Lightstone Value Plus REIT I, Inc. has elected to be taxed and qualify as a real estate investment trust for United States federal income tax purposes. Lightstone REIT I was formed primarily for the purpose of engaging in the business of investing in and owning commercial and multifamily residential real estate properties and making other real estate-related investments located throughout the U.S. Lightstone REIT I is structured as an umbrella partnership REIT, or UPREIT, and substantially all of its current and future business is and will be conducted through Lightstone Value Plus REIT, L.P., a Delaware limited partnership formed on July 12, 2004. As of June 30, 2025, Lightstone REIT I held a 98% general partnership interest in the Operating Partnership’s common units. Lightstone REIT I. Through its Operating Partnership, the Company owns, operates and develops commercial and multifamily residential properties and makes other real estate-related investments, principally in the U.S. The Company’s real estate investments are held by it alone or jointly with other parties. The Company also originates or acquires mortgage loans secured by real estate. Although most of its investments are of these types, the Company may invest in whatever types of real estate or real estate-related investments that it believes is in its best interests. Since its inception, the Company has owned and managed various commercial and multifamily residential properties located throughout the U.S. The Company evaluates all of its real estate investments as one operating segment. The Company currently intends to hold its real estate investments until such time as it determines that a sale or other disposition appears to be advantageous to achieve its objectives or until it appears that the objectives will not be met. As of June 30, 2025, the Company (i) has ownership interests in and consolidates two operating properties and one development project and (ii) has ownership interests through two unconsolidated joint ventures in a portfolio of nine multifamily residential properties (the Columbus Portfolio) located in the Columbus, Ohio metropolitan area and a portfolio of five limited-service hotel properties (the Hotel JV Portfolio).