Lightstone Value Plus REIT I (LHTV) 10-Q 14 Nov 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares shares in Millions	9 Months Ended
	Sep. 30, 2016	Nov. 07, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
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	Sep. 30, 2016	Dec. 31, 2015
Investment property:
Land and improvements	$ 60,440	$ 68,869
Building and improvements	202,921	238,757
Furniture and fixtures	17,543	17,421
Construction in progress	65	668
Gross investment property	280,969	325,715
Less accumulated depreciation	(47,344)	(50,278)
Net investment property	233,625	275,437
Investment in unconsolidated affiliated real estate entity	0	1,989
Investments in related parties	148,621	139,809
Cash and cash equivalents	104,452	68,459
Marketable securities, available for sale	55,335	81,016
Restricted escrows	4,260	7,672
Tenant and other accounts receivable	1,974	2,078
Mortgage receivable	4,930	5,040
Intangible assets, net	790	1,087
Prepaid expenses and other assets	4,199	5,557
Total Assets	558,186	588,144
Liabilities and Stockholders' Equity
Mortgages payable, net	183,680	226,647
Notes payable, net	18,625	18,609
Accounts payable, accrued expenses and other liabilities	18,617	14,379
Due to related parties	595	0
Tenant allowances and deposits payable	1,252	2,030
Distributions payable	4,471	4,528
Deferred rental income	1,174	1,204
Acquired below market lease intangibles, net	484	597
Total Liabilities	228,898	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, 25,321 and 25,639 shares issued and outstanding, respectively	253	256
Additional paid-in-capital	198,892	202,068
Accumulated other comprehensive income	22,155	18,776
Accumulated surplus	85,302	67,961
Total Company's stockholders' equity	306,602	289,061
Noncontrolling interests	22,686	31,089
Total Stockholders' Equity	329,288	320,150
Total Liabilities and Stockholders' Equity	$ 558,186	$ 588,144

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Sep. 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	25,321	25,639
Common stock, shares outstanding	25,321	25,639

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Rental income	$ 9,391	$ 11,302	$ 28,559	$ 30,996
Tenant recovery income	930	1,120	3,122	3,234
Other service income	2,739	2,312	8,489	7,811
Total revenues	13,060	14,734	40,170	42,041
Expenses:
Property operating expenses	6,784	7,563	20,880	21,006
Real estate taxes	673	860	2,387	2,566
General and administrative costs	1,042	1,349	3,680	3,899
Depreciation and amortization	2,705	2,955	8,595	8,572
Total operating expenses	11,204	12,727	35,542	36,043
Operating income	1,856	2,007	4,628	5,998
Other income, net	6	216	142	1,048
Mark to market adjustment on derivative financial instruments	130	(255)	(282)	(407)
Interest and dividend income	4,646	3,015	14,764	8,217
Interest expense	(3,065)	(3,811)	(10,128)	(11,360)
(Loss)/gain on sale and redemption of marketable securities (includes loss/(gain) of $15, $6, $952 and ($41,492), respectively, of accumulated other comprehensive income reclassifications)	(15)	(12)	(952)	34,728
Gain on disposition of real estate	3,799	0	23,705	0
Income from investments in unconsolidated affiliated real estate entity	0	0	0	5,804
Net income from continuing operations	7,357	1,160	31,877	44,028
Net income from discontinued operations	0	0	0	18,731
Net income	7,357	1,160	31,877	62,759
Less: net income attributable to noncontrolling interests	(310)	(265)	(1,166)	(4,359)
Net income attributable to Company's common shares	$ 7,047	$ 895	$ 30,711	$ 58,400
Basic and diluted net income per Company's common share:
Continuing operations	$ 0.28	$ 0.03	$ 1.21	$ 1.54
Discontinued operations	0	0	0	0.72
Net income per Company’s common share, basic and diluted	$ 0.28	$ 0.03	$ 1.21	$ 2.26
Weighted average number of common shares outstanding, basic and diluted	25,379	25,793	25,479	25,874

CONSOLIDATED STATEMENTS OF OPE5

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	$ 15	$ 6	$ 952	$ (41,492)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net income	$ 7,357	$ 1,160	$ 31,877	$ 62,759
Other comprehensive income
Holding (loss)/gain on available for sale securities	(1,979)	1,945	2,713	4,057
Reclassification adjustment for loss/(gain) included in net income	15	6	952	(41,492)
Other comprehensive income/(loss)	(1,964)	1,951	3,665	(37,435)
Comprehensive income	5,393	3,111	35,542	25,324
Less: Comprehensive income attributable to noncontrolling interests	(933)	(486)	(1,452)	(856)
Comprehensive income attributable to Company's common shares	$ 4,460	$ 2,625	$ 34,090	$ 24,468

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 9 months ended Sep. 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	31,877	$ 0	0	0	30,711	1,166
Other comprehensive income	3,665	0	0	3,379	0	286
Distributions declared	(13,370)	0	0	0	(13,370)	0
Distributions paid to noncontrolling interests	(9,861)	0	0	0	0	(9,861)
Contributions received from noncontrolling interests	6	0	0	0	0	6
Redemption and cancellation of shares	(3,179)	$ (3)	(3,176)	0	0	0
Redemption and cancellation of shares (in shares)		(318)
BALANCE at Sep. 30, 2016	$ 329,288	$ 253	$ 198,892	$ 22,155	$ 85,302	$ 22,686
BALANCE (in shares) at Sep. 30, 2016		25,321

