Document And Entity Information
Document And Entity Information - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2018 | May 01, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Lightstone Value Plus Real Estate Investment Trust, Inc. | |
Entity Central Index Key | 1,296,884 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 24.7 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Investment property: | ||
Land and improvements | $ 49,691 | $ 49,681 |
Building and improvements | 164,627 | 164,418 |
Furniture and fixtures | 2,178 | 2,154 |
Construction in progress | 82 | 204 |
Gross investment property | 216,578 | 216,457 |
Less accumulated depreciation | (39,563) | (37,956) |
Net investment property | 177,015 | 178,501 |
Investment in related parties | 132,239 | 159,792 |
Cash and cash equivalents | 77,763 | 116,434 |
Marketable securities, available for sale | 115,479 | 57,944 |
Restricted cash | 3,626 | 2,785 |
Tenant and other accounts receivable | 1,059 | 1,143 |
Intangible assets | 298 | 337 |
Prepaid expenses and other assets | 3,105 | 2,738 |
Total Assets | 510,584 | 519,674 |
Liabilities and Stockholders' Equity | ||
Mortgages payable, net | 157,679 | 157,927 |
Notes payable | 18,605 | 18,602 |
Accounts payable, accrued expenses and other liabilities | 20,055 | 20,388 |
Due to related parties | 470 | 496 |
Tenant allowances and deposits payable | 1,154 | 1,483 |
Distributions payable | 4,270 | 4,387 |
Deferred rental income | 891 | 716 |
Acquired below market lease intangibles | 269 | 305 |
Total Liabilities | 203,393 | 204,304 |
Commitments and contingencies | ||
Company's Stockholders Equity: | ||
Preferred shares, $0.01 par value, 10,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock, $0.01 par value; 60,000 shares authorized, 24,722 and 24,847 shares issued and outstanding, respectively | 247 | 248 |
Additional paid-in-capital | 193,245 | 194,497 |
Accumulated other comprehensive (loss)/income | (1,018) | 15,467 |
Accumulated surplus | 98,972 | 86,956 |
Total Company's stockholders' equity | 291,446 | 297,168 |
Noncontrolling interests | 15,745 | 18,202 |
Total Stockholders' Equity | 307,191 | 315,370 |
Total Liabilities and Stockholders' Equity | $ 510,584 | $ 519,674 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
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 | 24,722 | 24,847 |
Common stock, shares outstanding | 24,722 | 24,847 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues: | ||
Rental income | $ 4,944 | $ 7,667 |
Tenant recovery income | 744 | 946 |
Other service income | 0 | 2,776 |
Total revenues | 5,688 | 11,389 |
Expenses: | ||
Property operating expenses | 1,721 | 6,123 |
Real estate taxes | 504 | 680 |
General and administrative costs | 1,157 | 1,435 |
Depreciation and amortization | 1,773 | 2,793 |
Total operating expenses | 5,155 | 11,031 |
Operating income | 533 | 358 |
Other income/(expense), net | 130 | (17) |
Interest and dividend income | 5,183 | 4,703 |
Interest expense | (2,831) | (3,706) |
Unrealized loss on marketable equity securities | (3,807) | 0 |
Loss on sale and redemption of marketable securities | (3) | (33) |
Net (loss)/income | (795) | 1,305 |
Less: net loss/(income) attributable to noncontrolling interests | 110 | (211) |
Net (loss)/income attributable to Company's common shares | $ (685) | $ 1,094 |
Net (loss)/income per Company's common share, basic and diluted | $ (0.03) | $ 0.04 |
Weighted average number of common shares outstanding, basic and diluted | 24,781 | 25,059 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net (loss)/income | $ (795) | $ 1,305 |
Other comprehensive loss | ||
Holding loss on available for sale securities | (1,032) | (789) |
Reclassification adjustment for loss included in net income | 3 | 33 |
Other comprehensive loss | (1,029) | (756) |
Comprehensive (loss)/income | (1,824) | 549 |
Less: Comprehensive loss/(income) attributable to noncontrolling interests | 131 | (100) |
Comprehensive (loss)/income attributable to Company's common shares | $ (1,693) | $ 449 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income/(loss) [Member] | Accumulated Surplus [Member] | Noncontrolling Interests [Member] |
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 | |||||
Reclassification of accumulated other comprehensive income and noncontrolling interests to accumulated surplus | (3) | $ 0 | 0 | (15,476) | 16,971 | (1,495) |
Net loss | (795) | 0 | 0 | 0 | (685) | (110) |
Other comprehensive loss | (1,029) | 0 | 0 | (1,009) | 0 | (20) |
Distributions declared | (4,270) | 0 | 0 | 0 | (4,270) | 0 |
Distributions paid to noncontrolling interests | (833) | 0 | 0 | 0 | 0 | (833) |
Contributions received from noncontrolling interests | 1 | 0 | 0 | 0 | 0 | 1 |
Redemption and cancellation of shares | (1,253) | $ (1) | (1,252) | 0 | 0 | 0 |
Redemption and cancellation of shares (in shares) | (125) | |||||
BALANCE at Mar. 31, 2018 | $ 307,191 | $ 247 | $ 193,245 | $ (1,018) | $ 98,972 | $ 15,745 |
BALANCE, (in shares) at Mar. 31, 2018 | 24,722 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net (loss)/income | $ (795) | $ 1,305 |
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,773 | 2,793 |
Mark to market adjustment on derivative financial instruments | (108) | (65) |
Unrealized loss on marketable equity securities, available for sale | 3,807 | 0 |
Loss on sale of marketable securities, available for sale | 3 | 33 |
Other non-cash adjustments | 135 | 192 |
Changes in assets and liabilities: | ||
Increase in prepaid expenses and other assets | (305) | (492) |
Decrease in tenant and other accounts receivable | 66 | 217 |
(Decrease)/increase in tenant allowances and deposits payable | (4) | 119 |
(Decrease)/increase in accounts payable, accrued expenses and other liabilities | (245) | 1,299 |
(Decrease)/increase in due to related parties | (26) | 4 |
Increase/(decrease) in deferred rental income | 175 | (29) |
Net cash provided by operating activities | 4,476 | 5,376 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of investment property, net | (615) | (666) |
Purchase of marketable securities available for sale | (62,422) | 0 |
Proceeds from sale of marketable securities available for sale | 48 | 436 |
Collections on mortgage receivable | 0 | 41 |
Proceeds from preferred investments in related parties | 37,500 | 2,300 |
Investments in related parties | (9,947) | (3,738) |
Net cash used in investing activities | (35,436) | (1,627) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Mortgage payments | (398) | (102) |
Redemption and cancellation of common shares | (1,253) | (752) |
Contributions received from noncontrolling interests | 1 | 4 |
Distributions paid to noncontrolling interests | (833) | (983) |
Distributions paid to Company's common stockholders | (4,387) | (4,432) |
Net cash used in financing activities | (6,870) | (6,265) |
Net change in cash, cash equivalents and restricted cash | (37,830) | (2,516) |
Cash and cash equivalents and restricted cash, beginning of year | 119,219 | 108,357 |
Cash and cash equivalents and restricted cash, end of period | 81,389 | 105,841 |
Supplemental cash flow information for the periods indicated is as follows: | ||
Cash paid for interest | 1,433 | 1,363 |
