Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | 10-May-15 |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Entity Registrant Name | Lightstone Value Plus Real Estate Investment Trust, Inc. | |
Entity Central Index Key | 1296884 | |
Current Fiscal Year End Date | -19 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 25.9 | |
Entity Current Reporting Status | Yes |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Land and improvements | $68,608 | $68,606 |
Building and improvements | 230,000 | 227,427 |
Furniture and fixtures | 16,638 | 16,567 |
Construction in progress | 4,997 | 2,317 |
Gross investment property | 320,243 | 314,917 |
Less accumulated depreciation | -42,552 | -40,166 |
Net investment property | 277,691 | 274,751 |
Investment in unconsolidated affiliated real estate entity | 11,284 | 9,846 |
Investment in affiliates | 43,750 | 36,637 |
Cash and cash equivalents | 85,537 | 54,529 |
Marketable securities, available for sale | 146,270 | 154,818 |
Restricted escrows | 8,761 | 8,809 |
Tenant accounts receivable (net of allowance for doubtful accounts of $275 and $327, respectively) | 1,878 | 1,853 |
Mortgage receivable | 5,144 | 5,179 |
Intangible assets, net | 1,430 | 1,546 |
Prepaid expenses and other assets | 13,566 | 14,366 |
Assets held for sale | 33,268 | 111,505 |
Total Assets | 628,579 | 673,839 |
Liabilities and Stockholders' Equity | ||
Mortgages payable | 226,645 | 227,189 |
Notes payable | 20,410 | 38,582 |
Accounts payable, accrued expenses and other liabilities | 12,819 | 12,293 |
Due to sponsor | 785 | 802 |
Tenant allowances and deposits payable | 5,847 | 2,314 |
Distributions payable | 4,480 | 4,566 |
Deferred rental income | 1,422 | 1,167 |
Acquired below market lease intangibles, net | 744 | 793 |
Liabilities held for sale | 22,301 | 70,130 |
Total Liabilities | 295,453 | 357,836 |
Commitments and contingencies (See Note 11) | ||
Company's Stockholders Equity: | ||
Preferred shares, $0.01 par value, 10,000 shares authorized, none issued and outstanding | ||
Common stock, $0.01 par value; 60,000 shares authorized, 25,941 and 25,850 shares issued and outstanding, respectively | 259 | 258 |
Additional paid-in-capital | 205,082 | 204,022 |
Accumulated other comprehensive income | 51,613 | 50,671 |
Accumulated surplus | 42,491 | 25,814 |
Total Company's stockholders' equity | 299,445 | 280,765 |
Noncontrolling interests | 33,681 | 35,238 |
Total Stockholders' Equity | 333,126 | 316,003 |
Total Liabilities and Stockholders' Equity | $628,579 | $673,839 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Tenant accounts receivable, allowance for doubtful accounts | $275 | $327 |
Preferred shares, par value | $0.01 | $0.01 |
Preferred shares, shares authorized | 10,000 | 10,000 |
Preferred shares, shares issued | ||
Preferred shares, shares outstanding | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 60,000 | 60,000 |
Common stock, shares issued | 25,941 | 25,850 |
Common stock, shares outstanding | 25,941 | 25,850 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Rental income | $9,084 | $9,899 |
Tenant recovery income | 1,069 | 1,240 |
Other service income | 2,678 | 2,747 |
Total revenues | 12,831 | 13,886 |
Expenses: | ||
Property operating expenses | 6,521 | 7,087 |
Real estate taxes | 875 | 956 |
General and administrative costs | 1,414 | 1,662 |
Depreciation and amortization | 2,799 | 3,068 |
Total operating expenses | 11,609 | 12,773 |
Operating income | 1,222 | 1,113 |
Other income, net | 233 | 206 |
Interest and dividend income | 2,628 | 1,468 |
Interest expense | -3,793 | -3,914 |
Gain on sale of marketable securities (includes gain of $6,317 and $548, respectively, accumulated other comprehensive income reclassifications) | 6,923 | 1,167 |
Loss from investment in unconsolidated affiliated real estate entity | -35 | -135 |
Net income/(loss) from continuing operations | 7,178 | -95 |
Net income from discontinued operations | 14,605 | 2,157 |
Net income | 21,783 | 2,062 |
Less: net income attributable to noncontrolling interests | -627 | -152 |
Net income attributable to Company's common shares | $21,156 | $1,910 |
Basic and diluted net income per Company's common share: | ||
Continuing operations | $0.26 | ($0.01) |
Discontinued operations | $0.56 | $0.08 |
Net income per Company's common share, basic and diluted | $0.82 | $0.07 |
Weighted average number of common shares outstanding, basic and diluted | 25,938 | 25,723 |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ||
Reclassification adjustment for loss/(gain) included in net income | $6,317 | $548 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||
Net income | $21,783 | $2,062 |
Other comprehensive income: | ||
Unrealized gain on available for sale securities | 7,936 | 8,383 |
Reclassification adjustment for gain included in net income | -6,317 | -548 |
Other comprehensive income | 1,619 | 7,835 |
Comprehensive income | 23,402 | 9,897 |
Less: Comprehensive income attributable to noncontrolling interests | -1,305 | -861 |
Comprehensive income attributable to Company's common shares | $22,097 | $9,036 |
CONSOLIDATED_STATEMENT_OF_STOC
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (USD $) | Total | Common [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Surplus [Member] | Total Noncontrolling Interests [Member] |
In Thousands | ||||||
BALANCE at Dec. 31, 2014 | $316,003 | $258 | $204,022 | $50,671 | $25,814 | $35,238 |
BALANCE (in shares) at Dec. 31, 2014 | 25,850 | |||||
Net income | 21,783 | 21,156 | 627 | |||
Other comprehensive income | 1,619 | 942 | 677 | |||
Distributions declared | -4,479 | -4,479 | ||||
Distributions paid to noncontrolling interests | -2,576 | -2,576 | ||||
Contributions received from noncontrolling interests | 3 | 3 | ||||
Redemption and cancellation of shares and noncontrolling interests | -680 | -392 | -288 | |||
Redemption and cancellation of shares and noncontrolling interests (in shares) | -39 | |||||
Shares issued from distribution reinvestment program | 1,453 | 1 | 1,452 | |||
Shares issued from distribution reinvestment program (in shares) | 130 | |||||
BALANCE at Mar. 31, 2015 | $333,126 | $259 | $205,082 | $51,613 | $42,491 | $33,681 |
BALANCE (in shares) at Mar. 31, 2015 | 25,941 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $21,783 | $2,062 |
Less net income - discontinued operations | 14,605 | 2,157 |
Net income/(loss) - continuing operations | 7,178 | -95 |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 2,799 | 3,068 |
Mark to market adjustment on derivative financial instruments | 69 | 36 |
Gain on sale of marketable securities | -6,923 | -1,167 |
Loss from investment in unconsolidated affiliated real estate entity | 35 | 135 |
Other non-cash adjustments | -70 | -48 |
Changes in assets and liabilities: | ||
Decrease/(increase) in prepaid expenses and other assets | 240 | -413 |
Decrease in tenant accounts receivable | 4 | 480 |
Increase in tenant allowance and security deposits payable | 159 | 342 |
Increase in accounts payable and accrued expenses | 128 | 602 |
(Decrease)/increase in due to Sponsor | -17 | -175 |
Increase in deferred rental income | 255 | 511 |
Net cash provided by operating activities - continuing operations | 3,857 | 3,276 |
Net cash provided by operating activities - discontinued operations | 967 | 2,210 |
Net cash provided by operating activities | 4,824 | 5,486 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of investment property, net | -1,760 | -2,496 |
Purchase of marketable securities | -5,113 | -7,470 |
Contributions to investment in unconsolidated affiliated real estate entities | -1,568 | |
Collections on mortgage receivable | 35 | 24 |
Proceeds from sale of marketable securities | 22,203 | 17,778 |
Investment in affiliate | -7,113 | |
Distribution from investment in unconsolidated affiliated real estate entities | 96 | |
Deposit for purchase of real estate, net | -3,543 | |
Release of restricted escrows | 442 | 7,045 |
Net cash provided by investing activities - continuing operations | 7,222 | 11,338 |
Net cash provided by investing activities - discontinued operations | 77,994 | 5,461 |
Net cash provided by investing activities | 85,216 | 16,799 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Mortgage payments | -544 | -662 |
Payment of loan fees and expenses | -2 | -11 |
Redemption and cancellation of common stock and noncontrolling interests | -392 | -3,104 |
Proceeds from mortgage financing | 553 | |
Net payments on notes payable | -18,172 | -671 |
Contributions received from noncontrolling interests | 3 | 9 |
Distributions paid to noncontrolling interests | -2,576 | -710 |
Distributions paid to Company's common stockholders | -3,113 | -3,076 |
Net cash used in financing activities - continuing operations | -24,796 | -7,672 |
Net cash used in financing activities - discontinued operations | -34,236 | -6,020 |
Net cash used in financing activities | -59,032 | -13,692 |
Net change in cash and cash equivalents | 31,008 | 8,593 |
Cash and cash equivalents, beginning of year | 54,529 | 52,899 |
Cash and cash equivalents, end of period | 85,537 | 61,492 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 3,359 | 3,884 |
Distributions declared | 4,479 | 4,443 |
Value of shares issued from distribution reinvestment program | 1,453 | 1,450 |
Non-cash purchase of investment property | 4,137 | 250 |
Debt assumed by purchase on disposition | $11,539 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2015 | |
Organization [Abstract] | |
Organization | 1. Organization |
Lightstone Value Plus Real Estate Investment Trust, Inc., a Maryland corporation (“Lightstone REIT”) was formed on June 8, 2004 (date of inception) and subsequently qualified as a real estate investment trust (“REIT”) during the year ending December 31, 2006. Lightstone REIT was formed primarily for the purpose of engaging in the business of investing in and owning commercial and residential real estate properties located throughout the United States. | |
Lightstone REIT 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 (the “Operating Partnership”), in which Lightstone REIT as the general partner, held a 98% interest as of March 31, 2015. | |
The Lightstone REIT and the Operating Partnership and its subsidiaries are collectively referred to as the ‘‘Company'' and the use of ‘‘we,'' ‘‘our,'' ‘‘us'' or similar pronouns refers to the Lightstone REIT, its Operating Partnership or the Company as required by the context in which such pronoun is used. | |
The Company is managed by Lightstone Value Plus REIT, LLC (the “Advisor”), an affiliate of the Lightstone Group, LLC (the “Sponsor”), under the terms and conditions of an advisory agreement. Subject to the oversight of the Company's board of directors (the “Board of Directors”), the Advisor has primary responsibility for making investment decisions and managing the Company's day-to-day operations. Through his ownership and control of The Lightstone Group, Mr. Lichtenstein is the indirect owner of the Advisor and the indirect owner and manager of Lightstone SLP, LLC, which has subordinated profits interests in the Operating Partnership. Mr. Lichtenstein also acts as the Company's Chairman and Chief Executive Officer. As a result, he exerts influence over but does not control Lightstone REIT or the Operating Partnership. | |
The Company's stock is not currently listed on a national securities exchange. The Company may seek to list its stock for trading on a national securities exchange only if a majority of its independent directors believe listing would be in the best interest of its stockholders. The Company does not intend to list its shares at this time. The Company does not anticipate that there would be any market for its shares of common stock until they are listed for trading. In the event the Company does not obtain listing prior to October 10, 2018 (the tenth anniversary of the completion of its initial public offering,) its charter requires that the Board of Directors must either (i) seek stockholder approval of an extension or amendment of this listing deadline; or (ii) seek stockholder approval to adopt a plan of liquidation of the corporation. | |
As of March 31, 2015, on a collective basis, the Company (i) wholly or majority owned and consolidates the operating results and financial condition of 3 retail properties containing a total of approximately 0.7 million square feet of retail space, 14 industrial properties containing a total of approximately 1.0 million square feet of industrial space, 5 multi-family residential properties containing a total of 1,216 units, and 5 hotel hospitality properties containing a total of 779 rooms and (ii) owned an interest accounted for under the equity method of accounting in 1 office property containing a total of approximately 1.1 million square feet of office space. All of the Company's properties are located within the United States. As of March 31, 2015, the retail properties, the industrial properties, the multi-family residential properties and the office property were 82.8%, 76.4%, 95.1% and 82.5% occupied based on a weighted-average basis, respectively. Its hotel hospitality properties' average revenue per available room (“Rev PAR”) was $60.52 and occupancy was 53.4%, respectively for the three months ended March 31, 2015. | |
Discontinued Operations | |
On January 22, 2014 the Company disposed of Crowe's Crossing Shopping Center, (“Crowe's Crossing”) a retail shopping center located in Stone Mountain, Georgia. The operating results of Crowe's Crossing have been classified as discontinued operations in the consolidated statements of operations for all periods presented. We recognized a gain on disposition of approximately $1.6 million, which is included in discontinued operations during the year ended December 31, 2014. | |
During the first quarter of 2015, a portfolio of 11 of the Company's hotel hospitality properties' (the “Hotel Portfolio”) met the criteria to be classified as held for sale. The operating results of the Hotel Portfolio have been classified as discontinued operations in the consolidated statements of operations for all periods presented. Additionally, the associated assets and liabilities of the Hotel Portfolio are classified as held for sale in the consolidated balance sheet as of December 31, 2014. Also, during the first quarter of 2015 the Company completed the disposition of 7 of the 11 hotel hospitality properties contained in the Hotel Portfolio and the remaining 4 hotel hospitality properties are classified as held for sale in the consolidated balance sheet as of March 31, 2015 (See Note 6.). | |
Noncontrolling Interests | |
As of March 31, 2015, the noncontrolling interests consist of (i) parties of the Company that hold units in the Operating Partnership and (ii) certain interests in consolidated subsidiaries. The units include SLP units, limited partner units and Common Units. The noncontrolling interests in consolidated subsidiaries include ownership interests in Pro-DFJV Holdings LLC (“PRO”), 50-01 2nd St Associates LLC (the “2nd Street Joint Venture”), and the interests held by minority owners of certain of our hotels. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies |
Basis of Presentation | |
The consolidated financial statements include the accounts of the Lightstone REIT and its Operating Partnership and its subsidiaries (over which the Company exercises financial and operating control). All inter-company balances and transactions have been eliminated in consolidation. | |
The accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited Consolidated Financial Statements of the Company and related notes as contained in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014. The unaudited interim consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair statement of the results for the periods presented. The accompanying unaudited consolidated financial statements of Lightstone Value Plus Real Estate Investment Trust, Inc. and its Subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. | |
GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate, marketable securities, depreciable lives, and revenue recognition. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. | |
The consolidated balance sheet as of December 31, 2014 included herein has been derived from the consolidated balance sheet included in the Company's Annual Report on Form 10-K. | |
The unaudited consolidated statements of operations for interim periods are not necessarily indicative of results for the full year or any other period. | |
Reclassifications | |
Certain prior period amounts have been reclassified to conform to the current year presentation. | |
New Accounting Pronouncements | |
In May 2014, the FASB issued an accounting standards update that completes the joint effort by the FASB and International Accounting Standards Board to improve financial reporting by creating common revenue recognition guidance for GAAP and International Financial Reporting Standards. The update applies to all companies that enter into contracts with customers to transfer goods or services and is effective for us for interim and annual reporting periods beginning after December 15, 2016. Early application is not permitted and companies have the choice to apply the update either retrospectively to each reporting period presented or by recognizing the cumulative effect of applying the update at the date of initial application (January 1, 2017) and not adjusting comparative information. The Company is currently evaluating the requirements and impact of this update on its consolidated financial statements. | |
In April 2015, the FASB issued an accounting standards update to simplify the presentation of debt issuance costs. This update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This new guidance will be effective for the Company beginning January 1, 2016. The Company is currently evaluating the impact of this standard on our consolidated financial statements. | |
Investment_in_Unconsolidated_A
Investment in Unconsolidated Affiliated Real Estate Entity | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Investments in Unconsolidated Affiliated Real Estate Entity [Abstract] | ||||||||||||||||||
Investments in Unconsolidated Affiliated Real Estate Entity | 3. Investment in Unconsolidated Affiliated Real Estate Entity | |||||||||||||||||
The entity discussed below was partially owned by the Company. The Company accounted for this investment under the equity method of accounting as the Company exercised significant influence, but did not control this entity. A summary of the Company's investment in unconsolidated affiliated real estate entity is as follows: | ||||||||||||||||||
As of | ||||||||||||||||||
Real Estate Entity | Date Acquired | Ownership % | 31-Mar-15 | 31-Dec-14 | ||||||||||||||
1407 Broadway Mezz II, LLC ("1407 Broadway") | 4-Jan-07 | 49 | % | $ | 11,284 | $ | 9,846 | |||||||||||
1407 Broadway | ||||||||||||||||||
The Company had a 49.0% ownership in 1407 Broadway, which has a sub-leasehold interest in a ground lease to an office building located at 1407 Broadway in New York, New York. | ||||||||||||||||||
On April 30, 2015, 1407 Broadway completed the disposition of its sub-leasehold to an unrelated third party for aggregate consideration of approximately $150.0 million. The Company's share of the net proceeds, after repayment of outstanding mortgage indebtedness and transaction and other closing costs was approximately $14.0 million. | ||||||||||||||||||
1407 Broadway Financial Information | ||||||||||||||||||
The following table represents the unaudited condensed income statement for 1407 Broadway: | ||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||||
2015 | 2014 | |||||||||||||||||
Total revenue | $ | 10,257 | $ | 9,982 | ||||||||||||||
Property operating expenses | 7,239 | 8,008 | ||||||||||||||||
Depreciation and amortization | 2,022 | 1,666 | ||||||||||||||||
Operating income | 996 | 308 | ||||||||||||||||
Interest expense and other, net | (1,135 | ) | (709 | ) | ||||||||||||||
Net loss | $ | (139 | ) | $ | (401 | ) | ||||||||||||
Company's equity earnings | $ | (35 | ) | $ | (135 | ) | ||||||||||||
The following table represents the unaudited condensed balance sheet for 1407 Broadway: | ||||||||||||||||||
As of | As of | |||||||||||||||||
31-Mar-15 | December 31, 2014 | |||||||||||||||||
Real estate, at cost (net) | $ | 122,937 | $ | 121,304 | ||||||||||||||
Intangible assets | 16 | 28 | ||||||||||||||||
Cash and restricted cash | 14,101 | 8,951 | ||||||||||||||||
Other assets | 21,821 | 22,673 | ||||||||||||||||
Total assets | $ | 158,875 | $ | 152,956 | ||||||||||||||
Mortgage payable | $ | 125,917 | $ | 126,000 | ||||||||||||||
Other liabilities | 16,284 | 13,342 | ||||||||||||||||
Member capital | 16,674 | 13,614 | ||||||||||||||||
Total liabilities and members' capital | $ | 158,875 | $ | 152,956 | ||||||||||||||
Marketable_Securities_and_Fair
Marketable Securities and Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Marketable Securities And Fair Value Measurements [Abstract] | |||||||||||||||||
Marketable Securities and Fair Value Measurements | 4. Marketable Securities and Fair Value Measurements | ||||||||||||||||
Marketable Securities: | |||||||||||||||||
The following is a summary of the Company's available for sale securities as of the dates indicated: | |||||||||||||||||
As of March 31, 2015 | |||||||||||||||||
Adjusted Cost | Gross Unrealized Gains | Gross Unrealized | Fair Value | ||||||||||||||
Losses | |||||||||||||||||
Equity Securities, primarily REITs | $ | 1,405 | $ | 499 | $ | - | $ | 1,904 | |||||||||
Marco OP Units and Marco II OP Units | 47,029 | 57,088 | - | 104,117 | |||||||||||||
Corporate Bonds and Preferred Equities | 35,880 | 783 | (557 | ) | 36,106 | ||||||||||||
Mortgage Backed Securities ("MBS") | 4,430 | - | (287 | ) | 4,143 | ||||||||||||
Total | $ | 88,744 | $ | 58,370 | $ | (844 | ) | $ | 146,270 | ||||||||
As of December 31, 2014 | |||||||||||||||||
Adjusted Cost | Gross Unrealized Gains | Gross Unrealized | Fair Value | ||||||||||||||
Losses | |||||||||||||||||
Equity Securities, primarily REITs | $ | 1,405 | $ | 367 | $ | - | $ | 1,772 | |||||||||
Marco OP Units and Marco II OP Units | 51,970 | 55,872 | - | 107,842 | |||||||||||||
Corporate Bonds and Preferred Equities | 40,705 | 898 | (955 | ) | 40,648 | ||||||||||||
Mortgage Backed Securities ("MBS") | 4,832 | - | (276 | ) | 4,556 | ||||||||||||
Total | $ | 98,912 | $ | 57,137 | $ | (1,231 | ) | $ | 154,818 | ||||||||
The Marco OP Units and the Marco II OP Units are exchangeable for a similar number of common operating partnership units (“Simon OP Units”) of Simon Property Group, L.P., (“Simon OP”), the operating partnership of Simon Property Group, Inc. (“Simon”). Subject to the various conditions, the Company may elect to exchange the Marco OP Units and/or the Marco II OP Units to Simon OP Units which must be immediately delivered to Simon in exchange for cash or similar number of shares of Simon's common stock (“Simon Stock”). | |||||||||||||||||
