Lightstone Value Plus REIT I (LHTV) 10-Q 15 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	3 Months Ended
	Mar. 31, 2020	May 11, 2020
Document and Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	Lightstone Value Plus Real Estate Investment Trust, Inc.
Entity Current Reporting Status	Yes
Entity Central Index Key	0001296884
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Trading Symbol	lvp
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		22.3
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Land and improvements	$ 30,664	$ 30,664
Building and improvements	101,832	101,827
Furniture and fixtures	2,408	2,404
Construction in progress	160,276	152,896
Gross investment property	295,180	287,791
Less accumulated depreciation	(30,645)	(29,685)
Net investment property	264,535	258,106
Investments in related parties	15,709	35,738
Cash and cash equivalents	81,972	77,569
Marketable securities and other investments	31,462	54,738
Restricted cash	2,984	2,231
Notes receivable, net	63,998	55,723
Prepaid expenses and other assets	2,032	2,075
Total Assets	462,692	486,180
Liabilities and Stockholders' Equity
Mortgages payable, net	165,402	164,705
Accounts payable, accrued expenses and other liabilities	5,360	4,380
Due to related parties	236	244
Tenant allowances and deposits payable	635	594
Distributions payable	3,911	3,960
Deferred rental income	428	524
Total Liabilities	175,972	174,407
Commitments and contingencies
Company's Stockholders Equity:
Preferred shares, $0.01 par value, 10.0 million shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value; 60.0 million shares authorized, 22.3 million and 22.6 million shares issued and outstanding, respectively	223	226
Additional paid-in-capital	169,701	172,749
Accumulated other comprehensive (loss)/income	(1,810)	408
Accumulated surplus	86,687	109,559
Total Company's stockholders' equity	254,801	282,942
Noncontrolling interests	31,919	28,831
Total Stockholders' Equity	286,720	311,773
Total Liabilities and Stockholders' Equity	$ 462,692	$ 486,180

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
CONSOLIDATED BALANCE SHEETS
Preferred shares, par value	$ 0.01	$ 0.01
Preferred shares, shares authorized	10,000,000	10,000,000
Preferred shares, shares issued	0	0
Preferred shares, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	22,300,000	22,600,000
Common stock, shares outstanding	22,300,000	22,600,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Rental income	$ 3,170	$ 3,601
Tenant recovery income	97	433
Total revenues	3,267	4,034
Expenses:
Property operating expenses	1,064	1,161
Real estate taxes	116	284
General and administrative costs	747	829
Depreciation and amortization	992	1,279
Total operating expenses	2,919	3,553
Operating income	348	481
Other income/(loss), net	22	(44)
Interest and dividend income	2,900	3,902
Interest expense	(650)	(399)
Unrealized (loss)/gain on marketable equity securities	(21,298)	3,117
Loss on sale and redemption of marketable securities	0	(311)
Net (loss)/ income from continuing operations	(18,678)	6,746
Net income from discontinued operations	0	13,481
Net (loss)/income	(18,678)	20,227
Less: net income attributable to noncontrolling interests	(283)	(854)
Net (loss)/ income attributable to Company's common shares	$ (18,961)	$ 19,373
Basic and diluted net (loss)/ income per Company's common share:
Continuing operations	$ (0.85)	$ 0.26
Discontinued operations	0	0.57
Net (loss)/ income per Company's common share, basic and diluted	$ (0.85)	$ 0.83
Weighted average number of common shares outstanding, basic and diluted	22,418	23,478

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net (loss)/income	$ (18,678)	$ 20,227
Other comprehensive (loss)/income
Holding (loss)/gain on available for sale debt securities	(2,267)	1,360
Reclassification adjustment for loss included in net income	0	311
Other comprehensive (loss)/income	(2,267)	1,671
Comprehensive (loss)/income	(20,945)	21,898
Less: Comprehensive income attributable to noncontrolling interests	(233)	(889)
Comprehensive (loss)/ income attributable to Company's common shares	$ (21,178)	$ 21,009

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands		Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income/ (loss)	Accumulated Surplus	Total Noncontrolling Interests	Total
BALANCE at Dec. 31, 2018		$ 237	$ 184,469	$ (2,251)	$ 101,382	$ 14,404	$ 298,241
BALANCE (in shares) at Dec. 31, 2018		23,708
Net (loss)/income		$ 0	0	0	19,373	854	20,227
Other comprehensive income (loss)		0	0	1,636	0	35	1,671
Distributions declared	[1]	0	0	0	(4,096)	0	(4,096)
Distributions paid to noncontrolling interests		0	0	0	0	(831)	(831)
Contributions received from noncontrolling interests		0	0	0	0	6,390	6,390
Redemption and cancellation of shares		$ (3)	(3,325)	0	0	0	(3,328)
Redemption and cancellation of shares (in shares)		(306)
Shares issued from distribution reinvestment program		$ 1	52	0	0	0	53
Shares issued from distribution reinvestment program (in shares)		5
BALANCE at Mar. 31, 2019		$ 235	181,196	(615)	116,659	20,852	318,327
BALANCE (in shares) at Mar. 31, 2019		23,407
BALANCE at Dec. 31, 2019		$ 226	172,749	408	109,559	28,831	311,773
BALANCE (in shares) at Dec. 31, 2019		22,608
Net (loss)/income		$ 0	0	0	(18,961)	283	(18,678)
Other comprehensive income (loss)		0	0	(2,218)	0	(49)	(2,267)
Distributions declared	[1]	0	0	0	(3,911)	0	(3,911)
Distributions paid to noncontrolling interests		0	0	0	0	(636)	(636)
Contributions received from noncontrolling interests		0	0	0	0	3,490	3,490
Redemption and cancellation of shares		$ (3)	(3,128)	0	0	0	(3,131)
Redemption and cancellation of shares (in shares)		(288)
Shares issued from distribution reinvestment program		$ 0	80	0	0	0	80
Shares issued from distribution reinvestment program (in shares)		7
BALANCE at Mar. 31, 2020		$ 223	$ 169,701	$ (1,810)	$ 86,687	$ 31,919	$ 286,720
BALANCE (in shares) at Mar. 31, 2020		22,327
[1]	(a)     Distributions per share were $0.175.

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	Mar. 31, 2020	Mar. 31, 2019
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Distributions per share	$ 0.175	$ 0.175

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss)/income	$ (18,678)	$ 20,227
Less net income - discontinued operations	0	13,481
Net (loss)/income - continuing operations	(18,678)	6,746
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
Depreciation and amortization	992	1,279
Mark to market adjustment on derivative financial instruments	0	49
Unrealized loss/(gain) on marketable equity securities, available for sale	21,298	(3,117)
Loss on sale and redemption of marketable securities, available for sale	0	311
Amortization of deferred financing costs	144	235
Noncash interest income	(1,191)	(234)
Other non-cash adjustments	143	288
Changes in assets and liabilities:
Decrease/(increase) in prepaid expenses and other assets	51	(115)
(Decrease)/increase in tenant allowances and deposits payable	(117)	95
(Decrease)/increase in accounts payable, accrued expenses and other liabilities	(6)	435
Decrease in due to related parties	(8)	(2)
(Decrease)/increase in deferred rental income	(96)	53
Net cash provided by operating activities - continuing operations	2,532	6,023
Net cash used in operating activities - discontinued operations	0	(55)
Net cash provided by operating activities	2,532	5,968
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property	(5,787)	(74,319)
Purchase of marketable securities	(289)	(990)
Proceeds from sale of marketable securities	0	49,180
Investment in joint venture	(63)	(33)
Proceeds from joint venture	78	2
Funding of notes receivable	(7,095)	(12,000)
Proceeds from investments in related parties	20,000	20,000
Net cash provided by /(used in) investing activities - continuing operations	6,844	(18,160)
Net cash used in investing activities - discontinued operations	0	(239)
Net cash provided by /(used in) investing activities	6,844	(18,399)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from mortgage financing	339	35,535
Mortgage principal payments	(314)	(411)
Payment of loan fees and expenses	(88)	(2,655)
Proceeds from line of credit	0	18,000
Redemption and cancellation of common shares	(3,131)	(3,328)
Contributions received from noncontrolling interests	3,490	6,390
Distributions paid to noncontrolling interests	(636)	(831)
Distributions paid to Company's common stockholders	(3,880)	(4,134)
Net cash (used in)/ provided by financing activities	(4,220)	48,566
Net change in cash, cash equivalents and restricted cash	5,156	36,135
Cash, cash equivalents and restricted cash, beginning of year	79,800	36,582
Cash, cash equivalents and restricted cash, end of period	$ 84,956	$ 72,717

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
The following is a summary of the Company's cash, cash equivalents, and restricted cash total as presented in our statements of cash flows for the periods presented:
Cash and cash equivalents	$ 81,972	$ 69,752
Restricted cash	2,984	2,965
Total cash, cash equivalents and restricted cash	$ 84,956	$ 72,717

