Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 10, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Lightstone Value Plus Real Estate Investment Trust, Inc. | |
Entity Incorporation code | MD | |
Entity File Number | 000-52610 | |
Entity Current Reporting Status | Yes | |
Entity Central Index Key | 0001296884 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 22,300,000 | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Shell Company | false |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Investment property: | ||
Land and improvements | $ 30,143 | $ 30,143 |
Building and improvements | 100,110 | 101,492 |
Furniture and fixtures | 2,453 | 2,453 |
Construction in progress | 191,598 | 186,196 |
Gross investment property | 324,304 | 320,284 |
Less accumulated depreciation | (32,727) | (33,038) |
Net investment property | 291,577 | 287,246 |
Investments in related parties | 15,552 | 15,590 |
Cash and cash equivalents | 34,616 | 44,446 |
Marketable securities and other investments | 54,397 | 46,071 |
Restricted cash | 2,060 | 2,395 |
Notes receivable, net | 106,072 | 104,624 |
Prepaid expenses and other assets | 2,540 | 1,869 |
Total Assets | 506,814 | 502,241 |
Liabilities and Stockholders' Equity | ||
Mortgages payable, net | 192,271 | 192,385 |
Accounts payable, accrued expenses and other liabilities | 6,506 | 8,641 |
Due to related parties | 240 | 241 |
Tenant allowances and deposits payable | 510 | 487 |
Distributions payable | 3,906 | 3,905 |
Deferred rental income | 190 | 399 |
Total Liabilities | 203,623 | 206,058 |
Company's Stockholders Equity: | ||
Preferred shares, $0.01 par value, 10.0 million shares authorized, none issued and outstanding | ||
Common stock, $0.01 par value; 60.0 million shares authorized, 22.3 million shares issued and outstanding. | 223 | 223 |
Additional paid-in-capital | 169,731 | 169,649 |
Accumulated other comprehensive income | 352 | 378 |
Accumulated surplus | 95,968 | 89,639 |
Total Company's stockholders' equity | 266,274 | 259,889 |
Noncontrolling interests | 36,917 | 36,294 |
Total Stockholders' Equity | 303,191 | 296,183 |
Total Liabilities and Stockholders' Equity | $ 506,814 | $ 502,241 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred shares, par value | $ 0.01 | $ 0.01 |
Preferred shares, shares authorized | 10,000,000 | 10,000,000 |
Preferred shares, shares issued | 0 | 0 |
Preferred shares, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 22,300,000 | 22,300,000 |
Common stock, shares outstanding | 22,300,000 | 22,300,000 |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues: | ||
Rental income | $ 2,719 | $ 3,170 |
Tenant recovery income | 39 | 97 |
Total revenues | 2,758 | 3,267 |
Expenses: | ||
Property operating expenses | 929 | 1,064 |
Real estate taxes | 106 | 116 |
General and administrative costs | 587 | 747 |
Depreciation and amortization | 1,118 | 992 |
Total operating expenses | 2,740 | 2,919 |
Operating income | 18 | 348 |
Other (loss)/income, net | (70) | 22 |
Interest and dividend income | 3,525 | 2,900 |
Interest expense | (807) | (650) |
Unrealized gain/(loss) on marketable equity securities | 8,997 | (21,298) |
Loss on sale and redemption of marketable securities | (22) | 0 |
Net income/(loss) | 11,641 | (18,678) |
Less: net income attributable to noncontrolling interests | (1,406) | (283) |
Net income attributable to Company's common shares | $ 10,235 | $ (18,961) |
Net (loss)/income per Company's common shares, basic and diluted | $ 0.46 | $ (0.85) |
Weighted average number of common shares outstanding, basic and diluted | 22,300 | 22,418 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income/(loss) | $ 11,641 | $ (18,678) |
Other comprehensive loss | ||
Holding loss on available for sale debt securities | (49) | (2,267) |
Reclassification adjustment for loss included in net income | 22 | 0 |
Other comprehensive loss | (27) | (2,267) |
Comprehensive income/(loss) | 11,614 | (20,945) |
Less: Comprehensive income attributable to noncontrolling interests | (1,405) | (233) |
Comprehensive income/(loss) attributable to Company's common shares | $ 10,209 | $ (21,178) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total | |
Balance at beginning at Dec. 31, 2019 | $ 226 | $ 172,749 | $ 408 | $ 109,559 | $ 28,831 | $ 311,773 | |
Balance at beginning (in shares) at Dec. 31, 2019 | 22,608 | ||||||
Net income | (18,961) | 283 | (18,678) | ||||
Other comprehensive income | (2,218) | (49) | (2,267) | ||||
Distributions declared | [1] | (3,911) | (3,911) | ||||
Distributions paid to noncontrolling interests | (636) | (636) | |||||
Contributions received from noncontrolling interests | 3,490 | 3,490 | |||||
Redemption , cancellation and tender of shares | $ (3) | (3,128) | (3,131) | ||||
Redemption , cancellation and tender of shares (in shares) | (288) | ||||||
Shares issued from distribution reinvestment program | 80 | 80 | |||||
Shares issued from distribution reinvestment program (in shares) | 7 | ||||||
Balance at ending at Mar. 31, 2020 | $ 223 | 169,701 | (1,810) | 86,687 | 31,919 | 286,720 | |
Balance at ending (in shares) at Mar. 31, 2020 | 22,327 | ||||||
Balance at beginning at Dec. 31, 2020 | $ 223 | 169,649 | 378 | 89,639 | 36,294 | 296,183 | |
Balance at beginning (in shares) at Dec. 31, 2020 | 22,294 | ||||||
Net income | 10,235 | 1,406 | 11,641 | ||||
Other comprehensive income | (26) | (1) | (27) | ||||
Distributions declared | [1] | (3,906) | (3,906) | ||||
Distributions paid to noncontrolling interests | (822) | (822) | |||||
Contributions received from noncontrolling interests | 40 | 40 | |||||
Shares issued from distribution reinvestment program | 82 | 82 | |||||
Shares issued from distribution reinvestment program (in shares) | 8 | ||||||
Balance at ending at Mar. 31, 2021 | $ 223 | $ 169,731 | $ 352 | $ 95,968 | $ 36,917 | $ 303,191 | |
Balance at ending (in shares) at Mar. 31, 2021 | 22,302 | ||||||
[1] | Distributions per share were $0.175. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income/(loss) | $ 11,641 | $ (18,678) |
Adjustments to reconcile net income/(loss) to net cash provided by operating | ||
Depreciation and amortization | 1,118 | 992 |
Unrealized (gain)/loss on marketable equity securities | (8,997) | 21,298 |
Loss on sale and redemption of marketable securities | 22 | 0 |
Amortization of deferred financing costs | 147 | 144 |
Noncash interest income | (1,835) | (1,191) |
Other non-cash adjustments | (96) | 143 |
Changes in assets and liabilities: | ||
(Increase)/decrease in prepaid expenses and other assets | (756) | 51 |
Increase/(decrease) in tenant allowances and deposits payable | 161 | (117) |
Increase/(decrease) in accounts payable, accrued expenses and other liabilities | 70 | (6) |
Decrease in due to related parties | (1) | (8) |
Decrease in deferred rental income | (209) | (96) |
Net cash provided by operating activities | 1,265 | 2,532 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of investment property | (7,536) | (5,787) |
Purchase of marketable securities | 0 | (289) |
Proceeds from sale of marketable securities | 623 | 0 |
Investment in joint venture | (6) | (63) |
Proceeds from joint venture | 44 | 78 |
Funding of notes receivable | 0 | (7,095) |
Proceeds from notes receivable | 386 | 0 |
Proceeds from investments in related parties | 0 | 20,000 |
Net cash (used in)/provided by investing activities | (6,489) | 6,844 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from mortgage financing | 88 | 339 |
Mortgage principal payments | (337) | (314) |
Payment of loan fees and expenses | (87) | (88) |
Redemption and cancellation of common shares | 0 | (3,131) |
Contributions received from noncontrolling interests | 40 | 3,490 |
Distributions paid to noncontrolling interests | (822) | (636) |
Distributions paid to Company's stockholders | (3,823) | (3,880) |
Net cash used in financing activities | (4,941) | (4,220) |
Net change in cash, cash equivalents and restricted cash | (10,165) | 5,156 |
Cash, cash equivalents and restricted cash, beginning of year | 46,841 | 79,800 |
Cash, cash equivalents and restricted cash, end of period | 36,676 | 84,956 |
The following is a summary of the Company's cash, cash equivalents, and restricted cash total as presented in our statements of cash flows for the periods presented: | ||
Cash and cash equivalents | 34,616 | 81,972 |
Restricted cash | 2,060 | 2,984 |
Total cash, cash equivalents and restricted cash | $ 36,676 | $ 84,956 |
Structure
Structure | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Structure | 1. Structure Lightstone Value Plus Real Estate Investment Trust, Inc., a Maryland corporation (“Lightstone REIT”), formed on June 8, 2004, which has elected to be taxed and qualify as a real estate investment trust for U.S. federal income tax purposes (“REIT”). The 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. The Lightstone REIT is structured as an umbrella partnership real estate investment trust, or UPREIT, and substantially all of the Company’s current and future business is and will be conducted through Lightstone Value Plus REIT, L.P. (the “Operating Partnership”), a Delaware limited partnership formed on July 12, 2004. As of March 31, 2021, the Company held a 98% general partnership interest in the Company’s Operating Partnership’s common units (“Common Units”). 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. Through its Operating Partnership, the Company owns, operates and develops commercial, residential, and hospitality properties and makes real estate-related investments, principally in the United States. The Company’s real estate investments are held alone or jointly with other parties. The Company also originates or acquires mortgage loans secured by real estate. Although most of its investments are of these types, the Company may invest in whatever types of real estate or real estate-related investments that it believes is in its best interests. Since its inception, the Company has owned and managed various commercial and residential properties located throughout the United States. The Company historically operated within four business segments consisting of: (i) retail properties, (ii) multi-family residential properties, (iii) industrial properties and (iv) hospitality properties. Prior to 2018 the Company disposed of substantially all of the ownership interests in its hospitality properties. Additionally, during the first quarter of 2019, the Company disposed of all of its remaining industrial properties and during the third quarter of 2019 the Company disposed of DePaul Plaza, a retail property. Because of the changes in the composition of the Company’s real estate and real estate investments, the Company now evaluates all of its real estate investments as one operating segment. As of March 31, 2021, the Company has ownership interests in (i) two consolidated operating properties, (ii) three consolidated development properties and (iii) seven unconsolidated operating properties. With respect to its consolidated operating properties, the Company wholly owns the St. Augustine Outlet Center, a retail property containing approximately 0.3 million square feet of gross leasable area, and has a majority ownership interest of approximately 59.2% in Gantry Park Landing, a multi-family residential property containing 199 apartment units. With respect to its consolidated development properties, the Company wholly