Distributions declared | 4,270 | 4,323 |
Non cash purchase of investment property | 0 | 23 |
Unrealized loss on marketable securities | 1,029 | 756 |
Reclassification of accumulated other comprehensive income and noncontrolling interests to accumulated surplus | $ 16,971 | $ 0 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization Lightstone Value Plus Real Estate Investment Trust, Inc., a Maryland corporation (“Lightstone REIT”) was formed on June 8, 2004 Lightstone REIT is structured as an umbrella partnership REIT, or UPREIT, and substantially all of its current and future business is and will be conducted through Lightstone Value Plus REIT, L.P., a Delaware limited partnership formed on July 12, 2004 98 The Lightstone REIT and the Operating Partnership and its subsidiaries are collectively referred to as the ‘‘Company’’ and the use of ‘‘we,’’ ‘‘our,’’ ‘‘us’’ or similar pronouns refers to the Lightstone REIT, its Operating Partnership or the Company as required by the context in which such pronoun is used. The Company is managed by Lightstone Value Plus REIT, LLC (the “Advisor”), an affiliate of the Lightstone Group, Inc., under the terms and conditions of an advisory agreement. The Lightstone Group, Inc. previously served as the Company’s sponsor (the “Sponsor”) during its initial public offering, which closed on October 10, 2008. Subject to the oversight of the Company’s board of directors (the “Board of Directors”), the Advisor has primary responsibility for making investment decisions and managing the Company’s day-to-day operations. Through his ownership and control of The Lightstone Group, David Lichtenstein is the indirect owner of the Advisor and the indirect owner and manager of Lightstone SLP, LLC, which has subordinated profits interests (“SLP units”) in the Operating Partnership. Mr. Lichtenstein also acts as the Company’s Chairman and Chief Executive Officer. As a result, he exerts influence over but does not control the Lightstone REIT or the Operating Partnership. The Company’s stock is not currently listed on a national securities exchange. The Company may seek to list its stock for trading on a national securities exchange only if a majority of its independent directors believe listing would be in the best interest of its stockholders. The Company does not intend to list its shares at this time. The Company does not anticipate that there would be any market for its shares of common stock until they are listed for trading. As of March 31, 2018, on a collective basis, the Company wholly or majority owned and consolidated the operating results and financial condition of 2 retail properties containing a total of approximately 0.5 14 1.0 199 81 75 98 Noncontrolling Interests As of March 31, 2018, the noncontrolling interests consist of (i) parties of the Company that hold units in the Operating Partnership and (ii) certain interests in consolidated subsidiaries. The units include SLP units, limited partner units and common units. The noncontrolling interests in consolidated subsidiaries include ownership interests in Pro-DFJV Holdings LLC (“PRO”) held by the Company’s Sponsor and 50-01 2nd St. Associates LLC (the “2nd Street Joint Venture”) held by the Company’s Sponsor and other affiliates. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The consolidated financial statements include the accounts of the Lightstone REIT and its Operating Partnership and its subsidiaries (over which the Company exercises financial and operating control). All inter-company balances and transactions have been eliminated in consolidation. The accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited Consolidated Financial Statements of the Company and related notes as contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017. The unaudited interim consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair presentation of the results for the periods presented. The accompanying unaudited consolidated financial statements of Lightstone Value Plus Real Estate Investment Trust, Inc. and its Subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate and real-estate related investments, marketable securities, depreciable lives, and revenue recognition. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. The consolidated balance sheet as of December 31, 2017 included herein has been derived from the consolidated balance sheet included in the Company's Annual Report on Form 10-K. The unaudited consolidated statements of operations for interim periods are not necessarily indicative of results for the full year or any other period. Effective January 1, 2018, the Company adopted guidance issued by the Financial Accounting Standards Board (“FASB”) that 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. The Company adopted this standard using the retrospective transition method. As required by the Company’s lenders, restricted cash is held in escrow accounts for anticipated capital expenditures, real estate taxes, and other reserves for certain of our consolidated properties. Capital reserves are typically utilized for non-operating expenses such as tenant improvements, leasing commissions, and major capital expenditures. Alternatively, a lender may require its own formula for an escrow of capital reserves. Restricted cash may also include certain funds temporarily placed in escrow with qualified intermediaries to facilitate potential like-kind exchange transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended. Three Months Ended March 31, 2018 2017 Cash and cash equivalents $ 77,763 $ 101,975 Restricted cash 3,626 3,866 Total cash, cash equivalents and restricted cash $ 81,389 $ 105,841 Effective January 1, 2018, the Company adopted guidance issued by the FASB that that 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, using a modified-retrospective approach. This resulted in a $ 17.0 Effective January 1, 2018, the Company adopted guidance issued by the FASB 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. Additionally, assets acquired, liabilities assumed, and any noncontrolling interest will be measured at their relative fair values. 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. Effective January 1, 2018, the Company adopted guidance issued by the FASB that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. The new guidance requires companies to apply a five-step model in accounting for revenue arising from contracts with customers, as well as enhance disclosures regarding revenue recognition. Lease contracts are excluded from this revenue recognition criteria; however, the sale of real estate will be required to follow the new model. The Company has adopted this standard for the year beginning on January 1, 2018 using the modified retrospective approach. The adoption of this pronouncement had no effect on our consolidated financial statements since, with the disposal of the DoubleTree Danvers in September 2017, substantially all revenues now consists of rental income from leasing arrangements, which is specifically excluded from the standard. 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. The Company intends to adopt the standard on January 1, 2019 and apply certain practical expedients available to us upon adoption. The Company is continuing to evaluate the impact this guidance will have on our consolidated financial statements when adopted. 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. |
