Cover
Cover - shares shares in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Nov. 07, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-52610 | |
Entity Registrant Name | LIGHTSTONE VALUE PLUS REIT I, INC. | |
Entity Central Index Key | 0001296884 | |
Entity Tax Identification Number | 20-1237795 | |
Entity Incorporation, State or Country Code | MD | |
Entity Address, Address Line One | 1985 Cedar Bridge Avenue | |
Entity Address, Address Line Two | Suite 1 | |
Entity Address, City or Town | Lakewood | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 08701 | |
City Area Code | (732) | |
Local Phone Number | 367-0129 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 21,900 |
CONSOLIDATED BALANCE SHEETS (un
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Investment property: | ||
Land and improvements | $ 24,566 | $ 27,301 |
Building and improvements | 51,424 | 88,830 |
Furniture and fixtures | 1,873 | 2,479 |
Construction in progress | 22 | 10 |
Gross investment property | 77,885 | 118,620 |
Less accumulated depreciation | (14,485) | (37,019) |
Net investment property | 63,400 | 81,601 |
Development projects | 287,873 | 234,214 |
Investments in related parties | 6,930 | 15,509 |
Cash and cash equivalents | 37,872 | 39,405 |
Marketable securities | 41,494 | 62,814 |
Notes receivable, net | 46,729 | 26,854 |
Prepaid expenses, restricted cash and other assets | 6,983 | 5,391 |
Total Assets | 491,281 | 465,788 |
Liabilities and Stockholders’ Equity | ||
Mortgages payable, net | 240,710 | 165,706 |
Accounts payable, accrued expenses and other liabilities | 14,615 | 11,764 |
Due to related parties | 276 | 208 |
Distributions payable | 3,831 | 3,885 |
Total Liabilities | 259,432 | 181,563 |
Company’s Stockholders Equity: | ||
Preferred shares, $0.01 par value, 10.0 million shares authorized, none issued and outstanding | ||
Common stock, $0.01 par value; 60.0 million shares authorized, 21.9 million and 22.2 million shares issued and outstanding, respectively | 219 | 222 |
Additional paid-in-capital | 164,727 | 168,363 |
Accumulated other comprehensive loss | (276) | (40) |
Accumulated surplus | 54,028 | 93,134 |
Total Company’s stockholders’ equity | 218,698 | 261,679 |
Noncontrolling interests | 13,151 | 22,546 |
Total Stockholders’ Equity | 231,849 | 284,225 |
Total Liabilities and Stockholders’ Equity | $ 491,281 | $ 465,788 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares shares in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
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 | 21,900 | 22,200 |
Common stock, shares outstanding | 21,900 | 22,200 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues: | ||||
Rental income | $ 2,370 | $ 2,300 | $ 7,117 | $ 7,486 |
Tenant recovery income | 13 | 32 | 80 | 109 |
Total revenues | 2,383 | 2,332 | 7,197 | 7,595 |
Expenses: | ||||
Property operating expenses | 922 | 1,368 | 3,315 | 3,240 |
Real estate taxes | 61 | 71 | 185 | 291 |
General and administrative costs | 538 | 616 | 1,710 | 1,787 |
Pre-opening costs | 317 | 671 | ||
Impairment charge | 11,341 | 11,341 | ||
Depreciation and amortization | 478 | 1,545 | 1,976 | 3,826 |
Total expenses | 2,316 | 14,941 | 7,857 | 20,485 |
Other income/(loss), net | 1,609 | 297 | 2,839 | (96) |
Interest and dividend income | 2,320 | 3,193 | 6,712 | 10,352 |
Interest expense, net | (677) | (580) | (1,427) | (1,977) |
Gain on disposition of real estate | 1,105 | 213 | 1,154 | 3,802 |
Loss on demolition | (16,593) | (16,593) | ||
Unrealized (loss)/gain on marketable equity securities | (1,190) | (3,521) | (19,964) | 10,556 |
Gain on sale of marketable securities | 4,669 | 1,160 | 4,653 | |
Net (loss)/income | (13,359) | (8,338) | (26,779) | 14,400 |
Less: net income attributable to noncontrolling interests | (183) | (582) | (783) | (3,332) |
Net (loss)/income attributable to Company’s common shares | $ (13,542) | $ (8,920) | $ (27,562) | $ 11,068 |
Net (loss)/income per Company’s common share, basic and diluted | $ (0.62) | $ (0.40) | $ (1.25) | $ 0.50 |
Weighted average number of common shares outstanding, basic and diluted | 21,887 | 22,221 | 21,996 | 22,276 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Net (loss)/income | $ (13,359) | $ (8,338) | $ (26,779) | $ 14,400 |
Other comprehensive(loss)/income | ||||
Holding (loss)/gain on available for sale debt securities | (107) | 4,605 | 919 | 4,696 |
Reclassification adjustment for gain included in net (loss)/income | (4,669) | (1,160) | (4,653) | |
Other comprehensive (loss)/income | (107) | (64) | (241) | 43 |
Comprehensive (loss)/income | (13,466) | (8,402) | (27,020) | 14,443 |
Less: Comprehensive income attributable to noncontrolling interests | (181) | (581) | (778) | (3,333) |
Comprehensive (loss)/income attributable to Company’s common shares | $ (13,647) | $ (8,983) | $ (27,798) | $ 11,110 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total | |
Beginning balance, value at Dec. 31, 2020 | $ 223 | $ 169,649 | $ 378 | $ 89,639 | $ 36,294 | $ 296,183 | |
Beginning balance, shares at Dec. 31, 2020 | 22,294 | ||||||
Net loss | 11,068 | 3,332 | 14,400 | ||||
Other comprehensive loss | 42 | 1 | 43 | ||||
Dividends, Cash | [1] | (11,703) | (11,703) | ||||
Distributions paid to noncontrolling interests | (10,523) | (10,523) | |||||
Contributions received from noncontrolling interests | 186 | 186 | |||||
Redemption and cancellation of common shares | $ (1) | (1,245) | (1,246) | ||||
Redemption and cancellation of shares (in shares) | (111) | ||||||
Shares issued from distribution reinvestment program | 242 | 242 | |||||
Shares issued from distribution reinvestment program (in shares) | 23 | ||||||
Ending balance, value at Sep. 30, 2021 | $ 222 | 168,646 | 420 | 89,004 | 29,290 | 287,582 | |
Ending balance, shares at Sep. 30, 2021 | 22,206 | ||||||
Beginning balance, value at Jun. 30, 2021 | $ 223 | 169,810 | 483 | 101,813 | 29,903 | 302,232 | |
Beginning balance, shares at Jun. 30, 2021 | 22,309 | ||||||
Net loss | (8,920) | 582 | (8,338) | ||||
Other comprehensive loss | (63) | (1) | (64) | ||||
Dividends, Cash | [2] | (3,889) | (3,889) | ||||
Distributions paid to noncontrolling interests | (1,340) | (1,340) | |||||
Contributions received from noncontrolling interests | 146 | 146 | |||||
Redemption and cancellation of common shares | $ 1 | 1,245 | 1,246 | ||||
Redemption and cancellation of shares (in shares) | (111) | ||||||
Shares issued from distribution reinvestment program | 81 | 81 | |||||
Shares issued from distribution reinvestment program (in shares) | 8 | ||||||
Ending balance, value at Sep. 30, 2021 | $ 222 | 168,646 | 420 | 89,004 | 29,290 | 287,582 | |
Ending balance, shares at Sep. 30, 2021 | 22,206 | ||||||
Beginning balance, value at Dec. 31, 2021 | $ 222 | 168,363 | (40) | 93,134 | 22,546 | 284,225 | |
Beginning balance, shares at Dec. 31, 2021 | 22,181 | ||||||
Net loss | (27,562) | 783 | (26,779) | ||||
Other comprehensive loss | (236) | (5) | (241) | ||||
Dividends, Cash | [3] | (11,544) | (11,544) | ||||
Distributions paid to noncontrolling interests | (32,068) | (32,068) | |||||
Contributions received from noncontrolling interests | 21,895 | 21,895 | |||||
Redemption and cancellation of common shares | $ (3) | (3,885) | (3,888) | ||||
Redemption and cancellation of shares (in shares) | (331) | ||||||
Shares issued from distribution reinvestment program | 249 | 249 | |||||
Shares issued from distribution reinvestment program (in shares) | 22 | ||||||
Ending balance, value at Sep. 30, 2022 | $ 219 | 164,727 | (276) | 54,028 | 13,151 | 231,849 | |
Ending balance, shares at Sep. 30, 2022 | 21,872 | ||||||
Beginning balance, value at Jun. 30, 2022 | $ 219 | 165,323 | (171) | 71,402 | 27,943 | 264,716 | |
Beginning balance, shares at Jun. 30, 2022 | 21,923 | ||||||
Net loss | (13,542) | 183 | (13,359) | ||||
Other comprehensive loss | (105) | (2) | (107) | ||||
Dividends, Cash | [4] | (3,832) | (3,832) | ||||
Distributions paid to noncontrolling interests | (14,973) | (14,973) | |||||
Redemption and cancellation of common shares | (678) | (678) | |||||
Redemption and cancellation of shares (in shares) | (58) | ||||||
Shares issued from distribution reinvestment program | 82 | 82 | |||||
Shares issued from distribution reinvestment program (in shares) | 7 | ||||||
Ending balance, value at Sep. 30, 2022 | $ 219 | $ 164,727 | $ (276) | $ 54,028 | $ 13,151 | $ 231,849 | |
Ending balance, shares at Sep. 30, 2022 | 21,872 | ||||||
[1]Distributions per share were $0.525.[2]Distributions per share were $0.525.[3]Distributions per share were $0.525.[4]Distributions per share were $0.175. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net (loss)/income | $ (26,779) | $ 14,400 |
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,976 | 3,826 |
Impairment charge | 11,341 | |
Unrealized loss/(gain) on marketable equity securities | 19,964 | (10,556) |
Gain on sale of marketable securities | (1,160) | (4,653) |
Mark to market adjustment on derivative financial instruments | (2,847) | (114) |
Gain on disposition of real estate | (1,154) | (3,802) |
Loss on demolition | 16,593 | |
Noncash interest income | (2,995) | (4,203) |
Other non-cash adjustments | 225 | 596 |
Changes in assets and liabilities: | ||
Increase in prepaid expenses and other assets | (1,537) | (671) |
(Decrease)/increase in tenant allowances and deposits payable | (38) | 26 |
Increase in accounts payable, accrued expenses and other liabilities | 6,717 | 5,711 |
Decrease in due to related parties | 68 | (131) |
Net cash provided by operating activities | 9,033 | 11,770 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of development property and investment property | (54,401) | (42,797) |
Purchase of marketable securities | (12,052) | (4,188) |
Proceeds from sale of marketable securities | 14,326 | 11,859 |
Proceeds from disposition of real estate | 20,052 | |
Investment in joint venture | (12) | |
Proceeds from joint venture | 79 | 138 |
Proceeds from redemption of preferred investment in related party | 8,500 | |
Funding of notes receivable | (44,420) | |
Proceeds from repayment of notes receivable | 27,540 | 43,326 |
Net cash (used in)/provided by investing activities | (60,428) | 28,378 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from mortgage financing | 74,318 | 40,596 |
Mortgage principal payments | (1,034) | (63,745) |
Payment of loan fees and expenses | (627) | (5,692) |
Redemption and cancellation of common shares | (3,888) | (1,246) |
Contributions received from noncontrolling interests | 21,895 | 186 |