Business and Organization

Business and Organization	3 Months Ended
	Mar. 31, 2020
Business and Organization
Business and Organization	1. Business and Organization Lightstone Value Plus Real Estate Investment Trust, Inc., a Maryland corporation (“Lightstone REIT”), formed on June 8, 2004, which has elected to be taxed and qualify as a real estate investment trust for U.S. federal income tax purposes (“REIT”). The Lightstone REIT was formed primarily for the purpose of engaging in the business of investing in and owning commercial and residential real estate properties located throughout the United States. The Lightstone REIT is structured as an umbrella partnership real estate investment trust, or UPREIT, and substantially all of the Company’s current and future business is and will be conducted through Lightstone Value Plus REIT, L.P. (the “Operating Partnership”), a Delaware limited partnership formed on July 12, 2004. As of March 31, 2020, the Company held a 98% general partnership interest in the Company’s Operating Partnership’s common units (“Common Units”). The Lightstone REIT and the Operating Partnership and its subsidiaries are collectively referred to as the ‘‘Company’’ and the use of ‘‘we,’’ ‘‘our,’’ ‘‘us’’ or similar pronouns refers to the Lightstone REIT, its Operating Partnership or the Company as required by the context in which such pronoun is used. Through its Operating Partnership, the Company owns, operates and develops commercial, residential, and hospitality properties and make 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. Because of the composition of the Company’s real estate and real estate investments, the Company evaluates all of its real estate investments as one operating segment. As of March 31, 2020, the Company has ownership interests in (i) two consolidated operating properties, (ii) three consolidated development properties and (iii) seven unconsolidated operating properties. With respect to its consolidated operating properties, the Company wholly owns the St. Augustine Outlet Center, a retail property containing approximately 0.3 million square feet of gross leasable area, and has a majority ownership interest of approximately 59.2% in Gantry Park Landing, a multi-family residential property containing 199 apartment units. With respect to its consolidated development properties, the Company wholly owns three projects consisting of the Lower East Side Moxy Hotel, the Exterior Street Project and the Santa Clara Data Center, all of which were in their pre-development stage as of March 31, 2020. The Company also holds a 2.5% ownership interest in seven hotel properties through a joint venture (the “Joint Venture”) which it accounts for under the cost method of accounting. The Joint Venture is between the Company and the operating partnership of Lightstone Value Plus Real Estate Investment Trust II, Inc. (“Lightstone II”), a REIT also sponsored by the Company’s Sponsor, which has a 97.5% ownership interest in the Joint Venture. Furthermore, the Company has other real estate-related investments, including preferred investments in related parties and nonrecourse loans made to unaffiliated third-party borrowers. The Company’s advisor is Lightstone Value Plus REIT, LLC (the “Advisor”), which is majority owned by David Lichtenstein. On July 6, 2004, the Advisor contributed $2 to the Operating Partnership in exchange for 200 Common Units. The Company’s Advisor also owns 20,000 shares of the Company’s common stock (“Common Shares”) which were issued on July 6, 2004 for $200, or $10.00 per share. Mr. Lichtenstein also is the majority owner of the equity interests of The Lightstone Group, LLC. The Lightstone Group, LLC served as the sponsor (the ‘‘Sponsor’’) during the Company’s initial public offering (the “Offering”), which terminated on October 10, 2008. The Company’s Advisor, together with its board of directors (the “Board of Directors”), is primarily responsible for making investment decisions on the Company’s behalf and managing its day-to-day operations. Through his ownership and control of The Lightstone Group, LLC, Mr. Lichtenstein is the indirect owner and manager of Lightstone SLP, LLC, a Delaware limited liability company, which owns an aggregate of $30.0 million of special general partner interests (“SLP Units”) in the Operating Partnership which were purchased, at a cost of $100,000 per unit, in connection with the Company’s Offering. Mr. Lichtenstein also acts as the Company’s Chairman and Chief Executive Officer. As a result, he exerts influence over but does not control the Lightstone REIT or the Operating Partnership. The Company does not have any employees. The Advisor receives compensation and fees for services related to the investment and management of the Company’s assets. The Company’s Advisor has affiliates which 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. Discontinued Operations During the first quarter of 2019, a portfolio comprised of the Company’s 10 industrial properties located in Louisiana (seven properties located in New Orleans and three properties located in Baton Rouge, and collectively, the “Louisiana Assets”) met the criteria to be classified as discontinued operations in the consolidated statements of operations for all periods presented, through their date of disposition. The disposition of the Louisiana Assets, which represented all of the Company’s remaining industrial properties, represented a strategic shift that had a major effect on the Company’s operations and financial results and therefore, upon their disposition, the operating results of the Louisiana Assets were classified as discontinued operations in the Company’s consolidated statements of operations for all periods presented through their date of disposition (See Note 8). Noncontrolling Interests Partners of Operating Partnership On July 6, 2004, the Advisor contributed $2 to the Operating Partnership in exchange for 200 Common Units in the Operating Partnership. The Advisor has the right to convert the Common Units into cash or, at the option of the Company, an equal number of shares of Common Shares. In connection with the Offering, Lightstone SLP, LLC, an affiliate of the Advisor, purchased an aggregate of $30.0 million of SLP Units. As the majority owner of the SLP Units, Mr. Lichtenstein is the beneficial owner of a 99% interest in such SLP Units and thus receives an indirect benefit from any distributions made in respect thereof. These SLP Units may be entitled to a portion of any regular and liquidation distributions that the Company makes to its stockholders, but only after the Company’s stockholders have received a stated preferred return. In addition, an aggregate 497,209 Common Units were issued to other unrelated parties during the years ended December 31, 2008 and 2009 and remain outstanding as of March 31, 2020. 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, (ii) 50-01 2nd St. Associates LLC (the “2nd Street Joint Venture”), held by the Company’s Sponsor and other affiliates and (iii) various joint ventures held by affiliates of the Sponsor that have originated promissory notes to unaffiliated third parties. PRO’s holdings principally consist of Marco OP Units and Marco II OP Units. The 2nd Street Joint Venture owns Gantry Park Landing, a multi-family apartment building located in Queens, New York.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Summary of Significant Accounting Policies
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, 2019. 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 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate 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, 2019 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 global impact of the COVID-19 pandemic has been rapidly evolving and, as cases of the illness caused by the virus have continued to be identified in additional countries, many countries, including the United States, have reacted by instituting quarantines and restrictions on travel. In addition, all the states where we operate properties and have development projects have reacted to the COVID-19 pandemic by instituting quarantines, restrictions on travel, “shelter in place” rules, restrictions on types of business that may continue to operate and/or restrictions on types of construction projects that may continue. Many states have recently announced guidelines to reduce certain of these restrictions. As a result of such restrictions, the Company temporarily closed the St. Augustine Outlet Center effective March 20, 2020. The St. Augustine Outlet Center was subsequently reopened on May 7, 2020 with reduced operating hours in accordance with the state of Florida’s guidelines. Because all of the Company’s development projects are in their pre-development stage, the COVID-19 pandemic has not currently affected the associated pre-development activities. Additionally, the Company’s other real estate-related investments (preferred investments in related parties and nonrecourse loans made to unaffiliated third-party borrowers) principally relate to various development projects at different stages in their respective development process, and as such, are subject to similar restrictions. The extent to which the Company’s business may be affected by the current COVID-19 pandemic will largely depend on both current and future developments, including its duration, spread and treatment, and related travel advisories and restrictions, 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) tenants are unable to pay their rent, (ii) borrowers are unable to pay scheduled debt service on notes receivable, (iii) development activities are delayed and/or (iv) 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. While the Company has implemented various cost reduction strategies, including the deferral of certain non-critical capital expenditures, there can be no assurance that these cost savings will fully mitigate the potential adverse impact of any lost revenue and income. COVID-19 Lease Modification Accounting Relief Due to the business disruptions and challenges severely affecting the global economy caused by the COVID-19 pandemic, many lessors may be required to provide rent deferrals and other lease concessions to lessees. While the lease modification guidance addresses routine changes to lease terms resulting from negotiations between the lessee and the lessor, this guidance did not contemplate concessions being so rapidly executed to address the sudden liquidity constraints of some lessees arising from the COVID-19 pandemic and restrictions intended to prevent its spread. In April 2020, the Financial Accounting Standards Board (“FASB”) staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing GAAP, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company has elected to apply such relief and will avail itself of the election to avoid performing a lease by lease analysis. The Lease Modification Q&A had no material impact on the Company’s consolidated financial statements as of and for the three months ended March 31, 2020, however, its future impact to the Company is dependent upon the extent of lease concessions, if any, granted to tenants as a result of the COVID-19 pandemic in future periods and the elections made by the Company at the time of entering into such concessions. New Accounting Pronouncements In June 2016, the FASB issued an accounting standards update which replaces the Company incurred loss impairment methodology currently in use with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The new guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently in the process of evaluating the impact the adoption of this standard will have on the Company’s consolidated financial statements. The Company has reviewed and determined that other recently issued accounting pronouncements will not have a material impact on its financial position, results of operations and cash flows, or do not apply to its current operations. Supplemental Cash Flow Information Supplemental cash flow information for the periods indicated is as follows: For the Three Months Ended March 31, 2020 2019 Cash paid for interest $ 2,145 $ 1,601 Distributions declared but not paid $ 3,911 $ 4,043 Investment property acquired but not paid $ 2,068 $ 160 Assets transferred in connection with assignment transaction $ — $ 37,299 Amortization of deferred financing costs included in construction in progress $ 615 $ — Liabilities extinguished in connection with assignment transaction $ — $ 50,914 Holding loss/gain on marketable securities $ 2,267 $ 1,671 Value of shares issued from distribution reinvestment program $ 80 $ 53 Reclassifications Certain prior period amounts may have been reclassified to conform to the current year presentation.

Development Projects

Development Projects	3 Months Ended
	Mar. 31, 2020
Development Projects
Development Projects	3. Development Projects Lower East Side Moxy Hotel On December 3, 2018, the Company, through a subsidiary of the Operating Partnership, acquired adjacent three parcels of land located at 147‑151 Bowery, New York, New York (collectively, the “Bowery Land”) from 151 Emmut Properties LLC and 145‑149 Bowery LLC, both unaffiliated third parties, for aggregate consideration of approximately $56.5 million, excluding closing and other acquisition related costs, on which it intends to develop and construct a 296‑room Marriott Moxy hotel (the “Lower East Side Moxy Hotel”). Additionally, on December 6, 2018, the Company, though a subsidiary of the Operating Partnership, acquired certain air rights located at 329 Broome Street, New York, New York (the “Air Rights”) from B.R.P. Realty Corp., an unaffiliated third party, for approximately $2.4 million, excluding closing and other acquisition related costs. The Company intends to use the Air Rights in connection with the development and construction of the Lower East Side Moxy Hotel. In connection with the acquisition of the Bowery Land and the Air Rights, the Advisor earned an acquisition fee equal to 2.75% of the gross contractual purchase price, which was approximately $1.6 million. As of March 31, 2020, the Lower East Side Moxy Hotel was in pre-development and not under construction. Exterior Street Project On February 27, 2019, the Company, through subsidiaries of the Operating Partnership, acquired two adjacent parcels of land located at 355 and 399 Exterior Street, New York, New York (collectively, the “Exterior Street Land”), from Borden Realty Corp and 399 Exterior Street Associates LLC, unaffiliated third parties, for an aggregate purchase price of approximately $59.0 million, excluding closing and other acquisition related costs, on which it intends to develop and construct a multi-family residential property (the “Exterior Street Project”). On March 29, 2019, the Company entered into a $35.0 million loan (the “Exterior Street Loan”) which bears interest at 4.50% and was scheduled to initially mature on April 9, 2020, but may be further extended through the exercise of two, six-month extension options, which the Company can exercise by providing the lender with notice of its intent to extend. The Company exercised the first extension option on April 9, 2020 and extended the maturity date to October 9, 2020. The Exterior Street Loan requires monthly interest payments through its maturity date and is collateralized by the Exterior Street Land. In connection with the acquisition of the Exterior Street Land, the Advisor earned an acquisition fee equal to 2.75% of the gross aggregate contractual purchase price, which was approximately $1.6 million. As of March 31, 2020, the Exterior Street Project was in pre-development and not under construction. Santa Clara Data Center On January 10, 2019, the Company, through subsidiaries of the Operating Partnership, acquired a parcel of land located at 2175 Martin Avenue, Santa Clara, California (the “Martin Avenue Land”) from The Chioini Living Trust, an unaffiliated third party, for approximately $10.6 million, excluding closing and other acquisition related costs, on which the Company intends to develop and construct a data center (the “Santa Clara Data Center”). In connection with the acquisition of the Martin Avenue Land, the Advisor earned an acquisition fee equal to 2.75% of the gross contractual purchase price, which was approximately $0.2 million. As of March 31, 2020, the Santa Clara Data Center was in pre-development and not under construction. The following is a summary of the amounts incurred and capitalized to construction in progress as of the dates indicated and the amounts of interest capitalized to construction in progress for the periods indicated: Amounts Capitalized to Construction in Progress Capitalized Interest As of As of Three Months Ended March 31, December 31, March 31, March 31, Development Projects 2020 2019 2020 2019 Lower East Side Moxy Hotel $ 79,000 $ 73,776 $ 1,047 $ 1,078 Exterior Street Project 68,075 66,084 1,108 291 Santa Clara Data Center 13,193 13,027 99 105 Total Devlopments Projects $ 160,268 $ 152,887 $ 2,254 $ 1,474

