Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | 10-May-15 |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Entity Registrant Name | LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST II INC | |
Entity Central Index Key | 1436975 | |
Current Fiscal Year End Date | -19 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 18.6 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investment property: | ||
Land and improvements | $37,880 | $22,726 |
Building and improvements | 143,871 | 80,392 |
Furniture and fixtures | 28,228 | 17,223 |
Construction in progress | 270 | 449 |
Gross investment property | 210,249 | 120,790 |
Less accumulated depreciation | -7,858 | -6,111 |
Net investment property | 202,391 | 114,679 |
Investments in unconsolidated affiliated entity | 3,460 | 3,504 |
Cash and cash equivalents | 16,811 | 67,502 |
Marketable securities, available for sale | 17,889 | 18,180 |
Restricted escrows and deposits | 5,270 | 988 |
Note receivable from affiliate | 7,000 | |
Prepaid expenses and other assets | 6,789 | 2,840 |
Total Assets | 259,610 | 207,693 |
Liabilities and Stockholders' Equity | ||
Accounts payable and other accrued expenses | 6,363 | 2,868 |
Margin loan | 5,501 | 5,815 |
Mortgages payable | 70,146 | 23,761 |
Due to sponsor | 233 | 199 |
Distributions payable | 2,988 | 3,028 |
Total liabilities | 85,231 | 35,671 |
Commitments and contingencies (Note 10) | ||
Company's stockholders' equity: | ||
Preferred shares, $0.01 par value, 10,000 shares authorized, none issued and outstanding | ||
Common stock, $0.01 par value; 100,000 shares authorized, 18,671 and 18,493 shares issued and outstanding in 2015 and 2014, respectively | 187 | 185 |
Additional paid-in-capital | 160,028 | 158,330 |
Subscription receivable | -80 | |
Accumulated other comprehensive (loss)/income | -39 | 252 |
Accumulated deficit | -6,676 | -5,503 |
Total Company stockholders' equity | 153,500 | 153,184 |
Noncontrolling interests | 20,879 | 18,838 |
Total Stockholders' Equity | 174,379 | 172,022 |
Total Liabilities and Stockholders' Equity | $259,610 | $207,693 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Preferred shares, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000 | 100,000 |
Common stock, shares issued | 18,671 | 18,493 |
Common stock, shares outstanding | 18,671 | 18,493 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ||
Rental revenue | $14,791 | $3,268 |
Expenses: | ||
Property operating expenses | 9,173 | 2,296 |
Real estate taxes | 543 | 86 |
General and administrative costs | 1,301 | 471 |
Depreciation and amortization | 1,749 | 564 |
Total operating expenses | 12,766 | 3,417 |
Operating income/(loss) | 2,025 | -149 |
Interest and dividend income | 421 | 444 |
Interest expense | -782 | -321 |
Other income, net | 218 | 95 |
Loss from investments in unconsolidated affiliated entities | -44 | -36 |
Net income | 1,838 | 33 |
Less: net income attributable to noncontrolling interests | -23 | -5 |
Net income applicable to Company's common shares | $1,815 | $28 |
Net income per Company's common share, basic and diluted | $0.10 | $0 |
Weighted average number of common shares outstanding, basic and diluted | 18,645 | 8,258 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||
Net income | $1,838 | $33 |
Other comprehensive (loss)/income: | ||
Unrealized (loss)/gain on available for sale securities | -291 | 20 |
Comprehensive income | 1,547 | 53 |
Less: Comprehensive income attributable to noncontrolling interests | -23 | -5 |
Comprehensive income attributable to the Company's common shares | $1,524 | $48 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Shares [Member] | Additional Paid-In Capital [Member] | Subscription Receivable [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Accumulated Deficit [Member] | Total Noncontrolling Interests [Member] |
In Thousands | |||||||
BALANCE at Dec. 31, 2014 | $172,022 | $185 | $158,330 | ($80) | $252 | ($5,503) | $18,838 |
BALANCE, shares at Dec. 31, 2014 | 18,493 | ||||||
Net income | 1,838 | 1,815 | 23 | ||||
Other comprehensive loss | -291 | -291 | |||||
Distributions declared | -2,988 | -2,988 | |||||
Distributions paid to noncontrolling interests | -28 | -28 | |||||
Contributions from noncontrolling interests | 2,046 | 2,046 | |||||
Proceeds from offering | 80 | 80 | |||||
Other offering costs | 10 | 10 | |||||
Redemption and cancellation of shares | -33 | -33 | |||||
Redemption and cancellation of shares, shares | -3 | ||||||
Shares issued from distribution reinvestment program | 1,723 | 2 | 1,721 | ||||
Shares issued from distribution reinvestment program, shares | 181 | ||||||
BALANCE at Mar. 31, 2015 | $174,379 | $187 | $160,028 | ($39) | ($6,676) | $20,879 | |
BALANCE, shares at Mar. 31, 2015 | 18,671 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $1,838 | $33 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,749 | 564 |
Amortization of deferred financing costs | 79 | 18 |
Gain on sale of marketable securities | -112 | |
Loss from investments in unconsolidated affiliated entities | 44 | 36 |
Other non-cash adjustments | 17 | |
Changes in assets and liabilities: | ||
Increase in prepaid expenses and other assets | -1,251 | -395 |
Increase in accounts payable and other accrued expenses | 2,073 | 219 |
Increase/(decrease) in due to sponsor | 34 | -113 |
Net cash provided by operating activities | 4,583 | 250 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of investment property, net | -79,722 | -1,366 |
Purchase of marketable securities | -19,774 | |
Proceeds from sale of marektable securities | 9,692 | |
Issuance of note receivable from affiliate | -8,200 | |
Receipt of payments from note receivable from affiliate | 1,200 | |
Funding of restricted escrows and deposits | -2,136 | -3,802 |
Net cash used in investing activities | -88,858 | -15,250 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from mortgage financings | 35,000 | |
Payment on mortgages payable | -154 | -126 |
Payment of loan fees and expenses | -1,141 | |
Payment on margin loan | -314 | -156 |
Proceeds from issuance of common stock | 80 | 12,495 |
Payment of commissions and offering costs | -116 | -1,545 |
Redemption and cancellation of common shares | -33 | -306 |
Contribution of noncontrolling interests | 1,595 | 800 |
Distributions to noncontrolling interests | -28 | -11 |
Distributions to common stockholders | -1,305 | -595 |
Net cash provided by financing activities | 33,584 | 10,556 |
Net change in cash and cash equivalents | -50,691 | -4,444 |
Cash and cash equivalents, beginning of year | 67,502 | 26,520 |
Cash and cash equivalents, end of period | $16,811 | $22,076 |
Organization
Organization | 3 Months Ended | ||
Mar. 31, 2015 | |||
Organization [Abstract] | |||
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. | |||
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's sponsor is David Lichtenstein (“Lichtenstein”), who does business as The Lightstone Group (the “Sponsor”) and majority owns the limited liability company of that name. The Company's advisor is Lightstone Value Plus REIT II LLC (the “Advisor”), which is wholly owned by our Sponsor. 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, 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's registration statement on Form S-11, pursuant to which it offered to sell up to 51,000,000 shares of its common stock at a price of $10.00 per share, subject to certain volume discounts, (exclusive of 6,500,000 shares which were available pursuant to its distribution reinvestment plan (the “DRIP”) at an initial purchase price of $9.50 per share and 255,000 shares which were reserved for issuance under its Employee and Director Incentive Restricted Share Plan), was declared effective by the Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933 on February 17, 2009, and on April 24, 2009 the Company commenced its initial public offering of common stock (the “Offering”). The Offering, which terminated on August 15, 2012, raised aggregate gross proceeds of approximately $49.8 million from the sale of approximately 5.0 million shares of common stock. After allowing for the payment of approximately $5.2 million in selling commissions and dealer manager fees and $4.5 million in organization and other offering expenses, the Offering generated aggregate net proceeds of approximately $40.1 million. In addition, through August 15, 2012 (the termination date of the Offering), the Company had issued approximately 0.3 million shares of common stock under its DRIP, representing approximately $2.9 million of additional proceeds. | |||
