Lightstone Value Plus REIT I (LHTV) 10-Q 14 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	8-May-14
Document and Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Entity Registrant Name	'LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST, INC.	'
Entity Central Index Key	'0001296884	'
Current Fiscal Year End Date	'--12-31	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Entity Filer Category	'Non-accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	25.8

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets	'	'
Net investment property	$415,165	$414,209
Investment in unconsolidated affiliated real estate entity	9,361	9,496
Cash and cash equivalents	61,492	52,899
Marketable securities, available for sale	145,078	146,383
Restricted escrows	12,869	20,145
Tenant accounts receivable (net of allowance for doubtful accounts of $168 and $194, respectively)	3,535	3,366
Mortgage receivable	5,286	5,310
Intangible assets, net	2,104	1,964
Interest receivable from related parties	'	171
Prepaid expenses and other assets	16,317	16,109
Assets held for sale	'	7,709
Total Assets	671,207	677,761
Liabilities and Stockholders' Equity	'	'
Mortgages payable	295,014	295,278
Notes payable	39,514	40,186
Accounts payable, accrued expenses, and other liabilities	15,216	18,381
Due to sponsor	798	973
Tenant allowances and deposits payable	2,138	1,777
Distributions payable	4,443	4,525
Deferred rental income	1,920	1,414
Acquired below market lease intangibles, net	940	989
Liabilities held for sale	'	6,113
Total Liabilities	359,983	369,636
Commitments and contingencies (See Note 11)	'	'
Company's Stockholders' Equity:	'	'
Preferred shares, $0.01 par value, 10,000 shares authorized, none issued and outstanding	'	'
Common stock, $0.01 par value; 60,000 shares authorized, 25,721 and 25,635 shares issued and outstanding, respectively	257	256
Additional paid-in capital	202,245	211,447
Accumulated other comprehensive income	41,176	34,050
Accumulated surplus	20,469	23,002
Total Company stockholders' equity	264,147	268,755
Noncontrolling interests	47,077	39,370
Total Stockholders' Equity	311,224	308,125
Total Liabilities and Stockholders' Equity	$671,207	$677,761

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, except Per Share data, unless otherwise specified
CONSOLIDATED BALANCE SHEETS [Abstract]	'	'
Tenant accounts receivable, allowance for doubtful accounts	$168	$194
Preferred shares, par value	$0.01	$0.01
Preferred shares, shares authorized	10,000	10,000
Preferred shares, shares issued	'	'
Preferred shares, shares outstanding	'	'
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	60,000	60,000
Common stock, shares issued	25,721	25,635
Common stock, shares outstanding	25,721	25,635

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Revenues:	'	'
Rental income	$17,921	$11,056
Tenant recovery income	1,240	1,245
Other service income	3,039	2,366
Total revenues	22,200	14,667
Expenses:	'	'
Property operating expenses	12,515	8,656
Real estate taxes	1,352	1,037
General and administrative costs	1,783	2,238
Depreciation and amortization	3,970	2,363
Total operating expenses	19,620	14,294
Operating income	2,580	373
Other income, net	296	246
Mark to market adjustment on derivative financial instruments	-39	-1,499
Interest income	1,469	3,549
Interest expense	-4,896	-3,674
Gain on sale of marketable securities (includes gain of $548 and $6, respectively, accumulated other comprehensive income reclassifications)	1,167	11
Gain on disposition of unconsolidated affiliated real estate entities	'	1,200
Loss from investment in unconsolidated affiliated real estate entity	-135	-2,086
Net income/(loss) from continuing operations	442	-1,880
Net income from discontinued operations	1,620	125
Net income/(loss)	2,062	-1,755
Less: net income attributable to noncontrolling interests	-152	-263
Net income/(loss) attributable to Company's common shares	$1,910	($2,018)
Basic and diluted net income/(loss) per Company's common share:	'	'
Continuing operations	$0.01	($0.07)
Discontinued operations	$0.06	'
Net income/(loss) per Company?s common share, basic and diluted	$0.07	($0.07)
Weighted average number of common shares outstanding, basic and diluted	25,723	30,122

CONSOLIDATED_STATEMENTS_OF_OPE1

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]	'	'
Reclassification adjustment for gain included in net income/(loss)	($548)	($6)

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) [Abstract]	'	'
Net income/(loss)	$2,062	($1,755)
Other comprehensive income:	'	'
Unrealized gain on available for sale securities	8,383	1,614
Reclassification adjustment for gain included in net income/(loss)	-548	-6
Other comprehensive income	7,835	1,608
Comprehensive (loss)/income	9,897	-147
Less: Comprehensive income attributable to noncontrolling interests	-861	-316
Comprehensive income/(loss) attributable to Company's common shares	$9,036	($463)

CONSOLIDATED_STATEMENTS_OF_STO

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $)	Total	Common Shares [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Surplus [Member]	Total Noncontrolling Interests [Member]
In Thousands
BALANCE at Dec. 31, 2013	$308,125	$256	$211,447	$34,050	$23,002	$39,370
BALANCE, shares at Dec. 31, 2013	'	25,635	'	'	'	'
Net income	2,062	'	'	'	1,910	152
Other comprehensive income	7,835	'	'	7,126	'	'
Distributions declared	-4,443	'	'	'	-4,443	'
Distributions paid to noncontrolling interests	-710	'	'	'	'	-710
Contributions received from noncontrolling interests	9	'	'	'	'	9
Redemption and cancellation of shares	-3,104	-1	-10,650	'	'	-7,547
Redemption and cancellation of shares, shares	'	-43	'	'	'	'
Shares issued from distribution reinvestment program	1,450	2	1,448	'	'	'
Shares issued from distribution reinvestment program, shares	'	129	'	'	'	'
BALANCE at Mar. 31, 2014	$311,224	$257	$202,245	$41,176	$20,469	$47,077
BALANCE, shares at Mar. 31, 2014	'	25,721	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net income/(loss)	$2,062	($1,755)
Less net income - discontinued operations	1,620	125
Net income/(loss) ? continuing operations	442	-1,880
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:	'	'
Depreciation and amortization	3,970	2,363
Mark to market adjustment on derivative financial instrument	39	1,499
Gain on sale of marketable securities	-1,167	-11
Gain on disposition of unconsolidated affiliated real estate entities	'	-1,200
Loss from investment in unconsolidated affiliated real estate entity	135	2,086
Other non-cash adjustments	-26	-648
Changes in assets and liabilities:	'	'
Decrease in prepaid expenses and other assets	80	992
Increase in tenant allowance and security deposits payable	343	198
Increase/(decrease) in accounts payable and accrued expenses	1,295	-1,569
Decrease in due to Sponsor	-175	-209
Increase/(decrease) in deferred rental income	506	-89
Net cash provided by operating activities - continuing operations	5,442	1,532
Net cash provided by operating activities - discontinued operations	44	665
Net cash provided by operating activities	5,486	2,197
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Purchase of investment property, net	-6,156	-27,892
Purchase of marketable securities	-7,470	'
Contributions to investment in unconsolidated affiliated real estate entities	'	-11,623
Collections on mortgages receivable	24	32
Proceeds from sale of marketable securities	17,778	5,342
Proceeds from disposition of investments in unconsolidated affiliated real estate entities	'	1,200
Settlement of derivative financial instrument	-3,543	'
Deposit for purchase of real estate, net	'	-500
Release of restricted escrows	7,159	4,808
Net cash provided by/(used in) investing activities - continuing operations	7,792	-28,633
Net cash provided by/(used in) investing activities - discontinued operations	9,007	-91
Net cash provided by/(used in) investing activities	16,799	-28,724
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Mortgage payments	-816	-442
Payment of loan fees and expenses	-41	-50
Redemption and cancellation of common stock and noncontrolling interests	-3,104	-1,274
Proceeds from mortgage financings	553	6,440
Net payments on notes payable	-672	-15,380
Contributions received from noncontrolling interests	9	3
Distributions paid to noncontrolling interests	-710	-2,157
Distributions paid to Company's stockholders	-3,076	-3,636
Net cash used in financing activities - continuing operations	-7,857	-16,496
Net cash used in financing activities - discontinued operations	-5,835	-189
Net cash used in by financing activities	-13,692	-16,685
Net change in cash and cash equivalents	8,593	-43,212
Cash and cash equivalents, beginning of period	52,899	98,805
Cash and cash equivalents, end of period	61,492	55,593
Supplemental disclosure of cash flow information:	'	'
Cash paid for interest	3,884	2,305
Distributions declared	4,443	5,204
Value of shares issued from distribution reinvestment program	1,450	1,671
Non-cash purchase of investment property	$250	$5,718

