Lightstone Value Plus REIT I (LHTV) 10-Q 14 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	6 Months Ended
	Jun. 30, 2015	Aug. 10, 2015
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Entity Registrant Name	Lightstone Value Plus Real Estate Investment Trust, Inc.
Entity Central Index Key	1,296,884
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		25.8
Entity Current Reporting Status	Yes

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets
Land and improvements	$ 68,635	$ 68,606
Building and improvements	230,651	227,427
Furniture and fixtures	16,794	16,567
Construction in progress	6,701	2,317
Gross investment property	322,781	314,917
Less accumulated depreciation	(45,133)	(40,166)
Net investment property	277,648	274,751
Investment in unconsolidated affiliated real estate entity	1,989	9,846
Investments in affiliates	72,481	36,637
Cash and cash equivalents	142,917	54,529
Marketable securities, available for sale	77,235	154,818
Restricted escrows	9,386	8,809
Tenant accounts receivable (net of allowance for doubtful accounts of $221 and $327, respectively)	1,902	1,853
Mortgage receivable	5,109	5,179
Intangible assets, net	1,314	1,546
Prepaid expenses and other assets	$ 8,993	14,366
Assets held for sale		111,505
Total Assets	$ 598,974	673,839
Liabilities and Stockholders' Equity
Mortgages payable	230,098	227,189
Notes payable	18,625	38,582
Accounts payable, accrued expenses and other liabilities	13,820	12,293
Due to sponsor	591	802
Tenant allowances and deposits payable	4,032	2,314
Distributions payable	4,522	4,566
Deferred rental income	1,305	1,167
Acquired below market lease intangibles, net	$ 695	793
Liabilities held for sale		70,130
Total Liabilities	$ 273,688	$ 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, 25,828 and 25,850 shares issued and outstanding, respectively	$ 258	$ 258
Additional paid-in-capital	203,952	204,022
Accumulated other comprehensive income	15,009	50,671
Accumulated surplus	74,318	25,814
Total Company's stockholders' equity	293,537	280,765
Noncontrolling interests	31,749	35,238
Total Stockholders' Equity	325,286	316,003
Total Liabilities and Stockholders' Equity	$ 598,974	$ 673,839

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
CONSOLIDATED BALANCE SHEETS [Abstract]
Tenant accounts receivable, allowance for doubtful accounts	$ 221	$ 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	25,828	25,850
Common stock, shares outstanding	25,828	25,850

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Rental income	$ 10,610	$ 11,245	$ 19,694	$ 21,083
Tenant recovery income	1,045	995	2,114	2,235
Other service income	2,821	2,737	5,499	5,484
Total revenues	14,476	14,977	27,307	28,802
Expenses:
Property operating expenses	6,922	7,274	13,443	14,361
Real estate taxes	831	655	1,706	1,611
General and administrative costs	1,136	1,405	2,550	3,067
Depreciation and amortization	2,818	3,200	5,617	6,268
Total operating expenses	11,707	12,534	23,316	25,307
Operating income	2,769	2,443	3,991	3,495
Other income, net	530	503	832	806
Mark to market adjustment on derivative financial instruments	(83)	(127)	(152)	(163)
Interest and dividend income	2,574	2,082	5,202	3,550
Interest expense	(3,756)	(3,912)	(7,549)	(7,826)
Gain/(loss) on sale of marketable securities (includes (gain)/loss of ($35,181), $14, ($41,498) and $534, respectively, of accumulated other comprehensive income reclassifications)	$ 27,817	(7)	$ 34,740	1,160
Loss on disposition of real estate		(2,354)		(2,354)
Income/(loss) from investments in unconsolidated affiliated real estate entity	$ 5,839	33	$ 5,804	(102)
Net income/(loss) from continuing operations	35,690	(1,339)	42,868	(1,434)
Net income from discontinued operations	4,126	1,014	18,731	3,171
Net income/(loss)	39,816	(325)	61,599	1,737
Less: net income attributable to noncontrolling interests	(3,467)	(224)	(4,094)	(376)
Net income/(loss) attributable to Company's common shares	$ 36,349	$ (549)	$ 57,505	$ 1,361
Basic and diluted net income/(loss) per Company's common share:
Continuing operations	$ 1.24	$ (0.06)	$ 1.50	$ (0.07)
Discontinued operations	0.16	0.04	0.72	0.12
Net income/(loss) per Company's common share, basic and diluted	$ 1.40	$ (0.02)	$ 2.22	$ 0.05
Weighted average number of common shares outstanding, basic and diluted	25,894	25,785	25,916	25,766

CONSOLIDATED STATEMENTS OF OPE5

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Reclassification adjustment for (gain)/loss included in net income	$ (35,181)	$ 14	$ (41,498)	$ (534)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME [Abstract]
Net income/(loss)	$ 39,816	$ (325)	$ 61,599	$ 1,737
Other comprehensive (loss)/income:
Unrealized (loss)/gain on available for sale securities	(5,824)	8,435	2,112	16,818
Reclassification adjustment for (gain)/loss included in net income	(35,181)	14	(41,498)	(534)
Other comprehensive (loss)/income	(41,005)	8,449	(39,386)	16,284
Comprehensive (loss)/income	(1,189)	8,124	22,213	18,021
Less: Comprehensive loss/(income) attributable to noncontrolling interests	935	(987)	(370)	(1,848)
Comprehensive (loss)/income attributable to Company's common shares	$ (254)	$ 7,137	$ 21,843	$ 16,173

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 6 months ended Jun. 30, 2015 - USD ($) shares in Thousands, $ in Thousands	Total	Common [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Surplus [Member]	Total Noncontrolling Interests [Member]
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	61,599				$ 57,505	4,094
Other comprehensive loss	(39,386)			$ (35,662)		$ (3,724)
Distributions declared	(9,001)				$ (9,001)
Distributions paid to noncontrolling interests	(3,131)					$ (3,131)
Contributions received from noncontrolling interests	8					8
Redemption and cancellation of shares and noncontrolling interests	(2,259)	$ (1)	$ (1,522)			$ (736)
Redemption and cancellation of shares and noncontrolling interests (in shares)		(152)
Shares issued from distribution reinvestment program	1,453	$ 1	1,452
Shares issued from distribution reinvestment program (in shares)		130
BALANCE at Jun. 30, 2015	$ 325,286	$ 258	$ 203,952	$ 15,009	$ 74,318	$ 31,749
BALANCE (in shares) at Jun. 30, 2015		25,828

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 61,599	$ 1,737
Less net income - discontinued operations	18,731	3,171
Net income/(loss) - continuing operations	42,868	(1,434)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,617	6,268
Mark to market adjustment on derivative financial instruments	152	163
Gain on sale of marketable securities	(34,740)	(1,160)
(Income)/loss from investment in unconsolidated affiliated real estate entity	$ (5,804)	102
Loss on disposition of real estate		2,354
Other non-cash adjustments	$ (107)	(48)
Changes in assets and liabilities:
Decrease in prepaid expenses and other assets	827	253
(Increase)/decrease in tenant and other accounts receivable	(24)	593
Increase in tenant allowance and security deposits payable	8	224
Increase in accounts payable and accrued expenses	21	994
Decrease in due to sponsor	(211)	(328)
Decrease in deferred rental income	138	337
Net cash provided by operating activities - continuing operations	8,745	8,318
Net cash provided by operating activities - discontinued operations	1,259	4,711
Net cash provided by operating activities	10,004	13,029
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property, net	(2,192)	(2,453)
Investments in affiliates	(35,844)	(21,837)
Purchase of marketable securities	$ (5,113)	(12,633)
Settlement of derivative financial instrument		$ (3,543)
Contributions to investment in unconsolidated affiliated real estate entities	$ (1,568)
Collections on mortgage receivable	70	$ 66
Proceeds from sale of marketable securities	78,049	23,097
Distribution from investments in unconsolidated affiliated real estate entities	$ 15,230	585
Deposit for purchase of real estate, net		50
Release of restricted escrows	$ 996	6,223
Net cash provided by/(used in) investing activities - continuing operations	49,628	(10,445)
Net cash provided by investing activities - discontinued operations	92,425	3,829
Net cash provided by/(used in) investing activities	142,053	(6,616)
CASH FLOWS FROM FINANCING ACTIVITIES:
Mortgage payments	(954)	(1,122)
Payment of loan fees and expenses	(69)	(71)
Redemption and cancellation of common stock	(1,523)	(4,455)
Proceeds from mortgage financing	3,863	778
Payments on notes payable	(19,957)	(860)
Contributions received from noncontrolling interests	8	14
Distributions paid to noncontrolling interests	(3,131)	(1,395)
Distributions paid to Company's common stockholders	(7,592)	(6,113)
Net cash used in financing activities - continuing operations	(29,355)	(13,224)
Net cash used in financing activities - discontinued operations	(34,314)	(8,303)
Net cash used in financing activities	(63,669)	(21,527)
Net change in cash and cash equivalents	88,388	(15,114)
Cash and cash equivalents, beginning of period	54,529	52,899
Cash and cash equivalents, end of period	142,917	37,785
Supplemental disclosure of cash flow information:
Cash paid for interest	6,059	7,299
Distributions declared	9,001	8,946
Value of shares issued from distribution reinvestment program	1,453	2,859
Non-cash purchase of investment property	2,339	$ 97
Debt assumed by purchase on disposition	$ 32,800

Organization

Organization	6 Months Ended
	Jun. 30, 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 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. 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 June 30, 2015, on a collective basis, the Company wholly or majority owned and consolidates the operating results and financial condition of 3 0.7 14 1.0 5 1,216 1 363 84 75 95 68 54 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 During the first quarter of 2015, a portfolio of 11 3.1 17.3 Noncontrolling Interests As of June 30, 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”) and 50-01 2nd St Associates LLC (the “2nd Street Joint Venture”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 Financial Accounting Standards Board (“FASB”) 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 Af

Investment in Unconsolidated Affiliated Real Estate Entity	6 Months Ended
	Jun. 30, 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 is owned by the Company. The Company accounts for this investment under the equity method of accounting as the Company exercises 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 % June 30, 2015 December 31, 2014 1407 Broadway Mezz II, LLC ("1407 Broadway") January 4, 2007 49.0 % $ 1,989 $ 9,846 1407 Broadway The Company has a 49.0 150.0 with such disposition recorded a net gain of approximately $ 9.9 5.7 19.9 15.1 1407 Broadway Financial Information The following table represents the unaudited condensed income statement for 1407 Broadway: For the Three Months Ended June 31 ,​ For the Six Months Ended June 31, 2015 2014 2015 2014 Total revenue $ 3,253 $ 9,900 $ 13,510 $ 19,882 Property operating expenses 2,200 7,041 9,439 15,049 Depreciation and amortization 622 1,745 2,644 3,411 Operating income 431 1,114 1,427 1,422 Interest expense and other, net (208 ) (1,165 ) (1,343 ) (1,874 ) Gain on disposition 9,891 - 9,891 - Net (loss)/income $ 10,114 $ (51 ) $ 9,975 $ (452 ) Company's share of net income/(loss) $ 5,839 $ 33 $ 5,804 $ (102 ) The following table represents the unaudited condensed balance sheet for 1407 Broadway: As of As of June 30, 2015 December 31, 2014 Real estate, at cost (net) $ - $ 121,304 Intangible assets - 28 Cash and restricted cash 6,005 8,951 Other assets 127 22,673 Total assets $ 6,132 $ 152,956 Mortgage payable $ - $ 126,000 Other liabilities 724 13,342 Member capital 5,408 13,614 Total liabilities and members' capital $ 6,132 $ 152,956