Marketable Securities, Fair Val
Marketable Securities, Fair Value Measurements and Notes Payable | 3 Months Ended |
Mar. 31, 2018 | |
Marketable Securities And Fair Value Measurements [Abstract] | |
Marketable Securities and Fair Value Measurements | 3. Marketable Securities, Fair Value Measurements and Notes Payable Marketable Securities: As of March 31, 2018 Adjusted Cost Gross Unrealized Gross Unrealized Fair Value Marketable Securities: Equity securities: Equity Securities, primarily REITs $ 1,405 $ 98 $ (4) $ 1,499 Marco OP Units and Marco II OP Units 19,227 13,069 - 32,296 20,632 13,167 (4) 33,795 Debt securities: Corporate Bonds and Preferred Securities 80,917 12 (748) 80,181 Mortgage Backed Securities ("MBS") 1,805 - (302) 1,503 82,722 12 (1,050) 81,684 Total $ 103,354 $ 13,179 $ (1,054) $ 115,479 As of December 31, 2017 Adjusted Cost Gross Unrealized Gross Unrealized Fair Value Marketable Securities: Equity securities: Equity Securities, primarily REITs $ 1,405 $ 263 $ - $ 1,668 Marco OP Units and Marco II OP Units 19,227 16,708 - 35,935 20,632 16,971 - 37,603 Debt securities: Corporate Bonds and Preferred Securities 18,494 371 (81) 18,784 Mortgage Backed Securities 1,856 - (299) 1,557 20,350 371 (380) 20,341 Total $ 40,982 $ 17,342 $ (380) $ 57,944 The Marco OP Units and the Marco II OP Units are exchangeable for a similar number of common operating partnership units (“Simon OP Units”) of Simon Property Group, L.P., (“Simon OP”), the operating partnership of Simon Property Group, Inc. (“Simon”). Subject to the various conditions, the Company may elect to exchange the Marco OP Units and/or the Marco II OP Units to Simon OP Units which must be immediately delivered to Simon in exchange for cash or similar number of shares of Simon’s common stock (“Simon Stock”). Prior to January 1, 2018, the Company accounted for marketable equity securities at fair value with unrealized gains and losses recognized in AOCI on the consolidated balance sheet. Realized gains and losses on marketable equity securities sold or impaired were recognized on the consolidated statements of operations. On January 1, 2018, the Company adopted guidance issued by the FASB that required it to change the way it accounts for marketable equity securities. The Company’s marketable equity securities are measured at fair value and starting January 1, 2018 unrealized gains and losses are recognized on the consolidated statements of operations. Upon adoption, the Company reclassified $ 17.0 The Company considers the declines in market value of certain of its investments to be temporary in nature as the unrealized losses were caused primarily by changes in market interest rates or widening credit spreads. When evaluating these investments for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, and the Company’s intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment’s amortized cost basis. During the three months ended March 31, 2018 and 2017, the Company did not recognize any impairment charges. As of March 31, 2018, the Company does not consider any of its investments to be other-than-temporarily impaired. The Company may sell certain of its investments prior to their stated maturities for strategic purposes, in anticipation of credit deterioration, or for duration management. The maturities of the Company’s MBS generally ranged from 27 30 Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: • Level 1 Quoted prices in active markets for identical assets or liabilities. • Level 2 Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Fair Value Measurement Using As of March 31, 2018 Level 1 Level 2 Level 3 Total Marketable Securities: Equity Securities, primarily REITs $ 1,499 $ - $ - $ 1,499 Marco OP and OP II Units - 32,296 - 32,296 Corporate Bonds and Preferred Securities - 80,181 - 80,181 MBS - 1,503 - 1,503 Total $ 1,499 $ 113,980 $ - $ 115,479 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 Securities - 18,784 - 18,784 MBS - 1,557 - 1,557 Total $ 1,668 $ 56,276 $ - $ 57,944 The fair values of the Company’s investments in Corporate Bonds and Preferred Securities and MBS are measured using readily available quoted prices for similar assets. Additionally, as noted and disclosed above, the Company’s Marco OP and Marco OP II Units are ultimately exchangeable for cash or similar number of shares of Simon Stock, therefore the Company uses the quoted market price of Simon Stock to measure the fair value of the Company’s Marco OP and Marco OP II Units. As of March 31, 2018 Due in 1 year $ 12,096 Due in 1 year through 5 years 45,363 Due in 5 year through 10 years 22,722 Due after 10 years 1,503 Total 81,684 The Company did not have any other significant financial assets or liabilities, which would require revised valuations that are recognized at fair value. 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% 2.73 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% 3.23 209,000 18.6 |
Mortgages Payable, Net
Mortgages Payable, Net | 3 Months Ended |
Mar. 31, 2018 | |
Loans Payable [Abstract] | |
Mortgages Payable, Net | 4. Mortgages Payable, Net Property Interest Rate Weighted Average Maturity Date Amount Due at As of As of Gulf Coast Industrial Portfolio 9.83% 9.83 % Due on demand 50,205 50,205 50,205 St. Augustine Outlet Center LIBOR + 4.50% 6.12 % August 2018 20,400 20,400 20,400 Gantry Park 4.48% 4.48 % November 2024 65,317 74,204 74,500 DePaul Plaza LIBOR + 2.75% 4.35 % June 2020 13,494 14,378 14,480 Total mortgages payable 6.37 % $ 149,416 $ 159,187 $ 159,585 Less: Deferred financing costs (1,508) (1,658) Total mortgages payable, net $ 157,679 $ 157,927 Libor as of March 31, 2018 and December 31, 2017 was 1.88 1.57 % 2018 2019 2020 2021 2022 Thereafter Total Principal maturities $ 71,774 $ 1,621 $ 14,924 $ 1,328 $ 1,389 $ 68,151 $ 159,187 Less: Deferred financing costs (1,508) Total principal maturities, net $ 157,679 Certain of the Company’s debt agreements require the maintenance of certain ratios, including debt service coverage. The Company is currently in compliance with all of its financial debt covenants other than the debt associated with 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), as discussed below. Additionally, certain of our mortgages payable also contain clauses providing for prepayment penalties. As a result of not meeting certain debt service coverage ratios on the non-recourse mortgage indebtedness secured by the Gulf Coast Industrial Portfolio (the “Gulf Coast Industrial Portfolio Mortgage”), the lender elected to retain the excess cash flow from these properties beginning in July 2011. During the third quarter of 2012, the Gulf Coast Industrial Portfolio Mortgage was transferred to a special servicer, who discontinued scheduled debt service payments and notified the Company that the Gulf Coast Industrial Portfolio Mortgage was in default and although originally due in February 2017 became due on demand. The outstanding balance of the Gulf Coast Industrial Portfolio Mortgage was $ 50.2 Although the lender is not currently 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, which was foreclosed in September 2017, pursuant to the terms of its loan agreement from January 2017 through September 15, 2017. Default interest expense of $ 0.5 0.8 11.7 11.2 In addition, the Company’s recourse mortgage loan (the “St. Augustine Mortgage”) secured by the St. Augustine Outlet Center located in St. Augustine, Florida (outstanding principal balance of $ 20.4 |
