Business Context and Reporting Period
This Form 8-K is filed by Apple REIT Nine, Inc. (the "Company") on April 15, 2010. The Company is a real estate investment trust engaged in a best-efforts public offering of Units, where each Unit consists of one Common Share and one Series A Preferred Share. The registration statement on Form S-11 was declared effective on April 25, 2008.
Key Financial Metrics
The filing text does not provide specific financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity for the reporting period. The document focuses exclusively on the status of the capital offering.
Material Changes
The primary material event reported is the extension of the Company's public offering period. Originally set to expire on April 25, 2010, the Board of Directors unanimously voted on April 15, 2010, to extend the offering for one additional year. The offering price remains at $11 per Unit (having started at $10.50 per Unit for the minimum offering completed on May 14, 2008).
Guidance, Outlook, and Management Commentary
Management has indicated that the best-efforts offering will continue until either all 182,251,082 registered Units are sold or until the new expiration date of April 25, 2011, whichever occurs sooner. No specific financial guidance or risk factors beyond the standard offering terms are detailed in this specific report.
Investor Verification Checklist
- Verify the current number of Units sold versus the maximum registered amount of 182,251,082.
- Confirm the current offering price per Unit remains at $11.
- Review the updated prospectus for any changes to the use of proceeds or offering terms following the extension.
- Check subsequent filings for the actual expiration of the offering or completion of the sale of all Units.