Lightstone Value Plus REIT II (LVPR) 10-Q 12 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	9 Months Ended
	Sep. 30, 2019	Nov. 11, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Entity Registrant Name	LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST II INC
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		17.6
Entity Central Index Key	0001436975
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Investment property:
Land and improvements	$ 36,635	$ 40,584
Building and improvements	199,903	216,029
Furniture and fixtures	32,658	38,362
Construction in progress	2,574	3,457
Gross investment property	271,770	298,432
Less accumulated depreciation	(37,914)	(38,550)
Net investment property	233,856	259,882
Investments in unconsolidated affiliated entities	16,951	17,721
Cash and cash equivalents	23,005	27,293
Marketable securities, available for sale	8,752	7,901
Restricted cash	1,778	3,367
Accounts receivable and other assets	4,324	4,703
Assets held for sale	10,741	0
Total Assets	299,407	320,867
Liabilities and Stockholders' Equity
Accounts payable and other accrued expenses	7,792	8,107
Margin loan	4,712	5,060
Mortgages payable, net	144,906	152,900
Due to related party	608	557
Distributions payable	3,080	3,154
Liabilities held for sale	512	0
Total liabilities	161,610	169,778
Commitments and contingencies
Company's stockholders' equity:
Preferred shares, $0.01 par value, 10.0 million shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value; 100.0 million shares authorized, 17.6 million and 17.9 million shares issued and outstanding, respectively	176	179
Additional paid-in-capital	148,824	151,538
Accumulated other comprehensive income/( loss)	34	(817)
Accumulated deficit	(23,808)	(13,277)
Total Company stockholders' equity	125,226	137,623
Noncontrolling interests	12,571	13,466
Total Stockholders' Equity	137,797	151,089
Total Liabilities and Stockholders' Equity	$ 299,407	$ 320,867

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Sep. 30, 2019	Dec. 31, 2018
CONSOLIDATED BALANCE SHEETS
Preferred shares, par value	$ 0.01	$ 0.01
Preferred shares, shares authorized	10	10
Preferred shares, shares issued	0	0
Preferred shares, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100	100
Common stock, shares issued	17.6	17.9
Common stock, shares outstanding	17.6	17.9

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
CONSOLIDATED STATEMENTS OF OPERATIONS
Revenues	$ 19,616	$ 19,991	$ 58,301	$ 60,823
Expenses:
Property operating expenses	12,690	13,444	37,910	39,905
Real estate taxes	954	905	2,827	2,605
General and administrative costs	1,137	1,199	3,548	3,836
Depreciation and amortization	2,813	2,926	8,629	8,646
Total operating expenses	17,594	18,474	52,914	54,992
Operating income	2,022	1,517	5,387	5,831
Interest and dividend income	136	117	419	378
Loss on sale of marketable securities, available for sale	0	0	0	(31)
Earnings from investments in unconsolidated affiliated entities	(4)	52	(161)	199
Interest expense	(2,157)	(2,345)	(6,921)	(7,398)
Other (expense)/income, net	(8)	11	40	(35)
Net loss	(11)	(648)	(1,236)	(1,056)
Less: net income attributable to noncontrolling interests	(41)	(7)	(58)	(54)
Net loss applicable to Company's common shares	$ (52)	$ (655)	$ (1,294)	$ (1,110)
Net loss per Company's common share, basic and diluted	$ 0	$ (0.04)	$ (0.07)	$ (0.06)
Weighted average number of common shares outstanding, basic and diluted	17,624	17,996	17,712	18,084

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
Net loss	$ (11)	$ (648)	$ (1,236)	$ (1,056)
Other comprehensive income/(loss):
Holding gain/(loss) on marketable securities, available for sale	80	243	851	(108)
Reclassification adjustment for loss included in net loss	0	0	0	31
Other comprehensive income/(loss)	80	243	851	(77)
Comprehensive income/(loss)	69	(405)	(385)	(1,133)
Less: Comprehensive income attributable to noncontrolling interest	(41)	(7)	(58)	(54)
Comprehensive income/(loss) attributable to the Company's common shares	$ 28	$ (412)	$ (443)	$ (1,187)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands		Common Stock [Member]	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Noncontrolling Interests	Total
BALANCE at Dec. 31, 2017		$ 182	$ 155,162	$ (211)	$ 1,771	$ 15,687	$ 172,591
BALANCE (in shares) at Dec. 31, 2017		18,199
Net loss					(1,110)	54	(1,056)
Other comprehensive income (loss)				(77)			(77)
Distributions declared (a)	[1]				(9,455)		(9,455)
Contributions of noncontrolling interests						644	644
Distributions to noncontrolling interests						(1,680)	(1,680)
Redemption and cancellation of shares		$ (2)	(2,306)				(2,308)
Redemption and cancellation of shares (in shares)		(234)
BALANCE at Sep. 30, 2018		$ 180	152,856	(288)	(8,794)	14,705	158,659
BALANCE (in shares) at Sep. 30, 2018		17,965
BALANCE at Jun. 30, 2018		$ 181	153,920	(531)	(4,969)	15,047	163,648
BALANCE (in shares) at Jun. 30, 2018		18,073
Net loss					(655)	7	(648)
Other comprehensive income (loss)				243			243
Distributions declared (a)	[1]				(3,170)		(3,170)
Distributions to noncontrolling interests						(349)	(349)
Redemption and cancellation of shares		$ (1)	(1,064)				(1,065)
Redemption and cancellation of shares (in shares)		(108)
BALANCE at Sep. 30, 2018		$ 180	152,856	(288)	(8,794)	14,705	158,659
BALANCE (in shares) at Sep. 30, 2018		17,965
BALANCE at Dec. 31, 2018		$ 179	151,538	(817)	(13,277)	13,466	151,089
BALANCE (in shares) at Dec. 31, 2018		17,874
Net loss					(1,294)	58	(1,236)
Other comprehensive income (loss)				851			851
Distributions declared (a)	[1]				(9,237)		(9,237)
Contributions of noncontrolling interests						89	89
Distributions to noncontrolling interests						(1,042)	(1,042)
Redemption and cancellation of shares		$ (3)	(2,714)				(2,717)
Redemption and cancellation of shares (in shares)		(272)
BALANCE at Sep. 30, 2019		$ 176	148,824	34	(23,808)	12,571	137,797
BALANCE (in shares) at Sep. 30, 2019		17,602
BALANCE at Jun. 30, 2019		$ 177	149,725	(46)	(20,676)	12,824	142,004
BALANCE (in shares) at Jun. 30, 2019		17,692
Net loss					(52)	41	(11)
Other comprehensive income (loss)				80			80
Distributions declared (a)	[1]				(3,080)		(3,080)
Contributions of noncontrolling interests						32	32
Distributions to noncontrolling interests						(326)	(326)
Redemption and cancellation of shares		$ (1)	(901)				(902)
Redemption and cancellation of shares (in shares)		(90)
BALANCE at Sep. 30, 2019		$ 176	$ 148,824	$ 34	$ (23,808)	$ 12,571	$ 137,797
BALANCE (in shares) at Sep. 30, 2019		17,602
[1]	Distributions per share were $0.175.

