Apple REIT Seven
The REIT reported a $7.7 million profit for the second quarter, down from $7.9 million in the same period a year ago. The REIT’s 51 hotels reported an average occupancy of 76 percent and an average daily rate of $111 for the second quarter. Revenue per available room was $85. The REIT’s debt level was $164.9 million.
Apple REIT Eight
The REIT said it has been able to modify three of the five loans on which it strategically defaulted this year. The remaining two loans were reinstated with their original terms. Two of the modified loans, secured by a hotel in Suffolk, allow Apple REIT to defer 1 percent of the monthly interest and the all monthly payments for two years. Another modification on a loan for a hotel in Tampa allowed Apple REIT to repay the loan at a $1.6 million discount. Approximately $36.6 million is still owed on the remaining two loans.
Apple REIT Eight’s profit for the second quarter was $4.8 million, up from $4.4 million a year ago. Average occupancy at its hotels was 78 percent for the quarter. The average daily rate was $114, and revenue per available room was $89.
Apple REIT Nine
Apple REIT Nine brought in a profit of $20.4 million during the second quarter, a big jump from $5.3 million in the same quarter a year ago. Its 86 hotels reported an average occupancy of 74 percent for the quarter and average daily rate per room of $107. Revenue per available room was $79. The REIT’s debt level was $125.6 million.
Apple REIT Ten
The newest of the Apple REITs closed on the purchase of yet another hotel, a TownePlace Suites in Knoxville, Tenn., for $9 million. Apple REIT had to assume a $7.4 million loan as part of the deal.
C&F Financial Corp.
The parent of C&F Bank declared a cash dividend of $0.25 per common share payable Oct. 1 to shareholders of record on Sept. 15.
Community Bankers Trust Corp.
Glenn Dozier, a director, bought 4,000 shares for $1.27 per share. Dozier then bought another 2,000 shares for $1.30 each. He owns more than 39,000 shares.
Director Robin Traywick Williams bought 1,000 shares at $1.18 each. She owns more than 27,000 shares.
The company entered into an underwriting agreement with Merrill Lynch, Pierce, Fenner & Smith Inc., RBS Securities and Wells Fargo Securities for the sale of $450 million worth of bonds due 2016.
Chairman and CEO Thomas Akin bought 5,000 shares at $8.30 per share, a $41,500 purchase. Akin directly owns more than 966,000 shares of Dynex stock.
Seven of the company’s top executives each received thousands of shares of common stock that had converted at no cost from previously awarded restricted shares.
Douglas Eby, a director, sold 100 shares for $370.41 per share, a $37,000 transaction. He still owns 347 shares.
President and co-COO Michael Crowley bought 250 shares for $367.97 each, a $92,000 transaction. Crowley owns more than 7,000 shares of Markel stock.
The company’s top executives each received shares of phantom stock as part of Media General’s deferred compensation plan. The shares are payable in cash upon an individual’s termination of employment.
NewMarket’s top executives each received hundreds of shares as part of an incentive plan. The shares cannot be sold until 2012.
Union First Market Bankshares
Director Ronald Hicks sold 441 shares for $11.61. He still owns 11,600 Union shares.
Jeremiah Sheehan, a director, exercised options for 1,000 shares at $32.22 each.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected]