Lightstone Value Plus REIT I (LHTV) 10-Q 15 Aug 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares shares in Millions	6 Months Ended
	Jun. 30, 2016	Aug. 10, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
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		25.3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Investment property:
Land and improvements	$ 62,230	$ 68,869
Building and improvements	208,286	238,757
Furniture and fixtures	17,468	17,421
Construction in progress	491	668
Gross investment property	288,475	325,715
Less accumulated depreciation	(46,612)	(50,278)
Net investment property	241,863	275,437
Investment in unconsolidated affiliated real estate entity	0	1,989
Investments in related parties	142,111	139,809
Cash and cash equivalents	81,321	68,459
Marketable securities, available for sale	57,488	81,016
Restricted escrows	2,708	7,672
Tenant and other accounts receivable	1,839	2,078
Mortgage receivable	4,966	5,040
Intangible assets, net	887	1,087
Prepaid expenses and other assets	5,056	5,557
Total Assets	538,239	588,144
Liabilities and Stockholders' Equity
Mortgages payable, net	164,086	226,647
Notes payable, net	18,625	18,609
Accounts payable, accrued expenses and other liabilities	17,048	14,379
Due to related parties	672	0
Tenant allowances and deposits payable	1,489	2,030
Distributions payable	4,444	4,528
Deferred rental income	1,125	1,204
Acquired below market lease intangibles, net	522	597
Total Liabilities	208,011	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, 25,444 and 25,639 shares issued and outstanding, respectively	254	256
Additional paid-in-capital	200,117	202,068
Accumulated other comprehensive income	23,912	18,776
Accumulated surplus	82,727	67,961
Total Company's stockholders' equity	307,010	289,061
Noncontrolling interests	23,218	31,089
Total Stockholders' Equity	330,228	320,150
Total Liabilities and Stockholders' Equity	$ 538,239	$ 588,144

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
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	25,444	25,639
Common stock, shares outstanding	25,444	25,639

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Rental income	$ 9,934	$ 10,610	$ 19,168	$ 19,694
Tenant recovery income	1,045	1,045	2,192	2,114
Other service income	2,962	2,821	5,750	5,499
Total revenues	13,941	14,476	27,110	27,307
Expenses:
Property operating expenses	7,196	6,922	14,096	13,443
Real estate taxes	805	831	1,714	1,706
General and administrative costs	1,162	1,136	2,638	2,550
Depreciation and amortization	2,910	2,818	5,890	5,617
Total operating expenses	12,073	11,707	24,338	23,316
Operating income	1,868	2,769	2,772	3,991
Other income, net	117	530	136	832
Mark to market adjustment on derivative financial instruments	(118)	(83)	(412)	(152)
Interest and dividend income	5,148	2,574	10,118	5,202
Interest expense	(3,298)	(3,756)	(7,063)	(7,549)
(Loss)/gain on sale and redemption of marketable securities (includes loss/(gain) of $9, ($35,181), $307 and ($41,498), respectively, of accumulated other comprehensive income reclassifications)	(715)	27,817	(937)	34,740
Gain on disposition of real estate	19,906	0	19,906	0
Income from investments in unconsolidated affiliated real estate entity	0	5,839	0	5,804
Net income from continuing operations	22,908	35,690	24,520	42,868
Net income from discontinued operations	0	4,126	0	18,731
Net income	22,908	39,816	24,520	61,599
Less: net income attributable to noncontrolling interests	(622)	(3,467)	(856)	(4,094)
Net income attributable to Company's common shares	$ 22,286	$ 36,349	$ 23,664	$ 57,505
Basic and diluted net income per Company's common share:
Continuing operations	$ 0.87	$ 1.24	$ 0.93	$ 1.5
Discontinued operations	0	0.16	0	0.72
Net income per Company’s common share, basic and diluted	$ 0.87	$ 1.4	$ 0.93	$ 2.22
Weighted average number of common shares outstanding, basic and diluted	25,473	25,894	25,529	25,916

CONSOLIDATED STATEMENTS OF OPE5

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Reclassification adjustment for loss/(gain) included in net income	$ 9	$ (35,181)	$ 307	$ (41,498)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net income	$ 22,908	$ 39,816	$ 24,520	$ 61,599
Other comprehensive income/(loss)
Holding gain/(loss) on available for sale securities	1,968	(5,824)	4,692	2,112
Reclassification adjustment for loss/(gain) included in net income	715	(35,181)	937	(41,498)
Other comprehensive income/(loss)	2,683	(41,005)	5,629	(39,386)
Comprehensive income/(loss)	25,591	(1,189)	30,149	22,213
Less: Comprehensive (income)/loss attributable to noncontrolling interests	(830)	935	(1,349)	(370)
Comprehensive income/(loss) attributable to Company's common shares	$ 24,761	$ (254)	$ 28,800	$ 21,843

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 6 months ended Jun. 30, 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	24,520	$ 0	0	0	23,664	856
Other comprehensive income	5,629	0	0	5,136	0	493
Distributions declared	(8,898)	0	0	0	(8,898)	0
Distributions paid to noncontrolling interests	(9,225)	0	0	0	0	(9,225)
Contributions received from noncontrolling interests	5	0	0	0	0	5
Redemption and cancellation of shares	(1,953)	$ (2)	(1,951)	0	0	0
Redemption and cancellation of shares (in shares)		(195)
BALANCE at Jun. 30, 2016	$ 330,228	$ 254	$ 200,117	$ 23,912	$ 82,727	$ 23,218
BALANCE (in shares) at Jun. 30, 2016		25,444

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 24,520	$ 61,599
Less net income - discontinued operations	0	18,731
Net income - continuing operations	24,520	42,868
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,890	5,617
Mark to market adjustment on derivative financial instruments	412	152
Loss/(gain) on sale and redemption of marketable securities	937	(34,740)
(Income)/loss from investments in unconsolidated affiliated real estate entities	0	(5,804)
Gain on disposition of real estate	(19,906)	0
Other non-cash adjustments	320	(107)
Changes in assets and liabilities:
(Increase)/decrease in prepaid expenses and other assets	(648)	827
Decrease/(increase) in tenant and other accounts receivable	14	(24)
(Decrease)/increase in tenant allowance and security deposits payable	(496)	8
Increase in accounts payable and accrued expenses	1,461	21
(Decrease)/increase in due to related party	756	(211)
(Decrease)/increase in deferred rental income	(79)	138
Net cash provided by operating activities - continuing operations	13,181	8,745
Net cash provided by operating activities - discontinued operations	0	1,259
Net cash provided by operating activities	13,181	10,004
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property, net	(1,871)	(2,192)
Purchase of marketable securities	0	(5,113)
Preferred investments in related parties	(44,539)	(35,844)
Proceeds from preferred investments in related parties	42,237	0
Contributions to investment in unconsolidated affiliated real estate entities	0	(1,568)
Collections on mortgage receivable	74	70
Proceeds from sale and redemption of marketable securities	28,220	78,049
Distribution from investments in unconsolidated affiliates	1,989	15,230
Proceeds from sale of investment property and other real estate assets	50,574	0
Release of restricted escrows	5,880	996
Net cash provided by investing activities - continuing operations	82,564	49,628
Net cash provided by investing activities - discontinued operations	0	92,425
Net cash provided by investing activities	82,564	142,053
CASH FLOWS FROM FINANCING ACTIVITIES:
Mortgage payments	(62,728)	(954)
Payment of loan fees and expenses	0	(69)
Redemption and cancellation of common stock	(1,953)	(1,523)
Proceeds from mortgage financing	0	3,863
Net payments on notes payable	0	(19,957)
Contributions received from noncontrolling interests	5	8
Distributions paid to noncontrolling interests	(9,225)	(3,131)
Distributions paid to Company's common stockholders	(8,982)	(7,592)
Net cash used in financing activities - continuing operations	(82,883)	(29,355)
Net cash used in financing activities - discontinued operations		(34,314)
Net cash used in financing activities	(82,883)	(63,669)
Net change in cash and cash equivalents	12,862	88,388
Cash and cash equivalents, beginning of period	68,459	54,529
Cash and cash equivalents, end of period	81,321	142,917
Supplemental disclosure of cash flow information:
Cash paid for interest	4,595	6,059
Distributions declared	8,898	9,001
Value of shares issued from distribution reinvestment program	0	1,453
Non-cash purchase of investment property	109	2,339
Debt assumed by purchase on disposition	$ 0	$ 32,800

Organization

Organization	6 Months Ended
	Jun. 30, 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 June 30, 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 1.0 367 87 63 96 73 59 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 June 30, 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	6 Months Ended
	Jun. 30, 2016
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies 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. Certain prior period amounts have been reclassified to conform to the current year presentation. 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 has not yet determined whether 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