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Distribution, amount per share	$ 0.175	$ 0.175	$ 0.525	$ 0.525

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (1,236)	$ (1,056)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	8,629	8,646
Amortization of deferred financing costs	309	670
Earnings from investments in unconsolidated affiliated entities	161	(199)
Other non-cash adjustments	(22)	153
Changes in assets and liabilities:
Increase in accounts receivable and other assets	(145)	(1,091)
Increase in accounts payable and other accrued expenses	95	723
Increase/(decrease) in due to related party	51	(388)
Net cash provided by operating activities	7,842	7,458
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property	(5,652)	(4,144)
Proceeds from sale of marketable securities		1,239
Proceeds from disposition of investment property, net	12,955
Investments in unconsolidated affiliated entities	(58)	(13,266)
Distributions from unconsolidated affiliated entities	666	525
Net cash provided by/(used in) investing activities	7,911	(15,646)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from mortgages payable		140,000
Payments on mortgages payable	(8,302)	(130,509)
Payment of loan fees and expenses	0	(1,130)
Payment on margin loan, net	(348)	(1,623)
Redemption and cancellation of common shares	(2,717)	(2,308)
Contributions from noncontrolling interests	(1,042)	(1,680)
Distributions to noncontrolling interests	89	644
Distributions to common stockholders	(9,310)	(9,496)
Net cash used in financing activities	(21,630)	(6,102)
Net change in cash, cash equivalents and restricted cash	(5,877)	(14,290)
Cash, cash equivalents and restricted cash, beginning of year	30,660	50,173
Cash, cash equivalents and restricted cash, end of period	24,783	35,883
Supplemental cash flow information for the periods indicated is as follows:
Cash paid for interest	6,725	3,632
Distributions declared but not paid	3,080	3,154
Holding gain on marketable securities, available for sale	851	77
Assets classified as held for sale	10,741
Liabilities classified as held for sale	512
Investment property acquired but not paid	343	2
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	23,005	32,587
Restricted cash	1,778	3,296
Total cash and restricted cash	$ 30,660	$ 50,173

Organization

Organization	9 Months Ended
	Sep. 30, 2019
Organization
Organization	1. Organization Lightstone Value Plus Real Estate Investment Trust II, Inc. (the “Lightstone REIT II”) is a Maryland corporation formed on April 28, 2008, which has qualified as a real estate investment trust (“REIT”) for U.S. federal income tax purposes since its taxable year ending December 31, 2009. The Lightstone REIT II was formed primarily for the purpose of engaging in the business of investing in and owning commercial and residential real estate properties located principally in North America, as well as other real estate-related securities, such as collateralized debt obligations, commercial mortgage-backed securities and mortgage and mezzanine loans secured, directly or indirectly, by the same types of properties which it may acquire directly. The Lightstone REIT II 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 II LP (the “Operating Partnership”), a Delaware limited partnership formed on April 30, 2008, in which Lightstone REIT II as the general partner, held a 99% interest as of September 30, 2019. The Lightstone REIT II and the Operating Partnership and its subsidiaries are collectively referred to as the ‘‘Company’’ and the use of ‘‘we,’’ ‘‘our,’’ ‘‘us’’ or similar pronouns refers to the Lightstone REIT II, its Operating Partnership or the Company as required by the context in which such pronoun is used. The Company is managed by Lightstone Value Plus REIT II LLC (the “Advisor”), an affiliate of The Lightstone Group, Inc. under the terms and conditions of an advisory agreement. The Lightstone Group, Inc. previously served as the Company’s sponsor (the “Sponsor”) during its initial public offering (the “Offering”) and follow-on offering (the “Follow-on Offering”, and collectively, “the Offerings”), which terminated on August 15, 2012 and September 27, 2014, respectively. Subject to the oversight of the Company’s board of directors (the “Board of Directors”), the Advisor has primary responsibility for making investment decisions and managing the Company’s day-to-day operations. Through his ownership and control of The Lightstone Group, Inc., Mr. Lichtenstein is the indirect owner of the Advisor and the indirect owner and manager of Lightstone SLP II LLC, which has subordinated profits interests in the Operating Partnership. Mr. Lichtenstein also acts as the Company’s Chairman and Chief Executive Officer. As a result, he exerts influence over but does not control Lightstone REIT II or the Operating Partnership. The Company does not have any employees. The Advisor receives compensation and fees for services related to the investment and management of the Company’s assets. The Sponsor has various majority owned and controlled affiliated property managers, which may manage certain of the properties the Company acquires. However, the Company also contracts with other unaffiliated third-party property managers, principally for the management of its hospitality properties. The Company’s shares of common stock are not currently listed on a national securities exchange. The Company may seek to list its shares of common stock for trading on a national securities exchange only if a majority of its independent directors believe listing would be in the best interest of its stockholders. The Company does not intend to list its shares at this time. The Company does not anticipate that there would be any market for its shares of common stock until they are listed for trading. In the event the Company does not obtain listing prior to the tenth anniversary of the completion or termination of the Follow-on Offering, which was terminated on September 27, 2014, its charter requires that the Board of Directors must either (i) seek stockholder approval of an extension or amendment of this listing deadline; or (ii) seek stockholder approval to adopt a plan of liquidation of the corporation. Noncontrolling Interests Partners of Operating Partnership On May 20, 2008, the Advisor contributed $2 to the Operating Partnership in exchange for 200 limited partner units in the Operating Partnership. The limited partner has the right to convert Operating Partnership common units into cash or, at the Company’s option, an equal number of shares of the common stock of the Company, as allowed by the limited partnership agreement. From the Company’s inception through the termination of the Follow-On Offering on September 27, 2014, Lightstone SLP II LLC, which is wholly owned by the Sponsor, contributed (i) cash of approximately $12.9 million and (ii) equity interests totaling 48.6% in Brownmill LLC (“Brownmill”), which were valued at $4.8 million, to the Operating Partnership in exchange for 177.0 subordinated profits interests (the “Subordinated Profits Interests”) in the Operating Partnership with an aggregate value of $17.7 million. See Notes 4 and 10 for additional information. Other Noncontrolling Interests in Consolidated Subsidiaries Other noncontrolling interests consist of (i) a 2.5% membership interest held by Lightstone Value Plus Real Estate Investment Trust, Inc. (“Lightstone I”), a related party REIT also sponsored by the Company’s Sponsor, in a joint venture (the “Joint Venture”) formed between the Company and Lightstone I that currently owns 7 of our hotels as of September 30, 2019 and (ii) the membership interests held by minority owners in certain of our hotels.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of Lightstone REIT II and its Operating Partnership and its subsidiaries (over which the Company exercises financial and operating control). As of September 30, 2019, the Lightstone REIT II had a 99% general partnership interest in the common units of the Operating Partnership. All inter-company balances and transactions have been eliminated in consolidation. The accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited Consolidated Financial Statements of the Company and related notes as contained in the Company’s Annual Report on Form 10‑K for the fiscal year ended December 31, 2018. The unaudited interim financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair statement of the results for the periods presented. The accompanying unaudited consolidated financial statements of the Lightstone Value Plus Real Estate Investment Trust II, Inc. and Subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10‑Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate, 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, 2018 included herein has been derived from the consolidated balance sheet included in the Company’s Annual Report on Form 10‑K. The unaudited consolidated statements of operations for interim periods are not necessarily indicative of results for the full year or any other period. Revenue Recognition The following table represents the total revenues from hotel operations on a disaggregated basis: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Revenues Room $ 18,052 $ 18,845 $ 54,121 $ 57,355 Food, beverage and other 1,564 1,146 4,180 3,468 Total revenues $ 19,616 $ 19,991 $ 58,301 $ 60,823 Recently Adopted Accounting Pronouncements In August 2018, the Securities and Exchange Commission adopted the final rule amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded. In addition, the amendments expand the disclosure requirements on the analysis of stockholders’ equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders’ equity presented in the balance sheet must be provided in a note or separate statement. The rule was effective on November 5, 2018 and will be effective for the quarter that begins after the effective date. Since the Company already includes a year to date consolidated statement of stockholders’ equity in our interim financial statement filings, the adoption of this guidance resulted in the inclusion of a quarter to date consolidated statement of stockholders’ equity in our second and third quarter interim financial statement filings and the inclusion of corresponding prior periods statement of stockholders’ equity for all periods presented. In February 2016, the Financial Accounting Standards Board (the “FASB”) issued an accounting standards update (“ASU”) that amends the existing lease accounting guidance and requires lessees to recognize a lease liability and a right-of-use lease asset for all leases on their balance sheets. Lessees of operating leases will continue to recognize lease expense in a manner similar to current accounting. The Company adopted the ASU on January 1, 2019, using the modified retrospective approach, whereby the Company applied the standard at the beginning of the period of adoption and has presented financial information for periods prior to January 1, 2019 in accordance with prior guidance. Upon adoption, the Company elected the following practical expedients provided by the standard: (i) an entity need not reassess whether any expired or existing contract is a lease or contains a lease, (ii) an entity need not reassess the lease classification of any expired or existing leases, (iii) an entity need not reassess initial direct costs for any existing leases and (iv) the evaluation of lease and non-lease components of a contract. The Company also elected the short-term lease exception provided for in the standard and therefore will only recognize right-of-use lease assets and related lease liabilities for leases with a term greater than one year. The implementation of the ASU had no cumulative effect on accumulated deficit and the adoption resulted in the recognition of right-of-use lease assets of $0.3 million and related lease liabilities of $0.3 million as of January 1, 2019. New Accounting Pronouncements 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.

