Lightstone Value Plus REIT I (LHTV) 10-Q 16 May 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares shares in Millions	3 Months Ended
	Mar. 31, 2016	May. 10, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		25.5

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Land and improvements	$ 68,889	$ 68,869
Building and improvements	238,981	238,757
Furniture and fixtures	17,515	17,421
Construction in progress	1,153	668
Gross investment property	326,538	325,715
Less accumulated depreciation	(52,974)	(50,278)
Net investment property	273,564	275,437
Investment in unconsolidated affiliated real estate entity	0	1,989
Investment in related parties	142,532	139,809
Cash and cash equivalents	59,835	68,459
Marketable securities, available for sale	81,929	81,016
Restricted escrows	8,378	7,672
Tenant and other accounts receivable (net of allowance for doubtful accounts of $211 and $181, respectively)	1,828	2,078
Mortgage receivable	5,015	5,040
Intangible assets, net	984	1,087
Prepaid expenses and other assets	6,528	5,557
Total Assets	580,593	588,144
Liabilities and Stockholders’ Equity
Mortgages payable, net	226,246	226,647
Notes payable, net	18,616	18,609
Accounts payable, accrued expenses and other liabilities	16,143	14,379
Due to related parties	179	0
Tenant allowances and deposits payable	2,358	2,030
Distributions payable	4,455	4,528
Deferred rental income	1,240	1,204
Acquired below market lease intangibles, net	559	597
Total Liabilities	$ 269,796	$ 267,994
Commitments and contingencies (See Note 11)
Company’s Stockholders Equity:
Preferred shares, $0.01 par value, 10,000 shares authorized, none issued and outstanding	$ 0	$ 0
Common stock, $0.01 par value; 60,000 shares authorized, 25,505 and 25,639 shares issued and outstanding, respectively	255	256
Additional paid-in-capital	200,726	202,068
Accumulated other comprehensive income	21,438	18,776
Accumulated surplus	64,884	67,961
Total Company’s stockholders’ equity	287,303	289,061
Noncontrolling interests	23,494	31,089
Total Stockholders’ Equity	310,797	320,150
Total Liabilities and Stockholders’ Equity	$ 580,593	$ 588,144

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Allowance for doubtful accounts receivable	$ 211	$ 181
Preferred shares, par value	$ 0.01	$ 0.01
Preferred shares, shares authorized	10,000	10,000
Preferred shares, shares issued	0	0
Preferred shares, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	60,000	60,000
Common stock, shares issued	25,505	25,639
Common stock, shares outstanding	25,505	25,639

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Rental income	$ 9,234	$ 9,084
Tenant recovery income	1,147	1,069
Other service income	2,788	2,678
Total revenues	13,169	12,831
Expenses:
Property operating expenses	6,900	6,521
Real estate taxes	909	875
General and administrative costs	1,476	1,414
Depreciation and amortization	2,980	2,799
Total operating expenses	12,265	11,609
Operating income	904	1,222
Other (expense)/income, net	(275)	233
Interest and dividend income	4,970	2,628
Interest expense	(3,765)	(3,793)
(Loss)/gain on sale of marketable securities (includes loss/(gain) of $298 and ($6,317), respectively, of accumulated other comprehensive income reclassifications)	(222)	6,923
Loss from investment in unconsolidated affiliated real estate entity	0	(35)
Net income from continuing operations	1,612	7,178
Net income from discontinued operations	0	14,605
Net income	1,612	21,783
Less: net income attributable to noncontrolling interests	(234)	(627)
Net income attributable to Company’s common shares	$ 1,378	$ 21,156
Basic and diluted net income per Company's common share:
Continuing operations	$ 0.05	$ 0.26
Discontinued operations	0	0.56
Net income per Company’s common share, basic and diluted	$ 0.05	$ 0.82
Weighted average number of common shares outstanding, basic and diluted	25,585	25,938

CONSOLIDATED STATEMENTS OF OPE5

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Reclassification adjustment for loss/(gain) included in net income	$ 298	$ (6,317)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net income	$ 1,612	$ 21,783
Other comprehensive income:
Unrealized gain on available for sale securities	2,648	7,936
Reclassification adjustment for loss/(gain) included in net income	298	(6,317)
Other comprehensive income	2,946	1,619
Comprehensive income	4,558	23,402
Less: Comprehensive income attributable to noncontrolling interests	(519)	(1,305)
Comprehensive income attributable to Company's common shares	$ 4,039	$ 22,097

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2016 - 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, 2015	$ 320,150	$ 256	$ 202,068	$ 18,776	$ 67,961	$ 31,089
BALANCE (in shares) at Dec. 31, 2015		25,639
Net income	1,612	$ 0	0	0	1,378	234
Other comprehensive income	2,946	0	0	2,662	0	284
Distributions declared	(4,455)	0	0	0	(4,455)	0
Distributions paid to noncontrolling interests	(8,114)	0	0	0	0	(8,114)
Contributions received from noncontrolling interests	1	0	0	0	0	1
Redemption and cancellation of shares	(1,343)	$ (1)	(1,342)	0	0	0
Redemption and cancellation of shares (in shares)		(134)
BALANCE at Mar. 31, 2016	$ 310,797	$ 255	$ 200,726	$ 21,438	$ 64,884	$ 23,494
BALANCE (in shares) at Mar. 31, 2016		25,505

