Lightstone Value Plus REIT I (LHTV) 10-Q 14 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 07, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
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		21,300,000

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investment property:
Land and improvements	$ 93,287	$ 95,780
Building and improvements	173,089	172,729
Furniture and fixtures	17,495	17,300
Construction in progress	121	1,427
Gross investment property	283,992	287,236
Less: accumulated depreciation	(26,121)	(22,652)
Net investment property	257,871	264,584
Development projects	132,153	132,370
Investment in related party	464	490
Investment in unconsolidated affiliated entity	15,151	16,914
Cash and cash equivalents	23,037	10,547
Marketable securities	37,280	35,218
Restricted cash	7,809	7,813
Other assets	5,632	5,211
Total Assets	479,397	473,147
Liabilities and Stockholders’ Equity
Mortgages payable, net	262,793	259,698
Notes payable, net	2,996
Accounts payable, accrued expenses and other liabilities	14,153	15,048
Total Liabilities	279,942	274,746
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, 21.4 million and 21.6 million shares issued and outstanding, respectively	213	215
Additional paid-in-capital	159,228	161,174
Accumulated surplus	27,697	25,454
Total Company’s stockholders’ equity	187,138	186,843
Noncontrolling interests	12,317	11,558
Total Stockholders’ Equity	199,455	198,401
Total Liabilities and Stockholders’ Equity	$ 479,397	$ 473,147

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2024	Dec. 31, 2023
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	21,400	21,600
Common stock, shares outstanding	21,400	21,600

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Total revenues	$ 17,048	$ 15,480	$ 29,683	$ 25,437
Expenses:
Property operating expenses	766	779	1,460	1,467
Hotel operating expenses	9,501	9,058	17,796	16,661
Real estate taxes	689	124	1,378	216
General and administrative costs	969	952	1,968	1,964
Pre-opening costs		(32)		16
Depreciation and amortization	1,768	1,683	3,505	3,351
Total expenses	13,693	12,564	26,107	23,675
Interest and dividend income	576	1,824	1,098	4,120
Interest expense	(6,352)	(6,916)	(12,832)	(12,161)
Gain on disposition of real estate	10,852		10,852	1,121
Loss on sale of marketable securities				(359)
Unrealized (loss)/gain on marketable equity securities	(1,030)	1,052	2,063	501
Mark to market adjustments on derivative financial instruments	(22)	38	(37)	(370)
Loss from investment in unconsolidated affiliated real estate entity	(902)	(1,140)	(1,773)	(2,360)
Other income/(expense), net	1	30	(655)	28
Net income/(loss)	6,478	(2,196)	2,292	(7,718)
Less: net income attributable to noncontrolling interests	(104)	(541)	(49)	(1,075)
Net income/(loss) attributable to Company’s common shares	$ 6,374	$ (2,737)	$ 2,243	$ (8,793)
Basic loss per share	$ 0.30	$ (0.13)	$ 0.10	$ (0.40)
Diluted loss per share	$ 0.30	$ (0.13)	$ 0.10	$ (0.40)
Weighted average shares outstanding, basic	21,433	21,755	21,477	21,786
Weighted average shares outstanding, diluted	21,433	21,755	21,477	21,786
Rental [Member]
Revenues:
Total revenues	$ 2,707	$ 2,537	$ 5,323	$ 4,950
Hotel [Member]
Revenues:
Total revenues	$ 14,341	$ 12,943	$ 24,360	$ 20,487

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net income/(loss)	$ 6,478	$ (2,196)	$ 2,292	$ (7,718)
Other comprehensive income:
Holding loss on available for sale debt securities				(208)
Reclassification adjustment for loss included in net loss				359
Other comprehensive income:				151
Comprehensive income/(loss)	6,478	(2,196)	2,292	(7,567)
Less: Comprehensive income attributable to noncontrolling interests	(104)	(541)	(49)	(1,067)
Comprehensive income/(loss) attributable to the Company’s common shares	$ 6,374	$ (2,737)	$ 2,243	$ (8,634)

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, Unappropriated [Member]	Noncontrolling Interest [Member]	Total
Beginning balance, value at Dec. 31, 2022		$ 218	$ 164,331	$ (159)	$ 50,051	$ 12,333	$ 226,774
Beginning balance, shares at Dec. 31, 2022		21,840
Net income					(8,793)	1,075	(7,718)
Other comprehensive income				159		(8)	151
Distributions declared	[1]				(7,627)		(7,627)
Distributions paid to noncontrolling interests						(3,166)	(3,166)
Redemption and cancellation of common shares		$ (1)	(1,453)				(1,454)
Redemption and cancellation of shares, Shares		(119)
Shares issued from distribution reinvestment program			167				167
Shares issued from distribution reinvestment program, shares		14
Ending balance, value at Jun. 30, 2023		$ 217	163,045		33,631	10,234	207,127
Ending balance, shares at Jun. 30, 2023		21,735
Beginning balance, value at Mar. 31, 2023		$ 218	163,958		40,175	10,658	215,009
Beginning balance, shares at Mar. 31, 2023		21,810
Net income					(2,737)	541	(2,196)
Distributions declared	[2]				(3,807)		(3,807)
Distributions paid to noncontrolling interests						(965)	(965)
Redemption and cancellation of common shares		$ (1)	(997)				(998)
Redemption and cancellation of shares, Shares		(82)
Shares issued from distribution reinvestment program			84				84
Shares issued from distribution reinvestment program, shares		7
Ending balance, value at Jun. 30, 2023		$ 217	163,045		33,631	10,234	207,127
Ending balance, shares at Jun. 30, 2023		21,735
Beginning balance, value at Dec. 31, 2023		$ 215	161,174		25,454	11,558	198,401
Beginning balance, shares at Dec. 31, 2023		21,581
Net income					2,243	49	2,292
Distributions paid to noncontrolling interests						(35)	(35)
Contributions received from noncontrolling interests						745	745
Redemption and cancellation of common shares		$ (2)	(1,946)				(1,948)
Redemption and cancellation of shares, Shares		(163)
Shares issued from distribution reinvestment program
Ending balance, value at Jun. 30, 2024		$ 213	159,228		27,697	12,317	199,455
Ending balance, shares at Jun. 30, 2024		21,418
Beginning balance, value at Mar. 31, 2024		$ 214	160,177		21,323	12,231	193,945
Beginning balance, shares at Mar. 31, 2024		21,499
Net income					6,374	104	6,478
Distributions paid to noncontrolling interests						(18)	(18)
Redemption and cancellation of common shares		$ (1)	(949)				(950)
Redemption and cancellation of shares, Shares		(81)
Ending balance, value at Jun. 30, 2024		$ 213	$ 159,228		$ 27,697	$ 12,317	$ 199,455
Ending balance, shares at Jun. 30, 2024		21,418
[1]Distributions per share were $0.350.[2]Distributions per share were $0.175.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)	$ 2,292	$ (7,718)
Adjustments to reconcile net income/(loss) to cash used in operating activities:
Depreciation and amortization	3,505	3,351
Gain on disposition of real estate	(10,852)	(1,121)
Loss from investment in unconsolidated affiliated real estate entity	1,773	2,360
Mark to market adjustments on derivative financial instruments	37	370
Unrealized gain on marketable equity securities	(2,063)	(501)
Loss on sale of marketable securities		359
Amortization of deferred financing costs	1,329	1,745
Noncash interest income		(859)
Other non-cash adjustments	(5)	(5)
Changes in assets and liabilities:
Increase in other assets	(542)	(2,665)
Decrease in accounts payable, accrued expenses and other liabilities	(180)	(853)
Cash used in operating activities	(4,706)	(5,537)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of development property and investment property	(1,128)	(8,599)
Purchase of marketable securities	(187)	(982)
Proceeds from sale of marketable securities	187	3,797
Proceeds from disposition of real estate	14,780	1,382
Investment in joint venture	(9)	(4)
Distributions from joint venture	35	163
Proceeds from redemption of preferred investment in related party		6,000
Funding of notes receivable		(300)
Release of reserves on notes receivable		300
Proceeds from repayment of notes receivable		14,000
Investment in unconsolidated affiliated real estate entity	(10)	(13)
Cash provided by investing activities	13,668	15,744
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from mortgage financing	2,630	7,816
Mortgage principal payments	(748)	(11,973)
Proceeds from notes payable	3,000
Payment of loan fees and expenses	(120)	(25)
Redemption and cancellation of common shares	(1,948)	(1,454)
Contributions received from noncontrolling interests	745
Distributions paid to noncontrolling interests	(35)	(3,166)
Distributions paid to Company’s common stockholders		(7,478)
Cash provided by/(used in) financing activities	3,524	(16,280)
Change in cash, cash equivalents and restricted cash	12,486	(6,073)
Cash, cash equivalents and restricted cash, beginning of year	18,360	22,583
Cash, cash equivalents and restricted cash, end of period	30,846	16,510
The following is a summary of the Company’s cash, cash equivalents, and restricted cash total as presented in our statements of cash flows for the periods presented:
Cash and cash equivalents	23,037	11,559
Restricted cash	7,809	4,951
Total cash, cash equivalents and restricted cash	$ 30,846	$ 16,510