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 31,877	$ 62,759
Less net income - discontinued operations	0	18,731
Net income - continuing operations	31,877	44,028
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,595	8,572
Mark to market adjustment on derivative financial instruments	282	407
Loss/(gain) on sale and redemption of marketable securities	952	(34,728)
Income from investments in unconsolidated affiliated real estate entities	0	(5,804)
Gain on disposition of real estate	(23,705)	0
Other non-cash adjustments	427	326
Changes in assets and liabilities:
Decrease in prepaid expenses and other assets	97	279
Increase in tenant and other accounts receivable	(122)	(6)
Decrease in tenant allowance and deposits payable	(634)	(27)
Increase in accounts payable and accrued expenses	2,053	2,402
Increase/(Decrease) in due to related parties	679	(326)
Decrease in deferred rental income	(30)	(72)
Net cash provided by operating activities - continuing operations	20,471	15,051
Net cash provided by operating activities - discontinued operations	0	1,259
Net cash provided by operating activities	20,471	16,310
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property, net	(2,557)	(4,971)
Purchase of marketable securities	0	(5,113)
Preferred investments in related parties	(51,049)	(39,336)
Proceeds from preferred investments in related parties	42,237	0
Contributions to investment in unconsolidated affiliated real estate entity	0	(1,568)
Collections on mortgage receivable	110	104
Proceeds from sale and redemption of marketable securities	28,395	78,217
Distribution from investments in unconsolidated affiliated real estate entity	1,989	15,230
Proceeds from sale of investment property and other real estate assets	60,691	0
Deposit/(refund) for purchase of real estate, net	0	170
Release of restricted escrows	5,436	464
Net cash provided by investing activities - continuing operations	85,252	43,197
Net cash provided by investing activities - discontinued operations	0	92,425
Net cash provided by investing activities	85,252	135,622
CASH FLOWS FROM FINANCING ACTIVITIES:
Mortgage payments	(62,937)	(1,676)
Payment of loan fees and expenses	(733)	(69)
Redemption and cancellation of common stock	(3,179)	(2,220)
Proceeds from mortgage financing	20,400	3,863
Net payments on notes payable	0	(19,957)
Contributions received from noncontrolling interests	6	219
Distributions paid to noncontrolling interests	(9,861)	(4,400)
Distributions paid to Company's common stockholders	(13,426)	(12,114)
Net cash used in financing activities - continuing operations	(69,730)	(36,354)
Net cash used in financing activities - discontinued operations	0	(34,314)
Net cash used in financing activities	(69,730)	(70,668)
Net change in cash and cash equivalents	35,993	81,264
Cash and cash equivalents, beginning of period	68,459	54,529
Cash and cash equivalents, end of period	104,452	135,793
Supplemental disclosure of cash flow information:
Cash paid for interest	6,192	9,485
Distributions declared	13,370	13,549
Value of shares issued from distribution reinvestment program	0	1,453
Non-cash purchase of investment property	16	774
Debt assumed by purchase on disposition	0	32,800
Assignement of Minority interest loans to purchaser on disposition		$ 547

