Lightstone Value Plus REIT I (LHTV) 10-Q 14 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	10-May-15
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Entity Registrant Name	Lightstone Value Plus Real Estate Investment Trust, Inc.
Entity Central Index Key	1296884
Current Fiscal Year End Date	-19
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		25.9
Entity Current Reporting Status	Yes

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Assets
Land and improvements	$68,608	$68,606
Building and improvements	230,000	227,427
Furniture and fixtures	16,638	16,567
Construction in progress	4,997	2,317
Gross investment property	320,243	314,917
Less accumulated depreciation	-42,552	-40,166
Net investment property	277,691	274,751
Investment in unconsolidated affiliated real estate entity	11,284	9,846
Investment in affiliates	43,750	36,637
Cash and cash equivalents	85,537	54,529
Marketable securities, available for sale	146,270	154,818
Restricted escrows	8,761	8,809
Tenant accounts receivable (net of allowance for doubtful accounts of $275 and $327, respectively)	1,878	1,853
Mortgage receivable	5,144	5,179
Intangible assets, net	1,430	1,546
Prepaid expenses and other assets	13,566	14,366
Assets held for sale	33,268	111,505
Total Assets	628,579	673,839
Liabilities and Stockholders' Equity
Mortgages payable	226,645	227,189
Notes payable	20,410	38,582
Accounts payable, accrued expenses and other liabilities	12,819	12,293
Due to sponsor	785	802
Tenant allowances and deposits payable	5,847	2,314
Distributions payable	4,480	4,566
Deferred rental income	1,422	1,167
Acquired below market lease intangibles, net	744	793
Liabilities held for sale	22,301	70,130
Total Liabilities	295,453	357,836
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, 25,941 and 25,850 shares issued and outstanding, respectively	259	258
Additional paid-in-capital	205,082	204,022
Accumulated other comprehensive income	51,613	50,671
Accumulated surplus	42,491	25,814
Total Company's stockholders' equity	299,445	280,765
Noncontrolling interests	33,681	35,238
Total Stockholders' Equity	333,126	316,003
Total Liabilities and Stockholders' Equity	$628,579	$673,839

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, except Per Share data, unless otherwise specified
CONSOLIDATED BALANCE SHEETS [Abstract]
Tenant accounts receivable, allowance for doubtful accounts	$275	$327
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	25,941	25,850
Common stock, shares outstanding	25,941	25,850

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Rental income	$9,084	$9,899
Tenant recovery income	1,069	1,240
Other service income	2,678	2,747
Total revenues	12,831	13,886
Expenses:
Property operating expenses	6,521	7,087
Real estate taxes	875	956
General and administrative costs	1,414	1,662
Depreciation and amortization	2,799	3,068
Total operating expenses	11,609	12,773
Operating income	1,222	1,113
Other income, net	233	206
Interest and dividend income	2,628	1,468
Interest expense	-3,793	-3,914
Gain on sale of marketable securities (includes gain of $6,317 and $548, respectively, accumulated other comprehensive income reclassifications)	6,923	1,167
Loss from investment in unconsolidated affiliated real estate entity	-35	-135
Net income/(loss) from continuing operations	7,178	-95
Net income from discontinued operations	14,605	2,157
Net income	21,783	2,062
Less: net income attributable to noncontrolling interests	-627	-152
Net income attributable to Company's common shares	$21,156	$1,910
Basic and diluted net income per Company's common share:
Continuing operations	$0.26	($0.01)
Discontinued operations	$0.56	$0.08
Net income per Company's common share, basic and diluted	$0.82	$0.07
Weighted average number of common shares outstanding, basic and diluted	25,938	25,723

CONSOLIDATED_STATEMENTS_OF_OPE1

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Reclassification adjustment for loss/(gain) included in net income	$6,317	$548

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income	$21,783	$2,062
Other comprehensive income:
Unrealized gain on available for sale securities	7,936	8,383
Reclassification adjustment for gain included in net income	-6,317	-548
Other comprehensive income	1,619	7,835
Comprehensive income	23,402	9,897
Less: Comprehensive income attributable to noncontrolling interests	-1,305	-861
Comprehensive income attributable to Company's common shares	$22,097	$9,036

CONSOLIDATED_STATEMENT_OF_STOC

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (USD $)	Total	Common [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Surplus [Member]	Total Noncontrolling Interests [Member]
In Thousands
BALANCE at Dec. 31, 2014	$316,003	$258	$204,022	$50,671	$25,814	$35,238
BALANCE (in shares) at Dec. 31, 2014		25,850
Net income	21,783				21,156	627
Other comprehensive income	1,619			942		677
Distributions declared	-4,479				-4,479
Distributions paid to noncontrolling interests	-2,576					-2,576
Contributions received from noncontrolling interests	3					3
Redemption and cancellation of shares and noncontrolling interests	-680		-392			-288
Redemption and cancellation of shares and noncontrolling interests (in shares)		-39
Shares issued from distribution reinvestment program	1,453	1	1,452
Shares issued from distribution reinvestment program (in shares)		130
BALANCE at Mar. 31, 2015	$333,126	$259	$205,082	$51,613	$42,491	$33,681
BALANCE (in shares) at Mar. 31, 2015		25,941

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$21,783	$2,062
Less net income - discontinued operations	14,605	2,157
Net income/(loss) - continuing operations	7,178	-95
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation and amortization	2,799	3,068
Mark to market adjustment on derivative financial instruments	69	36
Gain on sale of marketable securities	-6,923	-1,167
Loss from investment in unconsolidated affiliated real estate entity	35	135
Other non-cash adjustments	-70	-48
Changes in assets and liabilities:
Decrease/(increase) in prepaid expenses and other assets	240	-413
Decrease in tenant accounts receivable	4	480
Increase in tenant allowance and security deposits payable	159	342
Increase in accounts payable and accrued expenses	128	602
(Decrease)/increase in due to Sponsor	-17	-175
Increase in deferred rental income	255	511
Net cash provided by operating activities - continuing operations	3,857	3,276
Net cash provided by operating activities - discontinued operations	967	2,210
Net cash provided by operating activities	4,824	5,486
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property, net	-1,760	-2,496
Purchase of marketable securities	-5,113	-7,470
Contributions to investment in unconsolidated affiliated real estate entities	-1,568
Collections on mortgage receivable	35	24
Proceeds from sale of marketable securities	22,203	17,778
Investment in affiliate	-7,113
Distribution from investment in unconsolidated affiliated real estate entities	96
Deposit for purchase of real estate, net		-3,543
Release of restricted escrows	442	7,045
Net cash provided by investing activities - continuing operations	7,222	11,338
Net cash provided by investing activities - discontinued operations	77,994	5,461
Net cash provided by investing activities	85,216	16,799
CASH FLOWS FROM FINANCING ACTIVITIES:
Mortgage payments	-544	-662
Payment of loan fees and expenses	-2	-11
Redemption and cancellation of common stock and noncontrolling interests	-392	-3,104
Proceeds from mortgage financing		553
Net payments on notes payable	-18,172	-671
Contributions received from noncontrolling interests	3	9
Distributions paid to noncontrolling interests	-2,576	-710
Distributions paid to Company's common stockholders	-3,113	-3,076
Net cash used in financing activities - continuing operations	-24,796	-7,672
Net cash used in financing activities - discontinued operations	-34,236	-6,020
Net cash used in financing activities	-59,032	-13,692
Net change in cash and cash equivalents	31,008	8,593
Cash and cash equivalents, beginning of year	54,529	52,899
Cash and cash equivalents, end of period	85,537	61,492
Supplemental disclosure of cash flow information:
Cash paid for interest	3,359	3,884
Distributions declared	4,479	4,443
Value of shares issued from distribution reinvestment program	1,453	1,450
Non-cash purchase of investment property	4,137	250
Debt assumed by purchase on disposition	$11,539