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases
Leases	3. Leases On January 1, 2019, the Company adopted the ASU and elected the practical expedients which permitted it to not reassess its prior conclusions about lease identification, classification, and initial direct costs. The Company has operating leases related to land used as a parking lot and vehicles. These leases have remaining terms of 3 months to 3 years, some of which include options to extend the leases for additional years. One of our leases contains renewal options which are solely at the Company’s discretion and are not included in the lease term since it is not considered reasonably certain the Company will exercise those options. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Consequently on January 1, 2019, the Company recognized right-of-use lease assets of $0.3 million and related lease liabilities of $0.3 million. Since most of the Company’s leases do not provide an implicit rate, we used our incremental borrowing rate of 5.7% calculated based on information available at adoption. As of September 30, 2019, the Company’s right-of-use lease assets of $0.2 million are included in accounts receivable and other assets and its related lease liabilities of $0.2 million are presented in accounts payable and accrued expenses on the Company’s consolidated balance sheets. During the three and nine months ended September 30, 2019, the Company’s total operating lease cost, which is included in property operating expenses on the Company’s consolidated statements of operations, was $38 and $121, respectively, and during the nine months ended September 30, 2019, the operating cash outflows from operating leases was $121. As of September 30, 2019, the weighted average operating lease term was 19 months. The adoption of this standard had minimal impact on the Company’s consolidated statements of operations. The maturities of the lease liabilities as of September 30, 2019 for the Company’s operating leases are as follows: 2019 $ 40 2020 160 2021 51 Thereafter — Total lease payments $ 251 Less: imputed interest $ (27) Present value of lease liabilities $ 224

Investments in Unconsolidated A

Investments in Unconsolidated Affiliated Entities	9 Months Ended
	Sep. 30, 2019
Investments in Unconsolidated Affiliated Entities
Investments in Unconsolidated Affiliated Entities	4. Investments in Unconsolidated Affiliated Entities The entities listed below are partially owned by the Company. The Company accounts for these investments under the equity method of accounting as the Company exercises significant influence, but does not exercise financial and operating control over these entities. A summary of the Company’s investments in the unconsolidated affiliated entities is as follows: As of Entity Date of Ownership Ownership % September 30, 2019 December 31, 2018 Brownmill Various % $ 4,733 $ 4,967 Hilton Garden Inn Joint Venture March 27, 2018 % 12,218 12,754 Total investments in unconsolidated affiliated real estate entities $ 16,951 $ 17,721 Brownmill During 2010 through 2012, the Company entered into various contribution agreements with Lightstone Holdings LLC (‘‘LGH’’), a wholly-owned subsidiary of the Company’s Sponsor, pursuant to which LGH contributed to the Company an approximate aggregate 48.6% equity interest in exchange for the Company issuing an aggregate of 48 units of Subordinated Profits Interests, at $100,000 per unit (at an aggregate total value of $4.8 million), to Lightstone SLP II LLC. As of September 30, 2019, the Company owns a 48.6% membership interest in Brownmill. The Company’s interest in Brownmill is a non-managing interest. An affiliate of the Company’s Sponsor is the majority owner and manager of Brownmill. Profit and cash distributions are allocated in accordance with each investor’s ownership percentage. The Company accounts for its investment in Brownmill in accordance with the equity method of accounting. During the nine months ended September 30, 2019, the Company received distributions from Brownmill aggregating $0.2 million. Brownmill owns two retail properties known as Browntown Shopping Center, located in Old Bridge, New Jersey, and Millburn Mall, located in Vauxhaull, New Jersey, which collectively, are referred to as the “Brownmill Properties.” Brownmill Financial Information The Company’s carrying value of its interest in Brownmill differs from its share of member’s equity reported in the condensed balance sheet of Brownmill due to the Company’s basis of its investment in excess of the historical net book value of Brownmill. The Company’s additional basis allocated to depreciable assets is being recognized on a straight-line basis over the lives of the appropriate assets. The following table represents the condensed income statements for Brownmill for the periods indicated: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Revenue $ 857 $ 913 $ 2,631 $ 2,792 Property operating expenses 410 354 1,206 1,148 Depreciation and amortization 354 177 704 534 Operating income 93 382 721 1,110 Interest expense and other, net (172) (174) (532) (558) Net (loss)/income $ (79) $ 208 $ 189 $ 552 Company’s share of net (loss)/income (48.58)% $ (38) $ 101 $ 92 $ 268 Additional depreciation and amortization expense (1) (32) (32) (95) (97) Company’s earnings from investment $ (70) $ 69 $ (3) $ 171 (1) Additional depreciation and amortization expense relates to the amortization of the difference between the cost of the interest in Brownmill and the amount of the underlying equity in net assets of Brownmill. The following table represents the condensed balance sheets for Brownmill: As of As of September 30, 2019 December 31, 2018 Real estate, at cost (net) $ 13,698 $ 14,239 Cash and restricted cash 1,007 1,055 Other assets 1,237 1,226 Total assets $ 15,942 $ 16,520 Mortgage payable $ 14,116 $ 14,278 Other liabilities 400 530 Members’ capital 1,426 1,712 Total liabilities and members’ capital $ 15,942 $ 16,520 Hilton Garden Inn Joint Venture On March 27, 2018, the Company and its Sponsor’s other public program, Lightstone Value Plus Real Estate Investment Trust III, Inc. (“Lightstone REIT III”), acquired, through LVP LIC Hotel JV LLC (the “Hilton Garden Inn Joint Venture”) a 183‑room, limited-service hotel located at 29‑21 41 st Avenue, Long Island City, New York (the “Hilton Garden Inn - Long Island City”) from an unrelated third party, for aggregate consideration of approximately $60.0 million, which consisted of $25.0 million of cash and $35.0 million of proceeds from a loan from a financial institution, excluding closing and other related transaction costs. The Company and Lightstone REIT III each have 50.0% joint venture ownership interests, respectively, in the Hilton Garden Inn Joint Venture. The Company paid approximately $12.9 million for a 50.0% membership interest in the Hilton Garden Inn Joint Venture. The Company’s ownership interest in the Hilton Garden Inn Joint Venture is a co-managing interest. The Company accounts for its ownership interest in the Hilton Garden Inn Joint Venture in accordance with the equity method of accounting because it exerts significant influence over but does not control the Hilton Garden Inn Joint Venture. All capital contributions and distributions of earnings from the Hilton Garden Inn 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 Hilton Garden Inn Joint Venture are made to the members pursuant to the terms of the Hilton Garden Inn Joint Venture’s operating agreement. The Company commenced recording its allocated portion of profit/loss and cash distributions beginning as of March 27, 2018 with respect to its membership interest of 50.0% in the Hilton Garden Inn Joint Venture. Subsequent to the Company’s acquisition of its membership interest in the Hilton Garden Joint Venture through September 30, 2019, it has made an aggregate of $0.7 million (including $0.1 million during the nine months ended September 30, 2019) of additional capital contributions and received aggregate distributions of $1.0 million (including $0.4 million during the nine months ended September 30, 2019). Hilton Garden Inn Joint Venture Financial Information The following table represents the condensed income statement for the Hilton Garden Inn Joint Venture for the period indicated: For the Three Months For the Three Months For the Nine Months For the Period March 27, 2018 Ended September 30, 2019 Ended September 30, 2018 Ended September 30, 2019 through September 30, 2018 Revenues $ 3,016 $ 2,856 $ 8,110 $ 6,040 Property operating expenses 1,750 1,754 5,020 3,725 General and administrative costs 1 13 (21) 15 Depreciation and amortization 629 639 1,898 1,274 Operating income/(loss) 636 450 1,213 1,026 Interest expense (505) (482) (1,531) (970) Net income/(loss) $ 131 $ (32) $ (318) $ 56 Company’s share of net income/(loss) (50.00%) $ 66 $ (16) $ (159) $ 28 The following table represents the condensed balance sheet for the Hilton Garden Inn Joint Venture: As of As of September 30, 2019 December 31, 2018 Investment property, net $ 57,145 $ 58,799 Cash 1,016 554 Other assets 1,232 1,218 Total assets $ 59,393 $ 60,571 Mortgage payable, net $ 34,807 $ 34,766 Other liabilities 720 867 Members’ capital 23,866 24,938 Total liabilities and members’ capital $ 59,393 $ 60,571

