Lightstone Value Plus REIT I (LHTV) 10-K 12 Mar 18 2017 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2017	Feb. 15, 2018	Jun. 30, 2017
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		24.8

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets
Net investment property	$ 178,501	$ 232,341
Investment in related parties	159,792	142,752
Cash and cash equivalents	116,434	105,539
Marketable securities, available for sale	57,944	52,495
Restricted escrows	2,785	2,818
Tenant and other accounts receivable	1,143	1,875
Mortgage receivable	0	4,893
Intangible assets	337	693
Prepaid expenses and other assets	2,738	3,889
Total Assets	519,674	547,295
Liabilities and Stockholders' Equity
Mortgages payable, net	157,927	183,313
Notes payable	18,602	18,586
Accounts payable, accrued expenses and other liabilities	20,388	18,827
Due to related parties	496	573
Tenant allowances and deposits payable	1,483	1,429
Distributions payable	4,387	4,432
Deferred rental income	716	1,105
Acquired below market lease intangibles	305	446
Total Liabilities	204,304	228,711
Commitments and contingencies (See Note 18)
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, 24,847 and 25,101 shares issued and outstanding, respectively	248	251
Additional paid-in-capital	194,497	197,036
Accumulated other comprehensive income	15,467	15,954
Accumulated surplus	86,956	84,240
Total Company's stockholders' equity	297,168	297,481
Noncontrolling interests	18,202	21,103
Total Stockholders' Equity	315,370	318,584
Total Liabilities and Stockholders' Equity	$ 519,674	$ 547,295

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 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	24,847	25,101
Common stock, shares outstanding	24,847	25,101

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Rental income	$ 29,808	$ 36,960	$ 41,249
Tenant recovery income	3,433	4,018	4,418
Other service income	7,837	11,016	10,183
Total revenues	41,078	51,994	55,850
Expenses:
Property operating expenses	20,444	27,130	28,280
Real estate taxes	2,494	3,085	3,521
General and administrative costs	7,812	5,028	5,009
Depreciation and amortization	10,014	11,377	11,544
Total operating expenses	40,764	46,620	48,354
Operating income	314	5,374	7,496
Mark to market adjustment on derivative financial instruments	185	67	(223)
Interest and dividend income	20,893	19,567	11,317
Interest expense	(13,636)	(13,689)	(15,145)
Gain on satisfaction of mortgage receivable	3,216	0	0
Gain on disposition of real estate, net	10,483	23,705	0
(Loss)/gain on sale and redemption of marketable securities	(70)	(964)	34,710
Income from investments in unconsolidated affiliated real estate entities	0	0	5,804
Other (loss)/income, net	(105)	1,392	2,002
Net income from continuing operations	21,280	35,452	45,961
Net income from discontinued operations	0	0	18,731
Net income	21,280	35,452	64,692
Less: net income attributable to noncontrolling interests	(1,097)	(1,371)	(4,468)
Net income attributable to Company's common shares	$ 20,183	$ 34,081	$ 60,224
Basic and diluted earnings per Company's common share:
Continuing operations	$ 0.81	$ 1.34	$ 1.6
Discontinued operations	0	0	0.73
Net earnings per Company's common share	$ 0.81	$ 1.34	$ 2.33
Weighted average number of common shares outstanding, basic and diluted	24,961	25,426	25,828

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net income	$ 21,280	$ 35,452	$ 64,692
Other comprehensive loss:
Holding loss on available for sale securities	(670)	(4,137)	(461)
Reclassification adjustment for loss/(gain) included in net income	70	964	(34,710)
Other comprehensive loss	(600)	(3,173)	(35,171)
Comprehensive income	20,680	32,279	29,521
Less: Comprehensive income attributable to noncontrolling interests	(984)	(1,020)	(1,192)
Comprehensive income attributable to the Company's common shares	$ 19,696	$ 31,259	$ 28,329

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Surplus [Member]	Total Noncontrolling Interests [Member]
BALANCE at Dec. 31, 2014	$ 316,003	$ 258	$ 204,022	$ 50,671	$ 25,814	$ 35,238
BALANCE (in shares) at Dec. 31, 2014		25,850
Net income	64,692	$ 0	0	0	60,224	4,468
Other comprehensive loss	(35,171)	0	0	(31,895)	0	(3,276)
Distributions declared	(18,077)	0	0	0	(18,077)	0
Distributions paid to noncontrolling interests	(5,393)	0	0	0	0	(5,393)
Contributions received from noncontrolling interests	227	0	0	0	0	227
Redemption and cancellation of shares and noncontrolling interests	(3,584)	$ (3)	(3,406)	0	0	(175)
Redemption and cancellation of shares and noncontrolling interests (in shares)		(341)
Shares issued from distribution reinvestment program	1,453	$ 1	1,452	0	0	0
Shares issued from distribution reinvestment program (in shares)		130
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	35,452	$ 0	0	0	34,081	1,371
Other comprehensive loss	(3,173)	0	0	(2,822)	0	(351)
Distributions declared	(17,802)	0	0	0	(17,802)	0
Distributions paid to noncontrolling interests	(11,014)	0	0	0	0	(11,014)
Contributions received from noncontrolling interests	8	0	0	0	0	8
Redemption and cancellation of shares and noncontrolling interests	(5,037)	$ (5)	(5,032)	0	0	0
Redemption and cancellation of shares and noncontrolling interests (in shares)		(538)
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	21,280	$ 0	0	0	20,183	1,097
Other comprehensive loss	(600)	0	0	(487)	0	(113)
Distributions declared	(17,467)	0	0	0	(17,467)	0
Distributions paid to noncontrolling interests	(3,896)	0	0	0	0	(3,896)
Contributions received from noncontrolling interests	11	0	0	0	0	11
Redemption and cancellation of shares and noncontrolling interests	(2,542)	$ (3)	(2,539)	0	0	0
Redemption and cancellation of shares and noncontrolling interests (in shares)		(254)
BALANCE at Dec. 31, 2017	$ 315,370	$ 248	$ 194,497	$ 15,467	$ 86,956	$ 18,202
BALANCE (in shares) at Dec. 31, 2017		24,847

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 21,280	$ 35,452	$ 64,692
Less net income - discontinued operations	0	0	18,731
Net income - continuing operations	21,280	35,452	45,961
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10,014	11,377	11,544
Loss/(gain) on sale and redemption of marketable securities available for sale	70	964	(34,710)
Gain on satisfaction of mortgage receivable	(3,216)	0	0
Gain on disposition of real estate	(10,483)	(23,705)	0
Mark to market adjustment on derivative financial instruments	(185)	(67)	223
Income from investments in unconsolidated affiliated real estate entities	0	0	(5,804)
Other non-cash adjustments	738	629	310
Changes in assets and liabilities:
(Increase)/decrease in prepaid expenses and other assets	(51)	424	813
Decrease/(increase) in tenant and other accounts receivable	304	(85)	(341)
(Decrease)/increase in tenant allowances and deposits payable	(304)	(537)	20
Increase in accounts payable, accrued expenses and other liabilities	4,159	4,254	2,125
(Decrease)/increase in due to related parties	(77)	573	(339)
(Decrease)/increase in deferred rental income	(96)	(99)	37
Net cash provided by operating activities - continuing operations	22,153	29,180	19,839
Net cash provided by operating activities - discontinued operations	0	0	1,259
Net cash provided by operating activities	22,153	29,180	21,098
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property and intangible assets, net	(3,163)	(3,759)	(12,751)
Purchase of marketable securities available for sale	(7,111)	(4,183)	(5,113)
Proceeds from sale of marketable securities available for sale	991	28,567	78,454
Collections on mortgage receivable	8,109	147	139
Deposits for purchase of real estate, net of refunds	0	0	170
Contributions to investment in unconsolidated affiliated real estate entity	0	0	(1,568)
Investments in related parties	(19,340)	(61,469)	(103,158)
Proceeds from preferred investments in related parties	2,300	58,522	0
Distribution from investments in unconsolidated affiliated real estate entities	0	1,989	15,230
(Funding)/release of restricted escrows	(1,348)	5,208	922
Proceeds from sale of investment property	32,651	60,662	6,202
Net cash provided by/(used in) investing activities - continuing operations	13,089	85,684	(21,473)
Net cash provided by investing activities - discontinued operations	0	0	92,425
Net cash provided by investing activities	13,089	85,684	70,952
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from mortgage financing	0	20,400	3,863
Mortgage payments	(408)	(63,470)	(2,406)
Payment of loan fees and expenses	0	(773)	(69)
Payment of notes payable	0	0	(19,957)
Redemption and cancellation of common shares	(2,542)	(5,037)	(3,409)
Contributions received from noncontrolling interests	11	8	227
Distributions paid to noncontrolling interests	(3,896)	(11,014)	(5,393)
Distributions paid to Company's stockholders	(17,512)	(17,898)	(16,662)
Net cash used in financing activities - continuing operations	(24,347)	(77,784)	(43,806)
Net cash used in financing activities - discontinued operations	0	0	(34,314)
Net cash used in financing activities	(24,347)	(77,784)	(78,120)
Net change in cash and cash equivalents	10,895	37,080	13,930
Cash and cash equivalents, beginning of year	105,539	68,459	54,529
Cash and cash equivalents, end of year	$ 116,434	$ 105,539	$ 68,459