Business and Structure

Business and Structure	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Structure	1. Business and Structure Lightstone Value Plus REIT I, Inc., is a Maryland corporation (“Lightstone REIT I”), formed on June 8, 2004, which has elected to be taxed and qualify as a real estate investment trust (“REIT”) for United States (“U.S.”) federal income tax purposes. Lightstone REIT I was formed primarily for the purpose of engaging in the business of investing in and owning commercial and multifamily residential real estate properties and making other real estate-related investments located throughout the U.S. Lightstone REIT I is structured as an umbrella partnership REIT, or UPREIT, and substantially all of its current and future business is and will be conducted through Lightstone Value Plus REIT, L.P. (the “Operating Partnership”), a Delaware limited partnership formed on July 12, 2004. As of June 30, 2024, Lightstone REIT I held a 98% general partnership interest in the Operating Partnership’s common units (“Common Units”). Lightstone REIT I, together with 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 and multifamily residential properties and makes other real estate-related investments, principally in the U.S. The Company’s real estate investments are held by it 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 multifamily residential properties located throughout the U.S. The Company evaluates all of its real estate investments as one operating segment. The Company currently intends to hold its real estate investments until such time as it determines that a sale or other disposition appears to be advantageous to achieve its objectives or until it appears that the objectives will not be met. As of June 30, 2024, the Company (i) has ownership interests in and consolidates two operating properties, two development projects and certain land holdings and (ii) has ownership interests through two unconsolidated joint ventures in a portfolio of nine multifamily residential properties (the “Columbus Properties”) and a portfolio of five limited/select-service hotel properties (the “Hotel JV Properties”). With respect to its consolidated operating properties, the Company wholly owns a 303-room Marriott International, Inc. (“Marriott”) branded Moxy hotel (the “Lower East Side Moxy Hotel”), located in the Lower East Side neighborhood in the Manhattan borough of New York City, which it developed, constructed and opened on October 27, 2022 and has a 59.2% nd nd With respect to its consolidated development projects, the Company wholly owns three land parcels located at 355 & 399 Exterior Street in the Mott Haven neighborhood in the Bronx borough of New York City, on which it expects, subject to certain conditions, to construct a proposed mixed-use multifamily residential and commercial retail project (the “Exterior Street Project”) and the Company has a 50% joint venture ownership interest in LSC 1543 7th LLC (the “Santa Monica Joint Venture”), a joint venture between the Company and a related party, which owns certain land parcels located in Santa Monica, California, on which a multifamily residential project (the “Santa Monica Project”) is proposed. The Company also wholly owns and consolidates various adjacent land parcels (the “St. Augustine Land Holdings”) located in St. Augustine, Florida. With respect to our unconsolidated joint venture properties, the Company holds a 19% joint venture ownership interest in Columbus Portfolio Member LLC (the “Columbus Joint Venture”), which owns the Columbus Properties, a portfolio of nine multifamily residential properties located in the Columbus, Ohio metropolitan area, and it holds a 2.5% 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 has no employees. The Company is dependent on the Advisor and certain affiliates of its Sponsor for performing a full range of services that are essential to it, including asset management, property management (excluding its hospitality property, which is managed by unrelated third party property managers) and acquisition, disposition and financing activities, and other general administrative responsibilities; such as tax, accounting, legal, information technology and investor relations services. If the Advisor and certain affiliates of the Company’s Sponsor are unable to provide these services to it, the Company would be required to provide the services itself or obtain the services from other parties. The Company’s Common Shares are not currently listed on a national securities exchange. The Company may seek to list its Common Shares 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 Common Shares at this time. The Company does not anticipate that there would be any active market for its Common Shares until they are listed for trading. Related Parties The Company’s Sponsor, Advisor and their affiliates, including Lightstone SLP, LLC, are related parties of the Company as well as other public REITs also sponsored and/or advised by these entities. Pursuant to the terms of various agreements, certain of these entities are entitled to compensation and reimbursement of costs incurred for services related to the investment, management and disposition of the Company’s assets. The compensation is generally 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 the joint venture ownership interests held by either the Sponsor or its affiliates in (i) Pro-DFJV Holdings LLC (“PRO”), (ii) the 2 nd nd

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Lightstone REIT I and its Operating Partnership and its subsidiaries (over which Lightstone REIT I 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 U.S. (“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, 2023 (the “2023 Form 10-K”). 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 U.S. 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, 2023 included herein has been derived from the consolidated balance sheet included in the Company’s 2023 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. Income Taxes The Company elected to be taxed and qualify as a REIT, commencing with the taxable year ended December 31, 2005. If the Company remains qualified as a REIT, it generally will not be subject to U.S. federal income tax on its net taxable income that it distributes currently to its stockholders. To maintain its REIT qualification under the Internal Revenue Code of 1986, as amended, or the Code, the Company must meet a number of organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90% of its REIT taxable income (which does not equal net income, as calculated in accordance with GAAP), determined without regard to the deduction for dividends paid and excluding any net capital gain. If the Company fails to remain qualified for taxation as a REIT in any subsequent year and does not qualify for certain statutory relief provisions, its income for that year will be taxed at regular corporate rates, and it may be precluded from qualifying for treatment as a REIT for the four-year period following its failure to qualify as a REIT. Such an event could materially adversely affect its net income and net cash available for distribution to its stockholders. Additionally, even if the Company continues to qualify as a REIT for U.S. federal income tax purposes, it may still be subject to some U.S. federal, state and local taxes on its income and property and to U.S. federal income taxes and excise taxes on its undistributed income, if any. To maintain its qualification as a REIT, the Company engages in certain activities through a taxable REIT subsidiary (“TRS”), including when the Company acquires or develops and constructs a hotel it usually establishes a new TRS and enters into an operating lease agreement for the hotel. As such, the Company is subject to U.S. federal and state income and franchise taxes from these activities. The Company’s income tax expense is included in other income/(expense), net on its consolidated statements of operations. During the three and six months ended June 30, 2024, the Company recorded income tax expense of $ 0.1 0.9 21 49 As of June 30, 2024 and December 31, 2023, the Company had no Revenues The following table represents the total hotel revenues from hotel operations on a disaggregated basis: Schedule of revenues on a disaggregated For the For the 2024 2023 2024 2023 Revenues Room $ 7,789 $ 6,705 $ 12,176 $ 9,700 Food, beverage and other 6,552 6,238 12,184 10,787 Total revenues $ 14,341 $ 12,943 $ 24,360 $ 20,487 St. Augustine Land Holdings The Company wholly owns the St. Augustine Land Holdings, consisting of various adjacent land parcels located in St. Augustine, Florida on which it previously operated the St. Augustine Outlet Center, a commercial retail property, through July 15, 2022. The St. Augustine Outlet Center was substantially demolished during the third quarter of 2022 in order to prepare the site’s various land parcels for potential sale and/or lease. During the first quarter of 2023, the Company completed the disposition of a parcel of land, which was part of the St. Augustine Land Holdings, to an unrelated third-party for a contractual sales price of $ 1.5 1.1 14.8 10.9 As of June 30, 2024 and December 31, 2023, the aggregate carrying value of the St. Augustine Land Holdings was $ 2.1 6.0 New Accounting Pronouncements In November 2023, the FASB issued an accounting standards update which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments will require entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within segment profit and loss, as well as the title and position of the CODM. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is evaluating the guidance and the impact it may have on its consolidated financial statements. In December 2023, the FASB issued an accounting standards update which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This update is effective for annual periods beginning after December 15, 2024. The Company is evaluating the guidance and the impact it may have on its consolidated financial statements. 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. Concentration of Risk As of June 30, 2024 and December 31, 2023, the Company had cash deposited in certain financial institutions in excess of U.S. federally insured levels. The Company regularly monitors the financial stability of these financial institutions and believes that it is not exposed to any significant credit risk with respect to its cash and cash equivalents or restricted cash. Current Environment The Company’s operating results and financial condition are substantially impacted by the overall health of local, U.S. national and global economies and may be influenced by market and other challenges. Additionally, the Company’s business and financial performance may be adversely affected by current and future economic and other conditions; including, but not limited to, availability or terms of financings, financial markets volatility and banking failures, political upheaval or uncertainty, natural and man-made disasters, terrorism and acts of war, unfavorable changes in laws and regulations, outbreaks of contagious diseases, cybercrime, loss of key relationships, inflation and recession. The Company’s overall performance depends in part on worldwide economic and geopolitical conditions and their impacts on consumer behavior. Worsening economic conditions, increases in costs due to inflation, higher interest rates, labor and supply chain challenges and other changes in economic conditions could adversely affect the Company’s future results from operations and its financial condition. Reclassifications Certain prior period amounts may have been reclassified to conform to the current period’s presentation. Supplemental Cash Flow Information Supplemental cash flow information for the periods indicated is as follows: Summary of supplemental cash flow information For the 2024 2023 Cash paid for interest $ 11,474 $ 11,856 Distributions declared but not paid $ - $ 3,807 Capital expenditures for investment property in accounts payable, accrued expenses and other liabilities $ 26 $ 1,208 Holding loss/gain on marketable securities $ - $ 151 Value of shares issued from distribution reinvestment program $ - $ 167 Proceeds from mortgage financing held by related party $ - $ 28,643

