Home News Two Lightstone REITs Terminate DRIP

Two Lightstone REITs Terminate DRIP

The boards of Lightstone Real Estate Investment Trust and Lightstone Value Plus Real Estate Investment Trust III, two publicly registered non-traded REITs, have terminated their respective distribution reinvestment programs, effective May 15th, according to filings with the Securities and Exchange Commission.

Earlier this month, the two non-traded REITs terminated their respective initial public offerings and dealer manager agreements with Orchard Securities, as reported by The DI Wire. Previously, stockholders had the option to receive shares of common stock instead of cash distributions under the DRIP, however, now all future distributions will be in the form of cash.

Lightstone Value Plus REIT III invested in hotels, as well as in other types of properties and real estate related assets. The REIT, which currently owns a portfolio of nine properties, commenced its $300 million offering in July 2014 and has raised $124 million, as of February 2017.

Lightstone Real Estate Income Trust was declared effective in February 2015 and has raised approximately $73 million, as of February 2017. The company holds a 22.5 percent interest in a 281-unit multifamily property in Tiburon, California in which it invested $20 million.

Click here to visit The DI Wire directory page.