During the three months ended March 31, 2015, the Company sold 60,000 Marco OP units with a cost basis of approximately $4.9 million for gross proceeds of approximately $11.5 million and realized a gain of approximately $6.6 million, which is included in gain on sale of marketable securities, on the consolidated statements of operations. | |||||||||||||||||
The Company considers the declines in market value of certain of its investments to be temporary in nature as the unrealized losses were caused primarily by changes in market interest rates or widening credit spreads. When evaluating these investments for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, and the Company's intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment's amortized cost basis. During the three months ended March 31, 2015 and 2014, the Company did not recognize any impairment charges. As of March 31, 2015, the Company does not consider any of its investments to be other-than-temporarily impaired. | |||||||||||||||||
The Company may sell certain of its investments prior to their stated maturities for strategic purposes, in anticipation of credit deterioration, or for duration management. For the three months ended March 31, 2015 and 2014 the Company realized $0.3 million and $1.2 million of gross gains, related to sales of securities and early redemptions of MBS by the security issuer. The maturities of the Company's MBS generally ranged from 27 years to 30 years. | |||||||||||||||||
Notes Payable | |||||||||||||||||
Margin Loan | |||||||||||||||||
The Company has access to a margin loan (the “Margin Loan”) from a financial institution that holds custody of certain of the Company's marketable securities. The Margin Loan, which is due on demand, bears interest at Libor plus 0.85% (1.03% as of March 31, 2015) and is collateralized by the marketable securities in the Company's account. The amounts available to the Company under the Margin Loan are at the discretion of the financial institution and not limited to the amount of collateral in its account. The amount outstanding under this Margin Loan was $0.5 million and $18.7 million as of March 31, 2015 and December 31, 2014, respectively, and is included in Notes payable on the consolidated balance sheets. | |||||||||||||||||
Line of Credit | |||||||||||||||||
On September 14, 2012, the Company entered into a non-revolving credit facility (the “Line of Credit”) with a financial institution which permits borrowings up to $25.0 million. The Line of Credit expires on June 19, 2016 and bears interest at Libor plus 3.00% (3.18% as of March 31, 2015). The Line of Credit is collateralized by 440,311 Marco OP Units and PRO guaranteed the Line of Credit. The amount outstanding under the Line of Credit was $19.9 million as of both March 31, 2015 and December 31, 2014 and is included in Notes Payable on the consolidated balance sheets. | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. | |||||||||||||||||
The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: | |||||||||||||||||
• | Level 1 – Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
• | Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||||||
• | Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||||
Marketable securities, available for sale, measured at fair value on a recurring basis as of the dates indicated are as follows: | |||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||
As of March 31, 2015 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Marketable Securities: | |||||||||||||||||
Equity Securities, primarily REITs | $ | 1,904 | $ | - | $ | - | $ | 1,904 | |||||||||
Marco OP and OP II Units | - | 104,117 | - | 104,117 | |||||||||||||
Corporate Bonds and Preferred Equities | - | 36,106 | - | 36,106 | |||||||||||||
MBS | - | 4,143 | - | 4,143 | |||||||||||||
Total | $ | 1,904 | $ | 144,366 | $ | - | $ | 146,270 | |||||||||
Fair Value Measurement Using | |||||||||||||||||
As of December 31, 2014 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Marketable Securities: | |||||||||||||||||
Equity Securities, primarily REITs | $ | 1,772 | $ | - | $ | - | $ | 1,772 | |||||||||
Marco OP and OP II Units | - | 107,842 | - | 107,842 | |||||||||||||
Corporate Bonds and Preferred Equities | - | 40,648 | - | 40,648 | |||||||||||||
MBS | - | 4,556 | - | 4,556 | |||||||||||||
Total | $ | 1,772 | $ | 153,046 | $ | - | $ | 154,818 | |||||||||
The Company did not have any other significant financial assets or liabilities, which would require revised valuations that are recognized at fair value. |
Mortgages_Payable
Mortgages Payable | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
Mortgages Payable [Abstract] | ||||||||||||||||||||||||||||||||
Mortgages Payable | 5. Mortgages Payable | |||||||||||||||||||||||||||||||
Mortgages payable consists of the following: | ||||||||||||||||||||||||||||||||
Loan Amount as of | ||||||||||||||||||||||||||||||||
Property | Interest Rate | Weighted | Maturity Date | Amount Due at | 31-Mar-15 | December 31, | ||||||||||||||||||||||||||
Average Interest | Maturity | 2014 | ||||||||||||||||||||||||||||||
Rate as of March | ||||||||||||||||||||||||||||||||
31, 2015 | ||||||||||||||||||||||||||||||||
Southeastern Michigan Multi-Family Properties | 5.96 | % | 5.96 | % | Jul-16 | $ | 38,139 | $ | 38,864 | $ | 39,012 | |||||||||||||||||||||
Oakview Plaza | 5.49 | % | 5.49 | % | Jan-17 | 25,583 | 26,319 | 26,425 | ||||||||||||||||||||||||
Gulf Coast Industrial Portfolio | 9.83 | % | 9.83 | % | Due on demand | 51,031 | 51,031 | 51,142 | ||||||||||||||||||||||||
St. Augustine Outlet Center | 6.09 | % | 6.09 | % | Apr-16 | 23,748 | 24,240 | 24,364 | ||||||||||||||||||||||||
Gantry Park | 4.48 | % | 4.48 | % | November 2024 | 65,317 | 74,500 | 74,500 | ||||||||||||||||||||||||
DePaul Plaza | Libor + 3.00% | 3.17 | % | September 2017 | 11,147 | 11,691 | 11,746 | |||||||||||||||||||||||||
Total mortgages payable | 6.16 | % | $ | 214,965 | $ | 226,645 | $ | 227,189 | ||||||||||||||||||||||||
Libor as of March 31, 2015 and December 31, 2014 was 0.18% and 0.17%, respectively. Our loans are secured by the indicated real estate and are non-recourse to the Company. | ||||||||||||||||||||||||||||||||
The following table shows the contractually scheduled principal maturities during the next five years and thereafter as of March 31, 2015, including the debt of approximately $21.4 million associated with the remaining 4 hotel hospitality properties of the Hotel Portfolio, which is classified within liabilities held for sale in the Consolidated Balance Sheets: | ||||||||||||||||||||||||||||||||
Remainder of | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||||||||||||
2015 | ||||||||||||||||||||||||||||||||
$ | 52,644 | $ | 63,454 | $ | 43,189 | $ | 15,395 | $ | 1,213 | $ | 72,129 | $ | 248,024 | |||||||||||||||||||
Pursuant to the Company's loan agreements, escrows in the amount of approximately $8.6 million and $11.7 million were held in restricted escrow accounts as of March 31, 2015 and December 31, 2014, respectively. Such escrows will be released in accordance with the applicable loan agreements for payments of real estate taxes, insurance and capital improvement transactions, as required. Certain of our mortgages payable also contain clauses providing for prepayment penalties. | ||||||||||||||||||||||||||||||||
Certain of the Company's debt agreements require the maintenance of certain ratios, including debt service coverage. The Company is currently in compliance with all of its debt covenants other than the debt associated with the Gulf Coast Industrial Portfolio which was placed in default during 2012 and is due on demand as discussed below. | ||||||||||||||||||||||||||||||||
As a result of not meeting certain debt service coverage ratios on the non-recourse mortgage indebtedness secured by the Gulf Coast Industrial Portfolio, the lender elected to retain the excess cash flow from these properties beginning in July 2011. During the third quarter of 2012, the loan was transferred to a special servicer, who discontinued scheduled debt service payments and notified us that the loan was in default and due on demand. | ||||||||||||||||||||||||||||||||
Although the lender is currently not charging or being paid interest at the stated default, rate of an additional 4.0%, an aggregate $5.6 million of default interest has been accrued through March 31, 2015 pursuant to the terms of the loan agreement. For both the three months ended March 31, 2015 and 2014, $0.5 million of default interest was accrued. As a result, accrued default interest of approximately $5.6 million and $5.0 million is included in accounts payable, accrued expenses and other liabilities on our consolidated balance sheets as of March 31, 2015 and December 31, 2014, respectively. Although we remain in discussions with the special servicer to restructure the terms of the loan, there can be no assurances that we will be successful. However, we do not expect to pay the accrued default interest as this mortgage indebtedness is non-recourse to us. Additionally, we believe the continued loss of excess cash flow from these properties and the placement of the non-recourse mortgage indebtedness in default will not have a material impact on our results of operations or financial position. |
Dispositions
Dispositions | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Dispositions [Abstract] | |||||||||||||
Dispositions | 6. Dispositions | ||||||||||||
Disposition of limited service hotels | |||||||||||||
On January 19, 2015, the Board of Directors of the Company provided approval for the Company to form a joint venture (the “Joint Venture”) with Lightstone Value Plus Real Estate Investment Trust II, Inc. (“Lightstone II”), a real estate investment trust also sponsored by the Company's Sponsor and for the Joint Venture to acquire the Company's membership interest in up to 11 limited service hotels (the “Hotel Portfolio”) for an aggregate of approximately $122.4 million, plus closing and other third party transaction costs, with the acquisition of certain of the properties contingent upon obtaining existing lender approvals. As of December 31, 2014, the 11 limited service hotels were encumbered by an aggregate of approximately $67.2 million in debt. | |||||||||||||
The 11 limited service hotels consist of the following: | |||||||||||||
• | a 151-room limited service hotel which operates as a Courtyard by Marriott (the “Courtyard – Parsippany”) located in Parsippany, New Jersey (wholly owned by the Lightstone REIT since July 30, 2012); | ||||||||||||
• | a 90-room limited service hotel which operates as a Courtyard by Marriott (the “Courtyard - Willoughby”) located in Willoughby, Ohio (wholly owned by the Lightstone REIT since December 3, 2012); | ||||||||||||
• | a 102-room limited service hotel which operates as a Fairfield Inn & Suites by Marriott (the “Fairfield Inn – Des Moines”) located in West Des Moines, Iowa (wholly owned by the Lightstone REIT since December 3, 2012); | ||||||||||||
• | a 97-suite limited service hotel which operates as a SpringHill Suites by Marriott (the “SpringHill Suites - Des Moines”) located in West Des Moines, Iowa (wholly owned by the Lightstone REIT since December 3, 2012); | ||||||||||||
• | a 82-room, Holiday Inn Express Hotel & Suites (the “Holiday Inn Express - Auburn”) located in Auburn, Alabama (wholly owned by the Lightstone REIT since January 18, 2013); | ||||||||||||