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,612	$ 21,783
Less net income - discontinued operations	0	14,605
Net income - continuing operations	1,612	7,178
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,980	2,799
Mark to market adjustment on derivative financial instruments	294	69
Loss/(gain) on sale of marketable securities	222	(6,923)
Amortization of deferred financing costs	94	90
Loss from investment in unconsolidated affiliated real estate entity	0	35
Other non-cash adjustments	4	(70)
Changes in assets and liabilities:
(Increase)/decrease in prepaid expenses and other assets	(1,324)	150
Decrease in tenant and other accounts receivable	218	4
Increase in tenant allowances and deposits payable	162	159
Increase in accounts payable, accrued expenses and other liabilities	1,225	128
Increase/(decrease) in due to related parties	263	(17)
Increase in deferred rental income	36	255
Net cash provided by operating activities - continuing operations	5,786	3,857
Net cash provided by operating activities - discontinued operations	0	967
Net cash provided by operating activities	5,786	4,824
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property, net	(890)	(1,760)
Purchase of marketable securities	0	(5,113)
Contributions to investment in unconsolidated affiliated real estate entities	0	(1,568)
Collections on mortgage receivable	25	35
Proceeds from sale of marketable securities	1,811	22,203
Investments in related parties	(2,723)	(7,113)
Distributions from investment in unconsolidated affiliated real estate entity	1,989	96
Proceeds from sale of investment property and other real estate assets	214	0
(Funding)/release of restricted escrows	(364)	442
Net cash provided by operating activities - continuing operations	62	7,222
Net cash provided by operating activities - discontinued operations	0	77,994
Net cash provided by operating activities	62	85,216
CASH FLOWS FROM FINANCING ACTIVITIES:
Mortgage payments	(488)	(544)
Payment of loan fees and expenses	0	(2)
Redemption and cancellation of common stock and noncontrolling interests	(1,343)	(392)
Net payments on notes payable	0	(18,172)
Contributions received from noncontrolling interests	1	3
Distributions paid to noncontrolling interests	(8,114)	(2,576)
Distributions paid to Company's common stockholders	(4,528)	(3,113)
Net cash used in financing activities - continuing operations	(14,472)	(24,796)
Net cash used in financing activities - discontinued operations	0	(34,236)
Net cash used in financing activities	(14,472)	(59,032)
Net change in cash and cash equivalents	(8,624)	31,008
Cash and cash equivalents, beginning of year	68,459	54,529
Cash and cash equivalents, end of year	59,835	85,537
Supplemental disclosure of cash flow information:
Cash paid for interest	2,408	3,359
Distributions declared	4,455	4,479
Value of shares issued from distribution reinvestment program	0	1,453
Non-cash purchase of investment property	190	3,829
Debt assumed by purchase on disposition	$ 0	$ 11,539

Organization

Organization	3 Months Ended
	Mar. 31, 2016
Organization [Abstract]
Organization	1. Organization Lightstone Value Plus Real Estate Investment Trust, Inc., a Maryland corporation (“Lightstone REIT”) was formed on June 8, 2004 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 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, David Lichtenstein is the indirect owner of the Advisor and the indirect owner and manager of Lightstone SLP, LLC, which has subordinated profits interests (“SLP units”) 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, 2016, on a collective basis, the Company wholly owned and consolidated the operating results and financial condition of 3 retail properties containing a total of approximately 0.7 14 1.0 1,216 87 61 97 50 43 Discontinued Operations During the first quarter of 2015, a portfolio of 11 of the Company’s hotel hospitality properties (the “LVP REIT Hotels”) met the criteria to be classified as held for sale. The operating results of the LVP REIT Hotels have been classified as discontinued operations in the consolidated statements of operations for all periods presented. (See Note 6.) Noncontrolling Interests As of March 31, 2016, 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	3 Months Ended
	Mar. 31, 2016
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, 2015. The unaudited interim consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair presentation of the results for the periods presented. The accompanying unaudited consolidated financial statements of Lightstone Value Plus Real Estate Investment Trust, Inc. and its Subsidiaries have been prepared in accordance with 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, 2015 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 January 2016, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update that generally requires companies to measure investments in equity securities, except those accounted for under the equity method, at fair value and recognize any changes in fair value in net income. Additionally, the guidance eliminates the requirement for public business entities to disclose the method and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The new guidance must be applied using a modified-retrospective approach and is effective for periods beginning after December 15, 2017 and early adoption is not permitted. The Company does not expect the adoption of this guidance will have a material impact on its financial statements. 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. In August 2015, the FASB decided to delay the effective date of the new revenue standard by one year. The Company does not expect the adoption of this standard to have a material impact on our financial position, results of operations or cash flows. 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 adopted this standard during the quarter ended March 31, 2016. As a result of adopting this standard on a retrospective basis, approximately $2.0 million was reclassified out of prepaid expenses and other assets and was reclassified into mortgage payable, net on the consolidated balance sheet as of December 31, 2015.

Investment in Unconsolidated Af

Investment in Unconsolidated Affiliated Real Estate Entity	3 Months Ended
	Mar. 31, 2016
Investments in Unconsolidated Affiliated Real Estate Entity [Abstract]
Investments in Unconsolidated Affiliated Real Estate Entity	3. Investment in Unconsolidated Affiliated Real Estate Entity 1407 Broadway The Company had a 49.0 150.0 15.1 2.0 1407 Broadway Financial Information For the Three Months Ended March 31, 2015 Total revenue $ 10,257 Property operating expenses 7,239 Depreciation and amortization 2,022 Operating income 996 Interest expense and other, net (1,135) Net loss $ (139) Company's equity earnings $ (35) As of December 31, 2015 Cash and restricted cash 5,964 Total assets $ 5,964 Other liabilities 556 Member capital 5,408 Total liabilities and members' capital $ 5,964