Distributions paid to noncontrolling interests | (32,068) | (10,523) |
Distributions paid to Company’s common stockholders | (11,349) | (11,477) |
Net cash provided by/(used in) financing activities | 47,247 | (51,901) |
Net change in cash, cash equivalents and restricted cash | (4,148) | (11,753) |
Cash, cash equivalents and restricted cash, beginning of year | 42,592 | 46,841 |
Cash, cash equivalents and restricted cash, end of period | 38,444 | 35,088 |
Cash and cash equivalents | 37,872 | 33,378 |
Restricted cash | 572 | 1,710 |
Total cash, cash equivalents and restricted cash | $ 38,444 | $ 35,088 |
Structure
Structure | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Structure | 1. Structure Lightstone Value Plus REIT I, Inc., which was formerly known as Lightstone Value Plus Real Estate Investment Trust, Inc. before September 16, 2021, a Maryland corporation (“Lightstone REIT I”), formed on June 8, 2004 Lightstone REIT I 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. (the “Operating Partnership”), a Delaware limited partnership formed on July 12, 2004 98 Lightstone REIT I 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 Lightstone REIT I, its Operating Partnership or the Company as required by the context in which such pronoun is used. Through its Operating Partnership, the Company owns, operates and develops commercial, residential, and hospitality properties and makes real estate-related investments, principally in the United States. The Company’s real estate investments are held alone or jointly with other parties. The Company also originates or acquires mortgage loans secured by real estate. Although most of its investments are of these types, the Company may invest in whatever types of real estate or real estate-related investments that it believes is in its best interests. Since its inception, the Company has owned and managed various commercial and residential properties located throughout the United States. The Company evaluates all of its real estate investments as one operating segment. As of September 30, 2022, the Company has ownership interests in (i) one consolidated operating property, (ii) two consolidated development properties, (iii) certain consolidated land holdings, and (iv) seven unconsolidated operating properties. With respect to its consolidated operating property, the Company has a majority ownership interest of 59.2 2.5 97.5 The Company’s advisor is Lightstone Value Plus REIT, LLC (the “Advisor”), which is majority owned by David Lichtenstein. On July 6, 2004, the Advisor contributed $ 2 200 20,000 200 10.00 30.0 100,000 The Company does not have any employees. The Advisor receives compensation and fees for services related to the investment and management of the Company’s assets. The Company’s Advisor has affiliates which may manage and develop certain of its properties. However, the Company also contracts with other unaffiliated third-party property managers. The Company’s Common Shares are 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 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. Related Parties The Advisor and its affiliates, and Lightstone SLP, LLC are related parties of the Company. Certain of these entities are entitled to compensation for services related to the investment, management and disposition of the Company’s assets. The compensation is based on the cost of acquired properties/investments and the annual revenue earned from such properties/investments, and other such fees and expense reimbursements as outlined in each of the respective agreements. Noncontrolling Interests Partners of Operating Partnership On July 6, 2004, the Advisor contributed $2 to the Operating Partnership in exchange for 200 Common Units in the Operating Partnership. The Advisor has the right to convert the Common Units into cash or, at the option of the Company, an equal number of shares of Common Shares. In connection with the Offering, Lightstone SLP, LLC, an affiliate of the Advisor, purchased an aggregate of $ 30.0 99 In addition, an aggregate 497,209 Other Noncontrolling Interests in Consolidated Subsidiaries Other noncontrolling interests in consolidated subsidiaries include ownership interests in (i) Pro-DFJV Holdings LLC (“PRO”) held by the Company’s Sponsor, (ii) 50-01 2nd St. Associates LLC (the “2nd Street Joint Venture”), held by the Company’s Sponsor and other affiliates and (iii) various joint ventures held by affiliates of the Sponsor that have originated promissory notes to unaffiliated third parties (see Note 5). PRO’s holdings principally consist of Marco OP Units and Marco II OP Units (see Note 6). The 2nd Street Joint Venture owns Gantry Park Landing. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of Lightstone REIT I 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. In addition, interests in entities acquired are evaluated based on applicable accounting principles generally accepted in the United States of America (“GAAP”), and if deemed to be variable interest entities (“VIE”) in which the Company is the primary beneficiary are also consolidated. If the interest in the entity is determined not to be a VIE, then the entity is evaluated for consolidation based on legal form, economic substance, and the extent to which the Company has control, substantive participating rights or both under the respective ownership agreement. For entities in which the Company has less than a controlling interest but have significant influence, the Company accounts for the investment using the equity method of accounting. There are judgments and estimates involved in determining if an entity in which the Company has made an investment is a VIE and, if so, whether the Company is the primary beneficiary. The entity is evaluated to determine if it is a VIE by, among other things, calculating the percentage of equity being risked compared to the total equity of the entity. Determining expected future losses involves assumptions of various possibilities of the results of future operations of the entity, assigning a probability to each possibility and using a discount rate to determine the net present value of those future losses. A change in the judgments, assumptions, and estimates outlined above could result in consolidating an entity that should not be consolidated or accounting for an investment using the equity method that should in fact be consolidated, the effects of which could be material to our financial statements. 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, 2021. 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 REIT I, Inc. and its Subsidiaries have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 8 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, notes receivable, 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, 2021 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. Derivative Financial Instruments The Company utilizes derivative financial instruments to reduce interest rate risk. The Company does not hold or issue derivative financial instruments for trading purposes. The Company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Changes in fair value of those instruments are reported in the consolidated statements of operations. Pre-Opening Costs The Company expenses the costs associated with pre-opening activities associated with its development and construction projects as incurred. COVID-19 Pandemic On March 11, 2020, the World Health Organization declared COVID-19 a global pandemic and it remains highly unpredictable and dynamic and its ultimate duration and extent continue to be dependent on various developments, such as the emergence of variants to the virus that may cause additional strains of COVID-19, and the ongoing development, administration and ultimate effectiveness of vaccines, including booster shots. Accordingly, the ongoing COVID-19 pandemic may continue to have negative effects on the U.S. and global economies for the foreseeable future. During the COVID-19 pandemic, the occupancy of the Company’s St. Augustine Outlet Center significantly declined and because of limited leasing success, the Company began exploring various strategic alternatives for the property, which ultimately led to the Company ceasing operations of the center effective July 15, 2022 and demolishing the existing building and improvements during the third quarter of 2022. See “St. Augustine Outlet Center” for additional information. Additionally, during 2020 the Company saw deterioration in both the occupancy and rental rates for Gantry Park Landing, which is located on Long Island, New York, as the luxury rental market in the greater New York City metropolitan area was negatively impacted by the COVID-19 pandemic. However, both occupancy and rental rates consistently improved throughout 2021 and returned to pre-COVID-19 levels. Thereafter, occupancy has continued to remain stable and the property has experienced strong growth in its rental rates thus far in 2022. To-date, the COVID-19 pandemic has not had any significant impact on the Company’s development projects. Furthermore, the Company’s other real estate-related investments (both its preferred investment in related party and its nonrecourse loan made to an unaffiliated third-party borrower) also relate to various development projects, which are at different stages in their respective development process. These investments, which are subject to similar risks, have also not yet been significantly impacted by the COVID-19 pandemic. The extent to which the Company’s business may be affected by the ongoing COVID-19 pandemic will largely depend on both current and future developments, all of which are highly uncertain and cannot be reasonably predicted. If the Company’s operating properties, development projects and real estate-related investments are negatively impacted for an extended period because (i) occupancy levels and rental rates decline, (ii) tenants are unable to pay their rent, (iii) borrowers are unable to pay scheduled debt service on notes receivable, (iv) development activities are delayed and/or (v) various related party entities are unable to pay monthly preferred distributions on the Company’s preferred investments in related parties, the Company’s business and financial results could be materially and adversely impacted. Reclassifications Certain prior period amounts have been reclassified to conform to the current year presentation. New Accounting Pronouncements In June 2016, the FASB issued an accounting standards update which replaces the Company 