• | a 121-room limited service hotel which operates as a Courtyard by Marriott (the “Courtyard - Baton Rouge”) located in Baton Rouge, Louisiana (90% owned by the Lightstone REIT since May 16, 2013); | ||||||||||||
• | a 108-room limited service hotel which operates as a Residence Inn by Marriott (the “Residence Inn - Baton Rouge”) located in Baton Rouge, Louisiana (90% owned by the Lightstone REIT since May 16, 2013); | ||||||||||||
• | a 130-room select service hotel which operates as a Starwood Hotel Group Aloft Hotel (the “Aloft – Rogers”) located in Rogers, Arkansas (wholly owned by the Lightstone REIT since June 18, 2013); | ||||||||||||
• | a 83-room limited service hotel which operates as a Fairfield Inn & Suites by Marriott (the “Fairfield Inn – Jonesboro”) located in Jonesboro, Arkansas (95% owned by the Lightstone REIT since June 18, 2013); | ||||||||||||
• | a 127-room limited service hotel which operates as a Hampton Inn (the “Hampton Inn - Miami”) located in Miami, Florida (wholly owned by the Lightstone REIT since August 30, 2013); and | ||||||||||||
• | a 104-room limited service hotel which operates as a Hampton Inn & Suites (the “Hampton Inn & Suites - Fort Lauderdale”) located in Fort Lauderdale, Florida (wholly owned by the Lightstone REIT since August 30, 2013). | ||||||||||||
On January 29, 2015 the Company, through the Operating Partnership, entered into an agreement to form the Joint Venture with Lightstone II whereby the Company and Lightstone II have 2.5% and 97.5% membership interests in the Joint Venture, respectively. Lightstone II is the managing member. Each member may receive distributions and make future capital contributions based upon its respective ownership percentage, as required. As of March 31, 2015, the Company's 2.5% membership interest in the Joint Venture was approximately $1.5 million, recorded at cost, and is included in investment in affiliates on the consolidated balance sheet. | |||||||||||||
On January 29, 2015, the Company through a wholly owned subsidiary of the Operating Partnership, completed the disposition of its memberships interests in a portfolio of 5 of the 11 limited service hotels to be acquired by the Joint Venture previously approved by the Board of Directors for approximately $64.6 million, excluding transaction costs, or approximately $30.5 million, net of $34.1 million of debt which was repaid as part of the transaction, pursuant to five separate contribution agreements entered into with Lightstone II through the Joint Venture. | |||||||||||||
The 5 limited service hotels are as follows: | |||||||||||||
• | Courtyard – Willoughby | ||||||||||||
• | Fairfield Inn - Des Moines | ||||||||||||
• | SpringHill Suites - Des Moines | ||||||||||||
• | Hampton Inn – Miami | ||||||||||||
• | Hampton Inn & Suites - Fort Lauderdale | ||||||||||||
The Revolving Credit Facility was paid off upon completion of the disposition of the Hotel Portfolio. | |||||||||||||
On February 11, 2015, the Company, through a wholly owned subsidiary of its operating partnership, completed the disposition of its membership interest in the Courtyard – Parsippany and its 90% membership interest in the Residence Inn - Baton Rouge for approximately $23.4 million, excluding transaction costs, or approximately $12.2 million, net of $11.2 million of debt which was assumed by the subsidiaries of the Joint Venture as part of the transaction, pursuant to two separate contribution agreements, each dated as of February 11, 2015, entered into with Lightstone II through the Joint Venture. | |||||||||||||
The Courtyard – Parsippany Loan and the Residence Inn - Baton Rouge Loan were assumed by the subsidiaries of the Joint Venture as part of the transaction. | |||||||||||||
The two transactions completed on January 29, 2015 and February 11, 2015 described above represent 7 of the 11 limited service hotels to be disposed of by the Company previously approved by the Board of Directors. The Company is awaiting approval from the holders of the Promissory Note and the Courtyard Baton Rouge Loan for the Joint Venture to assume the Promissory Note and the Courtyard Baton Rouge Loan to complete the disposal of the final 4 of the 11 limited service hotels (Holiday Inn Express – Auburn, the Arkansas Hotel Portfolio and the Courtyard - Baton Rouge) previously approved by the Board of Directors. | |||||||||||||
In connection with the disposal of its interests in 7 of the 11 limited service hotels, the Company recognized a gain on disposition of approximately $14.4 million, which is included in discontinued operations on the consolidated statements of operations, during the three months ended March 31, 2015. | |||||||||||||
Disposition of Crowe's Crossing | |||||||||||||
During the fourth quarter of 2013, Crowe's Crossing met the criteria to be classified as held for sale and was subsequently disposed of for approximately $9.3 million on January 22, 2014. The operating results of Crowe's Crossing through its date of disposition have been classified as discontinued operations in the consolidated statements of operations for all periods presented. | |||||||||||||
In connection with the disposition, the Company repaid in full the then outstanding mortgage indebtedness of approximately $5.8 million, which was scheduled to mature in September 2015. Additionally, the Company recognized a gain on disposition of approximately $1.6 million, which is included in discontinued operations during the three months ended March 31, 2014. | |||||||||||||
The following summary presents the operating results of the Hotel Portfolio and Crowe's Crossing included in discontinued operations in the Consolidated Statements of Operations for the periods indicated. | |||||||||||||
For the Three Months Ended | |||||||||||||
31-Mar-15 | March 31, 2014 | ||||||||||||
Revenues | $ | 5,168 | $ | 8,432 | |||||||||
Operating expenses | 4,370 | 6,874 | |||||||||||
Operating income | 798 | 1,558 | |||||||||||
Interest expense and other | (597 | ) | (1,011 | ) | |||||||||
Gain on disposition | 14,404 | 1,610 | |||||||||||
Net income from discontinued operations | $ | 14,605 | $ | 2,157 | |||||||||
Cash flows generated from discontinued operations are presented separately on the Company's consolidated statements of cash flows. | |||||||||||||
The following summary presents the major components of assets and liabilities held for sale, of as the date indicated. | |||||||||||||
As of | As of | ||||||||||||
March 31, | December 31, | ||||||||||||
2015 | 2014 | ||||||||||||
Net investment property | $ | 31,231 | $ | 105,610 | |||||||||
Intangible assets, net | 102 | 167 | |||||||||||
Other assets | 1,935 | 5,728 | |||||||||||
Total assets held for sale | $ | 33,268 | $ | 111,505 | |||||||||
Mortgages payable | $ | 21,379 | $ | 67,155 | |||||||||
Accounts payable and accrued expenses | 859 | 2,905 | |||||||||||
Other liabilities | 63 | 70 | |||||||||||
Total liabilities held for sale | $ | 22,301 | $ | 70,130 | |||||||||
Net_Earnings_Per_Share
Net Earnings Per Share | 3 Months Ended |
Mar. 31, 2015 | |
Net Earnings Per Share [Abstract] | |
Net Earnings Per Share | 7. Net Earnings Per Share |
Basic net earnings per share is calculated by dividing net income attributable to common shareholders by the weighted-average number of shares of common stock outstanding during the applicable period. Diluted net income per share includes the potentially dilutive effect, if any, which would occur if our outstanding options to purchase our common stock were exercised. For all periods presented, the effect of these exercises, if any, was anti-dilutive and, therefore, diluted net income per share is equivalent to basic net income per share. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Related Party Transactions [Abstract] | |||||||||||||
Related Party Transactions | 8. Related Party Transactions | ||||||||||||
The Company has agreements with the Advisor and Lightstone Value Plus REIT Management LLC (the “Property Manager”) to pay certain fees in exchange for services performed by these entities and other affiliated entities. The Company's ability to secure financing and subsequent real estate operations are dependent upon its Advisor, Property Manager and their affiliates to perform such services as provided in these agreements. | |||||||||||||
The Company, pursuant to the related party arrangements, has recorded the following amounts for the periods indicated: | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
Acquisition fees (general and administrative costs) | $ | 8 | $ | 32 | |||||||||
Asset management fees (general and administrative costs) | 711 | 713 | |||||||||||
Property management fees (property operating expenses) | 290 | 348 | |||||||||||
Development fees and leasing commissions* | 411 | 164 | |||||||||||
Total | $ | 1,420 | $ | 1,257 | |||||||||
* | Generally, capitalized and amortized over the estimated useful life of the associated asset. | ||||||||||||
Lightstone SLP, LLC, an affiliate of the Company's Sponsor, has purchased subordinated profits interests in the Operating Partnership (“SLP units”) which are included in noncontrolling interests in the consolidated balance sheets. These SLP units, the purchase price of which will be repaid only after stockholders receive a stated preferred return and their net investment, entitle Lightstone SLP, LLC to a portion of any regular distributions made by the Operating Partnership. | |||||||||||||
During the three months ended March 31, 2015, distributions of $0.5 million were declared and paid on the SLP units and are part of noncontrolling interests. Since inception through March 31, 2015, cumulative distributions declared were $15.5 million, of which $15.0 million were paid. | |||||||||||||
Preferred Investment | |||||||||||||
On March 7, 2014, the Company entered into an agreement with various related party entities pursuant to which it committed to make contributions of up to $35.0 million, with an additional contribution of up to $10.0 million subject to the satisfaction of certain conditions, which were subsequently met during October 2014, in an affiliate of its Sponsor which owns a parcel of land located at 365 Bond Street in Brooklyn, New York on which it is constructing a residential apartment project. These contributions are made pursuant to an instrument, the “Preferred Investment,” that is entitled to monthly preferred distributions at a rate of 12% per annum, is redeemable by the Company upon the occurrence of certain events, is classified as a held-to-maturity security and is recorded at cost. | |||||||||||||
The Company commenced making contributions during the second quarter of 2014 and as of March 31, 2015 and December 31, 2014, the Preferred Investment had a balance of approximately $42.2 million and $36.6 million respectively and is classified as investment in affiliate on the consolidated balance sheet. During the three months ended March 31, 2015, the Company recorded approximately $1.2 million of dividend income related to the Preferred Investment, which is included in interest and dividend income on the consolidated statements of operations. |
Financial_Instruments
Financial Instruments | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Financial Instruments [Abstract] | |||||||||||||||||||||||||
Financial Instruments | 9. Financial Instruments | ||||||||||||||||||||||||