Marketable Securities and Fair

Marketable Securities and Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Marketable Securities And Fair Value Measurements [Abstract]
Marketable Securities and Fair Value Measurements	4. Marketable Securities and Fair Value Measurements Marketable Securities: As of March 31, 2016 Adjusted Cost Gross Unrealized Gross Unrealized Fair Value Equity Securities, primarily REITs $ 1,405 $ 615 $ (2) $ 2,018 Marco OP Units and Marco II OP Units 19,227 24,231 - 43,458 Corporate Bonds and Preferred Equities 34,193 490 (1,317) 33,366 Mortgage Backed Securities ("MBS") 3,422 - (335) 3,087 Total $ 58,247 $ 25,336 $ (1,654) $ 81,929 As of December 31, 2015 Adjusted Cost Gross Unrealized Gross Unrealized Fair Value Equity Securities, primarily REITs $ 1,405 $ 487 $ (1) $ 1,891 Marco OP Units and Marco II OP Units 19,227 21,458 - 40,685 Corporate Bonds and Preferred Equities 35,880 474 (1,369) 34,985 Mortgage Backed Securities ("MBS") 3,769 - (314) 3,455 Total $ 60,281 $ 22,419 $ (1,684) $ 81,016 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 4.9 11.5 6.6 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, 2016 and 2015, the Company did not recognize any impairment charges. As of March 31, 2016, 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% 1.29 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, 2017 Libor plus 1.35% 1.79 252,000 18.6 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. Fair Value Measurement Using As of March 31, 2016 Level 1 Level 2 Level 3 Total Marketable Securities: Equity Securities, primarily REITs $ 2,018 $ - $ - $ 2,018 Marco OP and Marco OP II Units - 43,458 - 43,458 Corporate Bonds and Preferred Equities - 33,366 - 33,366 MBS - 3,087 - 3,087 Total $ 2,018 $ 79,911 $ - $ 81,929 Fair Value Measurement Using As of December 31, 2015 Level 1 Level 2 Level 3 Total Marketable Securities: Equity Securities, primarily REITs $ 1,891 $ - $ - $ 1,891 Marco OP and Marco OP II Units - 40,685 - 40,685 Corporate Bonds and Preferred Equities - 34,985 - 34,985 MBS - 3,455 - 3,455 Total $ 1,891 $ 79,125 $ - $ 81,016 The fair values of the Company’s investments in Corporate Bonds and Preferred Equities and MBS are measured using readily available quoted prices for similar assets. Additionally, as noted and disclosed above, the Company’s Marco OP and OP II units are ultimately exchangeable for cash or similar number of shares of Simon Stock, therefore the Company uses the quoted market price of Simon Stock to measure the fair value of the Company’s Marco OP and OP II units. 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, Net

Mortgages Payable, Net	3 Months Ended
	Mar. 31, 2016
Mortgages Payable [Abstract]
Mortgages Payable, Net	5. Mortgages Payable, Net Weighted Average Interest Rate as of March Amount Due at As of As of Property Interest Rate 31, 2016 Maturity Date Maturity March 31, 2016 December 31, 2015 Southeastern Michigan Multi-Family Properties 5.96 % 5.96 % July 2016 $ 38,139 $ 38,286 $ 38,437 Oakview Plaza 5.49 % 5.49 % January 2017 25,583 25,906 26,014 Gulf Coast Industrial Portfolio 9.83 % 9.83 % Due on demand 50,525 50,525 50,525 St. Augustine Outlet Center 6.09 % 6.09 % April 2016 23,748 23,747 23,875 Gantry Park 4.48 % 4.48 % November 2024 65,317 74,500 74,500 DePaul Plaza LIBOR + 2.75% 3.22 % June 2020 13,494 15,194 15,295 Total mortgages payable 6.11 % $ 216,806 $ 228,158 $ 228,646 Less: Deferred financing costs (1,912) (1,999) Total mortgages payable, net $ 226,246 $ 226,647 Libor as of March 31, 2016 and December 31, 2015 was 0.44 0.42 % Remainder of 2017 2018 2019 2020 Thereafter Total Principal maturities $ 113,187 $ 25,991 $ 1,567 $ 1,621 $ 14,924 $ 70,868 $ 228,158 Less: Deferred financing costs (1,912) Total principal maturiteis, net $ 226,246 Pursuant to the Company’s loan agreements, escrows in the amount of $ 7.5 7.1 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 by the special servicer 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 the Company that the loan was in default and although originally due in February 2017 is now 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 7.6 7.1 Additionally, the Company’s mortgage loan (outstanding principal balance of $ 23.7 25.9

Dispositions

Dispositions	3 Months Ended
	Mar. 31, 2016
Dispositions [Abstract]
Dispositions and Discontinued Operations	6. Dispositions During the first quarter of 2015, a portfolio of 11 of the Company’s hotel hospitality properties’ (the “LVP REIT Hotels”) met the criteria to be classified as held for sale. The operating results of the LVP REIT Hotels have been classified as discontinued operations in the consolidated statements of operations for all periods presented. During the first quarter of 2015, the Company completed the disposition of substantially all of its ownership interests in seven of the 11 14.4 2.9 For the March 31, 2015 Revenues $ 5,168 Operating expenses 4,370 Operating income 798 Interest expense and other (597) Gain on disposition 14,404 Net income from discontinued operations $ 14,605 Cash flows generated from discontinued operations are presented separately on the Company’s consolidated statements of cash flows.