Organization

Organization	12 Months Ended
	Dec. 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 real estate investment trust, or UPREIT, and substantially all of the Company’s 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. On October 20, 2017, the Company filed a definitive proxy statement with the Securities and Exchange Commission pursuant to which it sought stockholder approval to amend its charter to remove the requirement that the Company must either list its stock on a national securities exchange or seek stockholder approval to adopt a plan of liquidation of the corporation on or before October 10, 2018 (the “Charter Amendment”). On December 11, 2017, the stockholders approved As of December 31, 2017, on a collective basis, the Company wholly or majority owned and consolidated the operating results and financial condition of two retail properties containing a total of approximately 0.5 14 1.0 199 84 75 97 Discontinued Operations During the first quarter of 2015, a portfolio of 11 of the Company’s hotel hospitality properties met the criteria to be classified as held for sale. The operating results of these hotel hospitality properties, which were disposed in a series of transactions during 2015, have been classified as discontinued operations in the consolidated statements of operations for all periods presented through their respective dates of disposition. See Note 3 for additional information. Noncontrolling Interests – Partners of Operating Partnership On July 6, 2004, the Advisor contributed $ 2 200 In connection with the Company’s initial public offering, through March 2009 Lightstone SLP, LLC, an affiliate of the Advisor, purchased an aggregate of $ 30.0 100,000 In addition, during the years ended December 31, 2008 and 2009, the Operating Partnership issued at total of (i) 497,209 93,616 93.6 36.8 40.0 43,516 43.5 50,100 50.1 See Note 13 for further discussion of noncontrolling interests. Operating Partnership Activity Acquisitions and Investments: Through its Operating Partnership, the Company has and will continue to seek to acquire and operate commercial, residential, and hospitality properties and make real estate-related investments, principally in the United States. The Company’s commercial holdings currently consist of retail (primarily multi-tenanted shopping centers) and industrial. All such properties have been and will continue to be acquired and operated by the Company alone or jointly with another party. Related Parties: Properties acquired and development activities have been and may continue to be managed by affiliates of Lightstone Value Plus REIT Management LLC (collectively, the “Property Managers”). The Company’s Advisor and its affiliates, the Property Managers and Lightstone SLP, LLC are related parties of the Company. Certain of these entities have received or will receive compensation and fees for services provided for the investment and management of the Company’s assets. These entities have and/or will receive fees during the Company’s offering stage (which was completed on October 10, 2008), acquisition, operational and liquidation stages. The compensation levels during the offering, acquisition and operational stages are based on percentages of the offering proceeds raised, the contractual purchase price of the acquired properties and the annual revenue earned from such properties, and other such fees outlined in each of the respective agreements. See Note 14 for additional information.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 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 Lightstone REIT and the Operating Partnership and its subsidiaries (over which the Company exercises financial and operating control). As of December 31, 2016, Lightstone REIT had a 98 The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). 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 and real estate-related investments, 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. Investments in entities where the Company has the ability to exercise significant influence, but does not exercise financial and operating control, and is not considered to be the primary beneficiary of a variable interest entity The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. All cash equivalents are held in money market funds. To date, the Company has not experienced any losses on its cash and cash equivalents. For the Years Ended December 31, December 31, December 31, Cash paid for interest $ 8,852 $ 9,152 $ 12,889 Distributions declared $ 4,387 $ 4,432 $ 4,528 Value of shares issued from distribution reinvestment program $ - $ - $ 1,453 Non cash purchase of investment property $ 581 $ 126 $ 320 Debt assumed by joint venture in connection with disposition $ - $ - $ 32,800 Assignment of minority interest loans to joint venture in connection with disposition $ - $ - $ 547 Assets transferred and liabilities extinguished due to foreclosure $ 27,028 $ - $ - Marketable securities consist of equity and debt securities that are designated as available-for-sale and are recorded at fair value. Unrealized holding gains or losses are reported as a component of accumulated other comprehensive income/(loss). Realized gains or losses resulting from the sale of these securities are determined based on the specific identification of the securities sold. An impairment charge is recognized when the decline in the fair value of a security below the amortized cost basis is determined to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the duration and severity of any decline in fair value below our amortized cost basis, any adverse changes in the financial condition of the issuers’ and its intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. The Board has authorized the Company from time to time to invest the Company’s available cash in marketable securities of real estate related companies. The Board has approved investments of marketable securities of real estate companies up to 30% of the Company’s total assets to be made at the Company’s discretion, subject to compliance with any REIT or other restrictions. Minimum rents are recognized on a straight-line accrual basis, over the terms of the related leases. The capitalized above-market lease values and the capitalized below-market lease values are amortized as an adjustment to rental income over the initial lease term, including any below-market renewal periods taken into account. Percentage rents, which are based on commercial tenants’ sales, are recognized once the sales reported by such tenants exceed any applicable breakpoints as specified in the tenants’ leases. Recoveries from commercial tenants for real estate taxes, insurance and other operating expenses, and from residential tenants for utility costs, are recognized as revenues in the period that the applicable costs are incurred. Room revenue for the hotel properties are recognized as stays occur, using the accrual method of accounting. Amounts paid in advance are deferred until stays occur. Other service income consists of revenues from food and beverage services, water park admissions and arcade income from our DoubleTree – Danvers property disposed of in September 2017 (See Note 9) and is recognized when consumed. The Company makes estimates of the uncollectability of its tenant and other accounts receivable related to base rents, expense reimbursements and other revenues. The Company analyzes tenant and other accounts receivable and historical bad debt levels, customer credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. The Company’s reported net income or loss is directly affected by management’s estimate of the collectability of tenant and other accounts receivable. From time to time, we may make investments in mortgage loans. Mortgage loans are secured, in part, by mortgages recorded against the underlying properties which are not owned by us. Mortgage loans are carried at cost, net of any premiums or discounts which are accreted or amortized over the life of the related loan receivable utilizing the effective interest method. Premiums or discounts are no longer accreted or amortized for loans that are in default. We evaluate the collectability of both interest and principal of each of these loans quarterly to determine whether the value has been impaired. A loan is deemed to be impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the loan held for investment to its estimated realizable value. Accounting for Acquisitions The fair value of the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases for acquired in-place leases and the value of tenant relationships, based in each case on their fair values. Purchase accounting is applied to assets and liabilities related to real estate entities acquired based upon the percentage of interest acquired. Fees incurred related to acquisitions are expensed as incurred within general and administrative costs within the consolidated statements of operations. Transaction costs incurred related to the Company’s investment in unconsolidated real estate entities, accounted for under the equity method of accounting, are capitalized as part of the cost of the investment. Upon the acquisition of real estate operating properties, the Company estimates the fair value of acquired tangible assets and identified intangible assets and liabilities and assumed debt at the date of acquisition, based on evaluation of information and estimates available at that date. Based on these estimates, the Company evaluates the existence of goodwill or a gain from a bargain purchase and allocates the initial purchase price to the applicable assets, liabilities and noncontrolling interests, if any. As final information regarding fair value of the assets acquired, liabilities assumed and noncontrolling interests is received and estimates are refined, appropriate adjustments are made to the purchase price allocation. The allocations are finalized as soon as all the information necessary is available and in no case later than within twelve months from the acquisition date. In determining the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease including consideration of any bargain renewal periods. The capitalized above-market lease values and the capitalized below-market lease values are amortized as an adjustment to rental income over the initial non-cancelable lease term, including any below-market renewal periods taken into account. The aggregate fair value of in-place leases is determined by evaluating various factors, including an estimate of carrying costs during the expected lease-up periods, current market conditions and similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, legal and other related costs. The fair value assigned to this intangible asset is amortized over the remaining estimated lease term. Optional renewal periods are not considered. The aggregate fair value of other acquired intangible assets includes tenant relationships. Factors considered by management in assigning a value to these relationships include: assumptions of probability of lease renewals, investment in tenant improvements, leasing commissions and an approximate time lapse in rental income while a new tenant is located. The fair value assigned to this intangible asset is amortized over the remaining estimated lease term. Impairment Evaluation Management evaluates the recoverability of its investments in real estate assets and real estate-related investments at the lowest identifiable level, the individual property level. Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recognized only if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. The Company evaluates the long-lived assets on a quarterly basis and will record an impairment charge when there is an indicator of impairment and the undiscounted projected cash flows are less than the carrying amount for a particular property. The estimated cash flows used for the impairment analysis and the determination of estimated fair value are based on the Company’s plans for the respective assets and the Company’s views of market and economic conditions. The estimates consider matters such as current and historical rental rates, occupancies for the respective properties and comparable properties, and recent sales data for comparable properties. Changes in estimated future cash flows due to changes in the Company’s plans or views of market and economic conditions could result in recognition of impairment losses, which, under the applicable accounting guidance, could be substantial. Real Estate-Related Debt Investments Real estate-related debt investments are intended to be held until maturity and accordingly, will be carried at cost, net of unamortized loan fees, origination fees, discounts, premiums and unfunded commitments. Real estate-related debt investments that are deemed impaired will be carried at amortized cost less a reserve, if deemed appropriate, which approximates fair value. Investment income will be recognized on an accrual basis. Impairment on Real Estate-Related Debt Investments Real estate-related debt investments will be considered impaired when, based on current information and events, it is probable that the Company will not be able to collect principal and interest amounts due according to the contractual terms. Income recognition will be suspended for a debt investment at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired debt investment is in doubt, all payments will be applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired debt investment is not in doubt, contractual interest will be recorded as interest income when received, under the cash basis method, until an accrual is resumed when the debt investment becomes contractually current and performance is demonstrated to be resumed. A debt investment will be written off when it is no longer realizable or is legally discharged. Assets and groups of assets and liabilities which comprise disposal groups are classified as “held for sale” when all of the following criteria are met: a decision has been made to sell, the assets are available for sale immediately, the assets are being actively marketed at a reasonable price in relation to the current fair value, a sale has been or is expected to be concluded within twelve months of the balance sheet date, and significant changes to the plan to sell are not expected. Assets and disposal groups held for sale are valued at the lower of book value or fair value less disposal costs. Assets held for sale are not depreciated. Additionally, if the disposal group represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results then the operating results and cash flows related to these assets and liabilities are included in discontinued operations in the consolidated statements of operations and consolidated statements of cash flows, respectively, for all periods presented, as long as the operations and cash flows of the disposal group is expected to be eliminated from ongoing operations as a result of the disposal and the Company will not have any significant continuing involvement in the operations of the disposal group after disposal. Depreciation expense is computed based on the straight-line method over the estimated useful life of the applicable real estate asset. We generally use estimated useful lives of up to thirty-nine years for buildings and improvements and five to ten years for furniture and fixtures. Expenditures for tenant improvements and construction allowances paid to commercial tenants are capitalized and amortized over the initial term of each lease or the useful life if shorter. Expenditures for ordinary maintenance and repairs are charged to expense as incurred. The Company will capitalize initial direct costs associated with financing activities. The costs will be capitalized upon the execution of the loan, presented in the consolidated balance sheets as a direct deduction from the carrying value of the corresponding loan and amortized over the initial term of the corresponding loan. Amortization of deferred loan costs will begin in the period during which the loan is originated using the effective interest method over the term of the loan. The Company evaluates all joint venture arrangements and investments in entities for consolidation. The percentage interest in the joint venture or investment in entities, evaluation of control and whether a variable interest entity (“VIE”) exists are all considered in determining if the arrangement qualifies for consolidation. The Company accounts for its investments in unconsolidated entities using the equity or cost method of accounting, as appropriate. Under the equity method, the cost of an investment is adjusted for the Company’s share of equity in net income or loss beginning on the date of acquisition and reduced by distributions received. The income or loss of each joint venture investor is allocated in accordance with the provisions of the applicable operating agreements. The allocation provisions in these agreements may differ from the ownership interest held by each investor. Differences between the carrying amount of the Company’s investment in the respective joint venture and the Company’s share of the underlying equity of such unconsolidated entities are amortized over the respective lives of the underlying assets as applicable. These items are reported as a single line item in the consolidated statements of operations as income or loss from investments in unconsolidated entities. Under the cost method of accounting, the dividends earned from the underlying entities are recorded to interest income. The Company continuously reviews its investment in unconsolidated entities for other than temporary declines in market value. Any decline that is not considered temporary will result in the recording of an impairment charge to the investment. The Company made an election in 2006 to be taxed as a real estate investment trust (a “REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), beginning with its first taxable year, which ended December 31, 2005. The Company elected and qualified to be taxed as a REIT in conjunction with the filing of its 2005 U.S. federal tax return. To maintain its status as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its ordinary taxable income to stockholders. As a REIT, the Company generally will not be subject to U.S. federal income tax on taxable income that it distributes to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will then be subject to U.S. federal income taxes on its taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for U.S. federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could have a material effect on the Company’s net income and net cash available for distribution to stockholders. Through December 31, 2017, the Company has complied with the requirements for maintaining its REIT status. The Company has net operating loss carryforwards of $ 11.5 The Company engages in certain activities through taxable REIT subsidiaries (“TRSs”). As such, the Company may be subject to U.S. federal and state income taxes and franchise taxes from these activities. As of December 31, 2017 and 2016, the Company had no material uncertain income tax positions. The carrying amounts of cash and cash equivalents, restricted escrows, tenants’ accounts receivable, interest receivable from related parties, accounts payable and accrued expenses and loans due to related parties approximate 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 As of December 31, 2017 As of December 31, 2016 Carrying Amount Estimated Fair Carrying Amount Estimated Fair Mortgages payable $ 159.6 $ 158.6 $ 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. The Company may enter into derivative financial instrument transactions in order to mitigate interest rate risk on a related financial instrument. The Company may designate these derivative financial instruments as hedges and apply hedge accounting. The Company records all derivative instruments at fair value on the consolidated balance sheets. The Company had a stock-based incentive award plan for the independent directors of its Board. This plan expired in April 2015. Awards were granted at fair market value on the date of the grant with fair value estimated using the Black-Scholes-Merton option valuation model, which incorporates assumptions surrounding the volatility, dividend yield, the risk-free interest rate, expected life, and the exercise price as compared to the underlying stock price on the grant date. The tax benefits, if any, associated with these share-based payments are classified as financing activities in the consolidated statement of cash flows. For the years ended December 31, 2017, 2016 and 2015, the Company had no material compensation costs related to the incentive award plan. The Company maintains its cash in bank deposit accounts, which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on its cash and cash equivalents. 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. Dilutive 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. 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. Upon adoption of this guidance, the Company anticipates future acquisitions of real estate assets, if any, will likely qualify as an asset acquisition. Therefore, any future transaction costs associated with an asset acquisition will be capitalized and accounted for in accordance with this guidance. 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 will not 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 February 2016, the FASB issued an accounting standards update which supersedes the existing lease accounting model, and modifies both lessee and lessor accounting. The new guidance will require lessees to recognize a liability to make lease payments and a right-of-use asset, initially measured at the present value of lease payments, for both operating and financing leases, with classification affecting the pattern of expense recognition in the statement of earnings. For leases with a term of 12 months or less, lessees will be permitted to make an accounting policy election by class of underlying asset to not recognize lease liabilities and lease assets. Under this new pronouncement, lessor accounting will be largely unchanged from existing GAAP. The new standard will be effective January 1, 2019, with early adoption permitted. We are currently evaluating the impact this guidance will have on our consolidated financial statements when adopted. 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 the Company had adopted this standard during the years presented, it would have resulted in a decrease to net income of approximately $0.6 million, $3.2 million and $35.2 million for the years ended December 31, 2017, 2016 and 2015, respectively. 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 adoption of this standard will not have a significant impact on the consolidated financial statements since, with the disposal the DoubleTree – Danvers in September 2017 (See Note 9), substantially all revenues now consists of rental income from leasing arrangements, which is specifically excluded from the standard. 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. Certain prior period amounts may have been reclassified to conform to the current year presentation.

Dispositions of Limited Service

Dispositions of Limited Service Hotels	12 Months Ended
	Dec. 31, 2017
Dispositions [Abstract]
Dispositions of limited service hotels	3. Dispositions of Limited Service Hotels During 2015, the Company formed a joint venture (the “Joint Venture”) with Lightstone Value Plus Real Estate Investment Trust II, Inc. (“Lightstone II”), a related party real estate investment trust also sponsored by the Company’s Sponsor. In a series of transactions that occurred during 2015, the Joint Venture acquired the Company’s membership interests in a portfolio of 11 122.4 The 11 hotels consisted of the following: ⋅ a 151 located in Parsippany, New Jersey (wholly owned by the Lightstone REIT since July 30, 2012); ⋅ a 90 located in Willoughby, Ohio (wholly owned by the Lightstone REIT since December 3, 2012); ⋅ a 102 located in West Des Moines, Iowa (wholly owned by the Lightstone REIT since December 3, 2012); ⋅ a 97 located in West Des Moines, Iowa (wholly owned by the Lightstone REIT since December 3, 2012); ⋅ a 82 located in Auburn, Alabama (wholly owned by the Lightstone REIT since January 18, 2013); ⋅ a 121 located in Baton Rouge, Louisiana ( 90 ⋅ a 108 located in Baton Rouge, Louisiana ( 90 ⋅ a 130 located in Rogers, Arkansas (wholly owned by the Lightstone REIT since June 18, 2013); ⋅ a 83 located in Jonesboro, Arkansas ( 95 ⋅ a 127 located in Miami, Florida (wholly owned by the Lightstone REIT since August 30, 2013); and ⋅ a 104 located in Fort Lauderdale, Florida (wholly owned by the Lightstone REIT since August 30, 2013). On January 29, 2015 the Company, through the Operating Partnership, entered into an agreement to form the Joint Venture with Lightstone II whereby the Company and Lightstone II have 2.5% and 97.5% membership interests in the Joint Venture, respectively. Lightstone II is the managing member. Each member may receive distributions and make future capital contributions based upon its respective ownership percentage, as required. The Company accounts for its 2.5 2.5 1.5 The Company’s membership interests in the 11 hotels were contributed to the Joint Venture in a series of transactions during 2015 as discussed below. On January 29, 2015, the Company, through a wholly owned subsidiary of the Operating Partnership, completed the disposition of its 100 64.6 30.5 34.1 The five limited service hotels included in the Hotel I Portfolio are as follows: ⋅ Courtyard – Willoughby ⋅ Fairfield Inn - Des Moines ⋅ SpringHill Suites - Des Moines ⋅ Hampton Inn – Miami ⋅ Hampton Inn & Suites - Fort Lauderdale The Company’s revolving credit facility that was collateralized by the Hotel I Portfolio and had a balance of $ 34.1 On February 11, 2015, the Company, through a wholly owned subsidiary of its Operating Partnership, completed the disposition of its 100 90.0 23.4 12.2 11.6 The Courtyard – Parsippany Loan and the Residence Inn - Baton Rouge Loan were assumed by the subsidiaries of the Joint Venture as part of the transaction. On June 10, 2015, the Company, through a wholly owned subsidiary of its Operating Partnership, completed the disposition of its (i) 100 95 the Fairfield Inn – Jonesboro 100 28.0 12.9 15.1 The Promissory Note was On June 30, 2015, the Company through a wholly owned subsidiary of its Operating Partnership completed the disposition of its 90.0 7.4 1.2 6.1 The Courtyard – Baton Rouge Loan was assumed by the subsidiaries of the Joint Venture as part of the transaction. The transactions described above represent the complete disposition of the Company’s membership interests in the portfolio of 11 hotels. In connection with these dispositions, the Company recognized an aggregate gain on disposition of approximately $ 17.3

Dispositions of Investments in

Dispositions of Investments in Unconsolidated Affiliated Real Estate Entities	12 Months Ended
	Dec. 31, 2017
Disposition Of Investments In Unconsolidated Affiliated Real Estate Entities [Abstract]
Dispositions of Investments in Unconsolidated Affiliated Real Estate Entities	4. Dispositions of Investments in Unconsolidated Affiliated Real Estate Entities 1407 Broadway The Company had a 49.0 150.0 9.9 5.7 15.1 1.6 1407 Broadway Financial Information For the Year Ended Total revenue $ 13,510 0 Property operating expenses 9,439 Depreciation and amortization 2,644 Operating income 1,427 Interest expense and other, net (1,343) Gain on disposition 9,891 Net income $ 9,975 Company's share of net earnings $ 5,804

Investment in Related Parties

Investment in Related Parties	12 Months Ended
	Dec. 31, 2017
Preferred Investment [Abstract]
Preferred Investment	5 . Investment in Related Parties 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 it to certain prescribed monthly preferred distributions. The Preferred Investments had an aggregate balance of $ 158.3 141.3 19.2 17.6 16.3 6.7 Preferred Investment Balance Unfunded Contributions Investment Income As of As of As of For the Year Ended Decemebr 31, Preferred Investments Dividend Rate December 31, 2017 December 31, 2016 December 31, 2017 2017 2016 2015 365 Bond Street 12 % $ - $ - $ - $ - $ 2,252 $ 5,079 40 East End Avenue 8% to 12 % 30,000 30,000 - 3,383 2,408 1,444 30-02 39th Avenue 12 % 10,000 12,300 - 1,253 1,429 184 485 7th Avenue 12 % 60,000 60,000 - 7,300 7,320 20 East 11th Street 12 % 46,119 31,271 11,381 4,443 2,688 - Miami Moxy 12 % 12,195 7,682 7,805 1,269 203 - Total Preferred Investments $ 158,314 $ 141,253 $ 19,186 $ 17,648 $ 16,300 $ 6,727 365 Bond Street Preferred Investment In March 2014, the Company entered into an agreement with various related party entities that provided for it to make contributions of up to $ 35.0 10.0 12 42.2 40 East End Avenue Preferred Investment In May 2015, the Company entered into an agreement with various related party entities that provides for it to make contributions of up to $ 30.0 st 8 12 30-02 39 th Avenue Preferred Investment In August 2015, the Company entered into certain agreements that provided for it to make aggregate contributions of up to $ 50.0 On March 31, 2017, the 30-02 39th Preferred Investment was amended so that our total aggregate contributions would decrease by $40.0 million to $10.0 million. 12 485 7th Avenue Preferred Investment In December 2015, the Company entered into an agreement with various related party entities that provided for it to make contributions of up to $ 60.0 37.5 East 11 th On April 21, 2016, the Company entered into an agreement with various related party entities that provides for it to make contributions of up to $ 40.0 th 17.5 57.5 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 The Joint Venture The Company has a 2.5 November 6, 2017 from an unrelated third party. As a result, the Joint Venture holds ownership interests in eight hotels as of December 31, 2017. We account for our 2.5% membership interest in the Joint Venture under the cost method and as of both December 31, 2017 and 2016, the carrying value of our investment was $ 1.5