Organization

Organization	9 Months Ended
	Sep. 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 September 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 1.0 194 85 61 98 87 68 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 September 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	9 Months Ended
	Sep. 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 August 2016, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update which provides guidance on the classification of certain cash receipts and cash payments in the statement of cash flows, including those related to debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance, and distributions received from equity method investees. This guidance is effective for fiscal years beginning after December 15, 2017, and for interim periods within those fiscal years. The guidance must be adopted on a retrospective basis and must be applied to all periods presented, but may be applied prospectively if retrospective application would be impracticable. We are currently evaluating the impact, if any, that the adoption of this guidance will have on its consolidated statement of cash flows. In June 2016, the FASB issued an accounting standards update which replaces the incurred loss impairment methodology current in use with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the effect that the new guidance will have on its consolidated financial statements and disclosures. In May 2014, the FASB issued an accounting standards update that provides for a single five-step model to be applied to all revenue contracts with customers as well as requires additional financial statement disclosures that will enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company does not expect the adoption of this standard to have a material impact on its financial position, results of operations or cash flows. 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 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 was 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	9 Months Ended
	Sep. 30, 2016
Investments in Unconsolidated Affiliated Real Estate Entity [Abstract]
Investment 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 The following table represents the unaudited condensed income statement for 1407 Broadway: For the Nine Months Ended September 30, 2015 Total revenue $ 13,510 Property operating expenses 9,439 Depreciation and amortization 2,644 Operating income 1,427 Interest expense and other, net (1,343) Gain on debt extinguishment 9,891 Net (loss)/income $ 9,975 Company's share of net income/(loss) (49%) $ 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	9 Months Ended
	Sep. 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 September 30, 2016 Gross Unrealized Adjusted Cost Gross Unrealized Gains Losses Fair Value Equity Securities, primarily REITs $ 1,405 $ 609 $ (2) $ 2,012 Marco OP Units and Marco II OP Units 19,227 24,088 - 43,315 Corporate Bonds and Preferred Equities 7,200 56 (31) 7,225 Mortgage Backed Securities ("MBS") 3,102 - (319) 2,783 Total $ 30,934 $ 24,753 $ (352) $ 55,335 As of December 31, 2015 Gross Unrealized Gross Unrealized Adjusted Cost Gains Losses 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 nine months ended September 30, 2015, the Company redeemed an aggregate of approximately 383,000 32.7 67.1 34.4 The Company considers the declines in market value of certain of its investments to be temporary in nature as the unrealized losses were caused primarily by changes in market interest rates or widening credit spreads. When evaluating these investments for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, and the Company’s intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment’s amortized cost basis. During the three and nine months ended September 30, 2016 and 2015, the Company did not recognize any impairment charges. As of September 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% ( 1.38 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 1.88 252,000 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 September 30, 2016 Level 1 Level 2 Level 3 Total Marketable Securities: Equity Securities, primarily REITs $ 2,012 $ - $ - $ 2,012 Marco OP and Marco OP II Units - 43,315 - 43,315 Corporate Bonds and Preferred Equities - 7,225 - 7,225 MBS - 2,783 - 2,783 Total $ 2,012 $ 53,323 $ - $ 55,335 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	9 Months Ended
	Sep. 30, 2016
Mortgages Payable [Abstract]
Mortgages Payable, Net	Mortgages Payable, Net Weighted Average Interest Rate as of Amount Due at As of As of Property Interest Rate September 30, 2016 Maturity Date Maturity September 30, 2016 December 31, 2015 Southeastern Michigan Multi-Family Properties $ - $ - $ 38,437 Oakview Plaza 5.49 % 5.49 % January 2017 25,583 25,695 26,014 Gulf Coast Industrial Portfolio 9.83 % 9.83 % Due on demand 50,525 50,525 50,525 St. Augustine Outlet Center (Matured and repaid in full on April 7, 2016) - - 23,875 St. Augustine Outlet Center LIBOR + 4.50 % 5.01 % August 2018 20,400 20,400 - 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 14,990 15,295 Total mortgages payable 6.03 % $ 175,319 $ 186,110 $ 228,646 Less: Deferred financing costs (2,430) (1,999) Total mortgages payable, net $ 183,680 $ 226,647 Libor as of September 30, 2016 and December 31, 2015 was 0.53 0.42 % Remainder of 2016 2017 2018 2019 2020 Thereafter Total Principal maturities $ 50,739 $ 25,991 $ 21,967 $ 1,621 $ 14,924 $ 70,868 $ 186,110 Less: Deferred financing costs (2,430) Total principal maturities, net $ 183,680 Pursuant to the Company’s loan agreements, escrows in the amount of $ 1.9 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 On July 28, 2016, the Company, entered into a mortgage loan for approximately $ 20.4 LIBOR+4.50% Certain of the Company’s debt agreements require the maintenance of certain ratios, including debt service coverage. As of September 30, 2016, the Company is 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 1.5 8.6 7.1 Additionally, the Company’s mortgage loan (outstanding principal balance of $ 25.7

Dispositions and Discontinued O

Dispositions and Discontinued Operations	9 Months Ended
	Sep. 30, 2016
Dispositions [Abstract]
Dispositions and Discontinued Operations	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 On July 26, 2016, the remaining apartment community in the Southeastern Michigan Multi-Family Properties was disposed of to the same unrelated third party for approximately $ 10.3 3.8 23.7 The disposition of the Southeastern Michigan Multi-Family Properties did not qualify to be reported as discontinued operations since the disposition did not represent a strategic shift that had a major effect on the Company’s operations and financial results. Accordingly, the operating results of the Southeastern Michigan Multi-Family Properties are reflected in the Company’s results from continuing operations for all periods presented through their respective dates of disposition. 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 Nine Months Ended September 30, 2015 Revenues $ 8,000 Operating expenses 5,742 Operating income 2,258 Interest expense and other, net (849) Gain on disposition 17,322 Net income from discontinued operations $ 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	9 Months Ended
	Sep. 30, 2016
Net Earnings Per Share [Abstract]
Net Earnings Per Share	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	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Acquisition fees (general and administrative costs) $ - $ - $ - $ 8 Asset management fees (general and administrative costs) 562 601 1,804 2,008 Property management fees (property operating expenses) 190 298 739 880 Development fees and leasing commissions* 29 668 80 1,147 Total $ 781 $ 1,567 $ 2,623 $ 4,043 * 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 nine months ended September 30, 2016 and 2015, distributions of $ 0.5 1.6 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 $ 147.1 138.3 51.0 42.2 70.4 4.0 12.2 1.9 4.7 Preferred Unfunded Investment Income As of As of As of Three Months Ended Nine Months Ended Preferred Investments Dividend Rate 2016 2015 2016 2016 2015 2016 2015 365 Bond Street 12 % $ - $ 42,237 $ - $ - $ 1,295 $ 2,252 $ 3,784 40 East End Avenue 8% to 12 % 30,000 28,768 - 613 588 1,795 856 30-02 39th Avenue 9% to 12 % 15,600 7,301 34,400 436 44 1,009 44 485 7th Avenue 12 % 60,000 60,000 - 1,840 - 5,480 - East 11th Street 12 % 35,000 - 22,500 1,073 - 1,675 - Miami Moxy 12 % 6,500 - 13,500 - Total Preferred Investments $ 147,100 $ 138,306 $ 70,400 $ 3,962 $ 1,927 $ 12,211 $ 4,684 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 th th th th 12.0 th 17.5 57.5 The Company made aggregate contributions of $ 35.0 22.5 Miami Moxy Preferred Investment On September 30, 2016, the Company entered into an agreement with various related party entities that provides for it to make contributions of up to $ 20.0 12.0 The Company made its initial contribution of $ 6.5 13.5

