Cover
Cover - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Aug. 09, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-52610 | |
Entity Registrant Name | LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST, INC. | |
Entity Central Index Key | 0001296884 | |
Entity Tax Identification Number | 20-1237795 | |
Entity Incorporation, State or Country Code | MD | |
Entity Address, Address Line One | 1985 Cedar Bridge Avenue | |
Entity Address, Address Line Two | Suite 1 | |
Entity Address, City or Town | Lakewood | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 08701 | |
City Area Code | (732) | |
Local Phone Number | 367-0129 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 22,300 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Investment property: | ||
Land and improvements | $ 27,301 | $ 30,143 |
Building and improvements | 100,110 | 101,492 |
Furniture and fixtures | 2,453 | 2,453 |
Construction in progress | 199,203 | 186,196 |
Gross investment property | 329,067 | 320,284 |
Less accumulated depreciation | (33,862) | (33,038) |
Net investment property | 295,205 | 287,246 |
Investments in related parties | 15,500 | 15,590 |
Cash and cash equivalents | 24,420 | 44,446 |
Marketable securities and other investments | 60,257 | 46,071 |
Restricted cash | 1,803 | 2,395 |
Notes receivable, net | 65,409 | 104,624 |
Prepaid expenses and other assets | 2,704 | 1,869 |
Assets held for sale | 13,389 | |
Total Assets | 478,687 | 502,241 |
Liabilities and Stockholders’ Equity | ||
Mortgages payable, net | 158,788 | 192,385 |
Accounts payable, accrued expenses and other liabilities | 12,814 | 8,641 |
Due to related parties | 207 | 241 |
Tenant allowances and deposits payable | 522 | 487 |
Distributions payable | 3,908 | 3,905 |
Deferred rental income | 216 | 399 |
Total Liabilities | 176,455 | 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 | 169,810 | 169,649 |
Accumulated other comprehensive income | 483 | 378 |
Accumulated surplus | 101,813 | 89,639 |
Total Company’s stockholders’ equity | 272,329 | 259,889 |
Noncontrolling interests | 29,903 | 36,294 |
Total Stockholders’ Equity | 302,232 | 296,183 |
Total Liabilities and Stockholders’ Equity | $ 478,687 | $ 502,241 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares shares in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred shares, par value | $ 0.01 | $ 0.01 |
Preferred shares, shares authorized | 10,000 | 10,000 |
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 | 60,000 |
Common stock, shares issued | 22,300 | 22,300 |
Common stock, shares outstanding | 22,300 | 22,300 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues: | ||||
Rental income | $ 2,467 | $ 2,872 | $ 5,186 | $ 6,042 |
Tenant recovery income | 38 | 88 | 77 | 185 |
Total revenues | 2,505 | 2,960 | 5,263 | 6,227 |
Expenses: | ||||
Property operating expenses | 943 | 896 | 1,872 | 1,960 |
Real estate taxes | 114 | 113 | 220 | 229 |
General and administrative costs | 584 | 987 | 1,171 | 1,734 |
Depreciation and amortization | 1,163 | 976 | 2,281 | 1,968 |
Total operating expenses | 2,804 | 2,972 | 5,544 | 5,891 |
Operating (loss)/income | (299) | (12) | (281) | 336 |
Other (expense)/income, net | (323) | 30 | (393) | 52 |
Interest and dividend income | 3,634 | 2,881 | 7,159 | 5,781 |
Interest expense | (590) | (649) | (1,397) | (1,299) |
Gain on disposition of real estate | 3,589 | 1,562 | 3,589 | 1,562 |
Unrealized gain/(loss) on marketable equity securities | 5,080 | 2,687 | 14,077 | (18,611) |
Gain/(loss) on sale and redemption of marketable securities | 6 | (230) | (16) | (230) |
Net income/(loss) | 11,097 | 6,269 | 22,738 | (12,409) |
Less: net income attributable to noncontrolling interests | (1,344) | (458) | (2,750) | (741) |
Net income/(loss) attributable to Company’s common shares | $ 9,753 | $ 5,811 | $ 19,988 | $ (13,150) |
Net income/(loss) per Company’s common share, basic and diluted | $ 440 | $ 260 | $ 900 | $ (590) |
Weighted average number of common shares outstanding, basic and diluted | 22,308 | 22,333 | 22,304 | 22,376 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Net income/(loss) | $ 11,097 | $ 6,269 | $ 22,738 | $ (12,409) |
Other comprehensive income/(loss) | ||||
Holding gain/(loss) on available for sale debt securities | 140 | 787 | 91 | (1,480) |
Reclassification adjustment for (gain)/loss included in net income/(loss) | (6) | 0 | 16 | 0 |
Other comprehensive income/(loss) | 134 | 787 | 107 | (1,480) |
Comprehensive income/(loss) | 11,231 | 7,056 | 22,845 | (13,889) |
Less: Comprehensive income attributable to noncontrolling interests | (1,347) | (477) | (2,752) | (711) |
Comprehensive income/(loss) attributable to Company’s common shares | $ 9,884 | $ 6,579 | $ 20,093 | $ (14,600) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value 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 | (13,150) | 741 | (12,409) | |||
Other comprehensive income | (1,450) | (30) | (1,480) | |||
Distributions declared (a) | (7,823) | (7,823) | ||||
Distributions paid to noncontrolling interests | (2,388) | (2,388) | ||||
Contributions received from noncontrolling interests | 3,490 | 3,490 | ||||
Redemption and cancellation of shares | $ (3) | (3,128) | (3,131) | |||
Redemption and cancellation of shares (in shares) | (288) | |||||
Shares issued from distribution reinvestment program | 163 | 163 | ||||
Shares issued from distribution reinvestment program (in shares) | 15 | |||||
Ending balance, value at Jun. 30, 2020 | $ 223 | 169,784 | (1,042) | 88,586 | 30,644 | 288,195 |
Balance at ending (in shares) at Jun. 30, 2020 | 22,335 | |||||
Beginning balance, value at Mar. 31, 2020 | $ 223 | 169,701 | (1,810) | 86,687 | 31,919 | 286,720 |
Balance at beginning (in shares) at Mar. 31, 2020 | 22,327 | |||||
Net income | 5,811 | 458 | 6,269 | |||
Other comprehensive income | 768 | 19 | 787 | |||
Distributions declared (a) | (3,912) | (3,912) | ||||
Distributions paid to noncontrolling interests | (1,752) | (1,752) | ||||
Shares issued from distribution reinvestment program | 83 | 83 | ||||
Shares issued from distribution reinvestment program (in shares) | 8 | |||||
Ending balance, value at Jun. 30, 2020 | $ 223 | 169,784 | (1,042) | 88,586 | 30,644 | 288,195 |
Balance at ending (in shares) at Jun. 30, 2020 | 22,335 | |||||
Beginning balance, value 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 | 19,988 | 2,750 | 22,738 | |||
Other comprehensive income | 105 | 2 | 107 | |||
Distributions declared (a) | (7,814) | (7,814) | ||||
Distributions paid to noncontrolling interests | (9,183) | (9,183) | ||||
Contributions received from noncontrolling interests | 40 | 40 | ||||
Shares issued from distribution reinvestment program | 161 | 161 | ||||
Shares issued from distribution reinvestment program (in shares) | 15 | |||||
Ending balance, value at Jun. 30, 2021 | $ 223 | 169,810 | 483 | 101,813 | 29,903 | 302,232 |
Balance at ending (in shares) at Jun. 30, 2021 | 22,309 | |||||
Beginning balance, value at Mar. 31, 2021 | $ 223 | 169,731 | 352 | 95,968 | 36,917 | 303,191 |