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, 2022, including interim periods within those fiscal years. The adoption of this standard will not have a material effect on the Company’s consolidated financial position, results of operations or cash flows. The Company has reviewed and determined that other recently issued accounting pronouncements will not have a material impact on its financial position, results of operations and cash flows, or do not apply to its current operations. Supplemental Cash Flow Information Supplemental cash flow information for the periods indicated is as follows: Schedule of summary of supplemental cash flow information For the 2022 2021 Cash paid for interest $ 9,691 $ 6,424 Distributions declared but not paid $ 3,831 $ 3,889 Investment property acquired but not paid $ 2,059 $ 4,483 Amortization of deferred financing costs included in development projects $ 2,094 $ 848 Holding loss/gain on marketable securities $ 241 $ 43 Value of shares issued from distribution reinvestment program $ 249 $ 242 Accrued loan exit fee included in deferred financing costs $ - $ 1,100 St. Augustine Outlet Center During the COVID-19 pandemic, the occupancy of the Company’s St. Augustine Outlet Center, a retail property located in St. Augustine Florida, which consisted of 0.3 11.3 Because of the aforementioned lease terminations and scheduled expirations, substantially all of the tenants vacated the property during the first quarter of 2022 and on June 29, 2022, the Company entered into a lease termination agreement with the property’s final tenant providing for them to receive an aggregate of $ 750 16.6 In connection with the terms of certain of the lease termination agreements, the Company agreed to make various payments to certain tenants provided they closed their store and vacated the property. The Company expenses lease termination fees in the period the lease termination agreement is executed and such expenses are included in property operating expenses on the consolidated statements of operations. During the nine months ended September 30, 2022, the Company recognized aggregate lease termination fees of $ 825 425 |
Development Projects
Development Projects | 9 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Development Projects | 3. Development Projects Lower East Side Moxy Hotel On December 3, 2018, the Company, through a subsidiary of the Operating Partnership, acquired three adjacent parcels of land located at 147-151 Bowery in the Lower East Side neighborhood of Manhattan in New York City from unaffiliated third parties for aggregate consideration of $ 56.5 2.4 In preparation for the opening of the Lower East Side Moxy Hotel, the Company incurred pre-opening costs of $ 0.3 0.7 No Exterior Street Project On February 27, 2019, the Company, through subsidiaries of the Operating Partnership, acquired two adjacent parcels of land located at 355 and 399 Exterior Street in the Bronx neighborhood of New York City from unaffiliated third parties for an aggregate purchase price of $ 59.0 1.0 The following is a summary of the total amounts incurred and capitalized to each of the Company’s development projects as of the dates indicated and the amounts of interest capitalized to the Company’s development projects for the periods indicated: Schedule of development projects Amounts Capitalized to Construction in Progress Capitalized Interest Capitalized Interest As of As of Three Months Ended Nine Months Ended Development Project 2022 2021 2022 2021 2022 2021 Lower East Side Moxy Hotel $ 196,284 $ 146,747 $ 4,024 $ 1,722 $ 9,792 $ 4,068 Exterior Street Project 91,589 87,467 901 477 2,137 1,516 Total $ 287,873 $ 234,214 $ 4,925 $ 2,199 $ 11,929 $ 5,584 |
Investments in Related Parties
Investments in Related Parties | 9 Months Ended |
Sep. 30, 2022 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Investments in Related Parties | 4. Investments in Related Parties Preferred Investments The Company entered into agreements with various related party entities that provided for it to make preferred contributions pursuant to certain instruments (the “Preferred Investments”) that entitle it to certain prescribed monthly preferred distributions at an annual rate of 12%. During the nine months ended September 30, 2022, the Company redeemed $ 8.5 4.5 6.0 The Preferred Investments are summarized as follows: Schedule of preferred investments Preferred Investments Dividend Rate Preferred Investment Balance Investment Income (1) As of As of Three Months Ended Nine Months Ended 2022 2021 2022 2021 2022 2021 40 East End Avenue 12% $ 6,000 $ 6,000 $ 184 $ 184 $ 546 $ 546 East 11th Street 12% - 8,500 108 261 593 774 Total $ 6,000 $ 14,500 $ 292 $ 445 $ 1,139 $ 1,320 Note (1) Included in interest and dividend income on the consolidated statements of operations. The Joint Venture The Company has a 2.5 0.9 1.0 |
Notes Receivable
Notes Receivable | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Notes Receivable | 5. Notes Receivable The Company has formed certain joint ventures (collectively, the “NR Joint Ventures”) between wholly-owned subsidiaries of the Operating Partnership (collectively, the “NR Subsidiaries”) and affiliates of the Sponsor (the “NR Affiliates”) which have originated nonrecourse loans (collectively, the “Joint Venture Promissory Notes”) to unaffiliated third-party borrowers (collectively, the “Joint Venture Borrowers”). The NR Subsidiaries and NR Affiliates may have varying ownership interests in the NR Joint Ventures, however; certain other wholly-owned subsidiaries of the Operating Partnership serve as the manager and are the sole decision-maker for each of the NR Joint Ventures. The Company has determined that the NR Joint Ventures are VIEs and the NR Subsidiaries are the primary beneficiaries. Since the NR Subsidiaries are the primary beneficiaries, beginning on the applicable date of formation, the Company has consolidated the operating results and financial condition of the NR Joint Ventures and accounted for the respective ownership interests of the NR Affiliates as noncontrolling interests. The Joint Venture Promissory Notes generally provide for monthly interest at a prescribed variable rate, subject to a floor. In connection with the initial funding of the Joint Venture Promissory Notes, the NR Joint Ventures receive origination fees (ranging from 1.00 1.50 The Joint Venture Promissory Notes generally have an initial term of one or two years and may provide for additional extension options subject to satisfaction of certain conditions, including the funding of additional Loan Reserves and payment of extension fees. The Joint Venture Promissory Notes are collateralized by either the membership interests of the Joint Venture Borrowers in the borrowing entity or the underlying real property being developed by the Joint Venture Borrower. Origination fees are presented in the consolidated balance sheets as a direct deduction from the carrying value of the Joint Venture Promissory Notes and are amortized into interest income, using a straight-line method that approximates the effective interest method, over the initial term of the Joint Venture Promissory Notes. The Loan Reserves are presented in the consolidated balance sheets as a direct deduction from the carrying value of the Joint Venture Promissory Notes and are applied against the monthly interest due over the term. During the nine months ended September 30, 2022 and 2021, both the NR Subsidiaries and the NR Affiliates made aggregate contributions to the NR Joint Ventures of $ 21.9 0.2 29.3 8.6 The following tables summarize the Notes Receivable as of the dates indicated: Schedule of summary of notes receivable As of September 30, 2022 Joint Venture/Lender Company’s Percentage Loan Commitment Origination Fee Origination Maturity Contractual Interest Outstanding Principal Reserves Unamortized Origination Carrying Value Unfunded Commitment LSC 1543 7th LLC 50% 49,000 1.00% March 2, 2022 August 31, 2023 SOFR plus 7.00% $ 49,000 $ (1,821 ) $ (450 ) $ 46,729 $ - As of December 31, 2021 Joint Venture/Lender Company’s Percentage Loan Origination Fee Origination Maturity Contractual Outstanding Principal Reserves Unamortized Origination Carrying Value Unfunded Commitment LSC 1543 7th LLC (1) 50% 20,000 1.00% August 27, 2019 February 28, 2022 Libor plus 5.40% $ 17,500 $ - $ (33 ) $ 17,467 $ - LSC 11640 Mayfield LLC (2) 50% 18,000 1.50% March 4, 2020 March 1, 2022 Libor plus 11.00% 10,040 (629 ) (24 ) 9,387 6,960 Total $ 27,540 $ (629 ) $ (57 ) $ 26,854 $ 6,960 (1) Repaid in full during March 2022. (2) Repaid in full during February 2022. The following summarizes the interest earned (included in interest and dividend income on the consolidated statements of operations) for each of the Joint Venture Promissory Notes during the periods indicated: Schedule of interest earned for each of the joint venture promissory notes For the For the Joint Venture/Lender 2022 2021 2022 2021 LSC 1543 7th LLC $ 1,230 454 $ 2,957 $ 1,348 LSC 162nd Capital I LLC - 123 - 373 LSC 162nd Capital II LLC - 266 - 807 LSC 1650 Lincoln LLC - 545 - 1,618 LSC 11640 Mayfield LLC - 383 455 1,125 LSC 11640 Newkirk LLC - - - 1,585 Total $ 1,230 $ 1,771 $ 3,412 $ 6,856 |
Marketable Securities, Derivati
Marketable Securities, Derivative Financial Instruments, Fair Value Measurements and Notes Payable | 9 Months Ended |
Sep. 30, 2022 | |
Marketable Securities Derivative Financial Instruments Fair Value Measurements And Notes Payable | |