Investment in Unconsolidated Af

Investment in Unconsolidated Affiliated Real Estate Entity	6 Months Ended
	Jun. 30, 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 For the Six 2015 2015 Total revenue $ 3,253 $ 13,510 Property operating expenses 2,200 9,439 Depreciation and amortization 622 2,644 Operating income 431 1,427 Interest expense and other, net (208) (1,343) Gain on debt extinguishment 9,891 9,891 Net (loss)/income $ 10,114 $ 9,975 Company's share of net income/(loss) (49%) $ 5,839 $ 5,804 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	6 Months Ended
	Jun. 30, 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 June 30, 2016 Adjusted Cost Gross Unrealized Gains Gross Unrealized Fair Value Equity Securities, primarily REITs $ 1,405 $ 704 $ (1) $ 2,108 Marco OP Units and Marco II OP Units 19,227 26,158 - 45,385 Corporate Bonds and Preferred Equities 7,200 - (174) 7,026 Mortgage Backed Securities ("MBS") 3,292 - (323) 2,969 Total $ 31,124 $ 26,862 $ (498) $ 57,488 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 first and second quarters of 2015, the Company redeemed approximately 60,000 and 323,000 27.8 55.6 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 three and six months ended June 30, 2016 and 2015, the Company did not recognize any impairment charges. As of June 30, 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% 1.32 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% 1.82 252,000 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 June 30, 2016 Level 1 Level 2 Level 3 Total Marketable Securities: Equity Securities, primarily REITs $ 2,108 $ - $ - $ 2,108 Marco OP and Marco OP II Units - 45,385 - 45,385 Corporate Bonds and Preferred Equities - 7,026 - 7,026 MBS - 2,969 - 2,969 Total $ 2,108 $ 55,380 $ - $ 57,488 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 Marco 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 Marco 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	6 Months Ended
	Jun. 30, 2016
Mortgages Payable [Abstract]
Mortgages Payable, Net	5. Mortgages Payable, Net Property Interest Rate Weighted Average Maturity Date Amount Due at As of As of Southeastern Michigan Multi-Family Properties $ - $ - $ 38,437 Oakview Plaza 5.49 % 5.49 % January 2017 25,583 25,801 26,014 Gulf Coast Industrial Portfolio 9.83 % 9.83 % Due on demand 50,525 50,525 50,525 St. Augustine Outlet Center - - 23,875 Gantry Park 4.48 % 4.48 % November 2024 65,317 74,500 74,500 DePaul Plaza LIBOR + 2.75 % 3.21 % June 2020 13,494 15,092 15,295 Total mortgages payable 6.15 % $ 154,919 $ 165,918 $ 228,646 Less: Deferred financing costs (1,832) (1,999) Total mortgages payable, net $ 164,086 $ 226,647 Libor as of June 30, 2016 and December 31, 2015 was 0.47 0.42 Remainder of 2017 2018 2019 2020 Thereafter Total Principal maturities $ 50,947 $ 25,991 $ 1,567 $ 1,621 $ 14,924 $ 70,868 $ 165,918 Less: Deferred financing costs (1,832) Total principal maturities, net $ 164,086 Pursuant to the Company’s loan agreements, escrows in the amount of $ 1.3 7.1 On April 11, 2016, the Company’s mortgage loan (outstanding principal balance of $ 23.7 On May 17, 2016, the Company’s mortgage loan (outstanding principal balance of $ 38.2 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 1.0 8.1 7.1 Additionally, the Company’s mortgage loan (outstanding principal balance of $ 25.8

Dispositions and Discontinued O

Dispositions and Discontinued Operations	6 Months Ended
	Jun. 30, 2016
Dispositions [Abstract]
Dispositions	6. Dispositions and Discontinued Operations Southeastern Michigan Multi-Family Properties On May 17, 2016, the Company disposed of three of the four apartment communities contained in the Southeastern Michigan Multi-Family Properties to an unrelated third party for aggregate consideration of approximately $ 50.6 19.9 38.2 10.3 LVP REIT Hotels 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 Three For the Six 2015 2015 Revenues $ 2,832 $ 8,000 Operating expenses 1,372 5,742 Operating income 1,460 2,258 Interest expense and other, net (252) (849) Gain on disposition 2,918 17,322 Net income from discontinued operations $ 4,126 $ 18,731 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	6 Months Ended
	Jun. 30, 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 per share.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Acquisition fees (general and administrative costs) $ - $ - $ - $ 8 Asset management fees (general and administrative costs) 623 696 1,243 1,407 Property management fees (property operating expenses) 259 293 549 582 Development fees and leasing commissions* 2 69 51 480 Total $ 884 $ 1,058 $ 1,843 $ 2,477 * 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 and six months ended June 30, 2016 and 2015, distributions of $ 0.5 1.0 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 $ 140.6 138.3 44.5 42.2 39.4 4.3 8.2 1.5 2.8 Preferred Unfunded Investment As of As of As of Three Months Six Months Preferred Investments Dividend Rate June 30, 2016 December 31, 2015 June 30,2016 2016 2015 2016 2015 365 Bond Street 12 % $ - $ 42,237 $ - $ 971 $ 1,281 $ 2,252 $ 2,489 40 East End Avenue 12 % 30,000 28,768 - 600 268 1,182 268 30-02 39 th 9% to 12 % 15,600 7,301 34,400 352 - 573 - 485 7th Avenue 12 % 60,000 60,000 - 1,820 - 3,640 - East 11th Street 12 % 35,000 - 5,000 602 - 602 - Total Preferred Investments $ 140,600 $ 138,306 $ 39,400 $ 4,345 $ 1,549 $ 8,249 $ 2,757 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 th th 12.0 The Company made aggregate contributions of $ 35.0 5.0