The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, restricted escrows, tenants' accounts receivable, accounts payable and accrued expenses and the notes payable approximated their fair values because of the short maturity of these instruments. The carrying amount reported in the consolidated balance sheets for the mortgage receivable approximated its fair value based upon current market information that would have been used by a market participant to estimate the fair value of such loan. | |||||||||||||||||||||||||
The estimated fair value (in millions) of the Company's mortgage debt is summarized as follows: | |||||||||||||||||||||||||
As of March 31, 2015 | As of December 31, 2014 | ||||||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||||||||||||
Mortgages payable | $ | 226,645 | $ | 229,209 | $ | 227,189 | $ | 228,261 | |||||||||||||||||
The fair value of the mortgages payable was determined by discounting the future contractual interest and principal payments by estimated current market interest rates. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Segment Information [Abstract] | |||||||||||||||||||||||||
Segment Information | 10. Segment Information | ||||||||||||||||||||||||
The Company currently operates in four business segments as of March 31, 2015: (i) retail real estate (the “Retail Segment”), (ii) multi-family residential real estate (the “Multi-family Residential Segment”), (iii) industrial real estate (the “Industrial Segment”) and (iv) hospitality (the “Hospitality Segment”). The Company's Advisor and its affiliates provide leasing, property and facilities management, acquisition, development, construction and tenant-related services for its portfolio. The Company's revenues for the three months ended March 31, 2015 and 2014 were exclusively derived from activities in the United States. No revenues from foreign countries were received or reported. The Company had no long-lived assets in foreign locations as of March 31, 2015 and December 31, 2014. The accounting policies of the segments are the same as those described in Note 2: Summary of Significant Accounting Policies of the Company's December 31, 2014 Annual Report on Form 10-K. Unallocated assets, revenues and expenses relate to corporate related accounts. | |||||||||||||||||||||||||
The Company evaluates performance based upon net operating income/(loss) from the combined properties in each real estate segment. | |||||||||||||||||||||||||
As discussed in Note 6, the results of operations presented below exclude the Crowe's Crossing and the Hotel Portfolio due to their classification as discontinued operations for all periods presented. The Hotel Portfolio was previously included in the Company's Hospitality Segment and Crowe's Crossing was previously included in the Company's Retail Segment. | |||||||||||||||||||||||||
Selected results of operations for the three months ended March 31, 2015 and 2014, and total assets as of March 31, 2015 and December 31, 2014 regarding the Company's operating segments are as follows: | |||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||||||
Retail | Multi-Family | Industrial | Hospitality | Unallocated | Total | ||||||||||||||||||||
Total revenues | $ | 2,788 | $ | 4,288 | $ | 1,598 | $ | 4,157 | $ | - | $ | 12,831 | |||||||||||||
Property operating expenses | 914 | 1,374 | 445 | 3,787 | 1 | 6,521 | |||||||||||||||||||
Real estate taxes | 358 | 265 | 173 | 79 | - | 875 | |||||||||||||||||||
General and administrative costs | (3 | ) | 58 | (46 | ) | 103 | 1,302 | 1,414 | |||||||||||||||||
Net operating income/(loss) | 1,519 | 2,591 | 1,026 | 188 | (1,303 | ) | 4,021 | ||||||||||||||||||
Depreciation and amortization | 1,000 | 740 | 404 | 655 | - | 2,799 | |||||||||||||||||||
Operating income/(loss) | $ | 519 | $ | 1,851 | $ | 622 | $ | (467 | ) | $ | (1,303 | ) | $ | 1,222 | |||||||||||
As of March 31, 2015: | |||||||||||||||||||||||||
Total Assets | $ | 109,639 | $ | 123,343 | $ | 50,272 | $ | 63,300 | $ | 282,025 | $ | 628,579 | |||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
Retail | Multi-Family | Industrial | Hospitality | Unallocated | Total | ||||||||||||||||||||
Total revenues | $ | 2,852 | $ | 4,980 | $ | 1,878 | $ | 4,176 | $ | - | $ | 13,886 | |||||||||||||
Property operating expenses | 767 | 1,952 | 512 | 3,855 | 1 | 7,087 | |||||||||||||||||||
Real estate taxes | 339 | 345 | 209 | 63 | - | 956 | |||||||||||||||||||
General and administrative costs | 20 | 94 | (56 | ) | 61 | 1,543 | 1,662 | ||||||||||||||||||
Net operating income/(loss) | 1,726 | 2,589 | 1,213 | 197 | (1,544 | ) | 4,181 | ||||||||||||||||||
Depreciation and amortization | 962 | 1,023 | 459 | 624 | - | 3,068 | |||||||||||||||||||
Operating income/(loss) | $ | 764 | $ | 1,566 | $ | 754 | $ | (427 | ) | $ | (1,544 | ) | $ | 1,113 | |||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||
Total Assets | $ | 105,343 | $ | 127,116 | $ | 50,635 | $ | 147,572 | $ | 243,173 | $ | 673,839 | |||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies |
Legal Proceedings | |
From time to time in the ordinary course of business, the Company may become subject to legal proceedings, claims or disputes. | |
In connection with the sale of our indirectly-owned sub-leasehold interest in the office building located at 1407 Broadway, New York, New York, we resolved our previously disclosed litigation with Abraham Kamber Company as sublessor under the sublease, who had served the two notices of default on our predecessor in interest that gave rise to the litigation. Effective March 30, 2015, the litigation was dismissed in its entirety with prejudice. This matter has now been fully disposed of. | |
On July 13, 2011, JF Capital Advisors, filed a lawsuit against The Lightstone Group, LLC, the Company, and Lightstone Value Plus Real Estate Investment Trust II, Inc. in the Supreme Court of the State of New York seeking payment for services alleged to have been rendered, and to be rendered prospectively, under theories of unjust enrichment and breach of contract. The plaintiff had a limited business arrangement with The Lightstone Group, LLC; that arrangement has been terminated. We filed a motion to dismiss the action and, on January 31, 2012, the Supreme Court dismissed the complaint in its entirety, but granted the plaintiff leave to replead two limited causes of action. | |
The plaintiff filed an amended complaint on May 18, 2012, bringing limited claims under theories of unjust enrichment and quantum meruit. On November 21, 2012, the court dismissed this second complaint in part, leaving only $164 (plus interest) in potential damages. The plaintiff appealed this decision and Lightstone cross-appealed arguing that the case should have been dismissed in full. The appeals court denied plaintiff's motion and granted defendants' motion, as a result of which all claims were dismissed on March 25, 2014. The plaintiff filed a motion requesting the right to re-appeal to the Court of Appeals, which was granted on August 1, 2014. | |
Plaintiff has appealed to the Court of Appeals. The Court of Appeals is scheduled to hear the case on June 3, 2015. Lightstone continues to believe that these claims to be without merit and will defend the case vigorously. | |
While any proceeding or litigation has an element of uncertainty, management currently believes that the likelihood of an unfavorable outcome with respect to any of the aforementioned legal proceedings is remote. No provision for loss has been recorded in connection therewith. | |
As of the date hereof, the Company is not a party to any material pending legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on its results of operations or financial condition, which would require accrual or disclosure of the contingency and possible range of loss. | |
Loan Collection Guaranties | |
The Operating Partnership and PRO (collectively, the “LVP Parties”) have provided and will continue to have the opportunity to provide guaranties of collection (the “Loan Collection Guaranties”) with respect to draws made under revolving credit facilities (or indebtedness incurred to refinance the revolving credit facilities) by Simon in connection with the closing of certain contribution transactions related to the LVP Parties' ownership interests in (i) Mill Run LLC (“Mill Run”) and Prime Outlets Acquisition Company (“POAC” and collectively, the “POAC/Mill Run Transaction”) and (ii) GPH and LVH, . The Loan Collection Guaranties are required for at least four years following the closings of POAC/Mill Run Transaction and the Outlet Centers Transaction, which closed on August 30, 2010 and December 4, 2012, respectively. Under the terms of the Loan Collection Guaranties, the LVP Parties are obligated to make payments in respect of principal and interest due under the revolving credit facilities after Simon OP has failed to make payments, the amounts outstanding under the revolving credit facilities have been accelerated, and the lender have failed to collect the full amounts outstanding under the revolving credit facilities after exhausting other remedies. The maximum amounts of the Loan Collection Guaranties will be reduced by the extent of any payments of principal made by Simon OP or other cash proceeds recovered by the lenders. | |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events |
Distribution Payment | |
On April 15, 2015, the distribution for the three-month period ending March 31, 2015 of approximately $4.5 million was paid in cash. The distribution was paid from cash flows provided from operations. | |
Distribution Declaration | |
On May 13, 2015, the Board authorized and the Company declared a distribution for the three-month period ending June 30, 2015. The distribution 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 distribution will be paid in cash on July 15, 2015 to shareholders of record as of June 30, 2015. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
The consolidated financial statements include the accounts of the Lightstone REIT and its Operating Partnership and its subsidiaries (over which the Company exercises financial and operating control). All inter-company balances and transactions have been eliminated in consolidation. | |
The accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited Consolidated Financial Statements of the Company and related notes as contained in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014. The unaudited interim consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair statement of the results for the periods presented. The accompanying unaudited consolidated financial statements of Lightstone Value Plus Real Estate Investment Trust, Inc. and its Subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. | |
GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate, marketable securities, depreciable lives, and revenue recognition. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. | |
The consolidated balance sheet as of December 31, 2014 included herein has been derived from the consolidated balance sheet included in the Company's Annual Report on Form 10-K. | |
The unaudited consolidated statements of operations for interim periods are not necessarily indicative of results for the full year or any other period. | |
Reclassifications | Reclassifications |
Certain prior period amounts have been reclassified to conform to the current year presentation. | |
New Accounting Pronouncements | New Accounting Pronouncements |
