Lightstone Value Plus REIT Announces New NAV and Charter Amendment Approval
December 13, 2017 | James Sprow | Blue Vault
On December 11, 2017, the board of directors determined and approved an estimated NAV of approximately $296.9 million and resulting estimated NAV per Share of $11.69, after allocations of value to special general partner interests, or SLP Units, in the Operating Partnership, held by Lightstone SLP, LLC, an affiliate of the REIT’s Advisor, assuming a liquidation event, both as of September 30, 2017. From inception through the termination of the initial public offering on October 10, 2008, Lightstone SLP, LLC, an affiliate of the Advisor, contributed cash of $30.0 million in exchange for 300 SLP Units, at a cost of $100,000 per unit.
The previous NAV per share was $11.89 as of September 30, 2016.
Lightstone Value Plus Real Estate Investment Trust Inc.’s proposed charter amendment gained shareholder approval at the company’s December 11 annual stockholder meeting.
The charter amendment removes the requirement that the REIT either list on a national stock exchange, or liquidate on or before the 10th anniversary of the termination of its best-efforts offering. The amendment carried with 13.2 million votes for and 2.3 million against or withheld.
David Lichtenstein was elected again as a Director, along with three independent directors.
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