Lightstone Value Plus REIT V (LVVP) 10-Q 14 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 07, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	000-53650
Entity Registrant Name	Lightstone Value Plus REIT V, Inc.
Entity Central Index Key	0001387061
Entity Tax Identification Number	20-8198863
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	888
Local Phone Number	808-7348
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		18,900,000

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investment property:
Land and improvements	$ 85,423	$ 85,139
Building and improvements	345,420	342,732
Furniture, fixtures and equipment	11,696	11,333
Gross investment property	442,539	439,204
Less accumulated depreciation	(74,133)	(63,544)
Net investment property	368,406	375,660
Cash and cash equivalents	54,482	47,125
Marketable securities, available for sale	3,839	3,675
Restricted cash	6,221	19,421
Note receivable, net		4,898
Prepaid expenses and other assets	3,538	4,350
Total Assets	436,486	455,129
Liabilities and Stockholders’ Equity
Notes payable, net	281,520	287,029
Accounts payable and accrued and other liabilities	9,090	7,516
Distribution payable	8,021
Total liabilities	298,631	294,545
Company’s stockholders’ equity:
Preferred stock, $.0001 par value per share; 50.0 million shares authorized, none issued and outstanding
Convertible stock, $.0001 par value per share; 1,000 shares authorized, issued and outstanding
Common stock, $.0001 par value per share; 350.0 million shares authorized, 19.1 million and 19.6 million shares issued and outstanding, respectively	2	2
Additional paid-in-capital	157,846	163,846
Accumulated other comprehensive loss	(1)	(107)
Accumulated deficit	(19,992)	(3,157)
Total Stockholders’ Equity	137,855	160,584
Total Liabilities and Stockholders’ Equity	$ 436,486	$ 455,129

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Convertible stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Convertible stock, shares authorized (in shares)	1,000,000	1,000,000
Convertible Stock Shares Issued (in shares)	1,000,000	1,000,000
Convertible stock, shares outstanding (in shares)	1,000,000	1,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Common stock, shares issued (in shares)	19,100,000	19,600,000
Common stock, shares outstanding (in shares)	19,100,000	19,600,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Rental revenues	$ 12,513	$ 12,695	$ 37,422	$ 37,668
Expenses
Property operating expenses	4,279	4,186	12,115	12,179
Real estate taxes	1,858	1,836	5,373	5,536
General and administrative	1,967	2,093	5,780	5,862
Depreciation and amortization	3,854	3,357	11,513	10,263
Total expenses	11,958	11,472	34,781	33,840
Interest expense, net	(3,782)	(4,024)	(11,402)	(11,245)
Interest income	703	741	2,221	2,066
Mark to market adjustment on derivative financial instruments	(1,073)	(462)	(2,462)	(1,652)
Other income, net	332	276	188	130
Net loss	$ (3,265)	$ (2,246)	$ (8,814)	$ (6,873)
Weighted average shares outstanding:
Weighted average shares outstanding, basic	19,139	19,787	19,286	19,904
Weighted average shares outstanding, diluted	19,139	19,787	19,286	19,904
Basic loss per share	$ (0.17)	$ (0.11)	$ (0.46)	$ (0.35)
Diluted loss per share	$ (0.17)	$ (0.11)	$ (0.46)	$ (0.35)
Comprehensive loss:
Net loss	$ (3,265)	$ (2,246)	$ (8,814)	$ (6,873)
Other comprehensive income/(loss):
Holding gain/(loss) on marketable securities, available for sale	94	(3)	98	9
Reclassification adjustment for (gain)/loss on sale of marketable securities included in net loss	(1)		8	8
Total other comprehensive income/(loss)	93	(3)	106	17
Comprehensive loss	$ (3,172)	$ (2,249)	$ (8,708)	$ (6,856)

Consolidated Statements of Stoc

Consolidated Statements of Stockholder's Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Convertible Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2022		$ 2	$ 169,996	$ (220)	$ (33,874)	$ 135,904
Beginning balance, shares at Dec. 31, 2022	1	20,044
Net loss					(6,873)	(6,873)
Redemption and cancellation of common stock			(4,150)			(4,150)
Redemption and cancellation of common stock, shares		(329)
Distribution declared					(2,169)	(2,169)
Other comprehensive loss:
Holding gain on marketable securities, available for sale				9		9
Other comprehensive income:
Reclassification adjustment for loss on sale of marketable securities included in net loss				8		8
Ending balance, value at Sep. 30, 2023		$ 2	165,846	(203)	(42,916)	122,729
Ending balance, shares at Sep. 30, 2023	1	19,715
Beginning balance, value at Jun. 30, 2023		$ 2	167,846	(200)	(38,501)	129,147
Beginning balance, shares at Jun. 30, 2023	1	19,874
Net loss					(2,246)	(2,246)
Redemption and cancellation of common stock			(2,000)			(2,000)
Redemption and cancellation of common stock, shares		(159)
Distribution declared					(2,169)	(2,169)
Other comprehensive loss:
Holding gain on marketable securities, available for sale				(3)		(3)
Ending balance, value at Sep. 30, 2023		$ 2	165,846	(203)	(42,916)	122,729
Ending balance, shares at Sep. 30, 2023	1	19,715
Beginning balance, value at Dec. 31, 2023		$ 2	163,846	(107)	(3,157)	160,584
Beginning balance, shares at Dec. 31, 2023	1	19,554
Net loss					(8,814)	(8,814)
Redemption and cancellation of common stock			(6,000)			(6,000)
Redemption and cancellation of common stock, shares		(457)
Distribution declared					(8,021)	(8,021)
Other comprehensive loss:
Holding gain on marketable securities, available for sale				98		98
Other comprehensive income:
Reclassification adjustment for loss on sale of marketable securities included in net loss				8		8
Ending balance, value at Sep. 30, 2024		$ 2	157,846	(1)	(19,992)	137,855
Ending balance, shares at Sep. 30, 2024	1	19,097
Beginning balance, value at Jun. 30, 2024		$ 2	159,846	(94)	(8,706)	151,048
Beginning balance, shares at Jun. 30, 2024	1	19,250
Net loss					(3,265)	(3,265)
Redemption and cancellation of common stock			(2,000)			(2,000)
Redemption and cancellation of common stock, shares		(153)
Distribution declared					(8,021)	(8,021)
Other comprehensive loss:
Holding gain on marketable securities, available for sale				94		94
Other comprehensive income:
Reclassification adjustment for loss on sale of marketable securities included in net loss				(1)		(1)
Ending balance, value at Sep. 30, 2024		$ 2	$ 157,846	$ (1)	$ (19,992)	$ 137,855
Ending balance, shares at Sep. 30, 2024	1	19,097

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (8,814)	$ (6,873)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	11,513	10,263
Amortization of deferred financing fees	998	1,425
Mark to market adjustment on derivative financial instruments	2,462	1,652
Non-cash interest income		(20)
Other non-cash adjustments	8	(152)
Changes in operating assets and liabilities:
Increase in prepaid expenses and other assets	(2,573)	(3,910)
Increase in accounts payable and accrued and other liabilities	1,300	412
Net cash provided by operating activities	4,894	2,797
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property	(3,064)	(4,533)
Purchases of marketable securities	(903)	(706)
Proceeds from sale of marketable securities	838	613
Funding of note receivable, net		(1,098)
Proceeds from repayment of note receivable, net	4,898
Net cash provided by/(used in) investing activities	1,769	(5,724)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from notes payable	210	729
Payments on notes payable	(6,284)	(1,584)
Payment of loan fees and expenses	(432)
Redemption and cancellation of common stock	(6,000)	(4,150)
Net cash used in financing activities	(12,506)	(5,005)
Change in cash, cash equivalents and restricted cash	(5,843)	(7,932)
Cash, cash equivalents and restricted cash, beginning of year	66,546	64,751
Cash, cash equivalents and restricted cash, end of period	60,703	56,819
Supplemental cash flow information for the periods indicated is as follows:
Cash paid for interest	12,629	13,422
Cash paid for taxes	81	719
Distributions declared	8,021	2,169
Capital expenditures for investment property in accounts payable and accrued and other liabilities	435	223
Cash and cash equivalents	54,482	51,855
Restricted cash	6,221	4,964
Total cash, cash equivalents and restricted cash	$ 60,703	$ 56,819

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Sep. 30, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Business

