Lightstone Value Plus REIT I (LHTV) 10-Q 15 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares shares in Millions	3 Months Ended
	Mar. 31, 2017	May 08, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Entity Registrant Name	Lightstone Value Plus Real Estate Investment Trust, Inc.
Entity Central Index Key	1,296,884
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		25

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Investment property:
Land and improvements	$ 60,488	$ 60,485
Building and improvements	203,033	203,054
Furniture and fixtures	17,945	17,613
Construction in progress	123	962
Gross investment property	281,589	282,114
Less accumulated depreciation	(51,774)	(49,773)
Net investment property	229,815	232,341
Investment in related parties	144,213	142,752
Cash and cash equivalents	101,975	105,539
Marketable securities, available for sale	51,271	52,495
Restricted escrows	3,866	2,818
Tenant and other accounts receivable	1,571	1,875
Mortgage receivable	4,852	4,893
Intangible assets, net	618	693
Prepaid expenses and other assets	4,749	3,889
Total Assets	542,930	547,295
Liabilities and Stockholders' Equity
Mortgages payable, net	183,365	183,313
Notes payable, net	18,590	18,586
Accounts payable, accrued expenses and other liabilities	20,035	18,827
Due to related parties	577	573
Tenant allowances and deposits payable	1,475	1,429
Distributions payable	4,323	4,432
Deferred rental income	1,076	1,105
Acquired below market lease intangibles, net	410	446
Total Liabilities	229,851	228,711
Commitments and contingencies
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, 25,026 and 25,101 shares issued and outstanding, respectively	250	251
Additional paid-in-capital	196,285	197,036
Accumulated other comprehensive income	15,310	15,954
Accumulated surplus	81,011	84,240
Total Company's stockholders' equity	292,856	297,481
Noncontrolling interests	20,223	21,103
Total Stockholders' Equity	313,079	318,584
Total Liabilities and Stockholders' Equity	$ 542,930	$ 547,295

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
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	25,026	25,101
Common stock, shares outstanding	25,026	25,101

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Rental income	$ 7,667	$ 9,234
Tenant recovery income	946	1,147
Other service income	2,776	2,788
Total revenues	11,389	13,169
Expenses:
Property operating expenses	6,123	6,900
Real estate taxes	680	909
General and administrative costs	1,435	1,476
Depreciation and amortization	2,793	2,980
Total operating expenses	11,031	12,265
Operating income	358	904
Other expense, net	(17)	(275)
Interest and dividend income	4,703	4,970
Interest expense	(3,706)	(3,765)
Loss on sale of marketable securities, available for sale	(33)	(222)
Net income	1,305	1,612
Less: net income attributable to noncontrolling interests	(211)	(234)
Net income attributable to Company's common shares	$ 1,094	$ 1,378
Basic and diluted net income per Company's common share:
Net income per Company's common share, basic and diluted	$ 0.04	$ 0.05
Weighted average number of common shares outstanding, basic and diluted	25,059	25,938

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net income	$ 1,305	$ 1,612
Other comprehensive (loss)/income:
Holding (loss)/gain on marketable securities, available for sale	(723)	3,168
Reclassification adjustment for loss included in net income	(33)	(222)
Other comprehensive (loss)/income	(756)	2,946
Comprehensive income	549	4,558
Less: Comprehensive income attributable to noncontrolling interests	(100)	(519)
Comprehensive income attributable to Company's common shares	$ 449	$ 4,039

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2017 - 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, 2016	$ 318,584	$ 251	$ 197,036	$ 15,954	$ 84,240	$ 21,103
BALANCE (in shares) at Dec. 31, 2016		25,101
Net income	1,305	$ 0	0	0	1,094	211
Other comprehensive loss	(756)	0	0	(644)	0	(112)
Distributions declared	(4,323)	0	0	0	(4,323)	0
Distributions paid to noncontrolling interests	(983)	0	0	0	0	(983)
Contributions received from noncontrolling interests	4	0	0	0	0	4
Redemption and cancellation of shares	(752)	$ (1)	(751)	0	0	0
Redemption and cancellation of shares (in shares)		(75)
BALANCE at Mar. 31, 2017	$ 313,079	$ 250	$ 196,285	$ 15,310	$ 81,011	$ 20,223
BALANCE (in shares) at Mar. 31, 2017		25,026