owns three projects consisting of the Lower East Side Moxy Hotel, the Exterior Street Project and the Santa Clara Data Center. The Company also holds a 2.5% ownership interest in seven hotel properties through a joint venture (the “Joint Venture”) which the Company accounts for using a measurement alternative under which the Joint Venture is measured at cost, adjusted for observable price changes and impairments, if any. The Joint Venture is between the Company and the operating partnership of Lightstone Value Plus Real Estate Investment Trust II, Inc. (“Lightstone II”), a real estate investment trust also sponsored by the Company’s Sponsor, which has a 97.5% ownership interest in the Joint Venture. Furthermore, the Company has other real estate-related investments, including preferred investments in related parties and nonrecourse loans made to unaffiliated third-party borrowers. The Company’s advisor is Lightstone Value Plus REIT, LLC (the “Advisor”), which is majority owned by David Lichtenstein. On July 6, 2004, the Advisor contributed $2 to the Operating Partnership in exchange for 200 Common Units. The Company’s Advisor also owns 20,000 shares of the Company’s common stock (“Common Shares”) which were issued on July 6, 2004 for $200, or $10.00 per share. Mr. Lichtenstein also is the majority owner of the equity interests of The Lightstone Group, LLC. The Lightstone Group, LLC served as the sponsor (the “Sponsor”) during the Company’s initial public offering (the “Offering”), which terminated on October 10, 2008. The Company’s Advisor, together with its board of directors (the “Board of Directors”), is primarily responsible for making investment decisions on the Company’s behalf and managing its day-to-day operations. Through his ownership and control of The Lightstone Group, LLC, Mr. Lichtenstein is the indirect owner and manager of Lightstone SLP, LLC, a Delaware limited liability company, which owns an aggregate of $30.0 million of special general partner interests (“SLP Units”) in the Operating Partnership which were purchased, at a cost of $100,000 per unit, in connection with the Company’s Offering. Mr. Lichtenstein also acts as the Company’s Chairman and Chief Executive Officer. As a result, he exerts influence over but does not control the Lightstone REIT or the Operating Partnership. The Company does not have any employees. The Advisor receives compensation and fees for services related to the investment and management of the Company’s assets. The Company’s Advisor has affiliates which may manage and develop certain of its properties. However, the Company also contracts with other unaffiliated third-party property managers. The Company’s Common Shares are 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 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. Related Parties The Advisor and its affiliates, and Lightstone SLP, LLC are related parties of the Company. Certain of these entities are entitled to compensation for services related to the investment, management and disposition of the Company’s assets. The compensation is based on the cost of acquired properties/investments and the annual revenue earned from such properties/investments, and other such fees and expense reimbursements as outlined in each of the respective agreements. Noncontrolling Interests Partners of Operating Partnership On July 6, 2004, the Advisor contributed $2 to the Operating Partnership in exchange for 200 Common Units in the Operating Partnership. The Advisor has the right to convert the Common Units into cash or, at the option of the Company, an equal number of shares of Common Shares. In connection with the Offering, Lightstone SLP, LLC, an affiliate of the Advisor, purchased an aggregate of $30.0 million of SLP Units. As the majority owner of the SLP Units, Mr. Lichtenstein is the beneficial owner of a 99% interest in such SLP Units and thus receives an indirect benefit from any distributions made in respect thereof. These SLP Units may be entitled to a portion of any regular and liquidation distributions that the Company makes to its stockholders, but only after the Company’s stockholders have received a stated preferred return. In addition, an aggregate 497,209 Common Units were issued to other unrelated parties during the years ended December 31, 2008 and 2009 and remain outstanding as of March 31, 2021. Other Noncontrolling Interests in Consolidated Subsidiaries Other noncontrolling interests in consolidated subsidiaries include ownership interests in (i) Pro-DFJV Holdings LLC (“PRO”) held by the Company’s Sponsor (see Note 9), (ii) 50-01 2nd St. Associates LLC (the “2nd Street Joint Venture”), held by the Company’s Sponsor and other affiliates (see Note 9) and (iii) various joint ventures held by affiliates of the Sponsor that have originated promissory notes to unaffiliated third parties (see Note 5). PRO’s holdings principally consist of Marco OP Units and Marco II OP Units (see Note 4). The 2nd Street Joint Venture owns Gantry Park Landing, a multi-family apartment building located in Queens, New York. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
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. In addition, interests in entities acquired are evaluated based on applicable accounting principles generally accepted in the United States of America (“GAAP”), and if deemed to be variable interest entities (“VIE”) in which the Company is the primary beneficiary are also consolidated. If the interest in the entity is determined not to be a VIE, then the entity is evaluated for consolidation based on legal form, economic substance, and the extent to which the Company has control, substantive participating rights or both under the respective ownership agreement. For entities in which the Company has less than a controlling interest but have significant influence, the Company accounts for the investment using the equity method of accounting. There are judgments and estimates involved in determining if an entity in which the Company has made an investment is a VIE and, if so, whether the Company is the primary beneficiary. The entity is evaluated to determine if it is a VIE by, among other things, calculating the percentage of equity being risked compared to the total equity of the entity. Determining expected future losses involves assumptions of various possibilities of the results of future operations of the entity, assigning a probability to each possibility and using a discount rate to determine the net present value of those future losses. A change in the judgments, assumptions, and estimates outlined above could result in consolidating an entity that should not be consolidated or accounting for an investment using the equity method that should in fact be consolidated, the effects of which could be material to our financial statements. 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, 2020. 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 presentation 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 GAAP for interim financial information and with the instructions to Form 10-Q and Article 8 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 and real-estate related investments, marketable securities, notes receivable, 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, 2020 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. COVID-19 Pandemic On March 11, 2020, the World Health Organization declared COVID-19 a global pandemic leading many countries, including the United States, particularly at the individual state level, to subsequently impose various degrees of restrictions and other measures, including, but not limited to, mandatory temporary closures, quarantine guidelines, limitations on travel, and “shelter in place” rules in an effort to reduce its duration and the severity of its spread. Although the COVID-19 pandemic has continued to evolve, most of these previously imposed restrictions and other measures have now been reduced and/or lifted. However, the COVID-19 pandemic remains highly unpredictable and dynamic and its duration and extent is likely dependent on numerous developments such as the regulatory approval, mass production, administration and ultimate effectiveness of vaccines, as well as the timeline to achieve a level of sufficient herd immunity amongst the general population. Accordingly, the COVID-19 pandemic may continue to have negative effects on the overall health of the U.S. economy for the foreseeable future. As a result of previously imposed restrictions, the Company temporarily closed its St. Augustine Outlet Center from March 20, 2020 through May 7, 2020. Primarily because of the impact of the COVID-19 pandemic on the St. Augustine Outlet Center, the property’s occupancy has declined and the Company provided forbearance of certain rent payments to various tenants. Additionally, the Company has seen some deterioration in both the occupancy and rental rates for Gantry Park Landing, which is located on Long Island, New York, as the luxury rental market in the greater New York City metropolitan area has been negatively impacted by the COVID-19 pandemic. To-date, the COVID-19 pandemic has not had any significant impact on the Company’s three development projects. Furthermore, the Company’s other real estate-related investments (both its preferred investments in related parties and nonrecourse loans made to unaffiliated third-party borrowers) also relate to various development projects which are at different stages in their respective development process. These investments, which are subject to similar restrictions and other measures, have also not yet been significantly impacted by the COVID-19 pandemic. The overall extent to which the Company’s business may be affected by the ongoing COVID-19 pandemic will largely depend on both current and future developments, all of which are highly uncertain and cannot be reasonably predicted. If the Company’s operating properties, development projects and real estate-related investments are negatively impacted for an extended period because (i) occupancy levels and rental rates further decline, (ii) tenants are unable to pay their rent, (iii) borrowers are unable to pay scheduled debt service on notes receivable, (iv) development activities are delayed and/or (v) various related party entities are unable to pay monthly preferred distributions on the Company’s preferred investments in related parties, the Company’s business and financial results could be materially and adversely impacted. New Accounting Pronouncements In June 2016, the FASB issued an accounting standards update which replaces the Company incurred loss impairment methodology currently in use with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The new guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently in the process of evaluating the impact the adoption of this standard will have on the Company’s consolidated financial statements. The Company has reviewed and determined that other recently issued accounting pronouncements will not have a material impact on its financial position, results of operations and cash flows, or do not apply to its current operations. Supplemental Cash Flow Information Supplemental cash flow information for the periods indicated is as follows: For the Three Months 2021 2020 Cash paid for interest $ 2,259 $ 2,145 Distributions declared but not paid $ 3,906 $ 3,911 Investment property acquired but not paid $ 1,790 $ 2,068 Amortization of deferred financing costs included in construction in progress $ 75 $ 615 Holding loss on marketable securities $ 27 $ 2,267 Value of shares issued from distribution reinvestment program $ 82 $ 80 |
