Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 10, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-54047 | |
Entity Registrant Name | LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST II, INC. | |
Entity Central Index Key | 0001436975 | |
Entity Tax Identification Number | 83-0511223 | |
Entity Incorporation, State or Country Code | MD | |
Entity Address, Address Line One | 1985 Cedar Bridge Avenue | |
Entity Address, Address Line Two | Suite 1 | |
Entity Address, City or Town | Lakewood | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 08701 | |
City Area Code | (732) | |
Local Phone Number | 367-0129 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 17,400,000 |
CONSOLIDATED BALANCE SHEETS (un
CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Investment property: | ||
Land and improvements | $ 36,699 | $ 36,689 |
Building and improvements | 203,576 | 203,561 |
Furniture and fixtures | 36,133 | 36,010 |
Construction in progress | 141 | 77 |
Gross investment property | 276,549 | 276,337 |
Less accumulated depreciation | (56,508) | (51,269) |
Net investment property | 220,041 | 225,068 |
Investments in unconsolidated affiliated entities | 16,007 | 15,359 |
Cash and cash equivalents | 15,321 | 15,348 |
Marketable securities, available for sale | 6,945 | 6,902 |
Restricted cash | 3,561 | 3,075 |
Accounts receivable and other assets | 4,483 | 2,836 |
Total Assets | 266,358 | 268,588 |
Liabilities and Stockholders’ Equity | ||
Accounts payable and other accrued expenses | 9,339 | 7,859 |
Margin loan | 2,446 | 2,599 |
Mortgages payable, net | 136,096 | 136,400 |
Notes payable | 5,625 | 3,343 |
Due to related party | 544 | 618 |
Total liabilities | 154,050 | 150,819 |
Company’s stockholders’ equity: | ||
Preferred shares, $0.01 par value, 10.0 million shares authorized, none issued and outstanding | ||
Common stock, $0.01 par value; 100.0 million shares authorized, 17.4 million shares issued and outstanding | 174 | 174 |
Additional paid-in-capital | 147,100 | 147,100 |
Accumulated other comprehensive income | 41 | 82 |
Accumulated deficit | (46,471) | (41,186) |
Total Company stockholders’ equity | 100,844 | 106,170 |
Noncontrolling interests | 11,464 | 11,599 |
Total Stockholders’ Equity | 112,308 | 117,769 |
Total Liabilities and Stockholders’ Equity | $ 266,358 | $ 268,588 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred shares, par value | $ 0.01 | $ 0.01 |
Preferred shares, shares authorized | 10,000,000 | |
Preferred shares, shares authorized | 10,000,000 | |
Preferred shares, shares issued | 0 | 0 |
Preferred shares, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 17,400,000 | 17,400,000 |
Common stock, shares outstanding | 17,400,000 | 17,400,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenues | $ 11,718 | $ 3,596 | $ 19,165 | $ 16,841 |
Expenses: | ||||
Property operating expenses | 7,792 | 4,148 | 13,698 | 14,136 |
Real estate taxes | 801 | 889 | 1,728 | 1,771 |
General and administrative costs | 1,150 | 1,182 | 2,415 | 2,388 |
Depreciation and amortization | 2,560 | 2,716 | 5,252 | 5,361 |
Total operating expenses | 12,303 | 8,935 | 23,093 | 23,656 |
Operating loss | (585) | (5,339) | (3,928) | (6,815) |
Interest and dividend income | 67 | 126 | 137 | 269 |
Interest expense | (1,558) | (1,576) | (2,904) | (3,393) |
Gain on forgiveness of debt | 1,481 | 0 | 1,481 | 0 |
Loss on sale of marketable securities, available for sale | 0 | 0 | 0 | (245) |
Earnings from investments in unconsolidated affiliated entities | (99) | (482) | (182) | (998) |
Other income, net | 48 | 15 | 18 | 1 |
Net loss | (646) | (7,256) | (5,378) | (11,181) |
Less: net loss attributable to noncontrolling interests | 5 | 127 | 93 | 201 |
Net loss applicable to Company’s common shares | $ (641) | $ (7,129) | $ (5,285) | $ (10,980) |
Net loss per Company’s common share, basic and diluted | $ (0.04) | $ (0.41) | $ (0.30) | $ (0.63) |
Weighted average number of common shares outstanding, basic and diluted | 17,430 | 17,430 | 17,430 | 17,437 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Net loss | $ (646) | $ (7,256) | $ (5,378) | $ (11,181) |
Other comprehensive loss: | ||||
Holding (loss)/gain on marketable securities, available for sale | (19) | 612 | (41) | (553) |
Reclassification adjustment for loss included in net loss | 245 | |||
Other comprehensive (loss)/income: | (19) | 612 | (41) | (308) |
Comprehensive loss | (665) | (6,644) | (5,419) | (11,489) |
Less: Comprehensive loss attributable to noncontrolling interests | 5 | 127 | 93 | 201 |
Comprehensive loss attributable to the Company’s common shares | $ (660) | $ (6,517) | $ (5,326) | $ (11,288) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 175 | $ 147,924 | $ 172 | $ (19,863) | $ 12,214 | $ 140,622 |
Beginning balance (in shares) at Dec. 31, 2019 | 17,512 | |||||
Net loss | (10,980) | (201) | (11,181) | |||
Other comprehensive loss | (308) | (308) | ||||
Contributions of noncontrolling interests | 101 | 101 | ||||
Distributions to noncontrolling interests | (327) | (327) | ||||
Redemption and cancellation of shares | $ (1) | (824) | (825) | |||
Redemption and cancellation of shares, Shares | (82) | |||||
Ending balance, value at Jun. 30, 2020 | $ 174 | 147,100 | (136) | (30,843) | 11,787 | 128,082 |
Ending balance (in shares) at Jun. 30, 2020 | 17,430 | |||||
Beginning balance, value at Mar. 31, 2020 | $ 174 | 147,100 | (748) | (23,714) | 11,858 | 134,670 |
Beginning balance (in shares) at Mar. 31, 2020 | 17,430 | |||||
Net loss | (7,129) | (127) | (7,256) | |||
Other comprehensive loss | 612 | 612 | ||||
Contributions of noncontrolling interests | 56 | 56 | ||||
Ending balance, value at Jun. 30, 2020 | $ 174 | 147,100 | (136) | (30,843) | 11,787 | 128,082 |
Ending balance (in shares) at Jun. 30, 2020 | 17,430 | |||||
Beginning balance, value at Dec. 31, 2020 | $ 174 | 147,100 | 82 | (41,186) | 11,599 | 117,769 |
Beginning balance (in shares) at Dec. 31, 2020 | 17,430 | |||||
Net loss | (5,285) | (93) | (5,378) | |||
Other comprehensive loss | (41) | (41) | ||||
Contributions of noncontrolling interests | 12 | 12 | ||||
Distributions to noncontrolling interests | (54) | (54) | ||||
Ending balance, value at Jun. 30, 2021 | $ 174 | 147,100 | 41 | (46,471) | 11,464 | 112,308 |
Ending balance (in shares) at Jun. 30, 2021 | 17,430 | |||||
Beginning balance, value at Mar. 31, 2021 | $ 174 | 147,100 | 60 | (45,830) | 11,517 | 113,021 |
Beginning balance (in shares) at Mar. 31, 2021 | 17,430 | |||||
Net loss | (641) | (5) | (646) | |||
Other comprehensive loss | (19) | (19) | ||||
Contributions of noncontrolling interests | 6 | 6 | ||||
Distributions to noncontrolling interests | (54) | (54) | ||||
Ending balance, value at Jun. 30, 2021 | $ 174 | $ 147,100 | $ 41 | $ (46,471) | $ 11,464 | $ 112,308 |
Ending balance (in shares) at Jun. 30, 2021 | 17,430 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (5,378) | $ (11,181) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 5,252 | 5,361 |
Amortization of deferred financing costs | 200 | 205 |
Loss on sale of marketable securities, available for sale | 0 | 245 |
Gain on forgiveness of debt | (1,481) | 0 |
Earnings from investments in unconsolidated affiliated entities | 182 | 998 |
Other non-cash adjustments | (17) | 172 |
Changes in assets and liabilities: | ||
(Increase)/decrease in accounts receivable and other assets | (1,681) | 345 |
Increase in accounts payable and other accrued expenses | 1,496 | 270 |
Decrease/(increase) in due to related party | (74) | 43 |
Net cash used in operating activities | (1,501) | (3,542) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of investment property | (257) | (2,905) |
Proceeds from the sale of marketable debt securities | 0 | 1,820 |
Investments in unconsolidated affiliated entities | (1,417) | (821) |