Net Earnings Per Share

Net Earnings Per Share	3 Months Ended
	Mar. 31, 2016
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 had no impact on net earnings

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2016
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. Three Months Ended March 31, 2016 2015 Acquisition fees (general and administrative costs) $ - $ 8 Asset management fees (general and administrative costs) 620 711 Property management fees (property operating expenses) 290 290 Development fees and leasing commissions* 49 411 Total $ 959 $ 1,420 * 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 SLP units which are included in noncontrolling interests in the consolidated balance sheets. These SLP units, the purchase price of which will be repaid only after stockholders receive a stated preferred return and their net investment, entitle Lightstone SLP, LLC to a portion of any regular distributions made by the Operating Partnership. During both the three months ended March 31, 2016 and 2015, distributions of $ 0.5 The Company’s Sponsor, has a 19.17 36.1 29.2 6.9 Preferred Investments The Company has entered into several agreements with various related party entities that provide for it to make preferred contributions pursuant to certain instruments (the “Preferred Investments”) that entitle the Company to certain prescribed monthly preferred distributions. The Preferred Investments had an aggregate balance of $ 141.0 138.3 The fair value amounts of these investments are not practical to estimate due to the related party nature of the underlying transactions. 2.7 44.0 3.9 1.2 Preferred Investment Balance Unfunded Contributions Investment Income As of As of As of Three Months Ended March 31, Preferred Investments Dividend Rate March 31,2016 December 31, 2015 March 31,2016 2016 2015 365 Bond Street 12 % $ 42,237 $ 42,237 $ 2,763 $ 1,281 $ 1,208 40 East End Avenue 12 % 28,768 28,768 1,232 582 - 30-02 39 th 9% to 12 % 10,000 7,301 40,000 221 - 485 7th Avenue 12 % 60,000 60,000 - 1,820 - Total Preferred Investments $ 141,005 $ 138,306 $ 43,995 $ 3,904 $ 1,208

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2016
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, interest receivable from related parties, accounts payable and accrued expenses and due to related parties approximated their fair values because of the short maturity of these instruments. T he estimated fair value of the notes payable (line of credit) approximated its carrying value As of March 30, 2016 As of December 31, 2015 Estimated Fair Estimated Fair Carrying Amount Value Carrying Amount Value Mortgages payable $ 228.2 $ 228.6 $ 228.6 $ 227.1 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, 2016
Segment Information [Abstract]
Segment Information	10. Segment Information The Company currently operates in four business segments as of March 31, 2016: (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, 2016 and 2015 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, 2016 and December 31, 2015. 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, 2015 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 LVP REIT Hotels due to their classification as discontinued operations for all periods presented. The LVP REIT Hotels were previously included in the Company’s Hospitality Segment. For the Three Months Ended March 31, 2016 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 2,858 4,506 $ 1,379 $ 4,426 $ - $ 13,169 Property operating expenses 932 1,368 498 4,101 1 6,900 Real estate taxes 362 262 204 81 - 909 General and administrative costs 13 18 5 74 1,366 1,476 Net operating income/(loss) 1,551 2,858 672 170 (1,367) 3,884 Depreciation and amortization 1,158 730 402 690 - 2,980 Operating income/(loss) $ 393 $ 2,128 $ 270 $ (520) $ (1,367) $ 904 As of March 31, 2016: Total Assets $ 107,235 $ 112,958 $ 50,303 $ 26,787 $ 283,310 $ 580,593 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 December 31, 2015: Total Assets $ 107,835 $ 113,600 $ 49,815 $ 26,825 $ 290,069 $ 588,144

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies Legal Proceedings From time to time in the ordinary course of business, the Company may become subject to legal proceedings, claims or disputes. On 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. 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) Grand Prairie Holdings LLC (“GPH”) and Livermore Valley Holdings LLC (“LVH” and collectively, the “Outlet Centers Transaction”). The Loan Collection Guaranties were 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, 2016
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events Distribution Payment On April 15, 2016, the distribution for the three-month period ending March 31, 2016 of $ 4.5 East 11 th On April 21, 2016, the Company entered into an agreement with various related party entities that provides for it to make contributions of up to $ 40.0 th th th th th th 12 th th The Company made its initial contribution of $ 25.0 15.0 Distribution Declaration On May 13, 2016, the Board authorized and the Company declared a distribution for the three-month period ending June 30, 2016. The distribution will be calculated based on shareholders of record each day during this three-month period at a rate of $ 0.0019178 365 7.0 10.00

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Summary of Significant Accounting Policies [Abstract]
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, 2015. The unaudited interim consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair presentation of the results for the periods presented. The accompanying unaudited consolidated financial statements of Lightstone Value Plus Real Estate Investment Trust, Inc. and its Subsidiaries have been prepared in accordance with 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, 2015 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 January 2016, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update that generally requires companies to measure investments in equity securities, except those accounted for under the equity method, at fair value and recognize any changes in fair value in net income. Additionally, the guidance eliminates the requirement for public business entities to disclose the method and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The new guidance must be applied using a modified-retrospective approach and is effective for periods beginning after December 15, 2017 and early adoption is not permitted. The Company does not expect the adoption of this guidance will have a material impact on its financial statements. 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. In August 2015, the FASB decided to delay the effective date of the new revenue standard by one year. The Company does not expect the adoption of this standard to have a material impact on our financial position, results of operations or cash flows. 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 adopted this standard during the quarter ended March 31, 2016. As a result of adopting this standard on a retrospective basis, approximately $2.0 million was reclassified out of prepaid expenses and other assets and was reclassified into mortgage payable, net on the consolidated balance sheet as of December 31, 2015.