In May 2014, the FASB issued an accounting standards update that completes the joint effort by the FASB and International Accounting Standards Board to improve financial reporting by creating common revenue recognition guidance for GAAP and International Financial Reporting Standards. The update applies to all companies that enter into contracts with customers to transfer goods or services and is effective for us for interim and annual reporting periods beginning after December 15, 2016. Early application is not permitted and companies have the choice to apply the update either retrospectively to each reporting period presented or by recognizing the cumulative effect of applying the update at the date of initial application (January 1, 2017) and not adjusting comparative information. The Company is currently evaluating the requirements and impact of this update on its consolidated financial statements. | |
In April 2015, the FASB issued an accounting standards update to simplify the presentation of debt issuance costs. This update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This new guidance will be effective for the Company beginning January 1, 2016. The Company is currently evaluating the impact of this standard on our consolidated financial statements. |
Investment_in_Unconsolidated_A1
Investment in Unconsolidated Affiliated Real Estate Entity (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Investments in Unconsolidated Affiliated Entity | As of | |||||||||||||||||
Real Estate Entity | Date Acquired | Ownership % | 31-Mar-15 | 31-Dec-14 | ||||||||||||||
1407 Broadway Mezz II, LLC ("1407 Broadway") | 4-Jan-07 | 49 | % | $ | 11,284 | $ | 9,846 | |||||||||||
1407 Broadway [Member] | ||||||||||||||||||
Unaudited Condensed Income Statement | For the Three Months Ended March 31, | |||||||||||||||||
2015 | 2014 | |||||||||||||||||
Total revenue | $ | 10,257 | $ | 9,982 | ||||||||||||||
Property operating expenses | 7,239 | 8,008 | ||||||||||||||||
Depreciation and amortization | 2,022 | 1,666 | ||||||||||||||||
Operating income | 996 | 308 | ||||||||||||||||
Interest expense and other, net | (1,135 | ) | (709 | ) | ||||||||||||||
Net loss | $ | (139 | ) | $ | (401 | ) | ||||||||||||
Company's equity earnings | $ | (35 | ) | $ | (135 | ) | ||||||||||||
Unaudited Condensed Balance Sheet | As of | As of | ||||||||||||||||
31-Mar-15 | December 31, 2014 | |||||||||||||||||
Real estate, at cost (net) | $ | 122,937 | $ | 121,304 | ||||||||||||||
Intangible assets | 16 | 28 | ||||||||||||||||
Cash and restricted cash | 14,101 | 8,951 | ||||||||||||||||
Other assets | 21,821 | 22,673 | ||||||||||||||||
Total assets | $ | 158,875 | $ | 152,956 | ||||||||||||||
Mortgage payable | $ | 125,917 | $ | 126,000 | ||||||||||||||
Other liabilities | 16,284 | 13,342 | ||||||||||||||||
Member capital | 16,674 | 13,614 | ||||||||||||||||
Total liabilities and members' capital | $ | 158,875 | $ | 152,956 |
Marketable_Securities_and_Fair1
Marketable Securities and Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Summary of Available for Sale Securities | As of March 31, 2015 | ||||||||||||||||
Adjusted Cost | Gross Unrealized Gains | Gross Unrealized | Fair Value | ||||||||||||||
Losses | |||||||||||||||||
Equity Securities, primarily REITs | $ | 1,405 | $ | 499 | $ | - | $ | 1,904 | |||||||||
Marco OP Units and Marco II OP Units | 47,029 | 57,088 | - | 104,117 | |||||||||||||
Corporate Bonds and Preferred Equities | 35,880 | 783 | (557 | ) | 36,106 | ||||||||||||
Mortgage Backed Securities ("MBS") | 4,430 | - | (287 | ) | 4,143 | ||||||||||||
Total | $ | 88,744 | $ | 58,370 | $ | (844 | ) | $ | 146,270 | ||||||||
As of December 31, 2014 | |||||||||||||||||
Adjusted Cost | Gross Unrealized Gains | Gross Unrealized | Fair Value | ||||||||||||||
Losses | |||||||||||||||||
Equity Securities, primarily REITs | $ | 1,405 | $ | 367 | $ | - | $ | 1,772 | |||||||||
Marco OP Units and Marco II OP Units | 51,970 | 55,872 | - | 107,842 | |||||||||||||
Corporate Bonds and Preferred Equities | 40,705 | 898 | (955 | ) | 40,648 | ||||||||||||
Mortgage Backed Securities ("MBS") | 4,832 | - | (276 | ) | 4,556 | ||||||||||||
Total | $ | 98,912 | $ | 57,137 | $ | (1,231 | ) | $ | 154,818 | ||||||||
Marketable Securities, Available for Sale, and Derivative Financial Instruments Measured at Fair Value on Recurring Basis | Fair Value Measurement Using | ||||||||||||||||
As of March 31, 2015 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Marketable Securities: | |||||||||||||||||
Equity Securities, primarily REITs | $ | 1,904 | $ | - | $ | - | $ | 1,904 | |||||||||
Marco OP and OP II Units | - | 104,117 | - | 104,117 | |||||||||||||
Corporate Bonds and Preferred Equities | - | 36,106 | - | 36,106 | |||||||||||||
MBS | - | 4,143 | - | 4,143 | |||||||||||||
Total | $ | 1,904 | $ | 144,366 | $ | - | $ | 146,270 | |||||||||
Fair Value Measurement Using | |||||||||||||||||
As of December 31, 2014 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Marketable Securities: | |||||||||||||||||
Equity Securities, primarily REITs | $ | 1,772 | $ | - | $ | - | $ | 1,772 | |||||||||
Marco OP and OP II Units | - | 107,842 | - | 107,842 | |||||||||||||
Corporate Bonds and Preferred Equities | - | 40,648 | - | 40,648 | |||||||||||||
MBS | - | 4,556 | - | 4,556 | |||||||||||||
Total | $ | 1,772 | $ | 153,046 | $ | - | $ | 154,818 |
Mortgages_Payable_Tables
Mortgages Payable (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
Mortgages Payable [Abstract] | ||||||||||||||||||||||||||||||||
Schedule of Mortgages Payable | Loan Amount as of | |||||||||||||||||||||||||||||||
Property | Interest Rate | Weighted | Maturity Date | Amount Due at | 31-Mar-15 | December 31, | ||||||||||||||||||||||||||
Average Interest | Maturity | 2014 | ||||||||||||||||||||||||||||||
Rate as of March | ||||||||||||||||||||||||||||||||
31, 2015 | ||||||||||||||||||||||||||||||||
Southeastern Michigan Multi-Family Properties | 5.96 | % | 5.96 | % | Jul-16 | $ | 38,139 | $ | 38,864 | $ | 39,012 | |||||||||||||||||||||
Oakview Plaza | 5.49 | % | 5.49 | % | Jan-17 | 25,583 | 26,319 | 26,425 | ||||||||||||||||||||||||
Gulf Coast Industrial Portfolio | 9.83 | % | 9.83 | % | Due on demand | 51,031 | 51,031 | 51,142 | ||||||||||||||||||||||||
St. Augustine Outlet Center | 6.09 | % | 6.09 | % | Apr-16 | 23,748 | 24,240 | 24,364 | ||||||||||||||||||||||||
Gantry Park | 4.48 | % | 4.48 | % | November 2024 | 65,317 | 74,500 | 74,500 | ||||||||||||||||||||||||
DePaul Plaza | Libor + 3.00% | 3.17 | % | September 2017 | 11,147 | 11,691 | 11,746 | |||||||||||||||||||||||||
Total mortgages payable | 6.16 | % | $ | 214,965 | $ | 226,645 | $ | 227,189 | ||||||||||||||||||||||||
Contractually Scheduled Principal Maturities During Next Five Years | Remainder of | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |||||||||||||||||||||||||
2015 | ||||||||||||||||||||||||||||||||
$ | 52,644 | $ | 63,454 | $ | 43,189 | $ | 15,395 | $ | 1,213 | $ | 72,129 | $ | 248,024 |
Dispositions_Tables
Dispositions (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Dispositions [Abstract] | |||||||||||||
Schedule of Discontinued Operations | For the Three Months Ended | ||||||||||||
31-Mar-15 | March 31, 2014 | ||||||||||||
Revenues | $ | 5,168 | $ | 8,432 | |||||||||
Operating expenses | 4,370 | 6,874 | |||||||||||
Operating income | 798 | 1,558 | |||||||||||
Interest expense and other | (597 | ) | (1,011 | ) | |||||||||
Gain on disposition | 14,404 | 1,610 | |||||||||||
Net income from discontinued operations | $ | 14,605 | $ | 2,157 | |||||||||
As of | As of | ||||||||||||
March 31, | December 31, | ||||||||||||
2015 | 2014 | ||||||||||||
Net investment property | $ | 31,231 | $ | 105,610 | |||||||||
Intangible assets, net | 102 | 167 | |||||||||||
Other assets | 1,935 | 5,728 | |||||||||||
Total assets held for sale | $ | 33,268 | $ | 111,505 | |||||||||
Mortgages payable | $ | 21,379 | $ | 67,155 | |||||||||
Accounts payable and accrued expenses | 859 | 2,905 | |||||||||||
Other liabilities | 63 | 70 | |||||||||||
Total liabilities held for sale | $ | 22,301 | $ | 70,130 |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Related Party Transactions [Abstract] | |||||||||||||
Amount Recorded in Pursuant to Related Party Arrangment | Three Months Ended March 31, | ||||||||||||
2015 | 2014 | ||||||||||||
Acquisition fees (general and administrative costs) | $ | 8 | $ | 32 | |||||||||
Asset management fees (general and administrative costs) | 711 | 713 | |||||||||||
Property management fees (property operating expenses) | 290 | 348 | |||||||||||
Development fees and leasing commissions* | 411 | 164 | |||||||||||
Total | $ | 1,420 | $ | 1,257 |
Financial_Instruments_Tables
Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Financial Instruments [Abstract] | |||||||||||||||||||||||||
Summary of Estimated Fair Value of Debt | As of March 31, 2015 | As of December 31, 2014 | |||||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||||||||||||
Mortgages payable | $ | 226,645 | $ | 229,209 | $ | 227,189 | $ | 228,261 |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Segment Information [Abstract] | |||||||||||||||||||||||||
Results of Operations and Total Assets of Operating Segments | For the Three Months Ended March 31, 2015 | ||||||||||||||||||||||||
Retail | Multi-Family | Industrial | Hospitality | Unallocated | Total | ||||||||||||||||||||
Total revenues | $ | 2,788 | $ | 4,288 | $ | 1,598 | $ | 4,157 | $ | - | $ | 12,831 | |||||||||||||
Property operating expenses | 914 | 1,374 | 445 | 3,787 | 1 | 6,521 | |||||||||||||||||||
Real estate taxes | 358 | 265 | 173 | 79 | - | 875 | |||||||||||||||||||
General and administrative costs | (3 | ) | 58 | (46 | ) | 103 | 1,302 | 1,414 | |||||||||||||||||
Net operating income/(loss) | 1,519 | 2,591 | 1,026 | 188 | (1,303 | ) | 4,021 | ||||||||||||||||||
Depreciation and amortization | 1,000 | 740 | 404 | 655 | - | 2,799 | |||||||||||||||||||
Operating income/(loss) | $ | 519 | $ | 1,851 | $ | 622 | $ | (467 | ) | $ | (1,303 | ) | $ | 1,222 | |||||||||||
As of March 31, 2015: | |||||||||||||||||||||||||
Total Assets | $ | 109,639 | $ | 123,343 | $ | 50,272 | $ | 63,300 | $ | 282,025 | $ | 628,579 | |||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
Retail | Multi-Family | Industrial | Hospitality | Unallocated | Total | ||||||||||||||||||||
Total revenues | $ | 2,852 | $ | 4,980 | $ | 1,878 | $ | 4,176 | $ | - | $ | 13,886 | |||||||||||||
Property operating expenses | 767 | 1,952 | 512 | 3,855 | 1 | 7,087 | |||||||||||||||||||
Real estate taxes | 339 | 345 | 209 | 63 | - | 956 | |||||||||||||||||||
General and administrative costs | 20 | 94 | (56 | ) | 61 | 1,543 | 1,662 | ||||||||||||||||||
Net operating income/(loss) | 1,726 | 2,589 | 1,213 | 197 | (1,544 | ) | 4,181 | ||||||||||||||||||
Depreciation and amortization | 962 | 1,023 | 459 | 624 | - | 3,068 | |||||||||||||||||||
Operating income/(loss) | $ | 764 | $ | 1,566 | $ | 754 | $ | (427 | ) | $ | (1,544 | ) | $ | 1,113 | |||||||||||
As of December 31, 2014: | |||||||||||||||||||||||||
Total Assets | $ | 105,343 | $ | 127,116 | $ | 50,635 | $ | 147,572 | $ | 243,173 | $ | 673,839 |
Organization_Detail
Organization (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
General partner ownership interest | 98.00% | |
Retail [Member] | ||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
Occupancy of properties | 82.80% | |
Industrial Properties [Member] | ||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
Occupancy of properties | 76.40% | |
Residential Real Estate [Member] | ||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
Occupancy of properties | 95.10% | |