Mortgage Receivable

Mortgage Receivable	12 Months Ended
	Dec. 31, 2017
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract]
Mortgages Receivable	6 . Mortgage Receivable Senior Mortgage - Holiday Inn Express Hotel & Suites East Brunswick (the “Holiday Inn - East Brunswick”) On June 21, 2011, the Company acquired an $ 8.8 5.6 3.2 2.75 0.2 The Senior Mortgage, which was originated by Banc of America in July 2007 with an original principal balance of $ 9.1 6.33 56 Since the Senior Mortgage was in default, the borrower was required to transfer any excess cash to the Company on a monthly basis. The Company applied the cash receipts method of income recognition, whereby the Company recognized any excess cash, after the required funding for taxes and insurance and other escrow related disbursements, as interest income until such time as the borrower was current on all amounts owed to the Company for interest and then any remaining cash would be applied to outstanding principal. In June 2017, the Company received a payment of approximately $ 8.1 3.2 8.1 4.9 During each of the years ended December 31, 2017, 2016 and 2015, exclusive of the aforementioned loan discount amortization, the Company recognized approximately $ 0.2

Supplementary Financial Informa

Supplementary Financial Information	12 Months Ended
	Dec. 31, 2017
Disclosure Text Block Supplement [Abstract]
Supplementary Financial Information	7 . Supplementary Financial Information As of As of December 31, 2017 December 31, 2016 Investment property: Land and improvements $ 49,681 $ 60,485 Building and improvements 164,418 203,054 Furniture and fixtures 2,154 17,613 Construction in progress 204 962 Gross investment property 216,457 282,114 Less accumulated depreciation (37,956) (49,773) Net investment property $ 178,501 $ 232,341 As of As of December 31, 2017 December 31, 2016 Accounts payable and accrued expenses $ 2,989 $ 4,653 Accrued real estate taxes 582 1,009 Accrued interest payable 4,109 2,938 Accrued default interest payable (See Note 10) 11,207 9,175 Fair value of derivative financial instruments - 90 Other liabilities 1,501 962 $ 20,388 $ 18,827

Marketable Securities and Fair

Marketable Securities and Fair Value Measurements	12 Months Ended
	Dec. 31, 2017
Marketable Securities And Fair Value Measurements [Abstract]
Marketable Securities and Fair Value Measurements	8. Marketable Securities and Fair Value Measurements Marketable Securities: As of December 31, 2017 Adjusted Cost Gross Unrealized Gross Unrealized Fair Value Equity Securities, primarily REITs $ 1,405 $ 263 $ - $ 1,668 Marco OP Units and Marco II OP Units 19,227 16,708 - 35,935 Corporate Bonds and Preferred Equities 18,494 371 (81) 18,784 Mortgage Backed Securities ("MBS") 1,856 - (299) 1,557 Total $ 40,982 $ 17,342 $ (380) $ 57,944 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 Inc.”). 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 Inc. in exchange for cash or similar number of shares of Simon Inc.’s common stock (“Simon Stock”). During the year ended December 31, 2015, the Company redeemed an aggregate of approximately 383,000 32.7 67.1 34.4 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. At their respective dates of acquisition, the maturities of the Company’s MBS generally ranged from 27 30 . The Company considers the declines in market value of certain investments in its investment portfolio to be temporary in nature. When evaluating the 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 years ended December 31, 2017, 2016 and 2015, the Company did not recognize any impairment charges. As of December 31, 2017 and 2016, the Company does not consider any of its investments to be other-than-temporarily impaired. 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% 2.42 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, 2019 Libor plus 1.35% 2.92 209,000 The amount outstanding under the Line of Credit was $ 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 December 31, 2017 Level 1 Level 2 Level 3 Total Marketable Securities: Equity Securities, primarily REITs $ 1,668 $ - $ - $ 1,668 Marco OP and OP II Units - 35,935 - 35,935 Corporate Bonds and Preferred Equities 18,784 - 18,784 MBS - 1,557 - 1,557 Total $ 1,668 $ 56,276 $ - $ 57,944 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 quoted prices for these investments; however, the markets for these assets are not active. Additionally, as noted and disclosed above, the Company’s Marco OP and OP II units are ultimately exchangeable for cash or similar number of shares of Simon Stock, therefore the Company uses the quoted market price of Simon Stock to measure the fair value of the Company’s Marco OP and OP II units. The Company did not have any other significant financial assets or liabilities, which would require revised valuations that are recognized at fair value.

Dispositions and Discontinued O

Dispositions and Discontinued Operations	12 Months Ended
	Dec. 31, 2017
Dispositions [Abstract]
Dispositions and Discontinued Operations	9. Dispositions and Discontinued Operations Dispositions - Continuing Operations The following dispositions did not represent a strategic shift that had a major effect on the Company’s operations and financial results and therefore did not qualify to be reported as discontinued operations and their operating results are reflected in the Company’s results from continuing operations in the consolidated statements of operations for all periods presented through their respective dates of disposition: DoubleTree – Danvers On September 7, 2017, the Company disposed of a hotel and water park (the “DoubleTree – Danvers”) located in Danvers, Massachusetts, to an unrelated third party for aggregate consideration of approximately $ 31.5 10.5 Oakview Plaza The non-recourse mortgage loan (the “Oakview Plaza Mortgage”) secured by a retail power center located in Omaha, Nebraska (“Oakview Plaza”) matured in January 2017 and was not repaid which constituted a maturity default. The Oakview Plaza Mortgage was transferred to a special servicer and on September 15, 2017, ownership of Oakview Plaza was transferred to the lender via foreclosure (the “Oakview Plaza Foreclosure”). The carrying value of the assets transferred and the liabilities extinguished in connection with the Oakview Plaza Foreclosure both approximated $ 27.0 25.6 1.0 Southeastern Michigan Multi-Family Properties During the year ended December 31, 2016, the Company disposed of four apartment communities (three in May 2016 and the remaining one in July 2016) located in Southeast Michigan (the “Southeastern Michigan Multi-Family Properties”) for aggregate consideration of approximately $ 60.9 23.7 Dispositions - Discontinued Operations The following disposition did qualify to be reported as discontinued operations and their operating results are classified as discontinued operations in the consolidated statements of operations for all periods presented through their respective dates of disposition: · In a series of transactions during 2015, the Company disposed of its membership interests in a portfolio of 11 limited service hotels to the Joint Venture for approximately $ 122.4 17.3 For the Year Ended 2015 Revenue $ 8,000 - Operating expenses 5,742 Operating income 2,258 Interest expense and other, net (849) Gain on disposition of real estate 17,322 Net income from discontinued operations $ 18,731 Cash flows generated from discontinued operations are presented separately in the consolidated statements of cash flows.

Mortgages Payable

Mortgages Payable	12 Months Ended
	Dec. 31, 2017
Mortgages Payable [Abstract]
Mortgages Payable	10. Mortgages Payable Property Interest Rate Weighted Average Maturity Date Amount Due at As of As of Oakview Plaza (Extinguished in foreclosure on September 15, 2017) $ - $ - $ 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% 5.59 % 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% 3.81 % June 2020 13,494 14,480 14,888 Total mortgages payable 6.24 % $ 149,416 $ 159,585 $ 185,576 Less: Deferred financing costs (1,658) (2,263) Total mortgages payable, net $ 157,927 $ 183,313 LIBOR as of December 31, 2017 and 2016 was 1.57 0.77 2018 2019 2020 2021 2022 Thereafter Total Principal maturities $ 72,172 $ 1,621 $ 14,924 $ 1,328 $ 1,389 $ 68,151 $ 159,585 Less: Deferred financing costs (1,658) Total principal maturities, net $ 157,927 Pursuant to the Company’s loan agreements, escrows in the amount of approximately $ 2.6 2.1 On July 28, 2016, the Company, entered into a mortgage loan (the “St. Augustine Mortgage”) for approximately $ 20.4 LIBOR+4.50% 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 except for those discussed below. As a result of not meeting certain debt service coverage ratios on the non-recourse mortgage indebtedness (the “Gulf Coast Industrial Mortgage”) secured by a portfolio of industrial properties (collectively, the” Gulf Coast Industrial Portfolio”) located in New Orleans, Louisiana (seven properties), Baton Rouge, Louisiana (three properties) and San Antonio, Texas (four properties), 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 outstanding balance of the Gulf Coast Industrial Portfolio Mortgage was $ 50.2 Additionally, the Company’s Oakview Plaza Mortgage matured in January 2017 and was not repaid which constituted a maturity default. The Oakview Plaza Mortgage was transferred to a special servicer and on September 15, 2017, ownership of Oakview Plaza was transferred to the lender via the Oakview Plaza Foreclosure. The carrying value of the assets transferred and the liabilities extinguished in connection with the Oakview Plaza Foreclosure both approximated $ 27.0 25.6 1.0 Although the lender is currently not charging or being paid interest at the stated default rate, the Company is accruing default interest expense on the Gulf Coast Industrial Portfolio Mortgage pursuant to the terms of its loan agreement. Additionally, the Company accrued default interest expense on the Oakview Plaza Mortgage pursuant to the terms of its loan agreement from January 2017 through the date of the Oakview Plaza Foreclosure (September 15, 2017). Default interest of approximately $ 3.0 2.1 2.1 1.0 11.2 9.2 the Gulf Coast Industrial Portfolio In addition, the Company’s St. Augustine Mortgage (outstanding principal balance of $ 20.4

Distributions Payable

Distributions Payable	12 Months Ended
	Dec. 31, 2017
Payables and Accruals [Abstract]
Distributions Payable	11 . Distributions Payable On November 14, 2017, the Board declared a distribution for the three-month period ending December 31, 2017. The distribution was calculated based on shareholders of record each day during this three-month period at a rate of $ 0.0019178 365 7.0 10.00 On November 14, 2016, the Board declared a distribution for the three-month period ending December 31, 2016. The distribution was calculated based on shareholders of record each day during this three-month period at a rate of $ 0.0019178 365 7.0 10.00

Company's Stockholder's Equity

Company's Stockholder's Equity	12 Months Ended
	Dec. 31, 2017
Stockholders' Equity Note [Abstract]
Company’s Stockholder’s Equity	12. Company’s Stockholder’s Equity Preferred Shares Shares of preferred stock may be issued in the future in one or more series as authorized by the Company’s Board. Prior to the issuance of shares of any series, the Board is required by the Company’s charter to fix the number of shares to be included in each series and the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each series. Because the Company’s Board has the power to establish the preferences, powers and rights of each series of preferred stock, it may provide the holders of any series of preferred stock with preferences, powers and rights, voting or otherwise, senior to the rights of holders of our common stock. The issuance of preferred stock could have the effect of delaying, deferring or preventing a change in control of the Company, including an extraordinary transaction (such as a merger, tender offer or sale of all or substantially all of our assets) that might provide a premium price for holders of the Company’s common stock. As of December 31, 2017 and 2016, the Company had no outstanding preferred shares. Common Shares All of the common stock offered by the Company will be duly authorized, fully paid and nonassessable. Subject to the preferential rights of any other class or series of stock and to the provisions of its charter regarding the restriction on the ownership and transfer of shares of our stock, holders of the Company’s common stock will be entitled to receive distributions if authorized by the Board and to share ratably in the Company’s assets available for distribution to the stockholders in the event of a liquidation, dissolution or winding-up. Each outstanding share of the Company’s common stock entitles the holder to one vote on all matters submitted to a vote of stockholders, including the election of directors. There is no cumulative voting in the election of directors, which means that the holders of a majority of the outstanding common stock can elect all of the directors then standing for election, and the holders of the remaining common stock will not be able to elect any directors. Holders of the Company’s common stock have no conversion, sinking fund, redemption or exchange rights, and have no preemptive rights to subscribe for any of its securities. Maryland law provides that a stockholder has appraisal rights in connection with some transactions. However, the Company’ charter provides that the holders of its stock do not have appraisal rights unless a majority of the Board determines that such rights shall apply. Shares of the Company’s common stock have equal dividend, distribution, liquidation and other rights. Under its charter, the Company cannot make some material changes to its business form or operations without the approval of stockholders holding at least a majority of the shares of our stock entitled to vote on the matter. These include (1) amendment of its charter, (2) its liquidation or dissolution, (3) its reorganization, and (4) its merger, consolidation or the sale or other disposition of its assets. Share exchanges in which the Company is the acquirer, however, do not require stockholder approval. Distributions, Share Repurchase Program and Tender Offers Beginning February 1, 2006, the Company’s Board declared quarterly distributions in the amount of $ 0.0019178 7 10.00 365 Through January 19, 2014, the Company’s stockholders had the option to elect the receipt of shares in lieu of cash under the Company’s DRIP. Our DRIP Registration Statement on Form S-3D was filed and became effective under the Securities Act of 1933 on July 12, 2012. On January 19, 2014, the Board of Directors suspended the Company’s DRIP effective April 15, 2014. For so long as the DRIP remains suspended, all future distributions will be in the form of cash. The amount of distributions distributed to our stockholders in the future will be determined by our Board and is dependent on a number of factors, including funds available for payment of distributions, the Company’s financial condition, capital expenditure requirements and annual distribution requirements needed to maintain the Company’s status as a REIT under the Internal Revenue Code. Our share repurchase program may provide our stockholders with limited, interim liquidity by enabling them to sell their shares back to us, subject to restrictions. From our inception through December 31, 2016 we redeemed approximately 3.6 9.37 0.3 100 10.00 Stock-Based Compensation The Company previously adopted a stock option plan under which its independent directors were eligible to receive annual nondiscretionary awards of nonqualified stock options. This plan expired in April 2015. The Company authorized and reserved 75,000 The Company’s stock option plan provided for the automatic grant of a nonqualified stock option through April 2015 to each of its independent directors, without any further action by the Board of Directors or the stockholders, to purchase 3,000 9,000 66,000 9.80 11.80 10.63 The exercise price for all stock options granted under the stock option plan were initially fixed at $10 per share until the termination of the Company’s initial public offering which occurred in October 2008, and thereafter the exercise price for stock options granted to the independent directors was equal to the fair market value of a share on the last business day preceding the annual meeting of stockholders. The term of each such option will be 10

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2017
Noncontrolling Interest [Abstract]
Noncontrolling Interests	13. Noncontrolling Interests The noncontrolling interests consist of (i) parties of the Company that hold units in the Operating Partnership, (ii) notes receivable from noncontrolling interests (see below) and (iii) certain interests in consolidated subsidiaries. The units held by noncontrolling interests in the Operating Partnership include SLP Units, limited partner units and Common Units. The noncontrolling interests in consolidated subsidiaries include ownership interests in (i) PRO-DFJV Holdings LLC (“PRO”) held by the Company’s Sponsor and (ii) 50-01 2 nd nd S hare Description See Note 14 for discussion of rights related to SLP Units. The limited partner and Common Units of the Operating Partnership have similar rights as those of the Company’s stockholders including distribution rights. Distributions During the years ended December 31, 2017, 2016 and 2015, the Company paid distributions to noncontrolling interests of $ 3.9 11.0 5.4 0.6 0.6 Noncontrolling Interest of Subsidiary within the Operating Partnership On August 25, 2009, the Operating Partnership acquired an additional 15.0 14.26 2.75 6.9 5.6 1.3 99.99 2,900 0.01 6.9 19.17 (approximately $6.9 million divided by the sum of $29.0 million plus approximately $6.9 million, or approximately $35.6 million) 29.0 6.9 29.0 6.9 Consolidated Joint Venture On August 18, 2011, the Operating Partnership and its Sponsor formed the 2nd Street Joint Venture to own and operate the 50-01 2nd Street Associates, LLC (the “2nd Street Owner”). The Operating Partnership initially owned a 75.0 25.0 nd 15.8 59.2 nd 40.8 nd nd nd On November 19, 2014, the 2 nd 74.5 4.48 30 11.5

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	14. Related Party Transactions The Company has agreements with the Advisor and its Property Managers to pay certain fees, as follows, in exchange for services performed by these entities and other related parties. The Company’s ability to secure financing and subsequent real estate operations are dependent upon its Advisor, Property Managers, and their affiliates to perform such services as provided in these agreements. Fees Amount Acquisition Fee The Advisor is paid an acquisition fee equal to 2.75 5 Property Management - Residential/Retail The Property Managers are paid a monthly management fee of up to 5 Property Management - Office/Industrial The Property Managers are paid monthly property management and leasing fees of up to 4.5 Asset Management Fee The Advisor or its affiliates is paid an asset management fee of 0.55 Reimbursement of Other expenses For any year in which the Company qualifies as a REIT, the Advisor must reimburse the Company for the amounts, if any, by which the total operating expenses, the sum of the advisor asset management fee plus other operating expenses paid during the previous fiscal year exceed the greater of 2 25 The Advisor or its affiliates are reimbursed for expenses that may include costs of goods and services, administrative services and non-supervisory services performed directly for the Company by independent parties. Lightstone SLP, LLC, an affiliate of the Company’s Sponsor, has purchased SLP Units in the Operating Partnership. 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. Since our inception through March 31, 2010, cumulative distributions declared to Lightstone SLP, LLC were $ 4.9 7 7 8 During each of the years ended December 31, 2017, 2016 and 2015, distributions of $ 2.1 2.1 21.3 20.8 7 8 The SLP Units also entitle Lightstone SLP, LLC to a portion of any liquidating distributions made by the Operating Partnership. The value of such distributions will depend upon the net sale proceeds upon the liquidation of the Lightstone REIT and, therefore, cannot be determined at the present time. Liquidating distributions to Lightstone SLP, LLC will always be subordinated until stockholders receive a distribution equal to their initial investment plus a stated preferred return, as described below: Operating Stage Distributions Amount of Distribution 7% Stockholder Return Threshold Once a cumulative non-compounded return of 7 7 10 12% Stockholder Return Threshold Once a cumulative non-compounded return of 12 7 70 30 Returns in Excess of 12% After the 12 60 40 Liquidating Stage Distributions Amount of Distribution 7% Stockholder Return Threshold Once stockholders have received liquidation distributions, and a cumulative non-compounded 7 7 12% Stockholder Return Threshold Once stockholders have received liquidation distributions [in an amount equal to their net investment] plus a cumulative non-compounded return of 12 7 70 30 Returns in Excess of 12% After stockholders and Lightstone LP, LLC have received liquidation distributions [in an amount equal to their net investment] plus a cumulative non-compounded return of 12 60 40 For the Year Ended December 31, December 31, December 31, Acquisition fees (general and administrative costs) $ - $ - $ 8 Asset management fees (general and administrative costs) 2,170 2,372 2,427 Property management fees (property operating expenses) 730 936 1,185 Development fees and leasing commissions* 687 116 344 Total $ 3,587 $ 3,424 $ 3,964 * Generally, capitalized and amortized over the estimated useful life of the associated asset. See Notes 3, 4, 5 and 13 for other related party transactions.

