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MacKenzie Realty offers to buy 1.13% of Apple REIT Ten's units

MacKenzie RealtyCapital Inc. initiated a cash tender offer to buy up to 1.0 millionof Apple REIT Ten Inc.'sunits, comprising common shares and series A preferred shares, at $9.18 apiece.

The units subject to the offer make up roughly 1.13% of the company'soutstanding shares. If all shares sought are tendered, consummation of the offerwould require MacKenzie to pay up to about $9.2 million in aggregate purchase price,which it would fund out of its current working capital, according to a tender offerstatement.

The offer will expire at 11:59 p.m. PT on June 14, unless extended.As of Feb. 29, Apple REIT Ten had 23,000 holders of record owning a total of 88,202,564units. The buyer and its affiliates, meanwhile, currently beneficially own 52,384.40units, or 0.06%, of the REIT's outstanding shares.

MacKenzie Capital Management LP is the depositary for the offer.It is also named a bidder because it is deemed to control the buyer, but is otherwisenot participating in the offer.

Apple REIT Ten recently announced that is in the process of beingacquired by for animplied offer price of $11.17 per unit.