July 24, 2006
The Lightstone Value Plus REIT today announced that Stephen H. Hamrick has been appointed President and CEO of the company's affiliated entity, Lightstone Securities LLC.
Lightstone Securities is the dealer-manager for the Lightstone Value Plus Real Estate Investment Trust, Inc, the first "no front-end load" real estate investment trust (REIT).
David Lichtenstein, Chairman and CEO of the Lightstone Value Plus REIT observed, "Steve Hamrick has an outstanding reputation in the securities and real estate communities, having established himself as an innovative and valued advisor. He is ideally suited to expand Lightstone Securities' ability to diversify our real estate investment opportunities and expand our investor base. He joins Lightstone Securities at a great time as our innovative new REIT continues to identify and close on real estate investment opportunities throughout the country. His integrity, character and background reflect the excellence we strive to maintain at Lightstone."
Mr. Hamrick stated, "I am extremely pleased to be joining Lightstone Securities at such an exciting time in the firm's development. David Lichtenstein's vision for Lightstone Securities as a national investment platform is coming to fruition, and I am delighted to play a leadership role in delivering this platform to planners, stockbrokers and their investors. David has built a terrific reputation and track record and I look forward to leveraging the tremendous job he and his team have done."
Prior to joining Lightstone Securities, Mr. Hamrick was Managing Director of W.P. Carey & Co LLC and President of Carey Financial LLC, where he served for five years. He is a member of the Committee on Securities, which approves companies for listing and de-listing on The American Stock Exchange, and the Board of Trustees of The Saratoga Group of Mutual Funds.
Mr. Hamrick began his career in the investment brokerage industry as an Account Executive at Merrill Lynch and E. F. Hutton, where he ultimately served as National Director of Private Placements. He headed up Private Investments at PaineWebber from 1988 until 1994 and was a member of the firm's Management Council. Subsequently, he led the turn-around of a bank-based, investment brokerage business, developed a proprietary electronic trading business for Cantor Fitzgerald and served as Chairman of Duroplas Corporation.
Mr. Hamrick has served as Chairman of the Securities Industry Association's Direct Investment Committee and as Chairman of the Investment Program Association. He is a Certified Financial Planner with degrees in English and Economics from Duke University.
About The Lightstone Value Plus REIT
The investment objectives of the REIT are capital appreciation and income from real estate cash flows. Investors include individuals as well as retirement plans.
The REIT is unique in that its sponsor, an affiliate of The Lightstone Group, will make a significant equity investment, representing 10 percent of the capital raised by the REIT, providing 100 percent of the funds required to cover the front-end costs of the offering. This investment of up to $30 million will be made over time as subscriptions are accepted by the REIT. This unique alignment of interests will allow investors in the REIT the opportunity to see 100 percent of their investment directed into property acquisitions.
For more information on how to obtain information or acquire shares please contact:
Lightstone Securities LLC
Member NASD,SIPC
Jim Wellman, Marketing Director, jwellman@lightstonereit.com
460 Park Avenue
New York, NY 10022
(866) 792-8700
www.lightstonereit.com