Future Minimum Rentals

Future Minimum Rentals	12 Months Ended
	Dec. 31, 2017
Leases [Abstract]
Future Minimum Rentals	15 . Future Minimum Rentals 2018 2019 2020 2021 2022 Thereafter Total $ 9,923 $ 7,426 $ 4,688 $ 3,346 $ 2,443 $ 4,879 $ 32,705 Pursuant to the lease agreements, tenants of the property may be required to reimburse the Company for some or the entire portion of the particular tenant's pro rata share of the real estate taxes and operating expenses of the property. Such amounts are not included in the future minimum lease payments above, but are included in tenant recovery income on the accompanying consolidated statements of operations.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2017
Segment Information [Abstract]
Segment Information	16 . Segment Information The Company has historically operated within four business segments which are: (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”). However, during 2017, the Company sold its only remaining consolidated hospitality property and therefore, no longer has a Hospitality Segment as of December 31, 2017. The Company’s Advisor and its affiliates and third-party management companies provide leasing, property and facilities management, acquisition, development, construction and tenant-related services for its portfolio. The Company’s revenues for the years ended December 31, 2017, 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 December 31, 2017 and 2016. The accounting policies of the segments are the same as those described in Note 2, excluding depreciation and amortization. Unallocated assets, revenues and expenses relate to corporate related accounts. The Company evaluates performance based upon net operating income/(loss) from the combined properties in each real estate segment. The results of operations presented below exclude the operating results of the portfolio of 11 hotels sold to the Joint Venture in a series of transactions during 2015 due to their classification as discontinued operations (see Notes 1 and 9). For the Year Ended December 31, 2017 Retail Multi Family Industrial Hospitality Unallocated Total Total revenues $ 9,896 $ 8,585 $ 6,433 $ 16,164 $ - $ 41,078 Property operating expenses 3,663 1,924 2,173 12,679 5 20,444 Real estate taxes 1,324 73 876 221 - 2,494 General and administrative costs 177 42 (6) 228 7,371 7,812 Net operating income (loss) 4,732 6,546 3,390 3,036 (7,376) 10,328 Depreciation and amortization 4,656 1,626 1,796 1,936 - 10,014 Operating income (loss) $ 76 $ 4,920 $ 1,594 $ 1,100 $ (7,376) $ 314 Total purchase of investment property $ 1,413 159 1,027 564 $ - $ 3,163 As of December 31, 2017: Total Assets $ 70,758 $ 67,966 $ 49,461 $ 61,316 $ 270,173 $ 519,674 For the Year Ended December 31, 2016 Retail Multi Family Industrial Hospitality Unallocated Total Total revenues $ 11,428 $ 12,553 $ 5,596 $ 22,417 $ - $ 51,994 Property operating expenses 3,623 3,507 2,000 17,998 2 27,130 Real estate taxes 1,419 482 869 315 - 3,085 General and administrative costs 71 72 94 375 4,416 5,028 Net operating income (loss) 6,315 8,492 2,633 3,729 (4,418) 16,751 Depreciation and amortization 4,627 2,291 1,646 2,813 - 11,377 Operating income (loss) $ 1,688 $ 6,201 $ 987 $ 916 $ (4,418) $ 5,374 Total purchase of investment property $ 1,581 $ 835 $ 936 $ 407 $ - $ 3,759 As of December 31, 2016: Total Assets $ 100,105 $ 71,170 $ 49,509 $ 25,071 $ 301,440 $ 547,295 For the Year Ended December 31, 2015 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 11,482 $ 17,479 $ 6,242 $ 20,647 $ - $ 55,850 Property operating expenses 3,969 5,450 2,050 16,809 2 28,280 Real estate taxes 1,401 1,062 758 300 - 3,521 General and administrative costs 9 166 (8 ) 305 4,537 5,009 Net operating income/(loss) 6,103 10,801 3,442 3,233 ( 4,539 ) 19,040 Depreciation and amortization 4,343 2,920 1,613 2,668 - 11,544 Operating income/(loss) $ 1,760 $ 7,881 $ 1,829 $ 565 ( 4,539 ) $ 7,496 - Total purchase of investment property $ 8,918 $ 1,192 $ 929 $ 1,712 $ - $ 12,751

Quarterly Financial Data

Quarterly Financial Data	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data	17 . Quarterly Financial Data (Unaudited) 2017 Year ended Quarter ended Quarter ended Quarter ended Quarter ended December 31, December 31, September 30, June 30, March 31, Total revenue $ 41,078 $ 5,986 $ 10,892 $ 12,811 $ 11,389 Gain on disposition of real estate 10,483 - 10,483 - - Net income 21,280 1,223 12,202 6,550 1,305 Less income attributable to noncontrolling interest (1,097) (182) (392) (312) (211) Net income applicable to Company's common shares $ 20,183 $ 1,041 $ 11,810 $ 6,238 $ 1,094 Net income per common share, basic and diluted $ 0.81 $ 0.04 $ 0.47 $ 0.25 $ 0.04 2016 Year ended Quarter ended Quarter ended Quarter ended Quarter ended December 31, December 31, September 30, June 30, March 31, Total revenue $ 51,994 $ 11,824 $ 13,060 $ 13,941 $ 13,169 Gain on disposition of real estate 23,705 - 3,799 19,906 - Net income 35,452 3,575 7,357 22,908 1,612 Less income attributable to noncontrolling interest (1,371) (205) (310) (622) (234) Net income applicable to Company's common shares 34,081 3,370 7,047 22,286 1,378 Net income per common share, basic and diluted $ 1.34 $ 0.13 $ 0.28 $ 0.87 $ 0.05

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies [Abstract]
Commitments and Contingencies	18. Commitments and Contingencies Legal Proceedings From time to time in the ordinary course of business, the Lightstone REIT 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. Additionally, the Company has not recorded any loss contingencies related to legal proceedings in which the potential loss is deemed to be remote. Tax Protection Agreements On December 8, 2009, the Company, the Operating Partnership and PRO, (collectively, the LVP Parties”) entered into a definitive agreement (the “Contribution Agreement”) with Simon Inc. and certain of its affiliates (collectively, “Simon”) providing for the disposition of a substantial portion of the Company’s portfolio of retail properties at that time to Simon, including (i) the St. Augustine Center, which is wholly owned, (ii) a 40.0 36.8 On December 9, 2011 and December 4, 2012, GPH, LVH and certain of their subsidiaries (collectively, the “Holding Entities”) completed the disposition of their ownership interests in two outlet centers and a parcel of land (collectively, the “Outlet Centers Transactions”) to Simon. In connection with the closing of the Outlet Centers Transactions, the Holdings Entities, the Company, the Operating Partnership, PRO and certain affiliates of the Sponsor (collectively, the “Outlet Centers Parties”) entered into a tax matters agreement with Simon pursuant to which Simon generally may not engage in a transaction that could result in the recognition of the “built-in gain” with respect to the two outlets centers at the time of the closing for specified periods of up to eight years following the closing date. Simon has a number of obligations with respect to the allocation of partnership liabilities to the Outlet Centers Parties. For example, Simon agreed to maintain a debt level of no less than the cash portion of the proceeds from the Outlet Centers Transaction until at least the fourth anniversary of the closing, and the Outlet Centers Parties provided and will continue to have the opportunity to provide guaranties of collection with respect to a revolving credit facility (or indebtedness incurred to refinance the revolving credit facility) for at least four years following the closing of the Outlet Centers Transactions. The Outlet Centers Parties were also given the opportunity to enter into agreements to make specified capital contributions to Simon OP in the event that it defaults on certain of its indebtedness. If Simon breaches its obligations under the tax matters agreement, Simon will be required to indemnify the Outlet Centers Parties for certain taxes that they are deemed to incur, including taxes relating to the recognition of “built-in gains” with respect to the two outlet centers, and gains recognized as a result of a reduction in the allocation of partnership liabilities. These indemnification payments will be “grossed up” such that the amount of the payments will equal, on an after-tax basis, the tax liability deemed incurred because of the breach. Loan Collection Guaranties In connection with the closing of the POAC/Mill Run Transaction and the Outlet Centers Transactions, the LVP Parties have provided loan collection guaranties (the “Loan Collection Guaranties”) with respect to the draws under a revolving credit facility made by Simon in connection with the closing of the POAC/Mill Run Transaction and the Outlet Centers Transactions. 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 amount outstanding under the revolving credit facilities has been accelerated, and the lenders have failed to collect the full amount outstanding under the revolving credit facilities after exhausting other remedies.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	19. Subsequent Events Distribution Declaration On February 27, 2018, the Company declared a distribution for the three-month period ending March 31, 2018. The distribution will be calculated based on shareholders of record each day during this three-month period at a rate of $ 0.0019178 7.0 10.00

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III Real Estate and Accumulated Depreciation	Schedule III Real Estate and Accumulated Depreciation December 31, 2017 Gross amount at which Initial Cost (A) carried at end of period Encumbrance Land Buildings and Net Costs Land and Buildings and Total (B) Accumulated (C) Date Depreciable (D) St. Augustine Outlet Center $ 20,186 $ 11,206 $ 42,103 $ 9,698 $ 10,967 $ 52,040 $ 63,007 $ (15,489) 3/29/2006 & 10/2/2007 (D) Gulfcoast Industrial Portfolio 50,205 12,767 51,649 (4,686) 13,004 46,726 59,730 (12,702) 2/1/2007 (D) 50-01 2 nd 73,150 19,656 51,724 883 19,697 52,566 72,263 (6,839) 8/18/2011 (D) Plaza at DePaul 14,386 6,050 12,424 2,983 6,013 15,444 21,457 (2,926) 11/22/2011 (D) Total $ 157,927 $ 49,679 $ 157,900 $ 8,878 $ 49,681 $ 166,776 $ 216,457 $ (37,956) Notes to Schedule III: (A) The initial cost to the Company represents the original purchase price of the property, including amounts incurred subsequent to acquisition which were contemplated at the time the property was acquired. (B) Reconciliation of total real estate owned: For the years ended December 31, 2017 2016 2015 Balance at beginning of year $ 282,114 $ 325,715 $ 314,917 Improvements 2,723 3,341 11,311 Disposals (68,380) (46,942) (513) Balance at end of year $ 216,457 $ 282,114 $ 325,715 (C) Reconciliation of accumulated depreciation: For the years ended December 31, 2017 2016 2015 Balance at beginning of year $ 49,773 $ 50,278 $ 40,166 Depreciation expense 9,237 10,417 10,595 Disposals (21,054) (10,922) (483) Balance at end of year $ 37,956 $ 49,773 $ 50,278 (D) Depreciation is computed based upon the following estimated lives: Buildings and improvements 15-39 years Furniture and fixtures 5-10 years (E) The table and schedules above reflect the Company’s properties as of December 31, 2017. The table and schedules exclude properties classified as held for sale or disposed of.