Marketable Securities, Fair Val

Marketable Securities, Fair Value Measurements and Margin Loan	9 Months Ended
	Sep. 30, 2019
Marketable Securities, Fair Value Measurements and Margin Loan
Marketable Securities, Fair Value Measurements and Margin Loan	5. Marketable Securities, Fair Value Measurements and Margin Loan Marketable Securities The following is a summary of the Company’s available for sale securities as of the dates indicated: As of September 30, 2019 Gross Gross Unrealized Unrealized Adjusted Cost Gains Losses Fair Value Debt securities: Corporate Bonds $ 8,718 $ 77 $ (43) $ 8,752 As of December 31, 2018 Gross Gross Unrealized Unrealized Adjusted Cost Gains Losses Fair Value Debt securities: Corporate Bonds $ 8,718 $ — $ (817) $ 7,901 When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, and the Company’s intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment’s amortized cost basis. As of September 30, 2019 and December 31, 2018, the Company did not recognize any impairment charges. 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. As of September 30, 2019 and December 31, 2018, all of the Company’s debt securities were classified as Level 2 assets and there were no transfers between the level classifications during the nine months ended September 30, 2019. The fair values of the Company’s investments in Corporate Bonds are measured using readily available quoted prices for similar assets. The following table summarizes the estimated fair value of our investments in marketable debt securities with stated contractual maturity dates, accounted for as available-for-sale securities and classified by the contractual maturity date of the securities: As of September 30, 2019 Due in 1 year $ — Due in 1 year through 5 years 5,119 Due in 5 year through 10 years — Due after 10 years 3,633 Total $ 8,752 The Company did not have any other significant financial assets or liabilities, which would require revised valuations that are recognized at fair value. Margin loan The Company has access to a margin loan from a financial institution that holds custody of certain of the Company’s marketable securities. The margin loan is collateralized by the marketable securities in the Company’s account. The amounts available to the Company under the margin loan are at the discretion of the financial institution and not limited to the amount of collateral in its account. The margin loan bears interest at Libor plus 0.85% (3.25% as of September 30, 2019).

Held for Sale

Held for Sale	9 Months Ended
	Sep. 30, 2019
Held for Sale
Held for Sale	6. Held for Sale On August 19, 2019, certain wholly owned subsidiaries (collectively, the " Peabody Sellers") of the Operating Partnership and MCR Hospitality Fund REIT LLC (the "Peabody Buyer"), an unaffiliated third party, entered into a purchase and sale agreement (the "SpringHill Suites - Peabody Agreement") pursuant to which the Peabody Sellers would dispose of a SpringHill Suites by Marriott hotel (the "SpringHill Suites - Peabody") located in Peabody, Massachusetts to the Peabody Buyer for an aggregate contractual sales price of $19.0 million. As of September 30, 2019, the SpringHill Suites - Peabody met the criteria to be classified as held for sale and therefore, its associated assets and liabilities are classified as held for sale in the consolidated balance sheet as of September 30, 2019. On October 24, 2019, pursuant to the terms of the SpringHill Suites - Peabody Agreement, the Peabody Sellers completed the disposition of the SpringHill Suites - Peabody to the Peabody Buyer for an aggregate contractual sales price of $19.0 million. Approximately $8.8 million of the proceeds were used towards the repayment the Revolving Credit Facility. The following summary presents the major components of assets and liabilities held for sale, of as the date indicated. As of September 30, 2019 Net investment property $ 10,466 Other assets 275 Total assets held for sale $ 10,741 Accounts payable and accrued expenses 512 Total liabilities held for sale $ 512

Disposition of Alabama Hotels

Disposition of Alabama Hotels	9 Months Ended
	Sep. 30, 2019
Disposition of Alabama Hotels
Disposition of Alabama Hotels	7. Disposition of Alabama Hotels On February 11, 2019, certain wholly owned subsidiaries (collectively, the “Alabama Sellers”) of the Company’s operating partnership and VAH Investments, LLC (the “Alabama Buyer”), an unaffiliated third party, entered into purchase and sale agreements (collectively, the “Alabama Hotel Agreements”) pursuant to which the Alabama Sellers would dispose of two limited services hotels (the “Alabama Hotels”) to the Alabama Buyer for an aggregate contractual sales price of $13.3 million. The Alabama Hotels, which had an aggregate of 169 rooms, were comprised of the following properties: · a Holiday Inn Express Hotel & Suites (the “Holiday Inn — Opelika”) located in Opelika, Alabama; and · a Holiday Inn Express Hotel & Suites (“Holiday Inn Express – Auburn”) located in Auburn, Alabama. On May 9, 2019, pursuant to the terms of the Alabama Hotel Agreements, the Alabama Sellers completed the disposition of the Alabama Hotels to the Alabama Buyer for an aggregate contractual sales price of $13.3 million. In connection with the disposition of the Alabama Hotels, the Company recognized a net gain on the disposition of real estate of approximately $0.1 million (included in other income/(expense), net on the consolidated statements of operations) during the second quarter of 2019. Approximately $8.2 million of the proceeds were used for a required paydown of the Revolving Credit Facility (See Note 8). The disposition of the Alabama Hotels did not qualify to be reported as discontinued operations since the disposition did not represent a strategic shift in the Company’s operations that had a major effect on the Company’s operations and financial results. Accordingly, the operating results of the Alabama Hotels are reflected in the Company’s results from continuing operations for all periods presented through its respective date of disposition. The Holiday Inn Express – Auburn was wholly owned by the Joint Venture. As a result, as of September 30, 2019, the Joint Venture held membership interests in seven hotels.