Organization

Organization	3 Months Ended
	Mar. 31, 2015
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% interest as of March 31, 2015.
	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, LLC (the “Sponsor”), under the terms and conditions of an advisory agreement. Subject to the oversight of the Company's board of directors (the “Board of Directors”), the Advisor has primary responsibility for making investment decisions and managing the Company's day-to-day operations. Through his ownership and control of The Lightstone Group, Mr. Lichtenstein is the indirect owner of the Advisor and the indirect owner and manager of Lightstone SLP, LLC, which has subordinated profits interests in the Operating Partnership. Mr. Lichtenstein also acts as the Company's Chairman and Chief Executive Officer. As a result, he exerts influence over but does not control Lightstone REIT or the Operating Partnership.
	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, 2015, on a collective basis, the Company (i) wholly or majority 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, 14 industrial properties containing a total of approximately 1.0 million square feet of industrial space, 5 multi-family residential properties containing a total of 1,216 units, and 5 hotel hospitality properties containing a total of 779 rooms and (ii) 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, 2015, the retail properties, the industrial properties, the multi-family residential properties and the office property were 82.8%, 76.4%, 95.1% and 82.5% occupied based on a weighted-average basis, respectively. Its hotel hospitality properties' average revenue per available room (“Rev PAR”) was $60.52 and occupancy was 53.4%, respectively for the three months ended March 31, 2015.
	Discontinued Operations
	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.   We recognized a gain on disposition of approximately $1.6 million, which is included in discontinued operations during the year ended December 31, 2014.
	During the first quarter of 2015, a portfolio of 11 of the Company's hotel hospitality properties' (the “Hotel Portfolio”) met the criteria to be classified as held for sale. The operating results of the Hotel Portfolio have been classified as discontinued operations in the consolidated statements of operations for all periods presented.   Additionally, the associated assets and liabilities of the Hotel Portfolio are classified as held for sale in the consolidated balance sheet as of December 31, 2014. Also, during the first quarter of 2015 the Company completed the disposition of 7 of the 11 hotel hospitality properties contained in the Hotel Portfolio and the remaining 4 hotel hospitality properties are classified as held for sale in the consolidated balance sheet as of March 31, 2015 (See Note 6.).
	Noncontrolling Interests
	As of March 31, 2015, 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.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
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, 2014. 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 (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.
	GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate, marketable securities, 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, 2014 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.
	Reclassifications
	Certain prior period amounts have been reclassified to conform to the current year presentation.
	New Accounting Pronouncements
	In May 2014, the FASB issued an accounting standards update that completes the joint effort by the FASB and International Accounting Standards Board to improve financial reporting by creating common revenue recognition guidance for GAAP and International Financial Reporting Standards. The update applies to all companies that enter into contracts with customers to transfer goods or services and is effective for us for interim and annual reporting periods beginning after December 15, 2016. Early application is not permitted and companies have the choice to apply the update either retrospectively to each reporting period presented or by recognizing the cumulative effect of applying the update at the date of initial application (January 1, 2017) and not adjusting comparative information. The Company is currently evaluating the requirements and impact of this update on its consolidated financial statements.
	In April 2015, the FASB issued an accounting standards update to simplify the presentation of debt issuance costs. This update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This new guidance will be effective for the Company beginning January 1, 2016. The Company is currently evaluating the impact of this standard on our consolidated financial statements.

Investment_in_Unconsolidated_A

Investment in Unconsolidated Affiliated Real Estate Entity	3 Months Ended
	Mar. 31, 2015
Investments in Unconsolidated Affiliated Real Estate Entity [Abstract]
Investments in Unconsolidated Affiliated Real Estate Entity	3. Investment in Unconsolidated Affiliated Real Estate Entity
	The entity discussed below was partially owned by the Company. The Company accounted for this investment under the equity method of accounting as the Company exercised significant influence, but did not control this 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-15		31-Dec-14
	1407 Broadway Mezz II, LLC ("1407 Broadway")	4-Jan-07			49	%		$	11,284	$	9,846
		1407 Broadway
	The Company had 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.
	On April 30, 2015, 1407 Broadway completed the disposition of its sub-leasehold to an unrelated third party for aggregate consideration of approximately $150.0 million. The Company's share of the net proceeds, after repayment of outstanding mortgage indebtedness and transaction and other closing costs was approximately $14.0 million.
		1407 Broadway Financial Information
		The following table represents the unaudited condensed income statement for 1407 Broadway:
		For the Three Months Ended March 31,
		2015				2014
	Total revenue	$	10,257			$	9,982
	Property operating expenses		7,239				8,008
	Depreciation and amortization		2,022				1,666
	Operating income		996				308
	Interest expense and other, net		(1,135	)			(709	)
	Net loss	$	(139	)		$	(401	)
	Company's equity earnings	$	(35	)		$	(135	)
	The following table represents the unaudited condensed balance sheet for 1407 Broadway:
		As of				As of
		31-Mar-15				December 31, 2014
	Real estate, at cost (net)	$	122,937			$	121,304
	Intangible assets		16				28
	Cash and restricted cash		14,101				8,951
	Other assets		21,821				22,673
	Total assets	$	158,875			$	152,956
	Mortgage payable	$	125,917			$	126,000
	Other liabilities		16,284				13,342
	Member capital		16,674				13,614
	Total liabilities and members' capital	$	158,875			$	152,956