Marketable Securities and Fair

Marketable Securities and Fair Value Measurements	6 Months Ended
	Jun. 30, 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 June 30, 2015 Adjusted Cost Gross Unrealized Gains Gross Unrealized Fair Value Equity Securities, primarily REITs $ 1,405 $ 283 $ - $ 1,688 Marco OP Units and Marco II OP Units 19,227 16,976 - 36,203 Corporate Bonds and Preferred Equities 35,880 430 (888 35,422 Mortgage Backed Securities ("MBS") 4,203 - (281 3,922 Total $ 60,715 $ 17,689 $ (1,169 $ 77,235 As of December 31, 2014 Adjusted Cost Gross Unrealized Gains Gross Unrealized Fair Value 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 June 30, 2015, the Company redeemed approximately 323,000 27.8 55.6 27.8 During the six months ended June 30, 2015, the Company redeemed an aggregate of approximately 383,000 32.7 67.1 34.4 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 six months ended June 30, 2015 and 2014, the Company did not recognize any impairment charges. As of June 30, 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. The maturities of the Company's MBS generally ranged from 27 30 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 1.04 no 18.7 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 June 19, 2016 Libor plus 3.00 3.19 159,000 18.6 19.9 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 June 30, 2015 Level 1 Level 2 Level 3 Total Marketable Securities: Equity Securities, primarily REITs $ 1,688 $ - $ - $ 1,688 Marco OP and OP II Units - 36,203 - 36,203 Corporate Bonds and Preferred Equities - 35,422 - 35,422 MBS - 3,922 - 3,922 Total $ 1,688 $ 75,547 $ - $ 77,235 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	6 Months Ended
	Jun. 30, 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 June 30, 2015 December 31, Southeastern Michigan Multi-Family Properties 5.96 % 5.96 % July 2016 $ 38,139 $ 38,725 $ 39,012 Oakview Plaza 5.49 % 5.49 % January 2017 25,583 26,220 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 % April 2016 23,748 24,122 24,364 Gantry Park 4.48 % 4.48 % November 2024 65,317 74,500 74,500 DePaul Plaza Libor + 2.75 3.12 % June 2020 13,494 15,500 11,746 Total mortgages payable 6.16 % $ 217,312 $ 230,098 $ 227,189 Libor as of June 30, 2015 and December 31, 2014 was 0.19 0.17 The following table shows the contractually scheduled principal maturities during the next five years and thereafter as of June 30, 2015: Remainder of 2016 2017 2018 2019 Thereafter Total $ 51,976 $ 63,151 $ 25,991 $ 1,567 $ 1,621 $ 85,792 $ 230,098 Pursuant to the Company's loan agreements, escrows in the amount of approximately $ 9.2 11.7 On June 1, 2015 the Company entered into a modification of its existing mortgage payable collateralized by DePaul Plaza. The modification increased the original amount of the loan from $ 13.0 15.5 Libor plus 3.00 Libor plus 2.75 3.9 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, the Company is accruing default interest expense pursuant to the terms of the loan agreement. Default interest expense of $ 0.5 1.1 6.1 5.0 As discussed above, the Company's non-recourse mortgage secured by the Gulf Coast Industrial Portfolio, which was originally due in February 2017 is in default and therefore, due on demand. Additionally, the Company's mortgage loan (outstanding principal balance of $24.1 million as of June 30, 2015) secured by the St. Augustine Outlet Center matures in April 2016. The Company currently intend to seek to refinance the existing indebtedness prior to its stated maturity. Other than these financings, the Company has no additional significant maturities of mortgage debt over the next 12 months.

Dispositions

Dispositions	6 Months Ended
	Jun. 30, 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 interests in up to 11 122.4 The 11 limited service hotels consist of the following: • a 151 • a 90 • a 102 • a 97 • a 82 • a 121 90 • a 108 90 • a 130 • a 83 95 • a 127 • a 104 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 97.5 2.5 1.5 On January 29, 2015, the Company, through a wholly owned subsidiary of the Operating Partnership, completed the disposition of its 100% memberships interests in a portfolio of five 64.6 30.5 34.1 five The five limited service hotels included in the Hotel I Portfolio are as follows: • Courtyard – Willoughby • Fairfield Inn - Des Moines • SpringHill Suites - Des Moines • Hampton Inn – Miami • Hampton Inn & Suites - Fort Lauderdale The Company's Revolving Credit Facility was paid off upon completion of the disposition of the Hotel I Portfolio. On February 11, 2015, the Company, through a wholly owned subsidiary of its Operating Partnership, completed the disposition of its 100% membership interest in the Courtyard – Parsippany and its 90 23.4 12.2 11.6 two 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. On June 10, 2015, the Company, through a wholly owned subsidiary of its Operating Partnership, completed the disposition of its (i) 100 95 the Fairfield Inn – Jonesboro 100 28.0 12.9 15.1 The Promissory Note was On June 30, 2015, the Company through a wholly owned subsidiary of its Operating Partnership completed the disposition of its 90 the Courtyard - Baton Rouge 7.4 1.2 6.1 The Courtyard – Baton Rouge Loan was assumed by the subsidiaries of the Joint Venture as part of the transaction. The transactions described above represent the complete disposition of the LVP REIT Hotels by the Company previously approved by the Board of Directors. The Company recognized a gain on disposition of approximately $ 3.1 17.3 On January 22, 2014 the Company disposed of Crowe's Crossing for approximately $ 9.3 5.8 1.6 The following summary presents the operating results of the LVP REIT Hotels and Crowe's Crossing included in discontinued operations in the Consolidated Statements of Operations for the periods indicated. For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Revenues $ 2,832 $ 9,449 $ 8,000 $ 17,881 Operating expenses 1,372 7,482 5,742 14,356 Operating income 1,460 1,967 2,258 3,525 Interest expense and other, net (252 ) (953 ) (849 ) (1,964 ) Gain on disposition 2,918 - 17,322 1,610 Net income from discontinued operations $ 4,126 $ 1,014 $ 18,731 $ 3,171 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 December 31, Net investment property $ 105,610 Intangible assets, net 167 Other assets 5,728 Total assets held for sale $ 111,505 Mortgages payable $ 67,155 Accounts payable and accrued expenses 2,905 Other liabilities 70 Total liabilities held for sale $ 70,130

Net Earnings Per Share

Net Earnings Per Share	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Acquisition fees $ - $ 27 $ 8 $ 59 Asset management fees 696 711 1,407 1,424 Property management fees 293 341 582 689 Development fees and leasing commissions 69 241 480 405 Total $ 1,058 $ 1,320 $ 2,477 $ 2,577 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 and six months ended June 30, 2015, distributions of $ 0.5 1.0 16.0 15.5 Preferred Investments 365 Bond Street 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 10.0 12 The Company commenced making contributions during the second quarter of 2014 and as of June 30, 2015 and December 31, 2014, the 365 Bond Street Preferred Investment had a balance of approximately $ 42.2 36.6 2.8 1.3 2.5 40 East End Avenue Preferred Investment On May 14, 2015, the Company entered into an agreement with various related party entities pursuant to which it committed to make contributions of up to $ 30.0 8 12 The Company commenced making contributions during the second quarter of 2015 and as of June 30, 2015 the 40 East End Preferred Investment had a balance of approximately $ 28.8 1.2 0.3

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 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 June 30, 2015 As of December 31, 2014 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Mortgages payable $ 230,098 $ 229,904 $ 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	6 Months Ended
	Jun. 30, 2015
Segment Information [Abstract]
Segment Information	10. Segment Information The Company currently operates in four 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 and six months ended June 30, 2015 and 2014, and total assets as of June 30, 2015 and December 31, 2014 regarding the Company's operating segments are as follows: For the Three Months Ended June 30, 2015 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 2,788 $ 4,361 $ 1,545 $ 5,782 $ - $ 14,476 Property operating expenses 935 1,254 480 4,253 - 6,922 Real estate taxes 353 266 134 78 - 831 General and administrative costs - 24 (1 ) 48 1,065 1,136 Net operating income/(loss) 1,500 2,817 932 1,403 (1,065 ) 5,587 Depreciation and amortization 1,032 726 400 660 - 2,818 Operating income/(loss) $ 468 $ 2,091 $ 532 $ 743 $ (1,065 ) $ 2,769 As of June 30, 2015: Total Assets $ 110,147 $ 118,673 $ 51,042 $ 27,005 $ 292,107 $ 598,974 For the Three Months Ended June 30, 2014 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 2,701 $ 5,295 $ 1,898 $ 5,083 $ - $ 14,977 Property operating expenses 860 1,778 520 4,116 - 7,274 Real estate taxes 48 335 209 63 - 655 General and administrative costs (21 ) 58 1 36 1,331 1,405 Net operating income/(loss) 1,814 3,124 1,168 868 (1,331 ) 5,643 Depreciation and amortization 1,063 1,046 453 638 - 3,200 Operating income/(loss) $ 751 $ 2,078 $ 715 $ 230 $ (1,331 ) $ 2,443 As of December 31, 2014: Total Assets $ 105,343 $ 127,116 $ 50,635 $ 147,572 $ 243,173 $ 673,839 For the Six Months Ended June 30, 2015 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 5,576 $ 8,649 $ 3,143 $ 9,939 $ - $ 27,307 Property operating expenses 1,849 2,628 925 8,040 1 13,443 Real estate taxes 711 531 307 157 - 1,706 General and administrative costs (3 ) 82 (47 ) 151 2,367 2,550 Net operating income/(loss) 3,019 5,408 1,958 1,591 (2,368 ) 9,608 Depreciation and amortization 2,032 1,466 804 1,315 - 5,617 Operating income/(loss) $ 987 $ 3,942 $ 1,154 $ 276 $ (2,368 ) $ 3,991 For the Six Months Ended June 30, 2014 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 5,553 $ 10,214 $ 3,776 $ 9,259 $ - $ 28,802 Property operating expenses 1,627 3,730 1,032 7,971 1 14,361 Real estate taxes 387 680 418 126 - 1,611 General and administrative costs (1 ) 153 (55 ) 97 2,873 3,067 Net operating income/(loss) 3,540 5,651 2,381 1,065 (2,874 ) 9,763 Depreciation and amortization 2,025 2,069 912 1,262 - 6,268 Operating income/(loss) $ 1,515 $ 3,582 $ 1,469 $ (197 ) $ (2,874 ) $ 3,495

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 Plaintiff has appealed to the Court of Appeals, which affirmed in part and denied in part, leaving a smaller number of claims available to the Plaintiff. Plaintiff has indicated that it intends to continue to pursue these claims in the trial court. 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

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events Distribution Payment 4.5 Distribution Declaration August 14, 2015 0.0019178 365 7.0 10.00

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 Financial Accounting Standards Board (“FASB”) 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 22

Investment in Unconsolidated Affiliated Real Estate Entity (Tables)	6 Months Ended
	Jun. 30, 2015
Investments in Unconsolidated Affiliated Entity	As of Real Estate Entity Date Acquired Ownership % June 30, 2015 December 31, 2014 1407 Broadway Mezz II, LLC ("1407 Broadway") January 4, 2007 49.0 % $ 1,989 $ 9,846
1407 Broadway [Member]
Unaudited Condensed Income Statement	For the Three Months Ended June 31 ,​ For the Six Months Ended June 31, 2015 2014 2015 2014 Total revenue $ 3,253 $ 9,900 $ 13,510 $ 19,882 Property operating expenses 2,200 7,041 9,439 15,049 Depreciation and amortization 622 1,745 2,644 3,411 Operating income 431 1,114 1,427 1,422 Interest expense and other, net (208 ) (1,165 ) (1,343 ) (1,874 ) Gain on disposition 9,891 - 9,891 - Net (loss)/income $ 10,114 $ (51 ) $ 9,975 $ (452 ) Company's share of net income/(loss) $ 5,839 $ 33 $ 5,804 $ (102 )
Unaudited Condensed Balance Sheet	As of As of June 30, 2015 December 31, 2014 Real estate, at cost (net) $ - $ 121,304 Intangible assets - 28 Cash and restricted cash 6,005 8,951 Other assets 127 22,673 Total assets $ 6,132 $ 152,956 Mortgage payable $ - $ 126,000 Other liabilities 724 13,342 Member capital 5,408 13,614 Total liabilities and members' capital $ 6,132 $ 152,956

Marketable Securities and Fai23

Marketable Securities and Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Summary of Available for Sale Securities	As of June 30, 2015 Adjusted Cost Gross Unrealized Gains Gross Unrealized Fair Value Equity Securities, primarily REITs $ 1,405 $ 283 $ - $ 1,688 Marco OP Units and Marco II OP Units 19,227 16,976 - 36,203 Corporate Bonds and Preferred Equities 35,880 430 (888 35,422 Mortgage Backed Securities ("MBS") 4,203 - (281 3,922 Total $ 60,715 $ 17,689 $ (1,169 $ 77,235 As of December 31, 2014 Adjusted Cost Gross Unrealized Gains Gross Unrealized Fair Value 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 June 30, 2015 Level 1 Level 2 Level 3 Total Marketable Securities: Equity Securities, primarily REITs $ 1,688 $ - $ - $ 1,688 Marco OP and OP II Units - 36,203 - 36,203 Corporate Bonds and Preferred Equities - 35,422 - 35,422 MBS - 3,922 - 3,922 Total $ 1,688 $ 75,547 $ - $ 77,235 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)	6 Months Ended
	Jun. 30, 2015
Mortgages Payable [Abstract]
Schedule of Mortgages Payable	Loan Amount as of Property Interest Rate Weighted Maturity Date Amount Due at June 30, 2015 December 31, Southeastern Michigan Multi-Family Properties 5.96 % 5.96 % July 2016 $ 38,139 $ 38,725 $ 39,012 Oakview Plaza 5.49 % 5.49 % January 2017 25,583 26,220 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 % April 2016 23,748 24,122 24,364 Gantry Park 4.48 % 4.48 % November 2024 65,317 74,500 74,500 DePaul Plaza Libor + 2.75 3.12 % June 2020 13,494 15,500 11,746 Total mortgages payable 6.16 % $ 217,312 $ 230,098 $ 227,189
Contractually Scheduled Principal Maturities During Next Five Years	Remainder of 2016 2017 2018 2019 Thereafter Total $ 51,976 $ 63,151 $ 25,991 $ 1,567 $ 1,621 $ 85,792 $ 230,098

