Apple Hospitality REIT (APLE)
The hotel-focused real estate investment trust declared a regular monthly cash distribution of 10 cents per common share for November, payable on Nov. 16 to shareholders of record as of Oct. 30. The annualized distribution of $1.20 per common share represents an annual 6.2 percent yield based on a closing stock price of $19.38 on Oct. 19.
The company also announced the acquisition of an adjoining Courtyard by Marriott and Residence Inn complex in Syracuse, New York. The combined purchase price was $42 million.
The used-vehicle retailer’s board of directors elected Alan Colberg to serve as a director and appointed him to the board’s audit committee. The 54-year-old Colberg is CEO of Assurant, a global provider of specialty protection products and related services.
Media General (MEG)
The company announced it had reached an agreement with Meredith Corp. to exchange information with Nexstar Broadcasting Group, which made an unsolicited offer Sept. 28 to acquire Media General following Media General’s announcement Sept. 8 that it would acquire Meredith.
The company authorized a stock repurchase of up to $500 million of outstanding common stock until Dec. 31, 2018. A previous authorization that was valid through 2016 and had approximately $76 million of unused repurchase capacity has been cancelled.
Union Bankshares (UBSH)
The parent of Union Bank & Trust reported its third quarter earnings with net income of $18.2 million, up from $14.8 million in the same period last year. Its total assets grew to $7.59 billion, up from $7.19 billion. Total loans were $5.54 billion, up from $5.17 billion. Total deposits rose to $5.81 billion from $5.63 billion. Its total nonperforming assets, made up of foreclosed real estate and bad loans, shrunk to $35.06 million, down from $58.03 million a year ago.
The company also said that it sold its credit card portfolio during the third quarter and outsourced the service to Elan Financial Service.