Marketable_Securities_and_Fair

Marketable Securities and Fair Value Measurements	3 Months Ended
	Mar. 31, 2015
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, 2015
			Adjusted Cost		Gross Unrealized Gains		Gross Unrealized			Fair Value
							Losses
	Equity Securities, primarily REITs		$	1,405	$	499	$	-		$	1,904
	Marco OP Units and Marco II OP Units			47,029		57,088		-			104,117
	Corporate Bonds and Preferred Equities			35,880		783		(557	)		36,106
	Mortgage Backed Securities ("MBS")			4,430		-		(287	)		4,143
	Total		$	88,744	$	58,370	$	(844	)	$	146,270
			As of December 31, 2014
			Adjusted Cost		Gross Unrealized Gains		Gross Unrealized			Fair Value
							Losses
	Equity Securities, primarily REITs		$	1,405	$	367	$	-		$	1,772
	Marco OP Units and Marco II OP Units			51,970		55,872		-			107,842
	Corporate Bonds and Preferred Equities			40,705		898		(955	)		40,648
	Mortgage Backed Securities ("MBS")			4,832		-		(276	)		4,556
	Total		$	98,912	$	57,137	$	(1,231	)	$	154,818
	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”).
	During the three months ended March 31, 2015, the Company sold 60,000 Marco OP units with a cost basis of approximately $4.9 million for gross proceeds of approximately $11.5 million and realized a gain of approximately $6.6 million, which is included in gain on sale of marketable securities, on the consolidated statements of operations.
	The Company considers the declines in market value of certain of its investments to be temporary in nature as the unrealized losses were caused primarily by changes in market interest rates or widening credit spreads. When evaluating these 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, 2015 and 2014, the Company did not recognize any impairment charges. As of March 31, 2015, 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, 2015 and 2014 the Company realized $0.3 million and $1.2 million of gross gains, 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% (1.03% as of March 31, 2015) 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 was $0.5 million and $18.7 million as of March 31, 2015 and December 31, 2014, 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 June 19, 2016 and bears interest at Libor plus 3.00% (3.18% as of March 31, 2015). 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 was $19.9 million as of both March 31, 2015 and December 31, 2014 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, 2015		Level 1		Level 2		Level 3			Total
	Marketable Securities:
	Equity Securities, primarily REITs		$	1,904	$	-	$	-		$	1,904
	Marco OP and OP II Units			-		104,117		-			104,117
	Corporate Bonds and Preferred Equities			-		36,106		-			36,106
	MBS			-		4,143		-			4,143
	Total		$	1,904	$	144,366	$	-		$	146,270
			Fair Value Measurement Using
	As of December 31, 2014		Level 1		Level 2		Level 3			Total
	Marketable Securities:
	Equity Securities, primarily REITs		$	1,772	$	-	$	-		$	1,772
	Marco OP and OP II Units			-		107,842		-			107,842
	Corporate Bonds and Preferred Equities			-		40,648		-			40,648
	MBS			-		4,556		-			4,556
	Total		$	1,772	$	153,046	$	-		$	154,818
	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, 2015
Mortgages Payable [Abstract]
Mortgages Payable	5. Mortgages Payable
	Mortgages payable consists of the following:
													Loan Amount as of
	Property		Interest Rate			Weighted			Maturity Date	Amount Due at			31-Mar-15			December 31,
						Average Interest				Maturity						2014
						Rate as of March
						31, 2015
	Southeastern Michigan Multi-Family Properties		5.96	%		5.96	%		Jul-16	$	38,139		$	38,864		$	39,012
	Oakview Plaza		5.49	%		5.49	%		Jan-17		25,583			26,319			26,425
	Gulf Coast Industrial Portfolio		9.83	%		9.83	%		Due on demand		51,031			51,031			51,142
	St. Augustine Outlet Center		6.09	%		6.09	%		Apr-16		23,748			24,240			24,364
	Gantry Park		4.48	%		4.48	%		November 2024		65,317			74,500			74,500
	DePaul Plaza		Libor + 3.00%			3.17	%		September 2017		11,147			11,691			11,746
	Total mortgages payable					6.16	%			$	214,965		$	226,645		$	227,189
	Libor as of March 31, 2015 and December 31, 2014 was 0.18% 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, 2015, including the debt of approximately $21.4 million associated with the remaining 4 hotel hospitality properties of the Hotel Portfolio, which is classified within liabilities held for sale in the Consolidated Balance Sheets:
	Remainder of			2016				2017			2018			2019			Thereafter		Total
	2015
	$	52,644		$	63,454			$	43,189		$	15,395		$	1,213		$	72,129	$	248,024
	Pursuant to the Company's loan agreements, escrows in the amount of approximately $8.6 million and $11.7 million were held in restricted escrow accounts as of March 31, 2015 and December 31, 2014, 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 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.  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 of an additional 4.0%, an aggregate $5.6 million of default interest has been accrued through March 31, 2015 pursuant to the terms of the loan agreement. For both the three months ended March 31, 2015 and 2014, $0.5 million of default interest was accrued. As a result, accrued default interest of approximately $5.6 million and $5.0 million is included in accounts payable, accrued expenses and other liabilities on our consolidated balance sheets as of March 31, 2015 and December 31, 2014, respectively. Although we remain in discussions with the special servicer to restructure the terms of the loan, there can be no assurances that we will be successful. However, we do not expect to pay the accrued default interest as this mortgage indebtedness is non-recourse to us. Additionally, 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.

Dispositions

Dispositions	3 Months Ended
	Mar. 31, 2015
Dispositions [Abstract]
Dispositions	6. Dispositions
	Disposition of limited service hotels
	On January 19, 2015, the Board of Directors of the Company provided approval for the Company to form a joint venture (the “Joint Venture”) with Lightstone Value Plus Real Estate Investment Trust II, Inc. (“Lightstone II”), a real estate investment trust also sponsored by the Company's Sponsor and for the Joint Venture to acquire the Company's membership interest in up to 11 limited service hotels (the “Hotel Portfolio”) for an aggregate of approximately $122.4 million, plus closing and other third party transaction costs, with the acquisition of certain of the properties contingent upon obtaining existing lender approvals.  As of December 31, 2014, the 11 limited service hotels were encumbered by an aggregate of approximately $67.2 million in debt.
	The 11 limited service hotels consist of the following:
		•	a 151-room limited service hotel which operates as a Courtyard by Marriott (the “Courtyard – Parsippany”) located in Parsippany, New Jersey (wholly owned by the Lightstone REIT since July 30, 2012);
		•	a 90-room limited service hotel which operates as a Courtyard by Marriott (the “Courtyard - Willoughby”) located in Willoughby, Ohio (wholly owned by the Lightstone REIT since December 3, 2012);
		•	a 102-room limited service hotel which operates as a Fairfield Inn & Suites by Marriott (the “Fairfield Inn – Des Moines”) located in West Des Moines, Iowa (wholly owned by the Lightstone REIT since December 3, 2012);
		•	a 97-suite limited service hotel which operates as a SpringHill Suites by Marriott (the “SpringHill Suites - Des Moines”) located in West Des Moines, Iowa (wholly owned by the Lightstone REIT since December 3, 2012);
		•	a 82-room, Holiday Inn Express Hotel & Suites (the “Holiday Inn Express - Auburn”) located in Auburn, Alabama (wholly owned by the Lightstone REIT since January 18, 2013);
		•	a 121-room limited service hotel which operates as a Courtyard by Marriott (the “Courtyard - Baton Rouge”) located in Baton Rouge, Louisiana (90% owned by the Lightstone REIT since May 16, 2013);
		•	a 108-room limited service hotel which operates as a Residence Inn by Marriott (the “Residence Inn - Baton Rouge”) located in Baton Rouge, Louisiana (90% owned by the Lightstone REIT since May 16, 2013);
		•	a 130-room select service hotel which operates as a Starwood Hotel Group Aloft Hotel (the “Aloft – Rogers”) located in Rogers, Arkansas (wholly owned by the Lightstone REIT since June 18, 2013);
		•	a 83-room limited service hotel which operates as a Fairfield Inn & Suites by Marriott (the “Fairfield Inn – Jonesboro”) located in Jonesboro, Arkansas (95% owned by the Lightstone REIT since June 18, 2013);
		•	a 127-room limited service hotel which operates as a Hampton Inn (the “Hampton Inn - Miami”) located in Miami, Florida (wholly owned by the Lightstone REIT since August 30, 2013); and
		•	a 104-room limited service hotel which operates as a Hampton Inn & Suites (the “Hampton Inn & Suites - Fort Lauderdale”) located in Fort Lauderdale, Florida (wholly owned by the Lightstone REIT since August 30, 2013).
	On January 29, 2015 the Company, through the Operating Partnership, entered into an agreement to form the Joint Venture with Lightstone II whereby the Company and Lightstone II have 2.5% and 97.5% membership interests in the Joint Venture, respectively. Lightstone II is the managing member. Each member may receive distributions and make future capital contributions based upon its respective ownership percentage, as required. As of March 31, 2015, the Company's 2.5% membership interest in the Joint Venture was approximately $1.5 million, recorded at cost, and is included in investment in affiliates on the consolidated balance sheet.
	On January 29, 2015, the Company through a wholly owned subsidiary of the Operating Partnership, completed the disposition of its memberships interests in a portfolio of 5 of the 11 limited service hotels to be acquired by the Joint Venture previously approved by the Board of Directors for approximately $64.6 million, excluding transaction costs, or approximately $30.5 million, net of $34.1 million of debt which was repaid as part of the transaction, pursuant to five separate contribution agreements entered into with Lightstone II through the Joint Venture.
	The 5 limited service hotels are as follows:
		•	Courtyard – Willoughby
		•	Fairfield Inn - Des Moines
		•	SpringHill Suites - Des Moines
		•	Hampton Inn – Miami
		•	Hampton Inn & Suites - Fort Lauderdale
	The Revolving Credit Facility was paid off upon completion of the disposition of the Hotel Portfolio.
	On February 11, 2015, the Company, through a wholly owned subsidiary of its operating partnership, completed the disposition of its membership interest in the Courtyard – Parsippany and its 90% membership interest in the Residence Inn - Baton Rouge for approximately $23.4 million, excluding transaction costs, or approximately $12.2 million, net of $11.2 million of debt which was assumed by the subsidiaries of the Joint Venture as part of the transaction, pursuant to two separate contribution agreements, each dated as of February 11, 2015, entered into with Lightstone II through the Joint Venture.
	The Courtyard – Parsippany Loan and the Residence Inn - Baton Rouge Loan were assumed by the subsidiaries of the Joint Venture as part of the transaction.
	The two transactions completed on January 29, 2015 and February 11, 2015 described above represent 7 of the 11 limited service hotels to be disposed of by the Company previously approved by the Board of Directors. The Company is awaiting approval from the holders of the Promissory Note and the Courtyard Baton Rouge Loan for the Joint Venture to assume the Promissory Note and the Courtyard Baton Rouge Loan to complete the disposal of the final 4 of the 11 limited service hotels (Holiday Inn Express – Auburn, the Arkansas Hotel Portfolio and the Courtyard - Baton Rouge) previously approved by the Board of Directors.
	In connection with the disposal of its interests in 7 of the 11 limited service hotels, the Company recognized a gain on disposition of approximately $14.4 million, which is included in discontinued operations on the consolidated statements of operations, during the three months ended March 31, 2015.
	Disposition of Crowe's Crossing
	During the fourth quarter of 2013, Crowe's Crossing met the criteria to be classified as held for sale and was subsequently disposed of for approximately $9.3 million on January 22, 2014. The operating results of Crowe's Crossing through its date of disposition have been classified as discontinued operations in the consolidated statements of operations for all periods presented.
	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. Additionally, 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 Hotel Portfolio 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-15			March 31, 2014
	Revenues		$	5,168		$	8,432
	Operating expenses			4,370			6,874
	Operating income			798			1,558
	Interest expense and other			(597	)		(1,011	)
	Gain on disposition			14,404			1,610
	Net income from discontinued operations		$	14,605		$	2,157
	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			As of
			March 31,			December 31,
			2015			2014
	Net investment property		$	31,231		$	105,610
	Intangible assets, net			102			167
	Other assets			1,935			5,728
	Total assets held for sale		$	33,268		$	111,505
	Mortgages payable		$	21,379		$	67,155
	Accounts payable and accrued expenses			859			2,905
	Other liabilities			63			70
	Total liabilities held for sale		$	22,301		$	70,130

