As the exclusive underwriter for Apple REIT Six,
David Lerner Associates' clients invested $1 billion in the program. Apple REIT Six consisted of 68 extended-stay, full service and select-service hotels in 18 states.
- In May 2013, Apple REIT Six merged with and into BRE Select Hotels Corp., an affiliate of Blackstone Real Estate Partners VII, L.P. In the merger, each unit of Apple REIT Six received $9.20 in cash and one share of 7% Series A Cumulative Redeemable Preferred Stock of BRE Select Hotels with an initial liquidation preference of $1.90 per share.*
» View Apple REIT Six Press Release
This information is neither an offer to sell nor the solicitation of an offer to buy any security, which can be made only by prospectus, as supplemented, which has been filed or registered with appropriate state and federal regulatory agencies. No regulatory agency has passed on or endorsed the merits of this offering, and any representation to the contrary is unlawful.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.
Offering by prospectus only. Real Estate Investment Trusts (REITs) are subject to the normal risks associated with the ownership of real estate, including possible decline in value, environmental problems and changes in interest rates. In addition, since the REITs we offer lack public markets (i.e. are illiquid), investors should be prepared to hold the investment for an indefinite period of time, although certain REITs may offer the possibility of limited, interim liquidity.
*Source: Page S-22, Supplement No.13, dated May 23, 2013 to Prospectus, dated May 2, 2012, Apple REIT Ten, Inc.
The initial liquidation preference of$1.90 per share is subject to downward adjustment should net costs andpayments related to certain legacymatters exceed $3.5 million. For purposes of the information on this slide,$1.90 per share was used for theamount of distribution received from the issuance of Preferred Stock.