The Company's registration statement on Form S-11 (the “Follow-On Offering”), pursuant to which it is offering to sell up to 30,000,000 shares of its common stock for $10.00 per share, subject to certain volume discounts (exclusive of 2,500,000 shares available pursuant to its DRIP at an initial purchase price of $9.50 per share and 255,000 shares reserved for issuance under its Employee and Director Incentive Restricted Share Plan) was declared effective by SEC under the Securities Act of 1933 on September 27, 2012. The Follow-On Offering, which terminated on September 27, 2014, raised aggregate gross proceeds of approximately $127.5 million from the sale of approximately 12.9 million shares of common stock. After allowing for the payment of approximately $11.0 million in selling commissions and dealer manager fees and $4.0 million in organization and other offering expenses, the Follow-On Offering generated aggregate net proceeds of approximately $112.5 million. | |||
Our DRIP Registration Statement on Form S-3D was filed and became effective under the Securities Act of 1933 on September 26, 2014. On January 19, 2015, the Board of Directors suspended the Company's DRIP effective April 15, 2015. For so long as the DRIP remains suspended, all future distributions will be in the form of cash. | |||
Effective September 27, 2012, Orchard Securities, LLC (“Orchard Securities”) became the Dealer Manager of the Company's Follow-On Offering. | |||
As of March 31, 2015, the Advisor owned 20,000 shares of common stock which were issued on May 20, 2008 for $200, or $10.00 per share. In addition, as of September 30, 2009, the Company had reached the minimum offering under its Offering by receiving subscriptions of its common shares, representing gross offering proceeds of approximately $6.5 million, and effective October 1, 2009 investors were admitted as stockholders and the Operating Partnership commenced operations. Through September 27, 2014 (the termination date of the Follow-On Offering), cumulative gross offering proceeds of $177.3 million were released to the Company. The Company invested the proceeds received from the Offering and from the Advisor in the Operating Partnership, and as a result, held a 99% general partnership interest as of March 31, 2015 in the Operating Partnership's common units. | |||
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 its Offering, 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 | |||
The noncontrolling interests consist of (i) parties of the Company that hold units in the Operating Partnership and (ii) certain interests in the Joint Venture, LVP Metairie JV LLC, LVP East Rutherford LLC, LVP TPS Little Rock Holdings LLC, LVP TPS Fayetteville Holdings LLC and LVP RI Baton Rouge Holdings LLC which are not owned by the Company. | |||
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 units into cash or, at the option of the Company, an equal number of common shares of the Company, as allowed by the limited partnership agreement. | |||
Lightstone SLP II LLC, which is wholly owned by the Company's Sponsor committed to purchase subordinated profits interests in the Operating Partnership (“Subordinated Profits Interests”) at a cost of $100,000 per unit for each $1.0 million in subscriptions up to ten percent of the proceeds from the primary shares under the Offering and the Follow-On Offering on a semi-annual basis beginning with the quarter ended June 30, 2010. Lightstone SLP II LLC had the option to purchase the Subordinated Profits Interests with either cash or an interest in real property of equivalent value. | |||
From our inception through March 31, 2015, the Company's Sponsor has made cash contributions of $12.9 million and elected to contribute equity interests totaling 48.6% in Brownmill, LLC (“Brownmill”), which were valued at $4.8 million, in exchange for a total of 177.0 Subordinated Profits Interests with an aggregate value of $17.7 million. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Summary of Significant Accounting Policies [Abstract] | |||||||||
Summary of Significant Accounting Policies | 2 | Summary of Significant Accounting Policies | |||||||
Basis of Presentation | |||||||||
The consolidated financial statements include the accounts of Lightstone REIT II and its Operating Partnership and its subsidiaries (over which the Company exercises financial and operating control). As of March 31, 2015, 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, 2014. 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 its Subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 8-03 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. | |||||||||
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). 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 unaudited consolidated statements of operations for interim periods are not necessarily indicative of results for the full year or any other period. | |||||||||
Supplemental disclosure of cash flow information | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Cash paid for interest | $ | 495 | $ | 304 | |||||
Distributions declared | $ | 2,988 | $ | 1,323 | |||||
Commissions and other offering costs accrued but not paid | $ | - | $ | 200 | |||||
Subscription receivable | $ | - | $ | 78 | |||||
Value of shares issued from distribution reinvestment program | $ | 1,723 | $ | 577 | |||||
Debt assumed for acquisition | $ | 11,539 | $ | - | |||||
Non controlling interest assumed for acquisition | $ | 451 | $ | - | |||||
Reclassifications | |||||||||
Certain prior period amounts may have been reclassified to conform to the current year presentation. | |||||||||
New Accounting Pronouncements | |||||||||
In May 2014, the FASB issued an accounting standards update that completes the joint effort by the FASB and International Accounting Standards Board to improve financial reporting by creating common revenue recognition guidance for GAAP and International Financial Reporting Standards. The update applies to all companies that enter into contracts with customers to transfer goods or services and is effective for us for interim and annual reporting periods beginning after December 15, 2016. Early application is not permitted and companies have the choice to apply the update either retrospectively to each reporting period presented or by recognizing the cumulative effect of applying the update at the date of initial application (January 1, 2017) and not adjusting comparative information. The Company is currently evaluating the requirements and impact of this update on its consolidated financial statements. | |||||||||
In April 2015, the FASB issued an accounting standards update to simplify the presentation of debt issuance costs. This update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This new guidance will be effective for the Company beginning January 1, 2016. The Company is currently evaluating the impact of this standard on our consolidated financial statements |