Net_Earnings_Per_Share

Net Earnings Per Share	3 Months Ended
	Mar. 31, 2015
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 anti-dilutive 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, 2015
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,
		2015		2014
	Acquisition fees (general and administrative costs)	$	8	$	32
	Asset management fees (general and administrative costs)		711		713
	Property management fees (property operating expenses)		290		348
	Development fees and leasing commissions*		411		164
	Total	$	1,420	$	1,257
	*	Generally, capitalized and amortized over the estimated useful life of the associated asset.
	Lightstone SLP, LLC, an affiliate of the Company's Sponsor, has purchased subordinated profits interests in the Operating Partnership (“SLP units”) which are included in noncontrolling interests in the consolidated balance sheets. These SLP units, the purchase price of which will be repaid only after stockholders receive a stated preferred return and their net investment, entitle Lightstone SLP, LLC to a portion of any regular distributions made by the Operating Partnership.
	During the three months ended March 31, 2015, distributions of $0.5 million were declared and paid on the SLP units and are part of noncontrolling interests. Since inception through March 31, 2015, cumulative distributions declared were $15.5 million, of which $15.0 million were paid.
	Preferred Investment
	On March 7, 2014, the Company entered into an agreement with various related party entities pursuant to which it committed to make contributions of up to $35.0 million, with an additional contribution of up to $10.0 million subject to the satisfaction of certain conditions, which were subsequently met during October 2014, in an affiliate of its Sponsor which owns a parcel of land located at 365 Bond Street in Brooklyn, New York on which it is constructing a residential apartment project.  These contributions are made pursuant to an instrument, the “Preferred Investment,” that is entitled to monthly preferred distributions at a rate of 12% per annum, is redeemable by the Company upon the occurrence of certain events, is classified as a held-to-maturity security and is recorded at cost.
	The Company commenced making contributions during the second quarter of 2014 and as of March 31, 2015 and December 31, 2014, the Preferred Investment had a balance of approximately $42.2 million and $36.6 million respectively and is classified as investment in affiliate on the consolidated balance sheet.  During the three months ended March 31, 2015, the Company recorded approximately $1.2 million of dividend income related to the Preferred Investment, which is included in interest and dividend income on the consolidated statements of operations.

Financial_Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2015
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, 2015				As of December 31, 2014
		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
	Mortgages payable	$	226,645	$	229,209	$	227,189	$	228,261
	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, 2015
Segment Information [Abstract]
Segment Information	10. Segment Information
	The Company currently operates in four business segments as of March 31, 2015: (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, 2015 and 2014 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, 2015 and December 31, 2014. 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, 2014 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 Crowe's Crossing and the Hotel Portfolio due to their classification as discontinued operations for all periods presented. The Hotel Portfolio was previously included in the Company's Hospitality Segment and Crowe's Crossing was previously included in the Company's Retail Segment.
	Selected results of operations for the three months ended March 31, 2015 and 2014, and total assets as of March 31, 2015 and December 31, 2014 regarding the Company's operating segments are as follows:
		For the Three Months Ended March 31, 2015
		Retail			Multi-Family		Industrial			Hospitality			Unallocated			Total
	Total revenues	$	2,788		$	4,288	$	1,598		$	4,157		$	-		$	12,831
	Property operating expenses		914			1,374		445			3,787			1			6,521
	Real estate taxes		358			265		173			79			-			875
	General and administrative costs		(3	)		58		(46	)		103			1,302			1,414
	Net operating income/(loss)		1,519			2,591		1,026			188			(1,303	)		4,021
	Depreciation and amortization		1,000			740		404			655			-			2,799
	Operating income/(loss)	$	519		$	1,851	$	622		$	(467	)	$	(1,303	)	$	1,222
	As of March 31, 2015:
	Total Assets	$	109,639		$	123,343	$	50,272		$	63,300		$	282,025		$	628,579
		For the Three Months Ended March 31, 2014
		Retail			Multi-Family		Industrial			Hospitality			Unallocated			Total
	Total revenues	$	2,852		$	4,980	$	1,878		$	4,176		$	-		$	13,886
	Property operating expenses		767			1,952		512			3,855			1			7,087
	Real estate taxes		339			345		209			63			-			956
	General and administrative costs		20			94		(56	)		61			1,543			1,662
	Net operating income/(loss)		1,726			2,589		1,213			197			(1,544	)		4,181
	Depreciation and amortization		962			1,023		459			624			-			3,068
	Operating income/(loss)	$	764		$	1,566	$	754		$	(427	)	$	(1,544	)	$	1,113
	As of December 31, 2014:
	Total Assets	$	105,343		$	127,116	$	50,635		$	147,572		$	243,173		$	673,839