Business	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	1. Business Lightstone Value Plus REIT V, Inc. (“Lightstone REIT V,” which may also be referred to as the “Company,” “we,” “us,” or “our”), was organized as a Maryland corporation on January 9, 2007 and currently qualifies, as a real estate investment trust (“REIT”) for United States (“U.S.”) federal income tax purposes. The Company was formed primarily to acquire and operate commercial real estate and real estate-related assets on an opportunistic and value-add basis. In particular, the Company has focused generally on acquiring commercial properties with significant possibilities for capital appreciation, such as those requiring development, redevelopment, or repositioning, those located in markets and submarkets with high growth potential, and those available from sellers who are distressed or face time-sensitive deadlines. Since its inception, the Company has acquired a wide variety of commercial properties, including office, industrial, retail, hospitality, multifamily and student housing. The Company has purchased existing, income-producing properties, and newly-constructed properties. The Company has also invested in other real estate-related investments such as mortgage and mezzanine loans. The Company has made its investments in or in respect of real estate assets located in the U.S. and other countries based on its view of existing market conditions. Substantially all of the Company’s business is conducted through Lightstone REIT V OP LP, a limited partnership organized in Delaware (the “Operating Partnership”). As of September 30, 2024, the Company’s wholly-owned subsidiary, BHO II, Inc., a Delaware corporation, owned a 0.1% 99.9% All of the Company’s current investments are located in the U.S. The Company currently intends to hold its various real properties until such time as its board of directors (the “Board of Directors”) determines that a sale or other disposition appears to be advantageous to achieve the Company’s investment objectives or until it appears that the objectives will not be met. The Company currently has one operating segment. As of September 30, 2024, the Company wholly owned and consolidated eight multifamily real estate properties containing an aggregate of 2,520 apartment units (see Note 5). The Company’s business is externally managed by LSG Development Advisor LLC (the “Advisor”), an affiliate of the Lightstone Group LLC (“Lightstone”), which provides advisory services to us. Lightstone is majority owned by David Lichtenstein, a member of the Board of Directors. Pursuant to the terms of an advisory agreement and subject to the oversight of the Board of Directors, the Advisor is responsible for managing the Company’s day-to-day affairs and for services related to the management of its assets. The Company has no employees. The Company is dependent on the Advisor and its affiliates for performing a full range of services that are essential to it, including asset management, property management, property management oversight (for those of its properties which are managed by an unrelated third party property manager) 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 its affiliates are unable to provide these services to the Company, it would be required to provide the services itself or obtain the services from other parties. See Note 9 for additional information. Organization In connection with the Company’s initial capitalization, the Company issued 22,500 1,000 1,000 19.1 The Company’s Common Shares are not currently listed on a national securities exchange. The timing of a liquidity event for the Company’s stockholders will depend upon then prevailing market conditions and the Board of Directors’ assessment of the Company’s investment objectives and liquidity options for the Company’s stockholders. Although the Board of Directors has currently targeted June 30, 2028 for the commencement of a liquidity event, the Company can provide no assurances as to the actual timing of the commencement of a liquidity event for its stockholders or the ultimate liquidation of the Company. Furthermore, the Company will seek stockholder approval prior to liquidating its entire portfolio.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Interim Unaudited Financial Information The accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes as contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”), which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 28, 2024. 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 REIT V, Inc. have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Principles of Consolidation and Basis of Presentation The Company’s consolidated financial statements includes its accounts and the accounts of other subsidiaries over which the Company has control. All inter-company transactions, balances, and profits have been eliminated in consolidation. In addition, interests in entities acquired are evaluated based on applicable GAAP, and entities 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 or entities which it is not deemed to be the primary beneficiary, it accounts for the investment using the equity method of accounting. The consolidated balance sheet as of December 31, 2023 included herein has been derived from the consolidated balance sheet included in the 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. Reclassifications Certain prior period amounts may have been reclassified to conform to the current period presentation. Earnings per Share The Company had no potentially dilutive securities outstanding during the periods presented. Accordingly, basic and diluted earnings per share is calculated by dividing net income/(loss) by the weighted-average number of Common Shares outstanding during the applicable period. Tax Status and Income Taxes The Company has elected to be taxed as a REIT commencing with the taxable year ended December 31, 2008. As a REIT, it generally will not be subject to U.S. federal income tax on its taxable income or capital gain that it distributes to its stockholders. To maintain its REIT qualification, 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 the regular corporate rate, 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 the Company’s net income and net cash available for distribution to stockholders. Additionally, even if the Company continues to qualify as a REIT, 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 may engage in certain activities through a wholly-owned taxable REIT subsidiary. As such, the Company may be subject to U.S. federal and state income and franchise taxes from these activities. The Company’s income tax expense and benefits are included in other income, net on its consolidated statements of operations. During the three and nine months ended September 30, 2024, the Company recorded an income tax benefit of $ 0.1 0.7 34 0.8 As of September 30, 2024 and December 31, 2023, the Company had no Concentration of Credit Risk As of September 30, 2024 and December 31, 2023, the Company had cash deposited in certain financial institutions in excess of 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 in cash and cash equivalents or restricted cash. New Accounting Pronouncements In November 2023, the Financial Accounting Standards Board, or FASB, issued an accounting standards update, “Segment Reporting-Improvements to Reportable Segment Disclosures,” 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, “Income Taxes-Improvements to Income Tax Disclosures,” 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. 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, its 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.

Note Receivable

Note Receivable	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Note Receivable	3. Note Receivable On February 28, 2019, the Company, as the lender, and an unrelated third party (the “Loan Borrower”), as the borrower, entered into a loan promissory note (the “Mezzanine Loan”), pursuant to which the Company funded an aggregate $ 12.0 During March 2023, the Company and Loan Borrower refinanced the remaining outstanding principal and interest due under the Mezzanine Loan resulting in a new $ 5.0 SOFR plus 5.5% As of December 31, 2023, the carrying amount of the Senior Mortgage Loan was $ 4.9 5.0 0.1 2.0 3.0 3.0 0.1

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Financial Instruments	4. Financial Instruments The Company determined the following disclosure of estimated fair values using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop the related estimates of fair value. The use of different market assumptions or only estimation methodologies may have a material effect on the estimated fair value amounts. As of September 30, 2024 and December 31, 2023, the Company estimated that the carrying value of its cash and cash equivalents, restricted cash, note receivable, prepaid expenses and other assets (exclusive of interest rate cap contracts - see Note 6), and accounts payable and accrued and other liabilities were at amounts that reasonably approximated their fair value based on their highly-liquid nature and/or short-term maturities. The fair value of the notes payable is categorized as a Level 2 in the fair value hierarchy. The fair value was estimated using a discounted cash flow analysis valuation on the estimated borrowing rates currently available for loans with similar terms and maturities. The fair value of the notes payable was determined by discounting the future contractual interest and principal payments by a market rate. Disclosure about fair value of financial instruments is based on pertinent information available to management as of September 30, 2024 and December 31, 2023. Carrying amounts of the Company’s notes payable and the related estimated fair value is summarized as follows: Schedule of notes payable and the related estimated fair value As of As of Carrying Estimated Carrying Estimated Notes payable $ 283,719 $ 276,470 $ 289,794 $ 280,833

Real Estate Properties

Real Estate Properties	9 Months Ended
	Sep. 30, 2024
Real Estate Properties
Real Estate Properties	5. Real Estate Properties The following table presents certain information about the Company’s wholly owned and consolidated multifamily real estate properties as of September 30, 2024: Schedule of real estate properties Property Name Location Date Acquired Arbors Harbor Town Memphis, Tennessee December 20, 2011 Parkside Apartments Sugar Land, Texas August 8, 2013 Axis at Westmont Westmont, Illinois November 27, 2018 Valley Ranch Apartments Ann Arbor, Michigan February 14, 2019 Autumn Breeze Apartments Noblesville, Indiana March 17, 2020 BayVue Apartments Tampa, Florida July 7, 2021 Citadel Apartments Houston, Texas October 6, 2021 Camellia World Apartments St. Augustine, Florida December 19, 2023