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,305	$ 1,612
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,793	2,980
Mark to market adjustment on derivative financial instruments	(65)	294
Loss on sale of marketable securities, available for sale	33	222
Other non-cash adjustments	192	75
Changes in assets and liabilities:
Increase in prepaid expenses and other assets	(492)	(1,324)
Decrease in tenant and other accounts receivable	217	218
Increase in tenant allowances and deposits payable	119	162
Increase in accounts payable, accrued expenses and other liabilities	708	1,225
Increase in due to related parties	4	263
(Decrease)/increase in deferred rental income	(29)	36
Net cash provided by operating activities	4,785	5,763
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property, net	(666)	(890)
Collections on mortgage receivable	41	25
Proceeds from sale of marketable securities	436	1,811
Proceeds from preferred investments in related parties	2,300	0
Contributions in preferred investments in related parties	(3,738)	(2,700)
Distributions from investment in unconsolidated affiliated real estate entity	0	1,989
Proceeds from sale of investment property and other real estate assets	0	214
Funding of restricted escrows	(457)	(364)
Net cash (used in)/provided by investing activities	(2,084)	85
CASH FLOWS FROM FINANCING ACTIVITIES:
Mortgage payments	(102)	(488)
Redemption and cancellation of common stock and noncontrolling interests	(752)	(1,343)
Contributions received from noncontrolling interests	4	1
Distributions paid to noncontrolling interests	(983)	(8,114)
Distributions paid to Company's common stockholders	(4,432)	(4,528)
Net cash used in financing activities	(6,265)	(14,472)
Net change in cash and cash equivalents	(3,564)	(8,624)
Cash and cash equivalents, beginning of year	105,539	68,459
Cash and cash equivalents, end of period	101,975	59,835
Supplemental cash flow information for the periods indicated is as follows:
Cash paid for interest	1,363	2,407
Distributions declared	4,323	4,455
Non cash purchase of investment property	$ 23	$ 190

Organization

Organization	3 Months Ended
	Mar. 31, 2017
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 (the “Operating Partnership”), in which Lightstone REIT as the general partner, held a 98 The Lightstone REIT and the Operating Partnership and its subsidiaries are collectively referred to as the ‘‘Company’’ and the use of ‘‘we,’’ ‘‘our,’’ ‘‘us’’ or similar pronouns refers to the Lightstone REIT, its Operating Partnership or the Company as required by the context in which such pronoun is used. The Company is managed by Lightstone Value Plus REIT, LLC (the “Advisor”), an affiliate of the Lightstone Group, Inc., under the terms and conditions of an advisory agreement. The Lightstone Group, Inc. previously served as the Company’s sponsor (the “Sponsor”) during its initial public offering, which closed on October 10, 2008. Subject to the oversight of the Company’s board of directors (the “Board of Directors”), the Advisor has primary responsibility for making investment decisions and managing the Company’s day-to-day operations. Through his ownership and control of The Lightstone Group, David Lichtenstein is the indirect owner of the Advisor and the indirect owner and manager of Lightstone SLP, LLC, which has subordinated profits interests (“SLP units”) in the Operating Partnership. Mr. Lichtenstein also acts as the Company’s Chairman and Chief Executive Officer. As a result, he exerts influence over but does not control Lightstone REIT or the Operating Partnership. The Company’s stock is not currently listed on a national securities exchange. The Company may seek to list its stock for trading on a national securities exchange only if a majority of its independent directors believe listing would be in the best interest of its stockholders. The Company does not intend to list its shares at this time. The Company does not anticipate that there would be any market for its shares of common stock until they are listed for trading. In the event the Company does not obtain listing prior to October 10, 2018 (the tenth anniversary of the completion of its initial public offering,) its charter requires that the Board of Directors must either (i) seek stockholder approval of an extension or amendment of this listing deadline; or (ii) seek stockholder approval to adopt a plan of liquidation of the corporation. As of March 31, 2017, on a collective basis, the Company wholly or majority owned and consolidated the operating results and financial condition of 3 retail properties containing a total of approximately 0.7 14 1.0 199 85 71 98 66 57 Noncontrolling Interests As of March 31, 2017, the noncontrolling interests consist of (i) parties of the Company that hold units in the Operating Partnership and (ii) certain interests in consolidated subsidiaries. The units include SLP units, limited partner units and common units. The noncontrolling interests in consolidated subsidiaries include ownership interests in Pro-DFJV Holdings LLC (“PRO”) and 50-01 2nd St. Associates LLC (the “2nd Street Joint Venture”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
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, 2016. 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, 2016 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. In January 2017, the Financial Accounting Standards Board (“FASB”) issued guidance that clarifies the definition of a business and assists in the evaluation of whether a transaction will be accounted for as an acquisition of an asset or as a business combination. The guidance provides a test to determine when a set of assets and activities acquired is not a business. When substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. Under the updated guidance, an acquisition of a single property will likely be treated as an asset acquisition as opposed to a business combination and associated transaction costs will be capitalized rather than expensed as incurred. Additionally, assets acquired, liabilities assumed, and any noncontrolling interest will be measured at their relative fair values. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017, with early adoption permitted. This guidance is not expected to have a material impact on the Company’s consolidated financial statements. In November 2016, the FASB issued guidance that requires amounts that are generally described as restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This guidance is effective for public companies for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted and the pronouncement requires a retrospective transition method of adoption. This guidance is not expected to have a material impact on the Company’s consolidated financial statements. In August 2016, the 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. This guidance will not have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued an accounting standards update which replaces the incurred loss impairment methodology currently 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. This guidance will not have a material impact on the Company’s consolidated financial statements. In January 2016, the FASB issued an accounting standards update that 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 and is effective for periods beginning after December 15, 2017 and early adoption is not permitted. This guidance will not have a material impact on the Company’s consolidated financial statements. In January 2016, the 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. 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. If this standard had been in effect for the three months ended March 31, 2017 and 2016, it would have resulted in a (decrease)/increase to net income of approximately ($0.8 million) and $ 2.6 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. While the Company has not decided on the implementation method, we do not expect the adoption of this standard to have a material impact on its financial position, results of operations or cash flows. The Company has reviewed and determined that other recently issued accounting pronouncements will not have a material impact on its financial position, results of operations and cash flows, or do not apply to its current operations.