Organization

Organization	3 Months Ended
	Mar. 31, 2014
Organization [Abstract]	'
Organization	'
	1	Organization
	Lightstone Value Plus Real Estate Investment Trust, Inc., a Maryland corporation ("Lightstone REIT") was formed on June 8, 2004 (date of inception) and subsequently qualified as a real estate investment trust ("REIT") during the year ending December 31, 2006. Lightstone REIT was formed primarily for the purpose of engaging in the business of investing in and owning commercial and residential real estate properties located throughout the United States.
	Lightstone REIT is structured as an umbrella partnership REIT, or UPREIT, and substantially all of its current and future business is and will be conducted through Lightstone Value Plus REIT, L.P., a Delaware limited partnership formed on July 12, 2004 (the "Operating Partnership"), in which Lightstone REIT as the general partner, held a 98.1% interest as of March 31, 2014.
	The Lightstone REIT and the Operating Partnership and its subsidiaries are collectively referred to as the ''Company'' and the use of ''we,'' ''our,'' ''us'' or similar pronouns refers to the Lightstone REIT, its Operating Partnership or the Company as required by the context in which such pronoun is used.
	The Company is managed by Lightstone Value Plus REIT, LLC (the "Advisor"), an affiliate of the Lightstone Group, Inc., under the terms and conditions of an advisory agreement. The Lightstone Group, Inc. previously served as the Company's sponsor (the "Sponsor") during its initial public offering, which closed on October 10, 2008. The Sponsor and Advisor are majority owned and controlled by David Lichtenstein, the Chairman of the Company's board of directors (the "Board") and its Chief Executive Officer.
	The Company's stock is not currently listed on a national securities exchange. The Company may seek to list its stock for trading on a national securities exchange only if a majority of its independent directors believe listing would be in the best interest of its stockholders. The Company does not intend to list its shares at this time. The Company does not anticipate that there would be any market for its shares of common stock until they are listed for trading. In the event the Company does not obtain listing prior to October 10, 2018 (the tenth anniversary of the completion of its initial public offering,) its charter requires that the Board of Directors must either (i) seek stockholder approval of an extension or amendment of this listing deadline; or (ii) seek stockholder approval to adopt a plan of liquidation of the corporation.
	As of March 31, 2014, on a collective basis, the Company (i) wholly owned and consolidates the operating results and financial condition of 3 retail properties containing a total of approximately 0.7 million square feet of retail space, 15 industrial properties containing a total of approximately 1.3 million square feet of industrial space, 7 multi-family residential properties containing a total of 1,784 units, and 12 hotel hospitality properties containing a total of 1,557 rooms, (ii) majority owned and consolidates the operating results and financial condition of 1 residential development project, and (iii) owned an interest accounted for under the equity method of accounting in 1 office property containing a total of approximately 1.1 million square feet of office space. All of the Company's properties are located within the United States. As of March 31, 2014, the retail properties, the industrial properties, the multi-family residential properties and the office property were 83.3%, 85.9%, 95.5% and 81.3% occupied based on a weighted-average basis, respectively. Its hotel hospitality properties' average revenue per available room ("Rev PAR") was $67.92 and occupancy was 56.2%, respectively for the three months ended March 31, 2014.
	During the year ended December 31, 2013 the Company disposed of two Extended Stay Hotels located in Houston, Texas (the "Houston Extended Stay Hotels") and a retail shopping center ("Everson Pointe") located in Snellville, Georgia. The operating results of the Houston Extended Stay Hotels and Everson Pointe have been classified as discontinued operations in the consolidated statements of operations for all periods presented.
	On January 22, 2014 the Company disposed of Crowe's Crossing Shopping Center, ("Crowe's Crossing") a retail shopping center located in Stone Mountain, Georgia. The operating results of Crowe's Crossing have been classified as discontinued operations in the consolidated statements of operations for all periods presented.  Additionally, the associated assets and liabilities of Crowe's Crossing have been classified as held for sale in the consolidated balance sheet as of December 31, 2013.
	Noncontrolling Interests
	As of March 31, 2014, the noncontrolling interests consist of (i) parties of the Company that hold units in the Operating Partnership and (ii) certain interests in consolidated subsidiaries. The units include SLP units, limited partner units and Common Units. The noncontrolling interests in consolidated subsidiaries include ownership interests in Pro-DFJV Holdings LLC ("PRO"), 50-01 2nd St Associates LLC (the "2nd Street Joint Venture"), and the interests held by minority owners of certain of our hotels.
	Noncontrolling Interests - Redemption of Series A Preferred Units and Repayment of Notes Receivable
	On January 2, 2014, the Operating Partnership redeemed all of the then remaining outstanding 50,100 Series A preferred units in the Operating Partnership (the "Series A Preferred Units"), held by the Arbor Mill Run JRM, LLC, a Delaware limited liability company, Arbor National CJ, LLC, a New York limited liability company, Prime Holdings LLC, a Delaware limited liability company , TRAC Central Jersey LLC, a Delaware limited liability company, Central Jersey Holdings II, LLC, a New York limited liability company and JT Prime LLC, a Delaware limited liability company (collectively, the "Contributing Parties"), at their liquidation preference of approximately $50.1 million and the Contributing Parties simultaneously repaid the remaining notes receivable due from the Contributing Parties aggregating approximately $47.4 million in full.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
Summary of Significant Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
		2	Summary of Significant Accounting Policies
	Basis of Presentation
	The consolidated financial statements include the accounts of the Lightstone REIT and its Operating Partnership and its subsidiaries (over which the Company exercises financial and operating control). All inter-company balances and transactions have been eliminated in consolidation.
	The accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited Consolidated Financial Statements of the Company and related notes as contained in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013. The unaudited interim consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair statement of the results for the periods presented. The accompanying unaudited consolidated financial statements of Lightstone Value Plus Real Estate Investment Trust, Inc. and its Subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America 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.
	The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). 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, 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, 2013 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.
	Pro Forma Financial Information
	The following table provides unaudited pro forma results of operations for the period indicated, as if the acquisitions that the Company made in 2013 (the Holiday Inn Express - Auburn, the Courtyard - Baton Rouge, the Residence Inn - Baton Rouge, the Aloft - Rogers, the Fairfield Inn - Jonesboro, the Hampton Inn - Miami and the Hampton Inn & Suites - Fort Lauderdale) had been acquired at the beginning of that period. Such pro forma results are not necessarily indicative of the results that actually would have occurred had these acquisitions been completed on the date indicated, nor are they indicative of the future operating results of the combined company.
			For the Three Months
			Ended March 31, 2013
	Pro forma rental revenue		$	20,279
	Pro forma net loss		$	(756	)
	Pro forma net loss per Company's common share, basic and diluted		$	(0.03	)
	Reclassifications
	Certain prior period amounts may have been reclassified to conform to the current year presentation.
	New Accounting Pronouncements
	In April 2014, the Financial Accounting Standards Board issued an accounting standards update providing new guidance on the requirements for reporting a discontinued operation. The update changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. This update is effective for fiscal years beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in the financial statements previously issued or available for issuance.  The adoption of this standards update affects presentation only and, as such, will not have a material impact on the Company's consolidated financial statements.

Investment_in_Unconsolidated_A

Investment in Unconsolidated Affiliated Real Estate Entity	3 Months Ended
	Mar. 31, 2014
Investment in Unconsolidated Affiliated Real Estate Entity [Abstract]	'
Investment in Unconsolidated Affiliated Real Estate Entity	'
	3	Investment in Unconsolidated Affiliated Real Estate Entity
	The entity discussed below is partially owned by the Company. The Company accounts for this investment under the equity method of accounting as the Company exercises significant influence, but does not control this entity. A summary of the Company's investment in unconsolidated affiliated real estate entity is as follows:
					Ownership				As of
	Real Estate Entity		Date Acquired		%				31-Mar-14		31-Dec-13
	1407 Broadway Mezz II, LLC ("1407 Broadway")		4-Jan-07			49	%		$	9,361	$	9,496
			1407 Broadway
	The Company has a 49.0% ownership in 1407 Broadway, which has a sub-leasehold interest in a ground lease to an office building located at 1407 Broadway in New York, New York. During the second quarter of 2011, the Company's share of cumulative losses resulting from its ownership interest in 1407 Broadway brought the carrying value of its investment in 1407 Broadway to zero. Since the Company was not obligated to fund 1407 Broadway's deficits and the balance of the Company's investment in 1407 Broadway was zero, the Company suspended the recording of its portion of equity losses or earnings from 1407 Broadway until such time as the Company's investment in 1407 Broadway was greater than zero.
	On March 11, 2013, 1407 Broadway completed a restructuring of its outstanding non-recourse mortgage note payable with a then outstanding principal balance of approximately $127.3 million with Swedbank AB. In connection with the restructuring, 1407 Broadway made a principal pay down of approximately $1.3 million, bringing the new loan balance to $126.0 million, and extended the maturity of the loan to January 12, 2023. Additionally, during the year ended December 31, 2013, 1407 Broadway's members made capital contributions aggregating $16.1 million, of which $13.5 million was placed initially into a capital reserve account with the lender pursuant to the terms of the restructuring. As a result of the Company's capital contributions which totaled $12.1 million, it commenced recording equity earnings in the first quarter of 2013. The Company's equity earnings for the three months ended March 31, 2013 includes an adjustment to record previously unrecorded losses aggregating $5.2 million through December 31, 2012.
			1407 Broadway Financial Information
			The following table represents the unaudited condensed income statement for 1407 Broadway:
			For the Three Months Ended March 31,
			2014				2013
	Total revenue		$	9,982			$	9,687
	Property operating expenses			8,008				7,226
	Depreciation and amortization			1,666				1,390
	Operating income			308				1,071
	Interest expense and other, net			(709	)			(2,190	)
	Gain on debt extinguishment			-				7,494
	Net (loss)/income		$	(401	)		$	6,375
	Company's equity earnings		$	(135	)		$	(2,086	)
	The following table represents the unaudited condensed balance sheet for 1407 Broadway:
			As of				As of
			31-Mar-14				31-Dec-13
	Real estate, at cost (net)		$	117,003			$	114,188
	Intangible assets			85				249
	Cash and restricted cash			15,709				18,437
	Other assets			18,754				19,969
	Total assets		$	151,551			$	152,843
	Mortgage payable		$	126,000			$	126,000
	Other liabilities			13,612				14,503
	Member capital			11,939				12,340
	Total liabilities and members' capital		$	151,551			$	152,843