Marketable Securities, Fair Val

Marketable Securities, Fair Value Measurements and Notes Payable	3 Months Ended
	Mar. 31, 2020
Marketable Securities, Fair Value Measurements and Notes Payable
Marketable Securities, Fair Value Measurements and Notes Payable	4. Marketable Securities, Fair Value Measurements and Notes Payable Marketable Securities: The following is a summary of the Company’s available for sale securities: As of March 31,2020 Gross Gross Unrealized Unrealized Adjusted Cost Gains Losses Fair Value Marketable Securities: Equity securities: Equity Securities, primarily REITs $ 7,088 $ — $ (1,250) $ 5,838 Marco OP Units and Marco II OP Units 19,227 — (7,748) 11,479 26,315 — (8,998) 17,317 Debt securities: Corporate Bonds 15,993 — (1,848) 14,145 Total $ 42,308 $ — $ (10,846) $ 31,462 As of December 31, 2019 Gross Gross Unrealized Unrealized Adjusted Cost Gains Losses Fair Value Marketable Securities: Equity securities: Equity Securities, primarily REITs $ 6,799 $ 375 $ (17) $ 7,157 Marco OP Units and Marco II OP Units 19,227 11,942 — 31,169 26,026 12,317 (17) 38,326 Debt securities: Corporate Bonds 15,993 442 (23) 16,412 Total $ 42,019 $ 12,759 $ (40) $ 54,738 As of both March 31, 2020 and December 31, 2019, the Company held an aggregate of 209,243 Marco OP Units and Marco II OP Units, of which 89,695 were owned by PRO. The Marco OP Units and the Marco II OP Units are exchangeable for a similar number of common operating partnership units (“Simon OP Units”) of Simon Property Group, L.P., (“Simon OP”), the operating partnership of Simon Property Group, Inc. (“Simon”), a public REIT that is an owner and operator of shopping malls and outlet centers. Subject to the various conditions, the Company may elect to exchange the Marco OP Units and/or the Marco II OP Units to Simon OP Units which must be immediately delivered to Simon in exchange for cash or similar number of shares of Simon’s common stock (“Simon Stock”). Accordingly, the Marco OP Units and Marco II OP Units are valued based on the closing price of Simon’s stock as of the dates indicated. Financial markets have experienced significant volatility in response to the current COVID-19 pandemic, including significant reductions in market interest rates and market prices of certain equity securities during the three months ended March 31, 2020. During the three months ended March 31, 2020, the Company incurred an unrealized loss on its marketable equity securities of approximately $21.3 million, which is included in its consolidated statements of operations. Approximately $19.7 million of this unrealized loss was attributable to its Marco OP Units and Marco II OP Units. As a result, the Company’s marketable equity securities had an aggregate unrealized loss of approximately $9.0 million, including $7.7 million attributable to the Marco OP Units and Marco II OP Units, as of March 31, 2020. Additionally, during the three months ended March 31, 2020, the Company’s experienced a holding loss of approximately $2.3 million on its available for sale marketable debt securities, which is included in its consolidated statements of comprehensive income. The Company considers the declines in market value of its investments in marketable debt securities to be temporary in nature as the unrealized losses were caused primarily by financial market volatility associated with the current COVID-19 pandemic which resulting in significant reductions in market interest rates and market prices of certain debt securities. 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 security before recovery of its amortized cost basis. During the three months ended March 31, 2020 and 2019, the Company did not recognize any impairment charges on its investments in marketable debt securities. As of March 31, 2020, the Company does not consider any of its investments in marketable debt securities to be other-than-temporarily impaired. The Company may sell certain of its investments in marketable debt securities prior to their stated maturities for strategic purposes, in anticipation of credit deterioration, or for duration management. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: · Level 1 – Quoted prices in active markets for identical assets or liabilities. · Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. · Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Marketable securities measured at fair value on a recurring basis as of the dates indicated are as follows: Fair Value Measurement Using As of March 31, 2020 Level 1 Level 2 Level 3 Total Marketable Securities: Equity Securities, primarily REITs $ 5,838 $ — $ — $ 5,838 Marco OP and OP II Units — 11,479 — 11,479 Corporate Bonds — 14,145 — 14,145 Total $ 5,838 $ 25,624 $ — $ 31,462 Fair Value Measurement Using As of December 31, 2019 Level 1 Level 2 Level 3 Total Marketable Securities: Equity Securities, primarily REITs $ 7,157 $ — $ — $ 7,157 Marco OP and OP II Units — 31,169 — 31,169 Corporate Bonds — 16,412 — 16,412 Total $ 7,157 $ 47,581 $ — $ 54,738 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: As of March 31, 2020 Due in 1 year $ 1,685 Due in 1 year through 5 years 2,020 Due in 5 years through 10 years 1,938 Due after 10 years 8,502 Total $ 14,145 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 plus 0.85% (1.84% as of March 31, 2020) and is collateralized by the marketable securities in the Company’s account. The amounts available to the Company under the Margin Loan are at the discretion of the financial institution and not limited to the amount of collateral in its account. There were no amounts outstanding under this Margin Loan as of March 31, 2020 and December 31, 2019. Line of Credit The Company has a non-revolving credit facility (the “Line of Credit”) that provides for borrowings up to a maximum of $20.0 million, subject to a 55% loan-to-value ratio based on the fair value of the underlying collateral, matures on June 19, 2021 and bears interest at Libor plus 1.35% (2.34% as of March 31, 2020). The Line of Credit is collateralized by an aggregate of 209,243 of Marco OP Units and Marco II OP Units and is guaranteed by PRO. As of March 31, 2020, the amount of borrowings available to be drawn under the Line of Credit was approximately $6.3 million. No amounts were outstanding under the Line of Credit as of March 31, 2020 and December 31, 2019 .

Notes Receivable

Notes Receivable	3 Months Ended
	Mar. 31, 2020
Notes Receivable
Notes Receivable	5. Notes Receivable Beginning in 2019, the Company has formed certain joint ventures (collectively, the “NR Joint Ventures”) between wholly-owned subsidiaries of the Operating Partnership (collectively, the “NR Subsidiaries”) and affiliates of the Sponsor (the “NR Affiliates”) which have originated nonrecourse loans (collectively, the “Joint Venture Promissory Notes”) to unaffiliated third-party borrowers (collectively, the “Joint Venture Borrowers”). The NR Subsidiaries and NR Affiliates have varying ownership interests in the NR Joint Ventures and certain other wholly-owned subsidiaries of the Operating Partnership serve as the manager and are the sole decision-maker for each of the NR Joint Ventures. The Company has determined that the NR Joint Ventures are VIEs and the NR Subsidiaries are the primary beneficiaries. Since the NR Subsidiaries are the primary beneficiaries, beginning on the applicable date of formation, the Company has consolidated the operating results and financial condition of the NR Joint Ventures and accounted for the respective ownership interests of the NR Affiliates as noncontrolling interests. The Joint Venture Promissory Notes provide for monthly interest at a prescribed variable rate, subject to a floor. In connection with funding of the Joint Venture Promissory Notes, the NR Joint Ventures have received origination fees (1.00% - 1.50)% based on the principal amount of the loan and retained a portion of the loan proceeds to establish a reserve for interest and other items (the “Loan Reserves”). The Joint Venture Promissory Notes are recorded in notes receivable, net on the consolidated balance sheets. The Joint Venture Promissory Notes generally have an initial term of one or two years and may provide for an additional one-year extension option subject to satisfaction of certain prescribed conditions, including the funding of an additional reserve for interest 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 initial term. The following tables summarize the Notes Receivable as of the dates indicated: Company's Loan Contractual As of March 31, 2020 Ownership Commitment Origination Origination Maturity Interest Outstanding Unamortized Carrying Unfunded Joint Venture/Lender Percentage Amount Fee Date Date Rate Principal Reserves Origination Fee Value Commitment LSC 162nd Capital I LLC 45.45 % 4,234 1.50 % February 5, 2019 October 31,2020 Libor plus 7.50% (Floor of 10%) $ 4,234 $ (19) $ — $ 4,215 $ — LSC 162nd Capital II LLC 45.45 % 9,166 1.50 % February 5, 2019 October 31,2020 Libor plus 7.50% (Floor of 10%) 9,166 (41) — 9,125 — LSC 1543 7th LLC 50 % 20,000 1.00 % August 27, 2019 August 26, 2020 Libor plus 5.15% (Floor of 7.65%) 20,000 (118) (81) 19,801 — LSC 1650 Lincoln LLC 50 % 24,000 1.00 % August 27, 2019 August 26, 2020 Libor plus 5.15% (Floor of 7.65%) 24,000 (141) (97) 23,762 — LSC 11640 Mayfield LLC 50 % 18,000 1.00 % March 4, 2020 March 1,2022 Libor plus 10.50% (Floor of 12.50%) 10,750 (3,395) (260) 7,095 7,250 Total $ 68,150 $ (3,714) $ (438) $ 63,998 $ 7,250 Company's Loan Contractual As of December 31, 2019 Ownership Commitment Origination Origination Maturity Interest Outstanding Unamortized Joint Venture/Lender Percentage Amount Fee Date Date Rate Principal Reserves Origination Fee Carrying Value LSC 162nd Capital I LLC 45.45 % $ 4,234 1.50 % February 5, 2019 March 1,2020 Libor plus 7.50% (Floor of 10%) $ 4,234 $ (82) $ (6) $ 4,146 LSC 162nd Capital II LLC 45.45 % 9,166 1.50 % February 5, 2019 March 1,2020 Libor plus 7.50% (Floor of 10%) 9,166 (178) (14) 8,974 LSC 47-16 Greenpoint LLC 50 % 13,000 1.00 % April 5, 2019 April 4, 2020 Libor plus 5.75% (Floor of 8.25%) — — — — LSC 1543 7th LLC 50 % 20,000 1.00 % August 27, 2019 August 26, 2020 Libor plus 5.15% (Floor of 7.65%) 20,000 (504) (131) 19,365 LSC 1650 Lincoln LLC 50 % 24,000 1.00 % August 27, 2019 August 26, 2020 Libor plus 5.15% (Floor of 7.65%) 24,000 (605) (157) 23,238 Total $ 57,400 $ (1,369) $ (308) $ 55,723 The following summarizes the interest earned (included in interest and dividend income on the consolidated statements of operations) for each of the Joint Venture Promissory Notes during the periods indicated: For the Three Months Ended March 31, Joint Venture/Lender 2020 2019 LSC 162nd Capital I LLC $ 113 $ 74 LSC 162nd Capital II LLC 245 161 LSC 1543 7th LLC 437 — LSC 1650 Lincoln LLC 524 — LSC 11640 Mayfield LLC 115 — Total $ 1,434 $ 235