Mortgages payable, net

Mortgages payable, net	9 Months Ended
	Sep. 30, 2019
Mortgages payable, net
Mortgages payable, net	8 . Mortgages payable, net Mortgages payable, net consisted of the following: Weighted Average Interest Rate Interest as of Maturity Amount Due As of As of Description Rate September 30, 2019 Date at Maturity September 30, 2019 December 31, 2018 Revolving Credit Facility LIBOR + 3.15 % 5.70 % May 2021 $ 123,045 $ 131,831 $ 140,000 Courtyard – Paso Robles % 5.49 % November 2023 13,022 13,852 13,985 Total mortgages payable 5.68 % $ 136,067 145,683 153,985 Less: Deferred financing costs (777) (1,085) Total mortgages payable, net $ 144,906 $ 152,900 Revolving Credit Facility On May 17, 2018, the Company, through certain subsidiaries, entered into a nonrecourse revolving credit facility (the “Revolving Credit Facility”) with a bank of up to $140.0 million. The Revolving Credit Facility bore interest at Libor plus 3.50%, has an initial term of three years, subject to two, one-year extension options at the sole discretion of Western Alliance, and provides for monthly interest-only payments with the unpaid principal balance due at maturity. The Revolving Credit Facility’s maturity may be accelerated upon the occurrence of certain customary events of default. The Revolving Credit Facility provides for borrowings up to 65.0% of the loan-to-value ratio of properties designated as collateral and also requires the maintenance of certain financial ratios, including a minimum debt yield ratio, which may also be achieved through principal paydowns on the outstanding balance of the Revolving Credit Facility. Effective March 31, 2019, the Company entered into a loan modification agreement with the lender for the Revolving Credit Facility, which, among other things, decreased the interest rate to Libor plus 3.15% and modified the requirements under the minimum debt yield ratio. On May 9, 2019, the Company completed the disposition of the Alabama Hotels, two properties that were previously designated as collateral under the Revolving Credit Facility. Approximately $8.2 million of the proceeds from the disposition of the Alabama Hotels were used for a required paydown of the Revolving Credit Facility. (See Note 7). As a result, as of September 30, 2019, the Revolving Credit Facility had an outstanding balance of $131.8 million and was collateralized by 13 of the Company’s hotels. Subsequently, on October 24, 2019, the Company sold the SpringHill Suites - Peabody and at closing made a required principal paydown of approximately $8.8 million under the Revolving Credit Facility to reduce the outstanding principal balance to approximately $123.0 million (see Note 6). Principal Maturities The following table, based on the initial terms of the mortgages, sets forth their aggregate estimated contractual principal maturities, including balloon payments due at maturity, as of September 30, 2019: 2019 2020 2021 2022 2023 Thereafter Total Principal maturities $ 8,832 $ 187 $ 123,245 $ 211 $ 13,208 $ — $ 145,683 Less: deferred financing costs (777) Total principal maturities, net $ 144,906 Restricted escrows Pursuant to the Company’s loan agreements, escrows in the amount of $1.8 million and $3.4 million were held in restricted cash accounts as of September 30, 2019 and December 31, 2018, respectively. Such escrows will be released in accordance with the applicable loan agreements for payments of real estate taxes, insurance and capital improvement transactions, as required. Debt Compliance Certain of our debt agreements also contain clauses providing for prepayment penalties and the Revolving Credit Facility requires the maintenance of certain ratios, including a minimum debt yield ratio, which may also be achieved through principal paydowns. As of September 30, 2019, the Company was in compliance with the minimum debt yield ratio for the Revolving Credit Facility.

Equity

Equity	9 Months Ended
	Sep. 30, 2019
Equity
Equity	9. Equity Earnings per Share The Company had no potentially dilutive securities outstanding during the periods presented. Accordingly, 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.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2019
Related Party Transactions
Related Party Transactions	10 . Related Party Transactions The Company has agreements with the Advisor and Lightstone Value Plus REIT Management LLC (the “Property Manager”) to pay certain fees in exchange for services performed by these entities and other related party entities. The Company’s ability to secure financing and subsequent real estate operations are dependent upon its Advisor, Property Manager and their affiliates to perform such services as provided in these agreements. The following table represents the fees incurred associated with the payments to the Company’s Advisor for the periods indicated: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Acquisition fees (1) $ — $ — $ — $ 285 Development fees (2) — — 62 — Asset management fees (general and administrative costs) 750 768 2,283 2,209 Total $ 750 $ 768 $ 2,345 $ 2,494 (1) The acquisition fee for the Hilton Garden Inn Joint Venture of $285 was capitalized and included in investment in unconsolidated affiliated entities on the consolidated balance sheets. (2) Generally, capitalized and amortized over the estimated useful life of the associated asset. In connection with the Company’s Offering and Follow-On Offering, Lightstone SLP II LLC, an affiliate of the Company’s Sponsor, contributed (i) cash of approximately $12.9 million and (ii) equity interests in Brownmill valued at $4.8 million to the Operating Partnership in exchange for 177.0 Subordinated Profits Interests in the Operating Partnership with an aggregate value of $17.7 million, which are included in noncontrolling interests in the consolidated balance sheets. These Subordinated Profit Interests, the purchase price of which will be repaid only after stockholders receive a stated preferred return and their net investment, entitle Lightstone SLP II, LLC to a portion of any regular distributions made by the Operating Partnership. During the three and nine months ended September 30, 2019, distributions of $0.3 million and $0.9 million were declared and paid on the Subordinated Profits Interests.

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2019
Financial Instruments
Financial Instruments	11. Financial Instruments The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, restricted cash, accounts receivable and other assets, accounts payable and other accrued expenses, margin loan, due to related party, and distributions payable approximated their fair values because of the short maturity of these instruments. The estimated fair value of our mortgages payable is as follows: As of September 30, 2019 As of December 31, 2018 Carrying Estimated Fair Carrying Estimated Fair Amount Value Amount Value Mortgages payable $ 145,683 $ 146,271 $ 153,985 $ 154,134 The fair value of our mortgages payable was determined by discounting the future contractual interest and principal payments by market interest rates.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies.
Commitments and Contingencies	12. 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. Additionally, the Company has not recorded any loss contingencies related to legal proceedings in which the potential loss is deemed to be remote.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events
Subsequent Events	13. Subsequent Events Distribution Payments On October 15, 2019, the distribution for the three-month period ending September 30, 2019 of $3.1 million was paid in cash. Distribution Declaration On November 12, 2019, the Company’s Board of Directors authorized and it declared a distribution of $0.175 per share for the quarterly period ending December 31, 2019. The quarterly distribution is the pro rata equivalent of an annual distribution of $0.70 per share, or an annualized rate of 7.0% assuming a purchase price of $10.00 per share. The distribution will be paid on or about the 15th day of the month following the quarter-end to stockholders of record at the close of business on the last day of the quarter-end. Future distributions declared will be at the discretion of the Board of Directors based on their analysis of our performance over the previous periods and expectations of performance for future periods and may differ from the amount of the distribution determined for this period. The Board of Directors will consider various factors in its determination, including but not limited to, the sources and availability of capital, current rental revenues, operating and interest expenses and our ability to refinance near-term debt. In addition, the Company currently intends to continue to comply with the REIT distribution requirement that it annually distribute no less than 90% of its taxable income. The Company cannot assure that regular distributions will continue to be made or that it will maintain any particular level of distributions that it has established or may establish.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of Lightstone REIT II and its Operating Partnership and its subsidiaries (over which the Company exercises financial and operating control). As of September 30, 2019, the Lightstone REIT II had a 99% general partnership interest in the common units of the Operating Partnership. All inter-company balances and transactions have been eliminated in consolidation. The accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited Consolidated Financial Statements of the Company and related notes as contained in the Company’s Annual Report on Form 10‑K for the fiscal year ended December 31, 2018. The unaudited interim financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair statement of the results for the periods presented. The accompanying unaudited consolidated financial statements of the Lightstone Value Plus Real Estate Investment Trust II, Inc. and Subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10‑Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate, 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, 2018 included herein has been derived from the consolidated balance sheet included in the Company’s Annual Report on Form 10‑K. The unaudited consolidated statements of operations for interim periods are not necessarily indicative of results for the full year or any other period.
Revenue Recognition	Revenue Recognition The following table represents the total revenues from hotel operations on a disaggregated basis: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Revenues Room $ 18,052 $ 18,845 $ 54,121 $ 57,355 Food, beverage and other 1,564 1,146 4,180 3,468 Total revenues $ 19,616 $ 19,991 $ 58,301 $ 60,823
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In August 2018, the Securities and Exchange Commission adopted the final rule amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded. In addition, the amendments expand the disclosure requirements on the analysis of stockholders’ equity for interim financial statements. Under the amendments, an analysis of changes in each caption of stockholders’ equity presented in the balance sheet must be provided in a note or separate statement. The rule was effective on November 5, 2018 and will be effective for the quarter that begins after the effective date. Since the Company already includes a year to date consolidated statement of stockholders’ equity in our interim financial statement filings, the adoption of this guidance resulted in the inclusion of a quarter to date consolidated statement of stockholders’ equity in our second and third quarter interim financial statement filings and the inclusion of corresponding prior periods statement of stockholders’ equity for all periods presented. In February 2016, the Financial Accounting Standards Board (the “FASB”) issued an accounting standards update (“ASU”) that amends the existing lease accounting guidance and requires lessees to recognize a lease liability and a right-of-use lease asset for all leases on their balance sheets. Lessees of operating leases will continue to recognize lease expense in a manner similar to current accounting. The Company adopted the ASU on January 1, 2019, using the modified retrospective approach, whereby the Company applied the standard at the beginning of the period of adoption and has presented financial information for periods prior to January 1, 2019 in accordance with prior guidance. Upon adoption, the Company elected the following practical expedients provided by the standard: (i) an entity need not reassess whether any expired or existing contract is a lease or contains a lease, (ii) an entity need not reassess the lease classification of any expired or existing leases, (iii) an entity need not reassess initial direct costs for any existing leases and (iv) the evaluation of lease and non-lease components of a contract. The Company also elected the short-term lease exception provided for in the standard and therefore will only recognize right-of-use lease assets and related lease liabilities for leases with a term greater than one year. The implementation of the ASU had no cumulative effect on accumulated deficit and the adoption resulted in the recognition of right-of-use lease assets of $0.3 million and related lease liabilities of $0.3 million as of January 1, 2019. New Accounting Pronouncements 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2019
Summary of Significant Accounting Policies
Schedule of total revenues from hotel operations on a disaggregated basis	The following table represents the total revenues from hotel operations on a disaggregated basis: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Revenues Room $ 18,052 $ 18,845 $ 54,121 $ 57,355 Food, beverage and other 1,564 1,146 4,180 3,468 Total revenues $ 19,616 $ 19,991 $ 58,301 $ 60,823