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
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.
	In connection with the sale of our indirectly-owned sub-leasehold interest in the office building located at 1407 Broadway, New York, New York, we resolved our previously disclosed litigation with Abraham Kamber Company as sublessor under the sublease, who had served the two notices of default on our predecessor in interest that gave rise to the litigation. Effective March 30, 2015, the litigation was dismissed in its entirety with prejudice. This matter has now been fully disposed of.
	On July 13, 2011, JF Capital Advisors, filed a lawsuit against The Lightstone Group, LLC, the Company, and Lightstone Value Plus Real Estate Investment Trust II, Inc. in the Supreme Court of the State of New York seeking payment for services alleged to have been rendered, and to be rendered prospectively, under theories of unjust enrichment and breach of contract. The plaintiff had a limited business arrangement with The Lightstone Group, LLC; that arrangement has been terminated. We filed a motion to dismiss the action and, on January 31, 2012, the Supreme Court dismissed the complaint in its entirety, but granted the plaintiff leave to replead two limited causes of action.
	The plaintiff filed an amended complaint on May 18, 2012, bringing limited claims under theories of unjust enrichment and quantum meruit. On November 21, 2012, the court dismissed this second complaint in part, leaving only $164 (plus interest) in potential damages. The plaintiff appealed this decision and Lightstone cross-appealed arguing that the case should have been dismissed in full. The appeals court denied plaintiff's motion and granted defendants' motion, as a result of which all claims were dismissed on March 25, 2014. The plaintiff filed a motion requesting the right to re-appeal to the Court of Appeals, which was granted on August 1, 2014.
	Plaintiff has appealed to the Court of Appeals. The Court of Appeals is scheduled to hear the case on June 3, 2015. Lightstone continues to believe that these claims to be without merit and will defend the case vigorously.
	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.
	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, 2015
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events
	Distribution Payment
	On April 15, 2015, the distribution for the three-month period ending March 31, 2015 of approximately $4.5 million was paid in cash. The distribution was paid from cash flows provided from operations.
	Distribution Declaration
	On May 13, 2015, the Board authorized and the Company declared a distribution for the three-month period ending June 30, 2015. 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, 2015 to shareholders of record as of June 30, 2015.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
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, 2014. 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 (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.
	GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate, marketable securities, 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, 2014 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.
Reclassifications	Reclassifications
	Certain prior period amounts have been reclassified to conform to the current year presentation.
New Accounting Pronouncements	New Accounting Pronouncements
	In May 2014, the FASB issued an accounting standards update that completes the joint effort by the FASB and International Accounting Standards Board to improve financial reporting by creating common revenue recognition guidance for GAAP and International Financial Reporting Standards. The update applies to all companies that enter into contracts with customers to transfer goods or services and is effective for us for interim and annual reporting periods beginning after December 15, 2016. Early application is not permitted and companies have the choice to apply the update either retrospectively to each reporting period presented or by recognizing the cumulative effect of applying the update at the date of initial application (January 1, 2017) and not adjusting comparative information. The Company is currently evaluating the requirements and impact of this update on its consolidated financial statements.
	In April 2015, the FASB issued an accounting standards update to simplify the presentation of debt issuance costs. This update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This new guidance will be effective for the Company beginning January 1, 2016. The Company is currently evaluating the impact of this standard on our consolidated financial statements.

Investment_in_Unconsolidated_A1

Investment in Unconsolidated Affiliated Real Estate Entity (Tables)	3 Months Ended
	Mar. 31, 2015
Investments in Unconsolidated Affiliated Entity								As of
	Real Estate Entity	Date Acquired		Ownership %				31-Mar-15		31-Dec-14
	1407 Broadway Mezz II, LLC ("1407 Broadway")	4-Jan-07			49	%		$	11,284	$	9,846
1407 Broadway [Member]
Unaudited Condensed Income Statement		For the Three Months Ended March 31,
		2015				2014
	Total revenue	$	10,257			$	9,982
	Property operating expenses		7,239				8,008
	Depreciation and amortization		2,022				1,666
	Operating income		996				308
	Interest expense and other, net		(1,135	)			(709	)
	Net loss	$	(139	)		$	(401	)
	Company's equity earnings	$	(35	)		$	(135	)
Unaudited Condensed Balance Sheet		As of				As of
		31-Mar-15				December 31, 2014
	Real estate, at cost (net)	$	122,937			$	121,304
	Intangible assets		16				28
	Cash and restricted cash		14,101				8,951
	Other assets		21,821				22,673
	Total assets	$	158,875			$	152,956
	Mortgage payable	$	125,917			$	126,000
	Other liabilities		16,284				13,342
	Member capital		16,674				13,614
	Total liabilities and members' capital	$	158,875			$	152,956

Marketable_Securities_and_Fair1

Marketable Securities and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2015
Summary of Available for Sale Securities		As of March 31, 2015
		Adjusted Cost		Gross Unrealized Gains		Gross Unrealized			Fair Value
						Losses
	Equity Securities, primarily REITs	$	1,405	$	499	$	-		$	1,904
	Marco OP Units and Marco II OP Units		47,029		57,088		-			104,117
	Corporate Bonds and Preferred Equities		35,880		783		(557	)		36,106
	Mortgage Backed Securities ("MBS")		4,430		-		(287	)		4,143
	Total	$	88,744	$	58,370	$	(844	)	$	146,270
		As of December 31, 2014
		Adjusted Cost		Gross Unrealized Gains		Gross Unrealized			Fair Value
						Losses
	Equity Securities, primarily REITs	$	1,405	$	367	$	-		$	1,772
	Marco OP Units and Marco II OP Units		51,970		55,872		-			107,842
	Corporate Bonds and Preferred Equities		40,705		898		(955	)		40,648
	Mortgage Backed Securities ("MBS")		4,832		-		(276	)		4,556
	Total	$	98,912	$	57,137	$	(1,231	)	$	154,818
Marketable Securities, Available for Sale, and Derivative Financial Instruments Measured at Fair Value on Recurring Basis		Fair Value Measurement Using
	As of March 31, 2015	Level 1		Level 2		Level 3			Total
	Marketable Securities:
	Equity Securities, primarily REITs	$	1,904	$	-	$	-		$	1,904
	Marco OP and OP II Units		-		104,117		-			104,117
	Corporate Bonds and Preferred Equities		-		36,106		-			36,106
	MBS		-		4,143		-			4,143
	Total	$	1,904	$	144,366	$	-		$	146,270
		Fair Value Measurement Using
	As of December 31, 2014	Level 1		Level 2		Level 3			Total
	Marketable Securities:
	Equity Securities, primarily REITs	$	1,772	$	-	$	-		$	1,772
	Marco OP and OP II Units		-		107,842		-			107,842
	Corporate Bonds and Preferred Equities		-		40,648		-			40,648
	MBS		-		4,556		-			4,556
	Total	$	1,772	$	153,046	$	-		$	154,818