Mortgages Payable, Net

Mortgages Payable, Net	3 Months Ended
	Mar. 31, 2020
Mortgages Payable, Net
Mortgages Payable, Net	6. Mortgages Payable, Net Mortgages payable, net consists of the following: Weighted Average Interest Rate as of Amount Due at As of As of Property/ Investment Interest Rate December 31, 2019 Maturity Date Maturity March 31, 2020 December 31, 2019 Gantry Park 4.48 % 4.48 % November 2024 $ 65,317 $ 71,814 $ 72,128 Bowery Land and Air Rights LIBOR + 4.25 % 6.62 % December 2020 35,168 35,168 34,828 Exterior Street Land 4.50 % 4.50 % October 2020 35,000 35,000 35,000 Santa Monica Note Receivable LIBOR + 3.75 % 5.50 % August 2020 25,000 25,000 25,000 Total mortgages payable 5.09 % $ 160,485 166,982 166,956 Less: Deferred financing costs (1,580) (2,251) Total mortgages payable, net $ 165,402 $ Libor as of March 31, 2020 and December 31, 2019 was 1.00% and 1.76%, respectively. The Company’s loans are secured by the indicated real estate and are non-recourse to the Company, unless otherwise indicated. On November 12, 2019, the Company, through the Santa Monica Joint Ventures, entered into a $25.0 million loan (the” Santa Monica Loan”) which bears interest at LIBOR+3.75% and is scheduled to initially mature on August 12, 2020 but may be further extended through the exercise of two, six-month extension options, which the Santa Monica Joint Ventures may exercise by providing the lender with advance written notice. The Santa Monica Loan requires monthly interest payments through its maturity date and is cross-collateralized by two nonrecourse loans originated by the Santa Monica Joint Ventures. On March 29, 2019, the Company entered into the $35.0 million Exterior Street Loan which bears interest at 4.50% and was scheduled to initially mature on April 9, 2020 but may be further extended through the exercise of two, six-month extension options, which the Company can exercise by providing the lender with notice of its intent to extend. The Company exercised the first extension option on April 9, 2020 and extended the maturity date to October 9, 2020. The Exterior Street Loan requires monthly interest payments through its maturity date and is collateralized by the Exterior Street Land. On December 3, 2018, the Company entered into a mortgage loan collateralized by the Bowery Land and the Air Rights (the “Bowery Mortgage) for up to $35.6 million. The Bowery Mortgage has a term of two years, bears interest at LIBOR+4.25% and requires monthly interest-only payments through its stated maturity with the entire unpaid balance due upon maturity. Through March 31, 2020, the Company received aggregate proceeds of $35.2 million under the Bowery Mortgage. As a result, the Bowery Mortgage had an outstanding balance and remaining availability of $35.2 million and $0.4 million, respectively, as of March 31, 2020. The following table shows the contractually scheduled principal maturities of the Company’s mortgage debt during the next five years and thereafter as of March 31, 2020: 2020 2021 2022 2023 2024 Thereafter Total Principal maturities $ 96,114 $ 1,328 $ 1,389 $ 1,454 $ 66,697 $ — $ 166,982 Less: Deferred financing costs (1,580) Total principal maturities, net $ 165,402 Certain of the Company’s debt agreements require the maintenance of certain ratios, including debt service coverage. As of March 31, 2020, the Company was in compliance with all of its financial debt covenants. Additionally, certain of our mortgages payable also contain clauses providing for prepayment penalties. Debt Maturities The Exterior Street Loan (outstanding principal balance of $35.0 million as of March 31, 2020) initially matured on April 9, 2020 but had two, six-month extension options, which the Company may exercise by providing the lender with notice of its intent to extend. The Company exercised the first extension option on April 9, 2020 and extended the maturity date to October 9, 2020. The Company intends to exercise the second extension option or refinance the Exterior Street Loan on or before its applicable stated maturity date. The Santa Monica Loan (outstanding principal balance of $25.0 million as of March 31, 2020) initially matures on August 12, 2020 but has two, six-month extension options, which the Company can exercise by providing the lender with notice of its intent to extend. The Company currently intends to exercise the extension options or refinance the Santa Monica Loan on or before its applicable stated maturity date. The Bowery Mortgage (outstanding principal balance of $35.2 million as of March 31, 2020) matures on December 3, 2020. The Company currently intends to refinance the Bowery Mortgage on or before its maturity date. However, if the Company is unable to extend or refinance any of its maturing indebtedness at favorable terms, it will look to repay the then outstanding balance with available cash and/or proceeds from selective asset sales. The Company has no additional significant maturities of mortgage debt over the next 12 months.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases
Leases	7. Leases The Company’s retail property and multi-family residential property 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 2020 and 2026. The Company, as a lessor, retains substantially all of the risks and benefits of ownership of the investment properties and continues to account for its leases as operating leases. The Company accrues fixed lease income on a straight‑line basis over the terms of the leases. Some of the Company’s tenants are also required to pay overage rents based on sales over a stated base amount during the lease year. The Company recognizes this variable lease consideration only when each tenant’s sales exceed the applicable sales threshold. The Company amortizes any tenant inducements as a reduction of revenue utilizing the straight‑line method over the term of the related lease. The Company structures its leases to allow it to recover a portion of its property operating expenses from its tenants. A portion of The Company’s leases require the tenant to reimburse it for a portion of its operating expenses, including common area maintenance (“CAM”), real estate taxes and insurance. Such property operating expenses typically include utility, insurance and other administrative expenses. For some of the Company’s leases it receives a fixed payment from the tenant for the CAM component which is recognized as revenue on a straight-line basis over the term of the lease. When not reimbursed by the fixed CAM component, CAM expense reimbursements are based on the tenant’s proportionate share of the allocable operating expenses for the property. The Company accrues reimbursements from tenants for recoverable portions of all of these expenses as variable lease consideration in the period the applicable expenditures are incurred. The Company recognizes differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material in any period presented. As of March 31, 2020, 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: 2020 2021 2022 2023 2024 Thereafter Total $ 1,504 $ 1,440 $ 1,184 $ 1,114 $ 457 $ 229 $ 5,928 Pursuant to the lease agreements, tenants of the property may be required to reimburse the Company for some or the entire portion of the particular tenant's pro rata share of the real estate taxes and operating expenses of the property. Such amounts are not included in the future minimum lease payments above, but are included in tenant recovery income on the accompanying consolidated statements of operations. Lease income of approximately $0.1 million and $0.3 million for the three months ended March 31, 2020 and 2019, respectively, related to variable lease payments was included in tenant recovery income on the accompanying consolidated statements of operations. 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.