Investment in Unconsolidated 22

Investment in Unconsolidated Affiliated Real Estate Entity (Tables) - 1407 Broadway [Member]	3 Months Ended
	Mar. 31, 2016
Schedule of Equity Method Investments [Line Items]
Unaudited Condensed Income Statement	The following table represents the unaudited condensed income statement for 1407 Broadway: For the Three Months Ended March 31, 2015 Total revenue $ 10,257 Property operating expenses 7,239 Depreciation and amortization 2,022 Operating income 996 Interest expense and other, net (1,135) Net loss $ (139) Company's equity earnings $ (35)
Unaudited Condensed Balance Sheet	The following table represents the unaudited condensed balance sheet for 1407 Broadway: As of December 31, 2015 Cash and restricted cash 5,964 Total assets $ 5,964 Other liabilities 556 Member capital 5,408 Total liabilities and members' capital $ 5,964

Marketable Securities and Fai23

Marketable Securities and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Marketable Securities And Fair Value Measurements [Abstract]
Summary of Available for Sale Securities	As of March 31, 2016 Adjusted Cost Gross Unrealized Gross Unrealized Fair Value Equity Securities, primarily REITs $ 1,405 $ 615 $ (2) $ 2,018 Marco OP Units and Marco II OP Units 19,227 24,231 - 43,458 Corporate Bonds and Preferred Equities 34,193 490 (1,317) 33,366 Mortgage Backed Securities ("MBS") 3,422 - (335) 3,087 Total $ 58,247 $ 25,336 $ (1,654) $ 81,929 As of December 31, 2015 Adjusted Cost Gross Unrealized Gross Unrealized Fair Value Equity Securities, primarily REITs $ 1,405 $ 487 $ (1) $ 1,891 Marco OP Units and Marco II OP Units 19,227 21,458 - 40,685 Corporate Bonds and Preferred Equities 35,880 474 (1,369) 34,985 Mortgage Backed Securities ("MBS") 3,769 - (314) 3,455 Total $ 60,281 $ 22,419 $ (1,684) $ 81,016
Marketable Securities, Available for Sale, and Derivative Financial Instruments Measured at Fair Value on Recurring Basis	Marketable securities, available for sale, measured at fair value on a recurring basis as of the dates indicated are as follows: Fair Value Measurement Using As of March 31, 2016 Level 1 Level 2 Level 3 Total Marketable Securities: Equity Securities, primarily REITs $ 2,018 $ - $ - $ 2,018 Marco OP and Marco OP II Units - 43,458 - 43,458 Corporate Bonds and Preferred Equities - 33,366 - 33,366 MBS - 3,087 - 3,087 Total $ 2,018 $ 79,911 $ - $ 81,929 Fair Value Measurement Using As of December 31, 2015 Level 1 Level 2 Level 3 Total Marketable Securities: Equity Securities, primarily REITs $ 1,891 $ - $ - $ 1,891 Marco OP and Marco OP II Units - 40,685 - 40,685 Corporate Bonds and Preferred Equities - 34,985 - 34,985 MBS - 3,455 - 3,455 Total $ 1,891 $ 79,125 $ - $ 81,016

Mortgages Payable, Net (Tables)

Mortgages Payable, Net (Tables)	3 Months Ended
	Mar. 31, 2016
Mortgages Payable [Abstract]
Schedule of Mortgages Payable, net	Mortgages payable, net consists of the following: Weighted Average Interest Rate as of March Amount Due at As of As of Property Interest Rate 31, 2016 Maturity Date Maturity March 31, 2016 December 31, 2015 Southeastern Michigan Multi-Family Properties 5.96 % 5.96 % July 2016 $ 38,139 $ 38,286 $ 38,437 Oakview Plaza 5.49 % 5.49 % January 2017 25,583 25,906 26,014 Gulf Coast Industrial Portfolio 9.83 % 9.83 % Due on demand 50,525 50,525 50,525 St. Augustine Outlet Center 6.09 % 6.09 % April 2016 23,748 23,747 23,875 Gantry Park 4.48 % 4.48 % November 2024 65,317 74,500 74,500 DePaul Plaza LIBOR + 2.75% 3.22 % June 2020 13,494 15,194 15,295 Total mortgages payable 6.11 % $ 216,806 $ 228,158 $ 228,646 Less: Deferred financing costs (1,912) (1,999) Total mortgages payable, net $ 226,246 $ 226,647
Contractually Scheduled Principal Maturities During Next Five Years	The following table shows the contractually scheduled principal maturities of the Company’s mortgage debt during the next five years and thereafter as of March 31, 2016: Remainder of 2017 2018 2019 2020 Thereafter Total Principal maturities $ 113,187 $ 25,991 $ 1,567 $ 1,621 $ 14,924 $ 70,868 $ 228,158 Less: Deferred financing costs (1,912) Total principal maturiteis, net $ 226,246

Dispositions (Tables)

Dispositions (Tables)	3 Months Ended
	Mar. 31, 2016
Dispositions [Abstract]
Schedule of Discontinued Operations	For the Three Months Ended March 31, 2015 Revenues $ 5,168 Operating expenses 4,370 Operating income 798 Interest expense and other (597) Gain on disposition 14,404 Net income from discontinued operations $ 14,605

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Amount Recorded in Pursuant to Related Party Arrangment	The Company, pursuant to the related party arrangements, has recorded the following amounts for the periods indicated: Three Months Ended March 31, 2016 2015 Acquisition fees (general and administrative costs) $ - $ 8 Asset management fees (general and administrative costs) 620 711 Property management fees (property operating expenses) 290 290 Development fees and leasing commissions* 49 411 Total $ 959 $ 1,420 * Generally, capitalized and amortized over the estimated useful life of the associated asset.
Preferred Investments	The Preferred Investments are summarized as follows: Preferred Investment Balance Unfunded Contributions Investment Income As of As of As of Three Months Ended March 31, Preferred Investments Dividend Rate March 31,2016 December 31, 2015 March 31,2016 2016 2015 365 Bond Street 12 % $ 42,237 $ 42,237 $ 2,763 $ 1,281 $ 1,208 40 East End Avenue 12 % 28,768 28,768 1,232 582 - 30-02 39 th 9% to 12 % 10,000 7,301 40,000 221 - 485 7th Avenue 12 % 60,000 60,000 - 1,820 - Total Preferred Investments $ 141,005 $ 138,306 $ 43,995 $ 3,904 $ 1,208