Marketable Securities and Fair

Marketable Securities and Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Marketable Securities And Fair Value Measurements [Abstract]
Marketable Securities and Fair Value Measurements	3. Marketable Securities and Fair Value Measurements Marketable Securities: As of March 31, 2017 Adjusted Cost Gross Unrealized Gross Unrealized Fair Value Equity Securities, primarily REITs $ 1,405 $ 271 $ - $ 1,676 Marco OP Units and Marco II OP Units 19,227 16,769 - 35,996 Corporate Bonds and Preferred Equities 11,382 71 (1) 11,452 Mortgage Backed Securities ("MBS") 2,450 - (303) 2,147 Total $ 34,464 $ 17,111 $ (304) $ 51,271 As of December 31, 2016 Adjusted Cost Gross Unrealized Gross Unrealized Fair Value Equity Securities, primarily REITs $ 1,405 $ 325 $ - $ 1,730 Marco OP Units and Marco II OP Units 19,227 17,949 - 37,176 Corporate Bonds and Preferred Equities 11,382 - (397) 10,985 Mortgage Backed Securities ("MBS") 2,918 - (314) 2,604 Total $ 34,932 $ 18,274 $ (711) $ 52,495 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”). The Company considers the declines in market value of certain of its investments to be temporary in nature as the unrealized losses were caused primarily by changes in market interest rates or widening credit spreads. When evaluating these investments for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, and the Company’s intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment’s amortized cost basis. During the three months ended March 31, 2017 and 2016, the Company did not recognize any impairment charges. As of March 31, 2017, 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% ( 1.83 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 2.33 252,000 18.6 Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Fair Value Measurement Using As of March 31, 2017 Level 1 Level 2 Level 3 Total Marketable Securities: Equity Securities, primarily REITs $ 1,676 $ - $ - $ 1,676 Marco OP and OP II Units - 35,996 - 35,996 Corporate Bonds and Preferred Equities - 11,452 - 11,452 MBS - 2,147 - 2,147 Total $ 1,676 $ 49,595 $ - $ 51,271 Fair Value Measurement Using As of December 31, 2016 Level 1 Level 2 Level 3 Total Marketable Securities: Equity Securities, primarily REITs $ 1,730 $ - $ - $ 1,730 Marco OP and OP II Units - 37,176 - 37,176 Corporate Bonds and Preferred Equities - 10,985 - 10,985 MBS - 2,604 - 2,604 Total $ 1,730 $ 50,765 $ - $ 52,495 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	3 Months Ended
	Mar. 31, 2017
Mortgages Payable [Abstract]
Mortgages Payable, Net	4. Mortgages Payable, Net Property Interest Rate Weighted Average Maturity Date Amount Due at As of As of Oakview Plaza 10.49% 10.49 % Due on demand $ 25,583 $ 25,583 $ 25,583 Gulf Coast Industrial Portfolio 9.83% 9.83 % Due on demand 50,205 50,205 50,205 St. Augustine Outlet Center LIBOR + 4.50% 5.30 % August 2018 20,400 20,400 20,400 Gantry Park 4.48% 4.48 % November 2024 65,317 74,500 74,500 DePaul Plaza LIBOR + 2.75% 3.53 % June 2020 13,494 14,786 14,888 Total mortgages payable 6.08 % $ 174,999 $ 185,474 $ 185,576 Less: Deferred financing costs (2,109) (2,263) Total mortgages payable, net $ 183,365 $ 183,313 Libor as of March 31, 2017 and December 31, 2016 was 0.98 0.53 % The following table shows the contractually scheduled principal maturities of the Company’s mortgage debt during the next five years and thereafter as of March 31, 2017: 2017 2018 2019 2020 2021 Thereafter Total Principal maturities $ 76,094 $ 21,967 $ 1,621 $ 14,924 $ 1,328 $ 69,540 $ 185,474 Less: Deferred financing costs (2,109) Total principal maturities, net $ 183,365 Pursuant to the Company’s loan agreements, escrows in the amount of $ 3.9 2.1 Certain of the Company’s debt agreements require the maintenance of certain ratios, including debt service coverage. The Company is currently in compliance with all of its financial debt covenants other than the debt associated with the Gulf Coast Industrial Portfolio and Oakview Plaza 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 “Gulf Coast Industrial Portfolio Mortgage”), the lender elected to retain the excess cash flow from these properties beginning in July 2011. During the third quarter of 2012, the Gulf Coast Industrial Portfolio Mortgage was transferred to a special servicer, who discontinued scheduled debt service payments and notified the Company that the Gulf Coast Industrial Portfolio Mortgage was in default and although originally due in February 2017 became due on demand. The Company believes the continued loss of excess cash flow from the Gulf Coast Industrial Portfolio will not have a material impact on its results of operations or financial position. Additionally, the Company’s non-recourse mortgage loan secured by Oakview Plaza (the “Oakview Plaza Mortgage”) matured in January 2017 and has been transferred to a special servicer by the lender. The Company is currently in discussions with the special servicer to restructure the terms of the Oakview Plaza Mortgage. However, there can be no assurances that it will be successful in these efforts. Because the Oakview Plaza Mortgage is non-recourse to the Company, it does not believe the loss of cash flow from this property or the loss of this property will have a material impact on its results of operations or financial position. Although the lenders are currently not charging or being paid interest at the stated default rate, the Company is accruing default interest expense on both of these mortgage loans pursuant to the terms of their respective loan agreements. Default interest expense of $ 0.9 0.5 10.1 9.2 Other than these financings, the Company has no additional significant maturities of mortgage debt over the next 12 months.