Balance at beginning (in shares) at Mar. 31, 2021 | 22,302 | |||||
Net income | 9,753 | 1,344 | 11,097 | |||
Other comprehensive income | 131 | 3 | 134 | |||
Distributions declared (a) | (3,908) | (3,908) | ||||
Distributions paid to noncontrolling interests | (8,361) | (8,361) | ||||
Shares issued from distribution reinvestment program | 79 | 79 | ||||
Shares issued from distribution reinvestment program (in shares) | 7 | |||||
Ending balance, value at Jun. 30, 2021 | $ 223 | $ 169,810 | $ 483 | $ 101,813 | $ 29,903 | $ 302,232 |
Balance at ending (in shares) at Jun. 30, 2021 | 22,309 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income/(loss) | $ 22,738 | $ (12,409) |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 2,281 | 1,968 |
Unrealized (gain)/loss on marketable equity securities | (14,077) | 18,611 |
Loss on sale and redemption of marketable securities | 16 | 230 |
Amortization of deferred financing costs | 236 | 288 |
Noncash interest income | (3,322) | (2,190) |
Gain on disposition of real estate | (3,589) | (1,562) |
Other non-cash adjustments | 235 | 14 |
Changes in assets and liabilities: | ||
Increase in prepaid expenses and other assets | (896) | (1,001) |
Increase in tenant allowances and deposits payable | 79 | 422 |
Increase in accounts payable, accrued expenses and other liabilities | 1,481 | 355 |
Decrease in due to related parties | (34) | (33) |
Decrease in deferred rental income | (183) | (102) |
Net cash provided by operating activities | 4,965 | 4,591 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of investment property | (24,510) | (12,860) |
Purchase of marketable securities | (3,649) | (7,253) |
Proceeds from sale of marketable securities | 3,631 | 4,260 |
Proceeds from disposition of real estate | 6,460 | 2,082 |
Investment in joint venture | (12) | (119) |
Proceeds from joint venture | 102 | 159 |
Funding of notes receivable | 0 | (6,172) |
Proceeds from notes receivable | 42,536 | 500 |
Proceeds from investments in related parties | 0 | 20,000 |
Net cash provided by investing activities | 24,558 | 597 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from mortgage financing | 35,698 | 339 |
Mortgage principal payments | (63,417) | (623) |
Payment of loan fees and expenses | (5,629) | (87) |
Redemption and cancellation of common shares | 0 | (3,131) |
Contributions received from noncontrolling interests | 40 | 3,490 |
Distributions paid to noncontrolling interests | (9,183) | (2,388) |
Distributions paid to Company’s common stockholders | (7,650) | (7,708) |
Net cash used in financing activities | (50,141) | (10,108) |
Net change in cash, cash equivalents and restricted cash | (20,618) | (4,920) |
Cash, cash equivalents and restricted cash, beginning of year | 46,841 | 79,800 |
Cash, cash equivalents and restricted cash, end of period | 26,223 | 74,880 |
Cash and cash equivalents | 24,420 | 72,503 |
Restricted cash | 1,803 | 2,377 |
Total cash, cash equivalents and restricted cash | $ 26,223 | $ 74,880 |
Structure
Structure | 6 Months Ended |
Jun. 30, 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 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 98 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 currently has one operating segment. As of June 30, 2021, the Company has ownership interests in (i) two consolidated operating properties, (ii) three consolidated development properties (including the Santa Clara Data Center, which is classified as held for sale) 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 2.5 97.5 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 $ 2 200 20,000 200 10.00 30.0 100,000 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. Gain on Disposition of Real Estate On May 25, 2021, the Company completed the disposition of a parcel of land adjacent to the St. Augustine Outlet Center for a contractual sales price of $ 6.8 3.6 On April 6, 2020, the Company completed the disposition of a parcel of land adjacent to the St. Augustine Outlet Center for a contractual sales price of $ 2.1 1.6 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 In addition, an aggregate 497,209 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 | 6 Months Ended |
Jun. 30, 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 The World Health Organization declared COVID-19 a global pandemic on March 11, 2020 and since that time many of the previously imposed restrictions and other measures which were instituted in response have been subsequently reduced or lifted. However, the COVID-19 pandemic remains highly unpredictable and dynamic and its duration and extent continue to be dependent on various developments, such as the emergence of variants to the virus that may cause additional strains of COVID-19, the administration and ultimate effectiveness of vaccines, and the eventual timeline to achieve a sufficient level of herd immunity among the general population. Accordingly, the COVID-19 pandemic may continue to have negative effects on the 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, the property’s occupancy declined and also during 2020 the Company provided forbearance of certain rent payments to various tenants. Additionally, the Company has seen 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 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: Summary of supplemental cash flow information For the Six Months Ended 2021 2020 Cash paid for interest $ 4,581 $ 4,310 Distributions declared but not paid $ 3,908 $ 3,912 Investment property acquired but not paid $ 5,588 $ 1,447 Amortization of deferred financing costs included in construction in progress $ 297 $ 806 Holding loss/gain on marketable securities $ 107 $ 1,480 Value of shares issued from distribution reinvestment program $ 161 $ 163 |
Development Projects
Development Projects | 6 Months Ended |
Jun. 30, 2021 | |
Business Combination and Asset Acquisition [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 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 The following is a summary of the amounts incurred and capitalized to construction in progress for the Lower East Side Moxy Hotel and the Exterior Street Project as of the dates indicated and the amounts of interest capitalized to construction in progress for the periods indicated: Schedule of development projects Amounts Capitalized to Construction in Progress Capitalized Interest Capitalized Interest As of As of Three Months Ended Six Months Ended Development Project 2021 2020 2021 2020 2021 2020 Lower East Side Moxy Hotel $ 115,274 $ 98,608 $ 1,232 $ 1,060 $ 2,346 $ 2,107 Exterior Street Project 83,916 74,230 480 680 1,039 1,788 Total $ 199,190 $ 172,838 $ 1,712 $ 1,740 $ 3,385 $ 3,895 |
Held for Sale and Disposition o
Held for Sale and Disposition of the Santa Clara Data Center | 6 Months Ended |
Jun. 30, 2021 | |
Held For Sale And Disposition Of Santa Clara Data Center | |