Marketable Securities, Derivati

Marketable Securities, Derivative Financial Instruments and Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Marketable Securities Derivative Financial Instruments And Fair Value Measurements
Marketable Securities, Derivative Financial Instruments and Fair Value Measurements	6. Marketable Securities, Derivative Financial Instruments and Fair Value Measurements Marketable Securities The following is a summary of the Company’s available for sale securities as of the dates indicated: Schedule of available-for-sale securities reconciliation As of September 30, 2024 Debt securities: Adjusted Cost Gross Unrealized Gross Unrealized Fair Value Corporate and Government Bonds $ 3,840 $ 82 $ (83 ) $ 3,839 As of December 31, 2023 Debt securities: Adjusted Cost Gross Unrealized Gross Unrealized Fair Value Corporate and Government Bonds $ 3,783 $ 37 $ (145 ) $ 3,675 As of September 30, 2024, the Company has not recognized an allowance for expected credit losses related to its available-for-sale debt securities as the Company has not identified any unrealized losses for these investments attributable to credit factors. The Company’s unrealized losses on investments in corporate and government bonds was primarily caused by an increase in market interest rates. The Company does not currently intend to sell these investments and therefore, it is more likely than not that the Company will not be required to sell these investments before the recovery of their amortized cost basis. The following table summarizes the estimated fair value of the Company’s investments in marketable debt securities with stated contractual maturity dates, accounted for as available-for-sale securities and classified by the contractual maturity date of the securities: Summary of the estimated fair value of our investments in marketable debt securities with stated contractual maturity dates As of Due in 1 year $ 792 Due in 1 year through 5 years 3,009 Due in 5 years through 10 years 38 Due after 10 years - Total $ 3,839 Derivative Financial Instruments The Company has entered into interest rate cap contracts with unrelated financial institutions in order to reduce the effect of increases to interest rates associated with certain of 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 is minimal. The Company accounts for its interest rate cap contracts as economic hedges marking them to their fair value taking into account present interest rates compared to the contracted fixed rate over the life of the contract. The changes in the fair value of these economic hedges represent unrealized gains or losses which are classified as mark to market adjustment on derivative financial instruments on the consolidated statements of operations. The fair value of the Company’s interest rate cap contracts was $ 0.7 1.3 For the three and nine months ended September 30, 2024, the Company recorded unrealized losses of $ 1.1 2.5 0.5 1.7 During the three and nine months ended September 30, 2024, the Company earned $ 0.7 2.3 0.8 2.1 Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: ● Level 1 – Quoted prices in active markets for identical assets or liabilities. ● Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The fair values of the Company’s investments in debt securities are measured using quoted prices for these investments; however, the markets for these assets are not active. The fair values of the Company’s interest rate cap contracts are measured using other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. As of September 30, 2024 and December 31, 2023, all of the Company’s debt securities and interest rate cap contracts were classified as Level 2 assets and there were no transfers between the level classifications during the nine months ended September 30, 2024 and 2023.

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Notes Payable	7. Notes Payable Notes payable consists of the following: Schedule of information on notes payable Property Interest Rate Weighted Average Maturity Date Amount As of As of Arbors Harbor Town 4.53% 4.53% January 1, 2026 $ 29,000 $ 29,000 $ 29,000 Arbors Harbor Town Supplemental 3.52% 3.52% January 1, 2026 5,379 5,531 5,618 Parkside Apartments 4.45% 4.45% June 1, 2025 15,782 16,032 16,298 Axis at Westmont 4.39% 4.39% February 1, 2026 34,343 35,338 35,836 Valley Ranch Apartments 4.16% 4.16% March 1, 2026 43,414 43,414 43,414 Autumn Breeze Apartments 3.39% 3.39% April 1, 2030 25,518 29,110 29,544 BayVue Apartments SOFR + 3.11% 8.45% July 9, 2025 47,383 47,383 47,173 Citadel Apartments Senior SOFR + 1.61% 6.92% October 11, 2026 35,200 35,200 39,200 Citadel Apartments Junior SOFR + 8.86% 14.49% October 11, 2026 8,800 8,800 9,800 Camellia World Apartments 6.05% 6.05% January 1, 2030 33,911 33,911 33,911 Total notes payable 5.76% $ 278,730 283,719 289,794 Less: Deferred financing costs (2,199 ) (2,765 ) Total notes payable, net $ 281,520 $ 287,029 SOFR as of September 30, 2024 and December 31, 2023 was 4.96% 5.35% Citadel Apartments Mortgages On October 6, 2021, the Company entered into a non-recourse mortgage loan facility for up to $ 39.2 9.8 The Citadel Apartments Mortgages were initially scheduled to mature on October 11, 2024, and had two one-year extension options, subject to the satisfaction of certain conditions. The Citadel Apartments Mortgages are both collateralized by the Citadel Apartments, however, the Citadel Apartments Junior Mortgage is subordinate to the Citadel Apartments Senior Mortgage. Pursuant to the terms of the Citadel Apartments Mortgages, the Company is required to enter into one or more interest rate cap contracts in the aggregate notional amount of $ 49.0 0.9 49.0 0.8 On September 26, 2024, the maturity date of the Citadel Apartments Mortgages were both extended from October 11, 2024 to October 11, 2026 5.0 39.2 35.2 9.8 8.8 Additionally, on October 10, 2024, the Company entered into another interest rate cap contract with an effective date of October 11, 2024, with an unrelated financial institution at a cost of $ 0.5 44.0 5.0 October 11, 2025 SOFR at 3.00% during its term BayVue Apartments Mortgage On July 7, 2021, the Company entered into a non-recourse mortgage loan facility for up to $ 52.2 Pursuant to the terms of the BayVue Apartments Mortgage, the Company is required to enter into one or more interest rate cap contracts in the aggregate notional amount of $ 52.2 1.4 52.2 SOFR rate was capped at 2.50% July 15, 2024 1.1 As of September 30, 2024, the outstanding principal balance and remaining availability under the BayVue Apartments Mortgage was $ 47.4 Parkside Apartments Mortgage The non-recourse mortgage loan collateralized by the Parkside Apartments (the “Parkside Apartments Mortgage”) (outstanding principal balance of $ 16.0 June 1, 2025 The following table provides information with respect to the contractual maturities and scheduled principal repayments of the Company’s indebtedness as of September 30, 2024. Schedule of contractual obligations for principal payments 2024 2025 2026 2027 2028 Thereafter Total Principal maturities $ 444 $ 64,755 $ 156,877 $ 654 $ 676 $ 60,313 $ 283,719 Less: Deferred financing costs (2,199 ) Total notes payable, net $ 281,520 As of September 30, 2024, the Company was in compliance with all of its financial debt covenants.