Marketable_Securities_and_Fair

Marketable Securities and Fair Value Measurements	3 Months Ended
	Mar. 31, 2014
Marketable Securities And Fair Value Measurements [Abstract]	'
Marketable Securities and Fair Value Measurements	'
	4	Marketable Securities and Fair Value Measurements
	Marketable Securities:
	The following is a summary of the Company's available for sale securities as of the dates indicated:
			As of March 31, 2014
			Adjusted Cost		Gross Unrealized Gains		Gross Unrealized			Fair Value
							Losses
	Equity Securities, primarily REITs		$	1,405	$	194	$	-		$	1,599
	Marco OP Units and Marco II OP Units			51,970		44,716		-			96,686
	Corporate Bonds and Preferred Equities			39,794		1,047		(457	)		40,384
	Mortgage Backed Securities ("MBS")			6,648		-		(239	)		6,409
	Total		$	99,817	$	45,957	$	(696	)	$	145,078
			As of December 31, 2013
			Adjusted Cost		Gross Unrealized Gains		Gross Unrealized			Fair Value
							Losses
	Equity Securities, primarily REITs		$	10,059	$	555	$	-		$	10,614
	Marco OP Units and Marco II OP Units			51,970		37,736		-			89,706
	Corporate Bonds and Preferred Equities			39,576		675		(1,307	)		38,944
	Mortgage Backed Securities ("MBS")			7,352		-		(233	)		7,119
	Total		$	108,957	$	38,966	$	(1,540	)	$	146,383
	The Marco OP Units and the Marco II OP Units are exchangeable for a similar number of common operating partnership units ("Simon OP Units") of Simon Property Group, L.P., ("Simon OP"), the operating partnership of Simon Property Group, Inc. ("Simon"). Subject to the various conditions, the Company may elect to exchange the Marco OP Units and/or the Marco II OP Units to Simon OP Units which must be immediately delivered to Simon in exchange for cash or similar number of shares of Simon's common stock ("Simon Stock").
	All of the MBS were issued by various U.S. government-sponsored enterprises (Freddie Mac and Fannie Mae). The Company considers the declines in market value of its investment portfolio to be temporary in nature. The unrealized losses on the Company's investments were caused primarily by changes in market interest rates or widening credit spreads. When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, and the Company's intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment's amortized cost basis. During the three months ended March 31, 2014 and 2013, the Company did not recognize any impairment charges. As of March 31, 2014, the Company does not consider any of its investments to be other-than-temporarily impaired.
	The Company may sell certain of its investments prior to their stated maturities for strategic purposes, in anticipation of credit deterioration, or for duration management. For the three months ended March 31, 2014 and 2013, the Company realized $1.2 million and $11of gross gains, respectively, related to sales of securities and early redemptions of MBS by the security issuer. The maturities of the Company's MBS generally ranged from 27 years to 30 years.
	Notes Payable
	Margin Loan
	The Company has access to a margin loan (the "Margin Loan") from a financial institution that holds custody of certain of the Company's marketable securities. The Margin Loan, which is due on demand, bears interest at Libor plus 0.85% (1.00% as of March 31, 2014) and is collateralized by the marketable securities in the Company's account. The amounts available to the Company under the Margin Loan are at the discretion of the financial institution and not limited to the amount of collateral in its account. The amount outstanding under this Margin Loan is $19.6 million and $20.3 million as of March 31, 2014 and December 31, 2013, respectively, and is included in Notes Payable on the consolidated balance sheets.
	Line of Credit
	On September 14, 2012, the Company entered into a non-revolving credit facility (the "Line of Credit") with a financial institution which permits borrowings up to $25.0 million. The Line of Credit expires on December 13, 2014 and bears interest at Libor plus 3.00% (3.15% as of March 31, 2014). The Line of Credit is collateralized by 440,311 Marco OP Units and PRO guaranteed the Line of Credit.
	The amount outstanding under the Line of Credit is $19.9 million as of both March 31, 2014 and December 31, 2013 and is included in Notes Payable on the consolidated balance sheets.
	Fair Value Measurements
	Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.
	The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value:
		•	Level 1 - Quoted prices in active markets for identical assets or liabilities.
		•	Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
		•	Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
	Marketable securities, available for sale, measured at fair value on a recurring basis as of the dates indicated are as follows:
			Fair Value Measurement Using
	As of March 31, 2014		Level 1		Level 2		Level 3			Total
	Marketable Securities:
	Equity Securities, primarily REITs		$	1,599	$	-	$	-		$	1,599
	Marco OP and OP II Units			-		96,686		-			96,686
	Corporate Bonds and Preferred Equities			-		40,384		-			40,384
	MBS			-		6,409		-			6,409
	Total		$	1,599	$	143,479	$	-		$	145,078
			Fair Value Measurement Using
	As of December 31, 2013		Level 1		Level 2		Level 3			Total
	Marketable Securities:
	Equity Securities, primarily REITs		$	10,614	$	-	$	-		$	10,614
	Marco OP and OP II Units			-		89,706		-			89,706
	Corporate Bonds and Preferred Equities			-		38,944		-			38,944
	MBS			-		7,119		-			7,119
	Total		$	10,614	$	135,769	$	-		$	146,383
	The Company did not have any other significant financial assets or liabilities, which would require revised valuations that are recognized at fair value.

Mortgages_Payable

Mortgages Payable	3 Months Ended
	Mar. 31, 2014
Mortgages Payable [Abstract]	'
Mortgages Payable	'
	5	Mortgages Payable
	Mortgages payable consists of the following:
							Weighted							Loan Amount as of
							Average Interest
	Property		Interest Rate				Rate as of March				Maturity Date	Amount Due at		31-Mar-14		December 31,
							31, 2014					Maturity				2013
	Southeastern Michigan Multi-Family Properties			5.96%				5.96	%		Jul-16	$	38,139	$	39,413	$	39,555
	Oakview Plaza			5.49%				5.49	%		Jan-17		25,583		26,714		26,814
	Gulf Coast Industrial Portfolio			9.83%				9.83	%		Due on demand		51,790		51,790		51,902
	Camden Multi-Family Properties (Two Individual Loans)			5.44%				5.44	%		Dec-14		26,334		26,610		26,718
	St. Augustine Outlet Center			6.09%				6.09	%		Apr-16		23,748		24,707		24,824
	Gantry Park			Libor + 3.50%				4.08	%		Sep-16		44,093		44,093		43,540
	DePaul Plaza			Libor + 3.00%				3.16	%		Sep-17		11,147		11,909		11,964
	Courtyard - Parsippany			Libor + 3.50%				3.66	%		Aug-18		7,126		7,907		7,947
	Courtyard - Baton Rouge			5.56%				5.56	%		May-17		5,873		6,293		6,325
	Residence Inn - Baton Rouge			5.36%				5.36	%		Dec-18		5,363		5,960		5,990
	Promissory Note (cross-collateralized by three hotels)			4.94%				4.94	%		Aug-18		14,008		15,541		15,622
	Revolving Credit Facility (cross-collateralized by five hotels)			Libor + 4.95%				5.13	%		May-16		34,077		34,077		34,077
	Total mortgages payable							5.94	%			$	287,281	$	295,014	$	295,278
	Libor as of March 31, 2014 and December 31, 2013 was 0.15% and 0.17%, respectively. Our loans are secured by the indicated real estate and are non-recourse to the Company.
	The following table shows the contractually scheduled principal maturities during the next five years and thereafter as of March 31, 2014 in the Consolidated Balance Sheets:
	Remainder of				2015				2016			2017		2018		Thereafter		Total
	2014
	$	80,140			$	2,461			$	141,935		$	43,517	$	26,961	$	-	$	295,014
	Pursuant to the Company's loan agreements, escrows in the amount of approximately $11.7 million and $11.5 million were held in restricted escrow accounts as of March 31, 2014 and December 31, 2013, respectively. Such escrows will be released in accordance with the applicable loan agreements for payments of real estate taxes, insurance and capital improvement transactions, as required. Certain of our mortgages payable also contain clauses providing for prepayment penalties.
	Certain of the Company's debt agreements require the maintenance of certain ratios, including debt service coverage. The Company believes it is currently in compliance with all of its debt covenants other than the debt associated with the Gulf Coast Industrial Portfolio which was placed in default during 2012 and is due on demand as discussed below.
	As a result of not meeting certain debt service coverage ratios on the non-recourse mortgage indebtedness secured by the Gulf Coast Industrial Portfolio, the lender elected to retain the excess cash flow from these properties beginning in July 2011 until such time as the required coverage ratios are met for two successive quarters.  During the third quarter of 2012, the loan was transferred to a special servicer, who discontinued scheduled debt service payments and notified us that the loan was in default and due on demand.
	Although the lender is currently not charging or being paid interest at the stated default rate, an aggregate $3.4 million of default interest has been accrued through March 31, 2014 pursuant to the terms of the loan agreement. For the three months ended March 31, 2014 and 2013, $0.5 million and $0.6 million of default interest was accrued. As a result, accrued default interest of approximately $3.4 million and $2.9 million is included in accounts payable, accrued expenses and other liabilities on our consolidated balance sheets as of March 31, 2014 and December 31, 2013, respectively.  We are currently engaged in discussions with the special servicer to restructure the loan and do not expect to pay the default interest as this mortgage indebtedness is non-recourse to us.  We believe the continued loss of excess cash flow from these properties and the placement of the non-recourse mortgage indebtedness in default will not have a material impact on our results of operations or financial position.