Held for Sale and Disposition of the Santa Clara Data Center | 4. Held for Sale and Disposition of the Santa Clara Data Center On January 10, 2019, the Company acquired a parcel of land located at 2175 Martin Avenue, Santa Clara, California (the “Martin Avenue Land”) from an unaffiliated third party, for approximately $ 10.6 As of December 31, 2020, the Company had incurred and capitalized to construction in progress aggregate costs of $ 13.4 0.1 0.2 On May 28, 2021, the Company and Prime Data Centers, Corp. (the “Santa Clara Data Center Buyer”), an unaffiliated third party, entered into a purchase and sale agreement (the “Santa Clara Data Center PSA”) pursuant to which the Company would dispose of the Santa Clara Data Center to the Santa Clara Data Center Buyer for a contractual sales price of $ 13.9 During the second quarter of 2021, the Santa Clara Data Center met the criteria to be classified as held for sale and therefore, its associated assets of $ 13.4 Subsequently, on July 7, 2021, the Company completed the disposition of the Santa Clara Data Center pursuant to the terms of the Santa Clara Data Center PSA. |
Marketable Securities, Fair Val
Marketable Securities, Fair Value Measurements and Notes Payable | 6 Months Ended |
Jun. 30, 2021 | |
Marketable Securities Fair Value Measurements And Notes Payable | |
Marketable Securities, Fair Value Measurements and Notes Payable | 5. Marketable Securities, Fair Value Measurements and Notes Payable Marketable Securities: The following is a summary of the Company’s available for sale securities: Summary of available for sale securities and other investments As of June 30, 2021 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities: Equity securities: Equity Securities, primarily REITs $ 8,745 $ 6,264 $ (166 ) $ 14,843 Marco OP Units and Marco II OP Units 19,227 8,075 - 27,302 27,972 14,339 (166 ) 42,145 Debt securities: Corporate Bonds 17,606 578 (72 ) 18,112 Total $ 45,578 $ 14,917 $ (238 ) $ 60,257 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 June 30, 2021 and December 31, 2020, the Company held an aggregate of 209,243 89,695 130.48 85.28 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 $ 5.1 2.7 14.1 18.6 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 and six months ended June 30, 2021 and 2020, the Company did not recognize any impairment charges on its investments in marketable debt securities. As of June 30, 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: Schedule of Marketable securities measured at fair value on a recurring basis Fair Value Measurement Using As of June 30, 2021 Level 1 Level 2 Level 3 Total Marketable Securities: Equity Securities, primarily REITs $ 14,843 $ - $ - $ 14,843 Marco OP and OP II Units - 27,302 - 27,302 Corporate Bonds - 18,112 - 18,112 Total $ 14,843 $ 45,414 $ - $ 60,257 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: Schedule of contractual maturity June 30, Due in 1 year $ 2,007 Due in 1 year through 5 years 4,435 Due in 5 years through 10 years - Due after 10 years 11,670 Total $ 18,112 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 LIBOR + 0.85% 0.95 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, is scheduled to mature on October 9, 2021 and bears interest at LIBOR + 1.35% 1.45 209,243 15.0 |
Notes Receivable
Notes Receivable | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Notes Receivable | 6. 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 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 the six months ended June 30, 2021 and 2020, both the NR Subsidiaries and the NR Affiliates made aggregate contributions to the NR Joint Ventures of $ 40 3.5 7.9 1.1 The following tables summarize the Notes Receivable as of the dates indicated: Summary of Notes Receivable As of June 30, 2021 Company’s Loan Contractual Unamortized Ownership Commitment Origination Origination Maturity Interest Outstanding Origination Carrying Unfunded Joint 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 $ (113 ) $ (8 ) $ 3,955 $ - 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 (244 ) (18 ) 8,562 - 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 (1,694 ) (91 ) 8,965 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%) - - - - - Total $ 67,650 $ (2,051 ) $ (190 ) $ 65,409 $ 7,250 (1) Repaid in full during April 2021 As of December 31, 2020 Company’s Ownership Loan Commitment Origination Origination Maturity Contractual Interest Outstanding Unamortized Origination Carrying Unfunded Joint 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: Summarizes the interest earned for each of the Joint Venture Promissory Notes For the Three Months For the Six Months Joint Venture/Lender 2021 2020 2021 2020 LSC 162nd Capital I LLC $ 126 $ 249 $ 250 $ 363 LSC 162nd Capital II LLC 272 540 541 785 LSC 1543 7th LLC 449 436 894 873 LSC 1650 Lincoln LLC 539 524 1,073 1,048 LSC 11640 Mayfield LLC 373 373 743 488 LSC 11640 Newkirk LLC 790 - 1,585 - Total $ 2,549 $ 2,122 $ 5,086 $ 3,557 |
Mortgages Payable, Net
Mortgages Payable, Net | 6 Months Ended |
Jun. 30, 2021 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Mortgages Payable, Net | 7. Mortgages Payable, Net Mortgages payable, net consists of the following: Schedule of Mortgages Payable Property/Investment Interest Rate Weighted Average Interest Rate as of June 30, Maturity Date Amount Due at Maturity As of As of Gantry Park Landing 4.48 4.48 % November 2024 $ 65,317 $ 70,207 $ 70,868 Lower East Side Moxy Hotel Repaid in full on June 3, 2021 - - 35,168 Lower East Side Moxy Hotel LIBOR + 7.50% (floor of 8.00%) 8.00 % June 2024 35,610 35,610 - Exterior Street Project LIBOR + 2.25% 2.37 % 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 Repaid in full on April 5, 2021 - - 27,500 Total mortgages payable 4.94 % $ 160,927 165,817 193,536 Less: Deferred financing costs (7,029 ) (1,151 ) Total mortgages payable, net $ 158,788 $ 192,385 LIBOR as of June 30, 2021 and December 31, 2020 was 0.11 0.14 On July 22, 2020, the Company, through the 87 Newkirk Joint Venture, entered into a $ 27.5 LIBOR + 3.80%, subject to a 4.80% floor, 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 LIBOR + 3.75%, subject to a 5.50% floor, August 26, 2021 On March 29, 2019, the Company entered into the $ 35.0 4.50 April 9, 2020 LIBOR plus 2.25% On December 3, 2018, the Company entered into a mortgage loan which was collateralized by the Lower East Side Moxy Hotel (the “Lower East Side Moxy Mortgage”) for up to $ 35.6 LIBOR+4.25% On June 3, 2021, the Company, through a wholly owned subsidiary, closed on a recourse construction loan facility (the “Moxy Senior Loan”) with MSD Partners, L.P. (“MSD”) providing for up to $ 90 LIBOR plus 7.50%, subject to an 8.00% floor, 35.6 54.4 Simultaneously on June 3, 2021, the Company, through the same wholly owned subsidiary, also entered into a mezzanine construction loan facility (the “Moxy Junior Loan” and together with the Moxy Senior Loan, the “Moxy Construction Loans”) with Lionheart Strategic Management LLC (“Lionheart”) providing for up to $ 40 LIBOR plus 13.50%, subject to a 14.00% floor, 7.0 Future draws to cover the costs associated with the development and construction of the Lower East Side Moxy Hotel will first be advanced