Dispositions (Tables)

Dispositions (Tables)	6 Months Ended
	Jun. 30, 2015
Dispositions [Abstract]
Schedule of Discontinued Operations	For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Revenues $ 2,832 $ 9,449 $ 8,000 $ 17,881 Operating expenses 1,372 7,482 5,742 14,356 Operating income 1,460 1,967 2,258 3,525 Interest expense and other, net (252 ) (953 ) (849 ) (1,964 ) Gain on disposition 2,918 - 17,322 1,610 Net income from discontinued operations $ 4,126 $ 1,014 $ 18,731 $ 3,171 As of December 31, Net investment property $ 105,610 Intangible assets, net 167 Other assets 5,728 Total assets held for sale $ 111,505 Mortgages payable $ 67,155 Accounts payable and accrued expenses 2,905 Other liabilities 70 Total liabilities held for sale $ 70,130

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Amount Recorded in Pursuant to Related Party Arrangment	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Acquisition fees $ - $ 27 $ 8 $ 59 Asset management fees 696 711 1,407 1,424 Property management fees 293 341 582 689 Development fees and leasing commissions 69 241 480 405 Total $ 1,058 $ 1,320 $ 2,477 $ 2,577

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Financial Instruments [Abstract]
Summary of Estimated Fair Value of Debt	As of June 30, 2015 As of December 31, 2014 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Mortgages payable $ 230,098 $ 229,904 $ 227,189 $ 228,261

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Information [Abstract]
Results of Operations and Total Assets of Operating Segments	For the Three Months Ended June 30, 2015 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 2,788 $ 4,361 $ 1,545 $ 5,782 $ - $ 14,476 Property operating expenses 935 1,254 480 4,253 - 6,922 Real estate taxes 353 266 134 78 - 831 General and administrative costs - 24 (1 ) 48 1,065 1,136 Net operating income/(loss) 1,500 2,817 932 1,403 (1,065 ) 5,587 Depreciation and amortization 1,032 726 400 660 - 2,818 Operating income/(loss) $ 468 $ 2,091 $ 532 $ 743 $ (1,065 ) $ 2,769 As of June 30, 2015: Total Assets $ 110,147 $ 118,673 $ 51,042 $ 27,005 $ 292,107 $ 598,974 For the Three Months Ended June 30, 2014 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 2,701 $ 5,295 $ 1,898 $ 5,083 $ - $ 14,977 Property operating expenses 860 1,778 520 4,116 - 7,274 Real estate taxes 48 335 209 63 - 655 General and administrative costs (21 ) 58 1 36 1,331 1,405 Net operating income/(loss) 1,814 3,124 1,168 868 (1,331 ) 5,643 Depreciation and amortization 1,063 1,046 453 638 - 3,200 Operating income/(loss) $ 751 $ 2,078 $ 715 $ 230 $ (1,331 ) $ 2,443 As of December 31, 2014: Total Assets $ 105,343 $ 127,116 $ 50,635 $ 147,572 $ 243,173 $ 673,839 For the Six Months Ended June 30, 2015 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 5,576 $ 8,649 $ 3,143 $ 9,939 $ - $ 27,307 Property operating expenses 1,849 2,628 925 8,040 1 13,443 Real estate taxes 711 531 307 157 - 1,706 General and administrative costs (3 ) 82 (47 ) 151 2,367 2,550 Net operating income/(loss) 3,019 5,408 1,958 1,591 (2,368 ) 9,608 Depreciation and amortization 2,032 1,466 804 1,315 - 5,617 Operating income/(loss) $ 987 $ 3,942 $ 1,154 $ 276 $ (2,368 ) $ 3,991 For the Six Months Ended June 30, 2014 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 5,553 $ 10,214 $ 3,776 $ 9,259 $ - $ 28,802 Property operating expenses 1,627 3,730 1,032 7,971 1 14,361 Real estate taxes 387 680 418 126 - 1,611 General and administrative costs (1 ) 153 (55 ) 97 2,873 3,067 Net operating income/(loss) 3,540 5,651 2,381 1,065 (2,874 ) 9,763 Depreciation and amortization 2,025 2,069 912 1,262 - 6,268 Operating income/(loss) $ 1,515 $ 3,582 $ 1,469 $ (197 ) $ (2,874 ) $ 3,495

Organization (Detail)

Organization (Detail) ft² in Millions, $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)ft²roomspropertiesproperty_units	Jun. 30, 2015USD ($)ft²roomspropertiesproperty_units$ / available_room	Dec. 31, 2014USD ($)
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	84.00%	84.00%
Industrial Properties [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Occupancy of properties	75.00%	75.00%
Residential Real Estate [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Occupancy of properties	95.00%	95.00%
Hospitality [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Occupancy of properties	54.00%	54.00%
Average revenue per available room | $ / available_room		68
Crowes Crossing [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Gain on disposition | $			$ 1.6
LVP REIT Hotels [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Gain on disposition | $	$ 3.1	$ 17.3
Number of real estate properties classified as held for sale		11
Wholly Owned Properties [Member] | Retail [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of properties	3	3
Area of real estate space | ft²	0.7	0.7
Wholly Owned Properties [Member] | Industrial Properties [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of properties	14	14
Area of real estate space | ft²	1	1
Wholly Owned Properties [Member] | Residential Real Estate [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of properties	5	5
Property units | property_units	1,216	1,216
Wholly Owned Properties [Member] | Hospitality [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of properties	1	1
Number of rooms | rooms	363	363

