SEC Investigating Apple REIT Over Disclosure Issues

Law360, New York (March 8, 2013, 7:27 PM EST) -- The newest of the five real estate investment trusts launched by Apple REIT Cos. Inc. disclosed in a securities filing Wednesday that the U.S. Securities and Exchange Commission is investigating all five REITs for potential disclosure violations.

In the expenses section of its annual 10-K report, Apple REIT Ten Inc. said it incurred roughly $700,000 in legal costs responding to requests from SEC staff in an ongoing nonpublic investigation. The agency probe is focused primarily on the adequacy of disclosures made by the firm's other four...
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