UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
Report (Date of earliest event reported): July 28, 2010
Lightstone
Value Plus Real Estate Investment Trust, Inc.
(Exact
Name of Registrant as Specified in Charter)
Maryland
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333-117367
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20-1237795
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(State
or other jurisdiction of incorporation or organization)
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(Commission
File Number)
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(I.R.S.
Employer
Identification
No.)
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1985
Cedar Bridge Avenue, Suite 1
Lakewood,
New Jersey 08701
[Missing Graphic Reference]
(Address,
including zip code, of Principal Executive Offices)
Registrant's
telephone number, including area code: (732) 367-0129
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
8.01 Other
Events.
On July
28, 2010, the Board of Directors of Lightstone Value Plus Real Estate Investment
Trust, Inc. (the “Company”) declared a distribution for the three-month period
ending June 30, 2010. The distribution will be calculated based on shareholders
of record each day during this three-month period at a rate of $0.00109589 per
day, and will equal a daily amount that, if paid each day for a 365-day period,
would equal a 4.0% annualized rate based on a share price of $10.00. The
distribution will be paid in cash on August 6, 2010 to shareholders of record
during the three-month period ended June 30, 2010.
At this
time, our Board of Directors has decided to temporarily lower the distribution
rate until the closing of the previously announced disposition of our
investments in certain retail outlet centers (“the Disposition”).
Additionally, the Board has decided to meet as soon as a closing date for the
Disposition is set (the “Closing Date”) with the intention of declaring an
additional distribution equal to 4% annualized rate, payable around the Closing
Date. This will bring the distribution for the three months ended June 30,
2010 to a grand total of an 8% annualized rate, which is an increase over the
prior quarterly distributions of an annualized rate of 7%.
Previously,
the shareholders had an option to elect the receipt of shares under the
Company’s Distributions Reinvestment Program; however, for the distribution
declared herein, all distributions will be in the form of cash as the Board has
temporarily suspended the Company’s Distribution Reinvestment Program as the
Company is in the process of updating its registration statement with the
Securities Exchange Commission (the “SEC”) related to the shares associated with
the Distribution Reinvestment Program. Once the registration
statement is declared effective by the SEC, the Board will resume the
Distribution Reinvestment Program and the Company will pay out any future
quarterly distributions in the form of cash or shares issued under the
Distribution Reinvestment Program based upon the individual shareholder’s
preference on record.
The
amount of distributions to be distributed to our stockholders in the future will
be determined by our Board of Directors and are dependent on a number of
factors, including funds available for payment of dividends, our financial
condition, capital expenditure requirements and annual distribution requirements
needed to maintain our status as a REIT under the Internal Revenue
Code.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
LIGHTSTONE
VALUE PLUS REAL
ESTATE
INVESTMENT TRUST, INC.
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Date: July
29, 2010
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By:
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/s/ Donna Brandin | |
Donna Brandin | |||
Chief
Financial Officer and Principal Accounting Officer
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