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases
Schedule of maturities of the lease liabilities for the Company's operating leases	The maturities of the lease liabilities as of September 30, 2019 for the Company’s operating leases are as follows: 2019 $ 40 2020 160 2021 51 Thereafter — Total lease payments $ 251 Less: imputed interest $ (27) Present value of lease liabilities $ 224

Investments in Unconsolidated_2

Investments in Unconsolidated Affiliated Entities (Tables)	9 Months Ended
	Sep. 30, 2019
Schedule of Equity Method Investments [Line Items]
Summary of investments in unconsolidated entities	A summary of the Company’s investments in the unconsolidated affiliated entities is as follows: As of Entity Date of Ownership Ownership % September 30, 2019 December 31, 2018 Brownmill Various % $ 4,733 $ 4,967 Hilton Garden Inn Joint Venture March 27, 2018 % 12,218 12,754 Total investments in unconsolidated affiliated real estate entities $ 16,951 $ 17,721
Brownmill, LLC
Schedule of Equity Method Investments [Line Items]
Schedule of condensed income statements	The following table represents the condensed income statements for Brownmill for the periods indicated: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Revenue $ 857 $ 913 $ 2,631 $ 2,792 Property operating expenses 410 354 1,206 1,148 Depreciation and amortization 354 177 704 534 Operating income 93 382 721 1,110 Interest expense and other, net (172) (174) (532) (558) Net (loss)/income $ (79) $ 208 $ 189 $ 552 Company’s share of net (loss)/income (48.58)% $ (38) $ 101 $ 92 $ 268 Additional depreciation and amortization expense (1) (32) (32) (95) (97) Company’s earnings from investment $ (70) $ 69 $ (3) $ 171 (1) Additional depreciation and amortization expense relates to the amortization of the difference between the cost of the interest in Brownmill and the amount of the underlying equity in net assets of Brownmill.
Schedule of condensed balance sheets	The following table represents the condensed balance sheets for Brownmill: As of As of September 30, 2019 December 31, 2018 Real estate, at cost (net) $ 13,698 $ 14,239 Cash and restricted cash 1,007 1,055 Other assets 1,237 1,226 Total assets $ 15,942 $ 16,520 Mortgage payable $ 14,116 $ 14,278 Other liabilities 400 530 Members’ capital 1,426 1,712 Total liabilities and members’ capital $ 15,942 $ 16,520
Hilton Garden Inn Joint Venture
Schedule of Equity Method Investments [Line Items]
Schedule of condensed income statements	The following table represents the condensed income statement for the Hilton Garden Inn Joint Venture for the period indicated: For the Three Months For the Three Months For the Nine Months For the Period March 27, 2018 Ended September 30, 2019 Ended September 30, 2018 Ended September 30, 2019 through September 30, 2018 Revenues $ 3,016 $ 2,856 $ 8,110 $ 6,040 Property operating expenses 1,750 1,754 5,020 3,725 General and administrative costs 1 13 (21) 15 Depreciation and amortization 629 639 1,898 1,274 Operating income/(loss) 636 450 1,213 1,026 Interest expense (505) (482) (1,531) (970) Net income/(loss) $ 131 $ (32) $ (318) $ 56 Company’s share of net income/(loss) (50.00%) $ 66 $ (16) $ (159) $ 28
Schedule of condensed balance sheets	The following table represents the condensed balance sheet for the Hilton Garden Inn Joint Venture: As of As of September 30, 2019 December 31, 2018 Investment property, net $ 57,145 $ 58,799 Cash 1,016 554 Other assets 1,232 1,218 Total assets $ 59,393 $ 60,571 Mortgage payable, net $ 34,807 $ 34,766 Other liabilities 720 867 Members’ capital 23,866 24,938 Total liabilities and members’ capital $ 59,393 $ 60,571

Marketable Securities, Fair V_2

Marketable Securities, Fair Value Measurements and Margin Loan (Tables)	9 Months Ended
	Sep. 30, 2019
Marketable Securities, Fair Value Measurements and Margin Loan
Summary of Available for Sale Securities	The following is a summary of the Company’s available for sale securities as of the dates indicated: As of September 30, 2019 Gross Gross Unrealized Unrealized Adjusted Cost Gains Losses Fair Value Debt securities: Corporate Bonds $ 8,718 $ 77 $ (43) $ 8,752 As of December 31, 2018 Gross Gross Unrealized Unrealized Adjusted Cost Gains Losses Fair Value Debt securities: Corporate Bonds $ 8,718 $ — $ (817) $ 7,901
Summary of the estimated fair value of our investments in marketable debt securities with stated contractual maturity dates	The following table summarizes the estimated fair value of our investments in marketable debt securities with stated contractual maturity dates, accounted for as available-for-sale securities and classified by the contractual maturity date of the securities: As of September 30, 2019 Due in 1 year $ — Due in 1 year through 5 years 5,119 Due in 5 year through 10 years — Due after 10 years 3,633 Total $ 8,752

Held for Sale (Tables)

Held for Sale (Tables)	9 Months Ended
	Sep. 30, 2019
Held for Sale
Schedule Major Components of Assets Held-for-sale	The following summary presents the major components of assets and liabilities held for sale, of as the date indicated. As of September 30, 2019 Net investment property $ 10,466 Other assets 275 Total assets held for sale $ 10,741 Accounts payable and accrued expenses 512 Total liabilities held for sale $ 512

Mortgages payable, net (Tables)

Mortgages payable, net (Tables)	9 Months Ended
	Sep. 30, 2019
Mortgages payable, net
Schedule of Mortgages Payable	Mortgages payable, net consisted of the following: Weighted Average Interest Rate Interest as of Maturity Amount Due As of As of Description Rate September 30, 2019 Date at Maturity September 30, 2019 December 31, 2018 Revolving Credit Facility LIBOR + 3.15 % 5.70 % May 2021 $ 123,045 $ 131,831 $ 140,000 Courtyard – Paso Robles % 5.49 % November 2023 13,022 13,852 13,985 Total mortgages payable 5.68 % $ 136,067 145,683 153,985 Less: Deferred financing costs (777) (1,085) Total mortgages payable, net $ 144,906 $ 152,900
Schedule of Estimated Contractual Principal Maturities	The following table, based on the initial terms of the mortgages, sets forth their aggregate estimated contractual principal maturities, including balloon payments due at maturity, as of September 30, 2019: 2019 2020 2021 2022 2023 Thereafter Total Principal maturities $ 8,832 $ 187 $ 123,245 $ 211 $ 13,208 $ — $ 145,683 Less: deferred financing costs (777) Total principal maturities, net $ 144,906

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2019
Related Party Transactions
Schedule of Fees to Related Parties	The following table represents the fees incurred associated with the payments to the Company’s Advisor for the periods indicated: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Acquisition fees (1) $ — $ — $ — $ 285 Development fees (2) — — 62 — Asset management fees (general and administrative costs) 750 768 2,283 2,209 Total $ 750 $ 768 $ 2,345 $ 2,494 (1) The acquisition fee for the Hilton Garden Inn Joint Venture of $285 was capitalized and included in investment in unconsolidated affiliated entities on the consolidated balance sheets. (2) Generally, capitalized and amortized over the estimated useful life of the associated asset.