Marketable Securities, Derivative Financial Instruments, Fair Value Measurements and Notes Payable | 6. Marketable Securities, Derivative Financial Instruments, Fair Value Measurements and Notes Payable Marketable Securities The following is a summary of the Company’s available for sale securities: Schedule of summary of available for sale securities and other investments As of September 30, 2022 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities Equity securities Common and Preferred Equity Securities $ 24,600 $ - $ (2,905 ) $ 21,695 Marco OP Units and Marco II OP Units 19,227 - (448 ) 18,779 43,827 - (3,353 ) 40,474 Debt securities Corporate Bonds 1,290 (270 ) 1,020 Total $ 45,117 $ - $ (3,623 ) $ 41,494 As of December 31, 2021 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities Equity securities Common and Preferred Equity Securities $ 24,932 $ 2,541 $ (135 ) $ 27,338 Marco OP Units and Marco II OP Units 19,227 14,204 - 33,431 44,159 16,745 (135 ) 60,769 Debt securities Corporate Bonds 2,073 - (28 ) 2,045 Total $ 46,232 $ 16,745 $ (163 ) $ 62,814 As of both September 30, 2022 and December 31, 2021, the Company held an aggregate of 209,243 89,695 89.75 159.77 Throughout 2022, financial markets have been experiencing significant increases in interest rates primarily as a result of higher inflation, leading to the substantially lower market prices of the Company equity’s securities, especially those highly sensitive to movements in interest rates, such are REITs and preferred securities. Because of the change in the closing price of Simon Stock and the market price of the Company’s other equity securities, the Company incurred unrealized losses of $ 1.2 20.0 3.5 10.6 Additionally, as of September 30, 2022 and December 31, 2021, certain of the Company’s marketable debt securities had net unrealized losses of $ 270 28 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. Derivative Financial Instruments The Company has entered into two interest rate cap contracts with unrelated financial institutions in order to reduce the effect of interest rate fluctuations or risk of certain real estate investment’s interest expense on its variable rate debt. The Company is exposed to credit risk in the event of non-performance by the counterparty to these financial instruments. Management believes the risk of loss due to non-performance to be minimal. The Company is accounting for the interest rate cap contracts as economic hedges, marking these contracts to market, taking into account present interest rates compared to the contracted fixed rate over the life of the contract and recording the unrealized gain or loss on the interest rate cap contracts in the consolidated statements of operations. For the three and nine months ended September 30, 2022, the Company recorded an unrealized gain of $1.6 million and $2.8 million, which is included in other income/(expense), net in the consolidated statement of operations, representing the change in the fair value of these economic hedges during such periods. The two interest rate cap contracts have notional amounts of $ 90.0 40.0 3.00% 2.50% June 3, 2024 3.1 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. Marketable securities and derivative financial instruments measured at fair value on a recurring basis as of the dates indicated are as follows: Schedule of marketable securities measured at fair value on a recurring basis Fair Value Measurement Using As of September 30, 2022 Level 1 Level 2 Level 3 Total Marketable Securities Common and Preferred Equity Securities $ 870 $ 20,825 $ - $ 21,695 Marco OP and OP II Units - 18,779 - 18,779 Corporate Bonds - 1,020 - 1,020 Total $ 870 $ 40,624 $ - $ 41,494 Derivative Financial Instruments Interest Rate Cap Contracts $ - $ 3,110 $ - $ 3,110 Fair Value Measurement Using As of December 31, 2021 Level 1 Level 2 Level 3 Total Marketable Securities Common and Preferred Equity Securities $ 6,825 $ 20,513 $ - $ 27,338 Marco OP and OP II Units - 33,431 - 33,431 Corporate Bonds - 2,045 - 2,045 Total $ 6,825 $ 55,989 $ - $ 62,814 The fair values of the Company’s common equity securities are measured using readily quoted prices for these investments which are listed for trade on active markets. The fair values of the Company’s preferred equity securities and corporate bonds are measured using readily available quoted prices for these securities; however, the markets for these securities are not active. The fair values of the Company’s interest rate cap contracts are measured using other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Additionally, as noted above, the Company’s Marco OP and OP II units are both 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 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: Schedule of contractual maturity As of September 30, 2022 Due in 1 year $ - Due in 1 year through 5 years - Due in 5 years through 10 years - Due after 10 years 1,020 Total $ 1,020 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 + 0.85% no Line of Credit The Company has a non-revolving credit facility (the “Line of Credit”) that provides for borrowings up to a maximum of $ 20.0 November 30, 2022 at LIBOR + 1.35% 4.49% 209,243 10.3 No |
Mortgages Payable, Net
Mortgages Payable, Net | 9 Months Ended |
Sep. 30, 2022 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Mortgages Payable, Net | 7. Mortgages Payable, Net Mortgages payable, net consists of the following: Schedule of mortgages payable Property/Investment Interest Weighted Average Maturity Amount As of As of December 31, Gantry Park Landing 4.48% 4.48% November 2024 $ 65,317 $ 68,506 $ 69,540 Lower East Side Moxy Hotel Senior LIBOR + 7.50% 8.59% June 2024 64,631 64,631 35,610 Lower East Side Moxy Hotel Junior LIBOR + 13.50% 14.73% June 2024 40,000 40,000 24,603 Exterior Street Project LIBOR + 2.25% 3.30% November 2022 35,000 35,000 35,000 Exterior Street Project Supplemental LIBOR + 2.50% 3.55% November 2022 7,000 7,000 7,000 LSC 1543 7th LLC Note Receivable SOFR + 3.50% 5.66% December 2023 29,900 29,900 - Total mortgages payable 7.19% $ 241,848 245,037 171,753 Less: Deferred financing costs (4,327 ) (6,047 ) Total mortgages payable, net $ 240,710 $ 165,706 LIBOR as of September 30, 2022 and December 31, 2021 was 3.14% 0.10% 2.52% LSC 1543 7th LLC Loan On June 30, 2022, LSC 1543 7th LLC entered into a $ 31.3 SOFR + 3.50% December 30, 2023 28.6 14.3 29.9 1.4 Moxy Construction Loans On June 3, 2021, the Company, through a wholly owned subsidiary, closed on a recourse construction loan facility (the “Moxy Senior Loan”) providing for up to $ 90.0 35.6 LIBOR + 7.50% June 3, 2024 25.4 Simultaneously on June 3, 2021, the Company, through the same wholly owned subsidiary, also entered into a mezzanine construction loan facility (the “Moxy Junior Loan” and together with the Moxy Senior Loan, the “Moxy Construction Loans”) providing for up to $ 40.0 LIBOR + 13.50% 7.0 40.0 In connection with the Moxy Construction Loans, the Company has provided certain completion and carry cost guarantees. The Company has also entered into two interest rate cap agreements with notional amounts of $ 90.0 40.0 LIBOR through June 30, 2023 and its replacement rate thereafter is capped at 3.00% and 2.50% 5.3 1.1 Exterior Street Loans On March 29, 2019, the Company entered into a $ 35.0 LIBOR + 2.25% September 30, 2022 has been further extended to November 24, 2022 . Additionally, on December 21, 2021, the loan agreement was amended to provide an additional $ 7.0 LIBOR + 2.50% The following table shows the contractually scheduled principal maturities of the Company’s mortgage debt during the next five years and thereafter as of September 30, 2022: Scheduled of contractually principal maturities during next five years 2022 2023 2024 2025 2026 Thereafter Total Principal maturities $ 42,355 $ 31,353 $ 171,329 $ - $ - $ - $ 245,037 Less: Deferred financing costs (4,327 ) Total principal maturities, net $ 240,710 Certain of the Company’s debt agreements require the maintenance of certain ratios, including debt service coverage. As of September 30, 2022, the Company was in compliance with all of its financial debt covenants. Additionally, certain of our mortgages payable also contain clauses providing for prepayment penalties. Debt Maturities The Exterior Street Loans (outstanding aggregate principal balance of $ 42.0 However, if the Company is unable to extend or refinance its maturing indebtedness at favorable terms, it will look to repay the then outstanding balance with available cash and/or proceeds from selective asset sales. The Company has no additional significant maturities of mortgage debt over the next 12 months. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Equity | 8. Equity Share Repurchase Program The Company’s share repurchase program (the “SRP”) may provide its stockholders with limited, interim liquidity by enabling them to sell their shares of common stock back to the Company, subject to restrictions. On March 25, 2020, the Board of Directors amended the SRP to remove stockholder notice requirements and also approved the suspension of all redemptions effective immediately. Effective March 18, 2021 and May 14, 2021, the Board of Directors partially reopened the SRP to allow, subject to various conditions as set forth below, for redemptions submitted in connection with a stockholder’s death and hardship, respectively, and set the price for all such purchases to our current net asset value per share (“NAV per Share”), as determined by the Board of Directors and reported by the Company from time to time. Deaths that occurred subsequent to January 1, 2020 were eligible for consideration, subject to certain conditions. Beginning January 1, 2022, requests for redemptions in connection with a stockholder’s death must be submitted and received by the Company within one year of the stockholder’s date of death for consideration. At the above noted dates, the Board of Directors established that on an annual basis, the Company would not redeem in excess of 0.5% of the number of shares outstanding as of the end of the preceding year for either death or hardship redemptions, respectively. Additionally, redemption requests generally would be processed on a quarterly basis and would be subject to pro ration if either type of redemption requests exceeded the annual limitation. On March 18, 2022, the Board of Directors approved an increase to the annual threshold for death redemptions from up to 0.5% to 1.0%. For the nine months ended September 30, 2022 the Company repurchased 330,738 11.75 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 dilutive net income per share is equivalent to basic net income per share. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 9. Related Party Transactions The Company has various agreements, including an advisory agreement, 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. Amounts the Company owes to the Advisor and its affiliated entities are principally for asset management fees, and are classified as due to related parties on the consolidated balance sheets. The Company, pursuant to the related party arrangements, has recorded the following amounts for the periods indicated: Schedule of summary of amount recorded in pursuant to related party arrangement Three Months Ended September 30, Nine Months Ended 2022 2021 2022 2021 Asset management fees (general and administrative costs) $ 124 $ 206 $ 449 $ 661 Property management fees (property operating expenses) 68 99 223 267 Development fees and cost reimbursement (1) 641 877 2,258 2,789 Total $ 833 $ 1,182 $ 2,930 $ 3,717 (1) Development fees and the reimbursement of development-related costs that the Company pays to the Advisor and its affiliates are capitalized and are included in the carrying value of the associated development project which are classified as development projects on the consolidated balance sheets. As of September 30, 2022 and December 31, 2021, the Company owed the Advisor and its affiliated entities $0.3 million and $0.7 million, respectively, for development fees, which is included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets. See Notes 3, 4 and 5 for other related party transactions. The advisory agreement has a one-year term and is renewable for an unlimited number of successive one-year periods upon the mutual consent of the Advisor and the Company’s independent directors. Payments to the Advisor or its affiliates may include asset acquisition fees and the reimbursement of acquisition-related expenses, development fees and the reimbursement of development-related costs, financing coordination fees, asset management fees or asset management participation, and construction management fees. The Company may also reimburse the Advisor and its affiliates for actual expenses it incurs for administrative and other services provided for it. Upon the liquidation of the Company’s assets, it may pay the Advisor or its affiliates a disposition commission. In connection with the Company’s Offering, Lightstone SLP, LLC purchased an aggregate of $ 30.0 During both the three and nine months ended September 30, 2022 and 2021, distributions of $ 0.5 1.5 |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | 10. Financial Instruments The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, prepaid expenses, restricted cash and other assets, notes receivable, accounts payable, accrued expenses and other liabilities, due to related parties, and distributions payable approximate their fair values because of the short maturity of these instruments. The carrying amounts of the notes receivable approximate their fair values because the interest rates are variable and reflective of market rates. The carrying amount and estimated fair value (in millions) of the Company’s mortgage debt is summarized as follows: Schedule of mortgage debt As of 2022 As of 2021 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Mortgages payable $ 245 $ 245.2 $ 171.8 $ 174.4 The fair value of the mortgages payable was determined by discounting the future contractual interest and principal payments by estimated current market interest rates. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies Legal Proceedings From time to time in the ordinary course of business, the Company may become subject to legal proceedings, claims or disputes. 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 | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events Distribution Payment On October 15, 2022, the distribution for the three-month period ending September 30, 2022 of $ 3.8 7,000 11.16 11.75 Distribution Declaration On November 9, 2022, the Company’s Board of Directors authorized and the Company declared a distribution of $ 0.175 0.70 10.00 Additionally, on November 9, 2022, the Board of Directors declared a quarterly distribution for the quarterly period ending December 31, 2022 on the SLP Units at an annualized rate of 7.0%. Any future distributions on the SLP Units will always be subordinated until stockholders receive a stated preferred return. Future distributions, if any, declared will be at the discretion of the Board of Directors based on their analysis of the Company’s performance over the previous periods and expectations of performance for future periods. The Board of Directors will consider various factors in its determination, including but not limited to, the sources and availability of capital, operating and interest expenses, the Company’s ability to refinance near-term debt, as well as the IRS’s annual distribution requirement that REITs distribute no less than 90% of their taxable income. The Company cannot assure that any future distributions will be made or that it will maintain any particular level of distributions that it has previously established or may establish. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Lightstone REIT I 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. In addition, interests in entities acquired are evaluated based on applicable accounting principles generally accepted in the United States of America (“GAAP”), and if deemed to be variable interest entities (“VIE”) in which the Company is the primary beneficiary are also consolidated. If the interest in the entity is determined not to be a VIE, then the entity is evaluated for consolidation based on legal form, economic substance, and the extent to which the Company has control, substantive participating rights or both under the respective ownership agreement. For entities in which the Company has less than a controlling interest but have significant influence, the Company accounts for the investment using the equity method of accounting. There are judgments and estimates involved in determining if an entity in which the Company has made an investment is a VIE and, if so, whether the Company is the primary beneficiary. The entity is evaluated to determine if it is a VIE by, among other things, calculating the percentage of equity being risked compared to the total equity of the entity. Determining expected future losses involves assumptions of various possibilities of the results of future operations of the entity, assigning a probability to each possibility and using a discount rate to determine the net present value of those future losses. A change in the judgments, assumptions, and estimates outlined above could result in consolidating an entity that should not be consolidated or accounting for an investment using the equity method that should in fact be consolidated, the effects of which could be material to our financial statements. 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, 2021. 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 REIT I, Inc. and its Subsidiaries have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 8 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, notes receivable, 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, 2021 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. |
Derivative Financial Instruments | Derivative Financial Instruments The Company utilizes derivative financial instruments to reduce interest rate risk. The Company does not hold or issue derivative financial instruments for trading purposes. The Company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. Changes in fair value of those instruments are reported in the consolidated statements of operations. |
Pre-Opening Costs | Pre-Opening Costs The Company expenses the costs associated with pre-opening activities associated with its development and construction projects as incurred. |
COVID-19 Pandemic | COVID-19 Pandemic On March 11, 2020, the World Health Organization declared COVID-19 a global pandemic and it remains highly unpredictable and dynamic and its ultimate duration and extent continue to be dependent on various developments, such as the emergence of variants to the virus that may cause additional strains of COVID-19, and the ongoing development, administration and ultimate effectiveness of vaccines, including booster shots. Accordingly, the ongoing COVID-19 pandemic may continue to have negative effects on the U.S. and global economies for the foreseeable future. During the COVID-19 pandemic, the occupancy of the Company’s St. Augustine Outlet Center significantly declined and because of limited leasing success, the Company began exploring various strategic alternatives for the property, which ultimately led to the Company ceasing operations of the center effective July 15, 2022 and demolishing the existing building and improvements during the third quarter of 2022. See “St. Augustine Outlet Center” for additional information. Additionally, during 2020 the Company saw deterioration in both the occupancy and rental rates for Gantry Park Landing, which is located on Long Island, New York, as the luxury rental market in the greater New York City metropolitan area was negatively impacted by the COVID-19 pandemic. However, both occupancy and rental rates consistently improved throughout 2021 and returned to pre-COVID-19 levels. Thereafter, occupancy has continued to remain stable and the property has experienced strong growth in its rental rates thus far in 2022. To-date, the COVID-19 pandemic has not had any significant impact on the Company’s development projects. Furthermore, the Company’s other real estate-related investments (both its preferred investment in related party and its nonrecourse loan made to an unaffiliated third-party borrower) also relate to various development projects, which are at different stages in their respective development process. These investments, which are subject to similar risks, have also not yet been significantly impacted by the COVID-19 pandemic. The extent to which the Company’s business may be affected by the ongoing COVID-19 pandemic will largely depend on both current and future developments, all of which are highly uncertain and cannot be reasonably predicted. If the Company’s operating properties, development projects and real estate-related investments are negatively impacted for an extended period because (i) occupancy levels and rental rates decline, (ii) tenants are unable to pay their rent, (iii) borrowers are unable to pay scheduled debt service on notes receivable, (iv) development activities are delayed and/or (v) various related party entities are unable to pay monthly preferred distributions on the Company’s preferred investments in related parties, the Company’s business and financial results could be materially and adversely impacted. |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to the current year presentation. |