Development Projects
Development Projects | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Development Projects | 3. Development Projects Lower East Side Moxy Hotel On December 3, 2018, the Company, through a subsidiary of the Operating Partnership, acquired adjacent three parcels of land located at 147-151 Bowery, New York, New York (collectively, the “Bowery Land”) from 151 Emmut Properties LLC and 145-149 Bowery LLC, both unaffiliated third parties, for aggregate consideration of approximately $56.5 million, excluding closing and other acquisition related costs. Additionally, on December 6, 2018, the Company, though a subsidiary of the Operating Partnership, acquired certain air rights located at 329 Broome Street, New York, New York (the “Air Rights”) from B.R.P. Realty Corp., an unaffiliated third party, for approximately $2.4 million, excluding closing and other acquisition related costs. The Company is using the Bowery Land and Air Rights for the development and construction of a 296-room Marriott Moxy hotel (the “Lower East Side Moxy Hotel”). Exterior Street Project On February 27, 2019, the Company, through subsidiaries of the Operating Partnership, acquired two adjacent parcels of land located at 355 and 399 Exterior Street, New York, New York (collectively, the “Exterior Street Land”), from Borden Realty Corp and 399 Exterior Street Associates LLC, unaffiliated third parties, for an aggregate purchase price of approximately $59.0 million, excluding closing and other acquisition related costs. The Company is using the Exterior Street Land for the development and construction of a multi-family residential property (the “Exterior Street Project”). Santa Clara Data Center On January 10, 2019, the Company, through subsidiaries of the Operating Partnership, acquired a parcel of land located at 2175 Martin Avenue, Santa Clara, California (the “Martin Avenue Land”) from The Chioini Living Trust, an unaffiliated third party, for approximately $10.6 million, excluding closing and other acquisition related costs. The Company has completed certain pre-development activities associated with the potential development and construction of a data center (the “Santa Clara Data Center”) on the Martin Avenue Land. The following is a summary of the amounts incurred and capitalized to construction in progress as of the dates indicated and the amounts of interest capitalized to construction in progress for the periods indicated: Amounts Capitalized to Construction in Progress Capitalized Interest As of As of Three Months Ended Development Projects March 31, December 31, March 31, March 31, Lower East Side Moxy Hotel $ 102,120 $ 98,608 $ 1,114 $ 1,047 Exterior Street Project 76,118 74,230 558 1,108 Santa Clara Data Center 13,350 13,350 - 99 Total Development Projects $ 191,588 $ 186,188 $ 1,672 $ 2,254 |
Marketable Securities and Other
Marketable Securities and Other Investments, Fair Value Measurements and Notes Payable | 3 Months Ended |
Mar. 31, 2021 | |
Marketable Securities and Other Investments, Fair Value Measurements and Notes Payable | |
Marketable Securities and Other Investments, Fair Value Measurements and Notes Payable | 4. Marketable Securities, Fair Value Measurements and Notes Payable Marketable Securities: The following is a summary of the Company’s available for sale securities: As of March 31, 2021 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities: Equity securities: Equity Securities, primarily REITs $ 9,386 $ 4,834 $ (319 ) $ 13,901 Marco OP Units and Marco II OP Units 19,227 4,578 - 23,805 28,613 9,412 (319 ) 37,706 Debt securities: Corporate Bonds 16,319 462 (90 ) 16,691 Total $ 44,932 $ 9,874 $ (409 ) $ 54,397 As of December 31, 2020 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities: Equity securities: Equity Securities, primarily REITs $ 9,386 $ 2,054 $ (575 ) $ 10,865 Marco OP Units and Marco II OP Units 19,227 - (1,383 ) 17,844 28,613 2,054 (1,958 ) 28,709 Debt securities: Corporate Bonds 16,964 546 (148 ) 17,362 Total $ 45,577 $ 2,600 $ (2,106 ) $ 46,071 As of both March 31, 2021 and December 31, 2020, the Company held an aggregate of 209,243 Marco OP Units and Marco II OP Units, of which 89,695 were owned by PRO. 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”), a public REIT that is an owner and operator of shopping malls and outlet centers. 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”). Accordingly, the Marco OP Units and Marco II OP Units are valued based on the closing price of Simon Stock, which was $113.77 per share and $85.28 per share as of March 31, 2021 and December 31, 2020, respectively. During 2020, financial markets experienced significant volatility in response to the current COVID-19 pandemic, including significant changes in market interest rates and market prices of certain equity securities. Primarily because of this volatility, the Company incurred unrealized gains of approximately $9.0 million, for the three months ended March 31, 2021 and unrealized losses of approximately $21.3 million, for the three months ended March 31, 2020. These unrealized gains and losses incurred on the Company’s marketable equity securities are included in its consolidated statements of operations. The Company considers the declines in market value of its investments in marketable debt securities to be temporary in nature. When evaluating its investments in marketable debt securities 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 marketable debt security before recovery of its amortized cost basis. During the three months ended March 31, 2021 and 2020, the Company did not recognize any impairment charges on its investments in marketable debt securities. As of March 31, 2021, the Company does not consider any of its investments in marketable debt securities to be other-than-temporarily impaired. The Company may sell certain of its investments in marketable debt securities prior to their stated maturities for strategic purposes, in anticipation of credit deterioration, or for duration management. 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 measured at fair value on a recurring basis as of the dates indicated are as follows: Fair Value Measurement Using As of March 31, 2021 Level 1 Level 2 Level 3 Total Marketable Securities: Equity Securities, primarily REITs $ 13,901 $ - $ - $ 13,901 Marco OP and OP II Units - 23,805 - 23,805 Corporate Bonds - 16,691 - 16,691 Total $ 13,901 $ 40,496 $ - $ 54,397 Fair Value Measurement Using As of December 31, 2020 Level 1 Level 2 Level 3 Total Marketable Securities: Equity Securities, primarily REITs $ 10,865 $ - $ - $ 10,865 Marco OP and OP II Units - 17,844 - 17,844 Corporate Bonds - 17,362 - 17,362 Total $ 10,865 $ 35,206 $ - $ 46,071 The fair values of the Company’s investments in Corporate Bonds are measured using readily available quoted prices for similar assets. Additionally, as noted above, the Company’s Marco OP and Marco OP II Units are ultimately exchangeable for cash or similar number of shares of Simon Stock, therefore the Company uses the quoted market price of Simon Stock to measure the fair value of the Company’s Marco OP and Marco OP II Units. The following table summarizes the estimated fair value of our investments in marketable debt securities with stated contractual maturity dates, accounted for as available-for-sale securities and classified by the contractual maturity date of the securities: March 31, Due in 1 year $ 2,003 Due in 1 year through 5 years 4,375 Due in 5 years through 10 years - Due after 10 years 10,313 Total $ 16,691 The Company did not have any other significant financial assets or liabilities, which would require revised valuations that are recognized at fair value. 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 (0.96% as of March 31, 2021) 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. There were no amounts outstanding under this Margin Loan as of March 31, 2021 and December 31, 2020. Line of Credit The Company has a non-revolving credit facility (the “Line of Credit”) that provides for borrowings up to a maximum of $20.0 million, subject to a 55% loan-to-value ratio based on the fair value of the underlying collateral, matures on June 19, 2021 and bears interest at LIBOR + 1.35% (1.46% as of March 31, 2021). The Line of Credit is collateralized by an aggregate of 209,243 of Marco OP Units and Marco II OP Units and is guaranteed by PRO. As of March 31, 2021, the amount of borrowings available to be drawn under the Line of Credit was approximately $13.1 million. No amounts were outstanding under the Line of Credit as of both March 31, 2021 and December 31, 2020. The Company intends to seek to extend the Line of Credit on or before its scheduled maturity date. |
Notes Receivable
Notes Receivable | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Notes Receivable | 5. Notes Receivable Beginning in 2019, the Company has formed certain joint ventures (collectively, the “NR Joint Ventures”) between wholly-owned subsidiaries of the Operating Partnership (collectively, the “NR Subsidiaries”) and affiliates of the Sponsor (the “NR Affiliates”) which have originated nonrecourse loans (collectively, the “Joint Venture Promissory Notes”) to unaffiliated third-party borrowers (collectively, the “Joint Venture Borrowers”). The NR Subsidiaries and NR Affiliates have varying ownership interests in the NR Joint Ventures and certain other wholly-owned subsidiaries of the Operating Partnership serve as the manager and are the sole decision-maker for each of the NR Joint Ventures. The Company has determined that the NR Joint Ventures are VIEs and the NR Subsidiaries are the primary beneficiaries. Since the NR Subsidiaries are the primary beneficiaries, beginning on the applicable date of formation, the Company has consolidated the operating results and financial condition of the NR Joint Ventures and accounted for the respective ownership interests of the NR Affiliates as noncontrolling interests. The Joint Venture Promissory Notes provide for monthly interest at a prescribed variable rate, subject to a floor. In connection with funding of the Joint Venture Promissory Notes, the NR Joint Ventures have received origination fees (1.00% - 1.50%) based on the principal amount of the loan and retained a portion of the loan proceeds to establish a reserve for interest and other items (the “Loan Reserves”). The Joint Venture Promissory Notes are recorded in notes receivable, net on the consolidated balance sheets. The Joint Venture Promissory Notes generally have an initial term of one or two years and may provide for additional extension options subject to satisfaction of certain prescribed conditions, including the funding of an additional Loan Reserves and payment of an extension fee. The Joint Venture Promissory Notes are collateralized by either the membership interests of the Joint Venture Borrowers in the borrowing entity or the underlying real property being developed by the Joint Venture Borrower. The origination fees received are presented in the consolidated balance sheets as a direct deduction