Development Projects

Development Projects	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Development Projects	3. Development Projects Exterior Street Project In February 2019, the Company, through subsidiaries of the Operating Partnership, acquired two adjacent parcels of land located at 355 and 399 Exterior Street in the Mott Haven neighborhood in the Bronx borough of New York City from unaffiliated third parties for an aggregate purchase price of $ 59.0 1.0 During the six months ended June 30, 2023, interest of $ 1.5 During the second quarter of 2023, the Company decided to temporarily pause active development activities associated with the Exterior Street Project, due to prevailing unfavorable economic and local market conditions and regulations, and therefore, ceased capitalization of interest and other carrying costs. There can be no assurances the Company will resume active development activities and ultimately construct the Exterior Street Project. However, if the Company does resume active development activities for the Exterior Street Project, it will need to obtain construction financing and/or seek a joint venture arrangement. Current and future economic conditions as well as other uncertainties may (i) affect the Company’s ability to obtain construction financing, which could adversely impact its ability to ultimately commence and/or complete construction as planned, on budget or at all for the Exterior Street Project. As of June 30, 2024 and December 31, 2023, the carrying value of the Exterior Street Project was $ 95.5 95.7 Santa Monica Project The Company has a 50 During the first quarter of 2023, the Santa Monica Joint Venture received a partial paydown of $14.0 million on the Santa Monica Note Receivable in exchange for the release of one of the development projects from the underlying collateral pool. As a result, the remaining outstanding balance of the Santa Monica Note Receivable of $35.0 million was secured solely by the Santa Monica Project. Due to financial difficulties, during the second quarter of 2023 the Santa Monica Borrower discontinued making monthly interest payments on the Santa Monica Note Receivable, which subsequently matured on August 31, 2023. On December 29, 2023, ownership of the Santa Monica Project was transferred to the Santa Monica Joint Venture via a deed in lieu of foreclosure transaction. In connection with the transfer, the aggregate outstanding principal and accrued interest for the Santa Monica Note Receivable of $36.7 million, which represented the fair value of the Santa Monica Project and approximated the carrying value of the Santa Monica Note Receivable, was reclassified from notes receivable, net to development projects on the consolidated balance sheet. As of both June 30, 2024 and December 31, 2023, the carrying value of the Santa Monica Project was $ 36.7

Investment in Unconsolidated Af

Investment in Unconsolidated Affiliated Real Estate Entity	6 Months Ended
	Jun. 30, 2024
Investment In Unconsolidated Affiliated Real Estate Entity
Investment in Unconsolidated Affiliated Real Estate Entity	4. Investment in Unconsolidated Affiliated Real Estate Entity Columbus Joint Venture On November 29, 2022, the Company, along with CRE Columbus Member (“Converge”), a majority owned subsidiary of Converge Holdings LLC, a reinsurance business owned by the Sponsor, and LEL Columbus Member LLC (the “BVI member”), a wholly owned subsidiary of Lightstone Enterprises Limited (“BVI”), a real estate investment company owned by the Sponsor, entered into a joint venture agreement to form the Columbus Joint Venture for the purpose of acquiring the Columbus Properties, a portfolio of nine multifamily residential properties consisting of 2,564 units located in the Columbus, Ohio metropolitan area for a contractual purchase price of $ 465.0 19 62 On November 29, 2022, the Columbus Joint Venture completed the purchase of the Columbus Properties. The acquisition was funded with $74.3 million of cash and $390.7 million of aggregate proceeds from preferred investments from unrelated third-parties and loans from two financial institutions. In connection with the acquisition and financings, the total cash paid, including closing costs, was $92.3 million and the Company paid $17.5 million representing its 19.0% pro rata share. In connection with the acquisition, the Company also paid the Advisor a separate acquisition fee of $2.4 million, equal to 2.75% of the Company’s pro-rata share of the contractual purchase price which is reflected in the carrying value of the Company’s investment in unconsolidated affiliated entity on the consolidated balance sheets. The Company has determined that the Columbus Joint Venture is a VIE but it is not the primary beneficiary. The Company accounts for its ownership interest in the Columbus Joint Venture in accordance with the equity method of accounting because it exerts significant influence over but does not control the Columbus Joint Venture. All capital contributions and distributions of earnings from the Columbus Joint Venture are made on a pro rata basis in proportion to each member’s equity interest percentage. Any distributions in excess of earnings from the Columbus Joint Venture are made to the members pursuant to the terms of the Columbus Joint Venture’s operating agreement. In connection with the purchase of the Columbus Properties on November 29, 2022, the Columbus Joint Venture obtained senior mortgage loans from two different financial institutions. The first financial institution provided four separate senior mortgage loans, all to subsidiaries of the Columbus Joint Venture, aggregating $133.6 million. These four senior mortgage loans bear interest at SOFR + 2.19%, provide for interest-only payments for the first six years of their term and mature in December 2032. Each of these four senior mortgage loans is individually collateralized by one of the Columbus Properties (collectively, the “Columbus Portfolio I Properties”). The second financial institution provided five separate senior mortgage loans, all to subsidiaries of the Columbus Joint Venture, aggregating $167.2 million. These five senior mortgage loans bear interest at 4.85%, provide for interest-only payments for the first two years of their term and initially mature in December 2027, but may be further extended for an additional five years, subject to satisfaction of certain conditions. Each of these five senior mortgage loans is individually collateralized by one of the Columbus Properties (collectively, the “Columbus Portfolio II Properties”). Additionally, in connection with the purchase of the Columbus Properties on November 29, 2022, the Columbus Joint Venture obtained an aggregate of $90.0 million in financing through two preferred investments (the “Columbus Preferred Investments”) from unrelated third parties. The first preferred investment of $38.6 million is collateralized by the Columbus Portfolio I Properties, bears interest at 11.25%, with a minimum monthly pay rate of 4.00% with any shortfall accrued to principal and has a mandatory redemption date of December 1, 2032. The second preferred investment of $51.4 million is collateralized by the Columbus Portfolio II Properties, bears interest at 11.25%, with a minimum monthly pay rate of 4.00% with any shortfall accrued to principal, and has a mandatory redemption date of December 1, 2027. 10.4 Because the Columbus Preferred Investments have mandatory redemption dates, the Columbus Joint Venture treats them as financial liabilities and includes them in mortgages and loans payable on its condensed balance sheets. The Company’s Sponsor (the “Guarantor”) has fully guaranteed the nine senior mortgage loans and the Columbus Preferred Investments (the “Debt Guarantee”). Each of the members of the Columbus Joint Venture have agreed to reimburse the Guarantor for their pro rata share of any balance that becomes due under the Debt Guarantee, of which the Company’s share is up to 19%. The Company has determined that the fair value of the Debt Guarantee is immaterial. During the six months ended June 30, 2024 and 2023, the Company made capital contributions of $ 10 13 Columbus Joint Venture Financial Information The following table represents the condensed statements of operations for the Columbus Joint Venture: Schedule of condensed statement of operations for the columbus joint venture For the For the June 30, June 30, June 30, June 30, Revenues $ 11,013 $ 10,496 $ 21,630 $ 21,007 Property operating expenses 5,262 5,387 10,263 10,279 General and administrative expense 74 129 179 84 Depreciation and amortization 3,091 4,773 6,103 9,519 Operating income 2,586 207 5,085 1,125 Interest expense and other, net (7,254 ) (6,080 ) (14,260 ) (13,286 ) Net loss $ (4,668 ) $ (5,873 ) $ (9,175 ) $ (12,161 ) Company’s share of net loss (19.0%) $ (887 ) $ (1,116 ) $ (1,744 ) $ (2,311 ) Additional depreciation and amortization expense (1) (15 ) (24 ) (29 ) (49 ) Company’s loss from investment $ (902 ) $ (1,140 ) $ (1,773 ) $ (2,360 ) (1) Additional depreciation and amortization expense relates to the amortization of the difference between the cost of the interest in the Columbus Joint Venture and the amount of the underlying equity in net assets of the Columbus Joint Venture. The following table represents the condensed balance sheets for the Columbus Joint Venture: Schedule of condensed balance sheet for the columbus joint venture As of As of June 30, December 31, Investment property, net $ 448,064 $ 449,813 Cash and restricted cash 20,541 25,640 Other assets 1,889 3,082 Total assets $ 470,494 $ 478,535 Mortgages and loans payable, net $ 394,723 $ 390,622 Other liabilities 8,150 11,149 Members’ equity 67,621 76,764 Total liabilities and members’ equity $ 470,494 $ 478,535