Investment in Unconsolidated 30

Investment in Unconsolidated Affiliated Real Estate Entity (Summary of Company's Investments in Unconsolidated Affiliated Real Estate Entity) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated affiliated real estate entity	$ 1,989	$ 9,846
1407 Broadway Mezz II, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Date Acquired	Jan. 4, 2007
Ownership interest	49.00%
Total investments in unconsolidated affiliated real estate entity	$ 1,989	$ 9,846

Investment in Unconsolidated 31

Investment in Unconsolidated Affiliated Real Estate Entity (Narrative) (Details) - USD ($) $ in Millions	Apr. 30, 2015	Jun. 30, 2015
Schedule of Equity Method Investments [Line Items]
Net proceeds from sale of sub-leasehold interest after repayments		$ 15.1
1407 Broadway Mezz II, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment ownership percentage		49.00%
Proceeds from sale of sub-leasehold interest in ground lease to office building	$ 150
Net proceeds from sale of sub-leasehold interest after repayments		$ 19.9

Investment in Unconsolidated 32

Investment in Unconsolidated Affiliated Real Estate Entity (Unaudited Condensed Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Schedule of Equity Method Investments [Line Items]
Gain on disposition	$ 5,700
Company's share of net income/(loss)	5,839	$ 33	$ 5,804	$ (102)
1407 Broadway Mezz II, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Total revenue	3,253	9,900	13,510	19,882
Property operating expenses	2,200	7,041	9,439	15,049
Depreciation and amortization	622	1,745	2,644	3,411
Operating income	431	1,114	1,427	1,422
Interest expense and other, net	(208)	$ (1,165)	(1,343)	$ (1,874)
Gain on disposition	9,891		9,891
Net (loss)/income	10,114	$ (51)	9,975	$ (452)
Company's share of net income/(loss)	$ 5,839	$ 33	$ 5,804	$ (102)

Investment in Unconsolidated 33

Investment in Unconsolidated Affiliated Real Estate Entity (Unaudited Condensed Balance Sheet) (Details) - 1407 Broadway Mezz II, LLC [Member] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule Of Condensed Consolidating Balance Sheets [Line Items]
Equity Method Investment, assets	$ 6,132	$ 152,956
Member capital	5,408	13,614
Total liabilities and members' capital	$ 6,132	152,956
Real estate, at cost (net) [Member]
Schedule Of Condensed Consolidating Balance Sheets [Line Items]
Equity Method Investment, assets		121,304
Intangible Assets [Member]
Schedule Of Condensed Consolidating Balance Sheets [Line Items]
Equity Method Investment, assets		28
Cash and restricted cash [Member]
Schedule Of Condensed Consolidating Balance Sheets [Line Items]
Equity Method Investment, assets	$ 6,005	8,951
Other Assets [Member]
Schedule Of Condensed Consolidating Balance Sheets [Line Items]
Equity Method Investment, assets	$ 127	22,673
Mortgage payable [Member]
Schedule Of Condensed Consolidating Balance Sheets [Line Items]
Equity Method Investment, liabilities		126,000
Other Liabilities [Member]
Schedule Of Condensed Consolidating Balance Sheets [Line Items]
Equity Method Investment, liabilities	$ 724	$ 13,342

Marketable Securities and Fai34

Marketable Securities and Fair Value Measurements (Marketable Securities) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	$ 60,715	$ 98,912
Gross Unrealized Gains	17,689	57,137
Gross Unrealized Losses	(1,169)	(1,231)
Fair Value	77,235	154,818
Equity Securities, primarily REITs [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	1,405	1,405
Gross Unrealized Gains	$ 283	$ 367
Gross Unrealized Losses
Fair Value	$ 1,688	$ 1,772
Marco OP and OP II Units [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	19,227	51,970
Gross Unrealized Gains	$ 16,976	$ 55,872
Gross Unrealized Losses
Fair Value	$ 36,203	$ 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	430	898
Gross Unrealized Losses	(888)	(955)
Fair Value	35,422	40,648
Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	$ 4,203	$ 4,832
Gross Unrealized Gains
Gross Unrealized Losses	$ (281)	$ (276)
Fair Value	$ 3,922	$ 4,556

Marketable Securities and Fai35

Marketable Securities and Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Shares of equity securities sold	323,000	383,000
Equity securities sold, cost basis				$ 27,800	$ 32,700
Proceeds from sale of equity securities	$ 55,600	$ 67,100
Realized gain on sale of equity securities	27,800	34,400
Marco OP units, with an adjusted cost basis, not in escrow	$ 60,715	$ 60,715			98,912
Settlement of derivative financial instrument			$ 3,543
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	1.04%	1.04%
Margin loan, outstanding					18,700
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	3.19%	3.19%
Debt instrument, maturity date		Jun. 19, 2016
Line of credit facility, maximum borrowing capacity	$ 25,000	$ 25,000
Line of credit facility, amount outstanding	18,600	$ 18,600			19,900
Line of credit facility, number of Marco OP Units used as collateral		159,000
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	$ 4,203	$ 4,203			$ 4,832
Available for sale securities debt maturity minimum period		27 years
Available for sale securities debt maturity maximum period		30 years

