Lightstone REITs 2026: NAV, Redemptions and Debt Due for Value Plus REIT I, II, III, IV and V

Five REITs, one sponsor, and a name that changed

Most people who search "Lightstone REIT" own shares in one of five separate companies, each with its own board, its own NAV and its own rules for getting out. All five are sponsored by The Lightstone Group, each uses a $10.00 reference price in its own filings, and all five still file annual and quarterly reports with the SEC. In August 2021 they dropped "Real Estate Investment Trust" from their names for "REIT", and one of them changed its name entirely: Lightstone Real Estate Income Trust Inc. is now Lightstone Value Plus REIT IV, Inc., same company, same CIK (1619312). If your statements still say "Real Estate Income Trust", read the REIT IV row.

They are not the same thing as Lightstone DIRECT, the sponsor's private deal-by-deal platform for accredited investors. And REIT V, the largest by holders, has its own full review and a piece on the annual meeting it could not hold. This page puts the five side by side, from the numbers each one filed.

The "against $10.00" column is our arithmetic on each board's estimate. It is not what anyone would pay you: none of the five has an established public market, and the only independent bid in these companies' recent filings, for REIT II in 2024, came in at about 55% of the NAV of the day (below). REIT V's shares do change hands over the counter as LVVP, a few hundred to a few thousand shares a few times a year: the last reported trade was $7.50 on June 8, 2026, 371 shares, and the past year's range was $5.89 to $7.50 (S&P Global Market Intelligence data, shown on StockAnalysis; not a filing), less than half the board's $16.56.

The date in front of REIT II holders: September 15, 2026

REIT II owns ten limited-service hotels (1,352 rooms), half of the Hilton Garden Inn in Long Island City and 48.6% of a joint venture with a sponsor affiliate that owns two retail properties. Its whole debt stack is one loan. The June 2026 10-Q lists it as $97,818,000 at SOFR plus 3.45% (floor 6.45%), maturing September 2026, secured by all ten hotels.

Three things in the filings tell you where that loan stands:

1. The covenants were already missed. At December 31, 2025 REIT II "did not meet both the prescribed minimum DSCR and DYR", and at June 30, 2026 it again did not meet the minimum debt yield. Both times "the lender has provided a waiver".
2. The lender tightened the terms in July. On July 17, 2026 the two sides signed a loan modification under which REIT II "deposited $5.0 million into a cash collateral account", and which requires it "to either complete the sale of certain hotel properties pledged as collateral under the Credit Facility prior to August 31, 2026, or deposit an additional $7.5 million". REIT II had $21.3 million of cash at June 30, before that deposit.
3. The extension is expected, not agreed. The company expects the lender to approve a first one-year option to September 15, 2027, and then says: "However, there can be no assurance that the lender will approve the first one-year extension option or we will be able to successfully refinance the Credit Facility on or before its initial maturity date."

As of September 13, 2026 REIT II's last filing is that 10-Q of August 14: no 8-K reports hotel sales, the extra $7.5 million or the extension. The next filing will tell you which of those happened, and we will update this page when it lands.

Meanwhile REIT II keeps paying $0.075 a quarter. In 2025 it declared $4.8 million of distributions against $757,000 of FFO attributable to common shares, about 16% coverage (our arithmetic), and cash from operations was negative $713,000. The 10-K does not say which cash paid the distributions, so we do not label them; what it shows is that they were not earned in 2025. If you hold REIT II and want the loan terms and the next 8-K read against your own position, that is what our written read of a filing is for.

The siblings are tied in. REIT I owns 2.5% of REIT II's hotel joint venture, and REIT II and REIT III each own 50% of the Long Island City Hilton Garden Inn, so a forced sale at one company reaches the others.

Who can actually sell back, and at what price

This is the question under most searches, and the answer differs sharply by company.

REITs I, II, III and IV: only after a death or a hardship. The boards have limited the repurchase programs to those two cases. REIT II's 10-K: "we will not redeem in excess of 0.5% of the number of Common Shares outstanding as of the end of the preceding year for both death redemptions and hardship redemptions." REIT III's wording is the same. REIT I allows up to 1.0% a year for deaths and 0.5% for hardship. REIT IV's 10-K describes its 0.5% limit once as covering "both" categories and once as applying to "either", so the exact cap is ambiguous in its own filing. An ordinary holder who simply wants cash has no route through the company at all. Repurchases happen near NAV: in 2025 REIT I bought back 320,063 shares at an average $11.15, REIT II 168,242 at $10.51, REIT III 128,363 at $10.34 and REIT IV 82,229 at $9.49.

REIT V: anyone, at 85% of NAV. Its program redeems at "85% of our most recently published NAV per Share", no more than 5% of shares a year, with $2.0 million a quarter approved for the second, third and fourth quarters of 2026. In 2025 it redeemed 593,805 shares for $8.0 million, an average of $13.47. In March 2026 it also ran a self-tender at $14.08, 85% of the $16.56 NAV, bought about 2.2 million shares for about $31.0 million and accepted only about 56.5% of what was tendered. The detail is in our REIT V review.

What outside buyers have offered. In April 2024 West 4 Capital LP offered $5.37 a share for REIT II. The company answered with its own tender at $6.00 and told holders that "the price in both offers is substantially below the most recent estimated net asset value per Share ('NAV per Share') of $9.84". That is 54.6% and 61.0% of the NAV of the day (our arithmetic). The company bought 264,233 shares for $1.6 million on June 28, 2024; West 4's final filing reports about 67,701 shares accepted. We found no third-party tender filed for REITs I, III, IV or V in 2023-2026; offers for under 5% of a company are usually not filed with the SEC at all, so their absence here proves nothing. The offers for other non-traded REITs that did reach EDGAR this year, with each price against the REIT's own value, are in our 2026 tender offer census. For how the whole sector's exits look this year, see our NAV REIT redemption tracker.