Hospitality [Member] | ||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
Occupancy of properties | 53.40% | |
Average revenue per available room | 60.52 | |
Office [Member] | ||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
Occupancy of properties | 82.50% | |
Crowes Crossing [Member] | ||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
Gain on disposition | $1.60 | |
Hotel Portfolio [Member] | ||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
Number of real estate properties classified as held for sale | 11 | |
Number of real estate properties sold | 7 | |
Number of remaining held for sale real estate properties | 4 | |
Wholly Owned Properties [Member] | Retail [Member] | ||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
Number of properties | 3 | |
Area of real estate space | 700,000 | |
Wholly Owned Properties [Member] | Industrial Properties [Member] | ||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
Number of properties | 14 | |
Area of real estate space | 1,000,000 | |
Wholly Owned Properties [Member] | Residential Real Estate [Member] | ||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
Number of properties | 5 | |
Property units | 1,216 | |
Wholly Owned Properties [Member] | Hospitality [Member] | ||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
Number of properties | 5 | |
Number of rooms | 779 | |
Investments in unconsolidated affiliated real estate entities [Member] | Office [Member] | ||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
Number of properties | 1 | |
Area of real estate space | 1,100,000 |
Investment_in_Unconsolidated_A2
Investment in Unconsolidated Affiliated Real Estate Entity (Summary of Company's Investments in Unconsolidated Affiliated Real Estate Entity) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Total investments in unconsolidated affiliated real estate entity | $11,284 | $9,846 |
1407 Broadway Mezz II, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Date Acquired | 4-Jan-07 | |
Ownership interest | 49.00% | |
Total investments in unconsolidated affiliated real estate entity | $11,284 | $9,846 |
Investment_in_Unconsolidated_A3
Investment in Unconsolidated Affiliated Real Estate Entity (Narrative) (Details) (1407 Broadway Mezz II, LLC [Member], USD $) | 0 Months Ended | |
In Millions, unless otherwise specified | Apr. 30, 2015 | Mar. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment ownership percentage | 49.00% | |
Subsequent Event [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Proceeds from sale of sub-leasehold interest in ground lease to office building | $150 | |
Net proceeds from sale of sub-leasehold interest after repayments | $14 |
Investment_in_Unconsolidated_A4
Investment in Unconsolidated Affiliated Real Estate Entity (Unaudited Condensed Income Statement) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Company's equity earnings | ($35) | ($135) |
1407 Broadway Mezz II, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total revenue | 10,257 | 9,982 |
Property operating expenses | 7,239 | 8,008 |
Depreciation and amortization | 2,022 | 1,666 |
Operating income | 996 | 308 |
Interest expense and other, net | -1,135 | -709 |
Net loss | -139 | -401 |
Company's equity earnings | ($35) | ($135) |
Investment_in_Unconsolidated_A5
Investment in Unconsolidated Affiliated Real Estate Entity (Unaudited Condensed Balance Sheet) (Details) (1407 Broadway Mezz II, LLC [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule Of Condensed Consolidating Balance Sheets [Line Items] | ||
Equity Method Investment, assets | $158,875 | $152,956 |
Member capital | 16,674 | 13,614 |
Total liabilities and members' capital | 158,875 | 152,956 |
Real estate, at cost (net) [Member] | ||
Schedule Of Condensed Consolidating Balance Sheets [Line Items] | ||
Equity Method Investment, assets | 122,937 | 121,304 |
Intangible Assets [Member] | ||
Schedule Of Condensed Consolidating Balance Sheets [Line Items] | ||
Equity Method Investment, assets | 16 | 28 |
Cash and restricted cash [Member] | ||
Schedule Of Condensed Consolidating Balance Sheets [Line Items] | ||
Equity Method Investment, assets | 14,101 | 8,951 |
Other Assets [Member] | ||
Schedule Of Condensed Consolidating Balance Sheets [Line Items] | ||
Equity Method Investment, assets | 21,821 | 22,673 |
Mortgage payable [Member] | ||
Schedule Of Condensed Consolidating Balance Sheets [Line Items] | ||
Equity Method Investment, liabilities | 125,917 | 126,000 |
Other Liabilities [Member] | ||
Schedule Of Condensed Consolidating Balance Sheets [Line Items] | ||
Equity Method Investment, liabilities | $16,284 | $13,342 |
Marketable_Securities_and_Fair2
Marketable Securities and Fair Value Measurements (Marketable Securities) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Adjusted Cost | $88,744 | $98,912 |
Gross Unrealized Gains | 58,370 | 57,137 |
Gross Unrealized Losses | -844 | -1,231 |
Fair Value | 146,270 | 154,818 |
Equity Securities, primarily REITs [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Adjusted Cost | 1,405 | 1,405 |
Gross Unrealized Gains | 499 | 367 |
Gross Unrealized Losses | ||
Fair Value | 1,904 | 1,772 |
Marco OP and OP II Units [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Adjusted Cost | 47,029 | 51,970 |
Gross Unrealized Gains | 57,088 | 55,872 |
Gross Unrealized Losses | ||
Fair Value | 104,117 | 107,842 |
Corporate Bonds And Preferred Equities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Adjusted Cost | 35,880 | 40,705 |
Gross Unrealized Gains | 783 | 898 |
Gross Unrealized Losses | -557 | -955 |
Fair Value | 36,106 | 40,648 |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Adjusted Cost | 4,430 | 4,832 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | -287 | -276 |
Fair Value | $4,143 | $4,556 |
Marketable_Securities_and_Fair3
Marketable Securities and Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Shares of equity securities sold | 60,000 | ||
Equity securities sold, cost basis | $4,900,000 | ||
Proceeds from sale of equity securities | 11,500,000 | ||
Realized gain on sale of equity securities | 6,600,000 | ||
Marco OP units, with an adjusted cost basis, not in escrow | 88,744,000 | 98,912,000 | |
Margin Loan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt instrument, interest rate terms | Libor plus 0.85% | ||
Debt instrument, interest rate basis point above reference rate | 0.85% | ||
Debt instrument, interest rate at end of period | 1.03% | ||
Margin loan, outstanding | 500,000 | 18,700,000 | |
Line of Credit [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt instrument, interest rate terms | Libor plus 3.00% | ||
Debt instrument, interest rate basis point above reference rate | 3.00% | ||
Debt instrument, interest rate at end of period | 3.18% | ||
Debt instrument, maturity date | 19-Jun-16 | ||
Line of credit facility, maximum borrowing capacity | 25,000,000 | ||
Line of credit facility, amount outstanding | 19,900,000 | 19,900,000 | |
Line of credit facility, number of Marco OP Units used as collateral | 440,311 | ||
Mortgage Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marco OP units, with an adjusted cost basis, not in escrow | 4,430,000 | 4,832,000 | |
Gross gains related to sales of securities and early redemptions of MBS | $300,000 | $1,200,000 | |
Available for sale securities debt maturity minimum period | 27 years | ||
Available for sale securities debt maturity maximum period | 30 years |
Marketable_Securities_and_Fair4
Marketable Securities and Fair Value Measurements (Marketable Securities, Available for Sale, and Derivative Financial Instruments Measured at Fair Value on Recurring Basis) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $146,270 | $154,818 |
Equity Securities, primarily REITs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,904 | 1,772 |
Marco OP and OP II Units [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 104,117 | 107,842 |
Corporate Bonds And Preferred Equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 36,106 | 40,648 |
MBS [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 4,143 | 4,556 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,904 | 1,772 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities, primarily REITs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,904 | 1,772 |
Fair Value, Inputs, Level 1 [Member] | Marco OP and OP II Units [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ||
Fair Value, Inputs, Level 1 [Member] | Corporate Bonds And Preferred Equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ||
Fair Value, Inputs, Level 1 [Member] | MBS [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 144,366 | 153,046 |
Fair Value, Inputs, Level 2 [Member] | Equity Securities, primarily REITs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ||
Fair Value, Inputs, Level 2 [Member] | Marco OP and OP II Units [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 104,117 | 107,842 |
Fair Value, Inputs, Level 2 [Member] | Corporate Bonds And Preferred Equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 36,106 | 40,648 |
Fair Value, Inputs, Level 2 [Member] | MBS [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 4,143 | 4,556 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | Equity Securities, primarily REITs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | Marco OP and OP II Units [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | Corporate Bonds And Preferred Equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ||
Fair Value, Inputs, Level 3 [Member] | MBS [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value |
Mortgages_Payable_Schedule_of_
Mortgages Payable (Schedule of Mortgages Payable) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 6.16% | |
Amount Due at Maturity | $214,965 | |
Mortgages payable | 226,645 | 227,189 |
Southeastern Michigan Multi Family Properties [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.96% | |
Weighted Average Interest Rate | 5.96% | |
Maturity Date | 2016-07 | |
Amount Due at Maturity | 38,139 | |
Mortgages payable | 38,864 | 39,012 |
Oakview Plaza [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.49% | |
Weighted Average Interest Rate | 5.49% | |
Maturity Date | 2017-01 | |
Amount Due at Maturity | 25,583 | |
Mortgages payable | 26,319 | 26,425 |
Gulf Coast Industrial Portfolio [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 9.83% | |
Weighted Average Interest Rate | 9.83% | |
Amount Due at Maturity | 51,031 | |
Mortgages payable | 51,031 | 51,142 |
St Augustine Outlet Center [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 6.09% | |
Weighted Average Interest Rate | 6.09% | |
Maturity Date | 2016-04 | |
Amount Due at Maturity | 23,748 | |
Mortgages payable | 24,240 | 24,364 |
Gantry Park [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.48% | |
Weighted Average Interest Rate | 4.48% | |
Maturity Date | 2024-11 | |
Amount Due at Maturity | 65,317 | |
Mortgages payable | 74,500 | 74,500 |
DePaul Plaza [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate terms | Libor + 3.00% | |
Debt instrument, interest rate basis point above reference rate | 3.00% | |
Weighted Average Interest Rate | 3.17% | |
Maturity Date | 2017-09 | |
Amount Due at Maturity | 11,147 | |
Mortgages payable | $11,691 | $11,746 |
Mortgages_Payable_Narrative_De
Mortgages Payable (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Libor rate | 0.18% | 0.17% | |
Cash in restricted escrows accounts | $8,761,000 | $8,809,000 | |
Default interest accrued | 500,000 | 500,000 | |