Net Earnings Per Share
Net Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Net Earnings Per Share [Abstract] | |
Net Earnings Per Share | Net Earnings Per Share Basic net earnings per share is calculated by dividing net income attributable to common shareholders by the weighted-average number of shares of common stock outstanding during the applicable period. Diluted net income per share includes the potentially dilutive effect, if any, which would occur if our outstanding options to purchase our common stock were exercised. For all periods presented, dilutive net income per share is equivalent to basic net income per share. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 6. Related Party Transactions The Company has agreements with the Advisor and Lightstone Value Plus REIT Management LLC (the “Property Manager”) to pay certain fees in exchange for services performed by these entities and other affiliated entities. The Company’s ability to secure financing and subsequent real estate operations are dependent upon its Advisor, Property Manager and their affiliates to perform such services as provided in these agreements. Three Months Ended March 31, 2018 2017 Asset management fees (general and administrative costs) $ 465 $ 562 Property management fees (property operating expenses) 153 190 Development fees and leasing commissions* 77 482 Total $ 695 $ 1,234 * Generally, capitalized and amortized over the estimated useful life of the associated asset. Lightstone SLP, LLC, an affiliate of the Company’s Sponsor, has purchased SLP units which are included in noncontrolling interests in the consolidated balance sheets. These SLP units, the purchase price of which will be repaid only after stockholders receive a stated preferred return and their net investment, entitle Lightstone SLP, LLC to a portion of any regular distributions made by the Operating Partnership. During the three months ended March 31, 2018, distributions of $ 0.5 The Company’s Sponsor, has a 19.17 Preferred Investments The Company has entered into several agreements with various related party entities that provide for it to make preferred contributions pursuant to certain instruments (the “Preferred Investments”) that entitle the Company to certain prescribed monthly preferred distributions. The Preferred Investments had an aggregate balance of $ 130.7 158.3 During the three months ended March 31, 2018, the Company made an aggregate $ 9.9 37.5 9.3 4.1 4.0 Preferred Investment Balance Unfunded Contributions Investment Income As of As of As of Three Months Ended March 31, Preferred Investments Dividend Rate March 31, 2018 December 31, 2017 March 31, 2018 2018 2017 40 East End Avenue (1) 8% to 12 % $ 30,000 30,000 $ - $ 900 $ 633 30-02 39th Avenue 9% to 12 % 10,000 10,000 - 300 335 485 7th Avenue 12 % 22,500 60,000 - 1,025 1,800 East 11th Street 12 % 55,387 46,119 2,113 1,481 945 Miami Moxy 12 % 12,856 12,195 7,144 374 250 Total Preferred Investments $ 130,743 $ 158,314 $ 9,257 $ 4,080 $ 3,963 Note: (1) - The dividend rate increased from 8 12 The Joint Venture The Company has a 2.5% membership interest in a joint venture (the “Joint Venture”) with Lightstone Value Plus Real Estate Investment Trust II, Inc. (“Lightstone II”), a related party REIT also sponsored by our Sponsor. The Joint Venture previously acquired our membership interests in a portfolio of 11 hotels in a series of transactions completed during 2015. During the third quarter of 2017, the Joint Venture sold its ownership interests in four of the hotels to an unrelated third party. On November 6, 2017, the from an unrelated third party. As a result, the Joint Venture holds ownership interests in eight hotels as of March 31, 2018. The Company accounts for our 2.5% membership interest in the Joint Venture under the cost method and as of both March 31, 2018 and December 31, 2017, the carrying value of our investment was $1.5 million, which is included in investment in related parties on the consolidated balance sheets. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Financial Instruments [Abstract] | |
Financial Instruments | 7. Financial Instruments The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, restricted cash, tenant and other accounts receivable, accounts payable, accrued expenses and other liabilities and due to related parties approximated their fair values because of the short maturity of these instruments. T he estimated fair value of the notes payable (line of credit) approximated its carrying value 18.6 As of March 31, 2018 As of December 31, 2017 Carrying Amount Estimated Fair Carrying Amount Estimated Fair Mortgages payable $ 159.2 $ 156.9 $ 159.6 $ 158.6 The fair value of the mortgages payable was determined by discounting the future contractual interest and principal payments by estimated current market interest rates. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2018 | |
Segment Information [Abstract] | |
Segment Information | 8. 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 the third quarter of 2017, the Company sold its only remaining consolidated hospitality property and therefore, no longer has a Hospitality Segment. The Company’s Advisor and its affiliates provide leasing, property and facilities management, acquisition, development, construction and tenant-related services for its portfolio. The Company’s revenues for the three months ended March 31, 2018 and 2017 were exclusively derived from activities in the United States. No revenues from foreign countries were received or reported. The Company had no long-lived assets in foreign locations as of March 31, 2018 and December 31, 2017. The accounting policies of the segments are the same as those described in Note 2: Summary of Significant Accounting Policies of the Company’s December 31, 2017 Annual Report on Form 10-K. Unallocated assets, revenues and expenses relate to corporate related accounts, including the Company’s Preferred Investments in Related Parties (see Note 6). The Company evaluates performance based upon net operating income/(loss) from the combined properties in each real estate segment. For the Three Months Ended March 31, 2018 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 1,852 2,191 $ 1,645 $ - $ - $ 5,688 Property operating expenses 746 483 492 - 1,721 Real estate taxes 262 18 224 - - 504 General and administrative costs 23 4 (9) 1 1,138 1,157 Net operating income/(loss) 821 1,686 938 (1) (1,138) 2,306 Depreciation and amortization 902 409 462 - - 1,773 Operating income/(loss) $ (81) $ 1,277 $ 476 $ (1) $ (1,083) $ 533 As of March 31, 2018: Total Assets $ 70,178 $ 67,659 $ 49,593 $ (24) $ 323,178 $ 510,584 For the Three Months Ended March 31, 2017 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 2,714 2,158 $ 1,581 $ 4,936 $ - $ 11,389 Property operating expenses 938 458 541 4,185 1 6,123 Real estate taxes 380 18 201 81 - 680 General and administrative costs 83 10 4 76 1,262 1,435 Net operating income/(loss) 1,313 1,672 835 594 (1,263) 3,151 Depreciation and amortization 1,226 405 440 722 - 2,793 Operating income/(loss) $ 87 $ 1,267 $ 395 $ (128) $ (1,263) $ 358 As of December 31, 2017: Total Assets $ 70,758 $ 67,966 $ 49,461 $ 61,316 $ 270,173 $ 519,674 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Legal Proceedings From time to time in the ordinary course of business, the Company may become subject to legal proceedings, claims or disputes. As of the date hereof, the Company is not a party to any material pending legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on its results of operations or financial condition, which would require accrual or disclosure of the contingency and possible range of loss. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. Subsequent Events Distribution Payment On April 16, 2018, the distribution for the three-month period ending March 31, 2018 of $ 4.3 Distribution Declaration On May 10, 2018 the Board of Directors authorized and the Company declared a distribution for the three-month period ending June 30, 2018. The distribution will be calculated based on shareholders of record each day during this three-month period at a rate of $ 0.0019178 365 7.0 10.00 |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of the Lightstone REIT and its Operating Partnership and its subsidiaries (over which the Company exercises financial and operating control). All inter-company balances and transactions have been eliminated in consolidation. The accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited Consolidated Financial Statements of the Company and related notes as contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017. The unaudited interim consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair presentation of the results for the periods presented. The accompanying unaudited consolidated financial statements of Lightstone Value Plus Real Estate Investment Trust, Inc. and its Subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate and real-estate related investments, marketable securities, depreciable lives, and revenue recognition. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. The consolidated balance sheet as of December 31, 2017 included herein has been derived from the consolidated balance sheet included in the Company's Annual Report on Form 10-K. The unaudited consolidated statements of operations for interim periods are not necessarily indicative of results for the full year or any other period. |
New Accounting Pronouncements | Effective January 1, 2018, the Company adopted guidance issued by the Financial Accounting Standards Board (“FASB”) that 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. The Company adopted this standard using the retrospective transition method. As required by the Company’s lenders, restricted cash is held in escrow accounts for anticipated capital expenditures, real estate taxes, and other reserves for certain of our consolidated properties. Capital reserves are typically utilized for non-operating expenses such as tenant improvements, leasing commissions, and major capital expenditures. Alternatively, a lender may require its own formula for an escrow of capital reserves. Restricted cash may also include certain funds temporarily placed in escrow with qualified intermediaries to facilitate potential like-kind exchange transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended. Three Months Ended March 31, 2018 2017 Cash and cash equivalents $ 77,763 $ 101,975 Restricted cash 3,626 3,866 Total cash, cash equivalents and restricted cash $ 81,389 $ 105,841 Effective January 1, 2018, the Company adopted guidance issued by the FASB that that 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, using a modified-retrospective approach. This resulted in a $ 17.0 Effective January 1, 2018, the Company adopted guidance issued by the FASB 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. Additionally, assets acquired, liabilities assumed, and any noncontrolling interest will be measured at their relative fair values. 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. Effective January 1, 2018, the Company adopted guidance issued by the FASB that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. The new guidance requires companies to apply a five-step model in accounting for revenue arising from contracts with customers, as well as enhance disclosures regarding revenue recognition. Lease contracts are excluded from this revenue recognition criteria; however, the sale of real estate will be required to follow the new model. The Company has adopted this standard for the year beginning on January 1, 2018 using the modified retrospective approach. The adoption of this pronouncement had no effect on our consolidated financial statements since, with the disposal of the DoubleTree Danvers in September 2017, substantially all revenues now consists of rental income from leasing arrangements, which is specifically excluded from the standard. 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. The Company intends to adopt the standard on January 1, 2019 and apply certain practical expedients available to us upon adoption. The Company is continuing to evaluate the impact this guidance will have on our consolidated financial statements when adopted. 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 Accoun19
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Summary of Significant Accounting Policies [Abstract] | |
Restrictions on Cash and Cash Equivalents | The following is a summary of the Company’s cash, cash equivalents, and restricted cash total as presented in our statements of cash flows for the periods presented: Three Months Ended March 31, 2018 2017 Cash and cash equivalents $ 77,763 $ 101,975 Restricted cash 3,626 3,866 Total cash, cash equivalents and restricted cash $ 81,389 $ 105,841 |
Marketable Securities, Fair V20
Marketable Securities, Fair Value Measurements and Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 Adjusted Cost Gross Unrealized Gross Unrealized Fair Value Marketable Securities: Equity securities: Equity Securities, primarily REITs $ 1,405 $ 98 $ (4) $ 1,499 Marco OP Units and Marco II OP Units 19,227 13,069 - 32,296 20,632 13,167 (4) 33,795 Debt securities: Corporate Bonds and Preferred Securities 80,917 12 (748) 80,181 Mortgage Backed Securities ("MBS") 1,805 - (302) 1,503 82,722 12 (1,050) 81,684 Total $ 103,354 $ 13,179 $ (1,054) $ 115,479 As of December 31, 2017 Adjusted Cost Gross Unrealized Gross Unrealized Fair Value Marketable Securities: Equity securities: Equity Securities, primarily REITs $ 1,405 $ 263 $ - $ 1,668 Marco OP Units and Marco II OP Units 19,227 16,708 - 35,935 20,632 16,971 - 37,603 Debt securities: Corporate Bonds and Preferred Securities 18,494 371 (81) 18,784 Mortgage Backed Securities 1,856 - (299) 1,557 20,350 371 (380) 20,341 Total $ 40,982 $ 17,342 $ (380) $ 57,944 |