What the NAVs are, and what one of them hides

Each figure is a board estimate based on appraisals, not a trading price. Four details change how to read them.

• REIT I's headline number mixes two things. The 10-K says the board "approved our estimated NAV of $274.2 million and resulting NAV per Share of $11.66". The NAV table shows $274.2 million is the value before $24.2 million allocated to the SLP units held by a sponsor affiliate ($1.13 a share); the NAV that produces $11.66 is $250.0 million. The allocation was $1.33 a share a year earlier.
• REIT II and REIT III allocate nothing to the sponsor, because their NAVs have not cleared the hurdle ($10.00 plus a 7% cumulative return at REIT II, 6.0% at REIT III).
• REIT IV is the only one below $10.00, and the sponsor has $14.4 million of subordinated advances and accrued interest outstanding, on which, per the 10-K, no interest or principal is due until each shareholder has received specified liquidation distributions.
• REIT V's $16.56 comes on top of $4.11 a share of special distributions already paid, and it is the NAV that both its tender and its repurchase program discount by 15%.

Over the year to their last estimate, REIT I rose 6.4% and REIT V 4.3%, while REIT II fell 2.0%, REIT III 2.6% and REIT IV 1.3%.

Income: one payer, three silences and specials

Only REIT II pays a regular distribution. REIT I has paid nothing "subsequent to the distribution for the third quarter of 2023", REIT III nothing after the first quarter of 2024 and REIT IV nothing after March 2020, more than six years. REIT V pays special distributions from asset sales: $1.5 million in 2025.

The long view is the one to keep in mind if you are wondering where past income came from. Since inception, REIT I paid $292.1 million of distributions against $254.5 million of FFO; REIT II's FFO covered 83.4% of what it declared, and REIT III's 70.5% (our arithmetic on each 10-K's cumulative table).

The debt calendar, company by company

• REIT II: $97.8 million, initial maturity September 15, 2026, covenants waived twice, cash collateral added in July (above).
• REIT V: its Citadel Apartments mortgages, $44.0 million at June 30, 2026, mature October 11, 2026, and "no extension options remain". The other two 2026 maturities were refinanced in February and March 2026. Leverage was about 69.5% of asset value at the end of 2025.
• REIT III: two Home2 Suites loans, $15.7 million and $10.2 million at the end of 2025, due December 6, 2026. It also missed covenants on its credit facility at December 31, 2025 and June 30, 2026, with waivers each time.
• REIT IV: the Williamsburg Moxy loans, $95.0 million, initially due April 19, 2027 with two six-month extension options; the joint venture expects to refinance them before then.
• REIT I: its Moxy loans, $156.0 million, were extended to September 15, 2028, but the hotel is not meeting its debt-yield test and the lender held $6.8 million of its cash in escrow at June 30, 2026. Total borrowings were 115% of net assets at the end of 2025.

For the wider picture of what is coming due across commercial real estate, see our debt maturity wall.

The sponsor's side of the table

The 10-Ks tabulate different scopes, so the rows are not additive. Two facts stand out. At REIT V, total advisor fees and reimbursements of $7.16 million were about 1.8 times its 2025 FFO of $4.04 million (our arithmetic; $1.16 million of that is capitalized financing fees). And at the smaller REITs the advisor has been deferring its own fees: REIT III owed the Advisor and its affiliates $3.5 million at the end of 2025, REIT IV $2.2 million at June 30, 2026, while REIT I paid off its deferred fees in the third quarter of 2025 after a property sale. At REIT III, total amounts due to related parties ($4.2 million) were more than its cash on hand ($3.8 million) at June 30, 2026.

REIT I has also put money alongside two related parties into 151 acres of data-center land in Spartanburg County, South Carolina, where, its 10-Q says, the county council has advanced an ordinance for a 12-month pause on new data center applications.

Is there an exit date?

For REITs I to IV, no. REIT I's 10-K says "we do not intend to list our Common Shares at this time", and none of the four discloses a liquidation plan, merger or target date. REIT V is the only one with a date, and it moved it: "On August 7, 2025, our Board of Directors extended the targeted timeline for us to commence a liquidity event from June 30, 2028 to June 30, 2033." REIT V then failed to reach a quorum at its August 13, 2026 annual meeting and planned to reconvene on September 10; as of September 13 no 8-K reports the result. It is not alone in that: see the six non-traded REITs that could not seat a quorum in 2026.

Sources

• Lightstone Value Plus REIT I, Inc., Form 10-K for 2025, accession 0001185185-26-001141; Form 10-Q for June 30, 2026, accession 0001185185-26-003444.
• Lightstone Value Plus REIT II, Inc., Form 10-K for 2025, accession 0001185185-26-001140; Form 10-Q for June 30, 2026, accession 0001185185-26-003557; West 4 Capital LP Schedule TO-T, accession 0001104659-24-047230, and final amendment, accession 0001104659-24-072674; REIT II Schedule 14D-9, accession 0001140361-24-021509.
• Lightstone Value Plus REIT III, Inc., Form 10-K for 2025, accession 0001185185-26-001145; Form 10-Q for June 30, 2026, accession 0001185185-26-003556.
• Lightstone Value Plus REIT IV, Inc. (formerly Lightstone Real Estate Income Trust Inc.), Form 10-K for 2025, accession 0001185185-26-001144; Form 10-Q for June 30, 2026, accession 0001185185-26-003442.
• Lightstone Value Plus REIT V, Inc., Form 10-K for 2025, accession 0001185185-26-001079; Form 10-Q for June 30, 2026, accession 0001185185-26-003490; Form 8-K of August 18, 2026, accession 0001140361-26-033595.