Acquisitions
Acquisitions | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Acquisitions [Abstract] | |||||||||
Acquisitions | 3 | Acquisitions | |||||||
On January 19, 2015, the Company's Board of Directors provided approval for the Company to form a joint venture (the “Joint Venture”) with Lightstone Value Plus Real Estate Investment Trust, Inc. (“Lightstone I”), a real estate investment trust also sponsored by the Company's Sponsor, The Lightstone Group, and for the Joint Venture to acquire Lightstone I's membership interest in up to 11 limited service hotels (the “LVP REIT Hotels”) for an aggregate of approximately $122.4 million, plus closing and other third party transaction costs, with the acquisition of certain of the properties contingent upon obtaining existing lender approvals. As of December 31, 2014, the 11 limited service hotels were encumbered by an aggregate of approximately $67.2 million in debt. | |||||||||
On January 29, 2015 the Company through the Operating Partnership, entered into an agreement to form the Joint Venture with Lightstone I whereby the Company and Lightstone I have 97.5% and 2.5% membership interests in the Joint Venture, respectively. The Company is the managing member. Each member may receive distributions and make future capital contributions based upon its respective ownership percentage, as required. | |||||||||
On January 29, 2015, the Company, through the Joint Venture, and Lightstone I, through a wholly owned subsidiary of Lightstone Value Plus REIT LP, entered into five separate contribution agreements pursuant to which the Joint Venture agreed to acquire Lightstone I's membership interest in a portfolio of five limited service hotels (the “Hotel Portfolio”) for approximately $64.6 million, less adjustments excluding transaction costs. In connection with the acquisition of the Hotel Portfolio, the Joint Venture, through subsidiaries, paid approximately $39.9 million, excluding transaction costs from cash contributed by the Joint Venture members based upon their respective ownership percentages (the Company $38.9 million and Lightstone I $1.0 million.) The Company's contribution was funded with offering proceeds from the sale of the Company's common stock. The remaining $24.7 million was funded with the proceeds from a Revolving Credit Facility (see below). The Hotel Portfolio represents five of the 11 limited service hotels to be acquired previously approved by the Board of Directors. The limited service hotels included in the Hotel Portfolio are as follows: | |||||||||
• | a 90-room limited service hotel which operates as a Courtyard by Marriott located in Willoughby, Ohio; | ||||||||
• | a 102-room limited service hotel which operates as a Fairfield Inn & Suites by Marriott located in West Des Moines, Iowa; | ||||||||
• | a 97-suite limited service hotel which operates as a SpringHill Suites by Marriott located in West Des Moines, Iowa; | ||||||||
• | a 126-room limited service hotel which operates as a Hampton Inn located in Miami, Florida; and | ||||||||
• | a 104-room limited service hotel which operates as a Hampton Inn & Suites located in Fort Lauderdale, Florida. | ||||||||
On January 29, 2015, the Company, through two wholly owned subsidiaries, entered into a $60.0 million Revolving Credit Facility (the “Revolving Credit Facility”) with GE Capital Markets, Inc. (“GE Capital”). The Revolving Credit Facility bears interest at Libor plus 4.95% (5.20% as of January 29, 2015) and provides a line of credit over the next three years, with two, one-year options to extend solely at the discretion of GE Capital. The Revolving Credit Facility may be accelerated upon the occurrence of customary events of default. Interest is payable monthly and the entire unpaid principal balance is due upon expiration of the Revolving Credit Facility. Under the terms of the Revolving Credit Facility, the Company may designate properties as collateral that allow the Company to borrow up to a 65.0% loan-to-value ratio of the properties. On January 29, 2015, the Company received the initial loan of $35.0 million under the Revolving Credit Facility which is secured by the Hotel Portfolio plus two other hotels owned by the Company through a wholly owned subsidiary and $25.0 million remained available under the Revolving Credit Facility. | |||||||||
On February 11, 2015, the Company, through the Joint Venture, completed the acquisition of a 100% membership interest in a 121-room limited service hotel which operates as a Courtyard by Marriott (the “Courtyard – Parsippany”) located in Parsippany, New Jersey and a 90% membership interest in a 108-room limited service hotel which operates as a Residence Inn by Marriott (the “Residence Inn - Baton Rouge”) located in Baton Rouge, Louisiana. In connection with the acquisition of the Courtyard – Parsippany and the Residence Inn - Baton Rouge, the Joint Venture, through subsidiaries, assumed approximately $11.6 million of debt and paid approximately $12.2 million less adjustments, excluding transaction costs from cash contributed by the Joint Venture members based upon their respective ownership percentages (the Company $11.9 million and Lightstone I $0.3 million.) The Company's contribution was funded with offering proceeds from the sale of the Company's common stock. | |||||||||
The $7.8 million loan assumed related to Courtyard-Parsippany is secured by the hotel, has maturity date of August 1, 2018, bears interest at Libor plus 3.50% and requires monthly principal and interest payments through its stated maturity. The $3.8 million loan assumed related to Residence Inn - Baton Rouge is secured by the hotel, has a maturity date of November 2018, bears interest at 5.36% and requires monthly principal and interest payments through its stated maturity. | |||||||||
The Courtyard – Parsippany and the Residence Inn - Baton Rouge represent 2 of the 11 limited service hotels that the Company's Board of Directors previously approved to be acquired by the Joint Venture. Through March 31, 2015, the Company, through the Joint Venture, has acquired membership interests in 7 of the 11 limited service hotels previously approved for acquisition and is awaiting approval from the holders of the debt cross-collateralized by the final 4 of the 11 limited service hotels ((i) an 82-room, Holiday Inn Express Hotel & Suites (the “Holiday Inn Express - Auburn”) located in Auburn, Alabama, (ii) an 83-room limited service hotel which operates as a Fairfield Inn & Suites by Marriott, located in Jonesboro, Arkansas (the Fairfield Inn – Jonesboro”) and (iii) a 130-room select service hotel which operates as a Starwood Hotel Group Aloft Hotel, located in Rogers, Arkansas (the “Aloft – Rogers”, and collectively, the “Arkansas Hotel Portfolio”) and (iv) an 121-room limited service hotel which operates as a Courtyard by Marriott (the “Courtyard - Baton Rouge”) located in Baton Rouge, Louisiana) in order for the Joint Venture to assume the existing debt and complete the sale of the final 4 of the 11 limited service hotels (Holiday Inn Express – Auburn, the Arkansas Hotel Portfolio and the Courtyard - Baton Rouge). | |||||||||
The aggregate purchase price for the Hotel Portfolio, the Courtyard – Parsippany and the Residence Inn - Baton Rouge was approximately $88.7 million (including approximately $0.3 million which represents the 10% minority interest in the Residence Inn - Baton Rouge). The Company's advisor has elected to waive the acquisition fee associated with this transaction and did not receive any fees associated with this transaction. | |||||||||