under the Moxy Junior Loan until it has been fully funded and thereafter, funds will be advanced under the remaining availability of the Moxy Senior Loan. In connection with the Moxy Construction Loans, the Company has provided certain completion and carry cost guarantees. The Company has also entered into an interest rate cap agreement pursuant to which the LIBOR rate will be capped at 3.00% The following table shows the contractually scheduled principal maturities of the Company’s mortgage debt during the next five years and thereafter as of June 30, 2021: Scheduled of Contractually Principal Maturities During Next Five Years 2021 2022 2023 2024 2025 Thereafter Total Principal maturities $ 25,667 $ 36,389 $ 1,454 $ 102,307 $ - $ - $ 165,817 Less: Deferred financing costs (7,029 ) Total principal maturities, net $ 158,788 Certain of the Company’s debt agreements require the maintenance of certain ratios, including debt service coverage. As of June 30, 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 The Santa Monica Loan (outstanding principal balance of $ 25.0 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 | 6 Months Ended |
Jun. 30, 2021 | |
Leases | |
Leases | 8. 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 June 30, 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: Schedule of Future Minimum Rental Payments 2021 2022 2023 2024 2025 Thereafter Total $ 739 $ 605 $ 524 $ 338 $ 118 $ - $ 2,324 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 | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Equity | 9. Equity Share Repurchase Program The Company’s share repurchase program (the “SRP”) may provide its 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 SRP to remove stockholder notice requirements and also approved the suspension of all redemptions effective immediately. Effective March 15, 2021 and May 14, 2021, the Board of Directors partially reopened the SRP to allow, subject to various conditions as set forth below, for redemptions submitted in connection with a stockholder’s death and hardship, respectively, and set the price for all such purchases to $ 11.18 100 On an annual basis, the Company will not redeem in excess of 0.5% of the number of shares outstanding as of the end of the preceding year for either death or hardship redemptions, respectively. Redemption requests are expected to be processed on a quarterly basis and may be subject to pro ration if either type of redemption requests exceed the annual limitation. 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 | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10. 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: Amount recorded in pursuant to related party arrangement For the Three Months Ended For the Six Months Ended June 30, June 30, June 30, June 30, Asset management fees (general and administrative costs) $ 211 $ 215 $ 455 $ 430 Property management fees (property operating expenses) 72 103 168 213 Development fees and cost reimbursement (1) 1,603 308 1,913 696 Total $ 1,886 $ 626 $ 2,536 $ 1,339 (1) Development fees and 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 and six months ended June 30, 2021 and 2020, distributions of $0.5 million and $1.0 million, respectively, 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: Summary of the Preferred Investments Preferred Investment Balance Investment Income (1) As of As of Three Months Ended Six Months Ended Preferred Investments Dividend Rate 2021 2020 2021 2020 2021 2020 40 East End Avenue 12 % $ 6,000 $ 6,000 $ 182 $ 182 $ 362 $ 518 East 11th Street 12 % 8,500 8,500 258 258 513 519 Miami Moxy 12 % - - - - - 45 Total $ 14,500 $ 14,500 $ 440 $ 440 $ 875 $ 1,082 Note: (1) Included in interest and dividend income on the consolidated statements of operations. The Joint Venture The Company has a 2.5 1.0 1.1 |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | 11. 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: Schedule of mortgage debt As of June 30, 2021 As of December 31, 2020 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Mortgages payable $ 165.8 $ 168.5 $ 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 | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. 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 | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events Distribution Payment On July 15, 2021, the distribution for the three-month period ending June 30, 2021 of $ 3.9 7,000 10.62 95 11.18 Distribution Declaration On August 9, 2021, the Company’s Board of Directors authorized and the Company declared a distribution of $ 0.175 0.70 10.00 Additionally, on August 9, 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) | 6 Months Ended |
Jun. 30, 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 The World Health Organization declared COVID-19 a global pandemic on March 11, 2020 and since that time many of the previously imposed restrictions and other measures which were instituted in response have been subsequently reduced or lifted. However, the COVID-19 pandemic remains highly unpredictable and dynamic and its duration and extent continue to be dependent on various developments, such as the emergence of variants to the virus that may cause additional strains of COVID-19, the administration and ultimate effectiveness of vaccines, and the eventual timeline to achieve a sufficient level of herd immunity among the general population. Accordingly, the COVID-19 pandemic may continue to have negative effects on the 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, the property’s occupancy declined and also during 2020 the Company provided forbearance of certain rent payments to various tenants. Additionally, the Company has seen 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 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: Summary of supplemental cash flow information For the Six Months Ended 2021 2020 Cash paid for interest $ 4,581 $ 4,310 Distributions declared but not paid $ 3,908 $ 3,912 Investment property acquired but not paid $ 5,588 $ 1,447 Amortization of deferred financing costs included in construction in progress $ 297 $ 806 Holding loss/gain on marketable securities $ 107 $ 1,480 Value of shares issued from distribution reinvestment program $ 161 $ 163 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of supplemental cash flow information | Summary of supplemental cash flow information For the Six Months Ended 2021 2020 Cash paid for interest $ 4,581 $ 4,310 Distributions declared but not paid $ 3,908 $ 3,912 Investment property acquired but not paid $ 5,588 $ 1,447 Amortization of deferred financing costs included in construction in progress $ 297 $ 806 Holding loss/gain on marketable securities $ 107 $ 1,480 Value of shares issued from distribution reinvestment program $ 161 $ 163 |
Development Projects (Tables)