from the carrying value of the Joint Venture Promissory Notes and are amortized into interest income, using a straight-line method that approximates the effective interest method, over the initial term of the Joint Venture Promissory Notes. The Loan Reserves are presented in the consolidated balance sheets as a direct deduction from the carrying value of the Joint Venture Promissory Notes and are applied against the monthly interest due over the term. During three months ended March 31, 2021, the NR Subsidiaries and the NR Affiliates made aggregate contributions to the NR Joint Ventures of approximately $40 and $40, respectively, principally to fund their respective shares of the NR Joint Ventures’ operating expenses. During three months ended March 31, 2020, the NR Subsidiaries and the NR Affiliates made aggregate contributions to the NR Joint Ventures of approximately $3.5 million and $3.5 million, respectively, principally to fund their respective shares of the Joint Venture Promissory Notes that were originated. Additionally, during the three months ended March 31, 2021, the NR Joint Ventures made aggregate distributions of approximately $0.2 million to both the NR Subsidiaries and NR Affiliates, based on their respective membership interests. The following tables summarize the Notes Receivable as of the dates indicated: As of March 31, 2021 Company's Loan Contractual Unamortized Joint Ownership Commitment Origination Origination Maturity Interest Outstanding Origination Carrying Unfunded Venture/Lender Percentage Amount Fee Date Date Rate Principal Reserves Fee Value Commitment LSC 162nd Capital I LLC 45.45 % $ 4,234 1.50 % February 5, 2019 September 11, 2021 Libor plus 7.50% (Floor of 11%) $ 4,076 $ (226 ) $ (20 ) $ 3,830 $ - LSC 162nd Capital II LLC 45.45 % 9,166 1.50 % February 5, 2019 September 11, 2021 Libor plus 7.50% (Floor of 11%) 8,824 (490 ) (44 ) 8,290 - LSC 1543 7th LLC 50 % 20,000 1.00 % August 27, 2019 August 26, 2021 Libor plus 5.40% (Floor of 7.90%) 20,000 - (82 ) 19,918 - LSC 1650 Lincoln LLC 50 % 24,000 1.00 % August 27, 2019 August 26, 2021 Libor plus 5.40% (Floor of 7.90%) 24,000 - (100 ) 23,900 - LSC 11640 Mayfield LLC 50 % 18,000 1.50 % March 4, 2020 March 1, 2022 Libor plus 10.50% (Floor of 12.50%) 10,750 (2,033 ) (125 ) 8,592 7,250 LSC 87 Newkirk LLC (1) 50 % 42,700 1.25 % July 2, 2020 December 1, 2021 Libor plus 6.00% (Floor of 7.00%) 42,700 (889 ) (269 ) 41,542 - Total $ 110,350 $ (3,638 ) $ (640 ) $ 106,072 $ 7,250 (1) Repaid in full during April 2021 As of December 31, 2020 Company’s Loan Contractual Unamortized Joint Ownership Commitment Origination Origination Maturity Interest Outstanding Origination Carrying Unfunded Venture/Lender Percentage Amount Fee Date Date Rate Principal Reserves Fee Value Commitment LSC 162nd Capital I LLC 45.45 % $ 4,234 1.50 % February 5, 2019 September 11, 2021 Libor plus 7.50% (Floor of 11%) $ 4,076 $ (338 ) $ (33 ) $ 3,705 $ - LSC 162nd Capital II LLC 45.45 % 9,166 1.50 % February 5, 2019 September 11, 2021 Libor plus 7.50% (Floor of 11%) 8,824 (732 ) (71 ) 8,021 - LSC 1543 7th LLC 50 % 20,000 1.00 % August 27, 2019 August 26, 2021 Libor plus 5.40% (Floor of 7.90%) 20,000 - (33 ) 19,967 - LSC 1650 Lincoln LLC 50 % 24,000 1.00 % August 27, 2019 August 26, 2021 Libor plus 5.40% (Floor of 7.90%) 24,000 - (40 ) 23,960 - LSC 11640 Mayfield LLC 50 % 18,000 1.50 % March 4, 2020 March 1, 2022 Libor plus 10.50% (Floor of 12.50%) 10,750 (2,369 ) (158 ) 8,223 7,250 LSC 87 Newkirk LLC 50 % 42,700 1.25 % July 2, 2020 December 1, 2021 Libor plus 6.00% (Floor of 7.00%) 42,700 (1,597 ) (355 ) 40,748 - Total $ 110,350 $ (5,036 ) $ (690 ) $ 104,624 $ 7,250 The following summarizes the interest earned (included in interest and dividend income on the consolidated statements of operations) for each of the Joint Venture Promissory Notes during the periods indicated: For the Three Months For the Three Months Ended Ended March 31, March 31, Joint Venture/Lender 2021 2020 LSC 162nd Capital I LLC $ 124 $ 113 LSC 162nd Capital II LLC 269 245 LSC 1543 7th LLC 445 437 LSC 1650 Lincoln LLC 534 524 LSC 11640 Mayfield LLC 369 115 LSC 87 Newkirk LLC 796 - Total $ 2,537 $ 1,434 |
Mortgages Payable, Net
Mortgages Payable, Net | 3 Months Ended |
Mar. 31, 2021 | |
Loans Payable [Abstract] | |
Mortgages Payable | 6. Mortgages Payable, Net Mortgages payable, net consists of the following: Property/Investment Interest Rate Weighted Average Interest Rate as of Maturity Date Amount Due at Maturity As of As of Gantry Park Landing 4.48% 4.48 % November 2024 $ 65,317 $ 70,531 $ 70,868 Lower East Side Moxy Hotel LIBOR + 4.25% (floor of 6.63%) 6.63 % June 2021 35,257 35,257 35,168 Exterior Street Project LIBOR + 2.25% 2.35 % April 2022 35,000 35,000 35,000 Santa Monica Notes Receivable LIBOR + 3.75% (floor of 5.50%) 5.50 % August 2021 25,000 25,000 25,000 87 Newkirk Note Receivable LIBOR + 3.80% (floor of 4.80%) 4.80 % January 2022 27,500 27,500 27,500 Total mortgages payable 4.63 % $ 188,074 193,288 193,536 Less: Deferred financing costs (1,017 ) (1,151 ) Total mortgages payable, net $ 192,271 $ 192,385 LIBOR as of March 31, 2021 and December 31, 2020 was 0.11% and 0.14%, respectively. The Company’s loans are secured by the indicated real estate and are non-recourse to the Company, unless otherwise indicated. On July 22, 2020, the Company, through the 87 Newkirk Joint Venture, entered into a $27.5 million loan (the “87 Newkirk Loan”) which bore interest at LIBOR + 3.80%, subject to a 4.80% floor, and was scheduled to initially mature on January 1, 2022. The 87 Newkirk Loan required monthly interest-only payments with the outstanding principal balance due in full at its maturity date and was collateralized by the 87 Newkirk Note Receivable. On April 5, 2021, the 87 Newkirk Joint Venture repaid the 87 Newkirk Loan in full using a portion of the proceeds it received from the repayment in full of the 87 Newkirk Note Receivable. On November 12, 2019, the Company, through LSC 1543 7th LLC and LSC 1650 Lincoln LLC (collectively, the “Santa Monica Joint Ventures”), entered into a $25.0 million loan (the “Santa Monica Loan”) which bears interest at LIBOR + 3.75%, subject to a 5.50% floor, and matures on August 12, 2021. The Santa Monica Loan requires monthly interest-only payments with the outstanding principal balance due at its maturity date and is cross-collateralized by two nonrecourse loans originated by the Santa Monica Joint Ventures (see Note 5). On March 29, 2019, the Company entered into the $35.0 million Exterior Street Loan which initially bore interest at 4.50% and was scheduled to mature on April 9, 2020, but had two six-month extension options. However, because the Company exercised both extension options, the maturity date was extended to April 9, 2021 and upon the exercise of the second extension option on October 9, 2020, the interest rate became LIBOR plus 2.25%. The Exterior Street Loan requires monthly interest payments through its maturity date and is collateralized by the Exterior Street Project. During April 2021, the maturity date of the Exterior Street Loan was extended to April 9, 2022. On December 3, 2018, the Company entered into a mortgage loan collateralized by the Lower East Side Moxy Hotel (the “Lower East Side Moxy Mortgage”) for up to $35.6 million. The Lower East Side Moxy Mortgage has a term of two years, bears interest at LIBOR+4.25%, subject to a 6.63% floor, and requires monthly interest-only payments through its stated maturity with the entire unpaid balance due upon maturity. In November 2020 the maturity date of Lower East Side Moxy Mortgage was extended to March 3, 2021 and in March 2021 it was further extended until June 3, 2021. Through March 31, 2021, the Company received aggregate proceeds of $35.3 million under the Lower East Side Moxy Mortgage. As a result, the Lower East Side Moxy Mortgage had an outstanding balance and remaining availability of $35.3 million and $0.3 million, respectively, as of March 31, 2021. The following table shows the contractually scheduled principal maturities of the Company’s mortgage debt during the next five years and thereafter as of March 31, 2021: 2021 2022 2023 2024 2025 Thereafter Total Principal maturities $ 61,247 $ 63,889 $ 1,454 $ 66,698 $ - $ - $ 193,288 Less: Deferred financing costs (1,017 ) Total principal maturities, net $ 192,271 Certain of the Company’s debt agreements require the maintenance of certain ratios, including debt service coverage. As of March 31, 2021, the Company was in compliance with all of its financial debt covenants. Additionally, certain of our mortgages payable also contain clauses providing for prepayment penalties. Debt Maturities The Exterior Street Loan (outstanding principal balance of $35.0 million as of March 31, 2021) is scheduled to mature on April 9, 2022. The Company intends to refinance the Exterior Street Loan on or before the its maturity date. The Santa Monica Loan (outstanding principal balance of $25.0 million as of March 31, 2021) is scheduled to mature on August 12, 2021. The Company currently intends to refinance the Santa Monica Loan on or before its current maturity date. The Lower East Side Moxy Mortgage (outstanding principal balance of $35.3 million as of March 31, 2021) matures on June 3, 2021. The Company currently expects to obtain an extension for the Lower East Side Moxy Mortgage until such time as it can obtain construction financing. However, if the Company is unable to extend or refinance any of its maturing indebtedness at favorable terms, it will look to repay the then outstanding balance with available cash and/or proceeds from selective asset sales. The Company has no additional significant maturities of mortgage debt over the next 12 months. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | 7. Leases The Company’s retail property (St. Augustine Outlet Center) and multi-family residential property (Gantry Park Landing) are both leased to tenants under operating leases. Substantially all of our multi-family residential property leases have initial terms of 12 months or less. Our retail space leases expire between the remainder of 2021 and 2025. As of March 31, 2021, the approximate fixed future minimum rent payments, excluding variable lease consideration, from the Company’s retail property, due to us under non-cancelable leases are as follows: 2021 2022 2023 2024 2025 Thereafter Total $ 1,097 $ 653 $ 580 $ 395 $ 157 $ - $ 2,882 The Company has excluded its multi-family residential property’s leases from this table as substantially all of its multi-family residential property’s leases have initial terms of 12 months of less. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Company's Stockholder's Equity | 8. Equity Share Repurchase Program The Company’s share repurchase program may provide our stockholders with limited, interim liquidity by enabling them to sell their shares of common stock back to the Company, subject to restrictions. On March 25, 2020, the Board of Directors amended the share repurchase program to remove stockholder notice requirements and also approved the suspension of all redemptions effective immediately. Effective March 15, 2021, the Board of Directors reopened the share repurchase program solely for redemptions submitted in connection with a stockholder’s death and set the price for all such purchases to $11.18, which is 100% of the NAV per Share. Deaths that occurred subsequent to January 1, 2020 are eligible for consideration. Beginning January 1, 2022, requests for redemptions in connection with a stockholder’s death must be submitted and received by us within one year of the stockholder’s date of death for consideration. 