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of Lightstone REIT and the Operating Partnership and its subsidiaries (over which the Company exercises financial and operating control). As of December 31, 2016, Lightstone REIT had a 98 The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). 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 and real estate-related investments, 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. Investments in entities where the Company has the ability to exercise significant influence, but does not exercise financial and operating control, and is not considered to be the primary beneficiary of a variable interest entity
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. All cash equivalents are held in money market funds. To date, the Company has not experienced any losses on its cash and cash equivalents. For the Years Ended December 31, December 31, December 31, Cash paid for interest $ 8,852 $ 9,152 $ 12,889 Distributions declared $ 4,387 $ 4,432 $ 4,528 Value of shares issued from distribution reinvestment program $ - $ - $ 1,453 Non cash purchase of investment property $ 581 $ 126 $ 320 Debt assumed by joint venture in connection with disposition $ - $ - $ 32,800 Assignment of minority interest loans to joint venture in connection with disposition $ - $ - $ 547 Assets transferred and liabilities extinguished due to foreclosure $ 27,028 $ - $ -
Marketable Securities	Marketable Securities Marketable securities consist of equity and debt securities that are designated as available-for-sale and are recorded at fair value. Unrealized holding gains or losses are reported as a component of accumulated other comprehensive income/(loss). Realized gains or losses resulting from the sale of these securities are determined based on the specific identification of the securities sold. An impairment charge is recognized when the decline in the fair value of a security below the amortized cost basis is determined to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the duration and severity of any decline in fair value below our amortized cost basis, any adverse changes in the financial condition of the issuers’ and its intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. The Board has authorized the Company from time to time to invest the Company’s available cash in marketable securities of real estate related companies. The Board has approved investments of marketable securities of real estate companies up to 30% of the Company’s total assets to be made at the Company’s discretion, subject to compliance with any REIT or other restrictions.
Revenue Recognition	Revenue Recognition Minimum rents are recognized on a straight-line accrual basis, over the terms of the related leases. The capitalized above-market lease values and the capitalized below-market lease values are amortized as an adjustment to rental income over the initial lease term, including any below-market renewal periods taken into account. Percentage rents, which are based on commercial tenants’ sales, are recognized once the sales reported by such tenants exceed any applicable breakpoints as specified in the tenants’ leases. Recoveries from commercial tenants for real estate taxes, insurance and other operating expenses, and from residential tenants for utility costs, are recognized as revenues in the period that the applicable costs are incurred. Room revenue for the hotel properties are recognized as stays occur, using the accrual method of accounting. Amounts paid in advance are deferred until stays occur. Other service income consists of revenues from food and beverage services, water park admissions and arcade income from our DoubleTree – Danvers property disposed of in September 2017 (See Note 9) and is recognized when consumed.
Tenant and Other Accounts Receivable	Tenant and Other Accounts Receivable The Company makes estimates of the uncollectability of its tenant and other accounts receivable related to base rents, expense reimbursements and other revenues. The Company analyzes tenant and other accounts receivable and historical bad debt levels, customer credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. The Company’s reported net income or loss is directly affected by management’s estimate of the collectability of tenant and other accounts receivable.
Mortgages Receivable	Mortgages Receivable From time to time, we may make investments in mortgage loans. Mortgage loans are secured, in part, by mortgages recorded against the underlying properties which are not owned by us. Mortgage loans are carried at cost, net of any premiums or discounts which are accreted or amortized over the life of the related loan receivable utilizing the effective interest method. Premiums or discounts are no longer accreted or amortized for loans that are in default. We evaluate the collectability of both interest and principal of each of these loans quarterly to determine whether the value has been impaired. A loan is deemed to be impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the existing contractual terms. When a loan is impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the loan held for investment to its estimated realizable value.
Investments in Real Estate	Investments in Real Estate Accounting for Acquisitions The fair value of the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases for acquired in-place leases and the value of tenant relationships, based in each case on their fair values. Purchase accounting is applied to assets and liabilities related to real estate entities acquired based upon the percentage of interest acquired. Fees incurred related to acquisitions are expensed as incurred within general and administrative costs within the consolidated statements of operations. Transaction costs incurred related to the Company’s investment in unconsolidated real estate entities, accounted for under the equity method of accounting, are capitalized as part of the cost of the investment. Upon the acquisition of real estate operating properties, the Company estimates the fair value of acquired tangible assets and identified intangible assets and liabilities and assumed debt at the date of acquisition, based on evaluation of information and estimates available at that date. Based on these estimates, the Company evaluates the existence of goodwill or a gain from a bargain purchase and allocates the initial purchase price to the applicable assets, liabilities and noncontrolling interests, if any. As final information regarding fair value of the assets acquired, liabilities assumed and noncontrolling interests is received and estimates are refined, appropriate adjustments are made to the purchase price allocation. The allocations are finalized as soon as all the information necessary is available and in no case later than within twelve months from the acquisition date. In determining the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease including consideration of any bargain renewal periods. The capitalized above-market lease values and the capitalized below-market lease values are amortized as an adjustment to rental income over the initial non-cancelable lease term, including any below-market renewal periods taken into account. The aggregate fair value of in-place leases is determined by evaluating various factors, including an estimate of carrying costs during the expected lease-up periods, current market conditions and similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, legal and other related costs. The fair value assigned to this intangible asset is amortized over the remaining estimated lease term. Optional renewal periods are not considered. The aggregate fair value of other acquired intangible assets includes tenant relationships. Factors considered by management in assigning a value to these relationships include: assumptions of probability of lease renewals, investment in tenant improvements, leasing commissions and an approximate time lapse in rental income while a new tenant is located. The fair value assigned to this intangible asset is amortized over the remaining estimated lease term. Impairment Evaluation Management evaluates the recoverability of its investments in real estate assets and real estate-related investments at the lowest identifiable level, the individual property level. Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recognized only if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. The Company evaluates the long-lived assets on a quarterly basis and will record an impairment charge when there is an indicator of impairment and the undiscounted projected cash flows are less than the carrying amount for a particular property. The estimated cash flows used for the impairment analysis and the determination of estimated fair value are based on the Company’s plans for the respective assets and the Company’s views of market and economic conditions. The estimates consider matters such as current and historical rental rates, occupancies for the respective properties and comparable properties, and recent sales data for comparable properties. Changes in estimated future cash flows due to changes in the Company’s plans or views of market and economic conditions could result in recognition of impairment losses, which, under the applicable accounting guidance, could be substantial. Real Estate-Related Debt Investments Real estate-related debt investments are intended to be held until maturity and accordingly, will be carried at cost, net of unamortized loan fees, origination fees, discounts, premiums and unfunded commitments. Real estate-related debt investments that are deemed impaired will be carried at amortized cost less a reserve, if deemed appropriate, which approximates fair value. Investment income will be recognized on an accrual basis. Impairment on Real Estate-Related Debt Investments Real estate-related debt investments will be considered impaired when, based on current information and events, it is probable that the Company will not be able to collect principal and interest amounts due according to the contractual terms. Income recognition will be suspended for a debt investment at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired debt investment is in doubt, all payments will be applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired debt investment is not in doubt, contractual interest will be recorded as interest income when received, under the cash basis method, until an accrual is resumed when the debt investment becomes contractually current and performance is demonstrated to be resumed. A debt investment will be written off when it is no longer realizable or is legally discharged.
Assets and Liabilities Held for Sale and Discontinued Operations	Assets and Liabilities Held for Sale and Discontinued Operations Assets and groups of assets and liabilities which comprise disposal groups are classified as “held for sale” when all of the following criteria are met: a decision has been made to sell, the assets are available for sale immediately, the assets are being actively marketed at a reasonable price in relation to the current fair value, a sale has been or is expected to be concluded within twelve months of the balance sheet date, and significant changes to the plan to sell are not expected. Assets and disposal groups held for sale are valued at the lower of book value or fair value less disposal costs. Assets held for sale are not depreciated. Additionally, if the disposal group represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results then the operating results and cash flows related to these assets and liabilities are included in discontinued operations in the consolidated statements of operations and consolidated statements of cash flows, respectively, for all periods presented, as long as the operations and cash flows of the disposal group is expected to be eliminated from ongoing operations as a result of the disposal and the Company will not have any significant continuing involvement in the operations of the disposal group after disposal.
Depreciation and Amortization	Depreciation and Amortization Depreciation expense is computed based on the straight-line method over the estimated useful life of the applicable real estate asset. We generally use estimated useful lives of up to thirty-nine years for buildings and improvements and five to ten years for furniture and fixtures. Expenditures for tenant improvements and construction allowances paid to commercial tenants are capitalized and amortized over the initial term of each lease or the useful life if shorter. Expenditures for ordinary maintenance and repairs are charged to expense as incurred.
Deferred Costs	Deferred Costs The Company will capitalize initial direct costs associated with financing activities. The costs will be capitalized upon the execution of the loan, presented in the consolidated balance sheets as a direct deduction from the carrying value of the corresponding loan and amortized over the initial term of the corresponding loan. Amortization of deferred loan costs will begin in the period during which the loan is originated using the effective interest method over the term of the loan.
Investments in Unconsolidated Affiliated Real Estate Entities	Investments in Unconsolidated Entities The Company evaluates all joint venture arrangements and investments in entities for consolidation. The percentage interest in the joint venture or investment in entities, evaluation of control and whether a variable interest entity (“VIE”) exists are all considered in determining if the arrangement qualifies for consolidation. The Company accounts for its investments in unconsolidated entities using the equity or cost method of accounting, as appropriate. Under the equity method, the cost of an investment is adjusted for the Company’s share of equity in net income or loss beginning on the date of acquisition and reduced by distributions received. The income or loss of each joint venture investor is allocated in accordance with the provisions of the applicable operating agreements. The allocation provisions in these agreements may differ from the ownership interest held by each investor. Differences between the carrying amount of the Company’s investment in the respective joint venture and the Company’s share of the underlying equity of such unconsolidated entities are amortized over the respective lives of the underlying assets as applicable. These items are reported as a single line item in the consolidated statements of operations as income or loss from investments in unconsolidated entities. Under the cost method of accounting, the dividends earned from the underlying entities are recorded to interest income. The Company continuously reviews its investment in unconsolidated entities for other than temporary declines in market value. Any decline that is not considered temporary will result in the recording of an impairment charge to the investment.
Income Taxes	Income Taxes The Company made an election in 2006 to be taxed as a real estate investment trust (a “REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), beginning with its first taxable year, which ended December 31, 2005. The Company elected and qualified to be taxed as a REIT in conjunction with the filing of its 2005 U.S. federal tax return. To maintain its status as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its ordinary taxable income to stockholders. As a REIT, the Company generally will not be subject to U.S. federal income tax on taxable income that it distributes to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will then be subject to U.S. federal income taxes on its taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for U.S. federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could have a material effect on the Company’s net income and net cash available for distribution to stockholders. Through December 31, 2017, the Company has complied with the requirements for maintaining its REIT status. The Company has net operating loss carryforwards of $ 11.5 The Company engages in certain activities through taxable REIT subsidiaries (“TRSs”). As such, the Company may be subject to U.S. federal and state income taxes and franchise taxes from these activities. As of December 31, 2017 and 2016, the Company had no material uncertain income tax positions.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of cash and cash equivalents, restricted escrows, tenants’ accounts receivable, interest receivable from related parties, accounts payable and accrued expenses and loans due to related parties approximate 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 As of December 31, 2017 As of December 31, 2016 Carrying Amount Estimated Fair Carrying Amount Estimated Fair Mortgages payable $ 159.6 $ 158.6 $ 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.
Accounting for Derivative Financial Investments and Hedging Activities	Accounting for Derivative Financial Investments and Hedging Activities. The Company may enter into derivative financial instrument transactions in order to mitigate interest rate risk on a related financial instrument. The Company may designate these derivative financial instruments as hedges and apply hedge accounting. The Company records all derivative instruments at fair value on the consolidated balance sheets.
Stock-Based Compensation	Stock-Based Compensation The Company had a stock-based incentive award plan for the independent directors of its Board. This plan expired in April 2015. Awards were granted at fair market value on the date of the grant with fair value estimated using the Black-Scholes-Merton option valuation model, which incorporates assumptions surrounding the volatility, dividend yield, the risk-free interest rate, expected life, and the exercise price as compared to the underlying stock price on the grant date. The tax benefits, if any, associated with these share-based payments are classified as financing activities in the consolidated statement of cash flows. For the years ended December 31, 2017, 2016 and 2015, the Company had no material compensation costs related to the incentive award plan.
Concentration of Risk	Concentration of Risk The Company maintains its cash in bank deposit accounts, which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on its cash and cash equivalents.
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. Dilutive 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.
New Accounting Pronouncements	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. Upon adoption of this guidance, the Company anticipates future acquisitions of real estate assets, if any, will likely qualify as an asset acquisition. Therefore, any future transaction costs associated with an asset acquisition will be capitalized and accounted for in accordance with this guidance. 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 will not 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 February 2016, the FASB issued an accounting standards update which supersedes the existing lease accounting model, and modifies both lessee and lessor accounting. The new guidance will require lessees to recognize a liability to make lease payments and a right-of-use asset, initially measured at the present value of lease payments, for both operating and financing leases, with classification affecting the pattern of expense recognition in the statement of earnings. For leases with a term of 12 months or less, lessees will be permitted to make an accounting policy election by class of underlying asset to not recognize lease liabilities and lease assets. Under this new pronouncement, lessor accounting will be largely unchanged from existing GAAP. The new standard will be effective January 1, 2019, with early adoption permitted. We are currently evaluating the impact this guidance will have on our consolidated financial statements when adopted. 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 the Company had adopted this standard during the years presented, it would have resulted in a decrease to net income of approximately $0.6 million, $3.2 million and $35.2 million for the years ended December 31, 2017, 2016 and 2015, respectively. 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 adoption of this standard will not have a significant impact on the consolidated financial statements since, with the disposal the DoubleTree – Danvers in September 2017 (See Note 9), substantially all revenues now consists of rental income from leasing arrangements, which is specifically excluded from the standard. 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.
Reclassifications	Reclassifications Certain prior period amounts may have been reclassified to conform to the current year presentation.

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Summary of Significant Accounting Policies [Abstract]
Summary of Supplemental Cash Flow Information	Supplemental cash flow information for the periods indicated is as follows: For the Years Ended December 31, December 31, December 31, Cash paid for interest $ 8,852 $ 9,152 $ 12,889 Distributions declared $ 4,387 $ 4,432 $ 4,528 Value of shares issued from distribution reinvestment program $ - $ - $ 1,453 Non cash purchase of investment property $ 581 $ 126 $ 320 Debt assumed by joint venture in connection with disposition $ - $ - $ 32,800 Assignment of minority interest loans to joint venture in connection with disposition $ - $ - $ 547 Assets transferred and liabilities extinguished due to foreclosure $ 27,028 $ - $ -
Summary of Estimated Fair Value of Debt	The estimated fair value (in millions) of the Company’s debt is summarized as follows: As of December 31, 2017 As of December 31, 2016 Carrying Amount Estimated Fair Carrying Amount Estimated Fair Mortgages payable $ 159.6 $ 158.6 $ 185.6 $ 183.2

Dispositions of Investments i30

Dispositions of Investments in Unconsolidated Affiliated Real Estate Entities (Tables)	12 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Discontinued Operations	The following table represents the unaudited condensed income statements for 1407 Broadway: For the Year Ended Total revenue $ 13,510 0 Property operating expenses 9,439 Depreciation and amortization 2,644 Operating income 1,427 Interest expense and other, net (1,343) Gain on disposition 9,891 Net income $ 9,975 Company's share of net earnings $ 5,804

Investment in Related Parties (

Investment in Related Parties (Tables)	12 Months Ended
	Dec. 31, 2017
Preferred Investment [Abstract]
Summary of the Preferred Investments	The Preferred Investments are summarized as follows: Preferred Investment Balance Unfunded Contributions Investment Income As of As of As of For the Year Ended Decemebr 31, Preferred Investments Dividend Rate December 31, 2017 December 31, 2016 December 31, 2017 2017 2016 2015 365 Bond Street 12 % $ - $ - $ - $ - $ 2,252 $ 5,079 40 East End Avenue 8% to 12 % 30,000 30,000 - 3,383 2,408 1,444 30-02 39th Avenue 12 % 10,000 12,300 - 1,253 1,429 184 485 7th Avenue 12 % 60,000 60,000 - 7,300 7,320 20 East 11th Street 12 % 46,119 31,271 11,381 4,443 2,688 - Miami Moxy 12 % 12,195 7,682 7,805 1,269 203 - Total Preferred Investments $ 158,314 $ 141,253 $ 19,186 $ 17,648 $ 16,300 $ 6,727

Supplementary Financial Infor32

Supplementary Financial Information (Tables)	12 Months Ended
	Dec. 31, 2017
Supplementary Financial Information [Abstract]
Summary of Investment Property	Investment property consists of the following: As of As of December 31, 2017 December 31, 2016 Investment property: Land and improvements $ 49,681 $ 60,485 Building and improvements 164,418 203,054 Furniture and fixtures 2,154 17,613 Construction in progress 204 962 Gross investment property 216,457 282,114 Less accumulated depreciation (37,956) (49,773) Net investment property $ 178,501 $ 232,341
Summary of Accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities consist of the following: As of As of December 31, 2017 December 31, 2016 Accounts payable and accrued expenses $ 2,989 $ 4,653 Accrued real estate taxes 582 1,009 Accrued interest payable 4,109 2,938 Accrued default interest payable (See Note 10) 11,207 9,175 Fair value of derivative financial instruments - 90 Other liabilities 1,501 962 $ 20,388 $ 18,827

Marketable Securities and Fai33

Marketable Securities and Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2017
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 December 31, 2017 Adjusted Cost Gross Unrealized Gross Unrealized Fair Value Equity Securities, primarily REITs $ 1,405 $ 263 $ - $ 1,668 Marco OP Units and Marco II OP Units 19,227 16,708 - 35,935 Corporate Bonds and Preferred Equities 18,494 371 (81) 18,784 Mortgage Backed Securities ("MBS") 1,856 - (299) 1,557 Total $ 40,982 $ 17,342 $ (380) $ 57,944 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 December 31, 2017 Level 1 Level 2 Level 3 Total Marketable Securities: Equity Securities, primarily REITs $ 1,668 $ - $ - $ 1,668 Marco OP and OP II Units - 35,935 - 35,935 Corporate Bonds and Preferred Equities 18,784 - 18,784 MBS - 1,557 - 1,557 Total $ 1,668 $ 56,276 $ - $ 57,944 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

Dispositions and Discontinued34

Dispositions and Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2017
Dispositions [Abstract]
Schedule of Discontinued Operations	The following summary presents the aggregate operating results, through their respective dates of disposition, of the 11 hotels included in discontinued operations in the consolidated statements of operations for the period indicated. For the Year Ended 2015 Revenue $ 8,000 - Operating expenses 5,742 Operating income 2,258 Interest expense and other, net (849) Gain on disposition of real estate 17,322 Net income from discontinued operations $ 18,731

Mortgages Payable (Tables)

Mortgages Payable (Tables)	12 Months Ended
	Dec. 31, 2017
Mortgages Payable [Abstract]
Schedule of Mortgages Payable	Mortgages payable, net consists of the following: Property Interest Rate Weighted Average Maturity Date Amount Due at As of As of Oakview Plaza (Extinguished in foreclosure on September 15, 2017) $ - $ - $ 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% 5.59 % 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% 3.81 % June 2020 13,494 14,480 14,888 Total mortgages payable 6.24 % $ 149,416 $ 159,585 $ 185,576 Less: Deferred financing costs (1,658) (2,263) Total mortgages payable, net $ 157,927 $ 183,313
Contractually Scheduled Principal Maturities During Next Five Years	The following table shows our contractually scheduled principal maturities during the next five years and thereafter as of December 31, 2017: 2018 2019 2020 2021 2022 Thereafter Total Principal maturities $ 72,172 $ 1,621 $ 14,924 $ 1,328 $ 1,389 $ 68,151 $ 159,585 Less: Deferred financing costs (1,658) Total principal maturities, net $ 157,927

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Amount Recorded in Pursuant to Related Party Arrangment	For the Year Ended December 31, December 31, December 31, Acquisition fees (general and administrative costs) $ - $ - $ 8 Asset management fees (general and administrative costs) 2,170 2,372 2,427 Property management fees (property operating expenses) 730 936 1,185 Development fees and leasing commissions* 687 116 344 Total $ 3,587 $ 3,424 $ 3,964 * Generally, capitalized and amortized over the estimated useful life of the associated asset.