Dispositions

Dispositions	3 Months Ended
	Mar. 31, 2020
Dispositions
Dispositions	8. Dispositions Disposition - Continuing Operations The following disposition did not represent a strategic shift that had a major effect on the Company’s operations and financial results and therefore did not qualify to be reported as discontinued operations and its operating results are reflected in the Company’s results from continuing operations in the consolidated statements of operations for all periods presented through the date of disposition: DePaul Plaza On September 20, 2019, the Company disposed of a retail center located in Bridgeton, Missouri (“DePaul Plaza”), to an unrelated third party for aggregate consideration of approximately $19.8 million, excluding closing and other related costs. In connection with the disposition, the Company recorded a gain on the disposition of real estate of approximately $1.0 million during the third quarter of 2019. Disposition - Discontinued Operations The following dispositions qualified to be reported as discontinued operations and their operating results are classified as discontinued operations in the consolidated statements of operations for all periods presented through their respective dates of disposition: Disposition Transactions related to Gulf Coast Industrial Portfolio The Company had an outstanding non-recourse mortgage loan (the “Gulf Coast Industrial Portfolio Mortgage Loan”) which was originated in February 2007 and subsequently transferred during the third quarter of 2012 to a special servicer that discontinued scheduled debt service payments and notified the Company that the loan was in default and due on demand. The Gulf Coast Industrial Portfolio Mortgage Loan was initially cross-collateralized by a portfolio of 14 industrial properties (collectively, the “Gulf Coast Industrial Portfolio”) including the Louisiana Assets and four properties located in San Antonio, Texas (the “San Antonio Assets”). Foreclosure of San Antonio Assets On June 5, 2018, the special servicer completed a partial foreclosure of the Gulf Coast Industrial Portfolio pursuant to which it foreclosed on the San Antonio Assets. The San Antonio Assets were sold in a foreclosure sale by the special servicer for an aggregate amount of approximately $20.7 million. Assignment of Ownership in Louisiana Assets to Lender On February 12, 2019, the Company and the lender of the Gulf Coast Industrial Portfolio Mortgage entered into an assignment agreement (the “Assignment Agreement”) pursuant to which the Company assigned its membership interests in the Louisiana Assets to the lender with an effective date of February 7, 2019. Under the terms of the Assignment Agreement, the lender assumed the significant risks and rewards of ownership and took legal title and physical possession of the Louisiana Assets and assumed all the other assets and related liabilities, including the Gulf Coast Industrial Mortgage and its accrued and unpaid interest, and released the Company of any claims against the liabilities assumed. As a result of the Assignment Agreement, the Company has fully satisfied all of its obligations with respect to the Gulf Coast Industrial Portfolio Mortgage and all amounts accrued but not paid for interest (including default interest) and no amounts are due to the lender. Additionally, the Company has no continuing involvement with the Louisiana Assets. The aggregate carrying value of the assets transferred and the liabilities extinguished in connection with the Company’s assignment of its ownership interests in the Louisiana Assets to the lender was approximately $37.0 million and $49.6 million, respectively. Since the Company’s performance obligations were met upon the assignment of its ownership interests in the Louisiana Assets to the lender and the Company has no continuing involvement with the Louisiana Assets, an aggregate gain on debt extinguishment of approximately $13.6 million was recognized during the first quarter of 2019. The disposition of the Louisiana Assets, which comprised all of the Company’s remaining industrial properties, represented a strategic shift that had a major effect on the Company’s operations and financial results. As a result, the operating results of the Louisiana Assets have been classified as discontinued operations in the Company’s consolidated statements of operations for all periods presented through their date of disposition. The following summary presents the operating results of the Louisiana Assets included in discontinued operations in the Consolidated Statements of Operations for the periods indicated. For the Months Ended March 31, 2019 Revenues $ 409 Operating expenses 317 Operating income 92 Interest expense and other, net (226) Gain on debt extinguishment 13,615 Net income from discontinued operations $ 13,481 Cash flows generated from discontinued operations are presented separately on the Company’s consolidated statements of cash flows.

Net Earnings Per Share

Net Earnings Per Share	3 Months Ended
	Mar. 31, 2020
Net Earnings Per Share
Net Earnings Per Share	9. Net Earnings Per Share Basic net earnings per share is calculated by dividing net income/(loss) attributable to common shareholders by the weighted-average number of shares of common stock outstanding during the applicable period. Diluted net income/(loss) 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/(loss) per share is equivalent to basic net income/(loss) per share.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions
Related Party Transactions	10. Related Party Transactions The Company has agreements with the Advisor and Lightstone Value Plus REIT Management LLC (the “Property Manager”) to pay certain fees in exchange for services performed by these entities and other affiliated entities. The Company’s ability to secure financing and subsequent real estate operations are dependent upon its Advisor, Property Manager and their affiliates to perform such services as provided in these agreements. The Company, pursuant to the related party arrangements, has recorded the following amounts for the periods indicated: Three Months Ended March 31, 2020 2019 Acquisition fees (capitalized and are reflected in the carrying value of the investment) $ — $ 1,823 Asset management fees (general and administrative costs) 215 336 Property management fees (property operating expenses) 111 79 Development fees and leasing commissions* — 74 Total $ 326 $ 2,312 * Generally, capitalized and amortized over the estimated useful life of the associated asset. In connection with the Company’s Offering, Lightstone SLP, LLC purchased an aggregate of $30.0 million of SLP Units which are included in noncontrolling interests in the consolidated balance sheets. These SLP Units, the purchase price of which will be repaid only after stockholders receive a stated preferred return and their net investment, entitle Lightstone SLP, LLC to a portion of any regular distributions made by the Operating Partnership. During both the three months ended March 31, 2020 and 2019, distributions of $0.5 million were declared and paid on the SLP units. Preferred Investmentsl The Company has entered into several agreements with various related party entities that provide for it to make preferred contributions pursuant to certain instruments (the “Preferred Investments”) that entitle the Company to certain prescribed monthly preferred distributions. The Preferred Investments had an aggregate balance of $14.5 million and $34.5 million as of March 31, 2020 and December 31, 2019, respectively, and are classified as held-to-maturity securities, recorded at cost and included in investments in related parties on the consolidated balance sheets. The fair value of these investments approximated their carrying values based on market rates for similar instruments. During the three months ended March 31, 2020, the Company redeemed $11.0 million of the 40 East End Avenue Preferred Investment and the entire remaining Miami Moxy Preferred Investment of $9.0 million. The Preferred Investments are summarized as follows: Preferred Investment Balance Investment Income (1) As of As of Three Months Ended March 31, Preferred Investments Dividend Rate March 31,2020 December 31, 2019 2020 2019 40 East End Avenue 12 % $ 6,000 $ 17,000 $ 336 $ 900 30‑02 39 th Avenue 12 % — — — 140 East 11th Street 12 % 8,500 8,500 261 1,100 Miami Moxy 12 % — 9,000 45 532 Total Preferred Investments $ 14,500 $ 34,500 $ 642 $ 2,672 Note: (1) Included in interest and dividend income on the consolidated statements of operations. The Joint Venture The Company has a 2.5% membership interest in a joint venture (the “Joint Venture”) with Lightstone Value Plus Real Estate Investment Trust II, Inc. (“Lightstone II”), a related party REIT also sponsored by our Sponsor. The Joint Venture holds ownership interests in seven hotels as of March 31, 2020. The Company accounts for its 2.5% membership interest in the Joint Venture under the cost method and as of both March 31, 2020 and December 31, 2019, the carrying value of its investment was $1.2 million, which is included in investment in related parties on the consolidated balance sheets.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2020
Financial Instruments
Financial Instruments	11. Financial Instruments The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, restricted escrows, tenants’ accounts receivable, notes 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 estimated fair value (in millions) of the Company’s mortgage debt is summarized as follows: As of March 31, 2020 As of December 31, 2019 Estimated Fair Estimated Fair Carrying Amount Value Carrying Amount Value Mortgages payable $ 167.0 $ 171.2 $ 167.0 $ 167.9 The fair value of the mortgages payable was determined by discounting the future contractual interest and principal payments by estimated current market interest rates.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies
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	3 Months Ended
	Mar. 31, 2020
Subsequent Events
Subsequent Events	13. Subsequent Events Distribution Payment On April 15, 2020, the distribution for the three-month period ending March 31, 2020 of $3.9 million was paid in full using a combination of cash and approximately 7,000 shares of the Company’s common stock issued pursuant to the Company’s distribution reinvestment program (the “DRIP”), at a discounted price of $11.23 per share, equal to 95% of the Company’s most recently published estimated net asset value per share of $11.82 as of September 30, 2019. Distribution Declaration On May 14, 2020, the Company’s Board of Directors authorized and the Company declared a distribution of $0.175 per share for the quarterly period ending June 30, 2020. The quarterly distribution is the pro rata equivalent of an annual distribution of $0.70 per share, or an annualized rate of 7.0% assuming a purchase price of $10.00 per share. The distribution will be paid on or about the 15th day of the month following the quarter-end to stockholders of record at the close of business on the last day of the quarter-end. The stockholders have an option to elect the receipt of shares under the Company’s DRIP. Additionally, on May 14, 2020, the Board of Directors declared a quarterly distribution for the quarterly period ending March 31, 2020 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 the REIT distribution requirement that it annually distribute no less than 90% of its taxable income. The Company cannot assure that regular distributions will continue to be made or that it will maintain any particular level of distributions that it has established or may establish.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Summary of Significant Accounting Policies
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, 2019. 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 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate 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, 2019 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 global impact of the COVID-19 pandemic has been rapidly evolving and, as cases of the illness caused by the virus have continued to be identified in additional countries, many countries, including the United States, have reacted by instituting quarantines and restrictions on travel. In addition, all the states where we operate properties and have development projects have reacted to the COVID-19 pandemic by instituting quarantines, restrictions on travel, “shelter in place” rules, restrictions on types of business that may continue to operate and/or restrictions on types of construction projects that may continue. Many states have recently announced guidelines to reduce certain of these restrictions. As a result of such restrictions, the Company temporarily closed the St. Augustine Outlet Center effective March 20, 2020. The St. Augustine Outlet Center was subsequently reopened on May 7, 2020 with reduced operating hours in accordance with the state of Florida’s guidelines. Because all of the Company’s development projects are in their pre-development stage, the COVID-19 pandemic has not currently affected the associated pre-development activities. Additionally, the Company’s other real estate-related investments (preferred investments in related parties and nonrecourse loans made to unaffiliated third-party borrowers) principally relate to various development projects at different stages in their respective development process, and as such, are subject to similar restrictions. The extent to which the Company’s business may be affected by the current COVID-19 pandemic will largely depend on both current and future developments, including its duration, spread and treatment, and related travel advisories and restrictions, 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) tenants are unable to pay their rent, (ii) borrowers are unable to pay scheduled debt service on notes receivable, (iii) development activities are delayed and/or (iv) 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. While the Company has implemented various cost reduction strategies, including the deferral of certain non-critical capital expenditures, there can be no assurance that these cost savings will fully mitigate the potential adverse impact of any lost revenue and income. COVID-19 Lease Modification Accounting Relief Due to the business disruptions and challenges severely affecting the global economy caused by the COVID-19 pandemic, many lessors may be required to provide rent deferrals and other lease concessions to lessees. While the lease modification guidance addresses routine changes to lease terms resulting from negotiations between the lessee and the lessor, this guidance did not contemplate concessions being so rapidly executed to address the sudden liquidity constraints of some lessees arising from the COVID-19 pandemic and restrictions intended to prevent its spread. In April 2020, the Financial Accounting Standards Board (“FASB”) staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing GAAP, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company has elected to apply such relief and will avail itself of the election to avoid performing a lease by lease analysis. The Lease Modification Q&A had no material impact on the Company’s consolidated financial statements as of and for the three months ended March 31, 2020, however, its future impact to the Company is dependent upon the extent of lease concessions, if any, granted to tenants as a result of the COVID-19 pandemic in future periods and the elections made by the Company at the time of entering into such concessions.
New Accounting Pronouncements	New Accounting Pronouncements In June 2016, the FASB issued an accounting standards update which replaces the Company incurred loss impairment methodology currently in use with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The new guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently in the process of evaluating the impact the adoption of this standard will have on the Company’s consolidated financial statements. The Company has reviewed and determined that other recently issued accounting pronouncements will not have a material impact on its financial position, results of operations and cash flows, or do not apply to its current operations.
Supplemental Cash Flow Information	Supplemental Cash Flow Information Supplemental cash flow information for the periods indicated is as follows: For the Three Months Ended March 31, 2020 2019 Cash paid for interest $ 2,145 $ 1,601 Distributions declared but not paid $ 3,911 $ 4,043 Investment property acquired but not paid $ 2,068 $ 160 Assets transferred in connection with assignment transaction $ — $ 37,299 Amortization of deferred financing costs included in construction in progress $ 615 $ — Liabilities extinguished in connection with assignment transaction $ — $ 50,914 Holding loss/gain on marketable securities $ 2,267 $ 1,671 Value of shares issued from distribution reinvestment program $ 80 $ 53
Reclassifications	Reclassifications Certain prior period amounts may have been reclassified to conform to the current year presentation.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Summary of Significant Accounting Policies
Summary of supplemental cash flow information	Supplemental cash flow information for the periods indicated is as follows: For the Three Months Ended March 31, 2020 2019 Cash paid for interest $ 2,145 $ 1,601 Distributions declared but not paid $ 3,911 $ 4,043 Investment property acquired but not paid $ 2,068 $ 160 Assets transferred in connection with assignment transaction $ — $ 37,299 Amortization of deferred financing costs included in construction in progress $ 615 $ — Liabilities extinguished in connection with assignment transaction $ — $ 50,914 Holding loss/gain on marketable securities $ 2,267 $ 1,671 Value of shares issued from distribution reinvestment program $ 80 $ 53