The acquisitions of the Hotel Portfolio, the Courtyard – Parsippany and the Residence Inn - Baton Rouge were accounted for under the purchase method of accounting with the Company treated as the acquiring entity. Accordingly, the consideration paid by the Company to complete the acquisitions of the Hotel Portfolio, the Courtyard – Parsippany and the Residence Inn - Baton Rouge has been allocated to the assets acquired based upon their preliminary fair values as of the dates of the acquisition. Approximately $15.1 million was allocated to land and improvements, $62.9 million was allocated to building and improvements, and $10.7 million was allocated to furniture and fixtures and other assets. | |||||||||
The aggregate capitalization rate for the Hotel Portfolio, the Courtyard – Parsippany and the Residence Inn - Baton Rouge as of the closing of the acquisition was approximately 8.5%. We calculate the capitalization rate for a real property by dividing net operating income of the property by the purchase price of the property, excluding costs. For purposes of this calculation, net operating income is determined using the net operating income for the year ended December 31, 2014. Additionally, net operating income is all gross revenues from the property less all operating expenses, including property taxes and management fees but excluding depreciation. | |||||||||
Financial Information | |||||||||
The following table provides the total amount of rental revenue and net income included in the Company's consolidated statements of operations from the Holiday Inn – Opelika (acquired April 1, 2014), the Aloft – Tucson (acquired April 8, 2014), the Hampton Inn — Ft. Myers(acquired October 1, 2014), the Aloft – Philadelphia and the Four Points by Sheraton - Philadelphia (collectively, the “Philadelphia Airport Hotels”) (both acquired December 22, 2014), the Hotel Portfolio (acquired January 29, 2015) and the Courtyard – Parsippany and the Residence Inn - Baton Rouge (both acquired February 11, 2015) since their respective dates of acquisition for the periods indicated: | |||||||||
For the Three Months | |||||||||
Ended | |||||||||
31-Mar-15 | |||||||||
Rental revenue | $ | 11,081 | |||||||
Net income | $ | 2,246 | |||||||
The following table provides unaudited pro forma results of operations for the periods indicated, as if the Holiday Inn – Opelika, the Aloft – Tucson, the Hampton Inn — Ft. Myers, the Philadelphia Airport Hotels, the Hotel Portfolio and the Courtyard – Parsippany and the Residence Inn - Baton Rouge had been acquired at the beginning of the earliest period presented. Such pro forma results are not necessarily indicative of the results that actually would have occurred had these acquisitions been completed on the dates indicated above, nor are they indicative of the future operating results of the combined company. | |||||||||
For the Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Pro forma rental revenue | $ | 17,051 | $ | 15,022 | |||||
Pro forma net income | $ | 2,087 | $ | 2,187 | |||||
Pro forma net income per Company's common share, basic and diluted | $ | 0.11 | $ | 0.26 |
Marketable_Securities_Margin_L
Marketable Securities, Margin Loan and Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Marketable Securities, Margin Loan and Fair Value Measurements [Abstract] | |||||||||||||||||
Marketable Securities, Margin Loan and Fair Value Measurements | 4 | Marketable Securities, Margin Loan and Fair Value Measurements | |||||||||||||||
Marketable Securities | |||||||||||||||||
The following is a summary of the Company's available for sale securities as of the dates indicated: | |||||||||||||||||
As of March 31, 2015 | |||||||||||||||||
Adjusted Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Equity Securities | $ | 17,928 | $ | 345 | $ | (384 | ) | $ | 17,889 | ||||||||
As of December 31, 2014 | |||||||||||||||||
Adjusted Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Equity Securities | $ | 17,928 | $ | 408 | $ | (156 | ) | $ | 18,180 | ||||||||
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% (1.03% as of March 31, 2015). | |||||||||||||||||
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 March 31, 2015 and December 31, 2014, 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 March 31, 2015 and December 31, 2014, all of the Company's equity securities and were classified as Level 1 assets and there were no transfers between the level classifications during the three months ended March 31, 2015. |
Note_Receivable_from_Affiliate
Note Receivable from Affiliate | 3 Months Ended | ||
Mar. 31, 2015 | |||
Note Receivable from Affiliate [Abstract] | |||
Note Receivable from Affiliate | 5 | Note Receivable from Affiliate | |
On February 4, 2015, the Company entered into a revolving promissory note (the “Note Receivable from Affiliate”) of up to $10.0 million with Lightstone Value Plus Real Estate Investment Trust III, Inc. (“Lightstone III”), a real estate investment trust also sponsored by the Company's sponsor. | |||
The Note Receivable from Affiliate has a term of one year, bears interest at a floating rate of three-month Libor plus 6.0% (6.3% as of March 31, 2015) and requires quarterly interest payments through its stated maturity with the entire unpaid balance due upon maturity. Lightstone III paid the Company an origination fee of $100,000 in connection with the Note Receivable from Affiliate and pledged its ownership interest in a 120-room select service hotel located in Des Moines, Iowa (the “Hampton Inn – Des Moines”) as collateral for the Note Receivable from Affiliate. |
Mortgages_payable
Mortgages payable | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Mortgages payable [Abstract] | |||||||||||||||||||||||||||||
Mortgages payable | 6 | Mortgages payable | |||||||||||||||||||||||||||
Mortgages payable consisted of the following: | |||||||||||||||||||||||||||||
Loan Amount Outstanding | |||||||||||||||||||||||||||||
Description | Interest Rate | Weighted Average Interest Rate as of March 31, 2015 | Maturity Date | Amount Due at Maturity | As of | As of | |||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Promissory Note, secured by four properties | 4.94 | % | 4.94 | % | Aug-18 | $ | 21,754 | 23,628 | 23,761 | ||||||||||||||||||||
Revolving Credit Facility, secured by seven properties | LIBOR+4.95 | % | 5.22 | % | Jan-18 | 35,000 | 35,000 | - | |||||||||||||||||||||
Courtyard - Parsippany | LIBOR+3.50 | % | 3.67 | % | Aug-18 | 7,126 | 7,741 | - | |||||||||||||||||||||
Residence Inn - Baton Rouge | 5.36 | % | 5.36 | % | November 2018 | 3,480 | 3,777 | - | |||||||||||||||||||||
4.96 | % | $ | 67,360 | $ | 70,146 | $ | 23,761 | ||||||||||||||||||||||
Courtyard-Parsippany | |||||||||||||||||||||||||||||
The $7.8 million loan assumed related to Courtyard-Parsippany is secured by the hotel, has maturity date of August 1, 2018, bears interest at Libor plus 3.50% and requires monthly principal and interest payments through its stated maturity. | |||||||||||||||||||||||||||||
Residence Inn - Baton Rouge | |||||||||||||||||||||||||||||
The $3.8 million loan assumed related to Residence Inn - Baton Rouge is secured by the hotel, has a maturity date of November 2018, bears interest at 5.36% and requires monthly principal and interest payments through its stated maturity. | |||||||||||||||||||||||||||||
Revolving Credit Facility | |||||||||||||||||||||||||||||