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 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’ and other 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 June 30, 2016 As of December 31, 2015 Carrying Amount Estimated Fair Carrying Amount Estimated Fair Mortgages payable $ 165.9 $ 167.1 $ 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	6 Months Ended
	Jun. 30, 2016
Segment Information [Abstract]
Segment Information	10. Segment Information The Company currently operates in four business segments as of June 30, 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 and six months ended June 30, 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 June 30, 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, including the Company’s Preferred Investments in Related Parties (see Note 8). 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 June 30, 2016 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 2,784 $ 3,616 $ 1,395 $ 6,146 $ - $ 13,941 Property operating expenses 905 1,160 522 4,609 - 7,196 Real estate taxes 361 169 195 80 - 805 General and administrative costs 50 28 81 97 906 1,162 Net operating income/(loss) 1,468 2,259 597 1,360 (906) 4,778 Depreciation and amortization 1,149 640 420 701 - 2,910 Operating income/(loss) $ 319 $ 1,619 $ 177 $ 659 $ (906) $ 1,868 As of June 30, 2016: Total Assets $ 101,790 $ 80,495 $ 50,387 $ 26,653 $ 278,914 $ 538,239 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 December 31, 2015: Total Assets $ 107,835 $ 113,600 $ 49,815 $ 26,825 $ 290,069 $ 588,144 For the Six Months Ended June 30, 2016 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 5,642 $ 8,122 $ 2,774 $ 10,572 $ - $ 27,110 Property operating expenses 1,837 2,528 1,020 8,710 1 14,096 Real estate taxes 723 431 399 161 - 1,714 General and administrative costs 63 46 86 171 2,272 2,638 Net operating income/(loss) 3,019 5,117 1,269 1,530 (2,273) 8,662 Depreciation and amortization 2,307 1,370 822 1,391 - 5,890 Operating income/(loss) $ 712 $ 3,747 $ 447 $ 139 $ (2,273) $ 2,772 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

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 has 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	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distribution Payment On July 13, 2016, the distribution for the three-month period ending June 30, 2016 of $ 4.4 Distribution Declaration On August 15, 2016 0.0019178 365 7.0 10.00

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
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, 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 has not yet determined whether 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

