RICHMOND, Va.--(BUSINESS WIRE)--Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple Hospitality”) today announced voting results from the Company’s 2018 Annual Meeting of Shareholders held on May 17, 2018 (the “Annual Meeting”). At the Annual Meeting, with over 93% of votes cast voting in favor of each director nominee and proposal, the Company’s shareholders approved:
- the election of Bruce H. Matson, Blythe J. McGarvie and L. Hugh Redd to the Company’s Board of Directors (the “Board”);
- the adoption of an amendment to the Company’s amended and restated articles of incorporation (the “Charter”) to declassify the Board and provide for annual elections of directors;
- on a non-binding, advisory basis, the compensation paid to the Company’s executive officers; and
- the ratification of the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm to serve for 2018.
Upon election to the Board, Ms. McGarvie was appointed by the Board to serve on the Audit Committee and the Nominating and Corporate Governance Committee. Mr. Matson will continue to serve as Chairman of the Nominating and Corporate Governance Committee and on the Executive Committee, and Mr. Redd will continue to serve as Chairman of the Audit Committee and on the Compensation Committee.
As a result of the approval of the amendment to the Company’s Charter to declassify the Board, each director elected at the Annual Meeting will serve a one-year term, as will each director elected at future shareholder meetings.
In addition, the Company today announced that its Board declared a regular monthly cash distribution of $0.10 per common share for the month of June 2018. The distribution is payable on June 18, 2018, to shareholders of record as of June 4, 2018.
Based on the Company’s common stock closing price of $18.39 on May 18, 2018, the annualized distribution of $1.20 per common share represents an annual yield of approximately 6.5 percent.
About Apple Hospitality REIT, Inc.
Apple Hospitality REIT, Inc. (NYSE: APLE) is a publicly traded real estate investment trust (REIT) that owns one of the largest and most diverse portfolios of upscale, select-service hotels in the United States. Apple Hospitality’s portfolio consists of 242 hotels with more than 30,700 guest rooms located in 88 markets throughout 34 states. Franchised with industry-leading brands, the Company’s portfolio comprises 117 Marriott®-branded hotels and 125 Hilton®-branded hotels. For more information, please visit www.applehospitalityreit.com.
Forward-Looking Statements Disclaimer
Certain statements contained in this press release other than historical facts may be considered forward-looking statements. These forward-looking statements are predictions and generally can be identified by use of statements that include phrases such as “may,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “target,” “goal,” “plan,” “should,” “will,” “predict,” “potential,” “outlook,” “strategy,” and similar expressions that convey the uncertainty of future events or outcomes. Such statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Apple Hospitality to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the ability of Apple Hospitality to effectively acquire and dispose of properties; the ability of Apple Hospitality to implement its operating strategy; changes in general political, economic and competitive conditions and specific market conditions; adverse changes in the real estate and real estate capital markets; financing risks; litigation risks; regulatory proceedings or inquiries; and changes in laws or regulations or interpretations of current laws and regulations that impact Apple Hospitality’s business, assets or classification as a real estate investment trust. Although Apple Hospitality believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore there can be no assurance that such statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Apple Hospitality or any other person that the results or conditions described in such statements or the objectives and plans of Apple Hospitality will be achieved. In addition, Apple Hospitality’s qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code. Readers should carefully review Apple Hospitality’s financial statements and the notes thereto, as well as the risk factors described in Apple Hospitality’s filings with the Securities and Exchange Commission, including, but not limited to, in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. Any forward-looking statement that Apple Hospitality makes speaks only as of the date of such statement. Apple Hospitality undertakes no obligation to publicly update or revise any forward-looking statements or cautionary factors, as a result of new information, future events, or otherwise, except as required by law.
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