Net Earnings Per Share

Net Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Net Earnings Per Share [Abstract]
Net Earnings Per Share	5. 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, there were no exercises of outstanding options and, therefore, dilutive net income per share is equivalent to basic net income per share.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company has agreements with the Advisor and Lightstone Value Plus REIT Management LLC (the “Property Manager”) to pay certain fees in exchange for services performed by these entities and other affiliated entities. The Company’s ability to secure financing and subsequent real estate operations are dependent upon its Advisor, Property Manager and their affiliates to perform such services as provided in these agreements. Three Months Ended March 31, 2017 2016 Asset management fees (general and administrative costs) $ 562 $ 620 Property management fees (property operating expenses) 190 290 Development fees and leasing commissions* 482 49 Total $ 1,234 $ 959 * 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 the three months ended March 31, 2017, distributions of $ 0.5 The Company’s Sponsor, has a 19.17 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 $ 142.7 141.3 3.8 2.3 74.8 4.0 3.9 Preferred Investment Balance Unfunded Contributions Investment Income As of As of As of Three Months Ended March 31, Preferred Investments Dividend Rate March 31, 2017 December 31, 2016 March 31, 2017 2017 2016 365 Bond Street 12% $ - $ - $ - $ - $ 1,281 40 East End Avenue 8% to 12% 30,000 30,000 - 633 582 30-02 39th Avenue 9% to 12% 10,000 12,300 40,000 335 221 485 7th Avenue 12% 60,000 60,000 - 1,800 1,820 East 11th Street 12% 33,094 31,271 24,406 945 - Miami Moxy 12% 9,597 7,682 10,403 250 - Total Preferred Investments $ 142,691 $ 141,253 $ 74,809 $ 3,963 $ 3,904

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2017
Financial Instruments [Abstract]
Financial Instruments	7. 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 18.6 The estimated fair value (in millions) of the Company’s mortgage debt is summarized as follows: As of March 31, 2017 As of December 31, 2016 Carrying Amount Estimated Fair Carrying Amount Estimated Fair Mortgages payable $ 185.5 $ 183.4 $ 185.6 $ 183.2 The fair value of the mortgages payable was determined by discounting the future contractual interest and principal payments by estimated current market interest rates.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Information [Abstract]
Segment Information	8. Segment Information The Company currently operates in four business segments as of March 31, 2017: (i) retail real estate (the “Retail Segment”), (ii) multi-family residential real estate (the “Multi-family Residential Segment”), (iii) industrial real estate (the “Industrial Segment”) and (iv) hospitality (the “Hospitality Segment”). The Company’s Advisor and its affiliates provide leasing, property and facilities management, acquisition, development, construction and tenant-related services for its portfolio. The Company’s revenues for the three months ended March 31, 2017 and 2016 were exclusively derived from activities in the United States. No revenues from foreign countries were received or reported. The Company had no long-lived assets in foreign locations as of March 31, 2017 and December 31, 2016. 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, 2016 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 6). The Company evaluates performance based upon net operating income/(loss) from the combined properties in each real estate segment. For the Three Months Ended March 31, 2017 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 2,714 2,158 $ 1,581 $ 4,936 $ - $ 11,389 Property operating expenses 938 458 541 4,185 1 6,123 Real estate taxes 380 18 201 81 - 680 General and administrative costs 83 10 4 76 1,262 1,435 Net operating income/(loss) 1,313 1,672 835 594 (1,263) 3,151 Depreciation and amortization 1,226 405 440 722 - 2,793 Operating income/(loss) $ 87 $ 1,267 $ 395 $ (128) $ (1,263) $ 358 As of March 31, 2016: Total Assets $ 99,724 $ 70,508 $ 49,613 $ 25,379 $ 297,706 $ 542,930 For the Three Months Ended March 31, 2016 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 2,858 4,506 $ 1,379 $ 4,426 $ - $ 13,169 Property operating expenses 932 1,368 498 4,101 1 6,900 Real estate taxes 362 262 204 81 - 909 General and administrative costs 13 18 5 74 1,366 1,476 Net operating income/(loss) 1,551 2,858 672 170 (1,367) 3,884 Depreciation and amortization 1,158 730 402 690 - 2,980 Operating income/(loss) $ 393 $ 2,128 $ 270 $ (520) $ (1,367) $ 904 As of December 31, 2016: Total Assets $ 100,105 $ 71,170 $ 49,509 $ 25,071 $ 301,440 $ 547,295