New Accounting Pronouncements | New Accounting Pronouncements In June 2016, the FASB issued an accounting standards update which replaces the Company 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, 2022, including interim periods within those fiscal years. The adoption of this standard will not have a material effect on the Company’s consolidated financial position, results of operations or cash flows. The Company has reviewed and determined that other recently issued accounting pronouncements will not have a material impact on its financial position, results of operations and cash flows, or do not apply to its current operations. |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Supplemental cash flow information for the periods indicated is as follows: Schedule of summary of supplemental cash flow information For the 2022 2021 Cash paid for interest $ 9,691 $ 6,424 Distributions declared but not paid $ 3,831 $ 3,889 Investment property acquired but not paid $ 2,059 $ 4,483 Amortization of deferred financing costs included in development projects $ 2,094 $ 848 Holding loss/gain on marketable securities $ 241 $ 43 Value of shares issued from distribution reinvestment program $ 249 $ 242 Accrued loan exit fee included in deferred financing costs $ - $ 1,100 |
St. Augustine Outlet Center | St. Augustine Outlet Center During the COVID-19 pandemic, the occupancy of the Company’s St. Augustine Outlet Center, a retail property located in St. Augustine Florida, which consisted of 0.3 11.3 Because of the aforementioned lease terminations and scheduled expirations, substantially all of the tenants vacated the property during the first quarter of 2022 and on June 29, 2022, the Company entered into a lease termination agreement with the property’s final tenant providing for them to receive an aggregate of $ 750 16.6 In connection with the terms of certain of the lease termination agreements, the Company agreed to make various payments to certain tenants provided they closed their store and vacated the property. The Company expenses lease termination fees in the period the lease termination agreement is executed and such expenses are included in property operating expenses on the consolidated statements of operations. During the nine months ended September 30, 2022, the Company recognized aggregate lease termination fees of $ 825 425 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of summary of supplemental cash flow information | Schedule of summary of supplemental cash flow information For the 2022 2021 Cash paid for interest $ 9,691 $ 6,424 Distributions declared but not paid $ 3,831 $ 3,889 Investment property acquired but not paid $ 2,059 $ 4,483 Amortization of deferred financing costs included in development projects $ 2,094 $ 848 Holding loss/gain on marketable securities $ 241 $ 43 Value of shares issued from distribution reinvestment program $ 249 $ 242 Accrued loan exit fee included in deferred financing costs $ - $ 1,100 |
Development Projects (Tables)
Development Projects (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of development projects | Schedule of development projects Amounts Capitalized to Construction in Progress Capitalized Interest Capitalized Interest As of As of Three Months Ended Nine Months Ended Development Project 2022 2021 2022 2021 2022 2021 Lower East Side Moxy Hotel $ 196,284 $ 146,747 $ 4,024 $ 1,722 $ 9,792 $ 4,068 Exterior Street Project 91,589 87,467 901 477 2,137 1,516 Total $ 287,873 $ 234,214 $ 4,925 $ 2,199 $ 11,929 $ 5,584 |
Investments in Related Parties
Investments in Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Schedule of preferred investments | Schedule of preferred investments Preferred Investments Dividend Rate Preferred Investment Balance Investment Income (1) As of As of Three Months Ended Nine Months Ended 2022 2021 2022 2021 2022 2021 40 East End Avenue 12% $ 6,000 $ 6,000 $ 184 $ 184 $ 546 $ 546 East 11th Street 12% - 8,500 108 261 593 774 Total $ 6,000 $ 14,500 $ 292 $ 445 $ 1,139 $ 1,320 |
Notes Receivable (Tables)
Notes Receivable (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of summary of notes receivable | Schedule of summary of notes receivable As of September 30, 2022 Joint Venture/Lender Company’s Percentage Loan Commitment Origination Fee Origination Maturity Contractual Interest Outstanding Principal Reserves Unamortized Origination Carrying Value Unfunded Commitment LSC 1543 7th LLC 50% 49,000 1.00% March 2, 2022 August 31, 2023 SOFR plus 7.00% $ 49,000 $ (1,821 ) $ (450 ) $ 46,729 $ - As of December 31, 2021 Joint Venture/Lender Company’s Percentage Loan Origination Fee Origination Maturity Contractual Outstanding Principal Reserves Unamortized Origination Carrying Value Unfunded Commitment LSC 1543 7th LLC (1) 50% 20,000 1.00% August 27, 2019 February 28, 2022 Libor plus 5.40% $ 17,500 $ - $ (33 ) $ 17,467 $ - LSC 11640 Mayfield LLC (2) 50% 18,000 1.50% March 4, 2020 March 1, 2022 Libor plus 11.00% 10,040 (629 ) (24 ) 9,387 6,960 Total $ 27,540 $ (629 ) $ (57 ) $ 26,854 $ 6,960 (1) Repaid in full during March 2022. (2) Repaid in full during February 2022. |
Schedule of interest earned for each of the joint venture promissory notes | Schedule of interest earned for each of the joint venture promissory notes For the For the Joint Venture/Lender 2022 2021 2022 2021 LSC 1543 7th LLC $ 1,230 454 $ 2,957 $ 1,348 LSC 162nd Capital I LLC - 123 - 373 LSC 162nd Capital II LLC - 266 - 807 LSC 1650 Lincoln LLC - 545 - 1,618 LSC 11640 Mayfield LLC - 383 455 1,125 LSC 11640 Newkirk LLC - - - 1,585 Total $ 1,230 $ 1,771 $ 3,412 $ 6,856 |
Marketable Securities, Deriva_2
Marketable Securities, Derivative Financial Instruments, Fair Value Measurements and Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Marketable Securities Derivative Financial Instruments Fair Value Measurements And Notes Payable | |
Schedule of summary of available for sale securities and other investments | Schedule of summary of available for sale securities and other investments As of September 30, 2022 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities Equity securities Common and Preferred Equity Securities $ 24,600 $ - $ (2,905 ) $ 21,695 Marco OP Units and Marco II OP Units 19,227 - (448 ) 18,779 43,827 - (3,353 ) 40,474 Debt securities Corporate Bonds 1,290 (270 ) 1,020 Total $ 45,117 $ - $ (3,623 ) $ 41,494 As of December 31, 2021 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Marketable Securities Equity securities Common and Preferred Equity Securities $ 24,932 $ 2,541 $ (135 ) $ 27,338 Marco OP Units and Marco II OP Units 19,227 14,204 - 33,431 44,159 16,745 (135 ) 60,769 Debt securities Corporate Bonds 2,073 - (28 ) 2,045 Total $ 46,232 $ 16,745 $ (163 ) $ 62,814 |
Schedule of marketable securities measured at fair value on a recurring basis | Schedule of marketable securities measured at fair value on a recurring basis Fair Value Measurement Using As of September 30, 2022 Level 1 Level 2 Level 3 Total Marketable Securities Common and Preferred Equity Securities $ 870 $ 20,825 $ - $ 21,695 Marco OP and OP II Units - 18,779 - 18,779 Corporate Bonds - 1,020 - 1,020 Total $ 870 $ 40,624 $ - $ 41,494 Derivative Financial Instruments Interest Rate Cap Contracts $ - $ 3,110 $ - $ 3,110 Fair Value Measurement Using As of December 31, 2021 Level 1 Level 2 Level 3 Total Marketable Securities Common and Preferred Equity Securities $ 6,825 $ 20,513 $ - $ 27,338 Marco OP and OP II Units - 33,431 - 33,431 Corporate Bonds - 2,045 - 2,045 Total $ 6,825 $ 55,989 $ - $ 62,814 |
Schedule of contractual maturity | Schedule of contractual maturity As of September 30, 2022 Due in 1 year $ - Due in 1 year through 5 years - Due in 5 years through 10 years - Due after 10 years 1,020 Total $ 1,020 |
Mortgages Payable, Net (Tables)
Mortgages Payable, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Schedule of mortgages payable | Schedule of mortgages payable Property/Investment Interest Weighted Average Maturity Amount As of As of December 31, Gantry Park Landing 4.48% 4.48% November 2024 $ 65,317 $ 68,506 $ 69,540 Lower East Side Moxy Hotel Senior LIBOR + 7.50% 8.59% June 2024 64,631 64,631 35,610 Lower East Side Moxy Hotel Junior LIBOR + 13.50% 14.73% June 2024 40,000 40,000 24,603 Exterior Street Project LIBOR + 2.25% 3.30% November 2022 35,000 35,000 35,000 Exterior Street Project Supplemental LIBOR + 2.50% 3.55% November 2022 7,000 7,000 7,000 LSC 1543 7th LLC Note Receivable SOFR + 3.50% 5.66% December 2023 29,900 29,900 - Total mortgages payable 7.19% $ 241,848 245,037 171,753 Less: Deferred financing costs (4,327 ) (6,047 ) Total mortgages payable, net $ 240,710 $ 165,706 |
Scheduled of contractually principal maturities during next five years | Scheduled of contractually principal maturities during next five years 2022 2023 2024 2025 2026 Thereafter Total Principal maturities $ 42,355 $ 31,353 $ 171,329 $ - $ - $ - $ 245,037 Less: Deferred financing costs (4,327 ) Total principal maturities, net $ 240,710 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of summary of amount recorded in pursuant to related party arrangement | Schedule of summary of amount recorded in pursuant to related party arrangement Three Months Ended September 30, Nine Months Ended 2022 2021 2022 2021 Asset management fees (general and administrative costs) $ 124 $ 206 $ 449 $ 661 Property management fees (property operating expenses) 68 99 223 267 Development fees and cost reimbursement (1) 641 877 2,258 2,789 Total $ 833 $ 1,182 $ 2,930 $ 3,717 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, All Other Investments [Abstract] | |
Schedule of mortgage debt | Schedule of mortgage debt As of 2022 As of 2021 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Mortgages payable $ 245 $ 245.2 $ 171.8 $ 174.4 |
Structure (Details Narrative)
Structure (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jul. 06, 2004 | Aug. 25, 2009 | Sep. 30, 2022 | Dec. 31, 2009 | Dec. 31, 2008 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Date of formation | Jun. 08, 2004 | ||||
Cash contributed for units | $ 2 | ||||
Partners units acquired | 200 | ||||
Shares issued, price per share | $ 11.75 | ||||
Issuance of common units, shares | 497,209 | 497,209 | |||
Lightstone Slp Llc [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Purchased of aggregate amount | $ 30,000 | ||||
Lightstone Value Plus R E I T [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
General partner ownership interest | 98% | ||||
Lightstone Value Plus R E I T [Member] | Wholly Owned Properties [Member] | Industrial Properties [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
General partner ownership interest | 59.20% | ||||
Lightstone Value Plus R E I T [Member] | Wholly Owned Properties [Member] | Seven Hotel Properties [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
General partner ownership interest | 2.50% | ||||
Lightstone Value Plus R E I T [Member] | Wholly Owned Properties [Member] | Residential Real Estate Properties [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
General partner ownership interest | 97.50% | ||||