Assets_and_Liabilities_Held_fo

Assets and Liabilities Held for Sale, Assets and Liabilities Disposed of and Discontinued Operations	3 Months Ended
	Mar. 31, 2014
Assets and Liabilities Held for Sale, Assets and Liabilities Disposed of and Discontinued Operations [Abstract]	'
Assets and Liabilities Held for Sale, Assets and Liabilities Disposed of and Discontinued Operations	'
	6	Assets and Liabilities Held for Sale, Assets and Liabilities Disposed of and Discontinued Operations
	During the year ended December 31, 2013 the Company disposed of the Houston Extended Stay Hotels and Everson Pointe for approximately $27.0 million. In connection with the disposition, the Company repaid in full the then outstanding mortgage indebtedness of approximately $11.1 million. The operating results of the Houston Extended Stay Hotels and Everson Pointe, through their respective dates of disposition, have been classified as discontinued operations in the consolidated statements of operations for all periods presented. These transactions resulted in a fourth quarter aggregate gain on disposition of $2.0 million.
	During the fourth quarter of 2013, Crowe's Crossing met the criteria to be classified as held for sale. The operating results of Crowe's Crossing have been classified as discontinued operations in the consolidated statements of operations for all periods presented.  Additionally, the associated assets and liabilities of Crowe's Crossing are classified as held for sale in the consolidated balance sheet as of December 31, 2013.
	On January 22, 2014 the Company disposed of Crowe's Crossing for approximately $9.3 million. In connection with the disposition, the Company repaid in full the then outstanding mortgage indebtedness of approximately $5.8 million, which was scheduled to mature in September 2015. The Company recognized a gain on disposition of approximately $1.6 million, which is included in discontinued operations during the three months ended March 31, 2014.
	The following summary presents the operating results of the Houston Extended Stay Hotels, Everson Pointe and Crowe's Crossing included in discontinued operations in the Consolidated Statements of Operations for the periods indicated.
			For the Three Months Ended
			31-Mar-14			31-Mar-13
	Revenues		$	58		$	1,473
	Operating expenses			29			1,095
	Operating income			29			378
	Interest expense			(19	)		(253	)
	Gain on disposition			1,610			-
	Net income from discontinued operations		$	1,620		$	125
	Cash flows generated from discontinued operations are presented separately on the Company's consolidated statements of cash flows.
	The following summary presents the major components of assets and liabilities held for sale, of as the date indicated.
			As of
			31-Dec-13
	Net investment property		$	6,622
	Intangible assets, net			525
	Other assets			562
	Total assets held for sale		$	7,709
	Mortgages payable		$	5,834
	Accounts payable and accrued expenses			41
	Other liabilities			238
	Total liabilities held for sale		$	6,113

Net_Earnings_Per_Share

Net Earnings Per Share	3 Months Ended
	Mar. 31, 2014
Net Earnings Per Share [Abstract]	'
Net Earnings Per Share	'
	7	Net Earnings Per Share
	Basic net earnings per share is calculated by dividing net income attributable to common shareholders by the weighted-average number of shares of common stock outstanding during the applicable period. Diluted net income per share includes the potentially dilutive effect, if any, which would occur if our outstanding options to purchase our common stock were exercised. For all periods presented, the effect of these exercises, if any, was insignificant and, therefore, diluted net income per share is equivalent to basic net income per share.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	8	Related Party Transactions
	The Company has agreements with the Advisor and Lightstone Value Plus REIT Management LLC (the "Property Manager") to pay certain fees in exchange for services performed by these entities and other affiliated entities. The Company's ability to secure financing and subsequent real estate operations are dependent upon its Advisor, Property Manager and their affiliates to perform such services as provided in these agreements.
	The Company, pursuant to the related party arrangements, has recorded the following amounts for the periods indicated:
			Three Months Ended March 31,
			2014		2013
			(unaudited)
	Acquisition fees		$	32	$	316
	Asset management fees			713		621
	Property management fees			348		422
	Development fees and leasing commissions			164		374
	Total		$	1,257	$	1,733
	Lightstone SLP, LLC, an affiliate of the Company's Sponsor, has purchased subordinated profits interests in the Operating Partnership ("SLP units"). These SLP units, the purchase price of which will be repaid only after stockholders receive a stated preferred return and their net investment, entitle Lightstone SLP, LLC to a portion of any regular distributions made by the Operating Partnership.
	During the three months ended March 31, 2014, distributions of $0.5 million were declared and paid on the SLP units and are part of noncontrolling interests. Since inception through March 31, 2014, cumulative distributions declared were $13.4 million, of which $12.9 million were paid. See Note 3 for other related party transactions.

Financial_Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2014
Financial Instruments [Abstract]	'
Financial Instruments	'
	9	Financial Instruments
	The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, restricted escrows, tenants' accounts receivable, accounts payable and accrued expenses and the notes payable approximated their fair values because of the short maturity of these instruments. The carrying amount reported in the consolidated balance sheets for the mortgage receivable approximated its fair value based upon current market information that would have been used by a market participant to estimate the fair value of such loan.
	The estimated fair value (in millions) of the Company's mortgage debt is summarized as follows:
			As of March 31, 2014				As of December 31, 2013
			Carrying Amount		Estimated Fair		Carrying Amount		Estimated Fair
					Value				Value
	Mortgages payable		$	295	$	293.4	$	295.3	$	292.8
	The fair value of the mortgages payable was determined by discounting the future contractual interest and principal payments by estimated current market interest rates.

Segment_Information

Segment Information	3 Months Ended
	Mar. 31, 2014
Segment Information [Abstract]	'
Segment Information	'
	10	Segment Information
	The Company currently operates in four business segments as of March 31, 2014: (i) retail real estate (the "Retail Segment"), (ii) multi-family residential real estate (the "Multi-family Residential Segment"), (iii) industrial real estate (the "Industrial Segment") and (iv) hospitality (the "Hospitality Segment"). The Company's advisor and its affiliates provide leasing, property and facilities management, acquisition, development, construction and tenant-related services for its portfolio. The Company's revenues for the three months ended March 31, 2014 and 2013 were exclusively derived from activities in the United States. No revenues from foreign countries were received or reported. The Company had no long-lived assets in foreign locations as of March 31, 2014 and December 31, 2013. The accounting policies of the segments are the same as those described in Note 2: Summary of Significant Accounting Policies of the Company's December 31, 2013 Annual Report on Form 10-K. Unallocated assets, revenues and expenses relate to corporate related accounts.
	The Company evaluates performance based upon net operating income/(loss) from the combined properties in each real estate segment.
	As discussed in Note 6, the results of operations presented below exclude the Houston Extended Stay Hotels, Everson Pointe and Crowe's Crossing due to their classification as discontinued operations for all periods presented. The Houston Extended Stay Hotels were previously included in the Company's hospitality segment and Everson Pointe and Crowe's Crossing were previously included in the Company's retail segment.
	Selected results of operations for the three months ended March 31, 2014 and 2013, and total assets as of March 31, 2014 and December 31, 2013 regarding the Company's operating segments are as follows:
			For the Three Months Ended March 31, 2014
			Retail			Multi-Family		Industrial			Hospitality			Unallocated			Total
	Total revenues		$	2,852		$	4,919	$	1,878		$	12,551		$	-		$	22,200
	Property operating expenses			767			1,952		512			9,283			1			12,515
	Real estate taxes			339			345		209			459			-			1,352
	General and administrative costs			20			95		(56	)		167			1,557			1,783
	Net operating income/(loss)			1,726			2,527		1,213			2,642			(1,558	)		6,550
	Depreciation and amortization			962			1,023		459			1,526			-			3,970
	Operating income/(loss)		$	764		$	1,504	$	754		$	1,116		$	(1,558	)	$	2,580
	As of March 31, 2014:
	Total Assets		$	105,593		$	146,287	$	59,443		$	152,015		$	207,869		$	671,207
			For the Three Months Ended March 31, 2013
			Retail			Multi-Family		Industrial			Hospitality			Unallocated			Total
	Total revenues		$	2,952		$	3,235	$	1,724		$	6,756		$	-		$	14,667
	Property operating expenses			778			1,451		450			5,974			3			8,656
	Real estate taxes			344			186		200			307			-			1,037
	General and administrative costs			(3	)		56		(7	)		71			2,121			2,238
	Net operating income/(loss)			1,833			1,542		1,081			404			(2,124	)		2,736
	Depreciation and amortization			1,000			432		453			478			-			2,363
	Operating income/(loss)		$	833		$	1,110	$	628		$	(74	)	$	(2,124	)	$	373
	As of December 31, 2013:
	Total Assets		$	114,817		$	145,582	$	59,937		$	150,923		$	206,502		$	677,761

