Three Apple REITs might merge

Boards have authorized a consolidation, but no decision made

Jun 27, 2013 @ 3:24 pm

By Dan Jamieson

Three Apple REITs are considering a consolidation.

In separate regulatory filings Thursday, Apple REIT Seven Inc., Apple REIT Eight, Inc. and Apple REIT Nine Inc. said that their boards had “authorized the evaluation of a potential consolidation transaction” in which the three non-traded REITs would combine.

The REITs said they had not yet made a decision to pursue any particular transaction, “and there can be no assurance that the evaluation of a potential consolidation transaction will result in such transaction being accomplished.”

No timetable for a deal has been set, the filings said.

The REITs also said they do not expect to comment further until their boards had approved a transaction.

Kelly Clarke, director of investor services at Apple Real Estate Investment Trust Companies, which manages the three REITs that specialize in extended-stay hotels, declined comment.

Apple REIT Seven owns 51 hotels purchased since 2006 for a total of $901 million; Apple REIT Eight, which began raising money in 2007, also has 51 hotels, bought for $950 million; and the Apple REIT Nine REIT has 89 hotels purchased for $1.5 billion since it was offered in 2008.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

How are financial services reacting to 'Times Up?'

There is much left to be done to reach full equality, say Estee Jimerson of Envestnt, but things are improving.

Latest news & opinion

Morningstar evolving well beyond its origins analyzing mutual funds

Led by CEO Kunal Kapoor, firm is moving way past ratings — and financial advisers are paying close attention.

Focus Financial IPO could be a sell signal for RIAs

The $100 million stock offering will fine-tune RIA valuations.

Ex-Edward Jones broker sues former firm, alleging racial bias

Complaint alleges the firm's policies limit African-Americans' 'income and advancement opportunities'

Piwowar defends SEC's best-interest rule

SEC commissioner says the Department of Labor rule set up an 'unworkable, impossible set of standards for people to comply with.'

RIA in a Box acquired by private equity firm Aquiline Capital

New owners plan more growth for the software service provider.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print