Lightstone REIT V Boosts NAV Estimate

The real estate trust's latest valuation reflects stronger asset performance and a rebound in multifamily property values.

November 11, 2025

Valuation climbs as property portfolio gains ground

Lightstone Value Plus REIT V just released its latest net asset value, and there’s real movement in the numbers. As of September 30, 2025, the REIT’s NAV came in at approximately $306.4 million, or $16.56 per share. That’s a 4.3% increase from last year’s estimate of $15.87.

What’s behind the rise? Primarily, an uptick in the value of Lightstone’s eight wholly owned multifamily properties. These assets were appraised by Capright Property Advisors, an independent valuation firm that worked alongside Lightstone’s external manager, LSG Development Advisor. The review covered a lot of ground—Capright looked at local market conditions, rent growth assumptions, expected holding periods, and cash flow projections. They used multiple standard valuation methods, including discounted cash flow models and comparable sales data.

Other parts of the balance sheet played their role too. The REIT’s cash, restricted cash, and marketable securities were all deemed to hold steady at their carrying values. On the debt side, fixed-rate mortgage loans were adjusted based on current market interest rates, while variable-rate loans were considered in line with book value. The final NAV per share was calculated after subtracting liabilities from the fair value of total assets and dividing by the REIT’s 18.5 million fully diluted shares outstanding.

What’s next and what it means

The new NAV reflects more than just a snapshot—it’s a full rework of asset and liability estimates as of quarter-end. Lightstone’s board approved the figure after reviewing detailed reports from both its advisor and Capright. The board will continue to revisit the NAV annually, in line with the company’s valuation policy.

This year’s NAV update also follows a series of special distributions, the latest of which was $0.08 per share, paid out on October 16, 2025. In total, Lightstone has now returned $4.11 per share in special distributions to shareholders.

While the updated NAV is meant to provide investors with greater transparency, Lightstone makes clear that this figure isn’t a resale price or a guarantee of future returns. It’s a reference point built from a defined process, and it can shift as market conditions, portfolio performance, or debt terms change.

The takeaway: NAV moved up, driven by stronger asset values and market data that supports those increases. Lightstone has mapped out its assumptions clearly, and while future valuations may adjust, this update reflects where things stood at the end of Q3.