Investment in Unconsolidated 22

Investment in Unconsolidated Affiliated Real Estate Entity (Tables) - 1407 Broadway [Member]	6 Months Ended
	Jun. 30, 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 For the Six 2015 2015 Total revenue $ 3,253 $ 13,510 Property operating expenses 2,200 9,439 Depreciation and amortization 622 2,644 Operating income 431 1,427 Interest expense and other, net (208) (1,343) Gain on debt extinguishment 9,891 9,891 Net (loss)/income $ 10,114 $ 9,975 Company's share of net income/(loss) (49%) $ 5,839 $ 5,804
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)	6 Months Ended
	Jun. 30, 2016
Marketable Securities And Fair Value Measurements [Abstract]
Summary of Available for Sale Securities	The following is a summary of the Company’s available for sale securities as of the dates indicated: As of June 30, 2016 Adjusted Cost Gross Unrealized Gains Gross Unrealized Fair Value Equity Securities, primarily REITs $ 1,405 $ 704 $ (1) $ 2,108 Marco OP Units and Marco II OP Units 19,227 26,158 - 45,385 Corporate Bonds and Preferred Equities 7,200 - (174) 7,026 Mortgage Backed Securities ("MBS") 3,292 - (323) 2,969 Total $ 31,124 $ 26,862 $ (498) $ 57,488 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 June 30, 2016 Level 1 Level 2 Level 3 Total Marketable Securities: Equity Securities, primarily REITs $ 2,108 $ - $ - $ 2,108 Marco OP and Marco OP II Units - 45,385 - 45,385 Corporate Bonds and Preferred Equities - 7,026 - 7,026 MBS - 2,969 - 2,969 Total $ 2,108 $ 55,380 $ - $ 57,488 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)	6 Months Ended
	Jun. 30, 2016
Mortgages Payable [Abstract]
Schedule of Mortgages Payable, net	Mortgages payable, net consists of the following: Property Interest Rate Weighted Average Maturity Date Amount Due at As of As of Southeastern Michigan Multi-Family Properties $ - $ - $ 38,437 Oakview Plaza 5.49 % 5.49 % January 2017 25,583 25,801 26,014 Gulf Coast Industrial Portfolio 9.83 % 9.83 % Due on demand 50,525 50,525 50,525 St. Augustine Outlet Center - - 23,875 Gantry Park 4.48 % 4.48 % November 2024 65,317 74,500 74,500 DePaul Plaza LIBOR + 2.75 % 3.21 % June 2020 13,494 15,092 15,295 Total mortgages payable 6.15 % $ 154,919 $ 165,918 $ 228,646 Less: Deferred financing costs (1,832) (1,999) Total mortgages payable, net $ 164,086 $ 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 June 30, 2016: Remainder of 2017 2018 2019 2020 Thereafter Total Principal maturities $ 50,947 $ 25,991 $ 1,567 $ 1,621 $ 14,924 $ 70,868 $ 165,918 Less: Deferred financing costs (1,832) Total principal maturities, net $ 164,086

Dispositions and Discontinued25

Dispositions and Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2016
Dispositions [Abstract]
Schedule of Discontinued Operations	The following summary presents the operating results of the LVP REIT Hotels included in discontinued operations in the Consolidated Statements of Operations for the periods indicated. For the Three For the Six 2015 2015 Revenues $ 2,832 $ 8,000 Operating expenses 1,372 5,742 Operating income 1,460 2,258 Interest expense and other, net (252) (849) Gain on disposition 2,918 17,322 Net income from discontinued operations $ 4,126 $ 18,731

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Acquisition fees (general and administrative costs) $ - $ - $ - $ 8 Asset management fees (general and administrative costs) 623 696 1,243 1,407 Property management fees (property operating expenses) 259 293 549 582 Development fees and leasing commissions* 2 69 51 480 Total $ 884 $ 1,058 $ 1,843 $ 2,477 * Generally, capitalized and amortized over the estimated useful life of the associated asset.
Preferred Investments	The Preferred Investments are summarized as follows: Preferred Unfunded Investment As of As of As of Three Months Six Months Preferred Investments Dividend Rate June 30, 2016 December 31, 2015 June 30,2016 2016 2015 2016 2015 365 Bond Street 12 % $ - $ 42,237 $ - $ 971 $ 1,281 $ 2,252 $ 2,489 40 East End Avenue 12 % 30,000 28,768 - 600 268 1,182 268 30-02 39 th 9% to 12 % 15,600 7,301 34,400 352 - 573 - 485 7th Avenue 12 % 60,000 60,000 - 1,820 - 3,640 - East 11th Street 12 % 35,000 - 5,000 602 - 602 - Total Preferred Investments $ 140,600 $ 138,306 $ 39,400 $ 4,345 $ 1,549 $ 8,249 $ 2,757

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016 As of December 31, 2015 Carrying Amount Estimated Fair Carrying Amount Estimated Fair Mortgages payable $ 165.9 $ 167.1 $ 228.6 $ 227.1

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Information [Abstract]
Results of Operations and Total Assets of Operating Segments	Selected results of operations for the three and six months ended June 30, 2016 and 2015, and total assets as of June 30, 2016 and December 31, 2015 regarding the Company’s operating segments are as follows: For the Three Months Ended June 30, 2016 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 2,784 $ 3,616 $ 1,395 $ 6,146 $ - $ 13,941 Property operating expenses 905 1,160 522 4,609 - 7,196 Real estate taxes 361 169 195 80 - 805 General and administrative costs 50 28 81 97 906 1,162 Net operating income/(loss) 1,468 2,259 597 1,360 (906) 4,778 Depreciation and amortization 1,149 640 420 701 - 2,910 Operating income/(loss) $ 319 $ 1,619 $ 177 $ 659 $ (906) $ 1,868 As of June 30, 2016: Total Assets $ 101,790 $ 80,495 $ 50,387 $ 26,653 $ 278,914 $ 538,239 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 December 31, 2015: Total Assets $ 107,835 $ 113,600 $ 49,815 $ 26,825 $ 290,069 $ 588,144 For the Six Months Ended June 30, 2016 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 5,642 $ 8,122 $ 2,774 $ 10,572 $ - $ 27,110 Property operating expenses 1,837 2,528 1,020 8,710 1 14,096 Real estate taxes 723 431 399 161 - 1,714 General and administrative costs 63 46 86 171 2,272 2,638 Net operating income/(loss) 3,019 5,117 1,269 1,530 (2,273) 8,662 Depreciation and amortization 2,307 1,370 822 1,391 - 5,890 Operating income/(loss) $ 712 $ 3,747 $ 447 $ 139 $ (2,273) $ 2,772 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