Investment in Related Party

Investment in Related Party	6 Months Ended
	Jun. 30, 2024
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]
Investment in Related Party	5. Investment in Related Party Hotel Joint Venture During 2015, the Company formed the Hotel Joint Venture with Lightstone REIT II, a related party REIT also sponsored by the Sponsor. The Company has a 2.5% The Company accounts for its 2.5% 0.5

Marketable Securities, Derivati

Marketable Securities, Derivative Financial Instruments, Fair Value Measurements and Notes Payable	6 Months Ended
	Jun. 30, 2024
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: Summary of available for sale securities and other investments As of June 30, 2024 Adjusted Cost Gross Gross Fair Value Marketable Securities Equity securities Common and Preferred Equity Securities $ 5,598 $ 73 $ (154 ) $ 5,517 Marco OP Units and Marco II OP Units 19,227 12,536 - 31,763 $ 24,825 $ 12,609 $ (154 ) $ 37,280 As of December 31, 2023 Adjusted Cost Gross Gross Fair Value Marketable Securities Equity securities Common and Preferred Equity Securities $ 5,598 $ - $ (226 ) $ 5,372 Marco OP Units and Marco II OP Units 19,227 10,619 - 29,846 Total $ 24,825 $ 10,619 $ (226 ) $ 35,218 As of both June 30, 2024 and December 31, 2023, the Company held an aggregate of 209,243 89,695 151.80 115.48 142.64 Derivative Financial Instruments The Company enters into interest rate cap contracts 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 accounts for 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 on the consolidated statements of operations. As of June 30, 2024 and December 31, 2023, the Company had two interest rate cap contracts with notional amounts of $ 110.0 31.3 5.50% The aggregate fair value of the interest rate cap contracts was $ 26 62 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 June 30, 2024 Level 1 Level 2 Level 3 Total Marketable Securities Common and Preferred Equity Securities $ 1,471 $ 4,046 $ - $ 5,517 Marco OP and OP II Units - 31,763 - 31,763 Total $ 1,471 $ 35,809 $ - $ 37,280 Derivative Financial Instruments Interest Rate Cap Contracts $ - $ 26 $ - $ 26 Fair Value Measurement Using As of December 31, 2023 Level 1 Level 2 Level 3 Total Marketable Securities Common and Preferred Equity Securities $ 1,383 $ 3,989 $ - $ 5,372 Marco OP and OP II Units - 29,846 - 29,846 Total $ 1,383 $ 33,835 $ - $ 35,218 Derivative Financial Instruments Interest Rate Cap Contracts $ - $ 62 $ - $ 62 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. Additionally, as noted and disclosed 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. 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 SOFR plus 0.85% Line of Credit The Company has a non-revolving credit facility (the “Line of Credit”) with a financial institution that provides for borrowings up to a maximum of $ 20.0 November 30, 2024 SOFR plus 1.35% As of June 30, 2024, the amount of borrowings available to be drawn under the Line of Credit was $ 15.6 14.7 The Company currently intends to seek to extend the Line of Credit on or before its scheduled maturity date. However, if the Company is unable to extend the Line of Credit, it will repay the outstanding balance in full with available cash on hand.