Development Projects (Tables)

Development Projects (Tables)	3 Months Ended
	Mar. 31, 2020
Development Projects
Schedule Of Amounts Incurred And Capitalized To Construction In progress And Interest Capitalized	Amounts Capitalized to Construction in Progress Capitalized Interest As of As of Three Months Ended March 31, December 31, March 31, March 31, Development Projects 2020 2019 2020 2019 Lower East Side Moxy Hotel $ 79,000 $ 73,776 $ 1,047 $ 1,078 Exterior Street Project 68,075 66,084 1,108 291 Santa Clara Data Center 13,193 13,027 99 105 Total Devlopments Projects $ 160,268 $ 152,887 $ 2,254 $ 1,474

Marketable Securities, Fair V_2

Marketable Securities, Fair Value Measurements and Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2020
Marketable Securities, Fair Value Measurements and Notes Payable
Summary of available for sale securities and other investments	The following is a summary of the Company’s available for sale securities: As of March 31,2020 Gross Gross Unrealized Unrealized Adjusted Cost Gains Losses Fair Value Marketable Securities: Equity securities: Equity Securities, primarily REITs $ 7,088 $ — $ (1,250) $ 5,838 Marco OP Units and Marco II OP Units 19,227 — (7,748) 11,479 26,315 — (8,998) 17,317 Debt securities: Corporate Bonds 15,993 — (1,848) 14,145 Total $ 42,308 $ — $ (10,846) $ 31,462 As of December 31, 2019 Gross Gross Unrealized Unrealized Adjusted Cost Gains Losses Fair Value Marketable Securities: Equity securities: Equity Securities, primarily REITs $ 6,799 $ 375 $ (17) $ 7,157 Marco OP Units and Marco II OP Units 19,227 11,942 — 31,169 26,026 12,317 (17) 38,326 Debt securities: Corporate Bonds 15,993 442 (23) 16,412 Total $ 42,019 $ 12,759 $ (40) $ 54,738
Schedule of Marketable securities measured at fair value on a recurring basis	Marketable securities measured at fair value on a recurring basis as of the dates indicated are as follows: Fair Value Measurement Using As of March 31, 2020 Level 1 Level 2 Level 3 Total Marketable Securities: Equity Securities, primarily REITs $ 5,838 $ — $ — $ 5,838 Marco OP and OP II Units — 11,479 — 11,479 Corporate Bonds — 14,145 — 14,145 Total $ 5,838 $ 25,624 $ — $ 31,462 Fair Value Measurement Using As of December 31, 2019 Level 1 Level 2 Level 3 Total Marketable Securities: Equity Securities, primarily REITs $ 7,157 $ — $ — $ 7,157 Marco OP and OP II Units — 31,169 — 31,169 Corporate Bonds — 16,412 — 16,412 Total $ 7,157 $ 47,581 $ — $ 54,738
Schedule of Available-for-sale securities	As of March 31, 2020 Due in 1 year $ 1,685 Due in 1 year through 5 years 2,020 Due in 5 years through 10 years 1,938 Due after 10 years 8,502 Total $ 14,145

Notes Receivable (Tables)

Notes Receivable (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Receivable
Summary of Notes Receivable	Company's Loan Contractual As of March 31, 2020 Ownership Commitment Origination Origination Maturity Interest Outstanding Unamortized Carrying Unfunded Joint Venture/Lender Percentage Amount Fee Date Date Rate Principal Reserves Origination Fee Value Commitment LSC 162nd Capital I LLC 45.45 % 4,234 1.50 % February 5, 2019 October 31,2020 Libor plus 7.50% (Floor of 10%) $ 4,234 $ (19) $ — $ 4,215 $ — LSC 162nd Capital II LLC 45.45 % 9,166 1.50 % February 5, 2019 October 31,2020 Libor plus 7.50% (Floor of 10%) 9,166 (41) — 9,125 — LSC 1543 7th LLC 50 % 20,000 1.00 % August 27, 2019 August 26, 2020 Libor plus 5.15% (Floor of 7.65%) 20,000 (118) (81) 19,801 — LSC 1650 Lincoln LLC 50 % 24,000 1.00 % August 27, 2019 August 26, 2020 Libor plus 5.15% (Floor of 7.65%) 24,000 (141) (97) 23,762 — LSC 11640 Mayfield LLC 50 % 18,000 1.00 % March 4, 2020 March 1,2022 Libor plus 10.50% (Floor of 12.50%) 10,750 (3,395) (260) 7,095 7,250 Total $ 68,150 $ (3,714) $ (438) $ 63,998 $ 7,250 Company's Loan Contractual As of December 31, 2019 Ownership Commitment Origination Origination Maturity Interest Outstanding Unamortized Joint Venture/Lender Percentage Amount Fee Date Date Rate Principal Reserves Origination Fee Carrying Value LSC 162nd Capital I LLC 45.45 % $ 4,234 1.50 % February 5, 2019 March 1,2020 Libor plus 7.50% (Floor of 10%) $ 4,234 $ (82) $ (6) $ 4,146 LSC 162nd Capital II LLC 45.45 % 9,166 1.50 % February 5, 2019 March 1,2020 Libor plus 7.50% (Floor of 10%) 9,166 (178) (14) 8,974 LSC 47-16 Greenpoint LLC 50 % 13,000 1.00 % April 5, 2019 April 4, 2020 Libor plus 5.75% (Floor of 8.25%) — — — — LSC 1543 7th LLC 50 % 20,000 1.00 % August 27, 2019 August 26, 2020 Libor plus 5.15% (Floor of 7.65%) 20,000 (504) (131) 19,365 LSC 1650 Lincoln LLC 50 % 24,000 1.00 % August 27, 2019 August 26, 2020 Libor plus 5.15% (Floor of 7.65%) 24,000 (605) (157) 23,238 Total $ 57,400 $ (1,369) $ (308) $ 55,723
Summarizes the interest earned for each of the Joint Venture Promissory Notes	The following summarizes the interest earned (included in interest and dividend income on the consolidated statements of operations) for each of the Joint Venture Promissory Notes during the periods indicated: For the Three Months Ended March 31, Joint Venture/Lender 2020 2019 LSC 162nd Capital I LLC $ 113 $ 74 LSC 162nd Capital II LLC 245 161 LSC 1543 7th LLC 437 — LSC 1650 Lincoln LLC 524 — LSC 11640 Mayfield LLC 115 — Total $ 1,434 $ 235

Mortgages Payable, Net (Tables)

Mortgages Payable, Net (Tables)	3 Months Ended
	Mar. 31, 2020
Mortgages Payable, Net
Schedule of Mortgages Payable	Weighted Average Interest Rate as of Amount Due at As of As of Property/ Investment Interest Rate December 31, 2019 Maturity Date Maturity March 31, 2020 December 31, 2019 Gantry Park 4.48 % 4.48 % November 2024 $ 65,317 $ 71,814 $ 72,128 Bowery Land and Air Rights LIBOR + 4.25 % 6.62 % December 2020 35,168 35,168 34,828 Exterior Street Land 4.50 % 4.50 % October 2020 35,000 35,000 35,000 Santa Monica Note Receivable LIBOR + 3.75 % 5.50 % August 2020 25,000 25,000 25,000 Total mortgages payable 5.09 % $ 160,485 166,982 166,956 Less: Deferred financing costs (1,580) (2,251) Total mortgages payable, net $ 165,402 $
Contractually Scheduled Principal Maturities During Next Five Years	2020 2021 2022 2023 2024 Thereafter Total Principal maturities $ 96,114 $ 1,328 $ 1,389 $ 1,454 $ 66,697 $ — $ 166,982 Less: Deferred financing costs (1,580) Total principal maturities, net $ 165,402

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases
Schedule of Future Minimum Rental Payments	2020 2021 2022 2023 2024 Thereafter Total $ 1,504 $ 1,440 $ 1,184 $ 1,114 $ 457 $ 229 $ 5,928

Dispositions (Tables)

Dispositions (Tables)	3 Months Ended
	Mar. 31, 2020
Dispositions
Schedule of discontinued operations in the consolidated statements of operations	For the Months Ended March 31, 2019 Revenues $ 409 Operating expenses 317 Operating income 92 Interest expense and other, net (226) Gain on debt extinguishment 13,615 Net income from discontinued operations $ 13,481

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2020
Related Party Transactions
Amount recorded in pursuant to related party arrangement	The Company, pursuant to the related party arrangements, has recorded the following amounts for the periods indicated: Three Months Ended March 31, 2020 2019 Acquisition fees (capitalized and are reflected in the carrying value of the investment) $ — $ 1,823 Asset management fees (general and administrative costs) 215 336 Property management fees (property operating expenses) 111 79 Development fees and leasing commissions* — 74 Total $ 326 $ 2,312 * Generally, capitalized and amortized over the estimated useful life of the associated asset.
Summary of the Preferred Investments	The Preferred Investments are summarized as follows: Preferred Investment Balance Investment Income (1) As of As of Three Months Ended March 31, Preferred Investments Dividend Rate March 31,2020 December 31, 2019 2020 2019 40 East End Avenue 12 % $ 6,000 $ 17,000 $ 336 $ 900 30‑02 39 th Avenue 12 % — — — 140 East 11th Street 12 % 8,500 8,500 261 1,100 Miami Moxy 12 % — 9,000 45 532 Total Preferred Investments $ 14,500 $ 34,500 $ 642 $ 2,672 Note: (1) Included in interest and dividend income on the consolidated statements of operations.