Development Projects (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of development projects | Schedule of development projects Amounts Capitalized to Construction in Progress Capitalized Interest Capitalized Interest As of As of Three Months Ended Six Months Ended Development Project 2021 2020 2021 2020 2021 2020 Lower East Side Moxy Hotel $ 115,274 $ 98,608 $ 1,232 $ 1,060 $ 2,346 $ 2,107 Exterior Street Project 83,916 74,230 480 680 1,039 1,788 Total $ 199,190 $ 172,838 $ 1,712 $ 1,740 $ 3,385 $ 3,895 |
Marketable Securities, Fair V_2
Marketable Securities, Fair Value Measurements and Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Marketable Securities Fair Value Measurements And Notes Payable | |
Summary of available for sale securities and other investments | Summary of available for sale securities and other investments As of June 30, 2021 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities: Equity securities: Equity Securities, primarily REITs $ 8,745 $ 6,264 $ (166 ) $ 14,843 Marco OP Units and Marco II OP Units 19,227 8,075 - 27,302 27,972 14,339 (166 ) 42,145 Debt securities: Corporate Bonds 17,606 578 (72 ) 18,112 Total $ 45,578 $ 14,917 $ (238 ) $ 60,257 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 | Schedule of Marketable securities measured at fair value on a recurring basis Fair Value Measurement Using As of June 30, 2021 Level 1 Level 2 Level 3 Total Marketable Securities: Equity Securities, primarily REITs $ 14,843 $ - $ - $ 14,843 Marco OP and OP II Units - 27,302 - 27,302 Corporate Bonds - 18,112 - 18,112 Total $ 14,843 $ 45,414 $ - $ 60,257 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 | Schedule of contractual maturity June 30, Due in 1 year $ 2,007 Due in 1 year through 5 years 4,435 Due in 5 years through 10 years - Due after 10 years 11,670 Total $ 18,112 |
Notes Receivable (Tables)
Notes Receivable (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Notes Receivable | Summary of Notes Receivable As of June 30, 2021 Company’s Loan Contractual Unamortized Ownership Commitment Origination Origination Maturity Interest Outstanding Origination Carrying Unfunded Joint 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 $ (113 ) $ (8 ) $ 3,955 $ - 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 (244 ) (18 ) 8,562 - 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 (1,694 ) (91 ) 8,965 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%) - - - - - Total $ 67,650 $ (2,051 ) $ (190 ) $ 65,409 $ 7,250 (1) Repaid in full during April 2021 As of December 31, 2020 Company’s Ownership Loan Commitment Origination Origination Maturity Contractual Interest Outstanding Unamortized Origination Carrying Unfunded Joint 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 | Summarizes the interest earned for each of the Joint Venture Promissory Notes For the Three Months For the Six Months Joint Venture/Lender 2021 2020 2021 2020 LSC 162nd Capital I LLC $ 126 $ 249 $ 250 $ 363 LSC 162nd Capital II LLC 272 540 541 785 LSC 1543 7th LLC 449 436 894 873 LSC 1650 Lincoln LLC 539 524 1,073 1,048 LSC 11640 Mayfield LLC 373 373 743 488 LSC 11640 Newkirk LLC 790 - 1,585 - Total $ 2,549 $ 2,122 $ 5,086 $ 3,557 |
Mortgages Payable, Net (Tables)
Mortgages Payable, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Schedule of Mortgages Payable | Schedule of Mortgages Payable Property/Investment Interest Rate Weighted Average Interest Rate as of June 30, Maturity Date Amount Due at Maturity As of As of Gantry Park Landing 4.48 4.48 % November 2024 $ 65,317 $ 70,207 $ 70,868 Lower East Side Moxy Hotel Repaid in full on June 3, 2021 - - 35,168 Lower East Side Moxy Hotel LIBOR + 7.50% (floor of 8.00%) 8.00 % June 2024 35,610 35,610 - Exterior Street Project LIBOR + 2.25% 2.37 % 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 Repaid in full on April 5, 2021 - - 27,500 Total mortgages payable 4.94 % $ 160,927 165,817 193,536 Less: Deferred financing costs (7,029 ) (1,151 ) Total mortgages payable, net $ 158,788 $ 192,385 |
Scheduled of Contractually Principal Maturities During Next Five Years | Scheduled of Contractually Principal Maturities During Next Five Years 2021 2022 2023 2024 2025 Thereafter Total Principal maturities $ 25,667 $ 36,389 $ 1,454 $ 102,307 $ - $ - $ 165,817 Less: Deferred financing costs (7,029 ) Total principal maturities, net $ 158,788 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases | |
Schedule of Future Minimum Rental Payments | Schedule of Future Minimum Rental Payments 2021 2022 2023 2024 2025 Thereafter Total $ 739 $ 605 $ 524 $ 338 $ 118 $ - $ 2,324 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Amount recorded in pursuant to related party arrangement | Amount recorded in pursuant to related party arrangement For the Three Months Ended For the Six Months Ended June 30, June 30, June 30, June 30, Asset management fees (general and administrative costs) $ 211 $ 215 $ 455 $ 430 Property management fees (property operating expenses) 72 103 168 213 Development fees and cost reimbursement (1) 1,603 308 1,913 696 Total $ 1,886 $ 626 $ 2,536 $ 1,339 (1) Development fees and 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 | Summary of the Preferred Investments Preferred Investment Balance Investment Income (1) As of As of Three Months Ended Six Months Ended Preferred Investments Dividend Rate 2021 2020 2021 2020 2021 2020 40 East End Avenue 12 % $ 6,000 $ 6,000 $ 182 $ 182 $ 362 $ 518 East 11th Street 12 % 8,500 8,500 258 258 513 519 Miami Moxy 12 % - - - - - 45 Total $ 14,500 $ 14,500 $ 440 $ 440 $ 875 $ 1,082 Note: (1) Included in interest and dividend income on the consolidated statements of operations. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, All Other Investments [Abstract] | |
Schedule of mortgage debt | Schedule of mortgage debt As of June 30, 2021 As of December 31, 2020 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Mortgages payable $ 165.8 $ 168.5 $ 193.5 $ 198.0 |
Structure (Details Narrative)
Structure (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Apr. 06, 2020 | Jul. 06, 2004 | May 25, 2021 | Aug. 25, 2009 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2009 | Dec. 31, 2008 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
Date of formation | Jun. 8, 2004 | ||||||||
Cash contributed for units | $ 2 | ||||||||
Partners units acquired | 200 | ||||||||
Issuance of common units, shares | 497,209 | 497,209 | |||||||
Land [Member] | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
Proceeds from disposition of assets | $ 2,100 | $ 6,800 | |||||||
Gain on the disposition of real estate | $ 3,600 | $ 1,600 | |||||||
Lightstone Value Plus R E I T [Member] | Wholly Owned Properties [Member] | Industrial Properties [Member] | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
General partner ownership interest | 59.20% | ||||||||
Lightstone Value Plus R E I T [Member] | Wholly Owned Properties [Member] | Seven Hotel Properties [Member] | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
General partner ownership interest | 2.50% | ||||||||
Lightstone Value Plus R E I T [Member] | Wholly Owned Properties [Member] | Residential Real Estate Properties [Member] | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