Future Minimum Rentals (Tables)

Future Minimum Rentals (Tables)	12 Months Ended
	Dec. 31, 2017
Lease [Abstract]
Schedule of Future Minimum Rental Payments	As of December 31, 2017, the approximate fixed future minimum rental from the Company’s commercial real estate properties are as follows: 2018 2019 2020 2021 2022 Thereafter Total $ 9,923 $ 7,426 $ 4,688 $ 3,346 $ 2,443 $ 4,879 $ 32,705

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2017
Segment Information [Abstract]
Results of Operations and Total Assets of Operating Segments	Selected results of operations regarding the Company’s operating segments are as follows: For the Year Ended December 31, 2017 Retail Multi Family Industrial Hospitality Unallocated Total Total revenues $ 9,896 $ 8,585 $ 6,433 $ 16,164 $ - $ 41,078 Property operating expenses 3,663 1,924 2,173 12,679 5 20,444 Real estate taxes 1,324 73 876 221 - 2,494 General and administrative costs 177 42 (6) 228 7,371 7,812 Net operating income (loss) 4,732 6,546 3,390 3,036 (7,376) 10,328 Depreciation and amortization 4,656 1,626 1,796 1,936 - 10,014 Operating income (loss) $ 76 $ 4,920 $ 1,594 $ 1,100 $ (7,376) $ 314 Total purchase of investment property $ 1,413 159 1,027 564 $ - $ 3,163 As of December 31, 2017: Total Assets $ 70,758 $ 67,966 $ 49,461 $ 61,316 $ 270,173 $ 519,674 For the Year Ended December 31, 2016 Retail Multi Family Industrial Hospitality Unallocated Total Total revenues $ 11,428 $ 12,553 $ 5,596 $ 22,417 $ - $ 51,994 Property operating expenses 3,623 3,507 2,000 17,998 2 27,130 Real estate taxes 1,419 482 869 315 - 3,085 General and administrative costs 71 72 94 375 4,416 5,028 Net operating income (loss) 6,315 8,492 2,633 3,729 (4,418) 16,751 Depreciation and amortization 4,627 2,291 1,646 2,813 - 11,377 Operating income (loss) $ 1,688 $ 6,201 $ 987 $ 916 $ (4,418) $ 5,374 Total purchase of investment property $ 1,581 $ 835 $ 936 $ 407 $ - $ 3,759 As of December 31, 2016: Total Assets $ 100,105 $ 71,170 $ 49,509 $ 25,071 $ 301,440 $ 547,295 For the Year Ended December 31, 2015 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 11,482 $ 17,479 $ 6,242 $ 20,647 $ - $ 55,850 Property operating expenses 3,969 5,450 2,050 16,809 2 28,280 Real estate taxes 1,401 1,062 758 300 - 3,521 General and administrative costs 9 166 (8 ) 305 4,537 5,009 Net operating income/(loss) 6,103 10,801 3,442 3,233 ( 4,539 ) 19,040 Depreciation and amortization 4,343 2,920 1,613 2,668 - 11,544 Operating income/(loss) $ 1,760 $ 7,881 $ 1,829 $ 565 ( 4,539 ) $ 7,496 - Total purchase of investment property $ 8,918 $ 1,192 $ 929 $ 1,712 $ - $ 12,751

Quarterly Financial Data (Table

Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Data	The following table presents selected unaudited quarterly financial data for each quarter during the years indicated. The operating results of certain properties are classified as discontinued operations (see Notes 1 and 9 for additional information): 2017 Year ended Quarter ended Quarter ended Quarter ended Quarter ended December 31, December 31, September 30, June 30, March 31, Total revenue $ 41,078 $ 5,986 $ 10,892 $ 12,811 $ 11,389 Gain on disposition of real estate 10,483 - 10,483 - - Net income 21,280 1,223 12,202 6,550 1,305 Less income attributable to noncontrolling interest (1,097) (182) (392) (312) (211) Net income applicable to Company's common shares $ 20,183 $ 1,041 $ 11,810 $ 6,238 $ 1,094 Net income per common share, basic and diluted $ 0.81 $ 0.04 $ 0.47 $ 0.25 $ 0.04 2016 Year ended Quarter ended Quarter ended Quarter ended Quarter ended December 31, December 31, September 30, June 30, March 31, Total revenue $ 51,994 $ 11,824 $ 13,060 $ 13,941 $ 13,169 Gain on disposition of real estate 23,705 - 3,799 19,906 - Net income 35,452 3,575 7,357 22,908 1,612 Less income attributable to noncontrolling interest (1,371) (205) (310) (622) (234) Net income applicable to Company's common shares 34,081 3,370 7,047 22,286 1,378 Net income per common share, basic and diluted $ 1.34 $ 0.13 $ 0.28 $ 0.87 $ 0.05

Organization (Details Textual)

Organization (Details Textual) $ / shares in Units, $ in Thousands, ft² in Millions	1 Months Ended		3 Months Ended	6 Months Ended	12 Months Ended		24 Months Ended
	Jan. 02, 2014USD ($)shares	Aug. 25, 2009	Sep. 30, 2013USD ($)shares	Mar. 31, 2009USD ($)$ / shares	Dec. 31, 2017ft²Rateshares	Dec. 31, 2016shares	Dec. 31, 2009USD ($)shares	Jul. 06, 2004USD ($)shares
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%
Cash contributed for units | $								$ 2
Partners units acquired								200
Amount of SLP Units purchased | $				$ 30,000
Operating Partnership price per unit | $ / shares				$ 100,000
Issuance of Common Units, shares							497,209
Number of shares redeemed					300,000	3,600,000
Series A Preferred Units [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Issuance of Common Units, shares							93,616
Liquidation preference amount | $							$ 93,600
Number of shares redeemed	50,100		43,516
Redemption of shares amount | $	$ 50,100		$ 43,500
Mill Run [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
General partner ownership interest		14.26%
Ownership interest owned by noncontroling interest holder							36.80%
POAC [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
General partner ownership interest		15.00%
Ownership interest owned by noncontroling interest holder							40.00%
Retail [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Occupancy Percentage Of Commercial Properties						84.00%
Industrial Properties [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Occupancy Percentage Of Commercial Properties						75.00%
Residential Real Estate [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Occupancy Percentage Of Commercial Properties						97.00%
Wholly Owned Properties [Member] | Retail [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Area of Real Estate Property | ft²					0.5
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 | ft²					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					199

Summary of Significant Accoun41

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash paid for interest	$ 8,852	$ 9,152	$ 12,889
Distributions declared	4,387	4,432	4,528
Value of shares issued from distribution reinvestment program	0	0	1,453
Non cash purchase of investment property	581	126	320
Debt assumed by joint venture in connection with disposition	0	0	32,800
Assignment of minority interest loans to joint venture in connection with disposition	0	0	547
Assets transferred and liabilities extinguished due to foreclosure	$ 27,028	$ 0	$ 0

Summary of Significant Accoun42

Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Carrying Amount	$ 159.6	$ 185.6
Estimated Fair Value	$ 158.6	$ 183.2

Summary of Significant Accoun43

Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Equity Method Investment, Ownership Percentage		98.00%
Operating Loss Carryforwards	$ 11.5
Notes Payable, Fair Value Disclosure	$ 18.6
New Accounting Pronouncement or Change in Accounting Principle, Description	If the Company had adopted this standard during the years presented, it would have resulted in a decrease to net income of approximately $0.6 million, $3.2 million and $35.2 million for the years ended December 31, 2017, 2016 and 2015, respectively.

Dispositions of Limited Servi44

Dispositions of Limited Service Hotels (Details Textual) - USD ($)	Jun. 30, 2015	Jun. 10, 2015	Feb. 11, 2015	Jan. 29, 2015	Jan. 19, 2015	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016
Business Combination, Consideration Transferred, Total					$ 122,400,000
Investments in and Advances to Affiliates, at Fair Value							$ 159,792,000	$ 142,752,000
Sale consideration		$ 28,000,000	$ 23,400,000	$ 64,600,000
Disposal Group, Including Discontinued Operation, Consideration		28,000,000	$ 23,400,000	$ 64,600,000
Gain (Loss) on Disposition of Real Estate, Discontinued Operations						$ 17,322,000
Hotel Portfolio [Member]
Disposal Group Including Discontinued Operation Membership Interest Sold				100.00%
Disposal Group Including Discontinued Operation Debt Repaid							$ 34.1
Lightstone II [Member]
Joint Venture Membership Percentage by Other Party				122.40%
Joint Venture with Lightstone II [Member]
Joint Venture Membership Percentage by Entity				11.00%			2.50%	2.50%
Investments in and Advances to Affiliates, at Fair Value							$ 1,500,000	$ 1,500,000
Courtyard Marriott Persippany Nj [Member]
Number of Room in Limited Service Hotel							151
Disposal Group Including Discontinued Operation Membership Interest Sold			100.00%
Courtyard Marriott Willoughby [Member]
Number of Room in Limited Service Hotel							90
Fairfield Inn And Suites By Marriott [Member]
Number of Room in Limited Service Hotel							102
Springhill Suites By Marriott [Member]
Number of Room in Limited Service Hotel							97
Holiday Inn Express Hotel And Suites, Auburn, Alabama [Member]
Number of Room in Limited Service Hotel							82
Courtyard Marriott Baton Rouge La [Member]
Number of Room in Limited Service Hotel							121
Ownership Percentage in Hotel by Subsidiary							90.00%
Disposal Group Including Discontinued Operation Membership Interest Sold	90.00%
Sale consideration	$ 7,400,000
Disposal Group Including Discontinued Operation Net Consideration	1,200,000
Disposal Group Including Discontinued Operation Debt Repaid	6,100,000
Disposal Group, Including Discontinued Operation, Consideration	$ 7,400,000
Residence Inn Baton Rouge La [Member]
Number of Room in Limited Service Hotel							108
Disposal Group Including Discontinued Operation Membership Interest Sold			90.00%
Residence Inn Baton Rouge La [Member] | Lightstone Value Plus REIT LP [Member]
Ownership Percentage in Hotel by Subsidiary							90.00%
Aloft Rogers [Member]
Number of Room in Limited Service Hotel							130
Fairfield Inn Jonesboro [Member]
Number of Room in Limited Service Hotel							83
Fairfield Inn Jonesboro [Member] | Lightstone Value Plus REIT LP [Member]
Ownership Percentage in Hotel by Subsidiary							95.00%
Hampton Inn Miami [Member]
Number of Room in Limited Service Hotel							127
Hampton Inn and Suites Fort Lauderdale [Member]
Number of Room in Limited Service Hotel							104
Operating Partnership [Member] | Hotel Portfolio [Member]
Disposal Group Including Discontinued Operation Net Consideration		12,900,000	$ 12,200,000	$ 30,500,000
Disposal Group Including Discontinued Operation Debt Repaid		$ 15,100,000	$ 11,600,000	$ 34,100,000
Operating Partnership [Member] | Holiday Inn Express Hotel And Suites, Auburn, Alabama [Member]
Disposal Group Including Discontinued Operation Membership Interest Sold		100.00%
Operating Partnership [Member] | Aloft Rogers [Member]
Disposal Group Including Discontinued Operation Membership Interest Sold		100.00%
Operating Partnership [Member] | Fairfield Inn Jonesboro [Member]
Disposal Group Including Discontinued Operation Membership Interest Sold		95.00%

Dispositions of Investments i45

Dispositions of Investments in Unconsolidated Affiliated Real Estate Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Total revenue			$ 8,000
Property operating expenses			5,742
Operating income			2,258
Interest expense and other, net			(849)
Gain on disposition			17,322
Net income	$ 0	$ 0	18,731
1407 Broadway [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 disposition			9,891
Net income			9,975
Company's share of net earnings			$ 5,804

Dispositions of Investments i46

Dispositions of Investments in Unconsolidated Affiliated Real Estate Entities (Details Textual) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2015	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016
Dispositions of Investments [Line Items]
Equity Method Investment, Ownership Percentage				98.00%
Net Proceeds from Sale of Sub Leasehold Interest after Repayments		$ 15.1
General Partners' Contributed Capital		1.6
1407 Broadway [Member]
Dispositions of Investments [Line Items]
Equity Method Investment, Ownership Percentage			49.00%
Proceeds from Sale of Sub Leasehold Interest	$ 150
Partners' Capital Account, Contributions		19.9
Income Loss From Equity Method Investments Before Adjustment For Unrecorded Losses		5.7
Gain (Loss) on Disposition of Assets		$ 9.9

Investment in Related Parties47

Investment in Related Parties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Investments in and Advances to Affiliates [Line Items]
Investments in and Advances to Affiliates, at Fair Value, Gross Additions	$ 158,314	$ 141,253
Unfunded Investment Contribution Liabilities	19,186
Preferred Stock Dividend Income	$ 17,648	16,300	$ 6,727
365 Bond Street Preferred Investment [Member]
Investments in and Advances to Affiliates [Line Items]
Preferred Investments, Dividend Rate, Percentage	12.00%
Investments in and Advances to Affiliates, at Fair Value, Gross Additions	$ 0	0
Unfunded Investment Contribution Liabilities	0
Preferred Stock Dividend Income	0	2,252	5,079
40 East End Avenue Preferred Investment [Member]
Investments in and Advances to Affiliates [Line Items]
Investments in and Advances to Affiliates, at Fair Value, Gross Additions	30,000	30,000
Unfunded Investment Contribution Liabilities	0
Preferred Stock Dividend Income	$ 3,383	2,408	1,444
30-02 39th Avenue Preferred Investment [Member]
Investments in and Advances to Affiliates [Line Items]
Preferred Investments, Dividend Rate, Percentage	12.00%
Investments in and Advances to Affiliates, at Fair Value, Gross Additions	$ 10,000	12,300
Unfunded Investment Contribution Liabilities	0
Preferred Stock Dividend Income	$ 1,253	1,429	184
30-02 39th Avenue Preferred Investment [Member] | Maximum [Member]
Investments in and Advances to Affiliates [Line Items]
Preferred Investments, Dividend Rate, Percentage	12.00%
30-02 39th Avenue Preferred Investment [Member] | Minimum [Member]
Investments in and Advances to Affiliates [Line Items]
Preferred Investments, Dividend Rate, Percentage	8.00%
485 7th Avenue
Investments in and Advances to Affiliates [Line Items]
Preferred Investments, Dividend Rate, Percentage	12.00%
Investments in and Advances to Affiliates, at Fair Value, Gross Additions	$ 60,000	60,000
Unfunded Investment Contribution Liabilities	0
Preferred Stock Dividend Income	$ 7,300	7,320	20
East 11th Street
Investments in and Advances to Affiliates [Line Items]
Preferred Investments, Dividend Rate, Percentage	12.00%
Investments in and Advances to Affiliates, at Fair Value, Gross Additions	$ 46,119	31,271
Unfunded Investment Contribution Liabilities	11,381
Preferred Stock Dividend Income	$ 4,443	2,688	0
Miami Moxy
Investments in and Advances to Affiliates [Line Items]
Preferred Investments, Dividend Rate, Percentage	12.00%
Investments in and Advances to Affiliates, at Fair Value, Gross Additions	$ 12,195	7,682
Unfunded Investment Contribution Liabilities	7,805
Preferred Stock Dividend Income	$ 1,269	$ 203	$ 0

