Lightstone REIT and Lightstone Value Plus REIT III Terminate Distribution Reinvestment Programs
April 28, 2017 | by James Sprow | Blue Vault
On April 21, 2017, the board of directors of Lightstone Real Estate Investment Trust Inc. terminated the Company’s distribution reinvestment program (“DRIP”) effective May 15, 2017. Previously, the Company’s stockholders had an option to elect the receipt of shares of the Company’s common stock in lieu of cash distributions under the Company’s DRIP, however, all future distributions will be in the form of cash. The REIT’s 10-K for 2016 reported total distributions paid of $1.394 million, of which $0.545 million (28%) were reinvested via the DRIP.
On the same day, the board of directors of Lightstone Value Plus Real Estate Investment Trust III, Inc. terminated that Company’s distribution reinvestment program (“DRIP”) effective May 15, 2017. Previously, the Company’s stockholders had an option to elect the receipt of shares of the Company’s common stock in lieu of cash distributions under the Company’s DRIP, however, all future distributions will be in the form of cash. The REIT’s 10-K for 2016 reported total distributions paid of $4.337 million, of which $1.763 million (41%) were reinvested via the DRIP.
Learn more about The Lightstone Group on our Sponsor Focus page.