Mortgages Payable, Net

Mortgages Payable, Net	6 Months Ended
	Jun. 30, 2024
Mortgages Payable Net
Mortgages Payable, Net	7. Mortgages Payable, Net Mortgages payable, net consists of the following: Schedule of mortgages payable Interest Rate Weighted Average Maturity Date Amount As of As of Gantry Park Mortgage Loan 4.48% 4.48% November 2024 $ 65,317 $ 65,949 $ 66,697 Moxy Senior Loan SOFR + 4.00% 9.46% December 2026 108,155 108,155 106,108 Moxy Junior Loan SOFR + 8.75% 14.27% December 2026 30,785 30,785 30,202 Exterior Street Loan SOFR + 2.85% 8.32% November 2024 35,000 35,000 35,000 Exterior Street Supplemental Loan SOFR + 2.85% 8.29% November 2024 7,000 7,000 7,000 Santa Monica Loan SOFR + 4.50% 9.75% August 2024 19,476 19,476 19,476 Total mortgages payable 8.62% $ 265,733 266,365 264,483 Less: Deferred financing costs (3,572 ) (4,785 ) Total mortgages payable, net $ 262,793 $ 259,698 One-month SOFR as of June 30, 2024 and December 31, 2023 was 5.34% 5.35% Santa Monica Loan On June 30, 2022, the Santa Monica Joint Venture obtained a loan of up to $ 33.1 SOFR + 3.50% 19.5 In connection with the transfer of ownership of the Santa Monica Project to the Santa Monica Joint Venture on December 29, 2023, the Santa Monica Loan was modified to substitute the Santa Monica Project as the underlying collateral and the maturity date was further extended to August 1, 2024. Subsequently in March 2024, the Santa Monica Loan was again modified pursuant to which the interest rate was changed to SOFR + 4.5%, subject to a floor of 7.5%, the maturity date was changed to August 31, 2024 and the interest reserve was replenished to cover the payments due through August 31, 2024. See Note 3 for additional information. Moxy Mortgage Loans On November 29, 2023, the Company entered into a mortgage loan facility (the “Moxy Senior Loan”) with an unrelated third party providing for up to $ 110.0 106.1 3.9 SOFR plus 4.00%, subject to a 7.50% floor December 1, 2026 108.2 1.8 Simultaneously on November 29, 2023, the Company also entered into a mortgage loan facility (the “Moxy Junior Loan” and together with the Moxy Senior Loan, the “Moxy Mortgage Loans”) with an unrelated third party providing for up to $ 31.3 1.1 SOFR plus 8.75%, subject to a 12.25% floor December 1, 2026 30.8 0.5 The Moxy Mortgage Loans require monthly interest-only payments through their maturity dates and are collateralized by the Lower East Side Moxy Hotel, however, the Moxy Junior Loan is subordinate to the Moxy Senior Loan. Aggregate proceeds of $ 130.0 Pursuant to the terms of the Moxy Mortgage Loans, the Company is required to enter into two interest rate cap contracts with an aggregate notional amount of $141.3 million (equal to the total maximum amounts available under the Moxy Senior Loan and the Moxy Junior Loan) for as long as the Moxy Mortgage Loans remain outstanding. On November 29, 2023, the Company entered into two interest rate cap agreements with notional amounts of $ 110.0 31.3 141.3 0.2 In connection with obtaining the Moxy Mortgage Loans, the Company provided certain interest and carry costs guarantees and paid $4.1 million of loan fees and expenses. Exterior Street Loans On March 29, 2019, the Company obtained a $ 35.0 LIBOR plus 2.25% November 24, 2022 7.0 LIBOR plus 2.50% November 24, 2022 On November 22, 2022, the Company and the financial institution entered into an additional amendment to the Exterior Street Loans pursuant to which the interest rate on the Exterior Street Loans was adjusted to SOFR plus 2.60% SOFR plus 2.85% The following table shows the contractually scheduled principal maturities of the Company’s mortgage debt during the next five years and thereafter as of June 30, 2024: Scheduled of contractually principal maturities during next five years 2024 2025 2026 2027 2028 Thereafter Total Principal maturities $ 127,425 $ - $ 138,940 $ - $ - $ - $ 266,365 Less: Deferred financing costs (3,572 ) Total principal maturities, net $ 262,793 Certain of the Company’s debt agreements require the maintenance of certain ratios, including debt service coverage. As of June 30, 2024, 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. Mortgage Debt Maturities The Santa Monica Loan (outstanding principal balance of $19.5 million as of June 30, 2024) is scheduled to mature on August 31, 2024. The Company currently intends to seek to extend or refinance the Santa Monica Loan on or before its scheduled maturity date. The Gantry Park Mortgage Loan (outstanding aggregate principal balance of $ 65.9 The Exterior Street Loans (outstanding aggregate principal balance of $ 42.0 However, if the Company is unable to extend or refinance its maturing mortgage 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	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity	8. Equity Distributions on Common Shares On November 10, 2023, the Board of Directors determined to suspend regular quarterly distributions. Until distributions on common shares are brought current to at least an annualized rate of 7.0% 10.00 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. SRP The Company’s share repurchase program (the “SRP”) may provide its stockholders with limited, interim liquidity by enabling them to sell their Common Shares 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 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 the Company’s current estimated net asset value per share of common stock (“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. 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%. At the above noted dates, the Board of Directors established that on an annual basis, the Company would not redeem in excess of 1.0% and 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 proration if either type of redemption requests exceeded the annual limitation. For the six months ended June 30, 2024, the Company repurchased 162,824 11.96 119,300 12.19 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	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	9. Related Party Transactions The Company has various agreements, including an advisory agreement, with the Advisor and its affiliates to pay certain fees in exchange for services performed by these entities and other related parties. The Company’s ability to secure financing and subsequent real estate operations are dependent upon its Advisor and its affiliates to perform such services as provided in these agreements. During the first quarter of 2024, the Advisor agreed to allow the Company to temporarily defer the payment of asset management fees. As of June 30, 2024 and December 31, 2023, $ 1.5 0.5 The Company, pursuant to the related party arrangements, has recorded the following amounts for the periods indicated: Summary of Amount recorded in pursuant to related party arrangement For the For the June 30, June 30, June 30, June 30, Asset management fees (general and administrative costs) $ 505 $ 551 $ 1,010 $ 1,107 Property management fees (property operating expenses) 78 75 155 147 Development fees and cost reimbursement (1) 9 235 21 641 Total $ 592 $ 861 $ 1,186 $ 1,895 (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 until construction is substantially completed. Once construction is substantially completed these amounts are recorded as property operating expenses. 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, an affiliate of the Company’s Sponsor, purchased SLP Units in the Operating Partnership for an aggregate of $ 30.0 No distributions were declared and paid on the SLP Units during the three and six months ended June 30, 2024. During the three and six months ended June 30, 2023, distributions of $ 0.5 1.0

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Financial Instruments	10. Financial Instruments The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, other assets and accounts payable, accrued expenses and other liabilities approximate their fair values because of the short maturity of these instruments. The carrying amount and estimated fair value of the Company’s mortgage debt is summarized as follows: Schedule of mortgage debt As of As of Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Mortgages payable $ 266,365 $ 265,419 $ 264,483 $ 262,953 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	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies Hotel Franchise Agreement The Lower East Side Moxy Hotel operates pursuant to a 30-year franchise agreement (the “Hotel Franchise Agreement”) with Marriott International, Inc. (“Marriott”). The Hotel Franchise Agreement provides for the Company to pay franchise fees and marketing fund charges equal to certain prescribed percentages of gross room sales, as defined. Additionally, pursuant to the terms of the Hotel Franchise Agreement, the Company received a Key Money payment of $ 4.7 4.5 4.6 Hotel Management Agreements With respect to the Lower East Side Moxy Hotel, the Company has entered into a hotel management agreement, food and beverage operations management agreement and an asset management agreement (collectively, the “Hotel Management Agreements”) with various third-party management companies pursuant to which they provide oversight and management over the operation of the Lower East Side Moxy Hotel and its food and beverage venues and receive payment of certain prescribed management fees, generally based on a percentage of revenues and certain incentives for exceeding targeted earnings thresholds. The management fees are recorded as a component of hotel operating expenses on the consolidated statements of operations. The Hotel Management Agreements have initial terms ranging from 5 to 20 years. Legal Proceedings From time to time in the ordinary course of business, the Company may become subject to legal proceedings, claims or disputes. Various claims have been asserted against the 2 nd nd Other than the aforementioned matter, 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Lightstone REIT I and its Operating Partnership and its subsidiaries (over which Lightstone REIT I 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 U.S. (“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, 2023 (the “2023 Form 10-K”). 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 U.S. 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, 2023 included herein has been derived from the consolidated balance sheet included in the Company’s 2023 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.
Income Taxes	Income Taxes The Company elected to be taxed and qualify as a REIT, commencing with the taxable year ended December 31, 2005. If the Company remains qualified as a REIT, it generally will not be subject to U.S. federal income tax on its net taxable income that it distributes currently to its stockholders. To maintain its REIT qualification under the Internal Revenue Code of 1986, as amended, or the Code, the Company must meet a number of organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90% of its REIT taxable income (which does not equal net income, as calculated in accordance with GAAP), determined without regard to the deduction for dividends paid and excluding any net capital gain. If the Company fails to remain qualified for taxation as a REIT in any subsequent year and does not qualify for certain statutory relief provisions, its income for that year will be taxed at regular corporate rates, and it may be precluded from qualifying for treatment as a REIT for the four-year period following its failure to qualify as a REIT. Such an event could materially adversely affect its net income and net cash available for distribution to its stockholders. Additionally, even if the Company continues to qualify as a REIT for U.S. federal income tax purposes, it may still be subject to some U.S. federal, state and local taxes on its income and property and to U.S. federal income taxes and excise taxes on its undistributed income, if any. To maintain its qualification as a REIT, the Company engages in certain activities through a taxable REIT subsidiary (“TRS”), including when the Company acquires or develops and constructs a hotel it usually establishes a new TRS and enters into an operating lease agreement for the hotel. As such, the Company is subject to U.S. federal and state income and franchise taxes from these activities. The Company’s income tax expense is included in other income/(expense), net on its consolidated statements of operations. During the three and six months ended June 30, 2024, the Company recorded income tax expense of $ 0.1 0.9 21 49 As of June 30, 2024 and December 31, 2023, the Company had no
Revenues	Revenues The following table represents the total hotel revenues from hotel operations on a disaggregated basis: Schedule of revenues on a disaggregated For the For the 2024 2023 2024 2023 Revenues Room $ 7,789 $ 6,705 $ 12,176 $ 9,700 Food, beverage and other 6,552 6,238 12,184 10,787 Total revenues $ 14,341 $ 12,943 $ 24,360 $ 20,487
St. Augustine Land Holdings	St. Augustine Land Holdings The Company wholly owns the St. Augustine Land Holdings, consisting of various adjacent land parcels located in St. Augustine, Florida on which it previously operated the St. Augustine Outlet Center, a commercial retail property, through July 15, 2022. The St. Augustine Outlet Center was substantially demolished during the third quarter of 2022 in order to prepare the site’s various land parcels for potential sale and/or lease. During the first quarter of 2023, the Company completed the disposition of a parcel of land, which was part of the St. Augustine Land Holdings, to an unrelated third-party for a contractual sales price of $ 1.5 1.1 14.8 10.9 As of June 30, 2024 and December 31, 2023, the aggregate carrying value of the St. Augustine Land Holdings was $ 2.1 6.0
New Accounting Pronouncements	New Accounting Pronouncements In November 2023, the FASB issued an accounting standards update which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments will require entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within segment profit and loss, as well as the title and position of the CODM. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is evaluating the guidance and the impact it may have on its consolidated financial statements. In December 2023, the FASB issued an accounting standards update which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. This update is effective for annual periods beginning after December 15, 2024. The Company is evaluating the guidance and the impact it may have on its consolidated financial statements. 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.
Concentration of Risk	Concentration of Risk As of June 30, 2024 and December 31, 2023, the Company had cash deposited in certain financial institutions in excess of U.S. federally insured levels. The Company regularly monitors the financial stability of these financial institutions and believes that it is not exposed to any significant credit risk with respect to its cash and cash equivalents or restricted cash.
Current Environment	Current Environment The Company’s operating results and financial condition are substantially impacted by the overall health of local, U.S. national and global economies and may be influenced by market and other challenges. Additionally, the Company’s business and financial performance may be adversely affected by current and future economic and other conditions; including, but not limited to, availability or terms of financings, financial markets volatility and banking failures, political upheaval or uncertainty, natural and man-made disasters, terrorism and acts of war, unfavorable changes in laws and regulations, outbreaks of contagious diseases, cybercrime, loss of key relationships, inflation and recession. The Company’s overall performance depends in part on worldwide economic and geopolitical conditions and their impacts on consumer behavior. Worsening economic conditions, increases in costs due to inflation, higher interest rates, labor and supply chain challenges and other changes in economic conditions could adversely affect the Company’s future results from operations and its financial condition.
Reclassifications	Reclassifications Certain prior period amounts may have been reclassified to conform to the current period’s presentation.
Supplemental Cash Flow Information	Supplemental Cash Flow Information Supplemental cash flow information for the periods indicated is as follows: Summary of supplemental cash flow information For the 2024 2023 Cash paid for interest $ 11,474 $ 11,856 Distributions declared but not paid $ - $ 3,807 Capital expenditures for investment property in accounts payable, accrued expenses and other liabilities $ 26 $ 1,208 Holding loss/gain on marketable securities $ - $ 151 Value of shares issued from distribution reinvestment program $ - $ 167 Proceeds from mortgage financing held by related party $ - $ 28,643