Distributions from unconsolidated affiliated entities | 587 | 169 |
Net cash used in investing activities | (1,087) | (1,737) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payments on mortgages payable | (100) | (92) |
Payments on margin loan | (153) | (2,034) |
Proceeds from notes payable | 3,746 | 3,343 |
Payment of loan fees and expenses | (404) | |
Redemption and cancellation of common shares | (825) | |
Distributions to noncontrolling interests | (54) | (327) |
Contributions of noncontrolling interests | 12 | 101 |
Distributions to common stockholders | (3,065) | |
Net cash provided by/(used in) financing activities | 3,047 | (2,899) |
Net change in cash, cash equivalents and restricted cash | 459 | (8,178) |
Cash, cash equivalents and restricted cash, beginning of year | 18,423 | 30,216 |
Cash, cash equivalents and restricted cash, end of period | 18,882 | 22,038 |
Supplemental cash flow information for the periods indicated is as follows: | ||
Cash paid for interest | 2,572 | 1,901 |
Gain on forgiveness of debt | 1,481 | 0 |
Holding loss/gain on marketable securities, available for sale | 41 | 308 |
Investment property acquired but not paid | 0 | 39 |
Cash and cash equivalents | 15,321 | 18,117 |
Restricted cash | 3,561 | 3,921 |
Total cash, cash equivalents and restricted cash | $ 18,882 | $ 22,038 |
Structure
Structure | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Structure | 1. Structure Lightstone Value Plus Real Estate Investment Trust II, Inc. (‘‘Lightstone REIT II’’), is a Maryland corporation, formed on April 28, 2008 Lightstone REIT II is structured as an umbrella partnership REIT, or UPREIT, and substantially all of its current and future business will be conducted through Lightstone Value Plus REIT II LP, a Delaware limited partnership (the ‘‘Operating Partnership’’). As of June 30, 2021, Lightstone REIT II held an approximately 99 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 Lightstone REIT II, its Operating Partnership or the Company as required by the context in which such pronoun is used. The Company has and will continue to seek to acquire a diverse portfolio of real estate assets and real estate-related investments, including hotels, other commercial and/or residential properties, primarily located in the United States. All such properties may be acquired and operated by the Company alone or jointly with another party. The Company may also originate or acquire mortgage loans secured by real estate. Although the Company expects that most of its investments will be of these types, it may invest in whatever types of real estate-related investments that it believes are in its best interests. The Company currently has one operating segment. As of June 30, 2021, we (i) majority owned and consolidated the operating results and financial condition of 14 1,802 48.6 50.0 183 As of June 30, 2021, seven of our consolidated limited service hotels are held in a joint venture (the “Joint Venture”) formed between us and Lightstone Value Plus Real Estate Investment Trust, Inc. (“Lightstone I”), a related party REIT also sponsored by The Lightstone Group, LLC. The Company and Lightstone I have 97.5% and 2.5 The Company’s advisor is Lightstone Value Plus REIT II LLC (the “Advisor”), which is majority owned by David Lichtenstein. On May 20, 2008, the Advisor contributed $ 2 200 20,000 200 10.00 17.7 The Company does not have any employees. The Advisor receives compensation and fees for services related to the investment and management of the Company’s assets. The Company’s Advisor has certain affiliates which may manage 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 Common Shares are not currently listed on a national securities exchange. The Company may seek to list its Common Shares for trading on a national securities exchange only if a majority of 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 Common Shares until they are listed for trading. In the event the Company does not obtain listing prior to September 27, 2024, which is the tenth anniversary of the termination of its Follow-On 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 Limited Partner On May 20, 2008, the Advisor contributed $ 2 200 Associate General Partner In connection with the Company’s Offerings, which concluded on September 27, 2014, the Associate General Partner contributed (i) cash of approximately $ 12.9 48.6 4.8 177.0 17.7 As the indirect majority owner of the Associate General Partner, Mr. Lichtenstein is the beneficial owner of a 99 These Subordinated Profits Interests may entitle the Associate General Partner to a portion of any regular and liquidation distributions that the Company makes to its stockholders, but only after its stockholders have received a stated preferred return. There have been no distributions declared on the Subordinated Profits Interests for quarterly periods after March 31, 2020. Since the Company’s inception, the cumulative distributions declared and paid on the Subordinated Profits Interests were $ 7.9 Other Noncontrolling Interests in Consolidated Subsidiaries Other noncontrolling interests consist of the (i) membership interest in the Joint Venture held by Lightstone I and (ii) membership interests held by minority owners in certain of the Company’s hotels. The Advisor and its affiliates and Associate General Partner are related parties of the Company. Certain of these entities are entitled to compensation and fees for services related to the investment, management and disposition of the Company’s assets during its acquisition, operational and liquidation stages. The compensation levels during the Company’s acquisition and operational stages are based on the cost of acquired properties/investments and the annual revenue earned from such properties/investments, and other such fees and reimbursements as outlined in each of the respective agreements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021, Lightstone REIT II had a 99 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, 2020. 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 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP 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, 2020 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. To qualify or maintain our qualification as a REIT, we engage in certain activities through wholly-owned taxable REIT subsidiaries (“TRS”). As such, we are subject to U.S. federal and state income and franchise taxes from these activities. Revenue Recognition The following table represents the total revenues from hotel operations on a disaggregated basis: Schedule of total revenues from hotel operations on a disaggregated basis For the Three Months Ended For the Six Months Ended Revenues 2021 2020 2021 2020 Room $ 11,255 $ 3,372 $ 18,467 $ 15,823 Food, beverage and other 463 224 698 1,018 Total revenues $ 11,718 $ 3,596 $ 19,165 $ 16,841 COVID-19 Pandemic Operations and Liquidity Update The World Health Organization declared COVID-19 a global pandemic on March 11, 2020 and since that time many of the previously imposed restrictions and other measures which were instituted in response have been subsequently reduced or lifted. However, the COVID-19 pandemic remains highly unpredictable and dynamic and its duration and extent continue to be dependent on various developments, such as the emergence of variants to the virus that may cause additional strains of COVID-19, the administration and ultimate effectiveness of vaccines, and the eventual timeline to achieve a sufficient level of herd immunity among the general population. Accordingly, the COVID-19 pandemic may continue to have negative effects on the health of the U.S. economy for the foreseeable future. The extent to which the Company’s business may be affected by the ongoing COVID-19 pandemic will largely depend on both current and future