Lightstone REIT Increases NAV Per Share by 7.4 Percent
The board of Lightstone Value Plus Real Estate Investment Trust V, a publicly registered non-traded REIT previously named Behringer Harvard Opportunity REIT II Inc., has approved an estimated net asset value per share for the company’s common stock, as of September 30, 2019.
The board of Lightstone Value Plus Real Estate Investment Trust V, a publicly registered non-traded REIT previously named Behringer Harvard Opportunity REIT II Inc., has approved an estimated net asset value per share of $9.10 for the company’s common stock, as of September 30, 2019.
The latest NAV per share reflects an increase of $0.63, or 7.4 percent compared to last year’s NAV per share of $8.47. Shares were originally sold for $10.00 each.
The estimated NAV per share is based on an estimated fair value of the REIT’s assets less the estimated fair value of its liabilities, divided by the number of shares outstanding (22.5 million).
The most significant changes affecting the NAV per share were the REIT’s operating properties and notes payable.
As of September 30, 2019, the REIT operating properties increase to $16.75 per share, compared to 10.47 per share for the same period in 2018. Notes payable increased to $9.34 per share from $5.02 per share year-over-year.
Process and Methodology
Capright Property Advisors LLC, an independent third-party valuation firm, assisted with the valuation of the REIT’s assets and liabilities using the method that complies with IPA guidelines, the company said.
Lightstone Value Plus REIT V’s offering was declared effective in January 2008 and closed in March 2012 after raising $265 million in investor equity. As of September 30, 2019, the company owned eight real estate investments (four wholly owned properties and four owned through joint ventures) and one real estate-related investment (mezzanine loan).