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies [Abstract]
Commitments and Contingencies	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. 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.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	10. Subsequent Events Distribution Payment On April 17, 2017, the distribution for the three-month period ending March 31, 2017 of $ 4.3 Distribution Declaration On May 11, 2017, the Board authorized and the Company declared a distribution for the three-month period ending June 30, 2017. 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 Accoun18

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	The consolidated financial statements include the accounts of the Lightstone REIT and its Operating Partnership and its subsidiaries (over which the Company exercises financial and operating control). All inter-company balances and transactions have been eliminated in consolidation. The accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited Consolidated Financial Statements of the Company and related notes as contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016. 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, 2016 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.
New Accounting Pronouncements	In January 2017, the Financial Accounting Standards Board (“FASB”) issued guidance that clarifies the definition of a business and assists in the evaluation of whether a transaction will be accounted for as an acquisition of an asset or as a business combination. The guidance provides a test to determine when a set of assets and activities acquired is not a business. When substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. Under the updated guidance, an acquisition of a single property will likely be treated as an asset acquisition as opposed to a business combination and associated transaction costs will be capitalized rather than expensed as incurred. Additionally, assets acquired, liabilities assumed, and any noncontrolling interest will be measured at their relative fair values. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017, with early adoption permitted. This guidance is not expected to have a material impact on the Company’s consolidated financial statements. In November 2016, the FASB issued guidance that requires amounts that are generally described as restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This guidance is effective for public companies for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted and the pronouncement requires a retrospective transition method of adoption. This guidance is not expected to have a material impact on the Company’s consolidated financial statements. In August 2016, the 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. This guidance will not have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued an accounting standards update which replaces the incurred loss impairment methodology currently 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. This guidance will not have a material impact on the Company’s consolidated financial statements. In January 2016, the FASB issued an accounting standards update that 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 and is effective for periods beginning after December 15, 2017 and early adoption is not permitted. This guidance will not have a material impact on the Company’s consolidated financial statements. In January 2016, the 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. 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. If this standard had been in effect for the three months ended March 31, 2017 and 2016, it would have resulted in a (decrease)/increase to net income of approximately ($0.8 million) and $ 2.6 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. While the Company has not decided on the implementation method, we do not expect the adoption of this standard to have a material impact on its financial position, results of operations or cash flows. The Company has reviewed and determined that other recently issued accounting pronouncements will not have a material impact on its financial position, results of operations and cash flows, or do not apply to its current operations.

Marketable Securities and Fai19

Marketable Securities and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Marketable Securities And Fair Value Measurements [Abstract]
Summary of Available for Sale Securities	As of March 31, 2017 Adjusted Cost Gross Unrealized Gross Unrealized Fair Value Equity Securities, primarily REITs $ 1,405 $ 271 $ - $ 1,676 Marco OP Units and Marco II OP Units 19,227 16,769 - 35,996 Corporate Bonds and Preferred Equities 11,382 71 (1) 11,452 Mortgage Backed Securities ("MBS") 2,450 - (303) 2,147 Total $ 34,464 $ 17,111 $ (304) $ 51,271 As of December 31, 2016 Adjusted Cost Gross Unrealized Gross Unrealized Fair Value Equity Securities, primarily REITs $ 1,405 $ 325 $ - $ 1,730 Marco OP Units and Marco II OP Units 19,227 17,949 - 37,176 Corporate Bonds and Preferred Equities 11,382 - (397) 10,985 Mortgage Backed Securities ("MBS") 2,918 - (314) 2,604 Total $ 34,932 $ 18,274 $ (711) $ 52,495
Marketable Securities, Available for Sale, and Derivative Financial Instruments Measured at Fair Value on Recurring Basis	Marketable securities, available for sale, measured at fair value on a recurring basis as of the dates indicated are as follows: Fair Value Measurement Using As of March 31, 2017 Level 1 Level 2 Level 3 Total Marketable Securities: Equity Securities, primarily REITs $ 1,676 $ - $ - $ 1,676 Marco OP and OP II Units - 35,996 - 35,996 Corporate Bonds and Preferred Equities - 11,452 - 11,452 MBS - 2,147 - 2,147 Total $ 1,676 $ 49,595 $ - $ 51,271 Fair Value Measurement Using As of December 31, 2016 Level 1 Level 2 Level 3 Total Marketable Securities: Equity Securities, primarily REITs $ 1,730 $ - $ - $ 1,730 Marco OP and OP II Units - 37,176 - 37,176 Corporate Bonds and Preferred Equities - 10,985 - 10,985 MBS - 2,604 - 2,604 Total $ 1,730 $ 50,765 $ - $ 52,495