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 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 September 30, 2016 As of December 31, 2015 Estimated Fair Estimated Fair Carrying Amount Value Carrying Amount Value Mortgages payable $ 186.1 $ 186.3 $ 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	9 Months Ended
	Sep. 30, 2016
Segment Information [Abstract]
Segment Information	10. Segment Information The Company currently operates in four business segments as of September 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 nine months ended September 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 September 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 September 30, 2016 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 2,904 $ 2,283 $ 1,341 $ 6,532 $ - $ 13,060 Property operating expenses 811 536 523 4,913 1 6,784 Real estate taxes 356 32 208 77 - 673 General and administrative costs (9) 8 1 64 978 1,042 Net operating income/(loss) 1,746 1,707 609 1,478 (979) 4,561 Depreciation and amortization 1,161 420 415 709 - 2,705 Operating income/(loss) $ 585 $ 1,287 $ 194 $ 769 $ (979) $ 1,856 As of September 30, 2016: Total Assets $ 101,172 $ 73,944 $ 50,864 $ 26,211 $ 305,995 $ 558,186 For the Three Months Ended September 30, 2015 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 2,911 $ 4,367 $ 1,584 $ 5,872 $ - $ 14,734 Property operating expenses 1,011 1,474 527 4,550 1 7,563 Real estate taxes 356 265 168 71 - 860 General and administrative costs 10 49 (3) 85 1,208 1,349 Net operating income/(loss) 1,534 2,579 892 1,166 (1,209) 4,962 Depreciation and amortization 1,155 726 401 673 - 2,955 Operating income/(loss) $ 379 $ 1,853 $ 491 $ 493 $ (1,209) $ 2,007 As of December 31, 2015: Total Assets $ 107,835 $ 113,600 $ 49,815 $ 26,825 $ 290,069 $ 588,144 For the Nine Months Ended September 30, 2016 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 8,546 $ 10,405 $ 4,115 $ 17,104 $ - $ 40,170 Property operating expenses 2,648 3,064 1,543 13,623 2 20,880 Real estate taxes 1,079 463 607 238 - 2,387 General and administrative costs 54 54 87 235 3,250 3,680 Net operating income/(loss) 4,765 6,824 1,878 3,008 (3,252) 13,223 Depreciation and amortization 3,468 1,790 1,237 2,100 - 8,595 Operating income/(loss) $ 1,297 $ 5,034 $ 641 $ 908 $ (3,252) $ 4,628 For the Nine Months Ended September 30, 2015 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 8,487 $ 13,016 $ 4,727 $ 15,811 $ - $ 42,041 Property operating expenses 2,860 4,102 1,452 12,590 2 21,006 Real estate taxes 1,067 796 475 228 - 2,566 General and administrative costs 7 131 (50) 236 3,575 3,899 Net operating income/(loss) 4,553 7,987 2,850 2,757 (3,577) 14,570 Depreciation and amortization 3,187 2,192 1,205 1,988 - 8,572 Operating income/(loss) $ 1,366 $ 5,795 $ 1,645 $ 769 $ (3,577) $ 5,998