Marketable Securities, Available for Sale, and Derivative Financial Instruments Measured at Fair Value on Recurring Basis | Marketable securities, available for sale, measured at fair value on a recurring basis as of the dates indicated are as follows: Fair Value Measurement Using As of March 31, 2018 Level 1 Level 2 Level 3 Total Marketable Securities: Equity Securities, primarily REITs $ 1,499 $ - $ - $ 1,499 Marco OP and OP II Units - 32,296 - 32,296 Corporate Bonds and Preferred Securities - 80,181 - 80,181 MBS - 1,503 - 1,503 Total $ 1,499 $ 113,980 $ - $ 115,479 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 Securities - 18,784 - 18,784 MBS - 1,557 - 1,557 Total $ 1,668 $ 56,276 $ - $ 57,944 |
Available-for-sale Securities | The following table summarizes the estimated fair value of our investments in marketable debt securities with stated contractual maturity dates, accounted for as available-for-sale securities and classified by the contractual maturity date of the securities: As of March 31, 2018 Due in 1 year $ 12,096 Due in 1 year through 5 years 45,363 Due in 5 year through 10 years 22,722 Due after 10 years 1,503 Total 81,684 |
Mortgages Payable, Net (Tables)
Mortgages Payable, Net (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Loans Payable [Abstract] | |
Schedule of Mortgages Payable, net | Mortgages payable, net consists of the following: Property Interest Rate Weighted Average Maturity Date Amount Due at As of As of Gulf Coast Industrial Portfolio 9.83% 9.83 % Due on demand 50,205 50,205 50,205 St. Augustine Outlet Center LIBOR + 4.50% 6.12 % August 2018 20,400 20,400 20,400 Gantry Park 4.48% 4.48 % November 2024 65,317 74,204 74,500 DePaul Plaza LIBOR + 2.75% 4.35 % June 2020 13,494 14,378 14,480 Total mortgages payable 6.37 % $ 149,416 $ 159,187 $ 159,585 Less: Deferred financing costs (1,508) (1,658) Total mortgages payable, net $ 157,679 $ 157,927 |
Contractually Scheduled Principal Maturities During Next Five Years | The following table shows the contractually scheduled principal maturities of the Company’s mortgage debt during the next five years and thereafter as of March 31, 2018: 2018 2019 2020 2021 2022 Thereafter Total Principal maturities $ 71,774 $ 1,621 $ 14,924 $ 1,328 $ 1,389 $ 68,151 $ 159,187 Less: Deferred financing costs (1,508) Total principal maturities, net $ 157,679 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Amount Recorded in Pursuant to Related Party Arrangment | The Company, pursuant to the related party arrangements, has recorded the following amounts for the periods indicated: Three Months Ended March 31, 2018 2017 Asset management fees (general and administrative costs) $ 465 $ 562 Property management fees (property operating expenses) 153 190 Development fees and leasing commissions* 77 482 Total $ 695 $ 1,234 * Generally, capitalized and amortized over the estimated useful life of the associated asset. |
Preferred Investments | The Preferred Investments are summarized as follows: Preferred Investment Balance Unfunded Contributions Investment Income As of As of As of Three Months Ended March 31, Preferred Investments Dividend Rate March 31, 2018 December 31, 2017 March 31, 2018 2018 2017 40 East End Avenue (1) 8% to 12 % $ 30,000 30,000 $ - $ 900 $ 633 30-02 39th Avenue 9% to 12 % 10,000 10,000 - 300 335 485 7th Avenue 12 % 22,500 60,000 - 1,025 1,800 East 11th Street 12 % 55,387 46,119 2,113 1,481 945 Miami Moxy 12 % 12,856 12,195 7,144 374 250 Total Preferred Investments $ 130,743 $ 158,314 $ 9,257 $ 4,080 $ 3,963 Note: (1) - The dividend rate increased from 8 12 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Financial Instruments [Abstract] | |
Summary of Estimated Fair Value of Debt | The estimated fair value (in millions) of the Company’s mortgage debt is summarized as follows: As of March 31, 2018 As of December 31, 2017 Carrying Amount Estimated Fair Carrying Amount Estimated Fair Mortgages payable $ 159.2 $ 156.9 $ 159.6 $ 158.6 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Information [Abstract] | |
Results of Operations and Total Assets of Operating Segments | For the Three Months Ended March 31, 2018 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 1,852 2,191 $ 1,645 $ - $ - $ 5,688 Property operating expenses 746 483 492 - 1,721 Real estate taxes 262 18 224 - - 504 General and administrative costs 23 4 (9) 1 1,138 1,157 Net operating income/(loss) 821 1,686 938 (1) (1,138) 2,306 Depreciation and amortization 902 409 462 - - 1,773 Operating income/(loss) $ (81) $ 1,277 $ 476 $ (1) $ (1,083) $ 533 As of March 31, 2018: Total Assets $ 70,178 $ 67,659 $ 49,593 $ (24) $ 323,178 $ 510,584 For the Three Months Ended March 31, 2017 Retail Multi-Family Industrial Hospitality Unallocated Total Total revenues $ 2,714 2,158 $ 1,581 $ 4,936 $ - $ 11,389 Property operating expenses 938 458 541 4,185 1 6,123 Real estate taxes 380 18 201 81 - 680 General and administrative costs 83 10 4 76 1,262 1,435 Net operating income/(loss) 1,313 1,672 835 594 (1,263) 3,151 Depreciation and amortization 1,226 405 440 722 - 2,793 Operating income/(loss) $ 87 $ 1,267 $ 395 $ (128) $ (1,263) $ 358 As of December 31, 2017: Total Assets $ 70,758 $ 67,966 $ 49,461 $ 61,316 $ 270,173 $ 519,674 |
Organization (Details Textual)
Organization (Details Textual) ft² in Millions | 3 Months Ended |
Mar. 31, 2018ft² | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Date of incorporation | Jun. 8, 2004 |
Lightstone REIT, partnership formation date | Jul. 12, 2004 |
General partner ownership interest | 98.00% |
Retail [Member] | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Occupancy Percentage Of Commercial Properties | 81.00% |
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 | 98.00% |
Wholly Owned Properties [Member] | Retail [Member] | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Area of Real Estate Property | 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 | 1 |
Wholly Owned Properties [Member] | Residential Real Estate [Member] | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |
Number of Units in Real Estate Property | 199 |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents | $ 77,763 | $ 116,434 | $ 101,975 | |
Restricted cash | 3,626 | 2,785 | 3,866 | |
Total cash, cash equivalents and restricted cash | $ 81,389 | $ 119,219 | $ 105,841 | $ 108,357 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Details Textual) $ in Millions | Jan. 02, 2018USD ($) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Investment Transferred from Available-for-sale to Equity Method, after Tax | $ 17 |
Marketable Securities, Fair V28
Marketable Securities, Fair Value Measurements and Notes Payable (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Equity securities, Adjusted Cost | $ 20,632 | $ 20,632 |
Equity securities, Gross Unrealized Gains | 13,167 | 16,971 |
Equity securities, Gross Unrealized Losses | (4) | 0 |
Equity securities, Fair Value | 33,795 | 37,603 |
Debt securities, Adjusted Cost | 82,722 | 20,350 |
Debt securities, Gross Unrealized Gains | 12 | 371 |
Debt securities, Gross Unrealized Losses | (1,050) | (380) |
Debt securities, Fair Value | 81,684 | 20,341 |