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. Dilutive 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 dilutive net income per share is equivalent to basic net income per share. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 9. Related Party Transactions The Company has various agreements, including an advisory agreement, 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. Amounts the Company owes to the Advisor and its affiliated entities are principally for asset management fees, and are classified as due to related parties on the consolidated balance sheets. The Company, pursuant to the related party arrangements, has recorded the following amounts for the periods indicated: For the Three March 31, March 31, Asset management fees (general and administrative costs) $ 244 $ 215 Property management fees (property operating expenses) 96 111 Development cost reimbursement (1) 310 388 Total $ 650 $ 714 (1) Development costs that the Company reimburses its Advisor for are capitalized and are included in the carrying value of the associated development project and classified as construction in progress on the consolidated balance sheets. The advisory agreement has a one-year term and is renewable for an unlimited number of successive one-year periods upon the mutual consent of the Advisor and the Company’s independent directors. Payments to the Advisor or its affiliates may include asset acquisition fees and the reimbursement of acquisition-related expenses, development fees and the reimbursement of development-related costs, financing coordination fees, asset management fees or asset management participation, and construction management fees. The Company may also reimburse the Advisor and its affiliates for actual expenses it incurs for administrative and other services provided for it. Upon the liquidation of the Company’s assets, it may pay the Advisor or its affiliates a disposition commission. In connection with the Company’s Offering, Lightstone SLP, LLC purchased an aggregate of $30.0 million of 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 both the three months ended March 31, 2021 and 2020, distributions of $0.5 million were declared and paid on the SLP units. Preferred Investments The Company has entered into agreements with various related party entities that provide for it to make preferred contributions pursuant to certain instruments (the “Preferred Investments”) that entitle it to certain prescribed monthly preferred distributions (see below for additional information). The fair value of these investments approximated their carrying values based on market rates for similar instruments. The Preferred Investments are summarized as follows: Preferred Investment Balance Investment Income (1) Dividend As of As of Three Months Ended March 31, Preferred Investments Rate 2021 2020 2021 2020 40 East End Avenue 12 % $ 6,000 $ 6,000 $ 180 $ 336 East 11th Street 12 % 8,500 8,500 255 261 Miami Moxy 12 % - - - 45 Total Preferred Investments $ 14,500 $ 14,500 $ 435 $ 642 Note: (1) Included in interest and dividend income on the consolidated statements of operations. The Joint Venture The Company has a 2.5% membership interest in the Joint Venture, which holds ownership interests in seven hotels as of both March 31, 2021 and December 31, 2020, the carrying value of its investment was $1.1 million, which is included in investment in related parties on the consolidated balance sheets. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | 10. Financial Instruments The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, restricted escrows, tenants’ accounts receivable and accounts payable and accrued expenses approximate their fair values because of the short maturity of these instruments. The carrying amounts of the notes receivable approximate their fair values because the interest rates are variable and reflective of market rates. The carrying amount and estimated fair value (in millions) of the Company’s mortgage debt is summarized as follows: As of March 31, 2021 As of December 31, 2020 Carrying Amount Estimated Carrying Amount Estimated Mortgages payable $ 193.3 $ 196.1 $ 193.5 $ 198.0 The fair value of the mortgages payable was determined by discounting the future contractual interest and principal payments by estimated current market interest rates. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [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. 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. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events Distribution Payment On April 15, 2021, the distribution for the three-month period ending March 31, 2021 of $3.9 million was paid in full using a combination of cash and approximately 8,000 shares of the Company’s common stock issued pursuant to the Company’s DRIP, at a discounted price of $10.62 per share, equal to 95% of the Company’s most recently published estimated net asset value per share of $11.18 as of September 30, 2020. Distribution Declaration On May 14, 2021, the Company’s Board of Directors authorized and the Company declared a distribution of $0.175 per share for the quarterly period ending June 30, 2021. The quarterly distribution is the pro rata equivalent of an annual distribution of $0.70 per share, or an annualized rate of 7.0% assuming a purchase price of $10.00 per share. The distribution will be paid on or about the 15th day of the month following the quarter-end to stockholders of record at the close of business on the last day of the quarter-end. The stockholders have an option to elect the receipt of shares under the Company’s DRIP. Additionally, on May 14, 2021, the Board of Directors declared a quarterly distribution for the quarterly period ending June 30, 2021 on the SLP Units at an annualized rate of 7.0%. Any future distributions on the SLP Units will always be subordinated until stockholders receive a stated preferred return. Future distributions declared will be at the discretion of the Board of Directors based on their analysis of our performance over the previous periods and expectations of performance for future periods and may differ from the amount of the distribution determined for this period. The Board of Directors will consider various factors in its determination, including but not limited to, the sources and availability of capital, current rental revenues, operating and interest expenses and our ability to refinance near-term debt. In addition, the Company currently intends to continue to comply with REIT distribution requirements. The Company cannot assure that regular distributions will continue to be made or that it will maintain any particular level of distributions that it has established or may establish. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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. In addition, interests in entities acquired are evaluated based on applicable accounting principles generally accepted in the United States of America (“GAAP”), and if deemed to be variable interest entities (“VIE”) in which the Company is the primary beneficiary are also consolidated. If the interest in the entity is determined not to be a VIE, then the entity is evaluated for consolidation based on legal form, economic substance, and the extent to which the Company has control, substantive participating rights or both under the respective ownership agreement. For entities in which the Company has less than a controlling interest but have significant influence, the Company accounts for the investment using the equity method of accounting. There are judgments and estimates involved in determining if an entity in which the Company has made an investment is a VIE and, if so, whether the Company is the primary beneficiary. The entity is evaluated to determine if it is a VIE by, among other things, calculating the percentage of equity being risked compared to the total equity of the entity. Determining expected future losses involves assumptions of various possibilities of the results of future operations of the entity, assigning a probability to each possibility and using a discount rate to determine the net present value of those future losses. A change in the judgments, assumptions, and estimates outlined above could result in consolidating an entity that should not be consolidated or accounting for an investment using the equity method that should in fact be consolidated, the effects of which could be material to our financial statements. 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, 2020. 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 presentation 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 GAAP for interim financial information and with the instructions to Form 10-Q and Article 8 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 and real-estate related investments, marketable securities, notes receivable, 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, 2020 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. |
COVID-19 Pandemic | COVID-19 Pandemic On March 11, 2020, the World Health Organization declared COVID-19 a global pandemic leading many countries, including the United States, particularly at the individual state level, to subsequently impose various degrees of restrictions and other measures, including, but not limited to, mandatory temporary closures, quarantine guidelines, limitations on travel, and “shelter in place” rules in an effort to reduce its duration and the severity of its spread. Although the COVID-19 pandemic has continued to evolve, most of these previously imposed restrictions and other measures have now been reduced and/or lifted. However, the COVID-19 pandemic remains highly unpredictable and dynamic and its duration and extent is likely dependent on numerous developments such as the regulatory approval, mass production, administration and ultimate effectiveness of vaccines, as well as the timeline to achieve a level of sufficient herd immunity amongst the general population. Accordingly, the COVID-19 pandemic may continue to have negative effects on the overall health of the U.S. economy for the foreseeable future. As a result of previously imposed restrictions, the Company temporarily closed its St. Augustine Outlet Center from March 20, 2020 through May 7, 2020. Primarily because of the impact of the COVID-19 pandemic on the St. Augustine Outlet Center, the property’s occupancy has declined and the Company provided forbearance of certain rent payments to various tenants. Additionally, the Company has seen some deterioration in both the occupancy and rental rates for Gantry Park Landing, which is located on Long Island, New York, as the luxury rental market in the greater New York City metropolitan area has been negatively impacted by the COVID-19 pandemic. To-date, the COVID-19 pandemic has not had any significant impact on the Company’s three development projects. Furthermore, the Company’s other real estate-related investments (both its preferred investments in related parties and nonrecourse loans made to unaffiliated third-party borrowers) also relate to various development projects which are at different stages in their respective development process. These investments, which are subject to similar restrictions and other measures, have also not yet been significantly impacted by the COVID-19 pandemic. The overall extent to which the Company’s business may be affected by the ongoing COVID-19 pandemic will largely depend on both current and future developments, all of which are highly uncertain and cannot be reasonably predicted. If the Company’s operating properties, development projects and real estate-related investments are negatively impacted for an extended period because (i) occupancy levels and rental rates further decline, (ii) tenants are unable to pay their rent, (iii) borrowers are unable to pay scheduled debt service on notes receivable, (iv) development activities are delayed and/or (v) various related party entities are unable to pay monthly preferred distributions on the Company’s preferred investments in related parties, the Company’s business and financial results could be materially and adversely impacted. |