Mortgages Payable, Net (Tables)

Mortgages Payable, Net (Tables)	3 Months Ended
	Mar. 31, 2017
Mortgages Payable [Abstract]
Schedule of Mortgages Payable, net	Property Interest Rate Weighted Average Maturity Date Amount Due at As of As of Oakview Plaza 10.49% 10.49 % Due on demand $ 25,583 $ 25,583 $ 25,583 Gulf Coast Industrial Portfolio 9.83% 9.83 % Due on demand 50,205 50,205 50,205 St. Augustine Outlet Center LIBOR + 4.50% 5.30 % August 2018 20,400 20,400 20,400 Gantry Park 4.48% 4.48 % November 2024 65,317 74,500 74,500 DePaul Plaza LIBOR + 2.75% 3.53 % June 2020 13,494 14,786 14,888 Total mortgages payable 6.08 % $ 174,999 $ 185,474 $ 185,576 Less: Deferred financing costs (2,109) (2,263) Total mortgages payable, net $ 183,365 $ 183,313
Contractually Scheduled Principal Maturities During Next Five Years	The following table shows the contractually scheduled principal maturities of the Company’s mortgage debt during the next five years and thereafter as of March 31, 2017: 2017 2018 2019 2020 2021 Thereafter Total Principal maturities $ 76,094 $ 21,967 $ 1,621 $ 14,924 $ 1,328 $ 69,540 $ 185,474 Less: Deferred financing costs (2,109) Total principal maturities, net $ 183,365

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Amount Recorded in Pursuant to Related Party Arrangment	Three Months Ended March 31, 2017 2016 Asset management fees (general and administrative costs) $ 562 $ 620 Property management fees (property operating expenses) 190 290 Development fees and leasing commissions* 482 49 Total $ 1,234 $ 959 * Generally, capitalized and amortized over the estimated useful life of the associated asset.
Preferred Investments	Preferred Investment Balance Unfunded Contributions Investment Income As of As of As of Three Months Ended March 31, Preferred Investments Dividend Rate March 31, 2017 December 31, 2016 March 31, 2017 2017 2016 365 Bond Street 12% $ - $ - $ - $ - $ 1,281 40 East End Avenue 8% to 12% 30,000 30,000 - 633 582 30-02 39th Avenue 9% to 12% 10,000 12,300 40,000 335 221 485 7th Avenue 12% 60,000 60,000 - 1,800 1,820 East 11th Street 12% 33,094 31,271 24,406 945 - Miami Moxy 12% 9,597 7,682 10,403 250 - Total Preferred Investments $ 142,691 $ 141,253 $ 74,809 $ 3,963 $ 3,904

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Financial Instruments [Abstract]
Summary of Estimated Fair Value of Debt	The estimated fair value (in millions) of the Company’s mortgage debt is summarized as follows: As of March 31, 2017 As of December 31, 2016 Carrying Amount Estimated Fair Carrying Amount Estimated Fair Mortgages payable $ 185.5 $ 183.4 $ 185.6 $ 183.2

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Information [Abstract]
Results of Operations and Total Assets of Operating Segments	For the Three Months Ended March 31, 2017 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 2,714 2,158 $ 1,581 $ 4,936 $ - $ 11,389 Property operating expenses 938 458 541 4,185 1 6,123 Real estate taxes 380 18 201 81 - 680 General and administrative costs 83 10 4 76 1,262 1,435 Net operating income/(loss) 1,313 1,672 835 594 (1,263) 3,151 Depreciation and amortization 1,226 405 440 722 - 2,793 Operating income/(loss) $ 87 $ 1,267 $ 395 $ (128) $ (1,263) $ 358 As of March 31, 2016: Total Assets $ 99,724 $ 70,508 $ 49,613 $ 25,379 $ 297,706 $ 542,930 For the Three Months Ended March 31, 2016 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 2,858 4,506 $ 1,379 $ 4,426 $ - $ 13,169 Property operating expenses 932 1,368 498 4,101 1 6,900 Real estate taxes 362 262 204 81 - 909 General and administrative costs 13 18 5 74 1,366 1,476 Net operating income/(loss) 1,551 2,858 672 170 (1,367) 3,884 Depreciation and amortization 1,158 730 402 690 - 2,980 Operating income/(loss) $ 393 $ 2,128 $ 270 $ (520) $ (1,367) $ 904 As of December 31, 2016: Total Assets $ 100,105 $ 71,170 $ 49,509 $ 25,071 $ 301,440 $ 547,295

Organization (Details Textual)

Organization (Details Textual) $ / available in Thousands, ft² in Millions	3 Months Ended
	Mar. 31, 2017ft²$ / available
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Date of incorporation	Jun. 8, 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	71.00%
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	57.00%
Average Revenue Per Available Room | $ / available	66
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	199

