Lightstone Value Plus REIT III Inc. terminated its best-efforts offering of common stocks March 31, triggering the termination of a contribution agreement between the nontraded REIT and Lightstone SLP III LLC on the same day.
Stock subscriptions underway under the offering, as at March 31, will be processed until April 13, according to a filing. The company added that its distribution reinvestment program is still effective.
The contribution agreement, meanwhile, was signed Dec. 29, 2015, and Lightstone SLP is an affiliate of the REIT's sponsor, Lightstone Group LLC.
Also on March 31, the trust and Orchard Securities LLC both agreed to terminate their dealer-manager agreement, which the two entered into July 16, 2014.