New Accounting Pronouncements | New Accounting Pronouncements In June 2016, the FASB issued an accounting standards update which replaces the Company incurred loss impairment methodology currently in use with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The new guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently in the process of evaluating the impact the adoption of this standard will have on the Company’s consolidated financial statements. The Company has reviewed and determined that other recently issued accounting pronouncements will not have a material impact on its financial position, results of operations and cash flows, or do not apply to its current operations. |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Supplemental cash flow information for the periods indicated is as follows: For the Three Months 2021 2020 Cash paid for interest $ 2,259 $ 2,145 Distributions declared but not paid $ 3,906 $ 3,911 Investment property acquired but not paid $ 1,790 $ 2,068 Amortization of deferred financing costs included in construction in progress $ 75 $ 615 Holding loss on marketable securities $ 27 $ 2,267 Value of shares issued from distribution reinvestment program $ 82 $ 80 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of supplemental cash flow information | Supplemental cash flow information for the periods indicated is as follows: For the Three Months 2021 2020 Cash paid for interest $ 2,259 $ 2,145 Distributions declared but not paid $ 3,906 $ 3,911 Investment property acquired but not paid $ 1,790 $ 2,068 Amortization of deferred financing costs included in construction in progress $ 75 $ 615 Holding loss on marketable securities $ 27 $ 2,267 Value of shares issued from distribution reinvestment program $ 82 $ 80 |
Development Projects (Tables)
Development Projects (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Schedule of development projects | The following is a summary of the amounts incurred and capitalized to construction in progress as of the dates indicated and the amounts of interest capitalized to construction in progress for the periods indicated: Amounts Capitalized to Construction in Progress Capitalized Interest As of As of Three Months Ended Development Projects March 31, December 31, March 31, March 31, Lower East Side Moxy Hotel $ 102,120 $ 98,608 $ 1,114 $ 1,047 Exterior Street Project 76,118 74,230 558 1,108 Santa Clara Data Center 13,350 13,350 - 99 Total Development Projects $ 191,588 $ 186,188 $ 1,672 $ 2,254 |
Marketable Securities and Oth_2
Marketable Securities and Other Investments, Fair Value Measurements and Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Marketable Securities and Other Investments, Fair Value Measurements and Notes Payable | |
Summary of available for sale securities and other investments | The following is a summary of the Company’s available for sale securities: As of March 31, 2021 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities: Equity securities: Equity Securities, primarily REITs $ 9,386 $ 4,834 $ (319 ) $ 13,901 Marco OP Units and Marco II OP Units 19,227 4,578 - 23,805 28,613 9,412 (319 ) 37,706 Debt securities: Corporate Bonds 16,319 462 (90 ) 16,691 Total $ 44,932 $ 9,874 $ (409 ) $ 54,397 As of December 31, 2020 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities: Equity securities: Equity Securities, primarily REITs $ 9,386 $ 2,054 $ (575 ) $ 10,865 Marco OP Units and Marco II OP Units 19,227 - (1,383 ) 17,844 28,613 2,054 (1,958 ) 28,709 Debt securities: Corporate Bonds 16,964 546 (148 ) 17,362 Total $ 45,577 $ 2,600 $ (2,106 ) $ 46,071 |
Schedule of Marketable securities measured at fair value on a recurring basis | Marketable securities measured at fair value on a recurring basis as of the dates indicated are as follows: Fair Value Measurement Using As of March 31, 2021 Level 1 Level 2 Level 3 Total Marketable Securities: Equity Securities, primarily REITs $ 13,901 $ - $ - $ 13,901 Marco OP and OP II Units - 23,805 - 23,805 Corporate Bonds - 16,691 - 16,691 Total $ 13,901 $ 40,496 $ - $ 54,397 Fair Value Measurement Using As of December 31, 2020 Level 1 Level 2 Level 3 Total Marketable Securities: Equity Securities, primarily REITs $ 10,865 $ - $ - $ 10,865 Marco OP and OP II Units - 17,844 - 17,844 Corporate Bonds - 17,362 - 17,362 Total $ 10,865 $ 35,206 $ - $ 46,071 |
Schedule of contractual maturity | The following table summarizes the estimated fair value of our investments in marketable debt securities with stated contractual maturity dates, accounted for as available-for-sale securities and classified by the contractual maturity date of the securities: March 31, Due in 1 year $ 2,003 Due in 1 year through 5 years 4,375 Due in 5 years through 10 years - Due after 10 years 10,313 Total $ 16,691 |
Notes Receivable (Tables)
Notes Receivable (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Notes Receivable | The following tables summarize the Notes Receivable as of the dates indicated: As of March 31, 2021 Company's Loan Contractual Unamortized Joint Ownership Commitment Origination Origination Maturity Interest Outstanding Origination Carrying Unfunded Venture/Lender Percentage Amount Fee Date Date Rate Principal Reserves Fee Value Commitment LSC 162nd Capital I LLC 45.45 % $ 4,234 1.50 % February 5, 2019 September 11, 2021 Libor plus 7.50% (Floor of 11%) $ 4,076 $ (226 ) $ (20 ) $ 3,830 $ - LSC 162nd Capital II LLC 45.45 % 9,166 1.50 % February 5, 2019 September 11, 2021 Libor plus 7.50% (Floor of 11%) 8,824 (490 ) (44 ) 8,290 - LSC 1543 7th LLC 50 % 20,000 1.00 % August 27, 2019 August 26, 2021 Libor plus 5.40% (Floor of 7.90%) 20,000 - (82 ) 19,918 - LSC 1650 Lincoln LLC 50 % 24,000 1.00 % August 27, 2019 August 26, 2021 Libor plus 5.40% (Floor of 7.90%) 24,000 - (100 ) 23,900 - LSC 11640 Mayfield LLC 50 % 18,000 1.50 % March 4, 2020 March 1, 2022 Libor plus 10.50% (Floor of 12.50%) 10,750 (2,033 ) (125 ) 8,592 7,250 LSC 87 Newkirk LLC (1) 50 % 42,700 1.25 % July 2, 2020 December 1, 2021 Libor plus 6.00% (Floor of 7.00%) 42,700 (889 ) (269 ) 41,542 - Total $ 110,350 $ (3,638 ) $ (640 ) $ 106,072 $ 7,250 (1) Repaid in full during April 2021 As of December 31, 2020 Company’s Loan Contractual Unamortized Joint Ownership Commitment Origination Origination Maturity Interest Outstanding Origination Carrying Unfunded Venture/Lender Percentage Amount Fee Date Date Rate Principal Reserves Fee Value Commitment LSC 162nd Capital I LLC 45.45 % $ 4,234 1.50 % February 5, 2019 September 11, 2021 Libor plus 7.50% (Floor of 11%) $ 4,076 $ (338 ) $ (33 ) $ 3,705 $ - LSC 162nd Capital II LLC 45.45 % 9,166 1.50 % February 5, 2019 September 11, 2021 Libor plus 7.50% (Floor of 11%) 8,824 (732 ) (71 ) 8,021 - LSC 1543 7th LLC 50 % 20,000 1.00 % August 27, 2019 August 26, 2021 Libor plus 5.40% (Floor of 7.90%) 20,000 - (33 ) 19,967 - LSC 1650 Lincoln LLC 50 % 24,000 1.00 % August 27, 2019 August 26, 2021 Libor plus 5.40% (Floor of 7.90%) 24,000 - (40 ) 23,960 - LSC 11640 Mayfield LLC 50 % 18,000 1.50 % March 4, 2020 March 1, 2022 Libor plus 10.50% (Floor of 12.50%) 10,750 (2,369 ) (158 ) 8,223 7,250 LSC 87 Newkirk LLC 50 % 42,700 1.25 % July 2, 2020 December 1, 2021 Libor plus 6.00% (Floor of 7.00%) 42,700 (1,597 ) (355 ) 40,748 - Total $ 110,350 $ (5,036 ) $ (690 ) $ 104,624 $ 7,250 |
Summarizes the interest earned for each of the Joint Venture Promissory Notes | The following summarizes the interest earned (included in interest and dividend income on the consolidated statements of operations) for each of the Joint Venture Promissory Notes during the periods indicated: For the Three Months For the Three Months Ended Ended March 31, March 31, Joint Venture/Lender 2021 2020 LSC 162nd Capital I LLC $ 124 $ 113 LSC 162nd Capital II LLC 269 245 LSC 1543 7th LLC 445 437 LSC 1650 Lincoln LLC 534 524 LSC 11640 Mayfield LLC 369 115 LSC 87 Newkirk LLC 796 - Total $ 2,537 $ 1,434 |
Mortgages Payable (Tables)
Mortgages Payable (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Loans Payable [Abstract] | |
Schedule of Mortgages Payable | Mortgages payable, net consists of the following: Property/Investment Interest Rate Weighted Average Interest Rate as of Maturity Date Amount Due at Maturity As of As of Gantry Park Landing 4.48% 4.48 % November 2024 $ 65,317 $ 70,531 $ 70,868 Lower East Side Moxy Hotel LIBOR + 4.25% (floor of 6.63%) 6.63 % June 2021 35,257 35,257 35,168 Exterior Street Project LIBOR + 2.25% 2.35 % April 2022 35,000 35,000 35,000 Santa Monica Notes Receivable LIBOR + 3.75% (floor of 5.50%) 5.50 % August 2021 25,000 25,000 25,000 87 Newkirk Note Receivable LIBOR + 3.80% (floor of 4.80%) 4.80 % January 2022 27,500 27,500 27,500 Total mortgages payable 4.63 % $ 188,074 193,288 193,536 Less: Deferred financing costs (1,017 ) (1,151 ) Total mortgages payable, net $ 192,271 $ 192,385 |
Scheduled of Contractually Principal Maturities During Next Five Years | The following table shows the contractually scheduled principal maturities of the Company’s mortgage debt during the next five years and thereafter as of March 31, 2021: 2021 2022 2023 2024 2025 Thereafter Total Principal maturities $ 61,247 $ 63,889 $ 1,454 $ 66,698 $ - $ - $ 193,288 Less: Deferred financing costs (1,017 ) Total principal maturities, net $ 192,271 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments | As of March 31, 2021, the approximate fixed future minimum rent payments, excluding variable lease consideration, from the Company’s retail property, due to us under non-cancelable leases are as follows: 2021 2022 2023 2024 2025 Thereafter Total $ 1,097 $ 653 $ 580 $ 395 $ 157 $ - $ 2,882 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Amount recorded in pursuant to related party arrangement | The Company, pursuant to the related party arrangements, has recorded the following amounts for the periods indicated: For the Three March 31, March 31, Asset management fees (general and administrative costs) $ 244 $ 215 Property management fees (property operating expenses) 96 111 Development cost reimbursement (1) 310 388 Total $ 650 $ 714 (1) Development costs that the Company reimburses its Advisor for are capitalized and are included in the carrying value of the associated development project and classified as construction in progress on the consolidated balance sheets. |