Mortgages_Payable_Tables

Mortgages Payable (Tables)	3 Months Ended
	Mar. 31, 2015
Mortgages Payable [Abstract]
Schedule of Mortgages Payable													Loan Amount as of
	Property		Interest Rate			Weighted			Maturity Date	Amount Due at			31-Mar-15			December 31,
						Average Interest				Maturity						2014
						Rate as of March
						31, 2015
	Southeastern Michigan Multi-Family Properties		5.96	%		5.96	%		Jul-16	$	38,139		$	38,864		$	39,012
	Oakview Plaza		5.49	%		5.49	%		Jan-17		25,583			26,319			26,425
	Gulf Coast Industrial Portfolio		9.83	%		9.83	%		Due on demand		51,031			51,031			51,142
	St. Augustine Outlet Center		6.09	%		6.09	%		Apr-16		23,748			24,240			24,364
	Gantry Park		4.48	%		4.48	%		November 2024		65,317			74,500			74,500
	DePaul Plaza		Libor + 3.00%			3.17	%		September 2017		11,147			11,691			11,746
	Total mortgages payable					6.16	%			$	214,965		$	226,645		$	227,189
Contractually Scheduled Principal Maturities During Next Five Years	Remainder of			2016				2017			2018			2019			Thereafter		Total
	2015
	$	52,644		$	63,454			$	43,189		$	15,395		$	1,213		$	72,129	$	248,024

Dispositions_Tables

Dispositions (Tables)	3 Months Ended
	Mar. 31, 2015
Dispositions [Abstract]
Schedule of Discontinued Operations		For the Three Months Ended
		31-Mar-15			March 31, 2014
	Revenues	$	5,168		$	8,432
	Operating expenses		4,370			6,874
	Operating income		798			1,558
	Interest expense and other		(597	)		(1,011	)
	Gain on disposition		14,404			1,610
	Net income from discontinued operations	$	14,605		$	2,157
		As of			As of
		March 31,			December 31,
		2015			2014
	Net investment property	$	31,231		$	105,610
	Intangible assets, net		102			167
	Other assets		1,935			5,728
	Total assets held for sale	$	33,268		$	111,505
	Mortgages payable	$	21,379		$	67,155
	Accounts payable and accrued expenses		859			2,905
	Other liabilities		63			70
	Total liabilities held for sale	$	22,301		$	70,130

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Amount Recorded in Pursuant to Related Party Arrangment		Three Months Ended March 31,
		2015		2014
	Acquisition fees (general and administrative costs)	$	8	$	32
	Asset management fees (general and administrative costs)		711		713
	Property management fees (property operating expenses)		290		348
	Development fees and leasing commissions*		411		164
	Total	$	1,420	$	1,257

Financial_Instruments_Tables

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2015
Financial Instruments [Abstract]
Summary of Estimated Fair Value of Debt		As of March 31, 2015				As of December 31, 2014
		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
	Mortgages payable	$	226,645	$	229,209	$	227,189	$	228,261

Segment_Information_Tables

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2015
Segment Information [Abstract]
Results of Operations and Total Assets of Operating Segments		For the Three Months Ended March 31, 2015
		Retail			Multi-Family		Industrial			Hospitality			Unallocated			Total
	Total revenues	$	2,788		$	4,288	$	1,598		$	4,157		$	-		$	12,831
	Property operating expenses		914			1,374		445			3,787			1			6,521
	Real estate taxes		358			265		173			79			-			875
	General and administrative costs		(3	)		58		(46	)		103			1,302			1,414
	Net operating income/(loss)		1,519			2,591		1,026			188			(1,303	)		4,021
	Depreciation and amortization		1,000			740		404			655			-			2,799
	Operating income/(loss)	$	519		$	1,851	$	622		$	(467	)	$	(1,303	)	$	1,222
	As of March 31, 2015:
	Total Assets	$	109,639		$	123,343	$	50,272		$	63,300		$	282,025		$	628,579
		For the Three Months Ended March 31, 2014
		Retail			Multi-Family		Industrial			Hospitality			Unallocated			Total
	Total revenues	$	2,852		$	4,980	$	1,878		$	4,176		$	-		$	13,886
	Property operating expenses		767			1,952		512			3,855			1			7,087
	Real estate taxes		339			345		209			63			-			956
	General and administrative costs		20			94		(56	)		61			1,543			1,662
	Net operating income/(loss)		1,726			2,589		1,213			197			(1,544	)		4,181
	Depreciation and amortization		962			1,023		459			624			-			3,068
	Operating income/(loss)	$	764		$	1,566	$	754		$	(427	)	$	(1,544	)	$	1,113
	As of December 31, 2014:
	Total Assets	$	105,343		$	127,116	$	50,635		$	147,572		$	243,173		$	673,839

Organization_Detail

Organization (Detail) (USD $)	3 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
General partner ownership interest	98.00%
Retail [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Occupancy of properties	82.80%
Industrial Properties [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Occupancy of properties	76.40%
Residential Real Estate [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Occupancy of properties	95.10%
Hospitality [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Occupancy of properties	53.40%
Average revenue per available room	60.52
Office [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Occupancy of properties	82.50%
Crowes Crossing [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Gain on disposition		$1.60
Hotel Portfolio [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of real estate properties classified as held for sale	11
Number of real estate properties sold	7
Number of remaining held for sale real estate properties	4
Wholly Owned Properties [Member] | Retail [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of properties	3
Area of real estate space	700,000
Wholly Owned Properties [Member] | Industrial Properties [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of properties	14
Area of real estate space	1,000,000
Wholly Owned Properties [Member] | Residential Real Estate [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of properties	5
Property units	1,216
Wholly Owned Properties [Member] | Hospitality [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of properties	5
Number of rooms	779
Investments in unconsolidated affiliated real estate entities [Member] | Office [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of properties	1
Area of real estate space	1,100,000

Investment_in_Unconsolidated_A2

Investment in Unconsolidated Affiliated Real Estate Entity (Summary of Company's Investments in Unconsolidated Affiliated Real Estate Entity) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated affiliated real estate entity	$11,284	$9,846
1407 Broadway Mezz II, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Date Acquired	4-Jan-07
Ownership interest	49.00%
Total investments in unconsolidated affiliated real estate entity	$11,284	$9,846

Investment_in_Unconsolidated_A3

Investment in Unconsolidated Affiliated Real Estate Entity (Narrative) (Details) (1407 Broadway Mezz II, LLC [Member], USD $)	0 Months Ended
In Millions, unless otherwise specified	Apr. 30, 2015	Mar. 31, 2015
Schedule of Equity Method Investments [Line Items]
Equity method investment ownership percentage		49.00%
Subsequent Event [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of sub-leasehold interest in ground lease to office building	$150
Net proceeds from sale of sub-leasehold interest after repayments	$14

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, 2015	Mar. 31, 2014
Schedule of Equity Method Investments [Line Items]
Company's equity earnings	($35)	($135)
1407 Broadway Mezz II, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Total revenue	10,257	9,982
Property operating expenses	7,239	8,008
Depreciation and amortization	2,022	1,666
Operating income	996	308
Interest expense and other, net	-1,135	-709
Net loss	-139	-401
Company's equity earnings	($35)	($135)