developments, all of which are highly uncertain and cannot be reasonably predicted. As a result of the COVID-19 pandemic, room demand for the Company’s consolidated and unconsolidated hotels began to significantly decline in March 2020 and while there has been sequential improvement since then; room demand continues to be below historical levels. Since March 2020, the COVID-19 pandemic has had a significant negative impact on the Company’s operations, financial position and cash flow and the Company currently expects that it will continue to do so for the foreseeable future. The Company cannot currently estimate if and when room demand will return to pre-pandemic levels for its hotels. Additionally, the Company has an unconsolidated 48.6 In light of the past, present and potential future impact of the COVID-19 pandemic on the operating results of its hotels, the Company has taken various actions to preserve its liquidity, including the following: ● The Company implemented cost reduction strategies for all of its hotels, leading to reductions in certain operating expenses and capital expenditures. ● Amendments to Revolving Credit Facility – On June 2, 2020, the Company’s revolving credit facility (the “Revolving Credit Facility”) was amended to provide for (i) the deferral of the six monthly debt service payments aggregating $ 2.6 2.5 Subsequently, on March 31, 2021, the Revolving Credit Facility was further amended providing for (i) the Company to pledge the membership interests in another hotel as additional collateral within 45 days, (ii) the Company to fund an additional $ 2.5 On May 13, 2021, the Company pledged the additional collateral and extended the maturity date of the Revolving Credit Facility to September 15, 2022. See Note 5 for additional information. ● In April 2020 and first quarter of 2021, the Company’s hotels received $ 3.3 3.7 ● On March 19, 2020, the Board of Directors determined to suspend regular quarterly distributions and, as a result, has not declared any distributions on the Company’s Common Shares or the Subordinated Profits Interests since the suspension. Additionally, on March 19, 2020, the Board of Directors approved the suspension of all redemptions under the Company’s shareholder repurchase program (the “SRP”). Subsequently on May 10, 2021, the Board of Directors partially reopened the SRP to allow, subject to various conditions, for redemptions submitted in connection with a stockholder’s death or hardship. See Note 7 for additional information. ● The Company had $ 7.2 ● The Hilton Garden Inn Joint Venture has obtained various amendments to its non-recourse mortgage loan secured by the Hilton Garden Inn – Long Island City. See Note 3 for additional information. The Company believes that these actions, along with its available on hand cash and cash equivalents, restricted cash and marketable securities will provide it with sufficient liquidity to meet its obligations for at least 12 months from the date of issuance of these financial statements. New Accounting Pronouncements The Company has reviewed and determined that 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. |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliated Entities | 6 Months Ended |
Jun. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Affiliated Entities | 3. 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: Summary of investments in unconsolidated entities As of Entity Date of Ownership June 30, December 31, Brownmill Various 48.58 % $ 4,924 $ 4,710 Hilton Garden Inn Joint Venture March 27, 2018 50 % 11,083 10,649 Total investments in unconsolidated affiliated real estate entities $ 16,007 $ 15,359 Brownmill Joint Venture During 2010 through 2012, the Company entered into various contribution agreements with Lightstone Holdings LLC (‘‘LGH’’), a wholly-owned subsidiary of the Sponsor, pursuant to which LGH contributed to the Company an aggregate 48.6 48 100,000 4.8 As of June 30, 2021, the Company owns a 48.6% membership interest in the Brownmill Joint Venture, which is a non-managing interest. An affiliate of the Company’s Sponsor is the majority owner and manager of the Brownmill Joint Venture. Profit and cash distributions are allocated in accordance with each investor’s ownership percentage. The Company accounts for its investment in the Brownmill Joint Venture in accordance with the equity method of accounting. During the six months ended June 30, 2021, the Company made contributions to the Brownmill Joint Venture aggregating $ 68 87 125 The Brownmill Joint Venture 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 Joint Venture Financial Information The Company’s carrying value of its interest in the Brownmill Joint Venture differs from its share of member’s equity reported in the condensed balance sheet of the Brownmill Joint Venture due to the Company’s basis of its investment in excess of the historical net book value of the Brownmill Joint Venture. 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 the Brownmill Joint Venture for the periods indicated: Schedule of condensed income statements For the Three Months Ended For the Six Months Ended 2021 2020 2021 2020 Revenue $ 975 $ 895 $ 2,025 $ 1,820 Property operating expenses 416 454 721 1,106 Depreciation and amortization 191 167 367 332 Operating income 368 274 937 382 Interest expense and other, net (163 ) (150 ) (329 ) (319 ) Net income $ 205 $ 124 $ 608 $ 63 Company’s share of net income $ 99 $ 60 $ 295 $ 30 Additional depreciation and amortization expense (1) (31 ) (31 ) (62 ) (62 ) Company’s earnings from investment $ 68 $ 29 $ 233 $ (32 ) 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. T he following table represents the condensed balance sheets for Brownmill: Schedule of condensed balance sheets As of As of June 30, December 31, Real estate, at cost (net) $ 14,196 $ 14,234 Cash and restricted cash 1,052 1,038 Other assets 1,542 1,279 Total assets $ 16,790 $ 16,551 Mortgage payable $ 13,714 $ 13,834 Other liabilities 809 1,018 Members’ capital 2,267 1,699 Total liabilities and members’ capital $ 16,790 $ 16,551 Hilton Garden Inn Joint Venture On March 27, 2018, the Company and Lightstone Value Plus Real Estate Investment Trust III, Inc. (“Lightstone REIT III”), a related party REIT also sponsored by the Company’s Sponsor, acquired, through the Hilton Garden Inn Joint Venture, a 183-room, limited-service hotel located at 29-21 41 st 60.0 25.0 35.0 The Company paid $ 12.9 50.0 50.0 In light of the impact of the COVID-19 pandemic on the operating results of the Hilton Garden Inn – Long Island City, the Hilton Garden Inn Joint Venture has entered into certain amendments with respect to the Hilton Garden Inn Mortgage as discussed below. On June 2, 2020, the Hilton Garden Inn Mortgage was amended to provide for (i) the deferral of the six monthly debt service payments aggregating $ 0.9 LIBOR + 2.15%, subject to a 4.03% floor 1.2 Additionally, on April 7, 2021, the Hilton Garden Inn Joint Venture and the lender further amended the terms of the Hilton Garden Inn Mortgage to provide for (i) the Hilton Garden Inn Joint Venture to make a principal paydown of $ 1.7 0.7 Subsequent to the Company’s acquisition of its 50.0% membership interest in the Hilton Garden Joint Venture through June 30, 2021, it has made an aggregate of $ 2.8 1.3 2.0 0.5 Hilton Garden Inn Joint Venture Financial Information The following table represents the condensed income statements for the Hilton Garden Inn Joint Venture for the period indicated: Schedule of condensed income statements For the Three For the Three For the Six For the Six Revenues $ 1,764 $ 680 $ 3,183 $ 2,220 Property operating expenses 1,037 616 1,909 1,961 General and administrative costs 8 11 18 29 Depreciation and amortization 621 615 1,256 1,245 Operating income/(loss) 98 (562 ) - (1,015 ) Interest expense (434 ) (460 ) (831 ) (917 ) Net loss $ (336 ) $ (1,022 ) $ (831 ) $ (1,932 ) Company’s share of net loss (50.00%) $ (168 ) $ (511 ) $ (416 ) $ (966 ) The following table represents the condensed balance sheets for the Hilton Garden Inn Joint Venture: Schedule of condensed balance sheets As of As of June 30, December 31, Investment property, net $ 53,629 $ 54,826 Cash 1,661 885 Other assets 1,185 1,211 Total assets $ 56,475 $ 56,922 Mortgage payable, net $ 33,462 $ 34,988 Other liabilities 1,418 1,207 Members’ capital 21,595 20,727 Total liabilities and members’ capital $ 56,475 $ 56,922 |
