Lightstone REITs Adjourn Annual Meetings to Solicit Additional Votes to Amend Charters to Eliminate Shareholder Rights

As previously reported by The DI Wire, various Lightstone REITs (specifically, Lightstone Value Plus REIT I, Inc., Lightstone Value Plus REIT II Inc., and Lightstone Value Plus REIT III Inc.), proposed charter amendments to remove multiple NASAA shareholder protections that were voted upon at the company’s various annual meetings held on Dec. 8, 2022.

The proposal to amend and restate the company’s charter for Lightstone Value Plus REIT I passed.

However, the same proposals for Lightstone Value Plus REIT II Inc. and Lightstone Value Plus REIT III Inc. had insufficient votes and the company’s boards adjourned to meetings in order to solicit additional stockholder votes to meet the requirements to effect the charter amendments. Both REITs will reconvene their annual meetings on Jan. 17, 2023.

The Lightstone REITs reported cumulative total assets of approximately $900 million as of June 30, 2022. Debt-to-total assets ranged from 41% to 49% of each of the Lightstone REITs as of that date. The Lightstone REITs were declared effective beginning in 2006 (Lightstone I), 2009 (Lightstone II), and 2014 (Lightstone III).

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