Organization (Details Textual)

Organization (Details Textual) $ / available in Thousands, ft² in Millions	6 Months Ended
	Jun. 30, 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	63.00%
Residential Real Estate [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Occupancy Percentage Of Commercial Properties	96.00%
Hospitality [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Occupancy Percentage Of Commercial Properties	59.00%
Average Revenue Per Available Room | $ / available	73
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	367

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	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Schedule of Equity Method Investments [Line Items]
Company's share of net income/(loss) (49%)		$ 0	$ 5,804
1407 Broadway Mezz II, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Total revenue	$ 3,253		13,510
Property operating expenses	2,200		9,439
Depreciation and amortization	622		2,644
Operating income	431		1,427
Interest expense and other, net	(208)		(1,343)
Gain on debt extinguishment	9,891		9,891
Net (loss)/income	10,114		9,975
Company's share of net income/(loss) (49%)	$ 5,839		$ 5,804

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	Jun. 30, 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	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	$ 31,124	$ 60,281
Gross Unrealized Gains	26,862	22,419
Gross Unrealized Losses	(498)	(1,684)
Fair Value	57,488	81,016
Equity Securities, primarily REITs [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	1,405	1,405
Gross Unrealized Gains	704	487
Gross Unrealized Losses	(1)	(1)
Fair Value	2,108	1,891
Marco OP Units and Marco II OP Units [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	19,227	19,227
Gross Unrealized Gains	26,158	21,458
Gross Unrealized Losses	0	0
Fair Value	45,385	40,685
Corporate Bonds And Preferred Equities [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	7,200	35,880
Gross Unrealized Gains	0	474
Gross Unrealized Losses	(174)	(1,369)
Fair Value	7,026	34,985
Mortgage Backed Securities ("MBS") [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	3,292	3,769
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(323)	(314)
Fair Value	$ 2,969	$ 3,455

Marketable Securities and Fai35

Marketable Securities and Fair Value Measurements (Details 1) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	$ 57,488	$ 81,016
Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	2,108	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	45,385	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	7,026	34,985
MBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	2,969	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	2,108	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	2,108	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] | MBS [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	55,380	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	45,385	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	7,026	34,985
Fair Value, Inputs, Level 2 [Member] | MBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	2,969	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] | MBS [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	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from sale of equity securities		$ 55,600,000	$ 11,500,000
Realized gain on sale of equity securities		$ 34,400,000	$ 27,800,000
Equity Securities Redeemed During Period		323,000	60,000
Proceeds from Sale and Maturity of Other Investments		$ 27,800,000	$ 4,900,000
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				1.32%
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, interest rate at end of period				1.82%
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
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	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Weighted Average Interest Rate	6.15%
Amount Due at Maturity	$ 154,919
Total mortgages payable, net	165,918	$ 228,646
Less: Deferred financing costs	(1,832)	(1,999)
Secured Debt	164,086	226,647
Southeastern Michigan Multi Family Properties [Member]
Debt Instrument [Line Items]
Secured Debt	$ 0	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	$ 25,801	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]
Secured Debt	$ 0	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	3.21%
Maturity Date	2020-06
Amount Due at Maturity	$ 13,494
Secured Debt	$ 15,092	$ 15,295

Mortgages Payable, Net (Detai38

Mortgages Payable, Net (Details 1) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Remainder of 2016	$ 50,947
2,017	25,991
2,018	1,567
2,019	1,621
2,020	14,924
Thereafter	70,868
Total	165,918	$ 228,646
Less: Deferred financing costs	(1,832)	(1,999)
Total principal maturiteis, net	$ 164,086	$ 226,647