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events Distribution Payment On October 14, 2016, the distribution for the three-month period ending September 30, 2016 of $ 4.5 Distribution Declaration On November 14, 2016, the Board authorized and the Company declared a distribution for the three-month period ending December 31, 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)	9 Months Ended
	Sep. 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	Certain prior period amounts have been reclassified to conform to the current year presentation.
New Accounting Pronouncements	In August 2016, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update which provides guidance on the classification of certain cash receipts and cash payments in the statement of cash flows, including those related to debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance, and distributions received from equity method investees. This guidance is effective for fiscal years beginning after December 15, 2017, and for interim periods within those fiscal years. The guidance must be adopted on a retrospective basis and must be applied to all periods presented, but may be applied prospectively if retrospective application would be impracticable. We are currently evaluating the impact, if any, that the adoption of this guidance will have on its consolidated statement of cash flows. In June 2016, the FASB issued an accounting standards update which replaces the incurred loss impairment methodology current in use with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the effect that the new guidance will have on its consolidated financial statements and disclosures. In May 2014, the FASB issued an accounting standards update that provides for a single five-step model to be applied to all revenue contracts with customers as well as requires additional financial statement disclosures that will enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company does not expect the adoption of this standard to have a material impact on its financial position, results of operations or cash flows. 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 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 was 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]	9 Months Ended
	Sep. 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 Nine Months Ended September 30, 2015 Total revenue $ 13,510 Property operating expenses 9,439 Depreciation and amortization 2,644 Operating income 1,427 Interest expense and other, net (1,343) Gain on debt extinguishment 9,891 Net (loss)/income $ 9,975 Company's share of net income/(loss) (49%) $ 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)	9 Months Ended
	Sep. 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 September 30, 2016 Gross Unrealized Adjusted Cost Gross Unrealized Gains Losses Fair Value Equity Securities, primarily REITs $ 1,405 $ 609 $ (2) $ 2,012 Marco OP Units and Marco II OP Units 19,227 24,088 - 43,315 Corporate Bonds and Preferred Equities 7,200 56 (31) 7,225 Mortgage Backed Securities ("MBS") 3,102 - (319) 2,783 Total $ 30,934 $ 24,753 $ (352) $ 55,335 As of December 31, 2015 Gross Unrealized Gross Unrealized Adjusted Cost Gains Losses 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 September 30, 2016 Level 1 Level 2 Level 3 Total Marketable Securities: Equity Securities, primarily REITs $ 2,012 $ - $ - $ 2,012 Marco OP and Marco OP II Units - 43,315 - 43,315 Corporate Bonds and Preferred Equities - 7,225 - 7,225 MBS - 2,783 - 2,783 Total $ 2,012 $ 53,323 $ - $ 55,335 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)	9 Months Ended
	Sep. 30, 2016
Mortgages Payable [Abstract]
Schedule of Mortgages Payable, net	Mortgages payable, net consists of the following: Weighted Average Interest Rate as of Amount Due at As of As of Property Interest Rate September 30, 2016 Maturity Date Maturity September 30, 2016 December 31, 2015 Southeastern Michigan Multi-Family Properties $ - $ - $ 38,437 Oakview Plaza 5.49 % 5.49 % January 2017 25,583 25,695 26,014 Gulf Coast Industrial Portfolio 9.83 % 9.83 % Due on demand 50,525 50,525 50,525 St. Augustine Outlet Center (Matured and repaid in full on April 7, 2016) - - 23,875 St. Augustine Outlet Center LIBOR + 4.50 % 5.01 % August 2018 20,400 20,400 - 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 14,990 15,295 Total mortgages payable 6.03 % $ 175,319 $ 186,110 $ 228,646 Less: Deferred financing costs (2,430) (1,999) Total mortgages payable, net $ 183,680 $ 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 September 30, 2016: Remainder of 2016 2017 2018 2019 2020 Thereafter Total Principal maturities $ 50,739 $ 25,991 $ 21,967 $ 1,621 $ 14,924 $ 70,868 $ 186,110 Less: Deferred financing costs (2,430) Total principal maturities, net $ 183,680

Dispositions and Discontinued25

Dispositions and Discontinued Operations (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended September 30, 2015 Revenues $ 8,000 Operating expenses 5,742 Operating income 2,258 Interest expense and other, net (849) Gain on disposition 17,322 Net income from discontinued operations $ 18,731

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Amount Recorded in Pursuant to Related Party Arrangment	Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Acquisition fees (general and administrative costs) $ - $ - $ - $ 8 Asset management fees (general and administrative costs) 562 601 1,804 2,008 Property management fees (property operating expenses) 190 298 739 880 Development fees and leasing commissions* 29 668 80 1,147 Total $ 781 $ 1,567 $ 2,623 $ 4,043 * Generally, capitalized and amortized over the estimated useful life of the associated asset
Preferred Investments	Preferred Unfunded Investment Income As of As of As of Three Months Ended Nine Months Ended Preferred Investments Dividend Rate 2016 2015 2016 2016 2015 2016 2015 365 Bond Street 12 % $ - $ 42,237 $ - $ - $ 1,295 $ 2,252 $ 3,784 40 East End Avenue 8% to 12 % 30,000 28,768 - 613 588 1,795 856 30-02 39th Avenue 9% to 12 % 15,600 7,301 34,400 436 44 1,009 44 485 7th Avenue 12 % 60,000 60,000 - 1,840 - 5,480 - East 11th Street 12 % 35,000 - 22,500 1,073 - 1,675 - Miami Moxy 12 % 6,500 - 13,500 - Total Preferred Investments $ 147,100 $ 138,306 $ 70,400 $ 3,962 $ 1,927 $ 12,211 $ 4,684

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 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 September 30, 2016 As of December 31, 2015 Estimated Fair Estimated Fair Carrying Amount Value Carrying Amount Value Mortgages payable $ 186.1 $ 186.3 $ 228.6 $ 227.1