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies [Abstract]	'
Commitments and Contingencies	'
	11	Commitments and Contingencies
	Legal Proceedings
	From time to time in the ordinary course of business, the Company may become subject to legal proceedings, claims or disputes.
	On January 4, 2007, 1407 Broadway Real Estate LLC ("Office Owner"), an indirect, wholly owned subsidiary of 1407 Broadway Mezz II LLC ("1407 Broadway "), consummated the acquisition of a sub-leasehold interest (the "Sublease Interest") in an office building located at 1407 Broadway, New York, New York (the "Office Property"). 1407 Broadway is a joint venture between LVP 1407 Broadway LLC ("LVP LLC"), a wholly owned subsidiary of our operating partnership, and Lightstone 1407 Manager LLC ("Manager"), which is wholly owned by David Lichtenstein, the Chairman of our Board of Directors and our Chief Executive Officer, and Shifra Lichtenstein, his wife.
	The Sublease Interest was acquired pursuant to a Sale and Purchase of Leasehold Agreement with Gettinger Associates, L.P. ("Gettinger"). In July 2006, Abraham Kamber Company, as Sublessor under the sublease ("Sublessor"), served two notices of default on Gettinger (the "Default Notices"). The first alleged that Gettinger had failed to satisfy its obligations in performing certain renovations and the second asserted numerous defaults relating to Gettinger's purported failure to maintain the Office Property in compliance with its contractual obligations.
	In response to the Default Notices, Gettinger commenced legal action and obtained an injunction that extends its time to cure any default, prohibits interference with its leasehold interest and prohibits Sublessor from terminating its sublease pending resolution of the litigation. A motion by Sublessor for partial summary judgment, alleging that certain work on the Office Property required its prior approval, was denied by the Supreme Court, New York County. Subsequently, by agreement of the parties, a stay was entered precluding the termination of the Sublease Interest pending a final decision on Sublessor's claim of defaults under the Sublease Interest. In addition, the parties stipulated to the intervention of Office Owner as a party to the proceedings.
	On April 12, 2012, the Supreme Court, New York County decided in favor of the Company with respect to all matters before the Court. Sublessor filed a Notice of Appeal on June 7, 2012 and, after fully briefing the issues, the parties argued the appeal on January 30, 2013.  On February 21, 2013, the Appellate Division, First Department rendered its decision largely affirming the lower court's determination.  The Appellate Division did determine that there were two 2007 defaults that had not been cured and that the assignment of the sublease had occurred at a time when defaults existed.  The Appellate Division determined that the remedy for such defaults was not a forfeiture of the sublease.  Instead, the Appellate Division remanded to the lower court with direction that the lower court fashion a remedy short of forfeiture.  Recently, the Sublessor has sent a letter claiming that the Appellate Division order "lifted" the Yellowstone Injunction, a procedure in New York law whereby a tenant in a commercial premises has a right to stay the time to cure, and demanding a cure within thirty (30) days. We have rejected that claim because the Appellate Division decision expressly remanded the case with a direction that the Supreme Court fashion a remedy other than forfeiture of the alleged defaults, and requested a conference from the lower court. On December 10, 2013, the parties appeared before Justice James and engaged in oral argument. Thereafter, in January 2014 the transcript was supplied to the Court pursuant to its direction. The parties are now awaiting the Court's determination of the appropriate remedy.
	While any proceeding or litigation has an element of uncertainty, management currently believes that the likelihood of an unfavorable outcome with respect to any of the aforementioned legal proceedings is remote. No provision for loss has been recorded in connection therewith.
	As of the date hereof, the Company is not a party to any material pending legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on its results of operations or financial condition, which would require accrual or disclosure of the contingency and possible range of loss.
	Outlet Centers Transactions
	The Company previously held ownership interests in GPH and Livermore Valley Holdings LLC ("LVH"). On December 4, 2012, GPH, LVH and certain of their subsidiaries (collectively, the "Holding Entities") completed the disposition of their ownership interests in an outlet center located in Grand Prairie, Texas (the "Grand Prairie Outlet Center"), an outlet center located in Livermore, California (the "Livermore Valley Outlet Center") and a parcel of land adjacent to the Livermore Outlet Center (the "Livermore Land Parcel" and collectively, the "Outlet Centers Transactions") to Simon and certain of its affiliates (collectively, the "Simon Parties"). Pursuant to the terms of the Outlet Centers Transactions, the aggregate consideration received at closing is subject to certain true-ups and adjustments, including a final valuation of the Grand Prairie Outlet Center and the Livermore Valley Outlet Center, based on their aggregate net operating income, as defined, during calendar year 2013. The final valuation is expected to be completed during the second quarter of 2014. Furthermore, the Holding Entities, subject to the satisfaction of certain conditions, may (i) receive $5.0 million of additional consideration for the Livermore Land Parcel or (ii) elect to repurchase the Livermore Land Parcel for $35.0 million. During the first quarter of 2013, the Holding Entities received an additional $3.0 million, of which the Company's share was $1.2 million, related to the disposition of its ownership interest in the Grand Prairie Outlet Center resulting from the satisfaction of certain conditions.
	Loan Collection Guaranties
	The Operating Partnership and PRO (collectively, the "LVP Parties") have provided and will continue to have the opportunity to provide guaranties of collection (the "Loan Collection Guaranties") with respect to draws made under revolving credit facilities (or indebtedness incurred to refinance the revolving credit facilities) by Simon in connection with the closing of certain contribution transactions related to the LVP Parties' ownership interests in (i) Mill Run LLC ("Mill Run") and Prime Outlets Acquisition Company ("POAC" and collectively, the "POAC/Mill Run Transaction") and (ii) GPH and LVH, . The Loan Collection Guaranties are required for at least four years following the closings of POAC/Mill Run Transaction and the Outlet Centers Transaction, which closed on August 30, 2010 and December 4, 2012, respectively. Under the terms of the Loan Collection Guaranties, the LVP Parties are obligated to make payments in respect of principal and interest due under the revolving credit facilities after Simon OP has failed to make payments, the amounts outstanding under the revolving credit facilities have been accelerated, and the lender have failed to collect the full amounts outstanding under the revolving credit facilities after exhausting other remedies. The maximum amounts of the Loan Collection Guaranties will be reduced by the extent of any payments of principal made by Simon OP or other cash proceeds recovered by the lenders.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	12. Subsequent Events
	Distribution Payment
	On April 15, 2014, the distribution for the three-month period ending March 31, 2014 of approximately $4.4 million was paid in full using a combination of cash and approximately 0.1 million shares of the Company's common stock issued pursuant to the Company's Distribution Reinvestment Program ("DRIP"), at a discounted price of $11.21 per share. The distribution was paid from cash flows provided from operations (approximately $3.0 million or 58%) and excess cash proceeds from the issuance of common stock through the Company's DRIP (approximately $1.4 million or 42%).
	Distribution Declaration
	On May 14, 2014, the Board authorized and the Company declared a distribution for the three-month period ending June 30, 2014. The distribution will be calculated based on shareholders of record each day during this three-month period at a rate of $0.0019178 per day, and will equal a daily amount that, if paid each day for a 365-day period, would equal a 7.0% annualized rate based on a share price of $10.00. The distribution will be paid in cash on July 15, 2014 to shareholders of record as of June 30, 2014. The shareholders have an option to elect the receipt of shares under the Company's DRIP.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Summary of Significant Accounting Policies [Abstract]	'
Basis of Presentation	'
	Basis of Presentation
	The consolidated financial statements include the accounts of the Lightstone REIT and its Operating Partnership and its subsidiaries (over which the Company exercises financial and operating control). All inter-company balances and transactions have been eliminated in consolidation.
	The accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited Consolidated Financial Statements of the Company and related notes as contained in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013. The unaudited interim consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair statement of the results for the periods presented. The accompanying unaudited consolidated financial statements of Lightstone Value Plus Real Estate Investment Trust, Inc. and its Subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America 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.
	The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). 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, 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, 2013 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.
Pro Forma Financial Information	'
	Pro Forma Financial Information
	The following table provides unaudited pro forma results of operations for the period indicated, as if the acquisitions that the Company made in 2013 (the Holiday Inn Express - Auburn, the Courtyard - Baton Rouge, the Residence Inn - Baton Rouge, the Aloft - Rogers, the Fairfield Inn - Jonesboro, the Hampton Inn - Miami and the Hampton Inn & Suites - Fort Lauderdale) had been acquired at the beginning of that period. Such pro forma results are not necessarily indicative of the results that actually would have occurred had these acquisitions been completed on the date indicated, nor are they indicative of the future operating results of the combined company.
		For the Three Months
		Ended March 31, 2013
	Pro forma rental revenue	$	20,279
	Pro forma net loss	$	(756	)
	Pro forma net loss per Company's common share, basic and diluted	$	(0.03	)
Reclassifications	'
	Reclassifications
	Certain prior period amounts may have been reclassified to conform to the current year presentation.
New Accounting Pronouncements	'
	New Accounting Pronouncements
	In April 2014, the Financial Accounting Standards Board issued an accounting standards update providing new guidance on the requirements for reporting a discontinued operation. The update changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. This update is effective for fiscal years beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in the financial statements previously issued or available for issuance.  The adoption of this standards update affects presentation only and, as such, will not have a material impact on the Company's consolidated financial statements.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2014
Summary of Significant Accounting Policies [Abstract]	'
Schedule of Pro Forma Financial Information	'
	The following table provides unaudited pro forma results of operations for the period indicated, as if the acquisitions that the Company made in 2013 (the Holiday Inn Express - Auburn, the Courtyard - Baton Rouge, the Residence Inn - Baton Rouge, the Aloft - Rogers, the Fairfield Inn - Jonesboro, the Hampton Inn - Miami and the Hampton Inn & Suites - Fort Lauderdale) had been acquired at the beginning of that period. Such pro forma results are not necessarily indicative of the results that actually would have occurred had these acquisitions been completed on the date indicated, nor are they indicative of the future operating results of the combined company.
		For the Three Months
		Ended March 31, 2013
	Pro forma rental revenue	$	20,279
	Pro forma net loss	$	(756	)
	Pro forma net loss per Company's common share, basic and diluted	$	(0.03	)

Investment_in_Unconsolidated_A1

Investment in Unconsolidated Affiliated Real Estate Entity (Tables)	3 Months Ended
	Mar. 31, 2014
Investments in Unconsolidated Affiliated Entity	'
	A summary of the Company's investment in unconsolidated affiliated real estate entity is as follows:
								As of
	Real Estate Entity	Date Acquired		Ownership				31-Mar-14		31-Dec-13
				%
	1407 Broadway Mezz II, LLC ("1407 Broadway")	4-Jan-07			49	%		$	9,361	$	9,496
1407 Broadway [Member]	'
Unaudited Condensed Income Statement	'
	The following table represents the unaudited condensed income statement for 1407 Broadway:
		For the Three Months Ended March 31,
		2014				2013
	Total revenue	$	9,982			$	9,687
	Property operating expenses		8,008				7,226
	Depreciation and amortization		1,666				1,390
	Operating income		308				1,071
	Interest expense and other, net		(709	)			(2,190	)
	Gain on debt extinguishment		-				7,494
	Net (loss)/income	$	(401	)		$	6,375
	Company's equity earnings	$	(135	)		$	(2,086	)
Unaudited Condensed Balance Sheet	'
	The following table represents the unaudited condensed balance sheet for 1407 Broadway:
		As of				As of
		31-Mar-14				31-Dec-13
	Real estate, at cost (net)	$	117,003			$	114,188
	Intangible assets		85				249
	Cash and restricted cash		15,709				18,437
	Other assets		18,754				19,969
	Total assets	$	151,551			$	152,843
	Mortgage payable	$	126,000			$	126,000
	Other liabilities		13,612				14,503
	Member capital		11,939				12,340
	Total liabilities and members' capital	$	151,551			$	152,843