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, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Schedule Of Condensed Consolidating Balance Sheets [Line Items]
Equity Method Investment, assets	$158,875	$152,956
Member capital	16,674	13,614
Total liabilities and members' capital	158,875	152,956
Real estate, at cost (net) [Member]
Schedule Of Condensed Consolidating Balance Sheets [Line Items]
Equity Method Investment, assets	122,937	121,304
Intangible Assets [Member]
Schedule Of Condensed Consolidating Balance Sheets [Line Items]
Equity Method Investment, assets	16	28
Cash and restricted cash [Member]
Schedule Of Condensed Consolidating Balance Sheets [Line Items]
Equity Method Investment, assets	14,101	8,951
Other Assets [Member]
Schedule Of Condensed Consolidating Balance Sheets [Line Items]
Equity Method Investment, assets	21,821	22,673
Mortgage payable [Member]
Schedule Of Condensed Consolidating Balance Sheets [Line Items]
Equity Method Investment, liabilities	125,917	126,000
Other Liabilities [Member]
Schedule Of Condensed Consolidating Balance Sheets [Line Items]
Equity Method Investment, liabilities	$16,284	$13,342

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, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	$88,744	$98,912
Gross Unrealized Gains	58,370	57,137
Gross Unrealized Losses	-844	-1,231
Fair Value	146,270	154,818
Equity Securities, primarily REITs [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	1,405	1,405
Gross Unrealized Gains	499	367
Gross Unrealized Losses
Fair Value	1,904	1,772
Marco OP and OP II Units [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	47,029	51,970
Gross Unrealized Gains	57,088	55,872
Gross Unrealized Losses
Fair Value	104,117	107,842
Corporate Bonds And Preferred Equities [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	35,880	40,705
Gross Unrealized Gains	783	898
Gross Unrealized Losses	-557	-955
Fair Value	36,106	40,648
Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	4,430	4,832
Gross Unrealized Gains
Gross Unrealized Losses	-287	-276
Fair Value	$4,143	$4,556

Marketable_Securities_and_Fair3

Marketable Securities and Fair Value Measurements (Narrative) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Shares of equity securities sold	60,000
Equity securities sold, cost basis	$4,900,000
Proceeds from sale of equity securities	11,500,000
Realized gain on sale of equity securities	6,600,000
Marco OP units, with an adjusted cost basis, not in escrow	88,744,000		98,912,000
Margin Loan [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate terms	Libor plus 0.85%
Debt instrument, interest rate basis point above reference rate	0.85%
Debt instrument, interest rate at end of period	1.03%
Margin loan, outstanding	500,000		18,700,000
Line of Credit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate terms	Libor plus 3.00%
Debt instrument, interest rate basis point above reference rate	3.00%
Debt instrument, interest rate at end of period	3.18%
Debt instrument, maturity date	19-Jun-16
Line of credit facility, maximum borrowing capacity	25,000,000
Line of credit facility, amount outstanding	19,900,000		19,900,000
Line of credit facility, number of Marco OP Units used as collateral	440,311
Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marco OP units, with an adjusted cost basis, not in escrow	4,430,000		4,832,000
Gross gains related to sales of securities and early redemptions of MBS	$300,000	$1,200,000
Available for sale securities debt maturity minimum period	27 years
Available for sale securities debt maturity maximum period	30 years

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, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$146,270	$154,818
Equity Securities, primarily REITs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,904	1,772
Marco OP and OP II Units [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	104,117	107,842
Corporate Bonds And Preferred Equities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	36,106	40,648
MBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	4,143	4,556
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,904	1,772
Fair Value, Inputs, Level 1 [Member] | Equity Securities, primarily REITs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,904	1,772
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]
Fair Value
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]
Fair Value
Fair Value, Inputs, Level 1 [Member] | MBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	144,366	153,046
Fair Value, Inputs, Level 2 [Member] | Equity Securities, primarily REITs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value
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]
Fair Value	104,117	107,842
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]
Fair Value	36,106	40,648
Fair Value, Inputs, Level 2 [Member] | MBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	4,143	4,556
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value
Fair Value, Inputs, Level 3 [Member] | Equity Securities, primarily REITs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value
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]
Fair Value
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]
Fair Value
Fair Value, Inputs, Level 3 [Member] | MBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value

Mortgages_Payable_Schedule_of_

Mortgages Payable (Schedule of Mortgages Payable) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Weighted Average Interest Rate	6.16%
Amount Due at Maturity	$214,965
Mortgages payable	226,645	227,189
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	38,864	39,012
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	26,319	26,425
Gulf Coast Industrial Portfolio [Member]
Debt Instrument [Line Items]
Stated interest rate	9.83%
Weighted Average Interest Rate	9.83%
Amount Due at Maturity	51,031
Mortgages payable	51,031	51,142
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	24,240	24,364
Gantry Park [Member]
Debt Instrument [Line Items]
Stated interest rate	4.48%
Weighted Average Interest Rate	4.48%
Maturity Date	2024-11
Amount Due at Maturity	65,317
Mortgages payable	74,500	74,500
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	3.17%
Maturity Date	2017-09
Amount Due at Maturity	11,147
Mortgages payable	$11,691	$11,746

Mortgages_Payable_Narrative_De

Mortgages Payable (Narrative) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Libor rate	0.18%		0.17%
Cash in restricted escrows accounts	$8,761,000		$8,809,000
Default interest accrued	500,000	500,000
Liabilities held for sale	22,301,000		70,130,000
Loan agreements [Member]
Debt Instrument [Line Items]
Cash in restricted escrows accounts	8,600,000		11,700,000
Courtyard - Baton Rouge [Member] | Mortgage payable [Member]
Debt Instrument [Line Items]
Additional default rate	4.00%
Default interest accrued	5,600,000
Accrued default interest payable	5,600,000		5,000,000
Hotel Portfolio [Member]
Debt Instrument [Line Items]
Liabilities held for sale	$21,400,000
Number of hotel hospitality properties	4

Mortgages_Payable_Contractuall

Mortgages Payable (Contractually Scheduled Principal Maturities During Next Five Years) (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Mortgages Payable [Abstract]
Remainder of 2015	$52,644
2016	63,454
2017	43,189
2018	15,395
2019	1,213
Thereafter	72,129
Total	$226,645	$227,189

Dispositions_Acquisition_Detai

Dispositions (Acquisition) (Details) (USD $)	0 Months Ended
	Jan. 19, 2015	Mar. 31, 2015	Jan. 29, 2015	Dec. 31, 2014
	hotels
Acquisition [Line Items]
Membership percentage in joint venture by Company			2.50%
Investment in affiliate		$43,750,000		$36,637,000
Lightstone II [Member]
Acquisition [Line Items]
Membership percentage in joint venture by other party			97.50%
Joint Venture with Lightstone II [Member]
Acquisition [Line Items]
Membership percentage in joint venture by Company		2.50%
Investment in affiliate		1,500,000
Hotel Portfolio [Member]
Acquisition [Line Items]
Number of service hotels approved for acquisition	11
Purchase consideration	122,400,000
Debt amount by which limited service hotels encumbered				$67,200,000
Courtyard - Parsippany [Member]
Acquisition [Line Items]
Number of room in limited service hotels				151
Courtyard - Willoughby [Member]
Acquisition [Line Items]
Number of room in limited service hotels				90
Fairfield Inn - Des Moines [Member]
Acquisition [Line Items]
Number of room in limited service hotels				102
SpringHill Suites - Des Moines [Member]
Acquisition [Line Items]
Number of suite in limited service hotels				97
Holiday Inn Express - Auburn [Member]
Acquisition [Line Items]
Number of room in limited service hotels				82
Courtyard - Baton Rouge [Member]
Acquisition [Line Items]
Number of room in limited service hotels				121
Courtyard - Baton Rouge [Member] | Lightstone Value Plus REIT LP [Member]
Acquisition [Line Items]
Ownership percentage in hotel owned by subsidiary				90.00%
Residence Inn - Baton Rouge [Member]
Acquisition [Line Items]
Number of room in limited service hotels				108
Residence Inn - Baton Rouge [Member] | Lightstone Value Plus REIT LP [Member]
Acquisition [Line Items]
Ownership percentage in hotel owned by subsidiary				90.00%
Aloft - Rogers [Member]
Acquisition [Line Items]
Number of room in limited service hotels				130
Fairfield Inn - Jonesboro [Member]
Acquisition [Line Items]
Number of room in limited service hotels				83
Fairfield Inn - Jonesboro [Member] | Lightstone Value Plus REIT LP [Member]
Acquisition [Line Items]
Ownership percentage in hotel owned by subsidiary				95.00%
Hampton Inn - Miami [Member]
Acquisition [Line Items]
Number of room in limited service hotels				127
Hampton Inn & Suites - Fort Lauderdale [Member]
Acquisition [Line Items]
Number of room in limited service hotels				104