Pro Dfjvholdings Limited Liability Company [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
General partner ownership interest | 99% | ||||
Lightstone Value Plus R E I T [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Date of formation | Jul. 12, 2004 | ||||
Number of common shares held | 20,000 | ||||
Proceeds from issue of shares | $ 200 | ||||
Shares issued, price per share | $ 10 | ||||
Lightstone Slp Llc [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||
Aggregate SLP units owned in operating partnership | $ 30,000 | ||||
Purchase cost per SLP unit of operating partnership | $ 100,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Accounting Policies [Abstract] | ||
Cash paid for interest | $ 9,691 | $ 6,424 |
Distributions declared but not paid | 3,831 | 3,889 |
Investment property acquired but not paid | 2,059 | 4,483 |
Amortization of deferred financing costs included in development projects | 2,094 | 848 |
Holding loss/gain on marketable securities | 241 | 43 |
Value of shares issued from distribution reinvestment program | 249 | 242 |
Accrued loan exit fee included in deferred financing costs | $ 1,100 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 15, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accounting Policies [Abstract] | ||||
Retail property | $ 300 | |||
Non-cash impairment charge | 16,600 | $ 11,300 | ||
operating expenses | $ 750 | |||
Lease termination fees | $ 425 | $ 825 | $ 425 |
Development Projects (Details)
Development Projects (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||||
Amounts Capitalized to Construction in Progress | $ 287,873 | $ 287,873 | $ 234,214 | ||
Capitalized Interest | 4,925 | $ 2,199 | 11,929 | $ 5,584 | |
Lower East Side Moxy Hotel [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Amounts Capitalized to Construction in Progress | 196,284 | 196,284 | 146,747 | ||
Capitalized Interest | 4,024 | 1,722 | 9,792 | 4,068 | |
Exterior Street Project [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Amounts Capitalized to Construction in Progress | 91,589 | 91,589 | $ 87,467 | ||
Capitalized Interest | $ 901 | $ 477 | $ 2,137 | $ 1,516 |
Development Projects (Details N
Development Projects (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Dec. 03, 2018 | Feb. 27, 2019 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Business Acquisition [Line Items] | ||||||
Unaffiliated amount | $ 2,400 | $ 2,400 | ||||
Pre-opening costs | 317 | 671 | ||||
Affiliate cost | 1,000 | |||||
Lower East Side Moxy Hotel [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Pre-opening costs | $ 300 | $ 700 | $ 0 | |||
Bowery Land [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, consideration transferred | $ 56,500 | |||||
Borden Realty Corp And399 Exterior Street Associates Llc [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, consideration transferred | $ 59,000 |
Investments in Related Partie_2
Investments in Related Parties (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | ||
Forty East End Avenue Preferred Investment [Member] | ||||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||||
Preferred Investments, Dividend Rate, Percentage | 12% | |||||
Investments in and Advances to Affiliates, at Fair Value, Gross Additions | $ 6,000 | $ 6,000 | ||||
Preferred Stock Dividend Income | [1] | $ 184 | $ 184 | $ 546 | $ 546 | |
East Eleventh Street [Member] | ||||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||||
Preferred Investments, Dividend Rate, Percentage | 12% | |||||
Investments in and Advances to Affiliates, at Fair Value, Gross Additions | 8,500 | |||||
Preferred Stock Dividend Income | [1] | 108 | 261 | 593 | 774 | |
Preferred Investments [Member] | ||||||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||||||
Investments in and Advances to Affiliates, at Fair Value, Gross Additions | 6,000 | $ 14,500 | ||||
Preferred Stock Dividend Income | [1] | $ 292 | $ 445 | $ 1,139 | $ 1,320 | |
[1]Included in interest and dividend income on the consolidated statements of operations. |
Investments in Related Partie_3
Investments in Related Parties (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
East 11th Street Preferred Investment. [Member] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Investments in and advances to affiliates at fair value gross additions | $ 4,500 | $ 8,500 | |
Forty East End Avenue Preferred Investment [Member] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Investments in and advances to affiliates at fair value gross additions | $ 6,000 | $ 6,000 | |
Joint Venture [Member] | |||
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |||
Equity Method Investment, Ownership Percentage | 2.50% | 2.50% | 2.50% |
Investment | $ 900 | $ 900 | $ 1,000 |
Notes Receivable (Details)
Notes Receivable (Details) - Notes Receivable [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2021 | |||
Outstanding Principal | $ 27,540 | |||
Reserves | (629) | |||
Unamortized Origination Fee | (57) | |||
Carrying value | 26,854 | |||
Unfunded Commitment | $ 6,960 | |||
LSC 1543 7th LLC [Member] | ||||
Company's Ownership percentage | 50% | 50% | [1] | |
Original Loan Amount | $ 49,000 | $ 20,000 | [1] | |
Origination Fee (as a percent) | 1% | 1% | [1] | |
Origination Date | Mar. 02, 2022 | Aug. 27, 2019 | [1] | |
Maturity Date | Aug. 31, 2023 | Feb. 28, 2022 | [1] | |
Contractual Interest Rate | SOFR plus 7.00% (Floor of 7.15%) | Libor plus 5.40% (Floor of 7.90%) | [1] | |
Outstanding Principal | $ 49,000 | $ 17,500 | [1] | |
Reserves | (1,821) | [1] | ||
Unamortized Origination Fee | (450) | (33) | [1] | |
Carrying value | 46,729 | 17,467 | [1] | |
Unfunded Commitment | [1] | |||
LSC 11640 Mayfield LLC [Member] | ||||
Company's Ownership percentage | [2] | 50% | ||
Original Loan Amount | [2] | $ 18,000 | ||
Origination Fee (as a percent) | [2] | 1.50% | ||
Origination Date | [2] | Mar. 04, 2020 | ||
Maturity Date | [2] | Mar. 01, 2022 | ||
Contractual Interest Rate | [2] | Libor plus 11.00% (Floor of 13.00%) | ||
Outstanding Principal | [2] | $ 10,040 | ||
Reserves | [2] | (629) | ||
Unamortized Origination Fee | [2] | (24) | ||
Carrying value | [2] | 9,387 | ||
Unfunded Commitment | [2] | $ 6,960 | ||
[1]Repaid in full during March 2022.[2]Repaid in full during February 2022. |
Notes Receivable (Details 1)
Notes Receivable (Details 1) - Notes Receivable [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest Income Purchased Receivables | $ 1,230 | $ 1,771 | $ 3,412 | $ 6,856 |
LSC 1543 7th LLC [Member] | ||||
Interest Income Purchased Receivables | 1,230 | 454 | 2,957 | 1,348 |
LSC 162nd Capital I LLC [Member] | ||||
Interest Income Purchased Receivables | 123 | 373 | ||
LSC162nd Capital Ii LLC [Member] | ||||
Interest Income Purchased Receivables | 266 | 807 | ||
LSC1650 Lincoln LLC [Member] | ||||
Interest Income Purchased Receivables | 545 | 1,618 | ||
LSC 11640 Mayfield LLC [Member] | ||||
Interest Income Purchased Receivables | 383 | 455 | 1,125 | |
LSC 11640 Newkirk LLC [Member] | ||||
Interest Income Purchased Receivables | $ 1,585 |
Notes Receivable (Details Narra
Notes Receivable (Details Narrative) - Notes Receivable [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Nr Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Notes receivable, related parties, noncurrent | $ 21,900 | $ 200 |
Payment for distributions | $ 29,300 | $ 8,600 |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Percentage of origination fee on notes receivables | 1% | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Percentage of origination fee on notes receivables | 1.50% |
Marketable Securities, Deriva_3
Marketable Securities, Derivative Financial Instruments, Fair Value Measurements and Notes Payable (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Equity Securities, primarily REITs [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Equity securities, adjusted cost | $ 24,600 | $ 24,932 |
Equity securities, gross unrealized gains | 2,541 | |
Equity securities, gross unrealized losses | (2,905) | (135) |
Equity securities, fair value | 21,695 | 27,338 |
Equity Securities [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Equity securities, adjusted cost | 43,827 | 44,159 |
Equity securities, gross unrealized gains | 16,745 | |
Equity securities, gross unrealized losses | (3,353) | (135) |
Equity securities, fair value | 40,474 | 60,769 |
Marco Op Units And Op Two Units [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Equity securities, adjusted cost | 19,227 | 19,227 |
Equity securities, gross unrealized gains | 14,204 | |
Equity securities, gross unrealized losses | (448) | |
Equity securities, fair value | 18,779 | 33,431 |
Corporate Bond Securities [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Equity securities, adjusted cost | 1,290 | 2,073 |
Equity securities, gross unrealized gains | ||
Equity securities, gross unrealized losses | (270) | (28) |
Equity securities, fair value | 1,020 | 2,045 |
Debt Securities [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Equity securities, adjusted cost | 45,117 | 46,232 |
Equity securities, gross unrealized gains | 16,745 | |
Equity securities, gross unrealized losses | (3,623) | (163) |
Equity securities, fair value | $ 41,494 | $ 62,814 |
Marketable Securities, Deriva_4
Marketable Securities, Derivative Financial Instruments, Fair Value Measurements and Notes Payable (Details 1) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Available-for-sale Securities | $ 41,494 | $ 62,814 |
Interest Rate Cap Contracts | 3,110 | |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Available-for-sale Securities | 21,695 | 27,338 |
Marco Op Units And Op Two Units [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Available-for-sale Securities | 18,779 | 33,431 |
Corporate Bond Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Available-for-sale Securities | 1,020 | 2,045 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Available-for-sale Securities | 870 | 6,825 |
Interest Rate Cap Contracts | ||
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Available-for-sale Securities | 870 | 6,825 |
Fair Value, Inputs, Level 1 [Member] | Marco Op Units And Op Two Units [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Available-for-sale Securities | ||
Fair Value, Inputs, Level 1 [Member] | Corporate Bond Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Available-for-sale Securities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Available-for-sale Securities | 40,624 | 55,989 |