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Financial Instruments [Abstract]
Summary of Estimated Fair Value of Debt	The estimated fair value (in millions) of the Company’s mortgage debt is summarized as follows: As of March 30, 2016 As of December 31, 2015 Estimated Fair Estimated Fair Carrying Amount Value Carrying Amount Value Mortgages payable $ 228.2 $ 228.6 $ 228.6 $ 227.1

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Information [Abstract]
Results of Operations and Total Assets of Operating Segments	Selected results of operations for the three months ended March 31, 2016 and 2015, and total assets as of March 31, 2016 and December 31, 2015 regarding the Company’s operating segments are as follows: For the Three Months Ended March 31, 2016 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 2,858 4,506 $ 1,379 $ 4,426 $ - $ 13,169 Property operating expenses 932 1,368 498 4,101 1 6,900 Real estate taxes 362 262 204 81 - 909 General and administrative costs 13 18 5 74 1,366 1,476 Net operating income/(loss) 1,551 2,858 672 170 (1,367) 3,884 Depreciation and amortization 1,158 730 402 690 - 2,980 Operating income/(loss) $ 393 $ 2,128 $ 270 $ (520) $ (1,367) $ 904 As of March 31, 2016: Total Assets $ 107,235 $ 112,958 $ 50,303 $ 26,787 $ 283,310 $ 580,593 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 December 31, 2015: Total Assets $ 107,835 $ 113,600 $ 49,815 $ 26,825 $ 290,069 $ 588,144

Organization (Details Textual)

Organization (Details Textual) $ / available in Thousands, ft² in Millions	3 Months Ended
	Mar. 31, 2016ft²Rate$ / available
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Date of incorporation	Jun. 8, 2004
Lightstone REIT, partnership formation date	Jul. 12, 2004
General partner ownership interest	98.00%
Retail [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Occupancy Percentage Of Commercial Properties	87.00%
Industrial Properties [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Occupancy Percentage Of Commercial Properties	61.00%
Residential Real Estate [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Occupancy Percentage Of Commercial Properties	97.00%
Hospitality [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Occupancy Percentage Of Commercial Properties	43.00%
Average Revenue Per Available Room | $ / available	50
Wholly Owned Properties [Member] | Retail [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Area of Real Estate Property	0.7
Wholly Owned Properties [Member] | Industrial Properties [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of Real Estate Properties	14
Area of Real Estate Property	1
Wholly Owned Properties [Member] | Residential Real Estate [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of Units in Real Estate Property | Rate	1,216

Summary of Significant Accoun30

Summary of Significant Accounting Policies (Details Textual) $ in Millions	Mar. 31, 2016USD ($)
Reclassification of Financing Costs to Mortgage payable [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	$ 2

Investment in Unconsolidated 31

Investment in Unconsolidated Affiliated Real Estate Entity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule of Equity Method Investments [Line Items]
Company's equity earnings	$ 0	$ (35)
1407 Broadway Mezz II, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Total revenue		10,257
Property operating expenses		7,239
Depreciation and amortization		2,022
Operating income		996
Interest expense and other, net		(1,135)
Net loss		(139)
Company's equity earnings		$ (35)

Investment in Unconsolidated 32

Investment in Unconsolidated Affiliated Real Estate Entity (Details 1) $ in Thousands	Dec. 31, 2015USD ($)
Schedule Of Condensed Consolidating Balance Sheets [Line Items]
Equity Method Investment, assets	$ 5,964
Member capital	5,408
Total liabilities and members' capital	5,964
Other Liabilities [Member]
Schedule Of Condensed Consolidating Balance Sheets [Line Items]
Equity Method Investment, liabilities	556
Cash and restricted cash [Member]
Schedule Of Condensed Consolidating Balance Sheets [Line Items]
Equity Method Investment, assets	$ 5,964

Investment in Unconsolidated 33

Investment in Unconsolidated Affiliated Real Estate Entity (Details Textual) - USD ($) $ in Thousands	Apr. 30, 2015	Dec. 31, 2015	Mar. 31, 2016
Schedule of Equity Method Investments [Line Items]
Equity Method Investments		$ 1,989	$ 0
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	$ 150,000	$ 15,100
1407 Broadway [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments		$ 2,000

Marketable Securities and Fai34

Marketable Securities and Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	$ 58,247	$ 60,281
Gross Unrealized Gains	25,336	22,419
Gross Unrealized Losses	(1,654)	(1,684)
Fair Value	81,929	81,016
Equity Securities, primarily REITs [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	1,405	1,405
Gross Unrealized Gains	615	487
Gross Unrealized Losses	(2)	(1)
Fair Value	2,018	1,891
Marco OP and OP II Units [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	19,227	19,227
Gross Unrealized Gains	24,231	21,458
Gross Unrealized Losses	0	0
Fair Value	43,458	40,685
Corporate Bonds And Preferred Equities [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	34,193	35,880
Gross Unrealized Gains	490	474
Gross Unrealized Losses	(1,317)	(1,369)
Fair Value	33,366	34,985
MBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	3,422	3,769
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(335)	(314)
Fair Value	$ 3,087	$ 3,455

Marketable Securities and Fai35

Marketable Securities and Fair Value Measurements (Details 1) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	$ 81,929	$ 81,016
Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	2,018	1,891
Marco OP and Marco OP II Units [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	43,458	40,685
Corporate Bonds And Preferred Equities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	33,366	34,985
Collateralized Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	3,087	3,455
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	2,018	1,891
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	2,018	1,891
Fair Value, Inputs, Level 1 [Member] | Marco OP and Marco OP II Units [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0
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]
Available-for-sale Securities	0	0
Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	79,911	79,125
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0
Fair Value, Inputs, Level 2 [Member] | Marco OP and Marco OP II Units [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	43,458	40,685
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]
Available-for-sale Securities	33,366	34,985
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	3,087	3,455
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0
Fair Value, Inputs, Level 3 [Member] | Marco OP and Marco OP II Units [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0
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]
Available-for-sale Securities	0	0
Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	$ 0	$ 0

