Lightstone Value Plus Real Estate Investment Trust II Inc. announced that its board of directors has approved an increase in their annual distribution rate, from 6.5 percent to 7 percent. While the board has yet to declare its next quarterly distribution, the board is expected to declare its next quarterly distribution for the fourth quarter, payable in January 2016.
The amount of future distributions will be determined by the company’s board of directors and is dependent on a number of factors, including funds available for payment of distributions, the company’s financial condition, capital expenditure requirements and annual distribution requirements needed to maintain the status as a real estate investment trust under the Internal Revenue Code.
Lightstone Value Plus Real Estate Investment Trust II is sponsored by The Lightstone Group and is currently closed to new investors. The REIT raised approximately $184.4 million in investor equity via two public offerings between Feb. 2009 and Sept. 2014; it owns a portfolio of 21 hotel and two retail properties valued at approx. $240.5 million, based on purchase price.
Headquartered in New York City, The Lightstone Group is a diversified real estate company that oversees a $2 billion portfolio totaling more than 6 million square feet of office, retail and industrial commercial properties, 11,000 residential units and 3,200 hotel keys. The company also owns more than 12,000 land lots across the country.