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of revenues on a disaggregated	Schedule of revenues on a disaggregated For the For the 2024 2023 2024 2023 Revenues Room $ 7,789 $ 6,705 $ 12,176 $ 9,700 Food, beverage and other 6,552 6,238 12,184 10,787 Total revenues $ 14,341 $ 12,943 $ 24,360 $ 20,487
Summary of supplemental cash flow information	Summary of supplemental cash flow information For the 2024 2023 Cash paid for interest $ 11,474 $ 11,856 Distributions declared but not paid $ - $ 3,807 Capital expenditures for investment property in accounts payable, accrued expenses and other liabilities $ 26 $ 1,208 Holding loss/gain on marketable securities $ - $ 151 Value of shares issued from distribution reinvestment program $ - $ 167 Proceeds from mortgage financing held by related party $ - $ 28,643

Investment in Unconsolidated _2

Investment in Unconsolidated Affiliated Real Estate Entity (Tables)	6 Months Ended
	Jun. 30, 2024
Investment In Unconsolidated Affiliated Real Estate Entity
Schedule of condensed statement of operations for the columbus joint venture	Schedule of condensed statement of operations for the columbus joint venture For the For the June 30, June 30, June 30, June 30, Revenues $ 11,013 $ 10,496 $ 21,630 $ 21,007 Property operating expenses 5,262 5,387 10,263 10,279 General and administrative expense 74 129 179 84 Depreciation and amortization 3,091 4,773 6,103 9,519 Operating income 2,586 207 5,085 1,125 Interest expense and other, net (7,254 ) (6,080 ) (14,260 ) (13,286 ) Net loss $ (4,668 ) $ (5,873 ) $ (9,175 ) $ (12,161 ) Company’s share of net loss (19.0%) $ (887 ) $ (1,116 ) $ (1,744 ) $ (2,311 ) Additional depreciation and amortization expense (1) (15 ) (24 ) (29 ) (49 ) Company’s loss from investment $ (902 ) $ (1,140 ) $ (1,773 ) $ (2,360 ) (1) Additional depreciation and amortization expense relates to the amortization of the difference between the cost of the interest in the Columbus Joint Venture and the amount of the underlying equity in net assets of the Columbus Joint Venture.
Schedule of condensed balance sheet for the columbus joint venture	Schedule of condensed balance sheet for the columbus joint venture As of As of June 30, December 31, Investment property, net $ 448,064 $ 449,813 Cash and restricted cash 20,541 25,640 Other assets 1,889 3,082 Total assets $ 470,494 $ 478,535 Mortgages and loans payable, net $ 394,723 $ 390,622 Other liabilities 8,150 11,149 Members’ equity 67,621 76,764 Total liabilities and members’ equity $ 470,494 $ 478,535

Marketable Securities, Deriva_2

Marketable Securities, Derivative Financial Instruments, Fair Value Measurements and Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2024
Marketable Securities Derivative Financial Instruments Fair Value Measurements And Notes Payable
Summary of available for sale securities and other investments	Summary of available for sale securities and other investments As of June 30, 2024 Adjusted Cost Gross Gross Fair Value Marketable Securities Equity securities Common and Preferred Equity Securities $ 5,598 $ 73 $ (154 ) $ 5,517 Marco OP Units and Marco II OP Units 19,227 12,536 - 31,763 $ 24,825 $ 12,609 $ (154 ) $ 37,280 As of December 31, 2023 Adjusted Cost Gross Gross Fair Value Marketable Securities Equity securities Common and Preferred Equity Securities $ 5,598 $ - $ (226 ) $ 5,372 Marco OP Units and Marco II OP Units 19,227 10,619 - 29,846 Total $ 24,825 $ 10,619 $ (226 ) $ 35,218
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 June 30, 2024 Level 1 Level 2 Level 3 Total Marketable Securities Common and Preferred Equity Securities $ 1,471 $ 4,046 $ - $ 5,517 Marco OP and OP II Units - 31,763 - 31,763 Total $ 1,471 $ 35,809 $ - $ 37,280 Derivative Financial Instruments Interest Rate Cap Contracts $ - $ 26 $ - $ 26 Fair Value Measurement Using As of December 31, 2023 Level 1 Level 2 Level 3 Total Marketable Securities Common and Preferred Equity Securities $ 1,383 $ 3,989 $ - $ 5,372 Marco OP and OP II Units - 29,846 - 29,846 Total $ 1,383 $ 33,835 $ - $ 35,218 Derivative Financial Instruments Interest Rate Cap Contracts $ - $ 62 $ - $ 62

Mortgages Payable, Net (Tables)

Mortgages Payable, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Mortgages Payable Net
Schedule of mortgages payable	Schedule of mortgages payable Interest Rate Weighted Average Maturity Date Amount As of As of Gantry Park Mortgage Loan 4.48% 4.48% November 2024 $ 65,317 $ 65,949 $ 66,697 Moxy Senior Loan SOFR + 4.00% 9.46% December 2026 108,155 108,155 106,108 Moxy Junior Loan SOFR + 8.75% 14.27% December 2026 30,785 30,785 30,202 Exterior Street Loan SOFR + 2.85% 8.32% November 2024 35,000 35,000 35,000 Exterior Street Supplemental Loan SOFR + 2.85% 8.29% November 2024 7,000 7,000 7,000 Santa Monica Loan SOFR + 4.50% 9.75% August 2024 19,476 19,476 19,476 Total mortgages payable 8.62% $ 265,733 266,365 264,483 Less: Deferred financing costs (3,572 ) (4,785 ) Total mortgages payable, net $ 262,793 $ 259,698
Scheduled of contractually principal maturities during next five years	Scheduled of contractually principal maturities during next five years 2024 2025 2026 2027 2028 Thereafter Total Principal maturities $ 127,425 $ - $ 138,940 $ - $ - $ - $ 266,365 Less: Deferred financing costs (3,572 ) Total principal maturities, net $ 262,793

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Summary of Amount recorded in pursuant to related party arrangement	Summary of Amount recorded in pursuant to related party arrangement For the For the June 30, June 30, June 30, June 30, Asset management fees (general and administrative costs) $ 505 $ 551 $ 1,010 $ 1,107 Property management fees (property operating expenses) 78 75 155 147 Development fees and cost reimbursement (1) 9 235 21 641 Total $ 592 $ 861 $ 1,186 $ 1,895 (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 until construction is substantially completed. Once construction is substantially completed these amounts are recorded as property operating expenses.