General partner ownership interest | 97.50% | ||||||||
Pro Dfjvholdings Limited Liability Company [Member] | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
General partner ownership interest | 99.00% | ||||||||
Lightstone Value Plus R E I T [Member] | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
Date of formation | Jul. 12, 2004 | ||||||||
General partner ownership interest | 98.00% | ||||||||
Number of common shares held | 20,000 | ||||||||
Proceeds from issue of shares | $ 200 | ||||||||
Shares issued, price per share | $ 10 | ||||||||
Lightstone Slp Llc [Member] | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
Aggregate SLP units owned in operating partnership | $ 30,000 | $ 30,000 | |||||||
Purchase cost per SLP unit of operating partnership | $ 100,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details - Supplemental cash flow information) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accounting Policies [Abstract] | ||||
Cash paid for interest | $ 4,581 | $ 4,310 | ||
Distributions declared but not paid | 3,908 | 3,912 | ||
Investment property acquired but not paid | 5,588 | 1,447 | ||
Amortization of deferred financing costs included in construction in progress | 297 | 806 | ||
Holding loss/gain on marketable securities | 107 | 1,480 | ||
Value of shares issued from distribution reinvestment program | $ 79 | $ 83 | $ 161 | $ 163 |
Development Projects (Details -
Development Projects (Details - Capitalization) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Lessor, Lease, Description [Line Items] | |||||
Amounts Capitalized to Construction in Progress | $ 199,190 | $ 199,190 | $ 172,838 | ||
Capitalized Interest | 1,712 | $ 1,740 | 3,385 | $ 3,895 | |
Lower East Side Moxy Hotel [Member] | |||||
Lessor, Lease, Description [Line Items] | |||||
Amounts Capitalized to Construction in Progress | 115,274 | 115,274 | 98,608 | ||
Capitalized Interest | 1,232 | 1,060 | 2,346 | 2,107 | |
Exterior Street Project [Member] | |||||
Lessor, Lease, Description [Line Items] | |||||
Amounts Capitalized to Construction in Progress | 83,916 | 83,916 | $ 74,230 | ||
Capitalized Interest | $ 480 | $ 680 | $ 1,039 | $ 1,788 |
Development Projects (Details N
Development Projects (Details Narrative) - USD ($) $ in Thousands | Dec. 03, 2018 | Feb. 27, 2019 |
Bowery Land [Member] | ||
Business Acquisition [Line Items] | ||
Business combination, consideration transferred | $ 56,500 | |
Borden Realty Corp And399 Exterior Street Associates Llc [Member] | ||
Business Acquisition [Line Items] | ||
Business combination, consideration transferred | $ 59,000 |
Held for Sale and Disposition_2
Held for Sale and Disposition of the Santa Clara Data Center (Details Narrative) - USD ($) $ in Thousands | Jan. 10, 2019 | Jun. 30, 2021 | Jun. 30, 2021 | May 28, 2021 | Dec. 31, 2020 |
Acquired Indefinite-lived Intangible Assets [Line Items] | |||||
Contractual sale price | $ 13,900 | $ 13,400 | |||
Construction in Progress [Member] | |||||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||||
Proceeds from disposal of property | $ 100 | $ 200 | |||
Santa Clara Data Center [Member] | |||||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||||
Assets held for sale | $ 13,400 | $ 13,400 | |||
The Chioini Living Trust [Member] | |||||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||||
Business combination, consideration transferred | $ 10,600 |
Marketable Securities and Other
Marketable Securities and Other Investments, Fair Value Measurements and Notes Payable (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Equity Securities Primarily R E I Ts [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities, adjusted cost | $ 8,745 | $ 9,386 |
Equity securities, gross unrealized gains | 6,264 | 2,054 |
Equity securities, gross unrealized losses | (166) | (575) |
Equity securities, fair value | 14,843 | 10,865 |
Equity securities, gross unrealized losses | 166 | 575 |
Equity securities, gross unrealized gains | (6,264) | (2,054) |
Marco Op Units And Op Two Units [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities, adjusted cost | 19,227 | 19,227 |
Equity securities, gross unrealized gains | 8,075 | 0 |
Equity securities, gross unrealized losses | 0 | (1,383) |
Equity securities, fair value | 27,302 | 17,844 |
Equity securities, gross unrealized losses | 0 | 1,383 |
Equity securities, gross unrealized gains | (8,075) | 0 |
Equity Securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities, adjusted cost | 27,972 | 28,613 |
Equity securities, gross unrealized gains | 14,339 | 2,054 |
Equity securities, gross unrealized losses | (166) | (1,958) |
Equity securities, fair value | 42,145 | 28,709 |
Equity securities, gross unrealized losses | 166 | 1,958 |
Equity securities, gross unrealized gains | (14,339) | (2,054) |
Corporate Bond Securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities, adjusted cost | 17,606 | 16,964 |
Equity securities, gross unrealized gains | 578 | 546 |
Equity securities, gross unrealized losses | (14,917) | (148) |
Equity securities, fair value | 18,112 | 17,362 |
Equity securities, gross unrealized losses | 14,917 | 148 |
Equity securities, gross unrealized gains | (578) | (546) |
Debt Securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities, adjusted cost | 45,578 | 45,577 |
Equity securities, gross unrealized gains | 72 | 2,600 |
Equity securities, gross unrealized losses | (238) | (2,106) |
Equity securities, fair value | 60,257 | 46,071 |
Equity securities, gross unrealized losses | 238 | 2,106 |
Equity securities, gross unrealized gains | $ (72) | $ (2,600) |
Marketable Securities and Oth_2
Marketable Securities and Other Investments, Fair Value Measurements and Notes Payable (Details - Recurring basis) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale Securities | $ 60,257 | $ 46,071 |
Equity Securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale Securities | 14,843 | 10,865 |
Marco Op Units And Op Two Units [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale Securities | 27,302 | 17,844 |
Corporate Bond Securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale Securities | 18,112 | 17,362 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale Securities | 14,843 | 10,865 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale Securities | 14,843 | 10,865 |
Fair Value, Inputs, Level 1 [Member] | Marco Op Units And Op Two Units [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Corporate Bond Securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale Securities | 45,414 | 35,206 |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Marco Op Units And Op Two Units [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale Securities | 27,302 | 17,844 |
Fair Value, Inputs, Level 2 [Member] | Corporate Bond Securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale Securities | 18,112 | 17,362 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Marco Op Units And Op Two Units [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Corporate Bond Securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale Securities | $ 0 | $ 0 |