Marketable Securities, Fair Val
Marketable Securities, Fair Value Measurements and Margin Loan | 6 Months Ended |
Jun. 30, 2021 | |
Marketable Securities Fair Value Measurements And Margin Loan | |
Marketable Securities, Fair Value Measurements and Margin Loan | 4. 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: Summary of Available for Sale Securities As of June 30, 2021 Adjusted Gross Gross Fair Marketable Securities: Equity securities: Preferred Equities $ 3,620 $ 186 $ - $ 3,806 Debt securities: Corporate Bonds 3,098 41 - 3,139 Total $ 6,718 $ 227 $ - $ 6,945 As of December 31, 2020 Adjusted Gross Gross Fair Marketable Securities: Equity securities: Preferred Equities $ 3,620 $ 102 $ - $ 3,722 Debt securities: Corporate Bonds 3,098 82 - 3,180 Total $ 6,718 $ 184 $ - $ 6,902 When evaluating its investments in marketable debt securities 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 marketable debt security before recovery of its amortized cost basis. During the six months ended June 30, 2021 and 2020, the Company did not recognize any impairment charges on its investments in marketable debt securities. As of June 30, 2021, the Company had no investments in marketable debt securities with unrealized losses. The Company may sell certain of its investments in marketable debt securities prior to their stated maturities for strategic purposes, in anticipation of credit deterioration, or for duration management. 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 June 30, 2021 and December 31, 2020, the Company’s preferred equities and corporate bonds were classified as Level 2 assets and there were no transfers between the level classifications. There were no transfers between the level classifications during the six months ended June 30, 2021. The fair values of the Company’s investments in preferred equities and 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: Summary of the estimated fair value of our investments in marketable debt securities with stated contractual maturity dates As of Due in 1 year $ - Due in 1 year through 5 years 3,139 Due in 5 year through 10 years - Due after 10 years - Total $ 3,139 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 amount outstanding under this margin loan was $ 2.4 2.6 LIBOR + 0.85% 0.95 |
Mortgages payable, net
Mortgages payable, net | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Mortgages payable, net | 5. Mortgages payable, net Mortgages payable, net consisted of the following: Schedule of Mortgages Payable Weighted Description Interest as of Maturity Amount Due As of As of Revolving Credit Facility LIBOR + 3.15% (floor of 4.00%) 3.68 % September 2022 $ 123,045 $ 123,045 $ 123,045 Courtyard – Paso Robles 5.49 % 5.49 % November 2023 13,022 13,519 13,619 Total mortgages payable 3.57 % $ 136,067 136,564 136,664 Less: Deferred financing costs (468 ) (264 ) Total mortgages payable, net $ 136,096 $ 136,400 Revolving Credit Facility The Company, through certain subsidiaries, has a non-recourse Revolving Credit Facility with a financial institution. The Revolving Credit Facility provides the Company with a line of credit of up to $ 140.0 65.0 The Revolving Credit Facility, which was entered into on May 17, 2018, had an initial maturity date of May 17, 2021 On June 2, 2020, the Company and the lender agreed to certain changes to the terms of Revolving Credit Facility, including (i) the deferral of monthly debt service for payments aggregating $ 2.6 LIBOR + 2.15%, subject to a 3.00% floor 2.5 Subsequently, on March 31, 2021, the Revolving Credit Facility was further amended providing for (i) the Company to pledge its membership interest in another hotel as additional collateral within 45 days, (ii) the Company to fund an additional $ 2.5 On May 13, 2021, the Company pledged the additional collateral and extended the maturity date of the Revolving Credit Facility to September 15, 2022. As of June 30, 2021, 13 of the Company’s hotel properties were pledged as collateral under the Revolving Credit Facility and the outstanding principal balance was $123.0 million. Additionally, no additional borrowings were available under the Revolving Credit Facility as of June 30, 2021. Courtyard – Paso Robles Mortgage Loan In connection with the Company’s acquisition of the Courtyard – Paso Robles on December 14, 2017, it assumed the Courtyard – Paso Robles Mortgage Loan. The Courtyard – Paso Robles Mortgage Loan matures in November 2023, bears interest at a fixed rate of 5.49 79 13.0 13.5 On October 28, 2020, the servicer of the Courtyard – Paso Robles Mortgage Loan agreed to waive the minimum debt yield financial covenant for all periods through June 30, 2021. Principal Maturities The following table, based on the terms of the mortgages, sets forth their aggregate estimated contractual principal maturities, including balloon payments due at maturity, as of June 30, 2021, after taking into consideration the extension of the maturity of the Revolving Credit Facility: Schedule of Estimated Contractual Principal Maturities 2021 2022 2023 2024 2025 Thereafter Total Principal maturities $ 100 $ 123,256 $ 13,208 $ - $ - $ - $ 136,564 Less: deferred financing costs (468 ) Total principal maturities, net $ 136,096 Pursuant to the Company’s loan agreements, escrows in the amount of $ 3.6 3.1 |
Notes Payable
Notes Payable | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Notes Payable | 6 Notes Payable During April 2020, the Company, through various subsidiaries (each such entity, a “Borrower” and collectively, the “Borrowers”), received aggregate funding of $ 3.3 3.7 The PPP Loans each have a term of five 5 1.00 The promissory note for each of the PPP Loans contains customary events of default relating to, among other things, payment defaults and breach of representations and warranties or of provisions of the relevant promissory note. Under the terms of the CARES Act, each Borrower can apply for and be granted forgiveness for all or a portion of the PPP Loans. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds in accordance with the terms of the CARES Act. Although the Company intends for each Borrower to apply for loan forgiveness, no assurance can be given that any Borrower will ultimately obtain forgiveness under any relevant PPP Loan, in whole or in part. In the event all or any portion of the PPP Loans is forgiven, the amount forgiven will be applied to outstanding principal and recorded as income. During the second quarter of 2021 notice was received from the SBA that $1.5 million of PPP Loans and related accrued interest had been legally forgiven and therefore, the Company recognized a gain on forgiveness of debt for that amount on its consolidated statements of operations during the second quarter of 2021. As of June 30, 2021 and December 31, 2020, the PPP Loans had an outstanding balance of $ 5.6 3.3 |
Equity
Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Equity | 7. Equity Distributions on Common Shares On March 19, 2020, the Company’s Board of Directors determined to suspend regular quarterly distributions and, as a result, has not declared any distributions on the Company’s Common Shares since the suspension. Future distributions declared on the Company’s Common Shares, if any, will be at the discretion of the Board of Directors based on their analysis of the Company’s performance over the previous periods and expectations of performance for future periods. The Board of Directors will consider various factors in its determination, including but not limited to, the sources and availability of capital, revenues and other sources of income, operating and interest expenses and the Company’s ability to refinance near-term debt as well as the IRS’s annual distribution requirement that REITs distribute no less than 90 Share Repurchase Program The Company’s SRP may provide its stockholders with limited, interim liquidity by enabling them to sell their Common Shares back to the Company, subject to restrictions. On March 19, 2020, the Board of Directors amended the SRP to remove stockholder notice requirements and also approved the suspension of all redemptions effective immediately. On March 25, 2020, the Board of Directors determined to suspend the SRP effective immediately. Effective May 10, 2021, the Board of Directors reopened the SRP to allow, subject to various conditions as set forth below, for redemptions submitted in connection with a stockholder’s death or hardship and set the price for all such purchases to 100% of the NAV per Share ($ 8.02 Deaths that occurred subsequent to January 1, 2020 are eligible for consideration. Beginning January 1, 2022, requests for redemptions in connection with a stockholder’s death must be submitted and received by the Company within one year of the stockholder’s date of death for consideration. On an annual basis, the Company will not redeem in excess of 0.5 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/loss 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 | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 8. Related Party Transactions The Company has various agreements, including an advisory agreement, with the Advisor to pay certain fees in exchange for services performed by the Advisor and/or its affiliated entities. Additionally, the Company’s ability to secure financing and its real estate operations are dependent upon its Advisor and its affiliates to perform such services as provided in these agreements. Amounts the Company owes to the Advisor and its affiliated entities are principally for asset management fees, and are classified as due to related parties on the consolidated balance sheets. The following table represents the fees incurred associated with the payments to the Company’s Advisor for the periods indicated: Schedule of fees to related parties For the Three Months Ended For the Six Months Ended 2021 2020 2021 2020 Development fees (1) $ - $ - $ - $ 32 Asset management fees (general and administrative costs) 738 734 1,475 1,456 Total $ 738 $ 734 $ 1,475 $ 1,488 (1) Generally, capitalized and amortized over the estimated useful life of the associated asset. The advisory agreement has a one-year term and is renewable for an unlimited number of successive one-year periods upon the mutual consent of the Advisor and the Company’s independent directors. Payments to the Advisor or its affiliates may include asset acquisition fees and the reimbursement of acquisition-related expenses, development fees and the reimbursement of development-related costs, financing coordination fees, asset management fees or asset management participation, and construction management fees. The Company may also reimburse the Advisor and its affiliates for actual expenses it incurs for administrative and other services provided for it. Upon the liquidation of the Company’s assets, it may pay the Advisor or its affiliates a disposition commission. In connection with the Company’s Offering and Follow-On Offering, Lightstone SLP II LLC, an affiliate of the Company’s Sponsor, contributed (i) cash of approximately $ 12.9 177.0 17.7 7.9 |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | 9. Financial Instruments The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable and other assets, accounts payable and other accrued expenses, margin loan, notes payable and due to related party approximated their fair values as of June 30, 2021 and December 31, 2020 because of the short maturity of these instruments. The carrying amount and estimated fair value of our mortgages payable are as follows: Schedule of Mortgages payable and the related estimated fair value As of June 30, 2021 As of December 31, 2020 Carrying Estimated Fair Carrying Estimated Fair Mortgages payable $ 136,564 $ 136,712 $ 136,664 $ 136,743 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 | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Legal Proceedings From time to time in the ordinary course of business, the Company may become subject to legal proceedings, claims or disputes. As of the date hereof, the Company is not a party to any material pending legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on its results of operations or financial condition, which would require accrual or disclosure of the contingency and possible range of loss. Additionally, the Company has not recorded any loss contingencies related to legal proceedings in which the potential loss is deemed to be remote. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021, Lightstone REIT II had a 99 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, 2020. 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 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP 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, 2020 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. To qualify or maintain our qualification as a REIT, we engage in certain activities through wholly-owned taxable REIT subsidiaries (“TRS”). As such, we are subject to U.S. federal and state income and franchise taxes from these activities. |
Revenue Recognition | Revenue Recognition The following table represents the total revenues from hotel operations on a disaggregated basis: Schedule of total revenues from hotel operations on a disaggregated basis For the Three Months Ended For the Six Months Ended Revenues 2021 2020 2021 2020 Room $ 11,255 $ 3,372 $ 18,467 $ 15,823 Food, beverage and other 463 224 698 1,018 Total revenues $ 11,718 $ 3,596 $ 19,165 $ 16,841 COVID-19 Pandemic Operations and Liquidity Update The World Health Organization declared COVID-19 a global pandemic on March 11, 2020 and since that time many of the previously imposed restrictions and other measures which were instituted in response have been subsequently reduced or lifted. However, the COVID-19 pandemic remains highly unpredictable and dynamic and its duration and extent continue to be dependent on various developments, such as the emergence of variants to the virus that may cause additional strains of COVID-19, the administration and ultimate effectiveness of vaccines, and the eventual timeline to achieve a sufficient level of herd immunity among the general population. Accordingly, the COVID-19 pandemic may continue to have negative effects on the health of the U.S. economy for the foreseeable future. The extent to which the Company’s business may be affected by the ongoing COVID-19 pandemic will largely depend on both current and future developments, all of which are highly uncertain and cannot be reasonably predicted. As a result of the COVID-19 pandemic, room demand for the Company’s consolidated and unconsolidated hotels began to significantly decline in March 2020 and while there has been sequential improvement since then; room demand continues to be below historical levels. Since March 2020, the COVID-19 pandemic has had a significant negative impact on the Company’s operations, financial position and cash flow and the Company currently expects that it will continue to do so for the foreseeable future. The Company