Lightstone Value Plus REIT III Inc. Resumes Distributions and Declares NAV

Lightstone Value Plus REIT III Inc., a publicly registered non-traded real estate investment trust, announced a resumption of distributions and declared its annual net asset value per share for its common stock, as of Dec. 31, 2022.

As of Dec. 31, 2022, the REIT’s shares were valued at $10.28, an increase compared to last year’s NAV per share of $9.46.

M&S, an independent third-party valuation firm, assisted with the valuation process.

Previously, on June 19, 2019, the board of directors determined to suspend regular monthly distributions. Subsequently, there were no distributions declared or paid through Dec. 31, 2022.

However, on March 22, 2023, the board of directors authorized and declared a common share distribution of $0.075 per share for the quarterly period ending March 31, 2023.

Lightstone says the distribution is the pro rata equivalent of an annual distribution of $0.030 per share, or an annualized rate of 3% based on a share price of $10.00. The company reports that the distribution will be paid around the 15th day of the month following the quarter-end to stockholders of record at the close of business on the last day of the quarter end.

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 ultimately passed by stockholders.

Lightstone Value Plus REIT III Inc. was declared effective in 2006. It’s estimated NAV was approximately $134.1 million as of Dec. 31, 2022.

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