Marketable Securities and Oth_3
Marketable Securities and Other Investments, Fair Value Measurements and Notes Payable (Details - Contractual maturity date) $ in Thousands | Jun. 30, 2021USD ($) |
Marketable Securities Fair Value Measurements And Notes Payable | |
Due in 1 year | $ 2,007 |
Due in 1 year through 5 years | 4,435 |
Due in 5 years through 10 years | 0 |
Due after 10 years | 11,670 |
Total | $ 18,112 |
Marketable Securities, Fair V_3
Marketable Securities, Fair Value Measurements and Notes Payable (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Mar. 15, 2021 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Share price | $ 11.18 | |||||
Marketable securities unrealized gain loss | $ 5,080 | $ 2,687 | $ 14,077 | $ (18,611) | ||
Non Revolving Credit Facility [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Debt instrument, interest rate terms | LIBOR + 1.35% | |||||
Debt instrument, interest rate at end of period | 1.45% | 1.45% | ||||
Shares for collateralized | 209,243 | |||||
Remaining capacity | $ 15,000 | $ 15,000 | ||||
Margin Loan [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Debt instrument, interest rate terms | LIBOR + 0.85% | |||||
Debt instrument, interest rate at end of period | 0.95% | 0.95% | ||||
Marco Op Units And Op Two Units [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Equity Securities Securities Held During Period | 209,243 | 209,243 | ||||
Share price | $ 130.48 | $ 130.48 | $ 85.28 | |||
Marketable securities unrealized gain loss | $ 5,100 | $ 2,700 | $ 14,100 | $ 18,600 | ||
P R O [Member] | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Equity Securities Securities Held During Period | 89,695 | 89,695 |
Notes Receivable (Details - Not
Notes Receivable (Details - Notes Receivable Summarized) - Notes Receivable [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | ||
Business Acquisition [Line Items] | |||
Outstanding Principal | $ 67,650 | $ 110,350 | |
Reserves | (2,051) | (5,036) | |
Unamortized Origination Fee | (190) | (690) | |
Carrying value | 65,409 | 104,624 | |
Unfunded Commitment | 7,250 | 7,250 | |
Reserves | 2,051 | 5,036 | |
Unamortized Origination Fee | $ 190 | $ 690 | |
Lsc162nd Capital I Llc [Member] | |||
Business Acquisition [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 plus 7.50% (Floor of 11%) | Libor plus 7.50% (Floor of 11%) | |
Outstanding Principal | $ 4,076 | $ 4,076 | |
Reserves | (113) | (338) | |
Unamortized Origination Fee | (8) | (33) | |
Carrying value | 3,955 | 3,705 | |
Unfunded Commitment | 0 | 0 | |
Reserves | 113 | 338 | |
Unamortized Origination Fee | $ 8 | $ 33 | |
Lsc162nd Capital Ii Llc [Member] | |||
Business Acquisition [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 plus 7.50% (Floor of 11%) | Libor plus 7.50% (Floor of 11%) | |
Outstanding Principal | $ 8,824 | $ 8,824 | |
Reserves | (244) | (732) | |
Unamortized Origination Fee | (18) | (71) | |
Carrying value | 8,562 | 8,021 | |
Unfunded Commitment | 0 | 0 | |
Reserves | 244 | 732 | |
Unamortized Origination Fee | $ 18 | $ 71 | |
Lsc15437th Llc [Member] | |||
Business Acquisition [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 plus 5.40% (Floor of 7.90%) | Libor plus 5.40% (Floor of 7.90%) | |
Outstanding Principal | $ 20,000 | $ 20,000 | |
Reserves | 0 | 0 | |
Unamortized Origination Fee | (33) | (33) | |
Carrying value | 19,967 | 19,967 | |
Unfunded Commitment | 0 | 0 | |
Reserves | 0 | 0 | |
Unamortized Origination Fee | $ 33 | $ 33 | |
Lsc1650 Lincoln Llc [Member] | |||
Business Acquisition [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 plus 5.40% (Floor of 7.90%) | Libor plus 5.40% (Floor of 7.90%) | |
Outstanding Principal | $ 24,000 | $ 24,000 | |
Reserves | 0 | 0 | |
Unamortized Origination Fee | (40) | (40) | |
Carrying value | 23,960 | 23,960 | |
Unfunded Commitment | 0 | 0 | |
Reserves | 0 | 0 | |
Unamortized Origination Fee | $ 40 | $ 40 | |
Lsc 11640 Mayfield Llc [Member] | |||
Business Acquisition [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 plus 10.50% (Floor of 12.50%) | Libor plus 10.50% (Floor of 12.50%) | |
Outstanding Principal | $ 10,750 | $ 10,750 | |
Reserves | (1,694) | (2,369) | |
Unamortized Origination Fee | (91) | (158) | |
Carrying value | 8,965 | 8,223 | |
Unfunded Commitment | 7,250 | 7,250 | |
Reserves | 1,694 | 2,369 | |
Unamortized Origination Fee | $ 91 | $ 158 | |
Lsc 87 Newkirk Llc [Member] | |||
Business Acquisition [Line Items] | |||
Company's Ownership percentage | 50.00% | [1] | 50.00% |
Original Loan Amount | $ 42,700 | [1] | $ 42,700 |
Origination Fee (as a percent) | 1.25% | [1] | 1.25% |
Origination Date | Jul. 2, 2020 | [1] | Jul. 2, 2020 |
Maturity Date | Dec. 1, 2021 | [1] | Dec. 1, 2021 |
Contractual Interest Rate | Libor plus 6.00% (Floor of 7.00%) | [1] | Libor plus 6.00% (Floor of 7.00%) |
Outstanding Principal | $ 0 | [1] | $ 42,700 |
Reserves | 0 | [1] | (1,597) |
Unamortized Origination Fee | 0 | [1] | (355) |
Carrying value | 0 | [1] | 40,748 |
Unfunded Commitment | 0 | [1] | 0 |
Reserves | 0 | [1] | 1,597 |
Unamortized Origination Fee | $ 0 | [1] | $ 355 |
[1] | Repaid in full during April 2021 |
Notes Receivable (Details - Int
Notes Receivable (Details - Interest and Dividend Income on Promissory Notes) - Notes Receivable [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Business Acquisition [Line Items] | ||||
Interest Income Purchased Receivables | $ 2,549 | $ 2,122 | $ 5,086 | $ 3,557 |
Lsc162nd Capital I Llc [Member] | ||||
Business Acquisition [Line Items] | ||||
Interest Income Purchased Receivables | 126 | 249 | 250 | 363 |
Lsc162nd Capital Ii Llc [Member] | ||||
Business Acquisition [Line Items] | ||||
Interest Income Purchased Receivables | 272 | 540 | 541 | 785 |
Lsc15437th Llc [Member] | ||||
Business Acquisition [Line Items] | ||||
Interest Income Purchased Receivables | 449 | 436 | 894 | 873 |
Lsc1650 Lincoln Llc [Member] | ||||
Business Acquisition [Line Items] | ||||
Interest Income Purchased Receivables | 539 | 524 | 1,073 | 1,048 |
Lsc 11640 Mayfield Llc [Member] | ||||
Business Acquisition [Line Items] | ||||
Interest Income Purchased Receivables | 373 | 373 | 743 | 488 |
Lsc 87 Newkirk Llc [Member] | ||||
Business Acquisition [Line Items] | ||||
Interest Income Purchased Receivables | $ 790 | $ 0 | $ 1,585 | $ 0 |
Notes Receivable (Details Narra
Notes Receivable (Details Narrative) - Notes Receivable [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Nr Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Notes receivable, related parties, noncurrent | $ 40,000 | $ 40,000 |
Payment for distributions | 7,900 | 7,900 |
Nr Affiliates [Member] | ||
Debt Instrument [Line Items] | ||
Notes receivable, related parties, noncurrent | 3,500 | 3,500 |
Payment for distributions | $ 1,100 | $ 1,100 |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Percentage of origination fee on notes receivables | 1.00% | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Percentage of origination fee on notes receivables | 1.50% |