On January 29, 2015, the Company, through two wholly owned subsidiaries, entered into the Revolving Credit Facility with GE Capital. The Revolving Credit Facility bears interest at Libor plus 4.95% and provides a line of credit over the next three years, with two, one-year options to extend solely at the discretion of GE Capital. The Revolving Credit Facility may be accelerated upon the occurrence of customary events of default. Interest is payable monthly and the entire unpaid principal balance is due upon expiration of the Revolving Credit Facility. Under the terms of the Revolving Credit Facility, the Company may designate properties as collateral that allow the Company to borrow up to a 65.0% loan-to-value ratio of the properties. On January 29, 2015, the Company received the initial loan of $35.0 million under the Revolving Credit Facility which is secured by the Hotel Portfolio, the Holiday Inn - Opelika and the Aloft - Tucson through a wholly owned subsidiary and $25.0 million remained available under the Revolving Credit Facility. | |||||||||||||||||||||||||||||
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 March 31, 2015: | |||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |||||||||||||||||||||||
Principal maturities | $ | 578 | $ | 809 | $ | 855 | $ | 67,904 | $ | - | $ | - | $ | 70,146 | |||||||||||||||
Debt Compliance | |||||||||||||||||||||||||||||
Pursuant to the Company's debt agreements, approximately $3.3 million and $1.0 million was held in restricted escrow accounts as of March 31, 2015 and December 31, 2014. Such escrows are subject to release in accordance with the applicable debt agreement for the payment of real estate taxes, insurance and capital improvements, as required. Certain of our debt agreements also contain clauses providing for prepayment penalties and require the maintenance of certain ratios, including debt service coverage and fixed leverage charge ratio. The Company is currently in compliance with respect to all of its debt covenants. |
Equity
Equity | 3 Months Ended | ||
Mar. 31, 2015 | |||
Equity [Abstract] | |||
Equity | 7 | 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 | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Related Party Transactions [Abstract] | |||||||||
Related Party Transactions | 8 | Related Party Transactions | |||||||
The Company has agreements with the Advisor and Lightstone Value Plus REIT Management LLC (the “Property Manager”) to pay certain fees in exchange for services performed by these entities and other affiliated entities. The Company's ability to secure financing and subsequent real estate operations are dependent upon its Advisor, Property Manager and their affiliates to perform such services as provided in these agreements. | |||||||||
The following table represents the fees incurred associated with the payments to the Company's Advisor and Property Manager for the periods indicated: | |||||||||
For the Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Asset Management Fees | $ | 383 | $ | - | |||||
Development Fees | $ | - | $ | 140 | |||||
Total | $ | 383 | $ | 140 | |||||
Pursuant to an Advisory Agreement, our Advisor is entitled to receive an asset management fee equal to 0.95% of our average invested assets, as defined. The asset management fee is payable quarterly and based on balances as of the end of each month in the quarterly period. Commencing with the quarter ended June 30, 2013, the Advisor has elected to waive or reduce its quarterly asset management fee to the extent our non-GAAP measure modified funds from operations available, or MFFO, as defined by the Investment Program Association, or IPA, for the preceding twelve months period ending on the last day of the current quarter is less than the distributions declared with respect to the same twelve month period. As a result, asset management fees of $0.1 million were waived by the Advisor during three months ended March 31, 2014. |
Financial_Instruments
Financial Instruments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Financial Instruments [Abstract] | |||||||||||||||||
Financial Instruments | 9 | Financial Instruments | |||||||||||||||
The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, restricted escrows and deposits, accounts receivable (included in other assets), note receivable from affiliate, accounts payable and accrued expenses and the margin loan 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 March 31, 2015 | As of December 31, 2014 | ||||||||||||||||
Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||||
Mortgages payable | $ | 70,146 | $ | 70,167 | $ | 23,761 | $ | 23,548 | |||||||||
The fair value of our mortgages payable with fixed interest rates were determined by discounting the future contractual interest and principal payments by market interest rates. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||
Mar. 31, 2015 | |||
Commitments and Contingencies [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. | |||
On July 13, 2011, JF Capital Advisors, filed a lawsuit against The Lightstone Group, LLC, the Company, and Lightstone Value Plus Real Estate Investment Trust, Inc. in the Supreme Court of the State of New York seeking payment for services alleged to have been rendered, and to be rendered prospectively, under theories of unjust enrichment and breach of contract. The plaintiff had a limited business arrangement with The Lightstone Group, LLC; that arrangement has been terminated. We filed a motion to dismiss the action and, on January 31, 2012, the Supreme Court dismissed the complaint in its entirety, but granted the plaintiff leave to replead two limited causes of action. | |||
The plaintiff filed an amended complaint on May 18, 2012, bringing limited claims under theories of unjust enrichment and quantum meruit. On November 21, 2012, the court dismissed this second complaint in part, leaving only $164 (plus interest) in potential damages. The plaintiff appealed this decision and Lightstone cross-appealed arguing that the case should have been dismissed in full. The appeals court denied plaintiff's motion and granted defendants' motion, as a result of which all claims were dismissed on March 25, 2014. The plaintiff filed a motion requesting the right to re-appeal to the Court of Appeals, which was granted on August 1, 2014. Lightstone continues to believe that these claims to be without merit and will defend the case vigorously. | |||
While any proceeding or litigation has an element of uncertainty, management currently believes that the likelihood of an unfavorable outcome with respect to the aforementioned legal proceedings is remote. No provision for loss has been recorded in connection therewith. | |||
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 | 3 Months Ended | ||
Mar. 31, 2015 | |||
Subsequent Events [Abstract] | |||
Subsequent Events | 11 | Subsequent Events | |
Distribution Payment | |||
On April 15, 2015, the total distribution for the three-month period ending March 31, 2015 of approximately $3.0 million was paid from cash flows provided by operations. | |||
Distribution Declaration | |||
On May 13, 2015, the Board of Directors authorized and the Company declared a distribution for the three-month period ending June 30, 2015. The distribution will be calculated based on shareholders of record each day during this three-month period at a rate of $0.00178082191 per day, and will equal a daily amount that, if paid each day for a 365-day period, would equal a 6.5% annualized rate based on a share price of $10.00. The distribution will be paid in cash on July 15, 2015 to shareholders of record as of June 30, 2015. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Summary of Significant Accounting Policies [Abstract] | |||||||||
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 March 31, 2015, 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, 2014. 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 its Subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 8-03 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. | |||||||||