Stockholders_ Equity

Stockholders’ Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Stockholders’ Equity	8. Stockholders’ Equity Amended SRP On November 10, 2022, the Board of Directors adopted a Seventh Amended and Restated Share Redemption Program (the “Amended SRP”), which became effective on January 1, 2023. Under the terms of the Amended SRP, any stockholder may request redemption of their Common Shares, subject to the significant conditions and limitations of the program. Additionally, under the terms of the Amended SRP, the Company will redeem Common Shares at 85% of the Company’s most recently published net asset value (“NAV”) per Common Share (“NAV per Share”) in effect as of the date the request for redemption is approved. Pursuant to the terms of the Amended SRP, any Common Shares approved for redemption are redeemed on a periodic basis as determined by the Board of Directors, generally expected to be shortly after the end of each calendar quarterly period. However, the Company will not redeem, during any calendar year, more than 5% 8.0 Redemption requests will be honored pro rata among all requests received subject to the Redemption Limitations and will not be honored on a first come, first served basis. The Board of Directors reserves the right in its sole discretion at any time and from time to time, subject to any notice requirements described in our Amended SRP, to (1) reject any request for redemption of Common Shares, (2) change the purchase price for redemption of Common Shares, (3) limit the funds to be used for redemption of Common Shares under the Amended SRP or otherwise change the Redemption Limitations, or (4) amend, suspend (in whole or in part) or terminate the Amended SRP. For the nine months ended September 30, 2024, the Company repurchased 456,621 13.14 329,140 12.61 Distributions The Company did no On September 27, 2024 0.42 September 30, 2024 8.0 October 15, 2024 On September 20, 2023 0.11 September 30, 2023 2.2 October 16, 2023

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	9. Related Party Transactions The Company’s business is externally managed by the Advisor which provides advisory services to the Company and the Company has no employees. Pursuant to the terms of an advisory agreement and subject to the oversight of the Board of Directors, the Advisor is responsible for managing the Company’s day-to-day affairs and for services related to the management of the Company’s assets. The Company has agreements with the Advisor and its affiliates to pay certain fees and reimburse certain expenses in connection with services performed and costs incurred by these entities and other related parties. The Company is dependent on the Advisor and its affiliates for performing a full range of services that are essential to it, including asset management, property management, property management oversight (for those properties which are managed by an unrelated third party property manager) 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 its affiliates 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 advisory agreement has a one-year term and is renewable annually upon the mutual consent of the Advisor and the Company’s independent directors. The following table represents the fees incurred associated with the payments to the Company’s Advisor and its affiliates for the periods indicated: Schedule of related party transactions For the For the 2024 2023 2024 2023 Acquisition fees and acquisition expense reimbursement (1) $ - $ - $ - $ 21 Property management fees (property operating expenses) 134 135 401 405 Administrative services reimbursement (general and administrative costs) 404 391 1,187 1,144 Asset management fees (general and administrative costs) 897 908 2,695 2,721 Total $ 1,435 $ 1,434 $ 4,283 $ 4,291 (1) Capitalized to the corresponding asset and amortized over its estimated useful life.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Legal Proceedings From time to time in the ordinary course of business, the Company may become subject to legal proceedings, claims or disputes. As of the date hereof, the Company is not a party to any material pending legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on its results of operations or financial condition, which would require accrual or disclosure of the contingency and possible range of loss.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Interim Unaudited Financial Information	Interim Unaudited Financial Information The accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes as contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”), which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 28, 2024. 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 REIT V, Inc. have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The Company’s consolidated financial statements includes its accounts and the accounts of other subsidiaries over which the Company has control. All inter-company transactions, balances, and profits have been eliminated in consolidation. In addition, interests in entities acquired are evaluated based on applicable GAAP, and entities 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 or entities which it is not deemed to be the primary beneficiary, it accounts for the investment using the equity method of accounting. The consolidated balance sheet as of December 31, 2023 included herein has been derived from the consolidated balance sheet included in the 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.
Reclassifications	Reclassifications Certain prior period amounts may have been reclassified to conform to the current period presentation.
Earnings per Share	Earnings per Share The Company had no potentially dilutive securities outstanding during the periods presented. Accordingly, basic and diluted earnings per share is calculated by dividing net income/(loss) by the weighted-average number of Common Shares outstanding during the applicable period.
Tax Status and Income Taxes	Tax Status and Income Taxes The Company has elected to be taxed as a REIT commencing with the taxable year ended December 31, 2008. As a REIT, it generally will not be subject to U.S. federal income tax on its taxable income or capital gain that it distributes to its stockholders. To maintain its REIT qualification, 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 the regular corporate rate, 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 the Company’s net income and net cash available for distribution to stockholders. Additionally, even if the Company continues to qualify as a REIT, 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 may engage in certain activities through a wholly-owned taxable REIT subsidiary. As such, the Company may be subject to U.S. federal and state income and franchise taxes from these activities. The Company’s income tax expense and benefits are included in other income, net on its consolidated statements of operations. During the three and nine months ended September 30, 2024, the Company recorded an income tax benefit of $ 0.1 0.7 34 0.8 As of September 30, 2024 and December 31, 2023, the Company had no
Concentration of Credit Risk	Concentration of Credit Risk As of September 30, 2024 and December 31, 2023, the Company had cash deposited in certain financial institutions in excess of 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 in cash and cash equivalents or restricted cash.
New Accounting Pronouncements	New Accounting Pronouncements In November 2023, the Financial Accounting Standards Board, or FASB, issued an accounting standards update, “Segment Reporting-Improvements to Reportable Segment Disclosures,” 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, “Income Taxes-Improvements to Income Tax Disclosures,” 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.
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, its 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.