Interest Rate Cap Contracts | 3,110 | |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Available-for-sale Securities | 20,825 | 20,513 |
Fair Value, Inputs, Level 2 [Member] | Marco Op Units And Op Two Units [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Available-for-sale Securities | 18,779 | 33,431 |
Fair Value, Inputs, Level 2 [Member] | Corporate Bond Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Available-for-sale Securities | 1,020 | 2,045 |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Available-for-sale Securities | ||
Interest Rate Cap Contracts | ||
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Available-for-sale Securities | ||
Fair Value, Inputs, Level 3 [Member] | Marco Op Units And Op Two Units [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Available-for-sale Securities | ||
Fair Value, Inputs, Level 3 [Member] | Corporate Bond Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Available-for-sale Securities |
Marketable Securities, Deriva_5
Marketable Securities, Derivative Financial Instruments, Fair Value Measurements and Notes Payable (Details 2) $ in Thousands | Sep. 30, 2022 USD ($) |
Marketable Securities Derivative Financial Instruments Fair Value Measurements And Notes Payable | |
Due in 1 year | |
Due in 1 year through 5 years | |
Due in 5 years through 10 years | |
Due after 10 years | 1,020 |
Total | $ 1,020 |
Marketable Securities, Deriva_6
Marketable Securities, Derivative Financial Instruments, Fair Value Measurements and Notes Payable (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||||
Marketable securities unrealized gain loss | $ 1,200 | $ 3,500 | $ 20,000 | $ 10,600 | |
Marketable debt securities losses | 270 | $ 28 | |||
Notional amount | $ 90,000 | $ 90,000 | $ 40,000 | ||
Derivative interest rate | 3% | 3% | 2.50% | ||
Derivative maturity date | Jun. 03, 2024 | ||||
Aggregate fair value instruments | $ 3,110 | $ 3,110 | |||
Debt instrument, interest rate at end of period | 2.52% | 2.52% | |||
Non-revolving credit facility [Member] | |||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||||
Debt instrument, interest rate terms | at LIBOR + 1.35% | ||||
Borrowing capacity | $ 20,000 | $ 20,000 | |||
Line of credit, maturity date | Nov. 30, 2022 | ||||
Debt instrument, interest rate at end of period | 4.49% | 4.49% | |||
Shares for collateralized | 209,243 | ||||
Remaining capacity | $ 10,300 | $ 10,300 | |||
Line of credit | 0 | $ 0 | $ 0 | ||
Margin Loan [Member] | |||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||||
Debt instrument, interest rate terms | LIBOR + 0.85% | ||||
Notes payable | $ 0 | $ 0 | $ 0 | ||
Marco Op Units And Op Two Units [Member] | |||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||||
Equity Securities Securities Held During Period | 209,243 | 209,243 | |||
Share price | $ 89.75 | $ 89.75 | $ 159.77 | ||
PRO [Member] | |||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||||
Equity Securities Securities Held During Period | 89,695 | 89,695 | |||
Derivative [Member] | |||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||||
Aggregate fair value instruments | $ 3,100 | $ 3,100 |
Mortgages Payable, Net (Details
Mortgages Payable, Net (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Real Estate Properties [Line Items] | ||
Weighted average interest rate | 7.19% | |
Amount due at maturity | $ 241,848 | |
Total mortgages payable | 245,037 | $ 171,753 |
Less: Deferred financing costs | (4,327) | (6,047) |
Total mortgages payable, net | $ 240,710 | 165,706 |
Gantry Park Landing [Member] | ||
Real Estate Properties [Line Items] | ||
Debt instrument, interest rate terms | 4.48% | |
Weighted average interest rate | 4.48% | |
Maturity date | November 2024 | |
Amount due at maturity | $ 65,317 | |
Total mortgages payable | $ 68,506 | 69,540 |
Annual distribution rate | ||
Real Estate Properties [Line Items] | ||
Debt instrument, interest rate terms | LIBOR + 7.50% (floor of 7.75%) | |
Weighted average interest rate | 8.59% | |
Maturity date | June 2024 | |
Amount due at maturity | $ 64,631 | |
Total mortgages payable | $ 64,631 | 35,610 |
Preferred Equity Distributions Additional Investment Available | ||
Real Estate Properties [Line Items] | ||
Debt instrument, interest rate terms | LIBOR + 13.50% (floor of 14.00%) | |
Weighted average interest rate | 14.73% | |
Maturity date | June 2024 | |
Amount due at maturity | $ 40,000 | |
Total mortgages payable | $ 40,000 | 24,603 |
Exterior Street Project [Member] | ||
Real Estate Properties [Line Items] | ||
Debt instrument, interest rate terms | LIBOR + 2.25% | |
Weighted average interest rate | 3.30% | |
Maturity date | November 2022 | |
Amount due at maturity | $ 35,000 | |
Total mortgages payable | $ 35,000 | 35,000 |
Exterior Street Project Supplemental [Member] | ||
Real Estate Properties [Line Items] | ||
Debt instrument, interest rate terms | LIBOR + 2.50% | |
Weighted average interest rate | 3.55% | |
Maturity date | November 2022 | |
Amount due at maturity | $ 7,000 | |
Total mortgages payable | $ 7,000 | 7,000 |
LSC 1543 7th LLC Note Receivable [Member] | ||
Real Estate Properties [Line Items] | ||
Debt instrument, interest rate terms | SOFR + 3.50% | |
Weighted average interest rate | 5.66% | |
Maturity date | December 2023 | |
Amount due at maturity | $ 29,900 | |
Total mortgages payable | $ 29,900 |
Mortgages Payable, Net (Detai_2
Mortgages Payable, Net (Details 1) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | ||
2021 | $ 42,355 | |
2022 | 31,353 | |
2023 | 171,329 | |
2024 | ||
2025 | ||
Thereafter | ||
Total | 245,037 | $ 171,753 |
Less: Deferred financing costs | (4,327) | (6,047) |
Total principal maturities, net | $ 240,710 | $ 165,706 |
Mortgages Payable, Net (Detai_3
Mortgages Payable, Net (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | |||||
Jun. 03, 2021 | Dec. 03, 2018 | Dec. 21, 2021 | Mar. 29, 2019 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||||||
Debt instrument interest london interbank offered rate | 3.14% | 0.10% | |||||
Interest rate | 2.52% | ||||||
Debt instrument, collateral amount | $ 90,000 | $ 28,600 | |||||
Due to affiliate | 14,300 | ||||||
Loan fees | $ 5,300 | ||||||
Accrued loan | 1,100 | ||||||
Outstanding principal balance | 245,037 | $ 171,753 | |||||
Moxy Senior Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, description of variable rate basis | LIBOR + 7.50% | ||||||
At cost | 90,000 | ||||||
Lower East Side Moxy Hotel [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, collateral amount | $ 7,000 | ||||||
Lower East Side Moxy Hotel [Member] | Equity Securities, primarily REITs [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, collateral amount | $ 40,000 | ||||||
Moxy Junior Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, description of variable rate basis | LIBOR + 13.50% | ||||||
At cost | 40,000 | ||||||
Moxy Junior Loan [Member] | Lower East Side Moxy Hotel [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, collateral amount | $ 40,000 | ||||||
LSC 1543 7th LLC Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, description of variable rate basis | SOFR + 3.50% | ||||||
Debt instrument, maturity date | Dec. 30, 2023 | ||||||
Moxy Senior Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, maturity date | Jun. 03, 2024 | ||||||
Debt instrument, collateral amount | $ 35,600 | ||||||
LSC 1543 7th LLC Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Original Loan Amount | $ 29,900 | $ 31,300 | |||||
Remaining availability under the facility | 1,400 | ||||||
Equity Securities, primarily REITs [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, collateral amount | $ 25,400 | ||||||
Moxy Construction Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, description of variable rate basis | LIBOR through June 30, 2023 and its replacement rate thereafter is capped at 3.00% and 2.50% | ||||||
Exterior Street Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Original Loan Amount | $ 7,000 | $ 35,000 | |||||
Debt instrument, description of variable rate basis | LIBOR + 2.50% | LIBOR + 2.25% | |||||
Debt instrument, maturity date | Sep. 30, 2022 | ||||||
Outstanding principal balance | $ 42,000 |
Equity (Details Narrative)
Equity (Details Narrative) - $ / shares | 1 Months Ended | 9 Months Ended |
Mar. 18, 2022 | Sep. 30, 2022 | |
Class of Stock [Line Items] | ||
Repurchase authorization | On March 18, 2022, the Board of Directors approved an increase to the annual threshold for death redemptions from up to 0.5% to 1.0%. | |
Share price | $ 11.75 | |
Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Repurchase shares | 330,738 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Related Party Transactions [Abstract] | |||||
Asset management fees (general and administrative costs) | $ 124 | $ 206 | $ 449 | $ 661 | |
Property management fees (property operating expenses) | 68 | 99 | 223 | 267 | |
Development fees and cost reimbursement | [1] | 641 | 877 | 2,258 | 2,789 |
Total | $ 833 | $ 1,182 | $ 2,930 | $ 3,717 | |
[1]Development fees and the reimbursement of development-related costs that the Company pays to the Advisor and its affiliates are capitalized and are included in the carrying value of the associated development project which are classified as development projects on the consolidated balance sheets. As of September 30, 2022 and December 31, 2021, the Company owed the Advisor and its affiliated entities $0.3 million and $0.7 million, respectively, for development fees, which is included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets. |
Related Party Transactions (D_2
Related Party Transactions (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Distributions cost | $ 500 | $ 1,500 | $ 500 | $ 1,500 |
Lightstone Slp Llc [Member] | ||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 30,000 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Investments, All Other Investments [Abstract] | ||
Carrying Amount | $ 245,000 | $ 171,800 |
Estimated Fair Value | $ 245,200 | $ 174,400 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Oct. 15, 2022 | Nov. 09, 2022 | Sep. 30, 2021 |
Subsequent Event [Line Items] | |||
Dividend reinvestment plan share discounted price | $ 11.75 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Business combination, consideration transferred | $ 3,800 | ||
Shares issued from distribution reinvestment program (in shares) | 7,000 | ||
Dividend reinvestment plan share discounted price | $ 11.16 | ||
Annualized Distribution Rate | $ 0.175 | ||
Dividends Declared Amount Per Share, Annual Distribution | 0.70 | ||
Share price | $ 10 |