cannot currently estimate if and when room demand will return to pre-pandemic levels for its hotels. Additionally, the Company has an unconsolidated 48.6 In light of the past, present and potential future impact of the COVID-19 pandemic on the operating results of its hotels, the Company has taken various actions to preserve its liquidity, including the following: ● The Company implemented cost reduction strategies for all of its hotels, leading to reductions in certain operating expenses and capital expenditures. ● Amendments to Revolving Credit Facility – On June 2, 2020, the Company’s revolving credit facility (the “Revolving Credit Facility”) was amended to provide for (i) the deferral of the six monthly debt service payments aggregating $ 2.6 2.5 Subsequently, on March 31, 2021, the Revolving Credit Facility was further amended providing for (i) the Company to pledge the membership interests in another hotel as additional collateral within 45 days, (ii) the Company to fund an additional $ 2.5 On May 13, 2021, the Company pledged the additional collateral and extended the maturity date of the Revolving Credit Facility to September 15, 2022. See Note 5 for additional information. ● In April 2020 and first quarter of 2021, the Company’s hotels received $ 3.3 3.7 ● On March 19, 2020, the Board of Directors determined to suspend regular quarterly distributions and, as a result, has not declared any distributions on the Company’s Common Shares or the Subordinated Profits Interests since the suspension. Additionally, on March 19, 2020, the Board of Directors approved the suspension of all redemptions under the Company’s shareholder repurchase program (the “SRP”). Subsequently on May 10, 2021, the Board of Directors partially reopened the SRP to allow, subject to various conditions, for redemptions submitted in connection with a stockholder’s death or hardship. See Note 7 for additional information. ● The Company had $ 7.2 ● The Hilton Garden Inn Joint Venture has obtained various amendments to its non-recourse mortgage loan secured by the Hilton Garden Inn – Long Island City. See Note 3 for additional information. The Company believes that these actions, along with its available on hand cash and cash equivalents, restricted cash and marketable securities will provide it with sufficient liquidity to meet its obligations for at least 12 months from the date of issuance of these financial statements. |
New Accounting Pronouncements | New Accounting Pronouncements The Company has reviewed and determined that 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) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of total revenues from hotel operations on a disaggregated basis | Schedule of total revenues from hotel operations on a disaggregated basis For the Three Months Ended For the Six Months Ended Revenues 2021 2020 2021 2020 Room $ 11,255 $ 3,372 $ 18,467 $ 15,823 Food, beverage and other 463 224 698 1,018 Total revenues $ 11,718 $ 3,596 $ 19,165 $ 16,841 |
Investments in Unconsolidated_2
Investments in Unconsolidated Affiliated Entities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |
Summary of investments in unconsolidated entities | Summary of investments in unconsolidated entities As of Entity Date of Ownership June 30, December 31, Brownmill Various 48.58 % $ 4,924 $ 4,710 Hilton Garden Inn Joint Venture March 27, 2018 50 % 11,083 10,649 Total investments in unconsolidated affiliated real estate entities $ 16,007 $ 15,359 |
Brownmill Llc [Member] | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |
Schedule of condensed income statements | Schedule of condensed income statements For the Three Months Ended For the Six Months Ended 2021 2020 2021 2020 Revenue $ 975 $ 895 $ 2,025 $ 1,820 Property operating expenses 416 454 721 1,106 Depreciation and amortization 191 167 367 332 Operating income 368 274 937 382 Interest expense and other, net (163 ) (150 ) (329 ) (319 ) Net income $ 205 $ 124 $ 608 $ 63 Company’s share of net income $ 99 $ 60 $ 295 $ 30 Additional depreciation and amortization expense (1) (31 ) (31 ) (62 ) (62 ) Company’s earnings from investment $ 68 $ 29 $ 233 $ (32 ) 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 | Schedule of condensed balance sheets As of As of June 30, December 31, Real estate, at cost (net) $ 14,196 $ 14,234 Cash and restricted cash 1,052 1,038 Other assets 1,542 1,279 Total assets $ 16,790 $ 16,551 Mortgage payable $ 13,714 $ 13,834 Other liabilities 809 1,018 Members’ capital 2,267 1,699 Total liabilities and members’ capital $ 16,790 $ 16,551 |
Hilton Garden Inn Joint Venture [Member] | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |
Schedule of condensed income statements | Schedule of condensed income statements For the Three For the Three For the Six For the Six Revenues $ 1,764 $ 680 $ 3,183 $ 2,220 Property operating expenses 1,037 616 1,909 1,961 General and administrative costs 8 11 18 29 Depreciation and amortization 621 615 1,256 1,245 Operating income/(loss) 98 (562 ) - (1,015 ) Interest expense (434 ) (460 ) (831 ) (917 ) Net loss $ (336 ) $ (1,022 ) $ (831 ) $ (1,932 ) Company’s share of net loss (50.00%) $ (168 ) $ (511 ) $ (416 ) $ (966 ) |
Schedule of condensed balance sheets | Schedule of condensed balance sheets As of As of June 30, December 31, Investment property, net $ 53,629 $ 54,826 Cash 1,661 885 Other assets 1,185 1,211 Total assets $ 56,475 $ 56,922 Mortgage payable, net $ 33,462 $ 34,988 Other liabilities 1,418 1,207 Members’ capital 21,595 20,727 Total liabilities and members’ capital $ 56,475 $ 56,922 |
Marketable Securities, Fair V_2
Marketable Securities, Fair Value Measurements and Margin Loan (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Marketable Securities Fair Value Measurements And Margin Loan | |
Summary of Available for Sale Securities | Summary of Available for Sale Securities As of June 30, 2021 Adjusted Gross Gross Fair Marketable Securities: Equity securities: Preferred Equities $ 3,620 $ 186 $ - $ 3,806 Debt securities: Corporate Bonds 3,098 41 - 3,139 Total $ 6,718 $ 227 $ - $ 6,945 As of December 31, 2020 Adjusted Gross Gross Fair Marketable Securities: Equity securities: Preferred Equities $ 3,620 $ 102 $ - $ 3,722 Debt securities: Corporate Bonds 3,098 82 - 3,180 Total $ 6,718 $ 184 $ - $ 6,902 |
Summary of the estimated fair value of our investments in marketable debt securities with stated contractual maturity dates | Summary of the estimated fair value of our investments in marketable debt securities with stated contractual maturity dates As of Due in 1 year $ - Due in 1 year through 5 years 3,139 Due in 5 year through 10 years - Due after 10 years - Total $ 3,139 |
Mortgages payable, net (Tables)
Mortgages payable, net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Mortgages Payable | Schedule of Mortgages Payable Weighted Description Interest as of Maturity Amount Due As of As of Revolving Credit Facility LIBOR + 3.15% (floor of 4.00%) 3.68 % September 2022 $ 123,045 $ 123,045 $ 123,045 Courtyard – Paso Robles 5.49 % 5.49 % November 2023 13,022 13,519 13,619 Total mortgages payable 3.57 % $ 136,067 136,564 136,664 Less: Deferred financing costs (468 ) (264 ) Total mortgages payable, net $ 136,096 $ 136,400 |
Schedule of Estimated Contractual Principal Maturities | Schedule of Estimated Contractual Principal Maturities 2021 2022 2023 2024 2025 Thereafter Total Principal maturities $ 100 $ 123,256 $ 13,208 $ - $ - $ - $ 136,564 Less: deferred financing costs (468 ) Total principal maturities, net $ 136,096 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of fees to related parties | Schedule of fees to related parties For the Three Months Ended For the Six Months Ended 2021 2020 2021 2020 Development fees (1) $ - $ - $ - $ 32 Asset management fees (general and administrative costs) 738 734 1,475 1,456 Total $ 738 $ 734 $ 1,475 $ 1,488 (1) Generally, capitalized and amortized over the estimated useful life of the associated asset. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, All Other Investments [Abstract] | |