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). 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 unaudited consolidated statements of operations for interim periods are not necessarily indicative of results for the full year or any other period. | |||||||||
Supplemental disclosure of cash flow information | Supplemental disclosure of cash flow information | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Cash paid for interest | $ | 495 | $ | 304 | |||||
Distributions declared | $ | 2,988 | $ | 1,323 | |||||
Commissions and other offering costs accrued but not paid | $ | - | $ | 200 | |||||
Subscription receivable | $ | - | $ | 78 | |||||
Value of shares issued from distribution reinvestment program | $ | 1,723 | $ | 577 | |||||
Debt assumed for acquisition | $ | 11,539 | $ | - | |||||
Non controlling interest assumed for acquisition | $ | 451 | $ | - | |||||
Reclassifications | Reclassifications | ||||||||
Certain prior period amounts may have been reclassified to conform to the current year presentation. | |||||||||
New Accounting Pronouncements | New Accounting Pronouncements | ||||||||
In May 2014, the FASB issued an accounting standards update that completes the joint effort by the FASB and International Accounting Standards Board to improve financial reporting by creating common revenue recognition guidance for GAAP and International Financial Reporting Standards. The update applies to all companies that enter into contracts with customers to transfer goods or services and is effective for us for interim and annual reporting periods beginning after December 15, 2016. Early application is not permitted and companies have the choice to apply the update either retrospectively to each reporting period presented or by recognizing the cumulative effect of applying the update at the date of initial application (January 1, 2017) and not adjusting comparative information. The Company is currently evaluating the requirements and impact of this update on its consolidated financial statements. | |||||||||
In April 2015, the FASB issued an accounting standards update to simplify the presentation of debt issuance costs. This update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This new guidance will be effective for the Company beginning January 1, 2016. The Company is currently evaluating the impact of this standard on our consolidated financial statements |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||
Summary of Supplemental Cash Flow Information | Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Cash paid for interest | $ | 495 | $ | 304 | |||||||||||||
Distributions declared | $ | 2,988 | $ | 1,323 | |||||||||||||
Commissions and other offering costs accrued but not paid | $ | - | $ | 200 | |||||||||||||
Subscription receivable | $ | - | $ | 78 | |||||||||||||
Value of shares issued from distribution reinvestment program | $ | 1,723 | $ | 577 | |||||||||||||
Debt assumed for acquisition | $ | 11,539 | $ | - | |||||||||||||
Non controlling interest assumed for acquisition | $ | 451 | $ | - | |||||||||||||
Summary of Estimated Fair Value of Debt | As of March 31, 2015 | As of December 31, 2014 | |||||||||||||||
Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||||
Mortgages payable | $ | 70,146 | $ | 70,167 | $ | 23,761 | $ | 23,548 |
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||
Schedule of Revenue and Net Income Included in Consolidated Statements of Operations | For the Three Months | ||||||||
Ended | |||||||||
31-Mar-15 | |||||||||
Rental revenue | $ | 11,081 | |||||||
Net income | $ | 2,246 | |||||||
Schedule of Unaudited Pro Forma Results of Operations | For the Three Months Ended March 31, | ||||||||
2015 | 2014 | ||||||||
Pro forma rental revenue | $ | 17,051 | $ | 15,022 | |||||
Pro forma net income | $ | 2,087 | $ | 2,187 | |||||
Pro forma net income per Company's common share, basic and diluted | $ | 0.11 | $ | 0.26 |
Marketable_Securities_and_Fair
Marketable Securities and Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Marketable Securities, Margin Loan and Fair Value Measurements [Abstract] | |||||||||||||||||
Summary of Available for Sale Securities | As of March 31, 2015 | ||||||||||||||||
Adjusted Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Equity Securities | $ | 17,928 | $ | 345 | $ | (384 | ) | $ | 17,889 | ||||||||
As of December 31, 2014 | |||||||||||||||||
Adjusted Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Equity Securities | $ | 17,928 | $ | 408 | $ | (156 | ) | $ | 18,180 |
Mortgages_payable_Tables
Mortgages payable (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Mortgages payable [Abstract] | |||||||||||||||||||||||||||||
Schedule of Mortgages Payable | Loan Amount Outstanding | ||||||||||||||||||||||||||||
Description | Interest Rate | Weighted Average Interest Rate as of March 31, 2015 | Maturity Date | Amount Due at Maturity | As of | As of | |||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||
Promissory Note, secured by four properties | 4.94 | % | 4.94 | % | Aug-18 | $ | 21,754 | 23,628 | 23,761 | ||||||||||||||||||||
Revolving Credit Facility, secured by seven properties | LIBOR+4.95 | % | 5.22 | % | Jan-18 | 35,000 | 35,000 | - | |||||||||||||||||||||
Courtyard - Parsippany | LIBOR+3.50 | % | 3.67 | % | Aug-18 | 7,126 | 7,741 | - | |||||||||||||||||||||
Residence Inn - Baton Rouge | 5.36 | % | 5.36 | % | November 2018 | 3,480 | 3,777 | - | |||||||||||||||||||||
4.96 | % | $ | 67,360 | $ | 70,146 | $ | 23,761 | ||||||||||||||||||||||
Schedule of Estimated Contractual Principal Maturities | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||||||||
Principal maturities | $ | 578 | $ | 809 | $ | 855 | $ | 67,904 | $ | - | $ | - | $ | 70,146 |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Related Party Transactions [Abstract] | |||||||||
Schedule of Fees to Related Parties | For the Three Months Ended March 31, | ||||||||
2015 | 2014 | ||||||||
Asset Management Fees | $ | 383 | $ | - | |||||
Development Fees | $ | - | $ | 140 | |||||
Total | $ | 383 | $ | 140 |
Financial_Instruments_Tables
Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Financial Instruments [Abstract] | |||||||||||||||||
Summary of Estimated Fair Value of Debt | As of March 31, 2015 | As of December 31, 2014 | |||||||||||||||
Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||||
Mortgages payable | $ | 70,146 | $ | 70,167 | $ | 23,761 | $ | 23,548 |
Organization_Details
Organization (Details) (USD $) | 1 Months Ended | 3 Months Ended | 60 Months Ended | 82 Months Ended | 12 Months Ended | 1 Months Ended | 25 Months Ended | 40 Months Ended | |||
20-May-08 | Mar. 31, 2015 | Sep. 27, 2014 | Mar. 31, 2015 | Dec. 31, 2012 | Sep. 27, 2012 | Apr. 24, 2009 | Sep. 27, 2014 | Aug. 15, 2012 | Dec. 31, 2014 | Sep. 30, 2009 | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||||||
Date of incorporation | 28-Apr-08 | ||||||||||
Lightstone REIT, partnership formation date | 30-Apr-08 | ||||||||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | ||||||||
Proceeds from offering | $80,000 | ||||||||||
Subscription receivable | 80,000 | 6,500,000 | |||||||||
Gross proceeds from issuance of equity | 177,300,000 | ||||||||||
General partner ownership interest | 99.00% | 99.00% | |||||||||
Advisor's contribution to operating partnership | 2,000 | ||||||||||
Partnership units issued | 200 | ||||||||||
Brownmill, LLC [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||||||
Sponsor's cash contribution | 12,900,000 | ||||||||||
Ownership interest | 48.60% | 48.60% | |||||||||
Value of ownership interest | 4,800,000 | 4,800,000 | |||||||||
Subordinate profit interest units | 177 | ||||||||||
