
Guidance, Outlook, and Risks
The filing text does not provide a clear value for guidance, outlook, management commentary, risks, contingencies, or unusual items.
Investor Verification Checklist
- Verify the successful election of directors Lisa B. Kern and Bruce H. Matson.
- Confirm the shareholder approval of the executive compensation advisory resolution.
- Confirm the ratification of Ernst & Young LLP as the independent auditor for the 2012 fiscal year.
- Note the significant number of broker non-votes on director and compensation proposals versus the absence of broker non-votes on the auditor ratification.