Marketable Securities and Fai36

Marketable Securities and Fair Value Measurements (Details Textual) - USD ($)	Sep. 14, 2012	Mar. 31, 2016	Mar. 31, 2015
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
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 at end of period		1.29%
Line of Credit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate terms	Libor plus 1.35%
Debt instrument, maturity date	Jun. 19, 2017
Line of credit facility, maximum borrowing capacity	$ 25,000,000
Line of credit facility, amount outstanding		$ 18,600,000	$ 18,600,000
Line of credit facility, unused fee, as a percent of available but unused credt capacity	1.79%
Marco OP Units and Pro DFJV Holdings LLC [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Collateral Amount	$ 252,000
Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities debt maturity minimum period		27 years
Available for sale securities debt maturity maximum period		30 years

Mortgages Payable, Net (Details

Mortgages Payable, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Weighted Average Interest Rate	6.11%
Amount Due at Maturity	$ 216,806
Less: Deferred financing costs	(1,912)	$ (1,999)
Secured Debt	226,246	226,647
Total mortgages payable	$ 228,158	228,646
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
Secured Debt	$ 38,286	38,437
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
Secured Debt	$ 25,906	26,014
Gulf Coast Industrial Portfolio [Member]
Debt Instrument [Line Items]
Stated interest rate	9.83%
Weighted Average Interest Rate	9.83%
Amount Due at Maturity	$ 50,525
Secured Debt	$ 50,525	50,525
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
Secured Debt	$ 23,747	23,875
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
Secured Debt	$ 74,500	74,500
DePaul Plaza [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate terms	LIBOR + 2.75%
Weighted Average Interest Rate	3.22%
Maturity Date	2020-06
Amount Due at Maturity	$ 13,494
Secured Debt	$ 15,194	$ 15,295

Mortgages Payable, Net (Detai38

Mortgages Payable, Net (Details 1) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Remainder of 2016	$ 113,187
2,017	25,991
2,018	1,567
2,019	1,621
2,020	14,924
Thereafter	70,868
Total	228,158	$ 228,646
Less: Deferred financing costs	(1,912)	(1,999)
Total principal maturiteis, net	$ 226,246	$ 226,647

Mortgages Payable, Net (Detai39

Mortgages Payable, Net (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Debt Instrument Interest London Interbank Offered Rate	0.44%		0.42%
Escrow Deposit	$ 8,378		$ 7,672
Debt Instrument, Increase, Accrued Interest	500	$ 500
Loan agreements [Member]
Debt Instrument [Line Items]
Escrow Deposit	7,500		7,100
St. Augustine Outlet Center [Member] | Mortgage payable [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	23,700
Courtyard - Baton Rouge [Member] | Mortgage payable [Member]
Debt Instrument [Line Items]
Accrued default interest payable	7,600		$ 7,100
Southeastern Michigan Multi Family Properties [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	38,300
Oakview Plaza [Member] | Mortgage payable [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 25,900

Dispositions (Details)

Dispositions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenue		$ 5,168
Operating expenses		4,370
Operating income		798
Interest expense and other		(597)
Gain on disposition		14,404
Net income from discontinued operations	$ 0	$ 14,605

Dispositions (Details Textual)

Dispositions (Details Textual) $ in Thousands	3 Months Ended
	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)
Disposition of limited service hotels [Line Items]
Gain (Loss) on Disposition of Real Estate, Discontinued Operations		$ 14,404
Hotel Portfolio [Member]
Disposition of limited service hotels [Line Items]
Gain (Loss) on Disposition of Real Estate, Discontinued Operations	$ 2,900	$ 14,400
Hotel Portfolio [Member] | Operating Partnership [Member]
Disposition of limited service hotels [Line Items]
Number of limited service hotels	4	11

Related Party Transactions (Det

Related Party Transactions (Details) - Related Party [Member] - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Related Party Transaction [Line Items]
Acquisition fees (general and administrative costs)		$ 0	$ 8
Asset management fees (general and administrative costs)		620	711
Property management fees (property operating expenses)		290	290
Development fees and leasing commissions	[1]	49	411
Total		$ 959	$ 1,420
[1]	Generally, capitalized and amortized over the estimated useful life of the associated asset.

Related Party Transactions (D43

Related Party Transactions (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Related Party Transaction [Line Items]
Investments in and Advances to Affiliates, at Fair Value, Gross Additions	$ 141,005	$ 138,306
Preferred Stock Dividend Income	3,904	1,208
Unfunded Investment Contribution Liabilities	$ 43,995
Three Six Five Bond Investment [Member]
Related Party Transaction [Line Items]
Preferred Stock, Dividend Rate, Percentage	12.00%
Investments in and Advances to Affiliates, at Fair Value, Gross Additions	$ 42,237	42,237
Preferred Stock Dividend Income	1,281	1,208
Unfunded Investment Contribution Liabilities	$ 2,763
Forty East End Avenue Preferred Investment [Member]
Related Party Transaction [Line Items]
Preferred Stock, Dividend Rate, Percentage	12.00%
Investments in and Advances to Affiliates, at Fair Value, Gross Additions	$ 28,768	28,768
Preferred Stock Dividend Income	582	0
Unfunded Investment Contribution Liabilities	1,232
Thirty Zero Two Thirty Ninth Avenue One Preferred Investment [Member]
Related Party Transaction [Line Items]
Investments in and Advances to Affiliates, at Fair Value, Gross Additions	10,000	7,301
Preferred Stock Dividend Income	221	0
Unfunded Investment Contribution Liabilities	$ 40,000
Thirty Zero Two Thirty Ninth Avenue One Preferred Investment [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Preferred Stock, Dividend Rate, Percentage	9.00%
Thirty Zero Two Thirty Ninth Avenue One Preferred Investment [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Preferred Stock, Dividend Rate, Percentage	12.00%
Four Eighty Five Seventh Avenue Preferred Investment [Member]
Related Party Transaction [Line Items]
Preferred Stock, Dividend Rate, Percentage	12.00%
Investments in and Advances to Affiliates, at Fair Value, Gross Additions	$ 60,000	60,000
Preferred Stock Dividend Income	1,820	$ 0
Unfunded Investment Contribution Liabilities	$ 0

