First time a REIT has increased the dividend payout after an offering has closed
New York, N.Y. – Lightstone, a national real estate investor/developer, and sponsor of public, non-traded REITs, announced today that the board of directors of the Lightstone Value Plus REIT II (LVPR II), a hospitality-focused public, non-traded REIT, will increase its annual distribution rate to 7%, up from 6.5%. This increase in the monthly paid distribution is effective in the fourth quarter of 2015 and payable in January 2016.
“We are very pleased to announce this meaningful dividend increase for our shareholders. It’s reflective of the confidence the board of directors has in the performance and management of the portfolio. According to Robert A. Stanger & Co., this is the first time a REIT has increased the dividend payout after an offering has closed” said Lightstone President Mitchell Hochberg.
About LVPR II
LVPR II is a public, non-traded REIT sponsored by Lightstone that offers shareholders an opportunity to invest in a diversified portfolio of real estate. LVPR II is currently closed to new investors.
Lightstone is one of the most highly-regarded and diversified real estate companies in the United States. Since 1988, founder David Lichtenstein has grown Lightstone to one of the largest privately-held real estate companies in the country, with holdings in 21 states. Operating in all sectors of the real estate market, Lightstone’s $2 billion portfolio currently includes over 6 million square feet of office, retail and industrial commercial properties, 10,500 residential units and 3,200 hotel keys. It also owns over 12,000 land lots across the country. Headquartered in New York City, Lightstone continues to grow its local presence with $1.7 billion worth of projects currently under development in the residential and hospitality sectors.
All statements contained in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “may,” “will,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions or variations thereof. These statements are based on LVPR II’s current plans and expectations and involve risks and uncertainties that could cause actual future events or results to be different than those described in or implied by such forward-looking statements. Investors are cautioned not to place undue reliance on any forward looking statements.