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): December 22, 2010 (November 15,
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
(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.
Dividend
Declaration
On
November 15, 2010, the Board of Directors of Lightstone Value Plus Real Estate
Investment Trust, Inc. (the “Company”) declared a dividend for the three-month
period ending December 31, 2010. The dividend will be calculated based on
shareholders of record each day during this three-month period at a rate of
$0.0019178 per day, and will equal a daily amount that, if paid each day for a
365-day period, would equal a 7.0% annualized rate based on a share price of
$10.00. The dividend will be paid in cash in January 2011 to shareholders of
record as of December 31, 2010. The shareholders have an option to
elect the receipt of shares under our Distributions Reinvestment
Program.
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 Real Estate Investment Trust under the
Internal Revenue Code.
Everson
Pointe
On
December 17, 2010, the Company, through LVP Everson Pointe LLC, a wholly owned
subsidiary of Lightstone Value Plus REIT LP, the Company’s operating partnership
(the “Operating Partnership”), acquired Everson Pointe (the “Property”) from a
third-party, Edens Everson, LLC, for aggregate consideration of approximately
$8.8 million, excluding acquisition fees and expenses. The Property
is a grocery store-anchored retail property located in Snellville, GA (part of
the Atlanta MSA) consisting of 81,428 square feet. The acquisition of
the Property was funded from cash and proceeds from a $5.0 million non-recourse
mortgage loan (the “Loan”) provided by State Bank & Trust Company (the
“Lender”).
The Loan
has a term of 5 years, bears interest at a floating rate of Prime plus 1.00%,
subject to a 5.85% floor, and requires monthly interest-only payments for the
first year. Thereafter, the Loan will require monthly principal
payments of $12,277 plus accrued interest through its stated
maturity. The Loan will mature on December 17, 2020, at which time a
balloon payment of approximately $4.4 million will be due to the Lender,
assuming no principal prepayments. The Loan is secured by the
Property and the Company has provided a guaranty to the Lender for non-recourse
carve-outs.
Item 9.01 Financial Statements and
Exhibits
(a)
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Financial
Statements.
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Not
applicable.
(b)
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Pro Forma Financial
Information.
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Not
applicable.
(c)
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Shell
Company.
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Not
applicable.
(d)
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Exhibits.
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Not
applicable.
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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: December
22, 2010
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By:
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/s/
Donna Brandin
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Donna
Brandin
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Chief
Financial Officer and Principal Accounting
Officer
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