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of mortgage debt	Schedule of mortgage debt As of As of Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Mortgages payable $ 266,365 $ 265,419 $ 264,483 $ 262,953

Business and Structure (Details

Business and Structure (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended	12 Months Ended
	Jul. 06, 2004	Jun. 30, 2024	Dec. 31, 2009	Dec. 31, 2008	Jun. 30, 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Cash contributed for units	$ 2
Partners units acquired	200
Shares issued, price per share		$ 11.96			$ 12.19
Issuance of common units, shares			497,209	497,209
Lightstone Value Plus REIT [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
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
Aggregate SLP units purchased in operating partnership		$ 30,000
Beneficial ownership interest (as a percent)		99%
Lightstone Value Plus REIT [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 REIT [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%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Product Information [Line Items]
Revenues	$ 17,048	$ 15,480	$ 29,683	$ 25,437
Accrued loan
Product Information [Line Items]
Revenues	7,789	6,705	12,176	9,700
Food Beverage And Other Revenue [Member]
Product Information [Line Items]
Revenues	6,552	6,238	12,184	10,787
Hotel [Member]
Product Information [Line Items]
Revenues	$ 14,341	$ 12,943	$ 24,360	$ 20,487

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounting Policies [Abstract]
Cash paid for interest		$ 11,474	$ 11,856
Distributions declared but not paid			3,807
Capital expenditures for investment property in accounts payable, accrued expenses and other liabilities		26	1,208
Holding loss/gain on marketable securities			151
Value of shares issued from distribution reinvestment program	$ 84		167
Proceeds from mortgage financing held by related party			$ 28,643

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Income tax expense	$ 100	$ 21		$ 900	$ 49
Uncertain income tax positions	0			0			$ 0
Sales Contract Price	14,800		$ 1,500
Gain on disposition of real estate	10,900		$ 1,100
St Augustine Land Holdings [Member] | Land and Land Improvements [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Aggregate carrying value	$ 2,100			$ 2,100		$ 6,000

Development Projects (Details N

Development Projects (Details Narrative) - USD ($) $ in Thousands	1 Months Ended		6 Months Ended
	Sep. 30, 2021	Feb. 28, 2019	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Affiliate Costs	$ 1,000
Development projects				$ 132,153	$ 132,370
Exterior Street Project [Member]
Business Acquisition [Line Items]
Interest Costs Capitalized			$ 1,500
Construction in Progress, Gross				$ 95,500	95,700
Santa Monica Project [Member]
Business Acquisition [Line Items]
Ownership interest				50%
Development projects				$ 36,700	$ 36,700
Borden Realty Corp And 399 Exterior Street Associates Llc [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred		$ 59,000

Investment in Unconsolidated _3

Investment in Unconsolidated Affiliated Real Estate Entity (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Revenues		$ 17,048	$ 15,480	$ 29,683	$ 25,437
Property operating expenses		766	779	1,460	1,467
Depreciation and amortization		1,768	1,683	3,505	3,351
Net loss		6,374	(2,737)	2,243	(8,793)
Company’s loss from investment		(902)	(1,140)	(1,773)	(2,360)
Columbus Joint Venture [Member]
Defined Benefit Plan Disclosure [Line Items]
Revenues		11,013	10,496	21,630	21,007
Property operating expenses		5,262	5,387	10,263	10,279
General and administrative expense		74	129	179	84
Depreciation and amortization		3,091	4,773	6,103	9,519
Operating income		2,586	207	5,085	1,125
Interest expense and other, net		(7,254)	(6,080)	(14,260)	(13,286)
Net loss		(4,668)	(5,873)	(9,175)	(12,161)
Company’s share of net loss (19.0%)		(887)	(1,116)	(1,744)	(2,311)
Additional depreciation and amortization expense	[1]	(15)	(24)	(29)	(49)
Company’s loss from investment		$ (902)	$ (1,140)	$ (1,773)	$ (2,360)
[1]Additional depreciation and amortization expense relates to the amortization of the difference between the cost of the interest in the Columbus Joint Venture and the amount of the underlying equity in net assets of the Columbus Joint Venture.

Investment in Unconsolidated _4

Investment in Unconsolidated Affiliated Real Estate Entity (Details 1) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Investment property, net	$ 257,871	$ 264,584
Cash and restricted cash	23,037	10,547
Other assets	5,632	5,211
Total assets	479,397	473,147
Mortgages and loans payable, net	262,793	259,698
Total liabilities and members’ equity	479,397	473,147
Columbus Joint Venture [Member]
Defined Benefit Plan Disclosure [Line Items]
Investment property, net	448,064	449,813
Cash and restricted cash	20,541	25,640
Other assets	1,889	3,082
Total assets	470,494	478,535
Mortgages and loans payable, net	394,723	390,622
Other liabilities	8,150	11,149
Members’ equity	67,621	76,764
Total liabilities and members’ equity	$ 470,494	$ 478,535

Investment in Unconsolidated _5

Investment in Unconsolidated Affiliated Real Estate Entity (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Nov. 29, 2022	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Capital contributions		$ 10	$ 13
Columbus Joint Venture [Member]
Defined Benefit Plan Disclosure [Line Items]
Contractual purchase price	$ 465,000
Investments in unconsolidated affiliated real estate entity description	Columbus Joint Venture completed the purchase of the Columbus Properties. The acquisition was funded with $74.3 million of cash and $390.7 million of aggregate proceeds from preferred investments from unrelated third-parties and loans from two financial institutions. In connection with the acquisition and financings, the total cash paid, including closing costs, was $92.3 million and the Company paid $17.5 million representing its 19.0% pro rata share. In connection with the acquisition, the Company also paid the Advisor a separate acquisition fee of $2.4 million, equal to 2.75% of the Company’s pro-rata share of the contractual purchase price which is reflected in the carrying value of the Company’s investment in unconsolidated affiliated entity on the consolidated balance sheets.
Preferred Investments description	Columbus Joint Venture obtained an aggregate of $90.0 million in financing through two preferred investments (the “Columbus Preferred Investments”) from unrelated third parties. The first preferred investment of $38.6 million is collateralized by the Columbus Portfolio I Properties, bears interest at 11.25%, with a minimum monthly pay rate of 4.00% with any shortfall accrued to principal and has a mandatory redemption date of December 1, 2032. The second preferred investment of $51.4 million is collateralized by the Columbus Portfolio II Properties, bears interest at 11.25%, with a minimum monthly pay rate of 4.00% with any shortfall accrued to principal, and has a mandatory redemption date of December 1, 2027.
Preferred investment balance	$ 10,400
Converge [Member]
Defined Benefit Plan Disclosure [Line Items]
Ownership interest	19%
B V I [Member]
Defined Benefit Plan Disclosure [Line Items]
Ownership interest	62%

Investment in Related Party (De

Investment in Related Party (Details Narrative) - Joint Venture [Member] - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
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%
Investment	$ 500	$ 500

Marketable Securities, Deriva_3

Marketable Securities, Derivative Financial Instruments, Fair Value Measurements and Notes Payable (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Common and Preferred Equity Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Equity securities, adjusted cost	$ 5,598	$ 5,598
Equity securities, gross unrealized gains	73
Equity securities, gross unrealized losses	(154)	(226)
Equity securities, fair value	5,517	5,372
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	12,536	10,619
Equity securities, gross unrealized losses
Equity securities, fair value	31,763	29,846
Equity Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Equity securities, adjusted cost	24,825	24,825
Equity securities, gross unrealized gains	12,609	10,619
Equity securities, gross unrealized losses	(154)	(226)
Equity securities, fair value	$ 37,280	$ 35,218