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2019
Financial Instruments
Summary of Estimated Fair Value of Debt	The estimated fair value of our mortgages payable is as follows: As of September 30, 2019 As of December 31, 2018 Carrying Estimated Fair Carrying Estimated Fair Amount Value Amount Value Mortgages payable $ 145,683 $ 146,271 $ 153,985 $ 154,134

Organization (Details)

Organization (Details) $ in Thousands	1 Months Ended	9 Months Ended
	May 20, 2008USD ($)	Sep. 30, 2019USD ($)itemshares
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Date of incorporation		Apr. 28, 2008
Lightstone REIT, partnership formation date		Apr. 30, 2008
Advisor's contribution to operating partnership	$ 2
Partnership units issued	200
Sponsor's cash contribution		$ 12,900
Number of Hotels | item		7
Brownmill, LLC
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Ownership interest		48.60%
Value of ownership interest		$ 4,800
Subordinate profit interest units | shares		177,000
Aggregate value of subordinate profits		$ 17,700
Lightstone SLP II LLC
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Ownership interest		2.50%
Number of Hotels | item		7
Lightstone REIT II
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
General partner ownership interest		99.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Revenue	$ 19,616	$ 19,991	$ 58,301	$ 60,823
Room
Revenues
Revenue	18,052	18,845	54,121	57,355
Food, beverage and other
Revenues
Revenue	$ 1,564	$ 1,146	$ 4,180	$ 3,468

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Jan. 01, 2019
Summary of Significant Accounting Policies [Line Items]
Right-of-use-assets	$ 200	$ 300
Lease liabilities	$ 224	300
ASU 2016-02
Summary of Significant Accounting Policies [Line Items]
Right-of-use-assets		300
Lease liabilities		$ 300
Lightstone REIT II
Summary of Significant Accounting Policies [Line Items]
Percentage of general partnership interest in common units of the operating partnership	99.00%

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019
Leases
2019	$ 40
2020	160
2021	51
Thereafter	0
Total lease payments	251
Less: imputed interest	(27)
Present value of lease liabilities	$ 224	$ 300

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Jan. 01, 2019
Right-of-use-assets	$ 200	$ 200	$ 300
Lease liabilities	224	224	$ 300
Incremental borrowing rate			5.70%
Operating lease costs	$ 38	$ 121
Weighted average operating lease term	19 months	19 months
Minimum
Lease remaining terms		3 months
Maximum
Lease remaining terms		3 years

Investments in Unconsolidated_3

Investments in Unconsolidated Affiliated Entities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018	Mar. 27, 2018
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliated entities	$ 16,951	$ 17,721
Brownmill, LLC
Schedule of Equity Method Investments [Line Items]
Date of ownership	Various
Ownership %	48.58%
Investments in unconsolidated affiliated entities	$ 4,733	4,967
Hilton Garden Inn Joint Venture
Schedule of Equity Method Investments [Line Items]
Date of ownership	March 27, 2018
Ownership %	50.00%		50.00%
Investments in unconsolidated affiliated entities	$ 12,218	$ 12,754

Investments in Unconsolidated_4

Investments in Unconsolidated Affiliated Entities - Condensed Income Statement (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Schedule of Equity Method Investments [Line Items]
Company's share of net (loss)/income		$ (4)	$ 52	$ (161)	$ 199
Brownmill, LLC
Schedule of Equity Method Investments [Line Items]
Revenue		857	913	2,631	2,792
Property operating expenses		410	354	1,206	1,148
Depreciation and amortization		354	177	704	534
Operating (loss)/income		93	382	721	1,110
Interest expense and other, net		(172)	(174)	(532)	(558)
Net (loss)/income		(79)	208	189	552
Company's share of net (loss)/income		(38)	101	92	268
Additional depreciation and amortization expense	[1]	(32)	(32)	(95)	(97)
Company's earnings from investment		(70)	69	(3)	171
Hilton Garden Inn Joint Venture
Schedule of Equity Method Investments [Line Items]
Revenue		3,016	2,856	8,110	6,040
Property operating expenses		1,750	1,754	5,020	3,725
General and administrative costs		1	13	(21)	15
Depreciation and amortization		629	639	1,898	1,274
Operating (loss)/income		636	450	1,213	1,026
Interest expense and other, net		(505)	(482)	(1,531)	(970)
Net (loss)/income		131	(32)	(318)	56
Company's share of net (loss)/income		$ 66	$ (16)	$ (159)	$ 28
[1]	For the Three Months Ended For the Nine Months Ended September 30, September 30,    2019    2018    2019    2018Revenue$ 857$ 913$ 2,631$ 2,792Property operating expenses  410  354  1,206  1,148Depreciation and amortization  354  177  704  534Operating income  93  382  721  1,110Interest expense and other, net  (172)  (174)  (532)  (558)Net (loss)/income$ (79)$ 208$ 189$ 552Company’s share of net (loss)/income (48.58)%$ (38)$ 101$ 92$ 268Additional depreciation and amortization expense (1)  (32)  (32)  (95)  (97)Company’s earnings from investment$ (70)$ 69$ (3)$ 171(1) Additional depreciation and amortization expense relates to the amortization of the difference between the cost of the interest in Brownmill and the amount of the underlying equity in net assets of Brownmill.

Investments in Unconsolidated_5

Investments in Unconsolidated Affiliated Entities - Condensed Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Brownmill, LLC
Total assets	$ 15,942	$ 16,520
Members' capital	1,426	1,712
Total liabilities and members' capital	15,942	16,520
Brownmill, LLC | Real estate, at cost (net)
Total assets	13,698	14,239
Brownmill, LLC | Cash and restricted cash
Total assets	1,007	1,055
Brownmill, LLC | Other assets
Total assets	1,237	1,226
Brownmill, LLC | Mortgage payable
Total liabilities	14,116	14,278
Brownmill, LLC | Other liabilities
Total liabilities	400	530
Hilton Garden Inn Joint Venture
Total assets	59,393	60,571
Members' capital	23,866	24,938
Total liabilities and members' capital	59,393	60,571
Hilton Garden Inn Joint Venture | Real estate, at cost (net)
Total assets	57,145	58,799
Hilton Garden Inn Joint Venture | Cash and restricted cash
Total assets	1,016	554
Hilton Garden Inn Joint Venture | Other assets
Total assets	1,232	1,218
Hilton Garden Inn Joint Venture | Mortgage payable
Total liabilities	34,807	34,766
Hilton Garden Inn Joint Venture | Other liabilities
Total liabilities	$ 720	$ 867

