Lightstone Value Plus REIT V Inc., a publicly registered non-traded real estate investment trust, recently announced a special cash distribution of $0.42 per share, which represents a portion of the proceeds from asset sales.
Lightstone reported that, adjusted for the special distribution, the estimated net asset value per share was $15.94 as of Sept. 30, 2024. The REIT said that it has made special distributions totaling $4.03 per share dating back to 2012, with this newest special distribution being the first since 2016. The REIT ceased paying regular distributions in 2012. Shares were initially offered at $10.00 per share in an offering that was declared effective in 2008 when the REIT was known as Behringer Harvard Opportunity REIT II, Inc.
In related company news, Lightstone V stated that it most recently completed the disposition of a 306-unit multifamily property in Indiana in November 2023, which resulted in a gain on the sale of the property of approximately $41.1 million, or approximately $2.15 per share. The REIT subsequently used a portion of the proceeds to acquire another multifamily property in St. Augustine, Fla., in December 2023.
Lightstone Value Plus Real Estate Investment Trust V, formerly known as Behringer Harvard Opportunity REIT II, launched in January 2008 and closed in March 2012 after raising $265 million in investor equity. As of June 30, 2024, the company wholly owned and consolidated eight multifamily real estate properties containing an aggregate of 2,520 apartment units, all located in the United States.
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