Aggregate value of subordinate profits | 17,700,000 | ||||||||||
for each $1.0 million in subscriptions up to ten percent of its primary offering proceeds on a semi-annual basis [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||||||
Subordinate General Partner Unit Value | 1,000,000 | ||||||||||
Subordinated general partner participation, per unit cost | $100,000 | ||||||||||
Percentage of subscriptions | 10.00% | ||||||||||
Advisory Services [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||||||
Stock issued during period, per share | $10 | ||||||||||
Stock issued during period for services, shares | 20,000 | ||||||||||
Stock issued during period for services, value | 200,000 | ||||||||||
Public Offering [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||||||
Common stock, price per share | $10 | $10 | |||||||||
Shares reserved for issuance | 30,000,000 | ||||||||||
Initial Public Offering Starting Date | 24-Apr-09 | ||||||||||
Initial public offer expiration date | 15-Aug-12 | ||||||||||
Proceeds from offering, shares | 12,900,000 | 5,000,000 | |||||||||
Proceeds from offering | 127,500,000 | ||||||||||
Gross proceeds from issuance of equity | 49,800,000 | ||||||||||
Selling commissions and dealer manager fees | 11,000,000 | 5,200,000 | |||||||||
Payment for organization and other offering expenses | 4,000,000 | 4,500,000 | |||||||||
Net proceeds from issuance initial public offering | 112,500,000 | 40,100,000 | |||||||||
Public Offering [Member] | Maximum [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||||||
Shares reserved for issuance | 51,000,000 | ||||||||||
Distribution Reinvestment Plan [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||||||
Common stock, price per share | $9.50 | $9.50 | |||||||||
Shares reserved for issuance | 2,500,000 | 6,500,000 | |||||||||
Proceeds from offering, shares | 300,000 | ||||||||||
Proceeds form issuance of equity, share-based compensation plan | $2,900,000 | ||||||||||
Restricted Share Award [Member] | |||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||||||
Common stock authorized and reserved for issuance under plan | 255,000 | 255,000 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Narrative) (Details) | 3 Months Ended | 60 Months Ended |
Mar. 31, 2015 | Sep. 27, 2014 | |
Summary of Significant Accounting Policies [Abstract] | ||
Percentage general partnership interest in common units operating partnership | 99.00% | 99.00% |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Summary of Supplemental Cash Flow Information) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Summary of Significant Accounting Policies [Abstract] | ||
Cash paid for interest | $495 | $304 |
Distributions declared | 2,988 | 1,323 |
Commissions and other offering costs accrued but not paid | 200 | |
Subscription receivable | 78 | |
Value of shares issued from distribution reinvestment program | 1,723 | 577 |
Debt assumed for acquisition | 11,539 | |
Non controlling interest assumed for acquisition | $451 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||
In Millions, unless otherwise specified | Feb. 11, 2015 | Jan. 19, 2015 | Mar. 31, 2015 | Jan. 29, 2015 | Dec. 31, 2014 |
item | item | ||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Number of service hotels approved for acquisition | 11 | ||||
Purchase consideration | $122.40 | ||||
Debt amount by which limited service hotels encumbered | 67.2 | ||||
Membership percentage in joint venture by Company | 97.50% | ||||
Cash paid | 11.9 | ||||
Courtyard-Parsippany and Residence Inn - Baton Rouge[Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Purchase consideration | 88.7 | ||||
Number of limited service hotels | 2 | ||||
Purchase price allocation, land and improvements | 15.1 | ||||
Purchase price allocation, building and improvements | 62.9 | ||||
Purchase price allocation, furnitures and fixtures | 10.7 | ||||
Asset capitalization rate | 8.50% | ||||
Courtyard-Parsippany [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Variable interest rate basis | Libor | ||||
Interest rate, Libor plus | 3.50% | 3.50% | |||
Debt assumed | 7.8 | 7.8 | |||
Maturity Date | 31-Aug-18 | ||||
Residence Inn - Baton Rouge [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Debt assumed | 3.8 | 3.8 | |||
Interest Rate | 5.36% | 5.36% | |||
Amount of noncontrolling interest ownership by noncontrolling owners | 0.3 | ||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 10.00% | ||||
Maturity Date | 30-Nov-18 | ||||
Revolving Credit Facility | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Interest rate | 5.20% | ||||
Variable interest rate basis | LIBOR | Libor | |||
Interest rate, Libor plus | 4.95% | 4.95% | |||
Debt instrument, borrowing period | 3 years | ||||
Amount allowed for borrowings as percentage of loan to value ratio of properties | 65.00% | ||||
Initial loan received | 35 | ||||
Remaining borrowing capacity available | 25 | ||||
Maturity Date | 29-Jan-18 | ||||
Revolving Credit Facility | Hotel Portfolio [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Initial loan received | 24.7 | ||||
Joint venture [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Cash paid | 12.2 | 38.9 | |||
Debt assumed | 11.6 | ||||
Joint venture [Member] | SpringHill Suites by Marriott located in West Des Moines, Iowa [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Number of suites in limited service hotels | 97 | ||||
Joint venture [Member] | Courtyard-Parsippany and Residence Inn - Baton Rouge[Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Number of service hotels approved for acquisition | 11 | ||||
Number of limited service hotels | 7 | ||||
Joint venture [Member] | Hotel Portfolio [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Purchase consideration | 64.6 | ||||
Number of separate contribution agreements | 5 | ||||
Number of limited service hotels | 5 | ||||
Cash paid | 39.9 | ||||
Joint venture [Member] | Courtyard by Marriott located in Willoughby, Ohio [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Number of rooms in limited service hotels | 90 | ||||
Joint venture [Member] | Fairfield Inn & Suites by Marriott located in West Des Moines, Iowa [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Number of rooms in limited service hotels | 102 | ||||
Joint venture [Member] | Hampton Inn located in Miami, Florida [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Number of rooms in limited service hotels | 126 | ||||
Joint venture [Member] | Hampton Inn & Suites located in Fort Lauderdale, Florida [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Number of rooms in limited service hotels | 104 | ||||
Joint venture [Member] | Courtyard-Parsippany [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Business acquisition, percentage of voting interests acquired | 100.00% | ||||
Joint venture [Member] | Residence Inn - Baton Rouge [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Business acquisition, percentage of voting interests acquired | 90.00% | ||||
Lightstone I [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Cash paid | 0.3 | ||||
Membership percentage in joint venture by other party | 2.50% | ||||
Lightstone I [Member] | Hotel Portfolio [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Cash paid | 1 | ||||
GE Capital [Member] | Revolving Credit Facility | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Amount of credit facility | $60 | ||||
Period for which options to extend term by other party | 1 year | ||||
Number of options to extend term by other party | 2 years |
Acquisitions_Acquisition_infor
Acquisitions (Acquisition information of Lightstone I and Courtyard-Parsippany and Residence Inn - Baton Rouge) (Details) | 3 Months Ended | |