Summary of the Preferred Investments | The Preferred Investments are summarized as follows: Preferred Investment Balance Investment Income (1) Dividend As of As of Three Months Ended March 31, Preferred Investments Rate 2021 2020 2021 2020 40 East End Avenue 12 % $ 6,000 $ 6,000 $ 180 $ 336 East 11th Street 12 % 8,500 8,500 255 261 Miami Moxy 12 % - - - 45 Total Preferred Investments $ 14,500 $ 14,500 $ 435 $ 642 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, All Other Investments [Abstract] | |
Schedule of mortgage debt | The carrying amount and estimated fair value (in millions) of the Company’s mortgage debt is summarized as follows: As of March 31, 2021 As of December 31, 2020 Carrying Amount Estimated Carrying Amount Estimated Mortgages payable $ 193.3 $ 196.1 $ 193.5 $ 198.0 |
Structure (Details Narrative)
Structure (Details Narrative) $ / shares in Units, $ in Thousands | Jul. 06, 2004USD ($)$ / sharesshares | Aug. 25, 2009 | Mar. 31, 2021USD ($)$ / shares | Dec. 31, 2009shares | Dec. 31, 2008shares | Mar. 31, 2019Integer |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||
Date of formation | Jun. 8, 2004 | |||||
Number of Louisiana properties reclassified as held for disposition | Integer | 10 | |||||
Cash contributed for units | $ 2 | |||||
Partners units acquired | shares | 200 | |||||
Issuance of common units, shares | shares | 497,209 | 497,209 | ||||
Lightstone Value Plus REIT [Member] | Wholly Owned Properties [Member] | Industrial Properties [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||
General partner ownership interest | 59.20% | |||||
Lightstone Value Plus REIT [Member] | Wholly Owned Properties [Member] | Seven Hotel Properties [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||
General partner ownership interest | 2.50% | |||||
Lightstone Value Plus REIT [Member] | Wholly Owned Properties [Member] | Residential Real Estate Properties [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||
General partner ownership interest | 97.50% | |||||
Pro Dfjvholdings Limited Liability Company [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||
General partner ownership interest | 99.99% | |||||
Lightstone Value Plus REIT [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||
Date of formation | Jul. 12, 2004 | |||||
General partner ownership interest | 98.00% | |||||
Number of common shares held | shares | 20,000 | |||||
Proceeds from issue of shares | $ 200 | |||||
Shares issued, price per share | $ / shares | $ 10 | |||||
Lightstone SLP, LLC [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||
Aggregate SLP units owned in operating partnership | $ 30,000 | |||||
Purchase cost per SLP unit of operating partnership | $ / shares | $ 100,000 | |||||
Aggregate SLP units purchased in operating partnership | $ 300 | |||||
Beneficial ownership interest (as a percent) | 99.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details - Supplemental cash flow information) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accounting Policies [Abstract] | ||
Cash paid for interest | $ 2,259 | $ 2,145 |
Distributions declared but not paid | 3,906 | 3,911 |
Investment property acquired but not paid | 1,790 | 2,068 |
Amortization of deferred financing costs included in construction in progress | 75 | 615 |
Holding gain/loss on marketable securities | 27 | 2,267 |
Value of shares issued from distribution reinvestment program | $ 82 | $ 80 |
Development Projects (Details -
Development Projects (Details - Capitalization) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Amounts Capitalized to Construction in Progress | $ 191,598 | $ 186,196 | |
Capitalized Interest | 1,672 | $ 2,254 | |
Lower East Side Moxy Hotel [Member] | |||
Amounts Capitalized to Construction in Progress | 102,120 | 98,608 | |
Capitalized Interest | 1,114 | 1,047 | |
Exterior Street Project [Member] | |||
Amounts Capitalized to Construction in Progress | 76,118 | 74,230 | |
Capitalized Interest | 558 | 1,108 | |
Santa Clara Data Center [Member] | |||
Amounts Capitalized to Construction in Progress | 13,350 | $ 13,350 | |
Capitalized Interest | $ 0 | $ 99 |
Development Projects (Details N
Development Projects (Details Narrative) - USD ($) $ in Thousands | Jan. 10, 2019 | Dec. 03, 2018 | Feb. 27, 2019 |
Bowery Land [Member] | |||
Business combination, consideration transferred | $ 56,500 | ||
Borden Realty Corp And 399 Exterior Street Associates Llc [Member] | |||
Business combination, consideration transferred | $ 59,000 | ||
The Chioini Living Trust [Member] | |||
Business combination, consideration transferred | $ 10,600 |
Marketable Securities and Oth_3
Marketable Securities and Other Investments, Fair Value Measurements and Notes Payable (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, Fair Value | $ 16,691 | |
Equity Securities, primarily REITs [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities, adjusted cost | 9,386 | $ 9,386 |
Equity securities, gross unrealized gains | 4,834 | 2,054 |
Equity securities, gross unrealized losses | (319) | (575) |
Equity securities, fair value | 13,901 | 10,865 |
Marco Op Units And Op Two Units [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities, adjusted cost | 19,227 | 19,227 |
Equity securities, gross unrealized gains | 4,578 | 0 |
Equity securities, gross unrealized losses | 0 | (1,383) |
Equity securities, fair value | 23,805 | 17,844 |
Equity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities, adjusted cost | 28,613 | 28,613 |
Equity securities, gross unrealized gains | 9,412 | 2,054 |
Equity securities, gross unrealized losses | (319) | (1,958) |
Equity securities, fair value | 37,706 | 28,709 |
Corporate Bond Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities, adjusted cost | 16,319 | 16,964 |
Equity securities, gross unrealized gains | 462 | 546 |
Equity securities, gross unrealized losses | (90) | (148) |
Equity securities, fair value | 16,691 | 17,362 |
Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities, adjusted cost | 44,932 | 45,577 |
Equity securities, gross unrealized gains | 9,874 | 2,600 |
Equity securities, gross unrealized losses | (409) | (2,106) |
Equity securities, fair value | $ 54,397 | $ 46,071 |
Marketable Securities and Oth_4
Marketable Securities and Other Investments, Fair Value Measurements and Notes Payable (Details - Recurring basis) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 54,397 | $ 46,071 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 13,901 | 10,865 |
Marco Op Units And Op Two Units [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 23,805 | 17,844 |
Corporate Bond Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 16,691 | 17,362 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 13,901 | 10,865 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 13,901 | 10,865 |
Fair Value, Inputs, Level 1 [Member] | Marco Op Units And Op Two Units [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Corporate Bond Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 40,496 | 35,206 |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Marco Op Units And Op Two Units [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 23,805 | 17,844 |
Fair Value, Inputs, Level 2 [Member] | Corporate Bond Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 16,691 | 17,362 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Marco Op Units And Op Two Units [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Corporate Bond Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 0 | $ 0 |
Marketable Securities and Oth_5
Marketable Securities and Other Investments, Fair Value Measurements and Notes Payable (Details - Contractual maturity date) $ in Thousands | Mar. 31, 2021USD ($) |
Marketable Securities and Other Investments, Fair Value Measurements and Notes Payable | |
Due in 1 year | $ 2,003 |
Due in 1 year through 5 years | 4,375 |
Due in 5 year through 10 years | 0 |
Due after 10 years | 10,313 |
Total | $ 16,691 |
Marketable Securities and Oth_6
Marketable Securities and Other Investments, Fair Value Measurements and Notes Payable (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Mar. 15, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Share price | $ 11.18 | |||
Marketable securities unrealized gain | $ 8,997 | $ (21,298) | ||
Non-revolving credit facility [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt instrument, interest rate terms | LIBOR + 1.35% | |||
Debt instrument, interest rate at end of period | 1.46% | |||
Borrowing capacity | $ 20,000 | |||
Line of credit, maturity date | Jun. 19, 2021 | |||
Shares for collateralized | 209,243 | |||
Remaining capacity | $ 13,100 | |||
Line of credit | $ 0 | $ 0 | ||
Margin Loan [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt instrument, interest rate terms | LIBOR + 0.85% | |||
Debt instrument, interest rate at end of period | 0.96% | |||
Notes payable | $ 0 | $ 0 | ||
Marco Op Units And Op Two Units [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Securities Securities Held During Period | 209,243 | 209,243 | ||
Share price | $ 113.77 | $ 85.28 | ||
Marketable securities unrealized gain | $ (9,000) | $ 21,300 | ||
PRO [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Securities Securities Held During Period | 89,695 | 89,695 |
Notes Receivable (Details - Not
Notes Receivable (Details - Notes Receivable Summarized) - USD ($) $ in Thousands | Dec. 03, 2018 | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Maturity Date | Jun. 3, 2021 | ||
Notes Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding Principal | $ 110,350 | $ 110,350 | |
Reserves | (3,638) | (5,036) | |
Unamortized Origination Fee | (640) | (690) | |
Carrying value | 106,072 | 104,624 | |
Unfunded Commitment | $ 7,250 | $ 7,250 | |
Lsc162nd Capital I Llc [Member] | Notes Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Company's Ownership percentage | 45.45% | 45.45% | |
Original Loan Amount | $ 4,234 | $ 4,234 | |
Origination Fee (as a percent) | 1.50% | 1.50% | |
Origination Date | Feb. 5, 2019 | Feb. 5, 2019 | |
Maturity Date | Sep. 11, 2021 | Sep. 11, 2021 | |
Contractual Interest Rate | LIBOR + 7.50% (Floor of 11%) | LIBOR + 7.50% (Floor of 11%) | |
Outstanding Principal | $ 4,076 | $ 4,076 | |
Reserves | (226) | (338) | |
Unamortized Origination Fee | (20) | (33) | |
Carrying value | 3,830 | 3,705 | |
Unfunded Commitment | $ 0 | ||
Lsc162nd Capital Ii Llc [Member] | Notes Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Company's Ownership percentage | 45.45% | 45.45% | |
Original Loan Amount | $ 9,166 | $ 9,166 | |
Origination Fee (as a percent) | 1.50% | 1.50% | |
Origination Date | Feb. 5, 2019 | Feb. 5, 2019 | |
Maturity Date | Sep. 11, 2021 | Sep. 11, 2021 | |
Contractual Interest Rate | LIBOR + 7.50% (Floor of 11%) | LIBOR + 7.50% (Floor of 11%) | |
Outstanding Principal | $ 8,824 | $ 8,824 | |
Reserves | (490) | (732) | |
Unamortized Origination Fee | (44) | (71) | |
Carrying value | 8,290 | 8,021 | |
Unfunded Commitment | $ 0 | ||
Lsc15437th Llc [Member] | Notes Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Company's Ownership percentage | 50.00% | 50.00% | |
Original Loan Amount | $ 20,000 | $ 20,000 | |
Origination Fee (as a percent) | 1.00% | 1.00% | |
Origination Date | Aug. 27, 2019 | Aug. 27, 2019 | |
Maturity Date | Aug. 26, 2021 | Aug. 26, 2021 | |
Contractual Interest Rate | LIBOR + 5.40% (Floor of 7.90%) | LIBOR + 5.40% (Floor of 7.90%) | |