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of notes payable and the related estimated fair value	Schedule of notes payable and the related estimated fair value As of As of Carrying Estimated Carrying Estimated Notes payable $ 283,719 $ 276,470 $ 289,794 $ 280,833

Real Estate Properties (Tables)

Real Estate Properties (Tables)	9 Months Ended
	Sep. 30, 2024
Real Estate Properties
Schedule of real estate properties	Schedule of real estate properties Property Name Location Date Acquired Arbors Harbor Town Memphis, Tennessee December 20, 2011 Parkside Apartments Sugar Land, Texas August 8, 2013 Axis at Westmont Westmont, Illinois November 27, 2018 Valley Ranch Apartments Ann Arbor, Michigan February 14, 2019 Autumn Breeze Apartments Noblesville, Indiana March 17, 2020 BayVue Apartments Tampa, Florida July 7, 2021 Citadel Apartments Houston, Texas October 6, 2021 Camellia World Apartments St. Augustine, Florida December 19, 2023

Marketable Securities, Deriva_2

Marketable Securities, Derivative Financial Instruments and Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Marketable Securities Derivative Financial Instruments And Fair Value Measurements
Schedule of available-for-sale securities reconciliation	Schedule of available-for-sale securities reconciliation As of September 30, 2024 Debt securities: Adjusted Cost Gross Unrealized Gross Unrealized Fair Value Corporate and Government Bonds $ 3,840 $ 82 $ (83 ) $ 3,839 As of December 31, 2023 Debt securities: Adjusted Cost Gross Unrealized Gross Unrealized Fair Value Corporate and Government Bonds $ 3,783 $ 37 $ (145 ) $ 3,675
Summary of the estimated fair value of our investments in marketable debt securities with stated contractual maturity dates	Summary of the estimated fair value of our investments in marketable debt securities with stated contractual maturity dates As of Due in 1 year $ 792 Due in 1 year through 5 years 3,009 Due in 5 years through 10 years 38 Due after 10 years - Total $ 3,839

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of information on notes payable	Schedule of information on notes payable Property Interest Rate Weighted Average Maturity Date Amount As of As of Arbors Harbor Town 4.53% 4.53% January 1, 2026 $ 29,000 $ 29,000 $ 29,000 Arbors Harbor Town Supplemental 3.52% 3.52% January 1, 2026 5,379 5,531 5,618 Parkside Apartments 4.45% 4.45% June 1, 2025 15,782 16,032 16,298 Axis at Westmont 4.39% 4.39% February 1, 2026 34,343 35,338 35,836 Valley Ranch Apartments 4.16% 4.16% March 1, 2026 43,414 43,414 43,414 Autumn Breeze Apartments 3.39% 3.39% April 1, 2030 25,518 29,110 29,544 BayVue Apartments SOFR + 3.11% 8.45% July 9, 2025 47,383 47,383 47,173 Citadel Apartments Senior SOFR + 1.61% 6.92% October 11, 2026 35,200 35,200 39,200 Citadel Apartments Junior SOFR + 8.86% 14.49% October 11, 2026 8,800 8,800 9,800 Camellia World Apartments 6.05% 6.05% January 1, 2030 33,911 33,911 33,911 Total notes payable 5.76% $ 278,730 283,719 289,794 Less: Deferred financing costs (2,199 ) (2,765 ) Total notes payable, net $ 281,520 $ 287,029
Schedule of contractual obligations for principal payments	Schedule of contractual obligations for principal payments 2024 2025 2026 2027 2028 Thereafter Total Principal maturities $ 444 $ 64,755 $ 156,877 $ 654 $ 676 $ 60,313 $ 283,719 Less: Deferred financing costs (2,199 ) Total notes payable, net $ 281,520

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of related party transactions	Schedule of related party transactions For the For the 2024 2023 2024 2023 Acquisition fees and acquisition expense reimbursement (1) $ - $ - $ - $ 21 Property management fees (property operating expenses) 134 135 401 405 Administrative services reimbursement (general and administrative costs) 404 391 1,187 1,144 Asset management fees (general and administrative costs) 897 908 2,695 2,721 Total $ 1,435 $ 1,434 $ 4,283 $ 4,291 (1) Capitalized to the corresponding asset and amortized over its estimated useful life.