Mortgages Payable, Net (Detai39

Mortgages Payable, Net (Details Textual) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	6 Months Ended
	May 17, 2016	Apr. 11, 2016	Jun. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Debt Instrument Interest London Interbank Offered Rate			0.47%	0.47%	0.42%
Escrow Deposit			$ 2,708	$ 2,708	$ 7,672
Debt Instrument, Increase, Accrued Interest			500	1,000
Loan agreements [Member]
Debt Instrument [Line Items]
Escrow Deposit			1,300	1,300	7,100
St. Augustine Outlet Center [Member] | Mortgages payable [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			25,800	25,800
St. Augustine Outlet Center [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Repayments of Debt		$ 23,700
Courtyard - Baton Rouge [Member] | Mortgages payable [Member]
Debt Instrument [Line Items]
Accrued default interest payable			$ 8,100	$ 8,100	$ 7,100
Southeastern Michigan Multi Family Properties [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Repayments of Debt	$ 38,200

Dispositions and Discontinued40

Dispositions and Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues		$ 2,832		$ 8,000
Operating expenses		1,372		5,742
Operating income		1,460		2,258
Interest expense and other, net		(252)		(849)
Gain on disposition		2,918		17,322
Net income from discontinued operations	$ 0	$ 4,126	$ 0	$ 18,731

Dispositions and Discontinued41

Dispositions and Discontinued Operations (Details Textual) $ in Thousands	1 Months Ended		3 Months Ended			6 Months Ended
	Jul. 26, 2016USD ($)	May 17, 2016USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)
Disposition of limited service hotels [Line Items]
Gain (Loss) on Disposition of Real Estate, Discontinued Operations				$ 2,918			$ 17,322
Gains (Losses) on Sales of Investment Real Estate			$ 19,906	0		$ 19,906	$ 0
Southeastern Michigan Multi Family Properties [Member]
Disposition of limited service hotels [Line Items]
Proceeds from Sale of Real Estate		$ 50,600
Gains (Losses) on Sales of Investment Real Estate			$ 19,900
Southeastern Michigan Multi Family Properties [Member] | Subsequent Event [Member]
Disposition of limited service hotels [Line Items]
Proceeds from Sale of Real Estate	$ 10,300
Southeastern Michigan Multi Family Properties [Member] | Mortgages [Member]
Disposition of limited service hotels [Line Items]
Repayments of Debt		$ 38,200
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					11

Related Party Transactions (Det

Related Party Transactions (Details) - Related Party [Member] - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Related Party Transaction [Line Items]
Acquisition fees (general and administrative costs)		$ 0	$ 0	$ 0	$ 8
Asset management fees (general and administrative costs)		623	696	1,243	1,407
Property management fees (property operating expenses)		259	293	549	582
Development fees and leasing commissions	[1]	2	69	51	480
Total		$ 884	$ 1,058	$ 1,843	$ 2,477
[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		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Investments in and Advances to Affiliates, at Fair Value, Gross Additions			$ 140,600		$ 138,306
Preferred Stock Dividend Income	$ 4,345	$ 1,549	8,249	$ 2,757
Unfunded Investment Contribution Liabilities	39,400		$ 39,400
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			$ 0		42,237
Preferred Stock Dividend Income	971	1,281	2,252	2,489
Unfunded Investment Contribution Liabilities	0		$ 0
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			$ 30,000		28,768
Preferred Stock Dividend Income	600	268	1,182	268
Unfunded Investment Contribution Liabilities	0		0
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			15,600		7,301
Preferred Stock Dividend Income	352	0	573	0
Unfunded Investment Contribution Liabilities	34,400		$ 34,400
Thirty Zero Two Thirty Ninth Avenue One Preferred Investment [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Preferred Stock, Dividend Rate, Percentage			12.00%
Thirty Zero Two Thirty Ninth Avenue Two Preferred Investment [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Preferred Stock, Dividend Rate, Percentage			9.00%
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	3,640	0
Unfunded Investment Contribution Liabilities	0		$ 0
East 11th Street [Member]
Related Party Transaction [Line Items]
Preferred Stock, Dividend Rate, Percentage			12.00%
Investments in and Advances to Affiliates, at Fair Value, Gross Additions			$ 35,000		$ 0
Preferred Stock Dividend Income	602	$ 0	602	$ 0
Unfunded Investment Contribution Liabilities	$ 5,000		$ 5,000