Marketable_Securities_and_Fair1

Marketable Securities and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2014
Summary of Available for Sale Securities	'
	The following is a summary of the Company's available for sale securities as of the dates indicated:
		As of March 31, 2014
		Adjusted Cost		Gross Unrealized Gains		Gross Unrealized			Fair Value
						Losses
	Equity Securities, primarily REITs	$	1,405	$	194	$	-		$	1,599
	Marco OP Units and Marco II OP Units		51,970		44,716		-			96,686
	Corporate Bonds and Preferred Equities		39,794		1,047		(457	)		40,384
	Mortgage Backed Securities ("MBS")		6,648		-		(239	)		6,409
	Total	$	99,817	$	45,957	$	(696	)	$	145,078
		As of December 31, 2013
		Adjusted Cost		Gross Unrealized Gains		Gross Unrealized			Fair Value
						Losses
	Equity Securities, primarily REITs	$	10,059	$	555	$	-		$	10,614
	Marco OP Units and Marco II OP Units		51,970		37,736		-			89,706
	Corporate Bonds and Preferred Equities		39,576		675		(1,307	)		38,944
	Mortgage Backed Securities ("MBS")		7,352		-		(233	)		7,119
	Total	$	108,957	$	38,966	$	(1,540	)	$	146,383
Marketable Securities, Available for Sale, and Derivative Financial Instruments Measured at Fair Value on Recurring Basis	'
	Marketable securities, available for sale, measured at fair value on a recurring basis as of the dates indicated are as follows:
		Fair Value Measurement Using
	As of March 31, 2014	Level 1		Level 2		Level 3			Total
	Marketable Securities:
	Equity Securities, primarily REITs	$	1,599	$	-	$	-		$	1,599
	Marco OP and OP II Units		-		96,686		-			96,686
	Corporate Bonds and Preferred Equities		-		40,384		-			40,384
	MBS		-		6,409		-			6,409
	Total	$	1,599	$	143,479	$	-		$	145,078
		Fair Value Measurement Using
	As of December 31, 2013	Level 1		Level 2		Level 3			Total
	Marketable Securities:
	Equity Securities, primarily REITs	$	10,614	$	-	$	-		$	10,614
	Marco OP and OP II Units		-		89,706		-			89,706
	Corporate Bonds and Preferred Equities		-		38,944		-			38,944
	MBS		-		7,119		-			7,119
	Total	$	10,614	$	135,769	$	-		$	146,383

Mortgages_Payable_Tables

Mortgages Payable (Tables)	3 Months Ended
	Mar. 31, 2014
Mortgages Payable [Abstract]	'
Schedule of Mortgages Payable	'
	Mortgages payable consists of the following:
							Weighted							Loan Amount as of
							Average Interest
	Property		Interest Rate				Rate as of March				Maturity Date	Amount Due at		31-Mar-14		December 31,
							31, 2014					Maturity				2013
	Southeastern Michigan Multi-Family Properties			5.96%				5.96	%		Jul-16	$	38,139	$	39,413	$	39,555
	Oakview Plaza			5.49%				5.49	%		Jan-17		25,583		26,714		26,814
	Gulf Coast Industrial Portfolio			9.83%				9.83	%		Due on demand		51,790		51,790		51,902
	Camden Multi-Family Properties (Two Individual Loans)			5.44%				5.44	%		Dec-14		26,334		26,610		26,718
	St. Augustine Outlet Center			6.09%				6.09	%		Apr-16		23,748		24,707		24,824
	Gantry Park			Libor + 3.50%				4.08	%		Sep-16		44,093		44,093		43,540
	DePaul Plaza			Libor + 3.00%				3.16	%		Sep-17		11,147		11,909		11,964
	Courtyard - Parsippany			Libor + 3.50%				3.66	%		Aug-18		7,126		7,907		7,947
	Courtyard - Baton Rouge			5.56%				5.56	%		May-17		5,873		6,293		6,325
	Residence Inn - Baton Rouge			5.36%				5.36	%		Dec-18		5,363		5,960		5,990
	Promissory Note (cross-collateralized by three hotels)			4.94%				4.94	%		Aug-18		14,008		15,541		15,622
	Revolving Credit Facility (cross-collateralized by five hotels)			Libor + 4.95%				5.13	%		May-16		34,077		34,077		34,077
	Total mortgages payable							5.94	%			$	287,281	$	295,014	$	295,278
Contractually Scheduled Principal Maturities During Next Five Years	'
	The following table shows the contractually scheduled principal maturities during the next five years and thereafter as of March 31, 2014 in the Consolidated Balance Sheets:
	Remainder of				2015				2016			2017		2018		Thereafter		Total
	2014
	$	80,140			$	2,461			$	141,935		$	43,517	$	26,961	$	-	$	295,014

Assets_and_Liabilities_Held_fo1

Assets and Liabilities Held for Sale, Assets and Liabilities Disposed of and Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2014
Assets and Liabilities Held for Sale, Assets and Liabilities Disposed of and Discontinued Operations [Abstract]	'
Schedule of Discontinued Operations	'
	The following summary presents the operating results of the Houston Extended Stay Hotels, Everson Pointe and Crowe's Crossing included in discontinued operations in the Consolidated Statements of Operations for the periods indicated.
		For the Three Months Ended
		31-Mar-14			31-Mar-13
	Revenues	$	58		$	1,473
	Operating expenses		29			1,095
	Operating income		29			378
	Interest expense		(19	)		(253	)
	Gain on disposition		1,610			-
	Net income from discontinued operations	$	1,620		$	125
	Cash flows generated from discontinued operations are presented separately on the Company's consolidated statements of cash flows.
	The following summary presents the major components of assets and liabilities held for sale, of as the date indicated.
		As of
		31-Dec-13
	Net investment property	$	6,622
	Intangible assets, net		525
	Other assets		562
	Total assets held for sale	$	7,709
	Mortgages payable	$	5,834
	Accounts payable and accrued expenses		41
	Other liabilities		238
	Total liabilities held for sale	$	6,113

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2014
Related Party Transactions [Abstract]	'
Amount Recorded Pursuant to Related Party Arrangments	'
	The Company, pursuant to the related party arrangements, has recorded the following amounts for the periods indicated:
		Three Months Ended March 31,
		2014		2013
		(unaudited)
	Acquisition fees	$	32	$	316
	Asset management fees		713		621
	Property management fees		348		422
	Development fees and leasing commissions		164		374
	Total	$	1,257	$	1,733

Financial_Instruments_Tables

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2014
Financial Instruments [Abstract]	'
Summary of Estimated Fair Value of Debt	'
	The estimated fair value (in millions) of the Company's mortgage debt is summarized as follows:
		As of March 31, 2014				As of December 31, 2013
		Carrying Amount		Estimated Fair		Carrying Amount		Estimated Fair
				Value				Value
	Mortgages payable	$	295	$	293.4	$	295.3	$	292.8

Segment_Information_Tables

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2014
Segment Information [Abstract]	'
Results of Operations and Total Assets of Operating Segments	'
	Selected results of operations for the three months ended March 31, 2014 and 2013, and total assets as of March 31, 2014 and December 31, 2013 regarding the Company's operating segments are as follows:
		For the Three Months Ended March 31, 2014
		Retail			Multi-Family		Industrial			Hospitality			Unallocated			Total
	Total revenues	$	2,852		$	4,919	$	1,878		$	12,551		$	-		$	22,200
	Property operating expenses		767			1,952		512			9,283			1			12,515
	Real estate taxes		339			345		209			459			-			1,352
	General and administrative costs		20			95		(56	)		167			1,557			1,783
	Net operating income/(loss)		1,726			2,527		1,213			2,642			(1,558	)		6,550
	Depreciation and amortization		962			1,023		459			1,526			-			3,970
	Operating income/(loss)	$	764		$	1,504	$	754		$	1,116		$	(1,558	)	$	2,580
	As of March 31, 2014:
	Total Assets	$	105,593		$	146,287	$	59,443		$	152,015		$	207,869		$	671,207
		For the Three Months Ended March 31, 2013
		Retail			Multi-Family		Industrial			Hospitality			Unallocated			Total
	Total revenues	$	2,952		$	3,235	$	1,724		$	6,756		$	-		$	14,667
	Property operating expenses		778			1,451		450			5,974			3			8,656
	Real estate taxes		344			186		200			307			-			1,037
	General and administrative costs		(3	)		56		(7	)		71			2,121			2,238
	Net operating income/(loss)		1,833			1,542		1,081			404			(2,124	)		2,736
	Depreciation and amortization		1,000			432		453			478			-			2,363
	Operating income/(loss)	$	833		$	1,110	$	628		$	(74	)	$	(2,124	)	$	373
	As of December 31, 2013:
	Total Assets	$	114,817		$	145,582	$	59,937		$	150,923		$	206,502		$	677,761

Organization_Details

Organization (Details) (USD $)

3 Months Ended

0 Months Ended

3 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Jan. 02, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Series A Preferred Units [Member]

Retail [Member]

Industrial Properties [Member]

Residential Real Estate [Member]

Hospitality [Member]

Office [Member]

Wholly Owned Properties [Member]

Wholly Owned Properties [Member]

Wholly Owned Properties [Member]

Wholly Owned Properties [Member]

Partially Owned Properties [Member]

Investments in unconsolidated affiliated real estate entities [Member]

Retail [Member]

Industrial Properties [Member]

Residential Real Estate [Member]

Hospitality [Member]

Residential Real Estate [Member]

Office [Member]

properties

properties

property_units

properties

properties

sqft

sqft

sqft

properties

rooms

properties

Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Date of incorporation

8-Jun-04

'

'

'

'

'

'

'

'

'

'

'

'

'

Lightstone REIT, partnership formation date

12-Jun-04

'

'

'

'

'

'

'

'

'

'

'

'

'

General partner ownership interest

98.10%

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties

'

'

'

'

'

'

'

'

3

15

7

12

1

1

Area of real estate space

'

'

'

'

'

'

'

'

700,000

1,300,000

'

'

'

1,100,000

Property units

'

'

'

'

'

'

'

'

'

'

1,784

'

'

'

Number of rooms

'

'

'

'

'

'

'

'

'

'

'

1,557

'

'

Occupancy of properties

'

'

'

83.30%

85.90%

95.50%

56.20%

81.30%

'

'

'

'

'

'

Average revenue per available room

'

'

'

'

'

'

67.92

'

'

'

'

'

'

'

Number of shares redeemed

'

'

50,100

'

'

'

'

'

'

'

'

'

'

'

Redemption of shares amount

'

'

$50,100

'

'

'

'

'

'

'

'

'

'

'