Investments in Unconsolidated_6

Investments in Unconsolidated Affiliated Entities - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	9 Months Ended	18 Months Ended	36 Months Ended
	Mar. 27, 2018	Sep. 30, 2019	Sep. 30, 2019	Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]
Sponsorship		$ 12.9
Brownmill, LLC
Schedule of Equity Method Investments [Line Items]
Equity investment, percentage ownership purchased				48.60%
Subordinated general partner participation, per unit cost				$ 100,000
Subordinated General Partner Participation Units		177,000		48,000
Subordinated operating partnership				$ 4.8
Ownership interest		48.58%	48.58%
Aggregate distribution received		$ 0.2
Hilton Garden Inn Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership interest	50.00%	50.00%	50.00%
Aggregate consideration	$ 60
Aggregate consideration, cash	25
Proceeds from loans	$ 35
Hilton Garden Inn Joint Venture - Additional Contribution [Member]
Schedule of Equity Method Investments [Line Items]
Aggregate consideration		$ 0.1	$ 0.7
Aggregate distribution received		$ 0.4	$ 1

Marketable Securities, Fair V_3

Marketable Securities, Fair Value Measurements and Margin Loan - Available for sale securities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Fair Value	$ 8,752	$ 7,901
Debt Securities
Schedule of Available-for-sale Securities [Line Items]
Adjusted Cost	8,718	8,718
Gross Unrealized Gains	77	0
Gross Unrealized Losses	(43)	(817)
Fair Value	$ 8,752	$ 7,901

Marketable Securities, Fair V_4

Marketable Securities, Fair Value Measurements and Margin Loan - Classification by contractual maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Marketable Securities, Fair Value Measurements and Margin Loan
Due in 1 year	$ 0
Due in 1 year through 5 years	5,119
Due in 5 year through 10 years	0
Due after 10 years	3,633
Total	$ 8,752	$ 7,901

Marketable Securities, Fair V_5

Marketable Securities, Fair Value Measurements and Margin Loan - Additional Information (Details) - USD ($)	Mar. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Transfer of assets from level 2 to 1		$ 0	$ 0
Transfer of assets from level 2 to 3		$ 0	$ 0
Interest rate, Libor plus	3.15%
Margin Loan [Member]
Debt Instrument [Line Items]
Interest rate, Libor plus		0.85%
Libor		3.25%

Held for Sale - Assets and Liab

Held for Sale - Assets and Liabilities (Details) - USD ($) $ in Thousands	Oct. 24, 2019	Aug. 19, 2019	Sep. 30, 2019	Dec. 31, 2018
Net investment property			$ 10,466
Other assets			275
Total assets held for sale			10,741	$ 0
Accounts payable and accrued expenses			512
Total liabilities held for sale			$ 512
Disposal Group, Held-for-sale, Not Discontinued Operations | Spring Hill Suites
Aggregate contractual sales price	$ 19,000	$ 19,000
Revolving Loan, secured by thirteen properties | Disposal Group, Held-for-sale, Not Discontinued Operations | Spring Hill Suites
Repayment of revolving credit facility	$ 8,800

Disposition of Alabama Hotels (

Disposition of Alabama Hotels (Details Textual) $ in Millions	May 09, 2019USD ($)	Feb. 11, 2019USD ($)	May 09, 2019USD ($)	Sep. 30, 2019item
Number of hotels | item				7
Revolving Credit Facility
Repayment of revolving credit facility	$ 8.2		$ 8.2
Alabama Hotel Agreements
Aggregate contractual sales price	13.3	$ 13.3
Net gain on disposition of real estate	$ 0.1

Mortgages payable, net (Details

Mortgages payable, net (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Weighted Average Interest Rate	5.68%
Amount due at maturity	$ 136,067
Total mortgages payable	145,683	$ 153,985
Less: Deferred financing costs	(777)	(1,085)
Total mortgages payable, net	$ 144,906	152,900
Revolving Loan, secured by thirteen properties
Debt Instrument [Line Items]
Variable interest rate basis	LIBOR + 3.15
Weighted Average Interest Rate	5.70%
Maturity Date	May 1, 2021
Amount due at maturity	$ 123,045
Total mortgages payable	$ 131,831	140,000
Courtyard - Paso Robles
Debt Instrument [Line Items]
Interest Rate	5.49%
Weighted Average Interest Rate	5.49%
Maturity Date	Nov. 1, 2023
Amount due at maturity	$ 13,022
Total mortgages payable	$ 13,852	$ 13,985

Mortgages payable, net - Princi

Mortgages payable, net - Principal maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Mortgages payable, net
2019	$ 8,832
2020	187
2021	123,245
2022	211
2023	13,208
Thereafter	0
Total	145,683	$ 153,985
Less: Deferred financing costs	(777)	(1,085)
Total mortgages payable, net	$ 144,906	$ 152,900

Mortgages payable, net - Additi

Mortgages payable, net - Additional information (Details) $ in Thousands	Oct. 24, 2019USD ($)	May 09, 2019USD ($)item	Mar. 31, 2019	May 17, 2019	May 09, 2019USD ($)	May 17, 2018USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Line of Credit Facility, Covenant Terms				The Revolving Credit Facility provides for borrowings up to 65.0% of the loan-to-value ratio of properties designated as collateral and also requires the maintenance of certain financial ratios, including a minimum debt yield ratio, which may also be achieved through principal paydowns on the outstanding balance of the Revolving Credit Facility
Variable spread rate			3.15%
Amount due at maturity							$ 136,067
Total mortgages payable							145,683	$ 153,985
Credit Agreement
Debt Instrument [Line Items]
Restricted escrows							1,800	3,400
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 140,000
Number of properties | item		2
Repayment of revolving credit facility		$ 8,200			$ 8,200
Revolving Loan, secured by thirteen properties
Debt Instrument [Line Items]
Amount due at maturity							123,045
Total mortgages payable							$ 131,831	$ 140,000
Western Alliance
Debt Instrument [Line Items]
Line of Credit Facility, Description						initial term of three years, subject to two, one-year extension options at the sole discretion of Western Alliance
Variable spread rate						3.50%
Debt term						3 years
Disposal Group, Held-for-sale, Not Discontinued Operations | Revolving Loan, secured by thirteen properties | Spring Hill Suites
Debt Instrument [Line Items]
Repayment of revolving credit facility	$ 8,800

Related Party Transactions (Det

Related Party Transactions (Details) - Related Party - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Related Party Transaction [Line Items]
Acquisition fees	[1]	$ 0	$ 0	$ 0	$ 285
Development fees	[2]	0	0	62	0
Asset management fees (general and administrative costs)		750	768	2,283	2,209
Total		$ 750	$ 768	$ 2,345	$ 2,494
[1]	The acquisition fee for the Hilton Garden Inn Joint Venture of $285 was capitalized and included in investment in unconsolidated affiliated entities on the consolidated balance sheets.
[2]	Generally, capitalized and amortized over the estimated useful life of the associated asset.

Related Party Transactions - Ad

Related Party Transactions - Additional information (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		36 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2012
Related Party Transaction [Line Items]
Distribution	[1]	$ 3,080	$ 3,170	$ 9,237	$ 9,455
Brownmill, LLC
Related Party Transaction [Line Items]
Subordinate profit interest units				177,000		48,000
Subordinated operating partnership						$ 4,800
Lightstone SLP II LLC
Related Party Transaction [Line Items]
Subordinated operating partnership				$ 17,700
Contribution cash				12,900
Equity interest value		4,800		4,800
Related Party
Related Party Transaction [Line Items]
Acquisition fees	[2]	$ 0	$ 0	$ 0	$ 285
[1]	Distributions per share were $0.175.
[2]	The acquisition fee for the Hilton Garden Inn Joint Venture of $285 was capitalized and included in investment in unconsolidated affiliated entities on the consolidated balance sheets.

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Carrying Amount	$ 145,683	$ 153,985
Mortgage payable
Debt Instrument [Line Items]
Carrying Amount	145,683	153,985
Estimated Fair Value	$ 146,271	$ 154,134

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions	Nov. 12, 2019	Oct. 15, 2019
Subsequent Event [Line Items]
Distribution payment		$ 3.1
Quarterly Dividend Declared	$ 0.175
Annualized Dividend	$ 0.70
Annualized rate of dividend	7.00%
Share price	$ 10