Schedule of Mortgages payable and the related estimated fair value | Schedule of Mortgages payable and the related estimated fair value As of June 30, 2021 As of December 31, 2020 Carrying Estimated Fair Carrying Estimated Fair Mortgages payable $ 136,564 $ 136,712 $ 136,664 $ 136,743 |
Structure (Details Narrative)
Structure (Details Narrative) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | |
May 20, 2008USD ($)integer$ / sharesshares | Jun. 30, 2021USD ($)integershares | Mar. 27, 2018 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Date of incorporation | Apr. 28, 2008 | ||
Number of limited service hotels | integer | 14 | ||
Number of rooms | integer | 1,802 | ||
Advisor's contribution to operating partnership | $ 2 | ||
Partnership units issued | integer | 200 | ||
Sponsor's cash contribution | $ 12,900 | ||
Distributions declared for subordinated profits interests | $ 7,900 | ||
Hilton Garden Inn Joint Venture [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Number of rooms | integer | 183 | ||
Ownership interest | 50.00% | 50.00% | |
Ownership interest | 50.00% | ||
Brownmill Llc [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Ownership interest | 48.60% | ||
Aggregate value of subordinate profits | $ 17,700 | ||
Value of ownership interest | $ 4,800 | ||
Subordinate profit interest units | shares | 177 | ||
Lightstone Value Plus Real Estate Investment Trust Inc [Member] | Joint Venture [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Ownership interest | 2.50% | ||
Lightstone Value Plus Reit Ii Llc [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Number of common shares held | shares | 20,000 | ||
Proceeds from issue of shares | $ 200 | ||
Issue price per share (in dollars per share) | $ / shares | $ 10 | ||
Lightstone Slp Llc [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Aggregate value of subordinate profits | $ 17,700 | ||
Mr. Lichtenstein [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Beneficial ownership interest (as a percent) | 99.00% | ||
Lightstone Reit Ii [Member] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
General partner ownership interest | 99.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details - Revenue Recognition) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Product Information [Line Items] | ||||||
Revenue | $ 11,718 | $ 3,596 | $ 19,165 | $ 16,841 | ||
Escrow deposit | 7,200 | 7,200 | ||||
Paycheck Protection Program [Member] | ||||||
Product Information [Line Items] | ||||||
Proceed from loans | $ 3,300 | $ 3,700 | ||||
Room [Member] | ||||||
Product Information [Line Items] | ||||||
Revenue | 11,255 | 3,372 | 18,467 | 15,823 | ||
Food and Beverage [Member] | ||||||
Product Information [Line Items] | ||||||
Revenue | $ 463 | $ 224 | $ 698 | $ 1,018 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 02, 2020 | |
Revolving Credit Facility [Member] | ||
Business Acquisition [Line Items] | ||
Debt service payments | $ 2,600 | |
Cash collateral reserve account | $ 2,500 | $ 2,500 |
Brownmill Llc [Member] | ||
Business Acquisition [Line Items] | ||
Ownership interest | 48.60% | |
Lightstone Reit [Member] | ||
Business Acquisition [Line Items] | ||
Percentage of general partnership interest in common units of the operating partnership | 99.00% |
Investments in Unconsolidated_3
Investments in Unconsolidated Affiliated Entities (Details - Unconsolidated Affiliated Entities) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | Mar. 27, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated affiliated entities | $ 16,007 | $ 15,359 | |
Brownmill Llc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Date of ownership | Various | ||
Ownership % | 48.58% | ||
Investments in unconsolidated affiliated entities | $ 4,924 | 4,710 | |
Hilton Garden Inn Joint Venture [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Date of ownership | March 27, 2018 | ||
Ownership % | 50.00% | 50.00% | |
Investments in unconsolidated affiliated entities | $ 11,083 | $ 10,649 |
Investments in Unconsolidated_4
Investments in Unconsolidated Affiliated Entities (Details - Condensed Income Statement) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Schedule of Equity Method Investments [Line Items] | |||||
Revenue | $ 11,718 | $ 3,596 | $ 19,165 | $ 16,841 | |
Depreciation and amortization | 2,560 | 2,716 | 5,252 | 5,361 | |
Operating income | (585) | (5,339) | (3,928) | (6,815) | |
Net income/(loss) | (641) | (7,129) | (5,285) | (10,980) | |
Company's share of earnings | (99) | (482) | (182) | (998) | |
General and administrative costs | 1,150 | 1,182 | 2,415 | 2,388 | |
Brownmill Llc [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Revenue | 975 | 895 | 2,025 | 1,820 | |
Property operating expenses | 416 | 454 | 721 | 1,106 | |
Depreciation and amortization | 191 | 167 | 367 | 332 | |
Operating income | 368 | 274 | 937 | 382 | |
Interest expense and other, net | (163) | (150) | (329) | (319) | |
Net income/(loss) | 205 | 124 | 608 | 63 | |
Company's share of earnings | 99 | 60 | 295 | 30 | |
Additional depreciation and amortization expense | [1] | (31) | (31) | (62) | (62) |
Company's earnings from investment | 68 | 29 | 233 | (32) | |
Hilton Garden Inn Joint Venture [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Revenue | 1,764 | 680 | 3,183 | 2,220 | |
Property operating expenses | 1,037 | 616 | 1,909 | 1,961 | |
Depreciation and amortization | 621 | 615 | 1,256 | 1,245 | |
Operating income | 98 | (562) | 0 | (1,015) | |
Interest expense and other, net | (434) | (460) | (831) | (917) | |
Net income/(loss) | (336) | (1,022) | (831) | (1,932) | |
Company's share of earnings | (168) | (511) | (416) | (966) | |
General and administrative costs | $ 8 | $ 11 | $ 18 | $ 29 | |
[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 (Details - Condensed Balance Sheet) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Total assets | $ 266,358 | $ 268,588 |
Total liabilities | 154,050 | 150,819 |
Members' capital | 100,844 | 106,170 |
Total liabilities and members' capital | 266,358 | 268,588 |
Brownmill Llc [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets | 16,790 | 16,551 |
Members' capital | 2,267 | 1,699 |
Total liabilities and members' capital | 16,790 | 16,551 |
Brownmill Llc [Member] | Real Estate Investment [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets | 14,196 | 14,234 |
Brownmill Llc [Member] | Restricted Cash And Cash Equivalents Cash And Cash Equivalents1 [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets | 1,052 | 1,038 |
Brownmill Llc [Member] | Other Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets | 1,542 | 1,279 |
Brownmill Llc [Member] | Secured Debt [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total liabilities | 13,714 | 13,834 |
Brownmill Llc [Member] | Other Liabilities [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total liabilities | 809 | 1,018 |
Hilton Garden Inn Joint Venture [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets | 56,475 | 56,922 |
Members' capital | 21,595 | 20,727 |
Total liabilities and members' capital | 56,475 | 56,922 |
Hilton Garden Inn Joint Venture [Member] | Real Estate Investment [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets | 53,629 | 54,826 |
Hilton Garden Inn Joint Venture [Member] | Restricted Cash And Cash Equivalents Cash And Cash Equivalents1 [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets | 1,661 | 885 |
Hilton Garden Inn Joint Venture [Member] | Other Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total assets | 1,185 | 1,211 |