Dispositions_Disposition_Of_Li

Dispositions (Disposition Of Limited Service Hotels) (Details) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Jan. 22, 2014	Jan. 29, 2015	Feb. 11, 2015	Feb. 11, 2015
				hotels	hotels
				item	item
Disposition of limited service hotels [Line Items]
Gain (loss) on disposition	$14,404,000	$1,610,000
Repayment of debt	544,000	662,000
Crowes Crossing [Member]
Disposition of limited service hotels [Line Items]
Gain (loss) on disposition		1,600,000
Disposal of real estate			9,300,000
Repayment of debt			5,800,000
Hotel Portfolio [Member] | Operating Partnership [Member]
Disposition of limited service hotels [Line Items]
Number of service hotel disposed				5	7
Number of limited service hotels				11
Sale consideration				64,600,000	23,400,000	23,400,000
Net sale consideration				30,500,000	12,200,000	12,200,000
Debt repaid as part of transactions				34,100,000
Number of separate contribution agreements				5	2	2
Amount of debt which was assumed by the subsidiaries of the Joint Venture					11,200,000	11,200,000
Number of service hotel for which Company is awaiting approval	4
Gain (loss) on disposition	$14,400,000
Residence Inn - Baton Rouge [Member] | Operating Partnership [Member]
Disposition of limited service hotels [Line Items]
Percentage of membership interest sold						90.00%

Dispositions_Summary_of_Operat

Dispositions (Summary of Operating Results of Discontinued Operations) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Dispositions [Abstract]
Revenues	$5,168	$8,432
Operating expenses	4,370	6,874
Operating Income	798	1,558
Interest expense and other	-597	-1,011
Gain on disposition	14,404	1,610
Net income from discontinued operations	$14,605	$2,157

Dispositions_Summary_of_Major_

Dispositions (Summary of Major Components of Assets and Liabilities Held for Sale) (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Dispositions [Abstract]
Net investment property	$31,231	$105,610
Intangible assets, net	102	167
Other assets	1,935	5,728
Total assets held for sale	33,268	111,505
Mortgages payable	21,379	67,155
Accounts payable and accrued expenses	859	2,905
Other liabilities	63	70
Total liabilities held for sale	$22,301	$70,130

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, 2015		Mar. 31, 2014
Related Party [Member]
Related Party Transaction [Line Items]
Acquisition fees (general and administrative costs)	$8		$32
Asset management fees (general and administrative costs)	711		713
Property management fees (property operating expenses)	290		348
Development fees and leasing commissions	411	[1]	164	[1]
Total	$1,420		$1,257
[1]	Generally, capitalized and amortized over the estimated useful life of the associated asset.

Related_Party_Transactions_Nar

Related Party Transactions (Narrative) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Related Party Transaction [Line Items]
Distributions declared	$4,479,000
Cumulative distribution paid	2,576,000	710,000
SLP Units [Member]
Related Party Transaction [Line Items]
Distributions declared	500,000
Cumulative distribution declared	15,500,000
Cumulative distribution paid	$15,000,000

Related_Party_Transactions_Pre

Related Party Transactions (Preferred Investment) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Mar. 07, 2014
Related Party Transactions [Abstract]
Preferred equity distributions, amount declared			$35,000,000
Preferred equity distributions, additional available funds			10,000,000
Annual distribution rate			12.00%
Investment in affiliate	43,750,000	36,637,000
Dividend income	$1,200,000

Financial_Instruments_Details

Financial Instruments (Details) (Mortgage payable [Member], USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
Mortgage payable [Member]
Debt Instrument [Line Items]
Carrying Amount	$226,645	$227,189
Estimated Fair Value	$229,209	$228,261

Segment_Information_Narrative_

Segment Information (Narrative) (Details)	12 Months Ended
	Dec. 31, 2014
Segment Information [Abstract]
Number of operating business segments	4

Segment_Information_Results_of

Segment Information (Results of Operations and Total Assets of Operating Segments) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Total revenues	$12,831	$13,886
Property operating expenses	6,521	7,087
Real estate taxes	875	956
General and administrative costs	1,414	1,662
Net operating income/(loss)	4,021	4,181
Depreciation and amortization	2,799	3,068
Operating income/(loss)	1,222	1,113
Total Assets	628,579	673,839	673,839
Retail [Member]
Segment Reporting Information [Line Items]
Total revenues	2,788	2,852
Property operating expenses	914	767
Real estate taxes	358	339
General and administrative costs	-3	20
Net operating income/(loss)	1,519	1,726
Depreciation and amortization	1,000	962
Operating income/(loss)	519	764
Total Assets	109,639	105,343
Multi Family [Member]
Segment Reporting Information [Line Items]
Total revenues	4,288	4,980
Property operating expenses	1,374	1,952
Real estate taxes	265	345
General and administrative costs	58	94
Net operating income/(loss)	2,591	2,589
Depreciation and amortization	740	1,023
Operating income/(loss)	1,851	1,566
Total Assets	123,343	127,116
Industrial [Member]
Segment Reporting Information [Line Items]
Total revenues	1,598	1,878
Property operating expenses	445	512
Real estate taxes	173	209
General and administrative costs	-46	-56
Net operating income/(loss)	1,026	1,213
Depreciation and amortization	404	459
Operating income/(loss)	622	754
Total Assets	50,272	50,635
Hospitality [Member]
Segment Reporting Information [Line Items]
Total revenues	4,157	4,176
Property operating expenses	3,787	3,855
Real estate taxes	79	63
General and administrative costs	103	61
Net operating income/(loss)	188	197
Depreciation and amortization	655	624
Operating income/(loss)	-467	-427
Total Assets	63,300	147,572
Unallocated [Member]
Segment Reporting Information [Line Items]
Total revenues
Property operating expenses	1	1
Real estate taxes
General and administrative costs	1,302	1,543
Net operating income/(loss)	-1,303	-1,544
Depreciation and amortization
Operating income/(loss)	-1,303	-1,544
Total Assets	$282,025	$243,173

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Nov. 21, 2012
Guarantor Obligations [Line Items]
Potential damages		$164
LVP Parties [Member] | Minimum [Member]
Guarantor Obligations [Line Items]
Guaranties period for collection of revolving credit facility following the closing of the outlet centers transaction	4 years

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	0 Months Ended
	13-May-15	Apr. 15, 2015	Mar. 07, 2014
Subsequent Events [Line Items]
Annualized rate of dividend			12.00%
Subsequent Event [Member]
Subsequent Events [Line Items]
Distribution payment		$4,500,000
Distribution declared	13-May-15
Distribution on per day basis	$0.00
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-Jul-15
Record date	30-Jun-15