Liabilities held for sale | 22,301,000 | 70,130,000 | |
Loan agreements [Member] | |||
Debt Instrument [Line Items] | |||
Cash in restricted escrows accounts | 8,600,000 | 11,700,000 | |
Courtyard - Baton Rouge [Member] | Mortgage payable [Member] | |||
Debt Instrument [Line Items] | |||
Additional default rate | 4.00% | ||
Default interest accrued | 5,600,000 | ||
Accrued default interest payable | 5,600,000 | 5,000,000 | |
Hotel Portfolio [Member] | |||
Debt Instrument [Line Items] | |||
Liabilities held for sale | $21,400,000 | ||
Number of hotel hospitality properties | 4 |
Mortgages_Payable_Contractuall
Mortgages Payable (Contractually Scheduled Principal Maturities During Next Five Years) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Mortgages Payable [Abstract] | ||
Remainder of 2015 | $52,644 | |
2016 | 63,454 | |
2017 | 43,189 | |
2018 | 15,395 | |
2019 | 1,213 | |
Thereafter | 72,129 | |
Total | $226,645 | $227,189 |
Dispositions_Acquisition_Detai
Dispositions (Acquisition) (Details) (USD $) | 0 Months Ended | |||
Jan. 19, 2015 | Mar. 31, 2015 | Jan. 29, 2015 | Dec. 31, 2014 | |
hotels | ||||
Acquisition [Line Items] | ||||
Membership percentage in joint venture by Company | 2.50% | |||
Investment in affiliate | $43,750,000 | $36,637,000 | ||
Lightstone II [Member] | ||||
Acquisition [Line Items] | ||||
Membership percentage in joint venture by other party | 97.50% | |||
Joint Venture with Lightstone II [Member] | ||||
Acquisition [Line Items] | ||||
Membership percentage in joint venture by Company | 2.50% | |||
Investment in affiliate | 1,500,000 | |||
Hotel Portfolio [Member] | ||||
Acquisition [Line Items] | ||||
Number of service hotels approved for acquisition | 11 | |||
Purchase consideration | 122,400,000 | |||
Debt amount by which limited service hotels encumbered | $67,200,000 | |||
Courtyard - Parsippany [Member] | ||||
Acquisition [Line Items] | ||||
Number of room in limited service hotels | 151 | |||
Courtyard - Willoughby [Member] | ||||
Acquisition [Line Items] | ||||
Number of room in limited service hotels | 90 | |||
Fairfield Inn - Des Moines [Member] | ||||
Acquisition [Line Items] | ||||
Number of room in limited service hotels | 102 | |||
SpringHill Suites - Des Moines [Member] | ||||
Acquisition [Line Items] | ||||
Number of suite in limited service hotels | 97 | |||
Holiday Inn Express - Auburn [Member] | ||||
Acquisition [Line Items] | ||||
Number of room in limited service hotels | 82 | |||
Courtyard - Baton Rouge [Member] | ||||
Acquisition [Line Items] | ||||
Number of room in limited service hotels | 121 | |||
Courtyard - Baton Rouge [Member] | Lightstone Value Plus REIT LP [Member] | ||||
Acquisition [Line Items] | ||||
Ownership percentage in hotel owned by subsidiary | 90.00% | |||
Residence Inn - Baton Rouge [Member] | ||||
Acquisition [Line Items] | ||||
Number of room in limited service hotels | 108 | |||
Residence Inn - Baton Rouge [Member] | Lightstone Value Plus REIT LP [Member] | ||||
Acquisition [Line Items] | ||||
Ownership percentage in hotel owned by subsidiary | 90.00% | |||
Aloft - Rogers [Member] | ||||
Acquisition [Line Items] | ||||
Number of room in limited service hotels | 130 | |||
Fairfield Inn - Jonesboro [Member] | ||||
Acquisition [Line Items] | ||||
Number of room in limited service hotels | 83 | |||
Fairfield Inn - Jonesboro [Member] | Lightstone Value Plus REIT LP [Member] | ||||
Acquisition [Line Items] | ||||
Ownership percentage in hotel owned by subsidiary | 95.00% | |||
Hampton Inn - Miami [Member] | ||||
Acquisition [Line Items] | ||||
Number of room in limited service hotels | 127 | |||
Hampton Inn & Suites - Fort Lauderdale [Member] | ||||
Acquisition [Line Items] | ||||
Number of room in limited service hotels | 104 |
Dispositions_Disposition_Of_Li
Dispositions (Disposition Of Limited Service Hotels) (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Jan. 22, 2014 | Jan. 29, 2015 | Feb. 11, 2015 | Feb. 11, 2015 | |
hotels | hotels | |||||
item | item | |||||
Disposition of limited service hotels [Line Items] | ||||||
Gain (loss) on disposition | $14,404,000 | $1,610,000 | ||||
Repayment of debt | 544,000 | 662,000 | ||||
Crowes Crossing [Member] | ||||||
Disposition of limited service hotels [Line Items] | ||||||
Gain (loss) on disposition | 1,600,000 | |||||
Disposal of real estate | 9,300,000 | |||||
Repayment of debt | 5,800,000 | |||||
Hotel Portfolio [Member] | Operating Partnership [Member] | ||||||
Disposition of limited service hotels [Line Items] | ||||||
Number of service hotel disposed | 5 | 7 | ||||
Number of limited service hotels | 11 | |||||
Sale consideration | 64,600,000 | 23,400,000 | 23,400,000 | |||
Net sale consideration | 30,500,000 | 12,200,000 | 12,200,000 | |||
Debt repaid as part of transactions | 34,100,000 | |||||
Number of separate contribution agreements | 5 | 2 | 2 | |||
Amount of debt which was assumed by the subsidiaries of the Joint Venture | 11,200,000 | 11,200,000 | ||||
Number of service hotel for which Company is awaiting approval | 4 | |||||
Gain (loss) on disposition | $14,400,000 | |||||
Residence Inn - Baton Rouge [Member] | Operating Partnership [Member] | ||||||
Disposition of limited service hotels [Line Items] | ||||||
Percentage of membership interest sold | 90.00% |
Dispositions_Summary_of_Operat
Dispositions (Summary of Operating Results of Discontinued Operations) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Dispositions [Abstract] | ||
Revenues | $5,168 | $8,432 |
Operating expenses | 4,370 | 6,874 |
Operating Income | 798 | 1,558 |
Interest expense and other | -597 | -1,011 |
Gain on disposition | 14,404 | 1,610 |
Net income from discontinued operations | $14,605 | $2,157 |
Dispositions_Summary_of_Major_
Dispositions (Summary of Major Components of Assets and Liabilities Held for Sale) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Dispositions [Abstract] | ||
Net investment property | $31,231 | $105,610 |
Intangible assets, net | 102 | 167 |
Other assets | 1,935 | 5,728 |
Total assets held for sale | 33,268 | 111,505 |
Mortgages payable | 21,379 | 67,155 |
Accounts payable and accrued expenses | 859 | 2,905 |
Other liabilities | 63 | 70 |
Total liabilities held for sale | $22,301 | $70,130 |
Related_Party_Transactions_Amo
Related Party Transactions (Amount Recorded in Pursuant to Related Party Arrangment) (Details) (Related Party [Member], USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Related Party [Member] | ||||
Related Party Transaction [Line Items] | ||||
Acquisition fees (general and administrative costs) | $8 | $32 | ||
Asset management fees (general and administrative costs) | 711 | 713 | ||
Property management fees (property operating expenses) | 290 | 348 | ||
Development fees and leasing commissions | 411 | [1] | 164 | [1] |
Total | $1,420 | $1,257 | ||
[1] | Generally, capitalized and amortized over the estimated useful life of the associated asset. |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Related Party Transaction [Line Items] | ||
Distributions declared | $4,479,000 | |
Cumulative distribution paid | 2,576,000 | 710,000 |
SLP Units [Member] | ||
Related Party Transaction [Line Items] | ||
Distributions declared | 500,000 | |
Cumulative distribution declared | 15,500,000 | |
Cumulative distribution paid | $15,000,000 |
Related_Party_Transactions_Pre
Related Party Transactions (Preferred Investment) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 07, 2014 | |
Related Party Transactions [Abstract] | |||
Preferred equity distributions, amount declared | $35,000,000 | ||
Preferred equity distributions, additional available funds | 10,000,000 | ||
Annual distribution rate | 12.00% | ||
Investment in affiliate | 43,750,000 | 36,637,000 | |
Dividend income | $1,200,000 |
Financial_Instruments_Details
Financial Instruments (Details) (Mortgage payable [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Mortgage payable [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Amount | $226,645 | $227,189 |
Estimated Fair Value | $229,209 | $228,261 |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Segment Information [Abstract] | |
Number of operating business segments | 4 |
Segment_Information_Results_of
Segment Information (Results of Operations and Total Assets of Operating Segments) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Total revenues | $12,831 | $13,886 | |
Property operating expenses | 6,521 | 7,087 | |
Real estate taxes | 875 | 956 | |
General and administrative costs | 1,414 | 1,662 | |
Net operating income/(loss) | 4,021 | 4,181 | |
Depreciation and amortization | 2,799 | 3,068 | |
Operating income/(loss) | 1,222 | 1,113 | |
Total Assets | 628,579 | 673,839 | 673,839 |
Retail [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 2,788 | 2,852 | |
Property operating expenses | 914 | 767 | |
Real estate taxes | 358 | 339 | |
General and administrative costs | -3 | 20 | |
Net operating income/(loss) | 1,519 | 1,726 | |
Depreciation and amortization | 1,000 | 962 | |
Operating income/(loss) | 519 | 764 | |
Total Assets | 109,639 | 105,343 | |
Multi Family [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 4,288 | 4,980 | |
Property operating expenses | 1,374 | 1,952 | |
Real estate taxes | 265 | 345 | |
General and administrative costs | 58 | 94 | |
Net operating income/(loss) | 2,591 | 2,589 | |
Depreciation and amortization | 740 | 1,023 | |
Operating income/(loss) | 1,851 | 1,566 | |
Total Assets | 123,343 | 127,116 | |
Industrial [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 1,598 | 1,878 | |
Property operating expenses | 445 | 512 | |
Real estate taxes | 173 | 209 | |
General and administrative costs | -46 | -56 | |
Net operating income/(loss) | 1,026 | 1,213 | |
Depreciation and amortization | 404 | 459 | |
Operating income/(loss) | 622 | 754 | |
Total Assets | 50,272 | 50,635 | |
Hospitality [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 4,157 | 4,176 | |
Property operating expenses | 3,787 | 3,855 | |
Real estate taxes | 79 | 63 | |
General and administrative costs | 103 | 61 | |
Net operating income/(loss) | 188 | 197 | |
Depreciation and amortization | 655 | 624 | |
Operating income/(loss) | -467 | -427 | |
Total Assets | 63,300 | 147,572 | |
Unallocated [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | |||
Property operating expenses | 1 | 1 | |
Real estate taxes | |||
General and administrative costs | 1,302 | 1,543 | |
Net operating income/(loss) | -1,303 | -1,544 | |
Depreciation and amortization | |||
Operating income/(loss) | -1,303 | -1,544 | |
Total Assets | $282,025 | $243,173 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Nov. 21, 2012 |
Guarantor Obligations [Line Items] | ||
Potential damages | $164 | |
LVP Parties [Member] | Minimum [Member] | ||
Guarantor Obligations [Line Items] | ||
Guaranties period for collection of revolving credit facility following the closing of the outlet centers transaction | 4 years |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 0 Months Ended | ||
13-May-15 | Apr. 15, 2015 | Mar. 07, 2014 | |
Subsequent Events [Line Items] | |||
Annualized rate of dividend | 12.00% | ||
Subsequent Event [Member] | |||
Subsequent Events [Line Items] | |||
Distribution payment | $4,500,000 | ||
Distribution declared | 13-May-15 | ||
Distribution on per day basis | $0.00 | ||
Number of days used to calculate daily amount of distribution | 365 days | ||
Annualized rate of dividend | 7.00% | ||
Face value of share | $10 | ||
Distribution payment date | 15-Jul-15 | ||
Record date | 30-Jun-15 |