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Adjustments for New Accounting Pronouncement [Member]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income	$ (0.8)	$ 2.6

Marketable Securities and Fai26

Marketable Securities and Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	$ 34,464	$ 34,932
Gross Unrealized Gains	17,111	18,274
Gross Unrealized Losses	(304)	(711)
Fair Value	51,271	52,495
Equity Securities, primarily REITs [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	1,405	1,405
Gross Unrealized Gains	271	325
Gross Unrealized Losses	0	0
Fair Value	1,676	1,730
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	16,769	17,949
Gross Unrealized Losses	0	0
Fair Value	35,996	37,176
Corporate Bonds And Preferred Equities [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	11,382	11,382
Gross Unrealized Gains	71	0
Gross Unrealized Losses	(1)	(397)
Fair Value	11,452	10,985
Mortgage Backed Securities ("MBS") [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	2,450	2,918
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(303)	(314)
Fair Value	$ 2,147	$ 2,604

Marketable Securities and Fai27

Marketable Securities and Fair Value Measurements (Details 1) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	$ 51,271	$ 52,495
Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	1,676	1,730
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	35,996	37,176
Corporate Bonds And Preferred Equities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	11,452	10,985
MBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	2,147	2,604
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	1,676	1,730
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	1,676	1,730
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	49,595	50,765
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	35,996	37,176
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	11,452	10,985
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	2,147	2,604
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 Fai28

Marketable Securities and Fair Value Measurements (Details Textual) - USD ($)	Sep. 14, 2012	Mar. 31, 2017	Dec. 31, 2016
Margin Loan [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate at end of period		1.83%
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		2.33%
Debt instrument, maturity date	Jun. 19, 2017
Line of credit facility, maximum borrowing capacity	$ 25,000,000
Line of credit facility, amount outstanding		$ 18,600,000	$ 18,600,000
Marco OP Units and Pro DFJV Holdings LLC [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Collateral Amount	$ 252,000
Mortgage Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale securities debt maturity minimum period		27 years
Available for sale securities debt maturity maximum period		30 years

Mortgages Payable, Net (Details

Mortgages Payable, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Weighted Average Interest Rate	6.08%
Amount Due at Maturity	$ 174,999
Total mortgages payable, net	185,474	$ 185,576
Less: Deferred financing costs	(2,109)	(2,263)
Secured Debt	$ 183,365	183,313
Oakview Plaza [Member]
Debt Instrument [Line Items]
Stated interest rate	10.49%
Weighted Average Interest Rate	10.49%
Amount Due at Maturity	$ 25,583
Secured Debt	$ 25,583	25,583
Gulf Coast Industrial Portfolio [Member]
Debt Instrument [Line Items]
Stated interest rate	9.83%
Weighted Average Interest Rate	9.83%
Amount Due at Maturity	$ 50,205
Secured Debt	$ 50,205	50,205
St Augustine Outlet Center [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate terms	LIBOR + 4.50%
Weighted Average Interest Rate	5.30%
Maturity Date	2018-08
Amount Due at Maturity	$ 20,400
Secured Debt	$ 20,400	20,400
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	3.53%
Maturity Date	2020-06
Amount Due at Maturity	$ 13,494
Secured Debt	$ 14,786	$ 14,888

Mortgages Payable, Net (Detai30

Mortgages Payable, Net (Details 1) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
2,017	$ 76,094
2,018	21,967
2,019	1,621
2,020	14,924
2,021	1,328
Thereafter	69,540
Total	185,474	$ 185,576
Less: Deferred financing costs	(2,109)	(2,263)
Total principal maturities, net	$ 183,365	$ 183,313

Mortgages Payable, Net (Detai31

Mortgages Payable, Net (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Debt Instrument Interest London Interbank Offered Rate	0.98%		0.53%
Escrow Deposit	$ 3,866		$ 2,818
Debt Instrument, Increase, Accrued Interest	900	$ 500
Loan agreements [Member]
Debt Instrument [Line Items]
Escrow Deposit	3,900		2,100
Courtyard - Baton Rouge [Member] | Mortgages payable [Member]
Debt Instrument [Line Items]
Accrued default interest payable	$ 10,100		$ 9,200

Related Party Transactions (Det

Related Party Transactions (Details) - Related Party [Member] - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Related Party Transaction [Line Items]
Asset management fees (general and administrative costs)		$ 562	$ 620
Property management fees (property operating expenses)		190	290
Development fees and leasing commissions	[1]	482	49
Total		$ 1,234	$ 959
[1]	Generally, capitalized and amortized over the estimated useful life of the associated asset.