Related Party Transactions (D44

Related Party Transactions (Details Textual) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Investments in and Advances to Affiliates [Line Items]
Unfunded Investment Contribution Liabilities	$ 43,995
Dividends, Cash	4,455
Investments in and Advances to Affiliates, at Fair Value, Gross Additions	$ 141,005	$ 138,306
Lightstone Slp Llc [Member]
Investments in and Advances to Affiliates [Line Items]
Related Party Transaction, Other Revenues from Transactions with Related Party			$ 36,100
Equity Method Investment, Ownership Percentage	19.17%
Lightstone Slp Llc [Member] | Company’s Share [Member]
Investments in and Advances to Affiliates [Line Items]
Related Party Transaction, Other Revenues from Transactions with Related Party	$ 29,200
Lightstone Slp Llc [Member] | Sponsor’s Share [Member]
Investments in and Advances to Affiliates [Line Items]
Related Party Transaction, Other Revenues from Transactions with Related Party	6,900
SLP Units [Member]
Investments in and Advances to Affiliates [Line Items]
Dividends, Cash	500
40 East End Avenue Preferred Investment [Member]
Investments in and Advances to Affiliates [Line Items]
Unfunded Investment Contribution Liabilities	1,232
Investments in and Advances to Affiliates, at Fair Value, Gross Additions	28,768	28,768
Preferred Investments [Member]
Investments in and Advances to Affiliates [Line Items]
Unfunded Investment Contribution Liabilities	44,000
Additional Investments In And Advances To Affiliates At Fair Value Gross Additions	2,700
Preferred Stock Investments Income	3,900	$ 1,200
Investments in and Advances to Affiliates, at Fair Value, Gross Additions	$ 141,000		$ 138,300

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Carrying Amount	$ 228,158	$ 228,646
Mortgage payable [Member]
Debt Instrument [Line Items]
Carrying Amount	228,200	228,600
Estimated Fair Value	$ 228,600	$ 227,100

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Total revenues	$ 13,169	$ 12,831
Property operating expenses	6,900	6,521
Real estate taxes	909	875
General and administrative costs	1,476	1,414
Net operating income/(loss)	3,884	4,021
Depreciation and amortization	2,980	2,799
Operating income/(loss)	904	1,222
Total Assets	580,593	588,144	$ 588,144
Retail [Member]
Segment Reporting Information [Line Items]
Total revenues	2,858	2,788
Property operating expenses	932	914
Real estate taxes	362	358
General and administrative costs	13	(3)
Net operating income/(loss)	1,551	1,519
Depreciation and amortization	1,158	1,000
Operating income/(loss)	393	519
Total Assets	107,235	107,835
Multifamily [Member]
Segment Reporting Information [Line Items]
Total revenues	4,506	4,288
Property operating expenses	1,368	1,374
Real estate taxes	262	265
General and administrative costs	18	58
Net operating income/(loss)	2,858	2,591
Depreciation and amortization	730	740
Operating income/(loss)	2,128	1,851
Total Assets	112,958	113,600
Industrial [Member]
Segment Reporting Information [Line Items]
Total revenues	1,379	1,598
Property operating expenses	498	445
Real estate taxes	204	173
General and administrative costs	5	(46)
Net operating income/(loss)	672	1,026
Depreciation and amortization	402	404
Operating income/(loss)	270	622
Total Assets	50,303	49,815
Hospitality [Member]
Segment Reporting Information [Line Items]
Total revenues	4,426	4,157
Property operating expenses	4,101	3,787
Real estate taxes	81	79
General and administrative costs	74	103
Net operating income/(loss)	170	188
Depreciation and amortization	690	655
Operating income/(loss)	(520)	(467)
Total Assets	26,787	26,825
Unallocated [Member]
Segment Reporting Information [Line Items]
Total revenues	0	0
Property operating expenses	1	1
Real estate taxes	0	0
General and administrative costs	1,366	1,302
Net operating income/(loss)	(1,367)	(1,303)
Depreciation and amortization	0	0
Operating income/(loss)	(1,367)	(1,303)
Total Assets	$ 283,310	$ 290,069

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) $ in Thousands	Nov. 21, 2012USD ($)
Guarantor Obligations [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 164

Subsequent Events (Details Text

Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($)	May. 13, 2016	Apr. 21, 2016	Apr. 15, 2016
Subsequent Events [Line Items]
Dividends Payable, Date Declared	May 13, 2016
Payments of Dividends			$ 4,500,000
Distribution Rate Per Day	$ 0.0019178
Number Of Days Used To Calculate Dividend Per Day	365 days
Annualized Distribution Rate	7.00%
Dividends Declared Amount Per Share	$ 10
Dividends Payable, Date of Record	Jan. 30, 2016
East 11th Street Preferred Investment [Member]
Subsequent Events [Line Items]
Proceeds from Contributions from Affiliates		$ 40,000,000
Percentage of preferred Distribution Rate		12.00%
Held-to-maturity Securities		$ 25,000,000
Remaining Unfunded Contribution		$ 15,000,000