Investment in Related Parties48

Investment in Related Parties (Details Textual) - USD ($)	1 Months Ended				12 Months Ended
	Jan. 29, 2018	Mar. 31, 2017	Sep. 30, 2016	Apr. 21, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Feb. 27, 2018	Nov. 14, 2016	Nov. 13, 2015	Aug. 31, 2015	May 31, 2015	Mar. 31, 2014
Annual distribution rate					7.00%				7.00%	7.00%
Unfunded Investment Contribution Liabilities					$ 19,186
Investments in and Advances to Affiliates, at Fair Value, Gross Additions					158,314	$ 141,253
Investments in and Advances to Affiliates, at Fair Value					$ 159,792,000	142,752,000
Corporate Joint Venture [Member]
Joint Venture Membership Percentage by Entity					2.50%
Cost Method Investments					$ 1,500,000	1,500,000
Subsequent Event [Member]
Annual distribution rate								7.00%
Investments in and Advances to Affiliates, at Fair Value, Gross Reductions	$ 37,500,000
365 Bond Street Preferred Investment [Member]
Preferred Equity Distributions Additional Investment Available													$ 10,000,000
Preferred Equity Distributions Amount Declared													$ 35,000,000
Annual distribution rate													12.00%
Unfunded Investment Contribution Liabilities					0
Investments in and Advances to Affiliates, at Fair Value, Gross Additions					0	0
40 East End Avenue Preferred Investment [Member]
Preferred Equity Distributions Additional Investment Available												$ 30,000,000
Annual distribution rate												8.00%
Unfunded Investment Contribution Liabilities					0
Annualized Distribution Rate Upon Procurement Of Construction Financing												12.00%
Investments in and Advances to Affiliates, at Fair Value, Gross Additions					$ 30,000	30,000
30-02 39th Avenue Preferred Investment [Member]
Preferred Equity Distributions Additional Investment Available											$ 50,000,000
Annual distribution rate					0.00%
Unfunded Investment Contribution Liabilities					$ 0
Investments in and Advances to Affiliates, at Fair Value, Gross Additions					10,000	12,300
Investments in and Advances to Affiliates, at Fair Value, Period Increase (Decrease)		$ 40,000,000
Investments in and Advances to Affiliates, at Fair Value		$ 10,000,000
Four Eighty Five Seventh Avenue Preferred Investment [Member]
Preferred Equity Distributions Amount Declared							$ 60,000,000
Unfunded Investment Contribution Liabilities					0
Investments in and Advances to Affiliates, at Fair Value, Gross Additions					60,000	60,000
Preferred Investments [Member]
Unfunded Investment Contribution Liabilities					19,200,000
Preferred Stock Investments Income					17,600,000	16,300,000	$ 6,700,000
Investments in and Advances to Affiliates, at Fair Value, Gross Additions					$ 158,300,000	$ 141,300,000
Proceeds from Contributions from Affiliates			$ 20,000,000	$ 40,000,000
Percentage Of Preferred Distribution Rate			12.00%
Preferred Investments [Member] | Minimum [Member]
Investments in and Advances to Affiliates, at Fair Value, Period Increase (Decrease)			$ 17,500,000
Preferred Investments [Member] | Maximum [Member]
Investments in and Advances to Affiliates, at Fair Value, Period Increase (Decrease)			$ 57,500,000

Mortgage Receivable (Details Te

Mortgage Receivable (Details Textual) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 21, 2011	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jul. 31, 2007
Acquisition Fees And Expenses Percentage Of Purchase Price			2.75%
Proceeds from Sale and Collection of Mortgage Notes Receivable	$ 8,100		$ 8,109	$ 147	$ 139
Gain (Loss) on Sale of Mortgage Loans	3,200		$ 3,216	$ 0	$ 0
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 4,900
Notes Receivable [Member] | Rego Park JV Second Mortgage [Member]
Debt Instrument, Face Amount		$ 8,800				$ 9,100
Payments to Acquire Notes Receivable		5,600
Debt Instrument, Unamortized Discount		$ 3,200
Acquisition Fees And Expenses Percentage Of Purchase Price		2.75%
Acquisition Related Expenses		$ 200
Notes Receivable [Member] | Holiday Inn - East Brunswick [Member]
Debt Instrument, Interest Rate, Stated Percentage			6.33%
Debt Instrument, Periodic Payment, Interest			$ 56
Investment Income, Interest			$ 200

Supplementary Financial Infor50

Supplementary Financial Information (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Investment property:
Land and improvements	$ 49,681	$ 60,485
Building and improvements	164,418	203,054
Furniture and fixtures	2,154	17,613
Construction in progress	204	962
Gross investment property	216,457	282,114
Less accumulated depreciation	(37,956)	(49,773)
Net investment property	$ 178,501	$ 232,341

Supplementary Financial Infor51

Supplementary Financial Information (Details 1) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Accounts payable and accrued expenses	$ 2,989	$ 4,653
Accrued real estate taxes	582	1,009
Accrued interest payable	4,109	2,938
Accrued default interest payable (See Note 10)	11,207	9,175
Fair value of derivative financial instruments	0	90
Other liabilities	1,501	962
Accounts Payable and Other Accrued Liabilities	$ 20,388	$ 18,827

Marketable Securities and Fai52

Marketable Securities and Fair Value Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	$ 40,982	$ 34,932
Gross Unrealized Gains	17,342	18,274
Gross Unrealized Losses	(380)	(711)
Fair Value	57,944	52,495
Equity Securities, primarily REITs [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	1,405	1,405
Gross Unrealized Gains	263	325
Gross Unrealized Losses	0	0
Fair Value	1,668	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	16,708	17,949
Gross Unrealized Losses	0	0
Fair Value	35,935	37,176
Corporate Bonds and Preferred Equities [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	18,494	11,382
Gross Unrealized Gains	371	0
Gross Unrealized Losses	(81)	(397)
Fair Value	18,784	10,985
Mortgage Backed Securities ("MBS") [Member]
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	1,856	2,918
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(299)	(314)
Fair Value	$ 1,557	$ 2,604

Marketable Securities and Fai53

Marketable Securities and Fair Value Measurements (Details 1) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	$ 57,944	$ 52,495
Equity Securities, primarily REITs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	1,668	1,730
Marco OP and OP II Units [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	35,935	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	18,784	10,985
Mortgage Backed Securities ("MBS") [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	1,557	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	1,668	1,730
Fair Value, Inputs, Level 1 [Member] | Equity Securities, primarily REITs [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	1,668	1,730
Fair Value, Inputs, Level 1 [Member] | Marco OP and OP II Units [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
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] | Mortgage Backed Securities ("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	56,276	50,765
Fair Value, Inputs, Level 2 [Member] | Equity Securities, primarily REITs [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 OP II Units [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	35,935	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	18,784	10,985
Fair Value, Inputs, Level 2 [Member] | Mortgage Backed Securities ("MBS") [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	1,557	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, primarily REITs [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 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] | Mortgage Backed Securities ("MBS") [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	$ 0	$ 0

Marketable Securities and Fai54

Marketable Securities and Fair Value Measurements (Details Textual) - USD ($)	Sep. 14, 2012	Dec. 31, 2017	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Shares of equity securities sold			383,000
Equity securities sold, cost basis			$ 32,700,000
Proceeds from sale of equity securities			67,100,000
Realized gain on sale of equity securities			$ 34,400,000
Margin Loan [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate terms		Libor plus 0.85%
Debt instrument, interest rate at end of period		2.42%
Line of Credit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate terms	Libor plus 1.35%
Debt instrument, maturity date	Jun. 19, 2019
Line of credit facility, maximum borrowing capacity	$ 25,000,000
Line of credit facility, amount outstanding		$ 18,600,000
Line of credit facility, unused fee, as a percent of available but unused credt capacity		2.92%
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	$ 209,000
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

Dispositions and Discontinued55

Dispositions and Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenue			$ 8,000
Operating expenses			5,742
Operating income			2,258
Interest expense and other, net			(849)
Gain on disposition of real estate			17,322
Net income from discontinued operations	$ 0	$ 0	$ 18,731

Dispositions and Discontinued56

Dispositions and Discontinued Operations (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Sep. 15, 2017	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Sep. 07, 2017	Jun. 10, 2015	Feb. 11, 2015	Jan. 29, 2015
Disposition of limited service hotels [Line Items]
Disposal Group, Including Discontinued Operation, Consideration							$ 28,000	$ 23,400	$ 64,600
Equity Method Investment, Realized Gain (Loss) on Disposal		$ 10,500	$ 10,483	$ 23,705	$ 0
Gain (Loss) on Disposition of Property Plant Equipment				23,700
Secured Debt			157,927	183,313
Default Interest Payable Current And Noncurrent			11,207	9,175
Real Estate Two [Member]
Disposition of limited service hotels [Line Items]
Disposal of real estate				60,900
Oakview Plaza [Member]
Disposition of limited service hotels [Line Items]
Real Estate Owned, Transfer from Real Estate Owned	$ 27,000
Secured Debt	25,600		$ 0	$ 25,583
Default Interest Payable Current And Noncurrent	$ 1,000
LVP REIT Hotels [Member]
Disposition of limited service hotels [Line Items]
Disposal of real estate					122,400
Gain (Loss) on Disposition of Property Plant Equipment					$ 17,300
Hotel And Water Park [Member]
Disposition of limited service hotels [Line Items]
Disposal Group, Including Discontinued Operation, Consideration						$ 31,500

Mortgages Payable (Details)

Mortgages Payable (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 28, 2016	Dec. 31, 2017	Sep. 15, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Weighted Average Interest Rate		6.24%
Amount Due at Maturity		$ 149,416
Total mortgages payable		159,600		$ 185,600
Less: Deferred financing costs		(1,658)		(2,263)
Total mortgages payable, net		157,927		183,313
Oakview Plaza [Member]
Debt Instrument [Line Items]
Amount Due at Maturity		0
Total mortgages payable, net		$ 0	$ 25,600	25,583
Gulf Coast Industrial Portfolio [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate terms		9.83
Weighted Average Interest Rate		9.83%
Amount Due at Maturity		$ 50,205
Total mortgages payable, net		$ 50,205		50,205
St Augustine Outlet Center [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate terms	LIBOR+4.50%	LIBOR + 4.50%
Weighted Average Interest Rate		5.59%
Maturity Date		2018-08
Amount Due at Maturity		$ 20,400
Total mortgages payable, net		$ 20,400		20,400
Gantry Park [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate terms		4.48
Weighted Average Interest Rate		4.48%
Maturity Date		2024-11
Amount Due at Maturity		$ 65,317
Total mortgages payable, net		$ 74,500		74,500
DePaul Plaza [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate terms		LIBOR + 2.75%
Weighted Average Interest Rate		3.81%
Maturity Date		2020-06
Amount Due at Maturity		$ 13,494
Total mortgages payable, net		$ 14,480		$ 14,888

Mortgages Payable (Details 1)

Mortgages Payable (Details 1) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
2,018	$ 72,172
2,019	1,621
2,020	14,924
2,021	1,328
2,022	1,389
Thereafter	68,151
Total	159,600	$ 185,600
Less: Deferred financing costs	(1,658)	(2,263)
Total principal maturities, net	$ 157,927	$ 183,313

Mortgages Payable (Details Text

Mortgages Payable (Details Textual) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Sep. 15, 2017	Jul. 28, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Debt Instrument Interest London Interbank Offered Rate			1.57%	0.77%
Escrow Deposit			$ 2,785	$ 2,818
Debt Instrument, Increase, Accrued Interest			3,000	2,100	$ 2,100
Accrued default interest payable			11,207	9,175
Secured Debt			157,927	183,313
Loan agreements [Member]
Debt Instrument [Line Items]
Escrow Deposit			$ 2,600	2,100
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%
Secured Debt			$ 20,400	20,400
St. Augustine Outlet Center [Member] | Mortgage payable [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			20,400
Courtyard - Baton Rouge [Member] | Mortgage payable [Member]
Debt Instrument [Line Items]
Accrued default interest payable			11,200	9,200
Oakview Plaza [Member]
Debt Instrument [Line Items]
Accrued default interest payable	$ 1,000
Default Interest Payable Amount Extinguishment			1,000
Extinguishment of Debt, Amount	27,000
Secured Debt	$ 25,600		0	$ 25,583
Gulf Coast Industrial Portfolio Mortgage [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			$ 50,200

Distributions Payable (Details

Distributions Payable (Details Textual) - USD ($)	Nov. 14, 2016	Nov. 13, 2015	Dec. 31, 2017
Distribution Rate Per Day	$ 0.0019178	$ 0.0019178	$ 0.0019178
Number Of Days Used To Calculate Dividend Per Day	365 days	365 days	365 days
Annualized Distribution Rate	7.00%	7.00%	7.00%
Share Price	$ 10	$ 10	$ 10

Company's Stockholder's Equity

Company's Stockholder's Equity (Details Textual) - USD ($)	Nov. 14, 2016	Nov. 13, 2015	Dec. 31, 2017	Dec. 31, 2016
Distribution Rate Per Day	$ 0.0019178	$ 0.0019178	$ 0.0019178
Annualized Distribution Rate	7.00%	7.00%	7.00%
Share Price	$ 10	$ 10	$ 10
Number Of Days Used To Calculate Dividend Per Day	365 days	365 days	365 days
Stock Redeemed or Called During Period, Shares			300,000	3,600,000
Share Based Compensation Arrangement Share Based Payment Award Number Of Shares Granted Per Plan Participant			3,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized			75,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance			66,000
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit			$ 9.80
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit			11.80
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price			$ 10.63
Option term			10 years
Redemption Request Rate			100.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period			9,000

Noncontrolling Interests (Detai

Noncontrolling Interests (Details Textual) - USD ($)	Aug. 14, 2012	Nov. 19, 2014	Aug. 18, 2011	Sep. 15, 2009	Aug. 25, 2009	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Aug. 31, 2010	Dec. 31, 2009	Jul. 06, 2004
Payments of Ordinary Dividends, Noncontrolling Interest						$ 3,896,000	$ 11,014,000	$ 5,393,000
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest						98.00%
Dividends, Cash						$ 17,467,000	17,802,000	18,077,000
Acquisition Fees And Expenses Percentage Of Purchase Price						2.75%
Preferred Units, Contributed Capital											$ 2,000
Total Noncontrolling Interests [Member]
Cumulative Dividends						$ 600,000	600,000
Dividends, Cash						$ 0	$ 0	$ 0
Prime Outlets Acquisition Company [Member]
Acquisition Related Expenses					$ 5,600,000
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest					15.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners										40.00%
Mill Run Llc [Member]
Acquisition Related Expenses					$ 1,300,000
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest					14.26%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners										36.80%
Pro Dfjvholdings Limited Liability Company [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest					99.99%
Threshold To Receive Distributions				$ 29,000,000
Payments to Acquire Additional Interest in Subsidiaries					$ 2,900
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners					0.01%
Dividends, Cash				6,900,000
Prime Outlets Acquisition Company And Mill Run Llc [Member]
Acquisition Related Expenses				$ 6,900,000	$ 6,900,000
Acquisition Fees And Expenses Percentage Of Purchase Price					2.75%
Preferred Units, Contributed Capital									$ 29,000,000
Second Street Joint Venture [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	15.80%		75.00%			59.20%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners						40.80%
David Lichtenstein [Member]
Preferred Units, Contributed Capital									$ 6,900,000
Mortgage payable [Member] | Second Street Joint Venture [Member]
Debt Instrument, Interest Rate, Stated Percentage		4.48%
Debt Instrument, Face Amount		$ 74,500,000
Debt Instrument Amortization Term		30 years
Sponsors And Other Affiliates [Member]
Payments of Ordinary Dividends, Noncontrolling Interest		$ 11,500,000
Second Street Owner [Member] | Gantry Park [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			25.00%
Advisor [Member] | Pro Dfjvholdings Limited Liability Company [Member]
Profit ship Ownership Interest				19.17%
Advisors Interest Share in ship Profit, Description				(approximately $6.9 million divided by the sum of $29.0 million plus approximately $6.9 million, or approximately $35.6 million)