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Information [Abstract]
Results of Operations and Total Assets of Operating Segments	Selected results of operations for the three and nine months ended September 30, 2016 and 2015, and total assets as of September 30, 2016 and December 31, 2015 regarding the Company’s operating segments are as follows: For the Three Months Ended September 30, 2016 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 2,904 $ 2,283 $ 1,341 $ 6,532 $ - $ 13,060 Property operating expenses 811 536 523 4,913 1 6,784 Real estate taxes 356 32 208 77 - 673 General and administrative costs (9) 8 1 64 978 1,042 Net operating income/(loss) 1,746 1,707 609 1,478 (979) 4,561 Depreciation and amortization 1,161 420 415 709 - 2,705 Operating income/(loss) $ 585 $ 1,287 $ 194 $ 769 $ (979) $ 1,856 As of September 30, 2016: Total Assets $ 101,172 $ 73,944 $ 50,864 $ 26,211 $ 305,995 $ 558,186 For the Three Months Ended September 30, 2015 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 2,911 $ 4,367 $ 1,584 $ 5,872 $ - $ 14,734 Property operating expenses 1,011 1,474 527 4,550 1 7,563 Real estate taxes 356 265 168 71 - 860 General and administrative costs 10 49 (3) 85 1,208 1,349 Net operating income/(loss) 1,534 2,579 892 1,166 (1,209) 4,962 Depreciation and amortization 1,155 726 401 673 - 2,955 Operating income/(loss) $ 379 $ 1,853 $ 491 $ 493 $ (1,209) $ 2,007 As of December 31, 2015: Total Assets $ 107,835 $ 113,600 $ 49,815 $ 26,825 $ 290,069 $ 588,144 For the Nine Months Ended September 30, 2016 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 8,546 $ 10,405 $ 4,115 $ 17,104 $ - $ 40,170 Property operating expenses 2,648 3,064 1,543 13,623 2 20,880 Real estate taxes 1,079 463 607 238 - 2,387 General and administrative costs 54 54 87 235 3,250 3,680 Net operating income/(loss) 4,765 6,824 1,878 3,008 (3,252) 13,223 Depreciation and amortization 3,468 1,790 1,237 2,100 - 8,595 Operating income/(loss) $ 1,297 $ 5,034 $ 641 $ 908 $ (3,252) $ 4,628 For the Nine Months Ended September 30, 2015 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 8,487 $ 13,016 $ 4,727 $ 15,811 $ - $ 42,041 Property operating expenses 2,860 4,102 1,452 12,590 2 21,006 Real estate taxes 1,067 796 475 228 - 2,566 General and administrative costs 7 131 (50) 236 3,575 3,899 Net operating income/(loss) 4,553 7,987 2,850 2,757 (3,577) 14,570 Depreciation and amortization 3,187 2,192 1,205 1,988 - 8,572 Operating income/(loss) $ 1,366 $ 5,795 $ 1,645 $ 769 $ (3,577) $ 5,998

Organization (Details Textual)

Organization (Details Textual) $ / available in Thousands, ft² in Millions	9 Months Ended
	Sep. 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	85.00%
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	98.00%
Hospitality [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Occupancy Percentage Of Commercial Properties	68.00%
Average Revenue Per Available Room | $ / available	87
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	194

Summary of Significant Accoun30

Summary of Significant Accounting Policies (Details Textual)	Sep. 30, 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	9 Months Ended
	Sep. 30, 2016	Sep. 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		13,510
Property operating expenses		9,439
Depreciation and amortization		2,644
Operating income		1,427
Interest expense and other, net		(1,343)
Gain on debt extinguishment		9,891
Net (loss)/income		9,975
Company's share of net income/(loss) (49%)		$ 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	Sep. 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	Sep. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	$ 30,934	$ 60,281
Gross Unrealized Gains	24,753	22,419
Gross Unrealized Losses	(352)	(1,684)
Fair Value	55,335	81,016
Equity Securities, primarily REITs [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	1,405	1,405
Gross Unrealized Gains	609	487
Gross Unrealized Losses	(2)	(1)
Fair Value	2,012	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	24,088	21,458
Gross Unrealized Losses	0	0
Fair Value	43,315	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	56	474
Gross Unrealized Losses	(31)	(1,369)
Fair Value	7,225	34,985
Mortgage Backed Securities ("MBS") [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	3,102	3,769
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(319)	(314)
Fair Value	$ 2,783	$ 3,455

Marketable Securities and Fai35

Marketable Securities and Fair Value Measurements (Details 1) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	$ 55,335	$ 81,016
Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	2,012	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	43,315	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	7,225	34,985
MBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	2,783	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	2,012	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	2,012	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	53,323	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	43,315	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	7,225	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	2,783	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 ($) shares in Thousands, $ in Thousands	Sep. 14, 2012	Sep. 30, 2016	Sep. 30, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from sale of equity securities			$ 67,100
Realized gain on sale of equity securities			$ 34,400
Equity Securities Redeemed During Period			383,000
Proceeds from Sale and Maturity of Other Investments			$ 32,700
Margin Loan [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate at end of period		1.38%
Line of Credit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate at end of period		1.88%
Debt instrument, maturity date	Jun. 19, 2017
Line of credit facility, maximum borrowing capacity	$ 25,000
Line of credit facility, amount outstanding		$ 18,600
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	1 Months Ended	9 Months Ended
	Jul. 28, 2016	Sep. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Weighted Average Interest Rate		6.03%
Amount Due at Maturity		$ 175,319
Total mortgages payable, net		186,110	$ 228,646
Less: Deferred financing costs		(2,430)	(1,999)
Secured Debt		183,680	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%
Amount Due at Maturity		$ 25,583
Secured Debt		$ 25,695	26,014
Gulf Coast Industrial Portfolio [Member]
Debt Instrument [Line Items]
Stated interest rate		9.83%
Weighted Average Interest Rate		9.83%
Maturity Date		2017-01
Amount Due at Maturity		$ 50,525
Secured Debt		$ 50,525	50,525
St Augustine Outlet Center [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate terms	LIBOR+4.50%	LIBOR + 4.50
Weighted Average Interest Rate		5.01%
Maturity Date		2018-08
Amount Due at Maturity		$ 20,400
Secured Debt		$ 20,400	23,875
Debt Instrument, Maturity Date		Apr. 7, 2016
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		$ 14,990	$ 15,295