Marketable Securities and Fai36

Marketable Securities and Fair Value Measurements (Marketable Securities, Available for Sale, and Derivative Financial Instruments Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 77,235	$ 154,818
Equity Securities, primarily REITs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,688	1,772
Marco OP and OP II Units [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	36,203	107,842
Corporate Bonds And Preferred Equities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	35,422	40,648
MBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	3,922	4,556
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,688	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	$ 1,688	$ 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	$ 75,547	$ 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	$ 36,203	$ 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	35,422	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	$ 3,922	$ 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 ($) $ in Thousands	Jun. 01, 2015	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Weighted Average Interest Rate		6.16%	6.16%
Amount Due at Maturity		$ 217,312	$ 217,312
Mortgages payable		$ 230,098	$ 230,098	$ 227,189
Southeastern Michigan Multi Family Properties [Member]
Debt Instrument [Line Items]
Stated interest rate		5.96%	5.96%
Weighted Average Interest Rate		5.96%	5.96%
Maturity Date			2016-07
Amount Due at Maturity		$ 38,139	$ 38,139
Mortgages payable		$ 38,725	$ 38,725	39,012
Oakview Plaza [Member]
Debt Instrument [Line Items]
Stated interest rate		5.49%	5.49%
Weighted Average Interest Rate		5.49%	5.49%
Maturity Date			2017-01
Amount Due at Maturity		$ 25,583	$ 25,583
Mortgages payable		$ 26,220	$ 26,220	26,425
Gulf Coast Industrial Portfolio [Member]
Debt Instrument [Line Items]
Stated interest rate		9.83%	9.83%
Weighted Average Interest Rate		9.83%	9.83%
Amount Due at Maturity		$ 51,031	$ 51,031
Mortgages payable		$ 51,031	$ 51,031	51,142
St Augustine Outlet Center [Member]
Debt Instrument [Line Items]
Stated interest rate		6.09%	6.09%
Weighted Average Interest Rate		6.09%	6.09%
Maturity Date			2016-04
Amount Due at Maturity		$ 23,748	$ 23,748
Mortgages payable		$ 24,122	$ 24,122	24,364
Gantry Park [Member]
Debt Instrument [Line Items]
Stated interest rate		4.48%	4.48%
Weighted Average Interest Rate		4.48%	4.48%
Maturity Date			2024-11
Amount Due at Maturity		$ 65,317	$ 65,317
Mortgages payable		$ 74,500	$ 74,500	74,500
DePaul Plaza [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate terms	Libor plus 3.00	Libor plus 2.75	Libor + 2.75
Debt instrument, interest rate basis point above reference rate	3.00%	2.75%	2.75%
Weighted Average Interest Rate		3.12%	3.12%
Maturity Date	2017-09	2020-06
Amount Due at Maturity		$ 13,494	$ 13,494
Mortgages payable		$ 15,500	$ 15,500	$ 11,746

Mortgages Payable (Narrative) (

Mortgages Payable (Narrative) (Details) - USD ($) $ in Thousands	Jun. 01, 2015	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Libor rate		0.19%	0.19%	0.19%		0.17%
Cash in restricted escrows accounts		$ 9,386	$ 9,386	$ 9,386		$ 8,809
Default interest accrued			$ 500		$ 1,100
Liabilities held for sale						70,130
Loan agreements [Member]
Debt Instrument [Line Items]
Cash in restricted escrows accounts		$ 9,200	$ 9,200	$ 9,200		11,700
Courtyard - Baton Rouge [Member] | Mortgage payable [Member]
Debt Instrument [Line Items]
Accrued default interest payable		6,100	6,100	6,100		$ 5,000
De Paul Plaza [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 13,000	15,500	$ 15,500	$ 15,500
Loan proceeds from refinancing of debt		$ 3,900
Debt instrument, interest rate terms	Libor plus 3.00	Libor plus 2.75		Libor + 2.75
Debt instrument, interest rate basis point above reference rate	3.00%	2.75%		2.75%

Mortgages Payable (Contractuall

Mortgages Payable (Contractually Scheduled Principal Maturities During Next Five Years) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Mortgages Payable [Abstract]
Remainder of 2015	$ 51,976
2,016	63,151
2,017	25,991
2,018	1,567
2,019	1,621
Thereafter	85,792
Total	$ 230,098	$ 227,189

Dispositions (Acquisition) (Det

Dispositions (Acquisition) (Details) $ in Thousands	Jan. 19, 2015USD ($)hotels	Jun. 30, 2015USD ($)	Jan. 29, 2015	Dec. 31, 2014USD ($)roomssuites
Acquisition [Line Items]
Membership percentage in joint venture by Company			2.50%
Investment in affiliate | $		$ 72,481		$ 36,637
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
LVP REIT Hotels [Member]
Acquisition [Line Items]
Number of service hotels approved for acquisition | hotels	11
Purchase consideration | $	$ 122,400
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 | suites				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) $ in Thousands	Jun. 30, 2015USD ($)	Jun. 10, 2015USD ($)	Feb. 11, 2015USD ($)item	Jan. 29, 2015USD ($)hotelsitem	Jan. 22, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)
Disposition of limited service hotels [Line Items]
Gain (loss) on disposition						$ 2,918		$ 17,322	$ 1,610
Repayment of debt								954	1,122
Crowes Crossing [Member]
Disposition of limited service hotels [Line Items]
Gain (loss) on disposition									$ 1,600
Disposal of real estate					$ 9,300
Repayment of debt					$ 5,800
Hotel Portfolio [Member] | Operating Partnership [Member]
Disposition of limited service hotels [Line Items]
Number of service hotel disposed | hotels				5
Sale consideration		$ 28,000	$ 23,400	$ 64,600
Net sale consideration		12,900	$ 12,200	30,500
Debt repaid as part of transactions		$ 15,100		$ 34,100
Number of separate contribution agreements | item			2	5
Amount of debt which was assumed by the subsidiaries of the Joint Venture			$ 11,600
Residence Inn - Baton Rouge [Member] | Operating Partnership [Member]
Disposition of limited service hotels [Line Items]
Percentage of membership interest sold			90.00%
Aloft Rogers [Member] | Operating Partnership [Member]
Disposition of limited service hotels [Line Items]
Percentage of membership interest sold		100.00%
Fairfield Inn Jonesboro [Member] | Operating Partnership [Member]
Disposition of limited service hotels [Line Items]
Percentage of membership interest sold		95.00%
Holiday Inn Express Hotel And Suites, Auburn, Alabama [Member] | Operating Partnership [Member]
Disposition of limited service hotels [Line Items]
Percentage of membership interest sold		100.00%
Courtyard Marriott Baton Rouge La [Member]
Disposition of limited service hotels [Line Items]
Sale consideration	$ 7,400					7,400		7,400
Net sale consideration	$ 1,200					1,200		1,200
Percentage of membership interest sold	90.00%
Amount of debt which was assumed by the subsidiaries of the Joint Venture	$ 6,100					$ 6,100		$ 6,100

Dispositions (Summary of Operat

Dispositions (Summary of Operating Results of Discontinued Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Dispositions [Abstract]
Revenues	$ 2,832	$ 9,449	$ 8,000	$ 17,881
Operating expenses	1,372	7,482	5,742	14,356
Operating Income	1,460	1,967	2,258	3,525
Interest expense and other, net	(252)	$ (953)	(849)	(1,964)
Gain on disposition	2,918		17,322	1,610
Net income from discontinued operations	$ 4,126	$ 1,014	$ 18,731	$ 3,171

