Based on reports from investors, it appears that David Lerner Associates may finally be fessing up on customer account statements as to the true value of the Apple REITs. Upon information and belief, investors in Apple REIT Eight (and quite possibly the other Apple REITs) have received their latest monthly account statements with a blank in the estimated par value per share (which was formerly reflecting at the artifically inflated $11/share).
However, the question is whether David Lerner Associates will come clean about the "yields" that it shows on customer account statements, and specfically where those yields are coming from. Most investors are not aware that the "yields" are not necessarily paid out from cash generated from the operations of the REITs, but rather in many cases they are paid out using loan proceeds, or in some cases the investor's own funds (i.e. a return of capital).
If you are an investor who is trying to get out of the Apple REITs, please contact one of our attorneys at 312-332-0000. Our attorneys are representing investors who have suffered losses investing in the Apple REITs along with those who are seeking to rescind (get out of) their investment in these products.
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