Mortgages Payable, Net (Detai38

Mortgages Payable, Net (Details 1) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Remainder of 2016	$ 50,739
2,017	25,991
2,018	21,967
2,019	1,621
2,020	14,924
Thereafter	70,868
Total	186,110	$ 228,646
Less: Deferred financing costs	(2,430)	(1,999)
Total principal maturiteis, net	$ 183,680	$ 226,647

Mortgages Payable, Net (Detai39

Mortgages Payable, Net (Details Textual) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended	9 Months Ended
	Jul. 28, 2016	May 17, 2016	Apr. 11, 2016	Sep. 30, 2016	Sep. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Debt Instrument Interest London Interbank Offered Rate				0.53%	0.53%	0.42%
Escrow Deposit				$ 4,260	$ 4,260	$ 7,672
Debt Instrument, Increase, Accrued Interest				500	1,500
Loan agreements [Member]
Debt Instrument [Line Items]
Escrow Deposit				1,900	$ 1,900	7,100
St. Augustine Outlet Center [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 20,400
Debt Instrument, Interest Rate Terms	LIBOR+4.50%				LIBOR + 4.50
Debt instrument, term of loan	2 years
St. Augustine Outlet Center [Member] | Mortgages payable [Member]
Debt Instrument [Line Items]
Debt instrument, face amount				25,700	$ 25,700
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				$ 8,600	$ 8,600	$ 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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues				$ 8,000
Operating expenses				5,742
Operating income				2,258
Interest expense and other, net				(849)
Gain on disposition				17,322
Net income from discontinued operations	$ 0	$ 0	$ 0	$ 18,731

Dispositions and Discontinued41

Dispositions and Discontinued Operations (Details Textual) $ in Thousands	1 Months Ended		3 Months Ended				9 Months Ended
	Jul. 26, 2016USD ($)	May 17, 2016USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)
Disposition of limited service hotels [Line Items]
Gain (Loss) on Disposition of Real Estate, Discontinued Operations								$ 17,322
Gains (Losses) on Sales of Investment Real Estate			$ 3,799	$ 0			$ 23,705	$ 0
Southeastern Michigan Multi Family Properties [Member]
Disposition of limited service hotels [Line Items]
Gain (Loss) on Disposition of Real Estate, Discontinued Operations			3,800				$ 23,700
Proceeds from Sale of Real Estate	$ 10,300	$ 50,600
Gains (Losses) on Sales of Investment Real Estate			$ 19,900
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		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Related Party Transaction [Line Items]
Acquisition fees (general and administrative costs)		$ 0	$ 0	$ 0	$ 8
Asset management fees (general and administrative costs)		562	601	1,804	2,008
Property management fees (property operating expenses)		190	298	739	880
Development fees and leasing commissions	[1]	29	668	80	1,147
Total		$ 781	$ 1,567	$ 2,623	$ 4,043
[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		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Investments in and Advances to Affiliates, at Fair Value, Gross Additions			$ 147,100		$ 138,306
Preferred Stock Dividend Income	$ 3,962	$ 1,927	12,211	$ 4,684
Unfunded Investment Contribution Liabilities	70,400		$ 70,400
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	0	1,295	2,252	3,784
Unfunded Investment Contribution Liabilities	0		0
Forty East End Avenue Preferred Investment [Member]
Related Party Transaction [Line Items]
Investments in and Advances to Affiliates, at Fair Value, Gross Additions			30,000		28,768
Preferred Stock Dividend Income	613	588	1,795	856
Unfunded Investment Contribution Liabilities	0		$ 0
Forty East End Avenue Preferred Investment [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Preferred Stock, Dividend Rate, Percentage			8.00%
Forty East End Avenue Preferred Investment [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Preferred Stock, Dividend Rate, Percentage			12.00%
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	436	44	1,009	44
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	1,840	0	5,480	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	1,073	$ 0	1,675	$ 0
Unfunded Investment Contribution Liabilities	22,500		$ 22,500
Miami Moxy [Member]
Related Party Transaction [Line Items]
Preferred Stock, Dividend Rate, Percentage			12.00%
Investments in and Advances to Affiliates, at Fair Value, Gross Additions			$ 6,500		$ 0
Preferred Stock Dividend Income			0
Unfunded Investment Contribution Liabilities	$ 13,500		$ 13,500

