Apple REIT Nine is offloading 110 parcels located in Texas to limited partnership 111 Realty Investors for $198.4 million, Citybizlist Real Estate reports. The transaction is expected to be completed in the fourth quarter.
The parcels, which are let to Chesapeake Energy Corp. under a 40-year lease for the production of natural gas, are recorded at their carrying amount, totaling approximately $157.0 million. Real estate net book value totaling $141.8 million and straight-line rent receivable totaling $15.2 million are included in the carrying amount.
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