Preferred shares, shares outstanding

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repayment of notes receivable from non controlling interests

'

'

$47,400

'

'

'

'

'

'

'

'

'

'

'

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2013
Summary of Significant Accounting Policies [Abstract]	'
Pro forma rental revenue	$20,279
Pro forma net income	($756)
Pro forma net income per Company's common share, basic and diluted	($0.03)

Investment_in_Unconsolidated_A2

Investment in Unconsolidated Affiliated Real Estate Entity (Summary of Company's Investment in Unconsolidated Affiliated Real Estate Entity) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]	'	'
Total investment in unconsolidated affiliated real estate entity	$9,361	$9,496
1407 Broadway Mezz II, LLC [Member]	'	'
Schedule of Equity Method Investments [Line Items]	'	'
Date(s) Acquired	4-Jan-07	'
Ownership interest	49.00%	'
Total investment in unconsolidated affiliated real estate entity	$9,361	$9,496

Investment_in_Unconsolidated_A3

Investment in Unconsolidated Affiliated Real Estate Entity (Narrative) (Details) (USD $)	0 Months Ended	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 11, 2013	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Mar. 10, 2013
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Mortgages payable	'	295,014	'	$295,278	'
1407 Broadway Mezz II, LLC [Member]	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Ownership percentage	'	49.00%	'	'	'
Debt payment	1,300	'	'	'	'
Mortgages payable	126,000	'	'	'	127,300
Debt instrument, maturity date	'	12-Jan-23	'	'	'
Capital contributions	'	'	12,100	16,100	'
Capital reserve account	'	'	'	13,500	'
Aggregate unrecorded losses of available-for-sale securities	'	'	$5,200	'	'

Investment_in_Unconsolidated_A4

Investment in Unconsolidated Affiliated Real Estate Entity (Unaudited Condensed Income Statement) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Schedule of Equity Method Investments [Line Items]	'	'
Company's equity earnings	($135)	($2,086)
1407 Broadway Mezz II, LLC [Member]	'	'
Schedule of Equity Method Investments [Line Items]	'	'
Total revenue	9,982	9,687
Property operating expenses	8,008	7,226
Depreciation and amortization	1,666	1,390
Operating income	308	1,071
Interest expense and other, net	-709	-2,190
Gain on debt extinguishment	'	7,494
Net (loss)/income	-401	6,375
Company's equity earnings	($135)	($2,086)
Ownership percentage	49.00%	'

Investment_in_Unconsolidated_A5

Investment in Unconsolidated Affiliated Real Estate Entity (Unaudited Condensed Balance Sheet) (Details) (1407 Broadway Mezz II, LLC [Member], USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Schedule Of Condensed Consolidating Balance Sheets [Line Items]	'	'
Equity Method Investment, assets	$151,551	$152,843
Member capital/(deficit)	11,939	12,340
Total liabilities and members' capital/(deficit)	151,551	152,843
Real estate, at cost (net) [Member]	'	'
Schedule Of Condensed Consolidating Balance Sheets [Line Items]	'	'
Equity Method Investment, assets	117,003	114,188
Intangible Assets [Member]	'	'
Schedule Of Condensed Consolidating Balance Sheets [Line Items]	'	'
Equity Method Investment, assets	85	249
Cash and restricted cash [Member]	'	'
Schedule Of Condensed Consolidating Balance Sheets [Line Items]	'	'
Equity Method Investment, assets	15,709	18,437
Other assets [Member]	'	'
Schedule Of Condensed Consolidating Balance Sheets [Line Items]	'	'
Equity Method Investment, assets	18,754	19,969
Mortgage payables [Member]	'	'
Schedule Of Condensed Consolidating Balance Sheets [Line Items]	'	'
Equity Method Investment, liabilities	126,000	126,000
Other liabilities [Member]	'	'
Schedule Of Condensed Consolidating Balance Sheets [Line Items]	'	'
Equity Method Investment, liabilities	$13,612	$14,503

Marketable_Securities_and_Fair2

Marketable Securities and Fair Value Measurements (Marketable Securities) (Details) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'	'
Adjusted Cost	$99,817	$108,957
Gross Unrealized Gains	45,957	38,966
Gross Unrealized Losses	-696	-1,540
Fair Value	145,078	146,383
Equity Securities, primarily REITs [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Adjusted Cost	1,405	10,059
Gross Unrealized Gains	194	555
Gross Unrealized Losses	'	'
Fair Value	1,599	10,614
Marco OP and OP II Units [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Adjusted Cost	51,970	51,970
Gross Unrealized Gains	44,716	37,736
Gross Unrealized Losses	'	'
Fair Value	96,686	89,706
Corporate Bonds And Preferred Equities [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Adjusted Cost	39,794	39,576
Gross Unrealized Gains	1,047	675
Gross Unrealized Losses	-457	-1,307
Fair Value	40,384	38,944
Mortgage Backed Securities [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Adjusted Cost	6,648	7,352
Gross Unrealized Gains	'	'
Gross Unrealized Losses	-239	-233
Fair Value	$6,409	$7,119

Marketable_Securities_and_Fair3

Marketable Securities and Fair Value Measurements (Narrative) (Details) (USD $)	3 Months Ended		3 Months Ended		3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
	Margin Loan [Member]	Margin Loan [Member]	Line of Credit [Member]	Line of Credit [Member]	Mortgage Backed Securities [Member]	Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'	'
Gross gains related to sales of securities and early redemptions of MBS	'	'	'	'	$1,200	$11
Available for sale securities debt maturity minimum period	'	'	'	'	'27 years	'
Available for sale securities debt maturity maximum period	'	'	'	'	'30 years	'
Debt instrument, interest rate terms	'Libor	'	'Libor	'	'	'
Debt instrument, interest rate basis point above reference rate	0.85%	'	3.00%	'	'	'
Debt instrument, interest rate at end of period	1.00%	'	3.15%	'	'	'
Debt instrument, maturity date	'	'	31-Dec-14	'	'	'
Margin loan, outstanding	19,600	20,300	'	'	'	'
Line of credit facility, maximum borrowing capacity	'	'	25,000	'	'	'
Line of credit facility, amount outstanding	'	'	$19,900	$19,900	'	'
Line of credit facility, number of Marco OP Units used as collateral	'	'	440,311	'	'	'

Marketable_Securities_and_Fair4

Marketable Securities and Fair Value Measurements (Marketable Securities, Available for Sale, and Derivative Financial Instruments Measured at Fair Value on Recurring Basis) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Marketable securities, available for sale	$145,078	$146,383
Equity Securities, primarily REITs [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Marketable securities, available for sale	1,599	10,614
Marco OP and OP II Units [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Marketable securities, available for sale	96,686	89,706
Corporate Bonds And Preferred Equities [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Marketable securities, available for sale	40,384	38,944
MBS [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Marketable securities, available for sale	6,409	7,119
Fair Value, Inputs, Level 1 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Marketable securities, available for sale	1,599	10,614
Fair Value, Inputs, Level 1 [Member] | Equity Securities, primarily REITs [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Marketable securities, available for sale	1,599	10,614
Fair Value, Inputs, Level 1 [Member] | Marco OP and OP II Units [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Marketable securities, available for sale	'	'
Fair Value, Inputs, Level 1 [Member] | Corporate Bonds And Preferred Equities [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Marketable securities, available for sale	'	'
Fair Value, Inputs, Level 1 [Member] | MBS [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Marketable securities, available for sale	'	'
Fair Value, Inputs, Level 2 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Marketable securities, available for sale	143,479	135,769
Fair Value, Inputs, Level 2 [Member] | Equity Securities, primarily REITs [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Marketable securities, available for sale	'	'
Fair Value, Inputs, Level 2 [Member] | Marco OP and OP II Units [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Marketable securities, available for sale	96,686	89,706
Fair Value, Inputs, Level 2 [Member] | Corporate Bonds And Preferred Equities [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Marketable securities, available for sale	40,384	38,944
Fair Value, Inputs, Level 2 [Member] | MBS [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Marketable securities, available for sale	6,409	7,119
Fair Value, Inputs, Level 3 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Marketable securities, available for sale	'	'
Fair Value, Inputs, Level 3 [Member] | Equity Securities, primarily REITs [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Marketable securities, available for sale	'	'
Fair Value, Inputs, Level 3 [Member] | Marco OP and OP II Units [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Marketable securities, available for sale	'	'
Fair Value, Inputs, Level 3 [Member] | Corporate Bonds And Preferred Equities [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Marketable securities, available for sale	'	'
Fair Value, Inputs, Level 3 [Member] | MBS [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Marketable securities, available for sale	'	'