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Financial Instruments
Schedule of Long-term Debt Instruments	The estimated fair value (in millions) of the Company’s mortgage debt is summarized as follows: As of March 31, 2020 As of December 31, 2019 Estimated Fair Estimated Fair Carrying Amount Value Carrying Amount Value Mortgages payable $ 167.0 $ 171.2 $ 167.0 $ 167.9

Business and Organization (Deta

Business and Organization (Details)	Feb. 12, 2019	Jul. 06, 2004USD ($)$ / shares$ / itemshares	Mar. 31, 2020USD ($)ft²	Dec. 31, 2009shares	Mar. 31, 2019property
Organization
Date of incorporation			Jun. 8, 2004
Lightstone REIT, partnership formation date			Jul. 12, 2004
Number of Louisiana properties reclassified as held for disposition | property					10
Cash contributed for units		$ 2,000
Partners units acquired | shares		200
Issuance of common units, shares | shares				497,209
Sale of stock, consideration received on transaction		$ 30,000,000	$ 30,000,000
Lightstone Value Plus REIT, L.P [Member]
Organization
General partner ownership interest			98.00%
Advisor
Organization
Number of common shares held | shares		20,000
Issue price per share (in dollars per share) | $ / shares		$ 10
Advisor | Lightstone Value Plus REIT, L.P [Member]
Organization
Proceeds from issue of shares		$ 200
Lightstone SLP, LLC
Organization
Aggregate SLP units owned in operating partnership		$ 30,000,000
Purchase cost per SLP unit of operating partnership | $ / item		100,000
Mr. Lichtenstein
Organization
Beneficial ownership interest (as a percent)			99.00%
Wholly Owned Properties | Retail
Organization
Area of real estate property | ft²			300,000
Wholly Owned Properties | Industrial Properties
Organization
Area of real estate property | ft²			199
Wholly Owned Properties | Industrial Properties | Lightstone Value Plus REIT, L.P [Member]
Organization
General partner ownership interest	2.50%		59.20%
Wholly Owned Properties | Residential Real Estate [Member] | Lightstone Value Plus REIT, L.P [Member]
Organization
General partner ownership interest			97.50%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Supplemental cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Summary of Significant Accounting Policies
Cash paid for interest	$ 2,145	$ 1,601
Distributions declared but not paid	3,911	4,043
Investment property acquired but not paid	2,068	160
Assets transferred due to foreclosure		37,299
Amortization of deferred financing costs included in construction in progress	615
Liabilities extinguished in connection with assignment transaction		50,914
Holding loss/gain on marketable securities	2,267	1,671
Value of shares issued from distribution reinvestment program	$ 80	$ 53

Development Projects (Details)

Development Projects (Details) - USD ($) $ in Thousands	Jan. 10, 2019	Dec. 03, 2018	Feb. 27, 2019	Dec. 06, 2018	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Mar. 29, 2019
Acquisition fees and expenses percentage of purchase price				2.75%	2.75%
Acquisition fees				$ 1,600	$ 1,600
Amounts Capitalized to Construction in Progress					160,268		$ 152,887
Capitalized Interest					2,254	$ 1,474
Bowery Land
Business combination, consideration transferred		$ 56,500
Air Rights
Business combination, consideration transferred				$ 2,400
Lower East Side Moxy Hotel
Amounts Capitalized to Construction in Progress					79,000		73,776
Capitalized Interest					1,047	1,078
Borden Realty Corp and 399 Exterior Street Associates LLC
Business combination, consideration transferred			$ 59,000
Original Loan Amount								$ 35,000
Exterior Street Project
Debt instrument, interest rate								4.50%
Amounts Capitalized to Construction in Progress					68,075		66,084
Capitalized Interest					1,108	291
The Chioini Living Trust
Business combination, consideration transferred	$ 10,600
Business acquisition transaction cost percentage	2.75%
Business acquisition, transaction costs	$ 200
Santa Clara Data Center
Amounts Capitalized to Construction in Progress					13,193		$ 13,027
Capitalized Interest					$ 99	$ 105

Development Projects - Amount C

Development Projects - Amount Capitalized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Business Acquisition [Line Items]
Amounts Capitalized to Construction in Progress	$ 160,268		$ 152,887
Capitalized Interest	2,254	$ 1,474
Lower East Side Moxy Hotel
Business Acquisition [Line Items]
Amounts Capitalized to Construction in Progress	79,000		73,776
Capitalized Interest	1,047	1,078
Exterior Street Project
Business Acquisition [Line Items]
Amounts Capitalized to Construction in Progress	68,075		66,084
Capitalized Interest	1,108	291
Santa Clara Data Center
Business Acquisition [Line Items]
Amounts Capitalized to Construction in Progress	13,193		$ 13,027
Capitalized Interest	$ 99	$ 105

Marketable Securities, Fair V_3

Marketable Securities, Fair Value Measurements and Notes Payable (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale
Equity securities, adjusted cost	$ 42,308,000	$ 42,019,000
Equity securities, gross unrealized gains		12,759,000
Equity securities, gross unrealized losses	(10,846,000)	(40,000)
Equity securities, fair value	31,462,000	54,738,000
Debt securities, gross unrealized losses	(2,300,000)
Debt securities, Fair Value	14,145
Equity Securities
Debt Securities, Available-for-sale
Equity securities, adjusted cost	26,315,000	26,026,000
Equity securities, gross unrealized gains		12,317,000
Equity securities, gross unrealized losses	(8,998,000)	(17,000)
Equity securities, fair value	17,317,000	38,326,000
Equity Securities
Debt Securities, Available-for-sale
Equity securities, adjusted cost	7,088,000	6,799,000
Equity securities, gross unrealized gains		375,000
Equity securities, gross unrealized losses	(1,250,000)	(17,000)
Equity securities, fair value	5,838,000	7,157,000
Marco OP Units and Marco II OP Units
Debt Securities, Available-for-sale
Equity securities, adjusted cost	19,227,000	19,227,000
Equity securities, gross unrealized gains		11,942,000
Equity securities, gross unrealized losses	(7,748,000)
Equity securities, fair value	11,479,000	31,169,000
Corporate Bonds
Debt Securities, Available-for-sale
Debt securities, adjusted cost	15,993,000	15,993,000
Debt securities, gross unrealized gains		442,000
Debt securities, gross unrealized losses	(1,848,000)	(23,000)
Debt securities, Fair Value	$ 14,145,000	$ 16,412,000

Marketable Securities, Fair V_4

Marketable Securities, Fair Value Measurements and Notes Payable - Marketable securities measured at fair value on a recurring basis (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale securities	$ 31,462	$ 54,738
Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale securities	5,838	7,157
Marco OP Units and Marco II OP Units
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale securities	11,479	31,169
Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale securities	14,145	16,412
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale securities	5,838	7,157
Level 1 | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale securities	5,838	7,157
Level 1 | Marco OP Units and Marco II OP Units
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale securities	0	0
Level 1 | Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale securities	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale securities	25,624	47,581
Level 2 | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale securities	0	0
Level 2 | Marco OP Units and Marco II OP Units
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale securities	11,479	31,169
Level 2 | Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale securities	14,145	16,412
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale securities	0	0
Level 3 | Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale securities	0	0
Level 3 | Marco OP Units and Marco II OP Units
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale securities	0	0
Level 3 | Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale securities	$ 0	$ 0

Marketable Securities, Fair V_5

Marketable Securities, Fair Value Measurements and Notes Payable - Available-for-sale securities (Details)	Mar. 31, 2020USD ($)
Marketable Securities, Fair Value Measurements and Notes Payable
Due in 1 year	$ 1,685
Due in 1 year through 5 years	2,020
Due in 5 years through 10 years	1,938
Due after 10 years	8,502
Total	$ 14,145

Marketable Securities, Fair V_6

Marketable Securities, Fair Value Measurements and Notes Payable - Additional information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt Securities, Available-for-sale, Unrealized Loss	$ 2,300,000
Marketable Equity Securities Unrealized Loss Position, Accumulated Loss	21,300,000
Marketable securities unrealized loss	(21,298,000)	$ 3,117,000
Impairment charges	$ 0	$ 0
Marco OP Units and Marco II OP Units
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Equity securities held during period	209,243		89,695
Marketable Equity Securities Unrealized Loss Position, Accumulated Loss	$ 19,700,000
Marketable securities unrealized loss	7,700,000
Aggregate net unrealized gains from AOCI to opening accumulated surplus	$ 209,243,000
Margin Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt instrument, interest rate terms	at Libor plus 0.85%
Debt instrument, interest rate at end of period	1.84%
Margin Loan, amount outstanding	$ 0		$ 0
Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt instrument, interest rate terms	Libor plus 1.35%
Debt instrument, interest rate at end of period	2.34%
Line of credit facility, maximum borrowing capacity	$ 20,000,000
Line of credit facility, amount outstanding	0		$ 0
Line of Credit Facility, Remaining Borrowing Capacity	$ 6,300,000
Percentage Of Loan To Value Ratio	55.00%