Related Party Transactions (D33

Related Party Transactions (Details 1) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Investments in and Advances to Affiliates, at Fair Value, Gross Additions	$ 142,691		$ 141,253
Preferred Stock Dividend Income	3,963	$ 3,904
Unfunded Investment Contribution Liabilities	$ 74,809
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		0
Preferred Stock Dividend Income	0	1,281
Unfunded Investment Contribution Liabilities	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		30,000
Preferred Stock Dividend Income	633	582
Unfunded Investment Contribution Liabilities	$ 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	$ 10,000		12,300
Preferred Stock Dividend Income	335	221
Unfunded Investment Contribution Liabilities	$ 40,000
Thirty Zero Two Thirty Ninth Avenue One Preferred Investment [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Preferred Stock, Dividend Rate, Percentage	9.00%
Thirty Zero Two Thirty Ninth Avenue One Preferred Investment [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Preferred Stock, Dividend Rate, Percentage	12.00%
Four Eighty Five Seventh Avenue Preferred Investment [Member]
Related Party Transaction [Line Items]
Preferred Stock, Dividend Rate, Percentage	12.00%
Investments in and Advances to Affiliates, at Fair Value, Gross Additions	$ 60,000		60,000
Preferred Stock Dividend Income	1,800	1,820
Unfunded Investment Contribution Liabilities	$ 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	$ 33,094		31,271
Preferred Stock Dividend Income	945	0
Unfunded Investment Contribution Liabilities	$ 24,406
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	$ 9,597		$ 7,682
Preferred Stock Dividend Income	250	$ 0
Unfunded Investment Contribution Liabilities	$ 10,403

Related Party Transactions (D34

Related Party Transactions (Details Textual) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Investments in and Advances to Affiliates [Line Items]
Unfunded Investment Contribution Liabilities	$ 74,809
Dividends, Cash	4,323	$ 4,455
Investments in and Advances to Affiliates, at Fair Value, Gross Additions	142,691		$ 141,253
Reimbursement from Preferred Investment	$ 2,300
Lightstone Slp Llc [Member]
Investments in and Advances to Affiliates [Line Items]
Equity Method Investment, Ownership Percentage	19.17%
SLP Units [Member]
Investments in and Advances to Affiliates [Line Items]
Dividends, Cash	$ 500
Preferred Investments [Member]
Investments in and Advances to Affiliates [Line Items]
Unfunded Investment Contribution Liabilities	74,800
Additional Investments In And Advances To Affiliates At Fair Value Gross Additions	3,800
Preferred Stock Investments Income	4,000	$ 3,900
Investments in and Advances to Affiliates, at Fair Value, Gross Additions	$ 142,700			$ 141,300

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Carrying Amount	$ 185,474	$ 185,576
Mortgages payable [Member]
Debt Instrument [Line Items]
Carrying Amount	185,500	185,600
Estimated Fair Value	$ 183,400	$ 183,200

Financial Instruments (Details

Financial Instruments (Details Textual) $ in Millions	Mar. 31, 2017USD ($)
Debt Instrument [Line Items]
Notes Payable, Fair Value Disclosure	$ 18.6

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Segment Reporting Information [Line Items]
Total revenues	$ 11,389	$ 13,169
Property operating expenses	6,123	6,900
Real estate taxes	680	909
General and administrative costs	1,435	1,476
Net operating income/(loss)	3,151	3,884
Depreciation and amortization	2,793	2,980
Operating income/(loss)	358	904
Total Assets	542,930		$ 547,295
Retail [Member]
Segment Reporting Information [Line Items]
Total revenues	2,714	2,858
Property operating expenses	938	932
Real estate taxes	380	362
General and administrative costs	83	13
Net operating income/(loss)	1,313	1,551
Depreciation and amortization	1,226	1,158
Operating income/(loss)	87	393
Total Assets	99,724		100,105
Multi-Family [Member]
Segment Reporting Information [Line Items]
Total revenues	2,158	4,506
Property operating expenses	458	1,368
Real estate taxes	18	262
General and administrative costs	10	18
Net operating income/(loss)	1,672	2,858
Depreciation and amortization	405	730
Operating income/(loss)	1,267	2,128
Total Assets	70,508		71,170
Industrial [Member]
Segment Reporting Information [Line Items]
Total revenues	1,581	1,379
Property operating expenses	541	498
Real estate taxes	201	204
General and administrative costs	4	5
Net operating income/(loss)	835	672
Depreciation and amortization	440	402
Operating income/(loss)	395	270
Total Assets	49,613		49,509
Hospitality [Member]
Segment Reporting Information [Line Items]
Total revenues	4,936	4,426
Property operating expenses	4,185	4,101
Real estate taxes	81	81
General and administrative costs	76	74
Net operating income/(loss)	594	170
Depreciation and amortization	722	690
Operating income/(loss)	(128)	(520)
Total Assets	25,379		25,071
Unallocated [Member]
Segment Reporting Information [Line Items]
Total revenues	0	0
Property operating expenses	1	1
Real estate taxes	0	0
General and administrative costs	1,262	1,366
Net operating income/(loss)	(1,263)	(1,367)
Depreciation and amortization	0	0
Operating income/(loss)	(1,263)	$ (1,367)
Total Assets	$ 297,706		$ 301,440

Subsequent Events (Details Text

Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($)	May 11, 2017	Apr. 17, 2017
Subsequent Events [Line Items]
Payments of Dividends		$ 4,300,000
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