Related Party Transactions (D44

Related Party Transactions (Details Textual) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Apr. 21, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Investments in and Advances to Affiliates [Line Items]
Unfunded Investment Contribution Liabilities	$ 70,400		$ 70,400		$ 70,400
Dividends, Cash					13,370
Investments in and Advances to Affiliates, at Fair Value, Gross Additions					147,100		$ 138,306
Reimbursement from Preferred Investment	$ 42,200		$ 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%		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	$ 1,600
40 East End Avenue Preferred Investment [Member]
Investments in and Advances to Affiliates [Line Items]
Unfunded Investment Contribution Liabilities	$ 0		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	70,400		70,400		70,400
Additional Investments In And Advances To Affiliates At Fair Value Gross Additions					51,000
Preferred Stock Investments Income			4,000	$ 1,900	12,200	$ 4,700
Investments in and Advances to Affiliates, at Fair Value, Gross Additions					147,100		$ 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		35,000
Remaining Unfunded Contribution	22,500		$ 22,500		22,500
East 11th Street Preferred Investment [Member] | Minimum [Member]
Investments in and Advances to Affiliates [Line Items]
Investments in and Advances to Affiliates, at Fair Value, Period Increase (Decrease)					17,500
East 11th Street Preferred Investment [Member] | Maximum [Member]
Investments in and Advances to Affiliates [Line Items]
Investments in and Advances to Affiliates, at Fair Value, Period Increase (Decrease)					$ 57,500
Miami Moxy Preferred Investment [Member]
Investments in and Advances to Affiliates [Line Items]
Proceeds from Contributions from Affiliates	$ 20,000
Percentage of preferred Distribution Rate	12.00%		12.00%		12.00%
Held-to-maturity Securities	$ 6,500		$ 6,500		$ 6,500
Remaining Unfunded Contribution	$ 13,500		$ 13,500		$ 13,500

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Carrying Amount	$ 186,110	$ 228,646
Mortgages payable [Member]
Debt Instrument [Line Items]
Carrying Amount	186,100	228,600
Estimated Fair Value	$ 186,300	$ 227,100

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Total revenues	$ 13,060	$ 14,734	$ 40,170	$ 42,041
Property operating expenses	6,784	7,563	20,880	21,006
Real estate taxes	673	860	2,387	2,566
General and administrative costs	1,042	1,349	3,680	3,899
Net operating income/(loss)	4,561	4,962	13,223	14,570
Depreciation and amortization	2,705	2,955	8,595	8,572
Operating income/(loss)	1,856	2,007	4,628	5,998
Total Assets	558,186	588,144	558,186	588,144	$ 588,144
Retail [Member]
Segment Reporting Information [Line Items]
Total revenues	2,904	2,911	8,546	8,487
Property operating expenses	811	1,011	2,648	2,860
Real estate taxes	356	356	1,079	1,067
General and administrative costs	(9)	10	54	7
Net operating income/(loss)	1,746	1,534	4,765	4,553
Depreciation and amortization	1,161	1,155	3,468	3,187
Operating income/(loss)	585	379	1,297	1,366
Total Assets	101,172	107,835	101,172	107,835
Multi-Family [Member]
Segment Reporting Information [Line Items]
Total revenues	2,283	4,367	10,405	13,016
Property operating expenses	536	1,474	3,064	4,102
Real estate taxes	32	265	463	796
General and administrative costs	8	49	54	131
Net operating income/(loss)	1,707	2,579	6,824	7,987
Depreciation and amortization	420	726	1,790	2,192
Operating income/(loss)	1,287	1,853	5,034	5,795
Total Assets	73,944	113,600	73,944	113,600
Industrial [Member]
Segment Reporting Information [Line Items]
Total revenues	1,341	1,584	4,115	4,727
Property operating expenses	523	527	1,543	1,452
Real estate taxes	208	168	607	475
General and administrative costs	1	(3)	87	(50)
Net operating income/(loss)	609	892	1,878	2,850
Depreciation and amortization	415	401	1,237	1,205
Operating income/(loss)	194	491	641	1,645
Total Assets	50,864	49,815	50,864	49,815
Hospitality [Member]
Segment Reporting Information [Line Items]
Total revenues	6,532	5,872	17,104	15,811
Property operating expenses	4,913	4,550	13,623	12,590
Real estate taxes	77	71	238	228
General and administrative costs	64	85	235	236
Net operating income/(loss)	1,478	1,166	3,008	2,757
Depreciation and amortization	709	673	2,100	1,988
Operating income/(loss)	769	493	908	769
Total Assets	26,211	26,825	26,211	26,825
Unallocated [Member]
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Property operating expenses	1	1	2	2
Real estate taxes	0	0	0	0
General and administrative costs	978	1,208	3,250	3,575
Net operating income/(loss)	(979)	(1,209)	(3,252)	(3,577)
Depreciation and amortization	0	0	0	0
Operating income/(loss)	(979)	(1,209)	(3,252)	(3,577)
Total Assets	$ 305,995	$ 290,069	$ 305,995	$ 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 ($)	Nov. 14, 2016	Oct. 14, 2016
Subsequent Events [Line Items]
Payments of Dividends		$ 4,500,000
Distribution Rate Per Day	$ 0.0019178
Number Of Days Used To Calculate Dividend Per Day	365 years
Annualized Distribution Rate	7.00%
Dividends Declared Amount Per Share	$ 10