Notes Receivable - Notes Receiv

Notes Receivable - Notes Receivable Summarized (Details) - Notes Receivable - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2020	Sep. 30, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Original Loan Amount	$ 68,150	$ 57,400
Reserves	(3,714)	(1,369)
Unamortized Origination Fee	(438)	(308)
Carrying	63,998	$ 55,723
Unfunded Commitment	$ 7,250
LSC 162nd Capital I LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Company's Ownership percentage	45.45%	45.45%
Original Loan Amount	$ 4,234	$ 4,234
Origination Fee (as a percent)	1.50%	1.50%
Reserves	$ (19)	$ (82)
Unamortized Origination Fee		(6)
Carrying	$ 4,215	$ 4,146
LSC 162nd Capital II LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Company's Ownership percentage	45.45%	45.45%
Original Loan Amount	$ 9,166	$ 9,166
Origination Fee (as a percent)	1.50%	1.50%
Reserves	$ (41)	$ (178)
Unamortized Origination Fee		(14)
Carrying	$ 9,125	$ 8,974
LSC 47-16 Greenpoint LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Company's Ownership percentage		50.00%
Original Loan Amount		$ 13,000
Origination Fee (as a percent)		1.00%
LSC 1543 7th LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Company's Ownership percentage	50.00%	50.00%
Original Loan Amount	$ 20,000	$ 20,000
Origination Fee (as a percent)	1.00%	1.00%
Reserves	$ (118)	$ (504)
Unamortized Origination Fee	(81)	(131)
Carrying	$ 19,801	$ 19,365
LSC 1650 Lincoln LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Company's Ownership percentage	50.00%	50.00%
Original Loan Amount	$ 24,000	$ 24,000
Origination Fee (as a percent)	1.00%	1.00%
Reserves	$ (141)	$ (605)
Unamortized Origination Fee	(97)	(157)
Carrying	$ 23,762	$ 23,238
LSC 11640 Mayfield LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Company's Ownership percentage	50.00%
Origination Fee (as a percent)	1.00%
Reserves	$ (3,395)
Unamortized Origination Fee	(260)
Carrying	7,095
Unfunded Commitment	$ 7,250

Notes Receivable - Interest and

Notes Receivable - Interest and Dividend Income on Promissory Notes (Details) - Notes Receivable - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income purchased receivables	$ 1,434	$ 235
LSC 162nd Capital I LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income purchased receivables	113	74
LSC 162nd Capital II LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income purchased receivables	245	$ 161
LSC 1543 7th LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income purchased receivables	437
LSC 1650 Lincoln LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income purchased receivables	524
LSC 11640 Mayfield LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income purchased receivables	$ 115

Notes Receivable - Additional I

Notes Receivable - Additional Information (Details) - Notes Receivable	Dec. 03, 2018	Mar. 31, 2020
Initial term	2 years
Minimum
Percentage of origination fee on notes receivables		1.00%
Maximum
Percentage of origination fee on notes receivables		1.50%

Mortgages Payable, Net (Details

Mortgages Payable, Net (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2019	Mar. 31, 2020
Debt Instrument
Weighted average interest rate		5.09%
Amount due at maturity			$ 160,485
Total mortgages payable		$ 166,956	166,982
Less: Deferred financing costs		(2,251)	(1,580)
Total mortgages payable, net		$ 164,705	165,402
Gantry Park
Debt Instrument
Debt instrument, interest rate		4.48%
Weighted average interest rate		4.48%
Maturity date		2024-11
Amount due at maturity			65,317
Total mortgages payable		$ 72,128	71,814
DePaul Plaza
Debt Instrument
Maturity date	2019-09
Amount due at maturity			35,168
Total mortgages payable		$ 34,828	35,168
Bowery Land and Air Rights
Debt Instrument
Debt instrument, interest rate terms		LIBOR + 4.25
Maturity date		2020-12
Exterior Street Project
Debt Instrument
Debt instrument, interest rate terms		4.50
Weighted average interest rate		4.50%
Maturity date		2020-12
Amount due at maturity			35,000
Total mortgages payable		$ 35,000	35,000
Santa Monica
Debt Instrument
Debt instrument, interest rate		3.75%
Weighted average interest rate		5.50%
Maturity date		2020-04
Amount due at maturity			25,000
Total mortgages payable		$ 25,000	$ 25,000

Mortgages Payable, Net - Schedu

Mortgages Payable, Net - Schedule of principal maturities of the company's mortgage debt (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Mortgages Payable, Net
2020	$ 96,114
2021	1,328
2022	1,389
2023	1,454
2024	66,697
Total	166,982	$ 166,956
Less: Deferred financing costs	(1,580)	(2,251)
Total principal maturities, net	$ 165,402	$ 164,705

Mortgages Payable, Net - Additi

Mortgages Payable, Net - Additional information (Details) $ in Thousands	Apr. 09, 2020	Nov. 12, 2019USD ($)item	Mar. 29, 2019USD ($)item	Dec. 03, 2018USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Debt Instrument
Debt instrument interest London interbank offered rate					1.00%		1.76%
Outstanding principal balance					$ 166,982		$ 166,956
Amortization period					5 years
Repayment of existing non-recourse mortgage loan					$ 314	$ 411
Exterior Street Loan
Debt Instrument
Outstanding principal balance					35,000
Santa Monica
Debt Instrument
Outstanding principal balance					25,000		$ 25,000
Debt instrument, interest rate							3.75%
Number of extension options | item		2
Extension term		6 months
Debt instrument, maturity date		Aug. 12, 2020
Bowery Mortgage
Debt Instrument
Debt instrument, collateral amount				$ 35,600
Aggregate proceeds					35,200
Outstanding principal balance				$ 35,200
Debt instrument, description of variable rate basis				LIBOR
Basis spread on variable rate basis, percentage				4.25%
Debt instrument, term				2 years
Line of credit facility, remaining borrowing capacity					$ 400
Debt instrument, maturity date				Dec. 3, 2020
Loan agreements [Member] | Exterior Street Loan
Debt Instrument
Original Loan Amount			$ 35,000
Basis spread on variable rate basis, percentage			4.50%
Number of extension options | item			2
Extension term			6 months
Debt instrument, maturity date	Oct. 9, 2020
Loan agreements [Member] | Santa Monica
Debt Instrument
Original Loan Amount		$ 25,000
Debt instrument, description of variable rate basis		LIBOR
Basis spread on variable rate basis, percentage		3.75%
Number of nonrecourse loans | item		2

Leases (Details)

Leases (Details) $ in Thousands	Mar. 31, 2020USD ($)
Future minimum rent payments, Fiscal Year Maturity
2020	$ 1,504
2021	1,440
2022	1,184
2023	1,114
2024	457
Thereafter	229
Total	$ 5,928

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases
Lease income	$ 0.1	$ 0.3

Dispositions - Summary of opera

Dispositions - Summary of operating results of the Gulf Coast Industrial Portfolio included in discontinued operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Dispositions
Revenues		$ 409
Operating expenses		317
Operating income		92
Interest expense and other, net		(226)
Gain on debt extinguishment		13,615
Net income from discontinued operations	$ 0	$ 13,481

Dispositions - Additional infor

Dispositions - Additional information (Details) - USD ($) $ in Thousands	Sep. 20, 2019	Jun. 05, 2018	Sep. 30, 2019	Mar. 31, 2019	Mar. 31, 2020
Disposition of limited service hotels
Disposal group, including discontinued operation, liabilities					$ 49,600
Gain on debt extinguishment				$ 13,615
Gulf Coast Industrial Portfolio Mortgage
Disposition of limited service hotels
Disposal group, including discontinued operation, assets					$ 37,000
Gain on debt extinguishment				$ 13,600
San Antonio
Disposition of limited service hotels
Proceeds from sale of foreclosed assets		$ 20,700
DePaul Plaza | Dispositions - Continuing Operations
Disposition of limited service hotels
Aggregate consideration	$ 19,800
Gain on the disposition of real estate			$ 1,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Related Party Transactions
Acquisition fees (capitalized and are reflected in the carrying value of the investment)		$ 1,823
Asset management fees (general and administrative costs)	$ 215	336
Property management fees (property operating expenses)	111	79
Development fees and leasing commissions		74
Total	$ 326	$ 2,312

Related Party Transactions - Su

Related Party Transactions - Summary of preferred Investments (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Related Party Transaction
Investments in and advances to affiliates, at fair value, gross additions	$ 14,500		$ 34,500
Preferred stock dividend income	$ 642	$ 2,672
40 East End Avenue
Related Party Transaction
Preferred stock, dividend rate, percentage	12.00%
Investments in and advances to affiliates, at fair value, gross additions	$ 6,000		17,000
Preferred stock dividend income	$ 336	900
3002 39th Avenue
Related Party Transaction
Preferred stock, dividend rate, percentage	12.00%
Preferred stock dividend income		140
East 11th Street
Related Party Transaction
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	$ 261	1,100
Miami Moxy
Related Party Transaction
Preferred stock, dividend rate, percentage	12.00%
Investments in and advances to affiliates, at fair value, gross additions			$ 9,000
Preferred stock dividend income	$ 45	$ 532

Related Party Transactions - Ad

Related Party Transactions - Additional information (Details) - USD ($) $ in Thousands		Jul. 06, 2004	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Investments in and Advances to Affiliates
Dividends, cash	[1]		$ 3,911	$ 4,096
Sale of stock, consideration received on transaction		$ 30,000	30,000
SLP Units
Investments in and Advances to Affiliates
Dividends, cash			500	$ 500
Joint Venture [Member]
Investments in and Advances to Affiliates
Sale of stock, consideration received on transaction			$ 1,200		$ 1,200
Membership interest			2.50%		2.50%
40 East End Avenue
Investments in and Advances to Affiliates
Redemption of preferred investments			$ 11,000
Miami Moxy
Investments in and Advances to Affiliates
Redemption of preferred investments			$ 9,000
[1]	(a)     Distributions per share were $0.175.

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financial Instruments
Carrying Amount	$ 166,982	$ 166,956
Estimated Fair Value	$ 171,200	$ 167,900

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	May 14, 2020	Apr. 15, 2020	Mar. 31, 2020
Subsequent Event
Distribution Due Cumulative Rate Of Return			7.00%
Subsequent Event
Subsequent Event
Shares issued from distribution reinvestment program (in shares)		7,000
Dividend reinvestment plan share discounted price		$ 11.23
Annualized Distribution Rate	7.00%	95.00%
Dividends Declared Amount Per Share	$ 0.175
Dividends Declared Amount Per Share, Annual Distribution	0.70
Share price	$ 10	$ 11.82
Business combination, consideration transferred		$ 3.9
Minimum percentage of taxable income required to be distributed	90.00%