Related Party Transactions (D44

Related Party Transactions (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 21, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Investments in and Advances to Affiliates [Line Items]
Unfunded Investment Contribution Liabilities		$ 39,400		$ 39,400
Dividends, Cash				8,898
Investments in and Advances to Affiliates, at Fair Value, Gross Additions				140,600		$ 138,306
Reimbursement from Preferred Investment		$ 42,200		$ 42,200
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%		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	$ 1,000	$ 500	$ 1,000
40 East End Avenue Preferred Investment [Member]
Investments in and Advances to Affiliates [Line Items]
Unfunded Investment Contribution Liabilities		0		0
Investments in and Advances to Affiliates, at Fair Value, Gross Additions				30,000		28,768
Preferred Investments [Member]
Investments in and Advances to Affiliates [Line Items]
Unfunded Investment Contribution Liabilities		39,400		39,400
Additional Investments In And Advances To Affiliates At Fair Value Gross Additions				44,500
Preferred Stock Investments Income		4,300	$ 1,500	8,200	$ 2,800
Investments in and Advances to Affiliates, at Fair Value, Gross Additions				140,600		$ 138,300
East 11th Street Preferred Investment [Member]
Investments in and Advances to Affiliates [Line Items]
Proceeds from Contributions from Affiliates	$ 40,000
Percentage of preferred Distribution Rate	12.00%
Held-to-maturity Securities		35,000		35,000
Remaining Unfunded Contribution		$ 5,000		$ 5,000

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Carrying Amount	$ 165,918	$ 228,646
Mortgages payable [Member]
Debt Instrument [Line Items]
Carrying Amount	165,900	228,600
Estimated Fair Value	$ 167,100	$ 227,100

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Total revenues	$ 13,941	$ 14,476	$ 27,110	$ 27,307
Property operating expenses	7,196	6,922	14,096	13,443
Real estate taxes	805	831	1,714	1,706
General and administrative costs	1,162	1,136	2,638	2,550
Net operating income/(loss)	4,778	5,587	8,662	9,608
Depreciation and amortization	2,910	2,818	5,890	5,617
Operating income/(loss)	1,868	2,769	2,772	3,991
Total Assets	538,239	588,144	538,239	588,144	$ 588,144
Retail [Member]
Segment Reporting Information [Line Items]
Total revenues	2,784	2,788	5,642	5,576
Property operating expenses	905	935	1,837	1,849
Real estate taxes	361	353	723	711
General and administrative costs	50	0	63	(3)
Net operating income/(loss)	1,468	1,500	3,019	3,019
Depreciation and amortization	1,149	1,032	2,307	2,032
Operating income/(loss)	319	468	712	987
Total Assets	101,790	107,835	101,790	107,835
Multi-Family [Member]
Segment Reporting Information [Line Items]
Total revenues	3,616	4,361	8,122	8,649
Property operating expenses	1,160	1,254	2,528	2,628
Real estate taxes	169	266	431	531
General and administrative costs	28	24	46	82
Net operating income/(loss)	2,259	2,817	5,117	5,408
Depreciation and amortization	640	726	1,370	1,466
Operating income/(loss)	1,619	2,091	3,747	3,942
Total Assets	80,495	113,600	80,495	113,600
Industrial [Member]
Segment Reporting Information [Line Items]
Total revenues	1,395	1,545	2,774	3,143
Property operating expenses	522	480	1,020	925
Real estate taxes	195	134	399	307
General and administrative costs	81	(1)	86	(47)
Net operating income/(loss)	597	932	1,269	1,958
Depreciation and amortization	420	400	822	804
Operating income/(loss)	177	532	447	1,154
Total Assets	50,387	49,815	50,387	49,815
Hospitality [Member]
Segment Reporting Information [Line Items]
Total revenues	6,146	5,782	10,572	9,939
Property operating expenses	4,609	4,253	8,710	8,040
Real estate taxes	80	78	161	157
General and administrative costs	97	48	171	151
Net operating income/(loss)	1,360	1,403	1,530	1,591
Depreciation and amortization	701	660	1,391	1,315
Operating income/(loss)	659	743	139	276
Total Assets	26,653	26,825	26,653	26,825
Unallocated [Member]
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Property operating expenses	0	0	1	1
Real estate taxes	0	0	0	0
General and administrative costs	906	1,065	2,272	2,367
Net operating income/(loss)	(906)	(1,065)	(2,273)	(2,368)
Depreciation and amortization	0	0	0	0
Operating income/(loss)	(906)	(1,065)	(2,273)	(2,368)
Total Assets	$ 278,914	$ 290,069	$ 278,914	$ 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 ($)	Aug. 15, 2016	Jul. 13, 2016
Subsequent Events [Line Items]
Dividends Payable, Date Declared	Aug. 15, 2016
Payments of Dividends		$ 4,400,000
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