Business (Details Narrative)

Business (Details Narrative) - shares	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Feb. 10, 2007	Jan. 19, 2007
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock, shares issued (in shares)	19,100,000	19,600,000
Convertible stock issued (in shares)	1,000,000	1,000,000
Common stock, shares outstanding (in shares)	19,100,000	19,600,000
Initial Capitalization [Member] | Affiliated Entity [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Common stock, shares issued (in shares)				22,500
Convertible stock issued (in shares)				1,000
Initial Offering [Member] | Lightstone Group [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Convertible stock issued (in shares)			1,000
BHO II, Inc. [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percentage of ownership interest by BHO II, Inc	0.10%
Marylands [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percentage of remaining ownership interest held by BHO Business Trust II	99.90%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounting Policies [Abstract]
Provision for income tax	$ 100	$ 34	$ 700	$ 800
Uncertain income tax positions	$ 0		$ 0		$ 0

Note Receivable (Details Narrat

Note Receivable (Details Narrative) - USD ($) $ in Thousands	1 Months Ended
	Feb. 29, 2024	Mar. 31, 2023	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Feb. 28, 2019
Short-Term Debt [Line Items]
Notes payable, net			$ 281,520		$ 287,029
Mezzanine Loan Promissory Note [Member]
Short-Term Debt [Line Items]
Debt instrument, face amount						$ 12,000
Mezzanine Loan Senior Loan [Member]
Short-Term Debt [Line Items]
Debt instrument, face amount		$ 5,000
Debt instrument, description of variable rate basis		SOFR plus 5.5%
Senior Mortgage Loan [Member]
Short-Term Debt [Line Items]
Carrying amount					4,900
Notes payable, net	$ 3,000			$ 3,000	5,000
Interest reserves				$ 100	$ 100
Loan repaid	$ 2,000

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Notes payable, carrying amount	$ 283,719	$ 289,794
Notes payable, estimated fair value	$ 276,470	$ 280,833

Real Estate Properties (Details

Real Estate Properties (Details)	9 Months Ended
	Sep. 30, 2024
Arbors Harbor Town [Member]
Location	Memphis, Tennessee
Variable interest entity date acquired	Dec. 20, 2011
Parkside Apartments ("Parkside") [Member]
Location	Sugar Land, Texas
Variable interest entity date acquired	Aug. 08, 2013
Axis at Westmont [Member]
Location	Westmont, Illinois
Variable interest entity date acquired	Nov. 27, 2018
Valley Ranch Apartments [Member]
Location	Ann Arbor, Michigan
Variable interest entity date acquired	Feb. 14, 2019
Autumn Breeze Apartments [Member]
Location	Noblesville, Indiana
Variable interest entity date acquired	Mar. 17, 2020
Bay Vue Apartments [Member]
Location	Tampa, Florida
Variable interest entity date acquired	Jul. 07, 2021
Citadel Apartments [Member]
Location	Houston, Texas
Variable interest entity date acquired	Oct. 06, 2021
Camellia World Apartments [Member]
Location	St. Augustine, Florida
Variable interest entity date acquired	Dec. 19, 2023

Marketable Securities, Deriva_3

Marketable Securities, Derivative Financial Instruments and Fair Value Measurements (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Fair Value	$ 3,839	$ 3,675
Corporate And Government Bonds [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Adjusted Cost	3,840	3,783
Gross Unrealized Gains	82	37
Gross Unrealized Losses	(83)	(145)
Fair Value	$ 3,839	$ 3,675

Marketable Securities, Deriva_4

Marketable Securities, Derivative Financial Instruments and Fair Value Measurements (Details 1) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Marketable Securities Derivative Financial Instruments And Fair Value Measurements
Due in 1 year	$ 792
Due in 1 year through 5 years	3,009
Due in 5 years through 10 years	38
Due after 10 years
Total	$ 3,839	$ 3,675

Marketable Securities, Deriva_5

Marketable Securities, Derivative Financial Instruments and Fair Value Measurements (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Marketable Securities Derivative Financial Instruments And Fair Value Measurements
Aggregate fair value interest rate	$ 700		$ 700		$ 1,300
Unrealized gain (loss)	1,100	$ 500	2,500	$ 1,700
Interest expense, net	$ 700	$ 800	$ 2,300	$ 2,100

Notes Payable (Details)