Dispositions (Summary of Major

Dispositions (Summary of Major Components of Assets and Liabilities Held for Sale) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Dispositions [Abstract]
Net investment property		$ 105,610
Intangible assets, net		167
Other assets		5,728
Total assets held for sale		111,505
Mortgages payable		67,155
Accounts payable and accrued expenses		2,905
Other liabilities		70
Total liabilities held for sale		$ 70,130

Related Party Transactions (Amo

Related Party Transactions (Amount Recorded in Pursuant to Related Party Arrangment) (Details) - Related Party [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Acquisition fees		$ 27	$ 8	$ 59
Asset management fees	$ 696	711	1,407	1,424
Property management fees	293	341	582	689
Development fees and leasing commissions	69	241	480	405
Total	$ 1,058	$ 1,320	$ 2,477	$ 2,577

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Distributions declared		$ 9,001
Cumulative distribution paid		3,131	$ 1,395
SLP Units [Member]
Related Party Transaction [Line Items]
Distributions declared	$ 500	1,000
Cumulative distribution declared	$ 16,000	16,000
Cumulative distribution paid		$ 15,500

Related Party Transactions (Pre

Related Party Transactions (Preferred Investment) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	May. 14, 2015	Dec. 31, 2014	Mar. 07, 2014
Investment Holdings [Line Items]
Investment in affiliate	$ 72,481	$ 72,481		$ 36,637
Investments in and Advances to Affiliates [Line Items]
Investment in affiliate	72,481	72,481		36,637
365 Bond Street Preferred Investment [Member]
Investment Holdings [Line Items]
Preferred equity distributions, amount declared					$ 35,000
Preferred equity distributions, additional available funds					$ 10,000
Annual distribution rate					12.00%
Investment in affiliate	42,200	42,200		36,600
Dividend income	1,300	2,500
Investments in and Advances to Affiliates [Line Items]
Preferred equity distributions, additional available funds					$ 10,000
Preferred equity distributions, amount declared					$ 35,000
Annualized rate of dividend					12.00%
Investment in affiliate	42,200	42,200		$ 36,600
Unfunded investment contribution liabilities	2,800	2,800
Dividend income	1,300	2,500
40 East End Avenue Preferred Investment [Member]
Investment Holdings [Line Items]
Preferred equity distributions, additional available funds			$ 30,000
Annual distribution rate			8.00%
Investment in affiliate	28,800	28,800
Dividend income	300	300
Investments in and Advances to Affiliates [Line Items]
Preferred equity distributions, additional available funds			$ 30,000
Annualized rate of dividend			8.00%
Annualized rate of dividend upon procurement of construction financing			12.00%
Investment in affiliate	28,800	28,800
Unfunded investment contribution liabilities	1,200	1,200
Dividend income	$ 300	$ 300

Financial Instruments (Details)

Financial Instruments (Details) - Mortgage payable [Member] - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Carrying Amount	$ 230,098	$ 227,189
Estimated Fair Value	$ 229,904	$ 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 ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Total revenues	$ 14,476	$ 14,977	$ 27,307	$ 28,802
Property operating expenses	6,922	7,274	13,443	14,361
Real estate taxes	831	655	1,706	1,611
General and administrative costs	1,136	1,405	2,550	3,067
Net operating income/(loss)	5,587	5,643	9,608	9,763
Depreciation and amortization	2,818	3,200	5,617	6,268
Operating income/(loss)	2,769	2,443	3,991	3,495
Total Assets	598,974		598,974		$ 673,839
Retail [Member]
Segment Reporting Information [Line Items]
Total revenues	2,788	2,701	5,576	5,553
Property operating expenses	935	860	1,849	1,627
Real estate taxes	$ 353	48	711	387
General and administrative costs		(21)	(3)	(1)
Net operating income/(loss)	$ 1,500	1,814	3,019	3,540
Depreciation and amortization	1,032	1,063	2,032	2,025
Operating income/(loss)	468	751	987	1,515
Total Assets	110,147		110,147		105,343
Multifamily [Member]
Segment Reporting Information [Line Items]
Total revenues	4,361	5,295	8,649	10,214
Property operating expenses	1,254	1,778	2,628	3,730
Real estate taxes	266	335	531	680
General and administrative costs	24	58	82	153
Net operating income/(loss)	2,817	3,124	5,408	5,651
Depreciation and amortization	726	1,046	1,466	2,069
Operating income/(loss)	2,091	2,078	3,942	3,582
Total Assets	118,673		118,673		127,116
Industrial [Member]
Segment Reporting Information [Line Items]
Total revenues	1,545	1,898	3,143	3,776
Property operating expenses	480	520	925	1,032
Real estate taxes	134	209	307	418
General and administrative costs	(1)	1	(47)	(55)
Net operating income/(loss)	932	1,168	1,958	2,381
Depreciation and amortization	400	453	804	912
Operating income/(loss)	532	715	1,154	1,469
Total Assets	51,042		51,042		50,635
Hospitality [Member]
Segment Reporting Information [Line Items]
Total revenues	5,782	5,083	9,939	9,259
Property operating expenses	4,253	4,116	8,040	7,971
Real estate taxes	78	63	157	126
General and administrative costs	48	36	151	97
Net operating income/(loss)	1,403	868	1,591	1,065
Depreciation and amortization	660	638	1,315	1,262
Operating income/(loss)	743	$ 230	276	$ (197)
Total Assets	$ 27,005		$ 27,005		147,572
Unallocated [Member]
Segment Reporting Information [Line Items]
Total revenues
Property operating expenses			$ 1	$ 1
Real estate taxes
General and administrative costs	$ 1,065	$ 1,331	$ 2,367	$ 2,873
Net operating income/(loss)	$ (1,065)	$ (1,331)	$ (2,368)	$ (2,874)
Depreciation and amortization
Operating income/(loss)	$ (1,065)	$ (1,331)	$ (2,368)	$ (2,874)
Total Assets	$ 292,107		$ 292,107		$ 243,173

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 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) - Subsequent Event [Member] - Entity [Domain] - Business Acquisition, Acquiree [Domain] - Equity Method Investee, Name [Domain] - Disposal Groups, Including Discontinued Operations, Name [Domain] - USD ($)	Aug. 14, 2015	Jul. 15, 2015
Subsequent Events [Line Items]
Distribution payment		$ 4,500,000
Distribution declared	Aug. 14, 2015
Distribution on per day basis	$ 0.0019178
Number of days used to calculate daily amount of distribution	365 days
Annualized Distribution Rate	7.00%
Face value of share	$ 10