Adjusted Cost | 103,354 | 40,982 |
Gross Unrealized Gains | 13,179 | 17,342 |
Gross Unrealized Losses | (1,054) | (380) |
Fair Value | 115,479 | 57,944 |
Equity Securities, primarily REITs [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity securities, Adjusted Cost | 1,405 | 1,405 |
Equity securities, Gross Unrealized Gains | 98 | 263 |
Equity securities, Gross Unrealized Losses | (4) | 0 |
Equity securities, Fair Value | 1,499 | 1,668 |
Marco OP Units and Marco II OP Units [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity securities, Adjusted Cost | 19,227 | 19,227 |
Equity securities, Gross Unrealized Gains | 13,069 | 16,708 |
Equity securities, Gross Unrealized Losses | 0 | 0 |
Equity securities, Fair Value | 32,296 | 35,935 |
Corporate Bonds And Preferred Equities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Adjusted Cost | 80,917 | 18,494 |
Debt securities, Gross Unrealized Gains | 12 | 371 |
Debt securities, Gross Unrealized Losses | (748) | (81) |
Debt securities, Fair Value | 80,181 | 18,784 |
Mortgage Backed Securities ("MBS") [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, Adjusted Cost | 1,805 | 1,856 |
Debt securities, Gross Unrealized Gains | 0 | 0 |
Debt securities, Gross Unrealized Losses | (302) | (299) |
Debt securities, Fair Value | $ 1,503 | $ 1,557 |
Marketable Securities, Fair V29
Marketable Securities, Fair Value Measurements and Notes Payable (Details 1) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 115,479 | $ 57,944 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 1,499 | 1,668 |
Marco OP and Marco OP II Units [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 32,296 | 35,935 |
Corporate Bonds And Preferred Equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 80,181 | 18,784 |
MBS [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 1,503 | 1,557 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 1,499 | 1,668 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 1,499 | 1,668 |
Fair Value, Inputs, Level 1 [Member] | Marco OP and Marco OP II Units [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Corporate Bonds And Preferred Equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | MBS [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 113,980 | 56,276 |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Marco OP and Marco OP II Units [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 32,296 | 35,935 |
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 | 80,181 | 18,784 |
Fair Value, Inputs, Level 2 [Member] | MBS [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 1,503 | 1,557 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Marco OP and Marco OP II Units [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Corporate Bonds And Preferred Equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | MBS [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 0 | $ 0 |
Marketable Securities, Fair V30
Marketable Securities, Fair Value Measurements and Notes Payable (Details 2) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Due in 1 year | $ 12,096 | |
Due in 1 year through 5 years | 45,363 | |
Due in 5 year through 10 years | 22,722 | |
Due after 10 years | 1,503 | |
Total | $ 81,684 | $ 20,341 |
Marketable Securities, Fair V31
Marketable Securities, Fair Value Measurements and Notes Payable (Details Textual) - USD ($) | Jan. 02, 2018 | Sep. 14, 2012 | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Investment Transferred from Available-for-sale to Equity Method, after Tax | $ 17,000,000 | |||
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 | 2.73% | |||
Line of Credit [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt instrument, interest rate terms | Libor plus 1.35% | |||
Debt instrument, interest rate at end of period | 3.23% | |||
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 | $ 18,600,000 | ||
Marco OP Units and Pro DFJV Holdings LLC [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Instrument, Collateral Amount | $ 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 |
Mortgages Payable, Net (Details
Mortgages Payable, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Amount Due at Maturity | $ 149,416 | ||
Secured Debt | $ 157,679 | $ 157,927 | |
Weighted Average Interest Rate | 6.37% | ||
Total mortgages payable | $ 159,187 | 159,585 | |
Less: Deferred financing costs | (1,508) | (1,658) | |
Gulf Coast Industrial Portfolio [Member] | |||
Debt Instrument [Line Items] | |||
Amount Due at Maturity | 50,205 | ||
Secured Debt | $ 50,205 | 50,205 | |
Interest Rate | 9.83% | ||
Weighted Average Interest Rate | 9.83% | ||
St Augustine Outlet Center [Member] | |||
Debt Instrument [Line Items] | |||
Amount Due at Maturity | $ 20,400 | ||
Secured Debt | $ 20,400 | 20,400 | |
Debt instrument, interest rate terms | LIBOR + 4.50% | ||
Weighted Average Interest Rate | 6.12% | ||
Maturity Date | 2018-08 | ||
Gantry Park [Member] | |||
Debt Instrument [Line Items] | |||
Amount Due at Maturity | $ 65,317 | ||
Secured Debt | $ 74,204 | 74,500 | |
Interest Rate | 4.48% | ||
Weighted Average Interest Rate | 4.48% | ||
Maturity Date | 2024-11 | ||
DePaul Plaza [Member] | |||
Debt Instrument [Line Items] | |||
Amount Due at Maturity | $ 13,494 | ||
Secured Debt | $ 14,378 | $ 14,480 | |
Debt instrument, interest rate terms | LIBOR + 2.75% | ||
Weighted Average Interest Rate | 4.35% | ||
Maturity Date | 2020-06 |
Mortgages Payable, Net (Detai33
Mortgages Payable, Net (Details 1) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
2,018 | $ 71,774 | |
2,019 | 1,621 | |
2,020 | 14,924 | |
2,021 | 1,328 | |
2,022 | 1,389 | |
Thereafter | 68,151 | |
Total | 159,187 | $ 159,585 |
Less: Deferred financing costs | (1,508) | (1,658) |
Total principal maturities, net | $ 157,679 | $ 157,927 |
Mortgages Payable, Net (Detai34
Mortgages Payable, Net (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Debt Instrument Interest London Interbank Offered Rate | 1.88% | 1.57% | |
Debt Instrument, Increase, Accrued Interest | $ 0.5 | $ 0.8 | |
Gulf Coast Industrial Portfolio Mortgage [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 50.2 | ||
St. Augustine Outlet Center [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 20.4 | ||
Courtyard - Baton Rouge [Member] | Mortgages payable [Member] | |||
Debt Instrument [Line Items] | |||
Accrued default interest payable | $ 11.7 | $ 11.2 |
Related Party Transactions (Det
Related Party Transactions (Details) - Related Party [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Related Party Transaction [Line Items] | |||
Asset management fees (general and administrative costs) | $ 465 | $ 562 | |
Property management fees (property operating expenses) | 153 | 190 | |
Development fees and leasing commissions | [1] | 77 | 482 |
Total | $ 695 | $ 1,234 | |
[1] | Generally, capitalized and amortized over the estimated useful life of the associated asset. |
Related Party Transactions (D36
Related Party Transactions (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | ||
Related Party Transaction [Line Items] | ||||
Investments in and Advances to Affiliates, at Fair Value, Gross Additions | $ 130,743 | $ 158,314 | ||
