September 30, 2014 11:22 AM ET

Real Estate Investment Trusts (REITs)

Company Overview of Apple REIT Ten, Inc

Company Overview

814 East Main Street

Richmond, VA 23219

United States

Founded in 2010

Phone:

804-344-8121

Key Executives for Apple REIT Ten, Inc

Chairman
Age: 70
President
Age: 41
Executive Vice President and Chief Financial Officer
Age: 49
Executive Vice President and Chief Operating Officer
Age: 41
President of Capital Markets
Age: 51
Compensation as of Fiscal Year 2014.

Apple REIT Ten, Inc Key Developments

Apple REIT Ten, Inc Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

Apple REIT Ten Inc. reported unaudited earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported total revenue of $59,330,000 compared to $40,942,000 a year ago. Net income was $14,849,000 or $0.18 per share compared to $9,186,000 or $0.13 per share a year ago. Adjusted funds from operations were $21,924,000 or $0.26 per share compared to $14,636,000 or $0.21 per share a year ago. For the six months period, the company reported total revenue of $109,794,000 compared to $71,808,000 a year ago. Net income was $24,257,000 or $0.30 per share compared to $12,074,000 or $0.18 per share a year ago. Adjusted funds from operations were $39,309,000 or $0.48 per share compared to $23,377,000 or $0.34 per share a year ago.

Apple REIT Ten, Inc Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2014

Apple REIT Ten Inc. reported unaudited earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported total revenue of $50,464,000 compared with $30,866,000 for the same period last year. Net income was $9,408,000 or $0.12 per share compared with $2,888,000 $0.04 per share for the same period last year. Funds from operations was $16,377,000 or $0.20 per share compared with $7,375,000 $0.11 per share for the same period last year.

Court Dismisses Some Claims Against Apple REIT Ten Inc. and Apple Hospitality REIT Inc

The U.S. Court of Appeals for the Second Circuit on April 23 entered a summary order affirming the dismissal by the U.S. District Court for the Eastern District of New York of the plaintiffs' state and federal securities law claims and the unjust enrichment claim in a consolidated class-action lawsuit that was filed against Apple REIT Ten Inc. and Apple Hospitality REIT Inc., formerly Apple REIT Nine Inc. Law firms Chimicles & Tikellis LLP, Labaton Sucharow LLP, Eccleston Law Offices P.C. and Stoltman Law Offices P.C. filed the lawsuit alleging that Apple Hospitality's and Apple REIT Ten's registration statements and prospectuses failed to disclose material information concerning the value of shares of prior Apple REITs, which pursued nearly identical investment strategies and whose share value declined significantly. The second circuit court also noted that the district court dismissed the plaintiffs' remaining state common law claims based on its finding that the complaint did not allege any losses suffered by the plaintiff class, and held that, to the extent that the district court relied on this rationale, its dismissal of the plaintiffs' state law breach of fiduciary duty, aiding and abetting a breach of fiduciary duty, and negligence claims is vacated and remanded for further proceedings consistent with the summary order in the consolidated class action.

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