Related Party Transactions (Det

Related Party Transactions (Details) - Related Party [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Acquisition fees (general and administrative costs)	$ 0	$ 0	$ 8
Asset management fees (general and administrative costs)	2,170	2,372	2,427
Property management fees (property operating expenses)	730	936	1,185
Development fees and leasing commissions	687	116	344
Total	$ 3,587	$ 3,424	$ 3,964

Related Party Transactions (D64

Related Party Transactions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Aug. 30, 2010	Jun. 30, 2010	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Nov. 14, 2016	Nov. 13, 2015
Investments in and Advances to Affiliates [Line Items]
Dividends, Cash			$ 17,467	$ 17,802	$ 18,077
Acquisition Fees And Expenses, Percentage Of Purchase Price, Maximum			5.00%
Property Management Fees, Residential Hospitality Retail Properties, Maximum Percentage Gross Revenues			5.00%
Acquisition Fees And Expenses Percentage Of Purchase Price			2.75%
Property Management Fees, Office Industrial Properties, Maximum Percentage Gross Revenues			4.50%
Asset Management Fees, Percentage Of Average Invested Assets			0.55%
Minimum Percentage Of Other Operating Expenses For Reimbursement			2.00%
Minimum Percentage Of Net Income For Reimbursement			25.00%
Asset Management Fees Payout Terms			payable quarterly in an amount equal to 0.1375 of 1% of average invested assets as of the last day of the immediately preceding quarter.
Payments of Ordinary Dividends, Noncontrolling Interest			$ 3,896	11,014	$ 5,393
Share Price			$ 10			$ 10	$ 10
Operating Stage Distribution, 7% Stockholder Return Threshold [Member]
Investments in and Advances to Affiliates [Line Items]
Stockholder Return Threshold, Percent			7.00%
Share Price			$ 10
Distribution Due Cumulative Rate Of Return			7.00%
Operating Stage Distribution, 12% Stockholder Return Threshold [Member]
Investments in and Advances to Affiliates [Line Items]
Stockholder Return Threshold, Percent			12.00%
Distribution Due Cumulative Rate Of Return			7.00%
Operating Stage Distribution, In Excess of 12% Stockholder Returns Threshold [Member]
Investments in and Advances to Affiliates [Line Items]
Stockholder Return Threshold, Percent			12.00%
Liquidating Stage Distribution, 7% Stockholder Return Threshold [Member]
Investments in and Advances to Affiliates [Line Items]
Stockholder Return Threshold, Percent			7.00%
Distribution Due Cumulative Rate Of Return			7.00%
Liquidating Stage Distribution, 12% Stockholder Return Threshold [Member]
Investments in and Advances to Affiliates [Line Items]
Stockholder Return Threshold, Percent			12.00%
Distribution Due Cumulative Rate Of Return			7.00%
Liquidating Stage Distribution, In Excess of 12% Stockholder Returns Threshold [Member]
Investments in and Advances to Affiliates [Line Items]
Stockholder Return Threshold, Percent			12.00%
Lightstone Slp Llc [Member]
Investments in and Advances to Affiliates [Line Items]
Cumulative Dividends			$ 4,900
Distributions Annualized Rate Of Return	0.00%	8.00%
Lightstone Slp Llc [Member] | Operating Stage Distribution, 12% Stockholder Return Threshold [Member]
Investments in and Advances to Affiliates [Line Items]
Additional Distributions Percent Payable To Related Party			30.00%
Lightstone Slp Llc [Member] | Operating Stage Distribution, In Excess of 12% Stockholder Returns Threshold [Member]
Investments in and Advances to Affiliates [Line Items]
Additional Distributions Percent Payable To Related Party			40.00%
Lightstone Slp Llc [Member] | Liquidating Stage Distribution, 12% Stockholder Return Threshold [Member]
Investments in and Advances to Affiliates [Line Items]
Additional Distributions Percent Payable To Related Party			30.00%
Lightstone Slp Llc [Member] | Liquidating Stage Distribution, In Excess of 12% Stockholder Returns Threshold [Member]
Investments in and Advances to Affiliates [Line Items]
Additional Distributions Percent Payable To Related Party			40.00%
SLP Units [Member]
Investments in and Advances to Affiliates [Line Items]
Dividends, Cash			$ 2,100
Cumulative Dividends			21,300
Payments of Ordinary Dividends, Noncontrolling Interest			$ 20,800	$ 2,100
SLP Units [Member] | Lightstone Slp Llc [Member]
Investments in and Advances to Affiliates [Line Items]
Stockholder Return Threshold, Percent		7.00%
Distributions Annualized Rate Of Return		8.00%	7.00%
Stockholder [Member] | Operating Stage Distribution, 12% Stockholder Return Threshold [Member]
Investments in and Advances to Affiliates [Line Items]
Additional Distributions Percent Payable To Related Party			70.00%
Stockholder [Member] | Operating Stage Distribution, In Excess of 12% Stockholder Returns Threshold [Member]
Investments in and Advances to Affiliates [Line Items]
Stockholder Return Threshold, Percent			60.00%
Stockholder [Member] | Liquidating Stage Distribution, 12% Stockholder Return Threshold [Member]
Investments in and Advances to Affiliates [Line Items]
Additional Distributions Percent Payable To Related Party			70.00%
Stockholder [Member] | Liquidating Stage Distribution, In Excess of 12% Stockholder Returns Threshold [Member]
Investments in and Advances to Affiliates [Line Items]
Additional Distributions Percent Payable To Related Party			60.00%

Future Minimum Rentals (Details

Future Minimum Rentals (Details) $ in Thousands	Dec. 31, 2017USD ($)
2,018	$ 9,923
2,019	7,426
2,020	4,688
2,021	3,346
2,022	2,443
Thereafter	4,879
Totel	$ 32,705

Segment Information (Details)

Segment Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Total revenues	$ 41,078,000	$ 51,994,000	$ 55,850,000
Property operating expenses	20,444,000	27,130,000	28,280,000
Real estate taxes	2,494,000	3,085,000	3,521,000
General and administrative costs	7,812,000	5,028,000	5,009,000
Net operating income/(loss)	10,328,000	16,751,000	19,040,000
Depreciation and amortization	10,014,000	11,377,000	11,544,000
Operating income/(loss)	314,000	5,374,000	7,496,000
Total purchase of investment property	3,163,000	3,759,000	12,751,000
Total Assets	519,674,000	547,295,000
Retail [Member]
Segment Reporting Information [Line Items]
Total revenues	9,896,000	11,428,000	11,482,000
Property operating expenses	3,663,000	3,623,000	3,969,000
Real estate taxes	1,324,000	1,419,000	1,401,000
General and administrative costs	177,000	71,000	9,000
Net operating income/(loss)	4,732,000	6,315,000	6,103,000
Depreciation and amortization	4,656,000	4,627,000	4,343,000
Operating income/(loss)	76,000	1,688,000	1,760,000
Total purchase of investment property	1,413,000	1,581,000	8,918,000
Total Assets	70,758,000	100,105,000
Multifamily [Member]
Segment Reporting Information [Line Items]
Total revenues	8,585,000	12,553,000	17,479,000
Property operating expenses	1,924,000	3,507,000	5,450,000
Real estate taxes	73,000	482,000	1,062,000
General and administrative costs	42,000	72,000	166,000
Net operating income/(loss)	6,546,000	8,492,000	10,801,000
Depreciation and amortization	1,626,000	2,291,000	2,920,000
Operating income/(loss)	4,920,000	6,201,000	7,881,000
Total purchase of investment property	159,000	835,000	1,192,000
Total Assets	67,966,000	71,170,000
Industrial [Member]
Segment Reporting Information [Line Items]
Total revenues	6,433,000	5,596,000	6,242,000
Property operating expenses	2,173,000	2,000,000	2,050,000
Real estate taxes	876,000	869,000	758,000
General and administrative costs	(6,000)	94,000	(8,000)
Net operating income/(loss)	3,390,000	2,633,000	3,442,000
Depreciation and amortization	1,796,000	1,646,000	1,613,000
Operating income/(loss)	1,594,000	987,000	1,829,000
Total purchase of investment property	1,027,000	936,000	929,000
Total Assets	49,461,000	49,509,000
Hospitality [Member]
Segment Reporting Information [Line Items]
Total revenues	16,164,000	22,417,000	20,647,000
Property operating expenses	12,679,000	17,998,000	16,809,000
Real estate taxes	221,000	315,000	300,000
General and administrative costs	228,000	375,000	305,000
Net operating income/(loss)	3,036,000	3,729,000	3,233,000
Depreciation and amortization	1,936,000	2,813,000	2,668,000
Operating income/(loss)	1,100,000	916,000	565,000
Total purchase of investment property	564,000	407,000	1,712,000
Total Assets	61,316,000	25,071,000
Unallocated [Member]
Segment Reporting Information [Line Items]
Total revenues	0	0	0
Property operating expenses	5,000	2,000	2,000
Real estate taxes	0	0	0
General and administrative costs	7,371,000	4,416,000	4,537,000
Net operating income/(loss)	(7,376,000)	(4,418,000)	(4,539,000)
Depreciation and amortization	0	0	0
Operating income/(loss)	(7,376,000)	(4,418,000)	(4,539,000)
Total purchase of investment property	0	0	$ 0
Total Assets	$ 270,173,000	$ 301,440,000

Quarterly Financial Data (Detai

Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information [Line Items]
Total revenue									$ 41,078	$ 51,994	$ 55,850
Gain on disposition of real estate											17,322
Net income									21,280	35,452	45,961
Net income									21,280	35,452	64,692
Less income attributable to noncontrolling interest									(1,097)	(1,371)	(4,468)
Net income applicable to Company's common shares									$ 20,183	$ 34,081	$ 60,224
Basic and diluted net income per Company's share:
Net income per common share, basic and diluted									$ 0.81	$ 1.34	$ 2.33
Exclusive of discontinued operations [Member]
Quarterly Financial Information [Line Items]
Total revenue	$ 5,986	$ 10,892	$ 12,811	$ 11,389	$ 11,824	$ 13,060	$ 13,941	$ 13,169	$ 41,078	$ 51,994
Gain on disposition of real estate	0	10,483	0	0	0	3,799	19,906	0	10,483	23,705
Net income					3,575	7,357	22,908	1,612		35,452
Net income	1,223	12,202	6,550	1,305					21,280
Less income attributable to noncontrolling interest	(182)	(392)	(312)	(211)	(205)	(310)	(622)	(234)	(1,097)	(1,371)
Net income applicable to Company's common shares	$ 1,041	$ 11,810	$ 6,238	$ 1,094	$ 3,370	$ 7,047	$ 22,286	$ 1,378	$ 20,183	$ 34,081
Basic and diluted net income per Company's share:
Net income per common share, basic and diluted	$ 0.04	$ 0.47	$ 0.25	$ 0.04	$ 130	$ 280	$ 870	$ 50	$ 0.81	$ 1,340

Commitments and Contingencies (

Commitments and Contingencies (Details Textual)	Dec. 31, 2016	Dec. 08, 2009
Guarantor Obligations [Line Items]
Equity Method Investment, Ownership Percentage	98.00%
POAC Properties, GPH and LVH [Member]
Guarantor Obligations [Line Items]
Equity Method Investment, Ownership Percentage		40.00%
Mill Run Properties [Member]
Guarantor Obligations [Line Items]
Equity Method Investment, Ownership Percentage		36.80%

Subsequent Events (Details Text

Subsequent Events (Details Textual) - USD ($)	Nov. 14, 2016	Nov. 13, 2015	Feb. 27, 2018	Dec. 31, 2017
Subsequent Events [Line Items]
Distribution Rate Per Day	$ 0.0019178	$ 0.0019178		$ 0.0019178
Number Of Days Used To Calculate Dividend Per Day	365 days	365 days		365 days
Annualized Distribution Rate	7.00%	7.00%		7.00%
Subsequent Event [Member]
Subsequent Events [Line Items]
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

Schedule III Real Estate and 70

Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Initial Cost
Encumbrance		$ 157,927
Land	[1]	49,679
Buildings and Improvements	[1]	157,900
Net Costs Capitalized & Impairments Subsequent to Acquisition		8,878
Gross amount at which carried at end of period
Land and Improvements		49,681
Buildings and Improvements		166,776
Total		216,457	[2]	$ 282,114	$ 325,715	$ 314,917
Accumulated Depreciation		(37,956)	[3]	$ (49,773)	$ (50,278)	$ (40,166)
St. Augustine Outlet Center, St. Augustine, FL [Member]
Initial Cost
Encumbrance		20,186
Land	[1]	11,206
Buildings and Improvements	[1]	42,103
Net Costs Capitalized & Impairments Subsequent to Acquisition		9,698
Gross amount at which carried at end of period
Land and Improvements		10,967
Buildings and Improvements		52,040
Total	[2]	63,007
Accumulated Depreciation	[3]	$ (15,489)
St. Augustine Outlet Center, St. Augustine, FL [Member] | Date Acquired One [Member]
Gross amount at which carried at end of period
Date Acquired		Mar. 29, 2006
St. Augustine Outlet Center, St. Augustine, FL [Member] | Date Acquired Two [Member]
Gross amount at which carried at end of period
Date Acquired		Oct. 2, 2007
Gulfcoast Industrial Portfolio New Orleans/Baton Rouge, Louisiana & San Antonio, Texas [Member]
Initial Cost
Encumbrance		$ 50,205
Land	[1]	12,767
Buildings and Improvements	[1]	51,649
Net Costs Capitalized & Impairments Subsequent to Acquisition		(4,686)
Gross amount at which carried at end of period
Land and Improvements		13,004
Buildings and Improvements		46,726
Total	[2]	59,730
Accumulated Depreciation	[3]	$ (12,702)
Date Acquired		Feb. 1, 2007
50-01 2nd St Long Island City, New York [Member]
Initial Cost
Encumbrance		$ 73,150
Land	[1]	19,656
Buildings and Improvements	[1]	51,724
Net Costs Capitalized & Impairments Subsequent to Acquisition		883
Gross amount at which carried at end of period
Land and Improvements		19,697
Buildings and Improvements		52,566
Total	[2]	72,263
Accumulated Depreciation	[3]	$ (6,839)
Date Acquired		Aug. 18, 2011
Plaza at DePaul Bridgeton, Missouri [Member]
Initial Cost
Encumbrance		$ 14,386
Land	[1]	6,050
Buildings and Improvements	[1]	12,424
Net Costs Capitalized & Impairments Subsequent to Acquisition		2,983
Gross amount at which carried at end of period
Land and Improvements		6,013
Buildings and Improvements		15,444
Total	[2]	21,457
Accumulated Depreciation	[3]	$ (2,926)
Date Acquired		Nov. 22, 2011
[1]	The initial cost to the Company represents the original purchase price of the property, including amounts incurred subsequent to acquisition which were contemplated at the time the property was acquired.
[2]	Reconciliation of total real estate owned
[3]	Reconciliation of accumulated depreciation

Schedule III Real Estate and 71

Schedule III Real Estate and Accumulated Depreciation (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Balance at beginning of year	$ 282,114		$ 325,715	$ 314,917
Improvements	2,723		3,341	11,311
Disposals	(68,380)		(46,942)	(513)
Balance at end of year	$ 216,457	[1]	$ 282,114	$ 325,715
[1]	Reconciliation of total real estate owned

Schedule III Real Estate and 72

Schedule III Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Balance at beginning of year	$ 49,773		$ 50,278	$ 40,166
Depreciation expense	9,237		10,417	10,595
Disposals	(21,054)		(10,922)	(483)
Balance at end of year	$ 37,956	[1]	$ 49,773	$ 50,278
[1]	Reconciliation of accumulated depreciation