Mortgages_Payable_Schedule_of_

Mortgages Payable (Schedule of Mortgages Payable) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]	'	'
Weighted Average Interest Rate	5.94%	'
Amount Due at Maturity	$287,281	'
Mortgages payable	295,014	295,278
Southeastern Michigan Multi Family Properties [Member]	'	'
Debt Instrument [Line Items]	'	'
Stated interest rate	5.96%	'
Weighted Average Interest Rate	5.96%	'
Maturity Date	'2016-07	'
Amount Due at Maturity	38,139	'
Mortgages payable	39,413	39,555
Oakview Plaza [Member]	'	'
Debt Instrument [Line Items]	'	'
Stated interest rate	5.49%	'
Weighted Average Interest Rate	5.49%	'
Maturity Date	'2017-01	'
Amount Due at Maturity	25,583	'
Mortgages payable	26,714	26,814
Gulf Coast Industrial Portfolio [Member]	'	'
Debt Instrument [Line Items]	'	'
Stated interest rate	9.83%	'
Weighted Average Interest Rate	9.83%	'
Amount Due at Maturity	51,790	'
Mortgages payable	51,790	51,902
Camden Multi Family Properties [Member]	'	'
Debt Instrument [Line Items]	'	'
Stated interest rate	5.44%	'
Weighted Average Interest Rate	5.44%	'
Maturity Date	'2014-12	'
Amount Due at Maturity	26,334	'
Mortgages payable	26,610	26,718
St Augustine Outlet Center [Member]	'	'
Debt Instrument [Line Items]	'	'
Stated interest rate	6.09%	'
Weighted Average Interest Rate	6.09%	'
Maturity Date	'2016-04	'
Amount Due at Maturity	23,748	'
Mortgages payable	24,707	24,824
Gantry Park [Member]	'	'
Debt Instrument [Line Items]	'	'
Debt instrument, interest rate terms	'Libor + 3.50 %	'
Debt instrument, interest rate basis point above reference rate	3.50%	'
Weighted Average Interest Rate	4.08%	'
Maturity Date	'2016-09	'
Amount Due at Maturity	44,093	'
Mortgages payable	44,093	43,540
DePaul Plaza [Member]	'	'
Debt Instrument [Line Items]	'	'
Debt instrument, interest rate terms	'Libor + 3.00 %	'
Debt instrument, interest rate basis point above reference rate	3.00%	'
Weighted Average Interest Rate	3.16%	'
Maturity Date	'2017-09	'
Amount Due at Maturity	11,147	'
Mortgages payable	11,909	11,964
Courtyard - Persippany [Member]	'	'
Debt Instrument [Line Items]	'	'
Debt instrument, interest rate terms	'Libor + 3.50 %	'
Debt instrument, interest rate basis point above reference rate	3.50%	'
Weighted Average Interest Rate	3.66%	'
Maturity Date	'2018-08	'
Amount Due at Maturity	7,126	'
Mortgages payable	7,907	7,947
Courtyard - Baton Rouge [Member]	'	'
Debt Instrument [Line Items]	'	'
Stated interest rate	5.56%	'
Weighted Average Interest Rate	5.56%	'
Maturity Date	'2017-05	'
Amount Due at Maturity	5,873	'
Mortgages payable	6,293	6,325
Residence Inn - Baton Rouge [Member]	'	'
Debt Instrument [Line Items]	'	'
Stated interest rate	5.36%	'
Weighted Average Interest Rate	5.36%	'
Maturity Date	'2018-12	'
Amount Due at Maturity	5,363	'
Mortgages payable	5,960	5,990
Promissory Note [Member]	'	'
Debt Instrument [Line Items]	'	'
Stated interest rate	4.94%	'
Weighted Average Interest Rate	4.94%	'
Maturity Date	'2018-08	'
Amount Due at Maturity	14,008	'
Mortgages payable	15,541	15,622
Revolving Credit Facility [Member]	'	'
Debt Instrument [Line Items]	'	'
Debt instrument, interest rate terms	'Libor + 4.95%	'
Debt instrument, interest rate basis point above reference rate	4.95%	'
Weighted Average Interest Rate	5.13%	'
Maturity Date	'2016-05	'
Amount Due at Maturity	34,077	'
Mortgages payable	$34,077	$34,077

Mortgages_Payable_Narrative_De

Mortgages Payable (Narrative) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Debt Instrument [Line Items]	'	'	'
Libor rate	0.15%	'	0.17%
Cash in restricted escrows accounts	$12,869	'	$20,145
Loan agreements [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Cash in restricted escrows accounts	11,700	'	11,500
Accured default interest payable	3,400	'	2,900
Default interest accrued during period	$500	$600	'

Mortgages_Payable_Contractuall

Mortgages Payable (Contractually Scheduled Principal Maturities During Next Five Years) (Details) (USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Mortgages Payable [Abstract]	'
Remainder of 2014	$80,140
2015	2,461
2016	141,935
2017	43,517
2018	26,961
Thereafter	'
Total	$295,014

Assets_and_Liabilities_Held_fo2

Assets and Liabilities Held for Sale, Assets and Liabilities Disposed of and Discontinued Operations (Narrative) (Details) (USD $)	3 Months Ended		4 Months Ended	12 Months Ended	1 Months Ended	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Jan. 22, 2014	Mar. 31, 2014
				Houston Extended Stay Hotels and Everson Pointe [Member]	Crowe's Crossing [Member]	Crowe's Crossing [Member]
Long Lived Assets Held-for-sale [Line Items]	'	'	'	'	'	'
Disposal of real estate	'	'	'	$27,000	$9,300	'
Repayment of debt	816	442	'	11,100	5,800	'
Gain on disposition	'	'	$2,000	'	'	$1,600

Assets_and_Liabilities_Held_fo3

Assets and Liabilities Held for Sale, Assets and Liabilities Disposed of and Discontinued Operations (Summary of Operating Results of Discontinued Operations) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Assets and Liabilities Held for Sale, Assets and Liabilities Disposed of and Discontinued Operations [Abstract]	'	'
Revenues	$58	$1,473
Operating expenses	29	1,095
Operating Income	29	378
Interest expense	-19	-253
Gain on disposition	1,610	'
Net income from discontinued operations	$1,620	$125

Assets_and_Liabilities_Held_fo4

Assets and Liabilities Held for Sale, Assets and Liabilities Disposed of and Discontinued Operations (Summary of Associated Assets and Liabilities of Discontinued Operations) (Details) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'
Net investment property	$6,622
Intangible assets, net	525
Other assets	562
Total assets held for sale	7,709
Mortgages payable	5,834
Accounts payable and accrued expenses	41
Other liabilities	238
Total liabilities held for sale	$6,113

Related_Party_Transactions_Amo

Related Party Transactions (Amount Recorded in Pursuant to Related Party Arrangment) (Details) (Related Party [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Related Party [Member]	'	'
Related Party Transaction [Line Items]	'	'
Acquisition fees	$32	$316
Asset management fees	713	621
Property management fees	348	422
Development fees and leasing commissions	164	374
Total	$1,257	$1,733

Related_Party_Transactions_Nar

Related Party Transactions (Narrative) (Details) (USD $)	3 Months Ended			118 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2014
			SLP Units [Member]	SLP Units [Member]
Related Party Transaction [Line Items]	'	'	'	'
Distributions declared	$4,443	'	$500	'
Cumulative distribution declared	'	'	13,400	13,400
Cumulative distribution paid	$710	$2,157	'	$12,900

Financial_Instruments_Details

Financial Instruments (Details) (Mortgage payables [Member], USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Mortgage payables [Member]	'	'
Debt Instrument [Line Items]	'	'
Carrying Amount	$295,000	$295,300
Estimated Fair Value	$293,400	$292,800

Segment_Information_Details

Segment Information (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Segment Reporting Information [Line Items]	'	'	'
Total revenues	$22,200	$14,667	'
Property operating expenses	12,515	8,656	'
Real estate taxes	1,352	1,037	'
General and administrative costs	1,783	2,238	'
Net operating income/(loss)	6,550	2,736	'
Depreciation and amortization	3,970	2,363	'
Operating income/(loss)	2,580	373	'
Total Assets	671,207	'	677,761
Retail [Member]	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Total revenues	2,852	2,952	'
Property operating expenses	767	778	'
Real estate taxes	339	344	'
General and administrative costs	20	-3	'
Net operating income/(loss)	1,726	1,833	'
Depreciation and amortization	962	1,000	'
Operating income/(loss)	764	833	'
Total Assets	105,593	'	114,817
Multi Family [Member]	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Total revenues	4,919	3,235	'
Property operating expenses	1,952	1,451	'
Real estate taxes	345	186	'
General and administrative costs	95	56	'
Net operating income/(loss)	2,527	1,542	'
Depreciation and amortization	1,023	432	'
Operating income/(loss)	1,504	1,110	'
Total Assets	146,287	'	145,582
Industrial [Member]	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Total revenues	1,878	1,724	'
Property operating expenses	512	450	'
Real estate taxes	209	200	'
General and administrative costs	-56	-7	'
Net operating income/(loss)	1,213	1,081	'
Depreciation and amortization	459	453	'
Operating income/(loss)	754	628	'
Total Assets	59,443	'	59,937
Hospitality [Member]	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Total revenues	12,551	6,756	'
Property operating expenses	9,283	5,974	'
Real estate taxes	459	307	'
General and administrative costs	167	71	'
Net operating income/(loss)	2,642	404	'
Depreciation and amortization	1,526	478	'
Operating income/(loss)	1,116	-74	'
Total Assets	152,015	'	150,923
Unallocated [Member]	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Total revenues	'	'	'
Property operating expenses	1	3	'
Real estate taxes	'	'	'
General and administrative costs	1,557	2,121	'
Net operating income/(loss)	-1,558	-2,124	'
Depreciation and amortization	'	'	'
Operating income/(loss)	-1,558	-2,124	'
Total Assets	$207,869	'	$206,502

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Grand Prairie Outlet Center [Member] | Lightstone Value Plus REIT Inc. [Member]	'
Guarantor Obligations [Line Items]	'
Gain on disposition of interest	$1,200
Grand Prairie Outlet Center [Member] | Holding Entities [Member]	'
Guarantor Obligations [Line Items]	'
Gain on disposition of interest	3,000
Livermore Land Parcel [Member]	'
Guarantor Obligations [Line Items]	'
Potential additional consideration	5,000
Acquisition purchase price	$35,000

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	0 Months Ended
	14-May-14	Apr. 15, 2014
Subsequent Event [Line Items]	'	'
Distribution payment in form of shares	'	100,000
Distribution payment, price per share	'	$11.21
Distribution payment	'	$4,400,000
Distribution declared	14-May-14	'
Distribution on per day basis	0.0019178	'
Number of days used to calculate daily amount of distribution	'365 days	'
Annualized rate of dividend	7.00%	'
Face value of share	$10	'
Distribution payment date	15-Jun-14	'
Record date	30-Jun-14	'
Distribution paid from cash flows provided from operations [Member]	'	'
Subsequent Event [Line Items]	'	'
Distribution payment	'	3,000,000
Percentage of distribution payment in form of cash	'	58.00%
Distribution paid from other than cash flows provided by operations [Member]	'	'
Subsequent Event [Line Items]	'	'
Distribution payment	'	$1,400,000
Percentage of distribution payment in form of cash	'	42.00%