Hilton Garden Inn Joint Venture [Member] | Secured Debt [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total liabilities | 33,462 | 34,988 |
Hilton Garden Inn Joint Venture [Member] | Other Liabilities [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total liabilities | $ 1,418 | $ 1,207 |
Investments in Unconsolidated_6
Investments in Unconsolidated Affiliated Entities (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Jun. 02, 2020 | Mar. 27, 2018 | Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Schedule of Equity Method Investments [Line Items] | |||||
Sponsorship | $ 12,900 | ||||
Brownmill Llc [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity investment, percentage ownership purchased | 48.60% | ||||
Subordinated General Partner Participation Units | 48 | ||||
Subordinated general partner participation, per unit cost | $ 100,000 | ||||
Subordinated operating partnership | $ 4,800 | ||||
Capital contribution | 68 | ||||
Aggregate distribution received | $ 87 | $ 125 | |||
Ownership interest | 48.58% | 48.58% | |||
Hilton Garden Inn Joint Venture [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital contribution | $ 700 | ||||
Aggregate consideration | $ 60,000 | ||||
Aggregate consideration, cash | 25,000 | ||||
Proceeds from loans | $ 35,000 | ||||
Ownership Percentage | 50.00% | 50.00% | |||
Ownership interest | 50.00% | 50.00% | 50.00% | ||
Proceeds from mortgage | $ 900 | ||||
Interest rate | LIBOR + 2.15%, subject to a 4.03% floor | ||||
Venture pre-funding | $ 1,200 | ||||
Principal amount | $ 1,700 | $ 1,700 | |||
Hilton Garden Inn Joint Venture Additional Contribution [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capital contribution | 2,000 | ||||
Aggregate distribution received | 500 | ||||
Aggregate distribution received | $ 1,300 | $ 2,800 |
Marketable Securities, Fair V_3
Marketable Securities, Fair Value Measurements and Margin Loan (Details - Available for sale securities) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 6,945 | $ 6,902 |
Preferred Equities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Adjusted Cost | 3,620 | 3,620 |
Gross Unrealized Gains | 186 | 102 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 3,806 | 3,722 |
Corporate Bond Securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Adjusted Cost | 3,098 | 3,098 |
Gross Unrealized Gains | 41 | 82 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 3,139 | 3,180 |
Debt Securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Adjusted Cost | 6,718 | 6,718 |
Gross Unrealized Gains | 227 | 184 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 6,945 | $ 6,902 |
Marketable Securities, Fair V_4
Marketable Securities, Fair Value Measurements and Margin Loan (Details - Classification by contractual maturity) $ in Thousands | Jun. 30, 2021USD ($) |
Marketable Securities Fair Value Measurements And Margin Loan | |
Due in 1 year | $ 0 |
Due in 1 year through 5 years | 3,139 |
Due in 5 year through 10 years | 0 |
Due after 10 years | 0 |
Total | $ 3,139 |
Marketable Securities, Fair V_5
Marketable Securities, Fair Value Measurements and Margin Loan (Details Narrative) - Margin Loan [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Margin loan outstanding | $ 2,400 | $ 2,600 |
Debt Instrument, Description of Variable Rate Basis | LIBOR + 0.85% | |
Interest Rate | 0.95% |
Mortgages Payable (Details - Mo
Mortgages Payable (Details - Mortgages payable, net) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Short-term Debt [Line Items] | ||
Debt, Weighted Average Interest Rate | 3.57% | |
Amount due at maturity | $ 136,067 | |
Total mortgages payable | 136,564 | $ 136,664 |
Less: Deferred financing costs | (468) | (264) |
Total mortgages payable, net | $ 136,096 | 136,400 |
Revolving Credit Facility [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR + 3.15% (floor of 4.00%) | |
Debt, Weighted Average Interest Rate | 3.68% | |
Amount due at maturity | $ 123,045 | |
Total mortgages payable | $ 123,045 | 123,045 |
Courtyard Paso Robles [Member] | ||
Short-term Debt [Line Items] | ||
Debt, Weighted Average Interest Rate | 5.49% | |
Amount due at maturity | $ 13,022 | |
Total mortgages payable | $ 13,519 | $ 13,619 |
Debt Instrument, Interest Rate, Stated Percentage | 5.49% |
Mortgages payable (Details - Pr
Mortgages payable (Details - Principal maturities) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
2021 | $ 100 | |
2022 | 123,256 | |
2023 | 13,208 | |
2024 | 0 | |
2025 | 0 | |
Thereafter | 0 | |
Total | 136,564 | $ 136,664 |
Less: Deferred financing costs | (468) | (264) |
Total principal maturities, net | $ 136,096 | $ 136,400 |
Mortgages payable, net (Details
Mortgages payable, net (Details Narrative) - USD ($) $ in Thousands | Jun. 02, 2020 | May 17, 2018 | Jun. 30, 2021 | Dec. 31, 2020 |
Line of Credit Facility [Line Items] | ||||
Monthly principal and interest payments required | $ 79 | |||
Restricted escrows | 7,200 | |||
Credit Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Restricted escrows | $ 3,600 | $ 3,100 | ||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR + 3.15% (floor of 4.00%) | |||
Restricted cash | $ 2,500 | |||
Courtyard Paso Robles [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Interest Rate | 5.49% | |||
Balloon Payment | $ 13,000 | |||
Total mortgages payable | $ 13,500 | |||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 2,600 | $ 140,000 | ||
Maximum percentage of loan-to-value ratio of properties designated as collateral, provided as borrowings | 65.00% | |||
Debt Instrument, Description of Variable Rate Basis | LIBOR + 2.15%, subject to a 3.00% floor | |||
Restricted cash | $ 2,500 | |||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Maturity Date | May 17, 2021 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Proceeds from notes payable | $ 3,746 | $ 3,343 | |
Borrower [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from notes payable | $ 3,300 | ||
Debt term | 5 years | ||
Debt interest rate | 1.00% | ||
Paycheck Protection Program [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from notes payable | $ 3,700 | ||
Notes payable | $ 5,600 | $ 3,300 |
Equity (Details Narrative)
Equity (Details Narrative) - $ / shares | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Equity, Class of Treasury Stock [Line Items] | ||
REIT annual distribution, percent of taxable income | 90.00% | |
Share redemption program, annual limitation, percentage of weighted average shares outstanding | 0.50% | |
Share Repurchase Program [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Share Price | $ 8.02 |
Related Party and Other Transac
Related Party and Other Transactions (Details - Fees to Related Parties) - Related Party [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Related Party Transaction [Line Items] | |||||
Development fees (1) | [1] | $ 0 | $ 0 | $ 0 | $ 32 |
Asset management fees (general and administrative costs) | 738 | 734 | 1,475 | 1,456 | |
Total | $ 738 | $ 734 | $ 1,475 | $ 1,488 | |
[1] | Generally, capitalized and amortized over the estimated useful life of the associated asset. |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($)shares | |
Lightstone Slp Llc [Member] | |
Related Party Transaction [Line Items] | |
Proceeds from Limited Partnership Investments | $ 12,900 |
Subordinate Profit Interest Value | $ 7,900 |
Brownmill [Member] | |
Related Party Transaction [Line Items] | |
Subordinated General Partner Participation Units | shares | 177 |
Subordinate Profit Interest Value | $ 17,700 |
Financial Instruments (Details
Financial Instruments (Details - Carrying amount and estimated fair value) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Investments, All Other Investments [Abstract] | ||
Mortgages payable-Carrying Amount | $ 136,564 | $ 136,664 |
Mortgages payable-Estimated Fair Value | $ 136,712 | $ 136,743 |