Marketable Securities, Deriva_4

Marketable Securities, Derivative Financial Instruments, Fair Value Measurements and Notes Payable (Details 1) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Platform Operator, Crypto Asset [Line Items]
Available-for-sale Securities	$ 37,280	$ 35,218
Interest Rate Cap Contracts	26	62
Equity Securities [Member]
Platform Operator, Crypto Asset [Line Items]
Available-for-sale Securities	5,517	5,372
Marco Op Units And Op Two Units [Member]
Platform Operator, Crypto Asset [Line Items]
Available-for-sale Securities	31,763	29,846
Fair Value, Inputs, Level 1 [Member]
Platform Operator, Crypto Asset [Line Items]
Available-for-sale Securities	1,471	1,383
Interest Rate Cap Contracts
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member]
Platform Operator, Crypto Asset [Line Items]
Available-for-sale Securities	1,471	1,383
Fair Value, Inputs, Level 1 [Member] | Marco Op Units And Op Two Units [Member]
Platform Operator, Crypto Asset [Line Items]
Available-for-sale Securities
Fair Value, Inputs, Level 2 [Member]
Platform Operator, Crypto Asset [Line Items]
Available-for-sale Securities	35,809	33,835
Interest Rate Cap Contracts	26	62
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member]
Platform Operator, Crypto Asset [Line Items]
Available-for-sale Securities	4,046	3,989
Fair Value, Inputs, Level 2 [Member] | Marco Op Units And Op Two Units [Member]
Platform Operator, Crypto Asset [Line Items]
Available-for-sale Securities	31,763	29,846
Fair Value, Inputs, Level 3 [Member]
Platform Operator, Crypto Asset [Line Items]
Available-for-sale Securities
Interest Rate Cap Contracts
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member]
Platform Operator, Crypto Asset [Line Items]
Available-for-sale Securities
Fair Value, Inputs, Level 3 [Member] | Marco Op Units And Op Two Units [Member]
Platform Operator, Crypto Asset [Line Items]
Available-for-sale Securities

Marketable Securities, Deriva_5

Marketable Securities, Derivative Financial Instruments, Fair Value Measurements and Notes Payable (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Nov. 10, 2023	Jun. 30, 2023
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Share price			$ 10
Notional amount	$ 110,000	$ 31,300
Derivative interest rate	5.50%
Fair value of interest rate cap	$ 26	62
Non-revolving credit facility [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Debt instrument, interest rate terms	SOFR plus 1.35%
Borrowing capacity	$ 20,000
Derivative maturity date	Nov. 30, 2024
Remaining capacity	$ 15,600	$ 14,700
Margin Loan [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Debt instrument, interest rate terms	SOFR plus 0.85%
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	$ 151.80			$ 115.48
Additional Share price		$ 142.64
PRO [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Equity securities securities held during period	89,695	89,695

Mortgages Payable, Net (Details

Mortgages Payable, Net (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Real Estate Properties [Line Items]
Weighted average interest rate	8.62%
Amount due at maturity	$ 265,733
Total mortgages payable	266,365	$ 264,483
Less: Deferred financing costs	(3,572)	(4,785)
Total mortgages payable, net	$ 262,793	259,698
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	$ 65,949	66,697
Lower East Side Moxy Hotel Senior [Member]
Real Estate Properties [Line Items]
Debt instrument, interest rate terms	SOFR + 4.00% (floor of 7.50%)
Weighted average interest rate	9.46%
Maturity date	December 2026
Amount due at maturity	$ 108,155
Total mortgages payable	$ 108,155	106,108
Lower East Side Moxy Hotel Junior [Member]
Real Estate Properties [Line Items]
Debt instrument, interest rate terms	SOFR + 8.75% (floor of 12.25%)
Weighted average interest rate	14.27%
Maturity date	December 2026
Amount due at maturity	$ 30,785
Total mortgages payable	$ 30,785	30,202
Exterior Street Project [Member]
Real Estate Properties [Line Items]
Debt instrument, interest rate terms	SOFR + 2.85%
Weighted average interest rate	8.32%
Maturity date	November 2024
Amount due at maturity	$ 35,000
Total mortgages payable	$ 35,000	35,000
Industrial Properties [Member]
Real Estate Properties [Line Items]
Debt instrument, interest rate terms	SOFR + 2.85%
Weighted average interest rate	8.29%
Maturity date	November 2024
Amount due at maturity	$ 7,000
Total mortgages payable	$ 7,000	7,000
LSC 1543 7th LLC [Member]
Real Estate Properties [Line Items]
Debt instrument, interest rate terms	SOFR + 4.50%
Weighted average interest rate	9.75%
Maturity date	August 2024
Amount due at maturity	$ 19,476
Total mortgages payable	$ 19,476	$ 19,476

Mortgages Payable, Net (Detai_2

Mortgages Payable, Net (Details 1) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Mortgages Payable Net
2024	$ 127,425
2025
2026	138,940
2027
2028
Thereafter
Total	266,365	$ 264,483
Less: Deferred financing costs	(3,572)	(4,785)
Mortgages payable, net	$ 262,793	$ 259,698

Mortgages Payable, Net (Detai_3

Mortgages Payable, Net (Details Narrative) - USD ($) $ in Thousands	1 Months Ended
	Nov. 29, 2023	Oct. 31, 2023	Nov. 22, 2022	Jun. 30, 2022	Dec. 21, 2021	Mar. 29, 2019	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Interest rate							5.34%	5.35%
Outstanding principal balance							$ 266,365	$ 264,483
Santa Monica Loan [Member]
Debt Instrument [Line Items]
Original Loan Amount				$ 33,100
Debt instrument, description of variable rate basis				SOFR + 3.50%
Outstanding principal balance							19,500
Moxy Senior Loan [Member]
Debt Instrument [Line Items]
Outstanding principal balance							108,200
Remaining availability							1,800
At cost	$ 110,000
Moxy Senior Loan [Member] | Unrelated Third Party [Member]
Debt Instrument [Line Items]
Original Loan Amount	$ 110,000
Debt instrument, description of variable rate basis	SOFR plus 4.00%, subject to a 7.50% floor
Proceeds from advance from related party	$ 106,100
Remaining availability	$ 3,900
Debt instrument, maturity date	Dec. 01, 2026
Moxy Junior Loan [Member]
Debt Instrument [Line Items]
Outstanding principal balance							30,800
Remaining availability							500
At cost	$ 31,300
Moxy Junior Loan [Member] | Unrelated Third Party [Member]
Debt Instrument [Line Items]
Original Loan Amount	$ 31,300
Debt instrument, description of variable rate basis	SOFR plus 8.75%, subject to a 12.25% floor
Outstanding principal balance	$ 1,100
Debt instrument, maturity date	Dec. 01, 2026
Moxy Permanent Mortgage Loans [Member]
Debt Instrument [Line Items]
At cost	$ 141,300
Loan fees	200
Moxy Permanent Mortgage Loans [Member] | Unrelated Third Party [Member]
Debt Instrument [Line Items]
Proceeds from advance from related party	$ 130,000
Exterior Street Loan [Member]
Debt Instrument [Line Items]
Original Loan Amount					$ 7,000	$ 35,000
Debt instrument, description of variable rate basis		SOFR plus 2.85%	SOFR plus 2.60%		LIBOR plus 2.50%	LIBOR plus 2.25%
Debt instrument, maturity date					Nov. 24, 2022	Nov. 24, 2022
Gantry Park Mortgage Loan [Member]
Debt Instrument [Line Items]
Outstanding principal balance							65,900
Exterior Street Loans [Member]
Debt Instrument [Line Items]
Outstanding principal balance							$ 42,000

Equity (Details Narrative)

Equity (Details Narrative) - $ / shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Nov. 10, 2023
Equity Method Investments and Joint Ventures [Abstract]
Annualized Distribution Rate			7%
Share price			$ 10
Treasury Stock Acquired, 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%.
Number of shares repurchased	162,824	119,300
Weighted average price per share	$ 11.96	$ 12.19

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transactions [Abstract]
Asset management fees (general and administrative costs)		$ 505	$ 551	$ 1,010	$ 1,107
Property management fees (property operating expenses)		78	75	155	147
Development fees and cost reimbursement	[1]	9	235	21	641
Total		$ 592	$ 861	$ 1,186	$ 1,895
[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 until construction is substantially completed. Once construction is substantially completed these amounts are recorded as property operating expenses.

Related Party Transactions (D_2

Related Party Transactions (Details Narrative) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Asset management fees payable	$ 1,500	$ 1,500		$ 500
Payments of dividends		35	$ 3,166
SLP Units [Member]
Related Party Transaction [Line Items]
Payments of dividends	500	1,000
Lightstone SLP LLC [Member]
Related Party Transaction [Line Items]
Aggregate amount	$ 30,000	$ 30,000

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Carrying Amount	$ 266,365	$ 264,483
Estimated Fair Value	$ 265,419	$ 262,953

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Jun. 30, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Unamortized balance		$ 4,500	$ 4,600
Preferred Stock Dividend Income
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from related party	$ 4,700