Outstanding Principal | $ 20,000 | $ 20,000 | |
Reserves | 0 | ||
Unamortized Origination Fee | (82) | (33) | |
Carrying value | 19,918 | 19,967 | |
Unfunded Commitment | $ 0 | ||
Lsc1650 Lincoln Llc [Member] | Notes Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Company's Ownership percentage | 50.00% | 50.00% | |
Original Loan Amount | $ 24,000 | $ 24,000 | |
Origination Fee (as a percent) | 1.00% | 1.00% | |
Origination Date | Aug. 27, 2019 | Aug. 27, 2019 | |
Maturity Date | Aug. 26, 2021 | Aug. 26, 2021 | |
Contractual Interest Rate | LIBOR + 5.40% (Floor of 7.90%) | LIBOR + 5.40% (Floor of 7.90%) | |
Outstanding Principal | $ 24,000 | $ 24,000 | |
Reserves | 0 | ||
Unamortized Origination Fee | (100) | (40) | |
Carrying value | 23,900 | 23,960 | |
Unfunded Commitment | $ 0 | ||
Lsc 11640 Mayfield Llc [Member] | Notes Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Company's Ownership percentage | 50.00% | 50.00% | |
Original Loan Amount | $ 18,000 | $ 18,000 | |
Origination Fee (as a percent) | 1.50% | 1.50% | |
Origination Date | Mar. 4, 2020 | Mar. 4, 2020 | |
Maturity Date | Mar. 1, 2022 | Mar. 1, 2022 | |
Contractual Interest Rate | LIBOR + 10.50% (Floor of 12.50%) | LIBOR + 10.50% (Floor of 12.50%) | |
Outstanding Principal | $ 10,750 | $ 10,750 | |
Reserves | (2,033) | (2,369) | |
Unamortized Origination Fee | (125) | (158) | |
Carrying value | 8,592 | 8,223 | |
Unfunded Commitment | $ 7,250 | $ 7,250 | |
Lsc87 Newkirk Llc [Member] | Notes Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Company's Ownership percentage | 50.00% | 50.00% | |
Original Loan Amount | $ 42,700 | $ 42,700 | |
Origination Fee (as a percent) | 1.25% | 1.25% | |
Origination Date | Jul. 2, 2020 | Jul. 2, 2020 | |
Maturity Date | Dec. 1, 2021 | Dec. 1, 2021 | |
Contractual Interest Rate | LIBOR + 6.00% (Floor of 7.00%) | LIBOR + 6.00% (Floor of 7.00%) | |
Outstanding Principal | $ 42,700 | $ 42,700 | |
Reserves | (889) | (1,597) | |
Unamortized Origination Fee | (269) | (355) | |
Carrying value | 41,542 | 40,748 | |
Unfunded Commitment | $ 0 |
Notes Receivable (Details - Int
Notes Receivable (Details - Interest and Dividend Income on Promissory Notes) - Notes Receivable [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest Income Purchased Receivables | $ 2,537 | $ 1,434 |
Lsc162nd Capital I Llc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest Income Purchased Receivables | 124 | 113 |
Lsc162nd Capital Ii Llc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest Income Purchased Receivables | 269 | 245 |
Lsc15437th Llc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest Income Purchased Receivables | 445 | 437 |
Lsc1650 Lincoln Llc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest Income Purchased Receivables | 534 | 524 |
Lsc 11640 Mayfield Llc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest Income Purchased Receivables | 369 | 115 |
Lsc87 Newkirk Llc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest Income Purchased Receivables | $ 796 | $ 0 |
Notes Receivable (Details Narra
Notes Receivable (Details Narrative) - Notes Receivable [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Nr Subsidiaries [Member] | ||
Notes receivable, related parties, noncurrent | $ 40 | |
Payment for distributions | 3,500 | |
Additional payment for distribution | $ 200 | |
Nr Affiliates [Member] | ||
Notes receivable, related parties, noncurrent | 40 | |
Payment for distributions | $ 3,500 | |
Additional payment for distribution | $ 200 | |
Minimum [Member] | ||
Percentage of origination fee on notes receivables | 1.00% | |
Maximum [Member] | ||
Percentage of origination fee on notes receivables | 1.50% |
Mortgages Payable, Net (Details
Mortgages Payable, Net (Details - Mortgages payable) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Weighted average interest rate | 4.63% | |
Amount due at maturity | $ 188,074 | |
Total mortgages payable | 193,288 | $ 193,536 |
Less: Deferred financing costs | (1,017) | (1,151) |
Total mortgages payable, net | $ 192,271 | 192,385 |
Gantry Park Landing [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate terms | 4.48% | |
Weighted average interest rate | 4.48% | |
Maturity date | November 2024 | |
Amount due at maturity | $ 65,317 | |
Total mortgages payable | $ 70,531 | 70,868 |
Lower East Side Moxy Hotel [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate terms | LIBOR + 4.25% (floor of 6.63%) | |
Weighted average interest rate | 6.63% | |
Maturity date | June 2021 | |
Amount due at maturity | $ 35,257 | |
Total mortgages payable | $ 35,257 | 35,168 |
Exterior Street Land [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate terms | LIBOR + 2.25% | |
Weighted average interest rate | 2.35% | |
Maturity date | April 2022 | |
Amount due at maturity | $ 35,000 | |
Total mortgages payable | $ 35,000 | 35,000 |
Santa Monica [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate terms | LIBOR + 3.75% (floor of 5.50%) | |
Weighted average interest rate | 5.50% | |
Maturity date | August 2021 | |
Amount due at maturity | $ 25,000 | |
Total mortgages payable | $ 25,000 | 25,000 |
87 Newkirk [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate terms | LIBOR + 3.80% (floor of 4.80%) | |
Weighted average interest rate | 4.80% | |
Maturity date | January 2022 | |
Amount due at maturity | $ 27,500 | |
Total mortgages payable | $ 27,500 | $ 27,500 |
Mortgages Payable (Details - Sc
Mortgages Payable (Details - Schedule of principal maturities of company's mortgage debt) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Loans Payable [Abstract] | ||
2021 | $ 61,247 | |
2022 | 63,889 | |
2023 | 1,454 | |
2024 | 66,698 | |
2025 | 0 | |
Thereafter | 0 | |
Total | 193,288 | $ 193,536 |
Less: Deferred financing costs | (1,017) | (1,151) |
Total principal maturities, net | $ 192,271 | $ 192,385 |
Mortgages Payable, Net (Detai_2
Mortgages Payable, Net (Details Narrative) - USD ($) $ in Thousands | Nov. 12, 2019 | Dec. 03, 2018 | Jul. 22, 2020 | Mar. 29, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||||||
Debt instrument interest london interbank offered rate | 0.11% | 0.14% | |||||
Debt instrument, collateral amount | $ 35,600 | ||||||
Proceeds from related party debt | $ 35,300 | ||||||
Outstanding principal balance | $ 193,288 | $ 193,536 | |||||
Debt instrument, description of variable rate basis | LIBOR+4.25% | ||||||
Repayment of existing non-recourse mortgage loan | 337 | $ 314 | |||||
Debt instrument, term | 2 years | ||||||
Debt instrument, maturity date | Jun. 3, 2021 | ||||||
Santa Monica [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Original Loan Amount | $ 25,000 | ||||||
Outstanding principal balance | $ 25,000 | ||||||
Debt instrument, description of variable rate basis | LIBOR + 3.75%, subject to a 5.50% floor | ||||||
Debt instrument, maturity date | Aug. 12, 2021 | Aug. 12, 2021 | |||||
Exterior Street Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Original Loan Amount | $ 35,000 | ||||||
Outstanding principal balance | $ 25,000 | ||||||
Debt instrument, description of variable rate basis | LIBOR plus 2.25% | ||||||
Debt instrument, interest rate | 4.50% | ||||||
Debt instrument, maturity date | Apr. 9, 2021 | Apr. 9, 2022 | |||||
Lower East Side Moxy [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, collateral amount | $ 300 | ||||||
Outstanding principal balance | $ 35,300 | ||||||
Debt instrument, maturity date | Jun. 3, 2021 | ||||||
87 Newkirk [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Original Loan Amount | $ 27,500 | ||||||
Proceeds from related party debt | $ 27,500 | ||||||
Debt instrument, description of variable rate basis | LIBOR + 3.80%, subject to a 4.80% floor |
Leases (Details - Future minimu
Leases (Details - Future minimum rent payments) $ in Thousands | Mar. 31, 2021USD ($) |
Future minimum rent payments, Fiscal Year Maturity | |
2021 | $ 1,097 |
2022 | 653 |
2023 | 580 |
2024 | 395 |
2025 | 157 |
Thereafter | 0 |
Total | $ 2,882 |
Equity (Details Narrative)
Equity (Details Narrative) | Mar. 15, 2021$ / shares |
Stockholders' Equity Note [Abstract] | |
Annual distribution rate | 100.00% |
Share price | $ 11.18 |
Related Party Transactions (Det
Related Party Transactions (Details - Related party arrangements) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Related Party Transactions [Abstract] | |||
Asset management fees (general and administrative costs) | $ 244 | $ 215 | |
Property management fees (property operating expenses) | 96 | 111 | |
Development cost reimbursement | [1] | 310 | 388 |
Total | $ 650 | $ 714 | |
[1] | Development costs that the Company reimburses its Advisor for are capitalized and are included in the carrying value of the associated development project and classified as construction in progress on the consolidated balance sheets. |
Related Party Transactions -Sum
Related Party Transactions -Summary of preferred Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Investments in and advances to affiliates, at fair value, gross additions | $ 14,500 | $ 14,500 | |
Preferred stock dividend income | $ 435 | $ 642 | |
40 East End Avenue [Member] | |||
Preferred stock, dividend rate, percentage | 12.00% | ||
Investments in and advances to affiliates, at fair value, gross additions | $ 6,000 | 6,000 | |
Preferred stock dividend income | $ 180 | 336 | |
East 11th Street [Member] | |||
Preferred stock, dividend rate, percentage | 12.00% | ||
Investments in and advances to affiliates, at fair value, gross additions | $ 8,500 | 8,500 | |
Preferred stock dividend income | $ 255 | 261 | |
Miami Moxy [Member] | |||
Preferred stock, dividend rate, percentage | 12.00% | ||
Investments in and advances to affiliates, at fair value, gross additions | $ 0 | $ 0 | |
Preferred stock dividend income | $ 0 | $ 45 |
Related Party Transactions (D_2
Related Party Transactions (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Jan. 31, 2021 | Dec. 31, 2020 | |
Investments in and Advances to Affiliates [Line Items] | ||||
Payments of Ordinary Dividends, Noncontrolling Interest | $ 822 | $ 636 | ||
Slp Units [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Payments of Ordinary Dividends, Noncontrolling Interest | 500 | $ 500 | ||
Lightstone SLP, LLC [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Payments of Ordinary Dividends, Noncontrolling Interest | $ 30,000 | |||
Joint Venture [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 2.50% | 2.50% | ||
Investment | $ 1,100 |
Financial Instruments (Detailsn
Financial Instruments (Detailsn - mortgage debt) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Investments, All Other Investments [Abstract] | ||
Carrying Amount | $ 193,288 | $ 193,536 |
Estimated Fair Value | $ 196 | $ 198 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | |||
Apr. 15, 2021 | May 14, 2021 | Mar. 15, 2021 | Sep. 30, 2020 | |
Dividend reinvestment plan share discounted price | $ 11.18 | |||
Annualized Distribution Rate | 100.00% | |||
Share price | $ 11.18 | |||
Subsequent Event [Member] | ||||
Business combination, consideration transferred | $ 3,900 | |||
Shares issued from distribution reinvestment program (in shares) | 8,000 | |||
Dividend reinvestment plan share discounted price | $ 10.62 | |||
Annualized Distribution Rate | 95.00% | 17.50% | ||
Share price | $ 10 | |||
Dividends Declared Amount Per Share, Annual Distribution | $ 0.70 |