Mar. 31, 2015 | Jan. 19, 2015 | |
item | item | |
Business Combination, Separately Recognized Transactions [Line Items] | ||
Number of service hotels approved for acquisition | 11 | |
Courtyard-Parsippany and Residence Inn - Baton Rouge[Member] | ||
Business Combination, Separately Recognized Transactions [Line Items] | ||
Number of limited service hotels | 2 | |
Number of limited service hotels acquired | 4 | |
Holiday Inn - Auburn [Member] | ||
Business Combination, Separately Recognized Transactions [Line Items] | ||
Number of rooms in limited service hotels | 82 | |
Fairfield Inn & Suites by Marriott Marriott, located in Jonesboro, Arkansas-Jonesboro[Member] | ||
Business Combination, Separately Recognized Transactions [Line Items] | ||
Number of rooms in limited service hotels | 83 | |
Starwood Hotel Group Aloft Hotel Located in Rogers,Arkansas [Member] | ||
Business Combination, Separately Recognized Transactions [Line Items] | ||
Number of rooms in limited service hotels | 130 | |
Courtyard - Baton Rouge [Member] | ||
Business Combination, Separately Recognized Transactions [Line Items] | ||
Number of rooms in limited service hotels | 121 | |
Arkansas Hotel Portfolio [Member] | ||
Business Combination, Separately Recognized Transactions [Line Items] | ||
Number of limited service hotels acquired | 4 | |
Corporate Joint Venture [Member] | Courtyard-Parsippany and Residence Inn - Baton Rouge[Member] | ||
Business Combination, Separately Recognized Transactions [Line Items] | ||
Number of limited service hotels | 7 | |
Number of service hotels approved for acquisition | 11 |
Acquisitions_Amounts_of_Revenu
Acquisitions (Amounts of Revenue and Net Income Included in Consolidated Statements of Operations) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Business Acquisition [Line Items] | |
Rental revenue | $11,081 |
Net income | $2,246 |
Acquisitions_Unaudited_Pro_For
Acquisitions (Unaudited Pro Forma Results of Operations) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Pro forma rental revenue | $17,051 | $15,022 |
Pro forma net income | $2,087 | $2,187 |
Pro forma net income per Company's common share, basic and diluted | $0.11 | $0.26 |
Marketable_Securities_Margin_L1
Marketable Securities, Margin Loan and Fair Value Measurements (Summary of Available for Sale Securities) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | $17,889 | $18,180 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Adjusted Cost | 17,928 | 17,928 |
Gross Unrealized Gains | 345 | 408 |
Gross Unrealized Losses | -384 | -156 |
Fair Value | $17,889 | $18,180 |
Marketable_Securities_Margin_L2
Marketable Securities, Margin Loan and Fair Value Measurements (Narrative) (Details) (Margin Loan [Member]) | 3 Months Ended |
Mar. 31, 2015 | |
Margin Loan [Member] | |
Debt Instrument [Line Items] | |
Interest rate, Libor plus | 0.85% |
Libor | 1.03% |
Note_Receivable_from_Affiliate1
Note Receivable from Affiliate (Details) (Revolving Promissory Note [Member], Lightstone III [Member], USD $) | 0 Months Ended | |
Feb. 04, 2015 | Mar. 31, 2015 | |
Revolving Promissory Note [Member] | Lightstone III [Member] | ||
Note Receivable from Affiliate [Line Items] | ||
Maximum borrowing capacity | $10,000,000 | |
Variable interest rate basis | three-month Libor | |
Interest rate margin | 6.00% | |
Interest Rate | 6.30% | |
Origination fee | $100,000,000 |
Mortgages_payable_Schedule_of_
Mortgages payable (Schedule of Mortgages Payable) (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Jan. 29, 2015 | Feb. 11, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 4.96% | |||
Amount Due at Maturity | $67,360 | |||
Loan Amount Outstanding | 70,146 | 23,761 | ||
Promissory Note, secured by four properties [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 4.94% | |||
Weighted Average Interest Rate | 4.94% | |||
Maturity Date | 31-Aug-18 | |||
Amount Due at Maturity | 21,754 | |||
Loan Amount Outstanding | 23,628 | 23,761 | ||
Revolving Credit Facility, secured by seven properties [Member] | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate basis | LIBOR | Libor | ||
Interest rate, Libor plus | 4.95% | 4.95% | ||
Weighted Average Interest Rate | 5.22% | |||
Maturity Date | 29-Jan-18 | |||
Amount Due at Maturity | 35,000 | |||
Loan Amount Outstanding | 35,000 | |||
Courtyard-Parsippany [Member] | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate basis | Libor | |||
Interest rate, Libor plus | 3.50% | 3.50% | ||
Weighted Average Interest Rate | 3.67% | |||
Maturity Date | 31-Aug-18 | |||
Amount Due at Maturity | 7,126 | |||
Loan Amount Outstanding | 7,741 | |||
Residence Inn - Baton Rouge [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 5.36% | 5.36% | ||
Weighted Average Interest Rate | 5.36% | |||
Maturity Date | 30-Nov-18 | |||
Amount Due at Maturity | 3,480 | |||
Loan Amount Outstanding | $3,777 |
Mortgages_payable_Narrative_De
Mortgages payable (Narrative) (Details) (USD $) | 0 Months Ended | |||
Jan. 29, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Feb. 11, 2015 | |
item | ||||
Debt Instrument [Line Items] | ||||
Number of wholly owned subsidiaries | 2 | |||
Restricted escrows | $5,270,000 | $988,000 | ||
Courtyard-Parsippany [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt assumed | 7,800,000 | 7,800,000 | ||
Residence Inn - Baton Rouge [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt assumed | 3,800,000 | 3,800,000 | ||
Revolving Credit Facility, secured by seven properties [Member] | ||||
Debt Instrument [Line Items] | ||||
Number of wholly owned subsidiaries | 2 | |||
Term of credit facility | 3 years | |||
Amount allowed for borrowings as percentage of loan to value ratio of properties | 65.00% | |||
Initial loan received | 35,000,000 | |||
Remaining borrowing capacity available | 25,000,000 | |||
Promissory Note, secured by four properties [Member] | ||||
Debt Instrument [Line Items] | ||||
Restricted escrows | $3,300,000 | $1,000,000 |
Mortgages_payable_Contractual_
Mortgages payable (Contractual Principal Maturities) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Mortgages payable [Abstract] | ||
2015 | $578 | |
2016 | 809 | |
2017 | 855 | |
2018 | 67,904 | |
2019 | ||
Thereafter | ||
Total | $70,146 | $23,761 |
Related_Party_Transactions_Amo
Related Party Transactions (Amount Recorded in Pursuant to Related Party Arrangment) (Details) (Related Party [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Related Party [Member] | ||
Related Party Transaction [Line Items] | ||
Asset Management Fees | $383 | |
Development Fees | 140 | |
Total | $383 | $140 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Related Party Transaction [Line Items] | |
Percentage of average invested assets allocated to asset management fees | 0.95% |
Asset management fees waived | $0.10 |
Financial_Instruments_Details
Financial Instruments (Details) (Mortgage payable [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Mortgage payable [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Amount | $70,146 | $23,761 |
Estimated Fair Value | $70,167 | $23,548 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 0 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2012 | Nov. 21, 2012 |
item | ||
Commitments and Contingencies [Abstract] | ||
Number of claims filed | 2 | |
Potential damages | $164 |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member], USD $) | 0 Months Ended | |
13-May-15 | Apr. 15, 2015 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Distribution payment | $3,000,000 | |
Distribution on per day basis | $0.00 | |
Number of days used to calculate daily amount of distribution | 365 days | |
Annualized rate of dividend | 6.50% | |
Share price | $10 |