Financial Highlights (Three months ended September 30, 2011)
| Quarterly distribution (Q3 2011) |
$0.20 |
| Annual distribution rate, paid monthly (beginning July 15, 2011) |
$0.79 |
| Debt capitalization (notes payable) |
$58.3 million |
| Equity capitalization (shareholders' equity) |
$703.5 million |
|
| Total revenue (continuing operations) |
$67.6 million |
| Modified Funds from operations (MFFO) |
$23.5 million |
| MFFO per share |
$0.26 |
| Net income |
$15.5 million |
| Net income per share |
$0.17 |
| Weighted-average shares outstanding |
91.3 million |
| Cusip # |
037852 |
Summary of Historical Financials (January 20, 2004 – September 30, 2011)
| Initial Funds Raised |
$1,000,000,000 |
| Cumulative Modified Funds From Operations (MFFO)1 |
$490,814,000 |
| Cumulative Net Income |
$306,622,000 |
| Total Shareholder Distributions |
$504,652,000 |
| Distributions per Share2 |
$6.37 |
| Debt Assumed at Acquisition |
$54,070,000 |
| Additional Debt |
$4,271,000 |
| Total Current Debt |
$58,341,000 |
| Total Invested in Capital Improvements |
$73,856,000 |
| Debt to Total Initial Funds Raised |
5.8% |
Summary of Modified Funds from Operations and Net Income by Year (January 20, 2004 - September 30, 2011)
| |
Partial Year 20113 |
2010 |
2009 |
2008 |
2007 |
2006 |
2005 |
2004 |
| Modified Funds From Operations (MFFO) per Share1 |
$0.68 |
$0.76 |
$0.71 |
$0.97 |
$1.01 |
$0.89 |
$0.62 |
$0.26 |
| Net Income per Share |
$0.41 |
$0.38 |
$0.37 |
$0.64 |
$0.71 |
$0.61 |
$0.42 |
$0.10 |
|
Summary of Distribution History (Annualized Percentages based on an $11 share price)
| 7/11 – present4 |
7.2% |
| 3/10 – 6/11 |
7.0% |
| 2/08 – 2/10 |
8.2% |
| 5/04 – 1/08 |
8.0% |
1Funds from operations (FFO) is defined as net income (computed in accordance with generally accepted accounting principles — GAAP) excluding gains and losses from sales of depreciable property plus depreciation and amortization. Modified funds from operations (MFFO) excludes the loss on hotels held for sale.
The Company considers FFO and MFFO in evaluating operating performance and believes FFO and MFFO should be considered along with, but not as an alternative to, net income and cash flows as a measure of the Company's activities in accordance with GAAP. FFO and MFFO are not necessarily indicative of cash available to fund cash needs.
2Per share distribution for initial shareholders
3Through September 30, 2011
4Distributions are paid on a monthly basis. The next payable date for common distributions is on or about the 15th day of the month.
The information provided on this page contains information that is historical in nature. Investors are cautioned not to rely on the prior performance information set forth herein in making a decision whether or not to invest. The prior performance information contained herein is not necessarily representative of the returns that may be received by an investor in the Company. The information provided in these materials is illustrative and no assurance is given that any indicated returns, performance or results will be achieved.
The information set forth in these materials is provided for informational and discussion purposes only and is not intended to be, and shall not be regarded or construed as a recommendation for a transaction, investment, financial or other advice of any kind or constitutes or imply any commitment whatsoever, including without limitation an offer to purchase, sell or hold any security investment, loan or other financial product or to enter into or arrange any type of transaction. These materials are not intended as an offer to sell, or the solicitation of an offer to purchase, any security.
Corporate Services and Investor Relations
For additional information about the company, please contact Kelly Clarke, Director of Investor Services, at 804-727-6321 or info@applereitsix.com.