Mortgages Payable, Net (Details
Mortgages Payable, Net (Details - Mortgages payable) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Real Estate Properties [Line Items] | ||
Weighted average interest rate | 4.94% | |
Amount due at maturity | $ 160,927 | |
Total mortgages payable | 165,817 | $ 193,536 |
Less: Deferred financing costs | (7,029) | (1,151) |
Total mortgages payable, net | $ 158,788 | 192,385 |
Gantry Park Landing [Member] | ||
Real Estate Properties [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 | $ 70,207 | 70,868 |
Lower East Side Moxy Hotel 1 [Member] | ||
Real Estate Properties [Line Items] | ||
Debt instrument, interest rate terms | Repaid in full on June 3, 2021 | |
Total mortgages payable | 35,168 | |
Lower East Side Moxy Hotel [Member] | ||
Real Estate Properties [Line Items] | ||
Debt instrument, interest rate terms | LIBOR + 7.50% (floor of 8.00%) | |
Weighted average interest rate | 8.00% | |
Maturity date | June 2024 | |
Amount due at maturity | $ 35,610 | |
Total mortgages payable | $ 35,610 | |
Exterior Street Land [Member] | ||
Real Estate Properties [Line Items] | ||
Debt instrument, interest rate terms | LIBOR + 2.25% | |
Weighted average interest rate | 2.37% | |
Maturity date | April 2022 | |
Amount due at maturity | $ 35,000 | |
Total mortgages payable | $ 35,000 | 35,000 |
Santa Monica [Member] | ||
Real Estate Properties [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 |
N 87 Newkirk [Member] | ||
Real Estate Properties [Line Items] | ||
Debt instrument, interest rate terms | Repaid in full on April 5, 2021 | |
Total mortgages payable | $ 27,500 |
Mortgages Payable (Details - Sc
Mortgages Payable (Details - Schedule of principal maturities of company's mortgage debt) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | ||
2021 | $ 25,667 | |
2022 | 36,389 | |
2023 | 1,454 | |
2024 | 102,307 | |
2025 | 0 | |
Thereafter | 0 | |
Total | 165,817 | $ 193,536 |
Less: Deferred financing costs | (7,029) | (1,151) |
Total principal maturities, net | $ 158,788 | $ 192,385 |
Mortgages Payable, Net (Detai_2
Mortgages Payable, Net (Details Narrative) - USD ($) $ in Thousands | Jun. 03, 2021 | Nov. 12, 2019 | Dec. 03, 2018 | Jul. 22, 2020 | Mar. 29, 2019 | Jun. 30, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | |||||||
Debt instrument interest london interbank offered rate | 0.11% | 0.14% | |||||
Debt instrument, description of variable rate basis | LIBOR+4.25% | LIBOR rate will be capped at 3.00% | |||||
Debt instrument, collateral amount | $ 90,000 | $ 35,600 | $ 54,400 | ||||
Outstanding principal balance | 165,817 | $ 193,536 | |||||
Moxy Senior Loan [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Debt instrument, collateral amount | 35,600 | ||||||
Santa Monica [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Original Loan Amount | $ 25,000 | ||||||
Debt instrument, description of variable rate basis | LIBOR + 3.75%, subject to a 5.50% floor, | ||||||
Debt instrument, maturity date | Aug. 26, 2021 | ||||||
Outstanding principal balance | 25,000 | ||||||
Exterior Street Loan [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Original Loan Amount | $ 35,000 | ||||||
Debt instrument, description of variable rate basis | LIBOR plus 2.25% | ||||||
Debt instrument, maturity date | Apr. 9, 2020 | ||||||
Debt instrument, interest rate | 4.50% | ||||||
Lower East Side Moxy [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Outstanding principal balance | $ 35,000 | ||||||
N 87 Newkirk [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Original Loan Amount | $ 27,500 | ||||||
Debt instrument, description of variable rate basis | LIBOR plus 7.50%, subject to an 8.00% floor, | LIBOR + 3.80%, subject to a 4.80% floor, | |||||
Lionhear [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Debt instrument, description of variable rate basis | LIBOR plus 13.50%, subject to a 14.00% floor, | ||||||
Debt instrument, collateral amount | $ 40,000 | ||||||
Moxy Junior Loan [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Debt instrument, collateral amount | $ 7,000 |
Leases (Details - Future minimu
Leases (Details - Future minimum rent payments) $ in Thousands | Jun. 30, 2021USD ($) |
Leases | |
2021 | $ 739 |
2022 | 605 |
2023 | 524 |
2024 | 338 |
2025 | 118 |
Thereafter | 0 |
Total | $ 2,324 |
Equity (Details Narrative)
Equity (Details Narrative) | Mar. 15, 2021$ / shares |
Equity [Abstract] | |
Share price | $ 11.18 |
Annual distribution rate | 100.00% |
Related Party Transactions (Det
Related Party Transactions (Details - Related party arrangements) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Related Party Transactions [Abstract] | |||||
Asset management fees (general and administrative costs) | $ 211 | $ 215 | $ 455 | $ 430 | |
Property management fees (property operating expenses) | 72 | 103 | 168 | 213 | |
Development Costs, Period Cost | [1] | 1,603 | 308 | 1,913 | 696 |
Total | $ 1,886 | $ 626 | $ 2,536 | $ 1,339 | |
[1] | Development fees and 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 (D_2
Related Party Transactions (Details - Summary of preferred Investments) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||||
Investments in and advances to affiliates, at fair value, gross additions | $ 14,500 | $ 14,500 | |||
Preferred stock dividend income | $ 440 | $ 440 | $ 875 | $ 1,082 | |
East 40 End Avenue [Member] | |||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||||
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 | 182 | 182 | $ 362 | 518 | |
East 11th Street [Member] | |||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||||
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 | 258 | 258 | $ 513 | 519 | |
Miami Moxy [Member] | |||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||||
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 | $ 0 | $ 0 | $ 45 |
Related Party Transactions (D_3
Related Party Transactions (Details Narrative) - Joint Venture [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Equity Method Investment, Ownership Percentage | 2.50% | 2.50% |
Investment | $ 1,000 | $ 1,100 |
Financial Instruments (Detailsn
Financial Instruments (Detailsn - mortgage debt) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Investments, All Other Investments [Abstract] | ||
Carrying Amount | $ 165,800 | $ 193,500 |
Estimated Fair Value | $ 168,500 | $ 198,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Jul. 15, 2021 | Aug. 09, 2021 | Mar. 15, 2021 | Sep. 30, 2020 |
Subsequent Event [Line Items] | ||||
Dividend reinvestment plan share discounted price | $ 11.18 | |||
Annualized Distribution Rate | 100.00% | |||
Share price | $ 11.18 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Business combination, consideration transferred | $ 3,900 | |||
Shares issued from distribution reinvestment program (in shares) | 7,000 | |||
Dividend reinvestment plan share discounted price | $ 10.62 | |||
Annualized Distribution Rate | 95.00% | 17.50% | ||
Dividends Declared Amount Per Share, Annual Distribution | $ 0.70 | |||
Share price | $ 10 |