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% |