Notes Payable (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Amount Due at Maturity	$ 281,520
Less: deferred financing costs	$ (2,199)
Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	5.76%
Amount Due at Maturity	$ 278,730
Total notes payable	283,719	$ 289,794
Less: deferred financing costs	(2,199)	(2,765)
Total notes payable, net	$ 281,520	287,029
Arbors Harbor Town Memphis [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Interest rate	4.53%
Weighted Average Interest Rate	4.53%
Debt Instrument, Maturity Date	Jan. 01, 2026
Amount Due at Maturity	$ 29,000
Total notes payable	$ 29,000	29,000
Arbors Harbor Town Supplemental [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Interest rate	3.52%
Weighted Average Interest Rate	3.52%
Debt Instrument, Maturity Date	Jan. 01, 2026
Amount Due at Maturity	$ 5,379
Total notes payable	$ 5,531	5,618
Parkside Apartments Sugarland Texas [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Interest rate	4.45%
Weighted Average Interest Rate	4.45%
Debt Instrument, Maturity Date	Jun. 01, 2025
Amount Due at Maturity	$ 15,782
Total notes payable	$ 16,032	16,298
Axis at Westmont [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Interest rate	4.39%
Weighted Average Interest Rate	4.39%
Debt Instrument, Maturity Date	Feb. 01, 2026
Amount Due at Maturity	$ 34,343
Total notes payable	$ 35,338	35,836
Valley Ranch Apartments [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Interest rate	4.16%
Weighted Average Interest Rate	4.16%
Debt Instrument, Maturity Date	Mar. 01, 2026
Amount Due at Maturity	$ 43,414
Total notes payable	$ 43,414	43,414
Autumn Breeze Apartments [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Interest rate	3.39%
Weighted Average Interest Rate	3.39%
Debt Instrument, Maturity Date	Apr. 01, 2030
Amount Due at Maturity	$ 25,518
Total notes payable	$ 29,110	29,544
Bay Vue Apartments [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Interest rate	3.11%
Weighted Average Interest Rate	8.45%
Debt Instrument, Maturity Date	Jul. 09, 2025
Amount Due at Maturity	$ 47,383
Total notes payable	$ 47,383	47,173
Citadel Apartments Junior [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Interest rate	1.61%
Weighted Average Interest Rate	6.92%
Debt Instrument, Maturity Date	Oct. 11, 2026
Amount Due at Maturity	$ 35,200
Total notes payable	$ 35,200	39,200
Citadel Apartments Senior [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Interest rate	8.86%
Weighted Average Interest Rate	14.49%
Debt Instrument, Maturity Date	Oct. 11, 2026
Amount Due at Maturity	$ 8,800
Total notes payable	$ 8,800	9,800
Camellia World Apartments [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Interest rate	6.05%
Weighted Average Interest Rate	6.05%
Debt Instrument, Maturity Date	Jan. 01, 2030
Amount Due at Maturity	$ 33,911
Total notes payable	$ 33,911	$ 33,911

Notes Payable (Details 1)

Notes Payable (Details 1) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2024	$ 444
2025	64,755
2026	156,877
2027	654
2028	676
Thereafter	60,313
Total principal maturities	283,719
Less: deferred financing costs	(2,199)
Total notes payable, net	$ 281,520

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) - USD ($) $ in Thousands		1 Months Ended		9 Months Ended		12 Months Ended
	Oct. 10, 2024	Sep. 26, 2024	Jul. 17, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jul. 08, 2024	Mar. 13, 2024	Sep. 11, 2023	Oct. 06, 2021	Jul. 07, 2021
Debt Instrument [Line Items]
Unrelated financial institution cost								$ 800	$ 900
Notional amount									$ 49,000
Principal paydown				$ 6,284	$ 1,584
Outstanding balances				281,520		$ 287,029
Interest Rate Contract [Member]
Debt Instrument [Line Items]
Unrelated financial institution cost	$ 500		$ 1,400				$ 1,100
Notional amount	$ 44,000		$ 52,200
Debt instrument, maturity date	Oct. 11, 2025		Jul. 15, 2024
Debt instrument, description of variable rate basis	SOFR at 3.00% during its term		SOFR rate was capped at 2.50%
Citadel Apartments [Member]
Debt Instrument [Line Items]
Face amount										$ 39,200
Principal balance				49,000
Principal paydown		$ 5,000
Citadel Apartments Mortgage [Member]
Debt Instrument [Line Items]
Face amount										$ 9,800
Citadel Apartments Junior [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date		Oct. 11, 2026
Citadel Apartments Junior [Member] | Maximum [Member]
Debt Instrument [Line Items]
Outstanding balances		$ 9,800
Citadel Apartments Junior [Member] | Minimum [Member]
Debt Instrument [Line Items]
Outstanding balances		$ 8,800
Citadel Apartments Senior [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date		Oct. 11, 2026
Citadel Apartments Senior [Member] | Maximum [Member]
Debt Instrument [Line Items]
Outstanding balances		$ 39,200
Citadel Apartments Senior [Member] | Minimum [Member]
Debt Instrument [Line Items]
Outstanding balances		$ 35,200
Bay Vue Apartments [Member]
Debt Instrument [Line Items]
Face amount											$ 52,200
Principal balance				47,400
Notional amount				52,200
Parkside Apartments Mortgage [Member]
Debt Instrument [Line Items]
Principal balance				$ 16,000
Debt instrument, maturity date				Jun. 01, 2025
SOFR [Member]
Debt Instrument [Line Items]
Interest rate				4.96%		5.35%

Stockholders_ Equity (Details N

Stockholders’ Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		9 Months Ended		12 Months Ended
	Sep. 27, 2024	Sep. 20, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Share redemption program, annual limitation, percentage of weighted average shares outstanding			5%
Cash available for redemption of shares					$ 8,000	$ 8,000
Repurchase of common stock			456,621	329,140
Repurchase price per shares			$ 13.14	$ 12.61
Distributions	$ 8,000	$ 2,200	$ 0	$ 0
Dividend declared date	Sep. 27, 2024	Sep. 20, 2023
Dividend per share	$ 0.42	$ 0.11
Dividends record date	Sep. 30, 2024	Sep. 30, 2023
Dividends period date	Oct. 15, 2024	Oct. 16, 2023

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transactions [Abstract]
Acquisition fees and acquisition expense reimbursement	[1]				$ 21
Property management fees (property operating expenses)		134	135	401	405
Administrative services reimbursement (general and administrative costs)		404	391	1,187	1,144
Asset management fees (general and administrative costs)		897	908	2,695	2,721
Total		$ 1,435	$ 1,434	$ 4,283	$ 4,291
[1]Capitalized to the corresponding asset and amortized over its estimated useful life.