Preferred Stock Dividend Income | 4,080 | $ 3,963 | ||
Unfunded Investment Contribution Liabilities | 9,257 | |||
Minimum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Preferred Stock, Dividend Rate, Percentage | 8.00% | |||
Maximum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Preferred Stock, Dividend Rate, Percentage | 12.00% | |||
Forty East End Avenue Preferred Investment [Member] | ||||
Related Party Transaction [Line Items] | ||||
Investments in and Advances to Affiliates, at Fair Value, Gross Additions | [1] | 30,000 | 30,000 | |
Preferred Stock Dividend Income | [1] | 900 | $ 633 | |
Unfunded Investment Contribution Liabilities | [1] | $ 0 | ||
Forty East End Avenue Preferred Investment [Member] | Minimum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Preferred Stock, Dividend Rate, Percentage | [1] | 8.00% | ||
Forty East End Avenue Preferred Investment [Member] | Maximum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Preferred Stock, Dividend Rate, Percentage | [1] | 12.00% | ||
Thirty Zero Two Thirty Ninth Avenue One Preferred Investment [Member] | ||||
Related Party Transaction [Line Items] | ||||
Investments in and Advances to Affiliates, at Fair Value, Gross Additions | $ 10,000 | 10,000 | ||
Preferred Stock Dividend Income | 300 | 335 | ||
Unfunded Investment Contribution Liabilities | $ 0 | |||
Thirty Zero Two Thirty Ninth Avenue One Preferred Investment [Member] | Minimum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Preferred Stock, Dividend Rate, Percentage | 9.00% | |||
Thirty Zero Two Thirty Ninth Avenue One Preferred Investment [Member] | Maximum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Preferred Stock, Dividend Rate, Percentage | 12.00% | |||
Four Eighty Five Seventh Avenue Preferred Investment [Member] | ||||
Related Party Transaction [Line Items] | ||||
Preferred Stock, Dividend Rate, Percentage | 12.00% | |||
Investments in and Advances to Affiliates, at Fair Value, Gross Additions | $ 22,500 | 60,000 | ||
Preferred Stock Dividend Income | 1,025 | 1,800 | ||
Unfunded Investment Contribution Liabilities | $ 0 | |||
East 11th Street [Member] | ||||
Related Party Transaction [Line Items] | ||||
Preferred Stock, Dividend Rate, Percentage | 12.00% | |||
Investments in and Advances to Affiliates, at Fair Value, Gross Additions | $ 55,387 | 46,119 | ||
Preferred Stock Dividend Income | 1,481 | 945 | ||
Unfunded Investment Contribution Liabilities | $ 2,113 | |||
Miami Moxy [Member] | ||||
Related Party Transaction [Line Items] | ||||
Preferred Stock, Dividend Rate, Percentage | 12.00% | |||
Investments in and Advances to Affiliates, at Fair Value, Gross Additions | $ 12,856 | $ 12,195 | ||
Preferred Stock Dividend Income | 374 | $ 250 | ||
Unfunded Investment Contribution Liabilities | $ 7,144 | |||
[1] | The dividend rate increased from 8% to 12% during March 2017 in connection with the procurement of construction financing on this project. |
Related Party Transactions (D37
Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Investments in and Advances to Affiliates [Line Items] | |||
Unfunded Investment Contribution Liabilities | $ 9,257 | ||
Dividends, Cash | 4,270 | ||
Investments in and Advances to Affiliates, at Fair Value, Gross Additions | 130,743 | $ 158,314 | |
Reimbursement from Preferred Investment | $ 37,500 | ||
Lightstone Slp Llc [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Equity Method Investment, Ownership Percentage | 19.17% | ||
SLP Units [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Dividends, Cash | $ 500 | ||
Minimum [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Preferred Stock, Dividend Rate, Percentage | 8.00% | ||
Maximum [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Preferred Stock, Dividend Rate, Percentage | 12.00% | ||
Preferred Investments [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Unfunded Investment Contribution Liabilities | 9,300 | ||
Additional Investments In And Advances To Affiliates At Fair Value Gross Additions | 9,900 | ||
Preferred Stock Investments Income | 4,100 | $ 4,000 | |
Investments in and Advances to Affiliates, at Fair Value, Gross Additions | $ 130,700 | $ 158,300 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Carrying Amount | $ 159,187 | $ 159,585 |
Mortgages payable [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 159,200 | 159,600 |
Estimated Fair Value | $ 156,900 | $ 158,600 |
Financial Instruments (Details
Financial Instruments (Details Textual) $ in Millions | Mar. 31, 2018USD ($) |
Debt Instrument [Line Items] | |
Notes Payable, Fair Value Disclosure | $ 18.6 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 5,688 | $ 11,389 | |
Property operating expenses | 1,721 | 6,123 | |
Real estate taxes | 504 | 680 | |
General and administrative costs | 1,157 | 1,435 | |
Net operating income/(loss) | 2,306 | 3,151 | |
Depreciation and amortization | 1,773 | 2,793 | |
Operating income/(loss) | 533 | 358 | |
Total Assets | 510,584 | 519,674 | $ 519,674 |
Retail [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 1,852 | 2,714 | |
Property operating expenses | 746 | 938 | |
Real estate taxes | 262 | 380 | |
General and administrative costs | 23 | 83 | |
Net operating income/(loss) | 821 | 1,313 | |
Depreciation and amortization | 902 | 1,226 | |
Operating income/(loss) | (81) | 87 | |
Total Assets | 70,178 | 70,758 | |
Multi-Family [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 2,191 | 2,158 | |
Property operating expenses | 483 | 458 | |
Real estate taxes | 18 | 18 | |
General and administrative costs | 4 | 10 | |
Net operating income/(loss) | 1,686 | 1,672 | |
Depreciation and amortization | 409 | 405 | |
Operating income/(loss) | 1,277 | 1,267 | |
Total Assets | 67,659 | 67,966 | |
Industrial [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 1,645 | 1,581 | |
Property operating expenses | 492 | 541 | |
Real estate taxes | 224 | 201 | |
General and administrative costs | (9) | 4 | |
Net operating income/(loss) | 938 | 835 | |
Depreciation and amortization | 462 | 440 | |
Operating income/(loss) | 476 | 395 | |
Total Assets | 49,593 | 49,461 | |
Hospitality [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 0 | 4,936 | |
Property operating expenses | 0 | 4,185 | |
Real estate taxes | 0 | 81 | |
General and administrative costs | 1 | 76 | |
Net operating income/(loss) | (1) | 594 | |
Depreciation and amortization | 0 | 722 | |
Operating income/(loss) | (1) | (128) | |
Total Assets | (24) | 61,316 | |
Unallocated [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 0 | 0 | |
Property operating expenses | 1 | ||
Real estate taxes | 0 | 0 | |
General and administrative costs | 1,138 | 1,262 | |
Net operating income/(loss) | (1,138) | (1,263) | |
Depreciation and amortization | 0 | 0 | |
Operating income/(loss) | (1,083) | (1,263) | |
Total Assets | $ 323,178 | $ 270,173 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($) | May 10, 2018 | Apr. 16, 2018 |
Subsequent Events [Line Items] | ||
Payments of Dividends | $ 4,300,000 | |
Distribution Rate Per Day | $ 0.0019178 | |
Number Of Days Used To Calculate Dividend Per Day | 365 days | |
Annualized Distribution Rate | 7.00% | |
Dividends Declared Amount Per Share | $ 10 |