Document and Entity Information
Document and Entity Information - shares shares in Millions | 6 Months Ended | |
Jun. 30, 2015 | Aug. 10, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Entity Registrant Name | Lightstone Value Plus Real Estate Investment Trust III, Inc. | |
Entity Central Index Key | 1,563,756 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 1.8 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Investment property: | ||
Land and improvements | $ 2,205,864 | |
Building and improvements | 22,258,087 | |
Furniture and fixtures | 2,442,213 | |
Gross investment property | 26,906,164 | |
Less accumulated depreciation | (246,266) | |
Net investment property | 26,659,898 | |
Cash | $ 2,604,158 | $ 1,738,026 |
Deposits | 500,000 | |
Prepaid expenses and other assets | $ 728,645 | 182,078 |
Total Assets | 29,992,701 | 2,420,104 |
Liabilities and Stockholders' Equity | ||
Accounts payable and other accrued expenses | 1,041,550 | $ 169,608 |
Revolving promissory notes payable - affiliate | 17,798,192 | |
Due to affiliate | 1,992,213 | $ 1,934,970 |
Distributions payable | 66,956 | |
Total liabilities | $ 20,898,911 | $ 2,104,578 |
Commitments and Contingencies | ||
Company's stockholders' equity: | ||
Preferred stock, $0.01 par value; 50,000,000 shares authorized, none issued and outstanding | ||
Common stock, $0.01 par value; 200,000,000 shares authorized, 1,461,415 and 286,674 shares issued and outstanding, respectively | $ 14,614 | $ 2,867 |
Additional paid-in-capital | 10,048,815 | $ 455,880 |
Subscription receivable | (136,037) | |
Accumulated deficit | (835,447) | $ (145,196) |
Total Company stockholders' equity | 9,091,945 | 313,551 |
Noncontrolling interests | 1,845 | 1,975 |
Total Stockholders' Equity | 9,093,790 | 315,526 |
Total Liabilities and Stockholders' Equity | $ 29,992,701 | $ 2,420,104 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Preferred shares, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 1,461,415 | 286,674 |
Common stock, shares outstanding | 1,461,415 | 286,674 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ||||
Revenues | $ 1,620,917 | $ 2,174,339 | ||
Expenses: | ||||
Property operating expenses | 933,274 | 1,246,529 | ||
Real estate taxes | 64,819 | 96,553 | ||
General and administrative costs | 382,321 | $ 595 | 653,269 | $ 1,862 |
Depreciation and amortization | 194,427 | 251,872 | ||
Total operating expenses | 1,574,841 | $ 595 | 2,248,223 | $ 1,862 |
Operating income/(loss) | 46,076 | $ (595) | (73,884) | $ (1,862) |
Interest expense | (255,940) | (352,233) | ||
Other expense, net | (4,089) | (4,464) | ||
Net loss | (213,953) | $ (595) | (430,581) | $ (1,862) |
Less: net loss attributable to noncontrolling interests | 39 | 73 | ||
Net loss applicable to Company's common shares | $ (213,914) | $ (595) | $ (430,508) | $ (1,862) |
Net loss per Company's common shares, basic and diluted | $ (0.19) | $ (0.03) | $ (0.51) | $ (0.09) |
Weighted average number of common shares outstanding, basic and diluted | 1,151,224 | 20,000 | 841,614 | 20,000 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 6 months ended Jun. 30, 2015 - USD ($) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Subscription Receivable [Member] | Accumulated Deficit [Member] | Total Noncontrolling Interests [Member] |
BALANCE at Dec. 31, 2014 | $ 315,526 | $ 2,867 | $ 455,880 | $ (145,196) | $ 1,975 | |
BALANCE, shares at Dec. 31, 2014 | 286,674 | |||||
Net loss | (430,581) | (430,508) | $ (73) | |||
Distributions declared | (259,743) | $ (259,743) | ||||
Distributions paid to noncontrolling interests | (57) | $ (57) | ||||
Proceeds from offering | 11,454,847 | $ 11,689 | $ 11,579,195 | $ (136,037) | ||
Issuance of common shares, shares | 1,168,921 | |||||
Selling commissions and dealer manager fees | (1,067,615) | (1,067,615) | ||||
Other offering costs | (973,873) | (973,873) | ||||
Shares issued from distribution reinvestment program | 55,286 | $ 58 | 55,228 | |||
Shares issued from distribution reinvestment program, shares | 5,820 | |||||
BALANCE at Jun. 30, 2015 | $ 9,093,790 | $ 14,614 | $ 10,048,815 | $ (136,037) | $ (835,447) | $ 1,845 |
BALANCE, shares at Jun. 30, 2015 | 1,461,415 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (430,581) | $ (1,862) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 251,872 | |
Amortization of deferred financing costs | 63,333 | |
Other non-cash adjustments | 868 | |
Changes in assets and liabilities: | ||
Increase in prepaid expenses and other assets | (256,374) | |
Increase in accounts payable and other accrued expenses | 549,725 | $ 65 |
Increase in due to affiliate | 605 | |
Net cash provided by/(used in) operating activities | 179,448 | $ (1,797) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of investment property | (26,273,699) | |
Cash used in investing activities | (26,273,699) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from revolving promissory notes payable - affiliate | 20,200,000 | |
Payments on revolving promissory notes payable - affiliate | (2,401,808) | |
Payment of loan fees and expenses | (100,000) | |
Proceeds from issuance of common stock | 11,454,847 | |
Payment of commissions and offering costs | (2,055,098) | |
Distributions to noncontrolling interests | (57) | |
Distributions to common stockholders | (137,501) | |
Net cash provided by financing activities | 26,960,383 | |
Net change in cash | 866,132 | $ (1,797) |
Cash, beginning of year | 1,738,026 | 198,726 |
Cash, end of period | 2,604,158 | $ 196,929 |
Supplemental cash flow information for the periods indicated is as follows: | ||
Cash paid for interest | 214,397 | |
Distributions declared, but not paid | 66,956 | |
Commissions and other offering costs accrued but not paid | 195,072 | |
Revolving promissory note origination fee accrued but not paid | 130,000 | |
Subscription receivable | 136,037 | |
Value of shares issued from distribution reinvestment program | 55,286 | |
Application of deposit to acquisition of investment property | $ 500,000 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2015 | |
Organization [Abstract] | |
Organization | 1. Organization Lightstone Value Plus Real Estate Investment Trust III, Inc. (Lightstone REIT III''), incorporated on October 5, 2012 The Lightstone REIT III 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 III LP, a Delaware limited partnership (the Operating Partnership''). Lightstone REIT III 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 III, its Operating Partnership or the Company as required by the context in such pronoun used. Lightstone REIT III sold 20,000 10.00 Lightstone REIT III invested the proceeds received from the Advisor in the Operating Partnership, and as a result, held a 99 The Company's registration statement on Form S-11 (the Offering), pursuant to which it is offering to sell up to 30,000,000 par value $ 0.01 10.00 10,000,000 9.50 14.3 1.5 2.0 9.00 The Company has no employees. The Company has retained the Advisor to manage its affairs on a day-to-day basis. Beacon Property Management Limited Liability Company and Paragon Retail Property Management LLC (the Property Managers'') may serve as property managers. Orchard Securities, LLC (the Dealer Manager''), a third party not affiliated with the Company, the Sponsor or the Advisor, serves as the dealer manager of the Company's public offering. The Advisor and Property Managers are affiliates of the Sponsor. These related parties receive compensation and fees for services related to the investment and management of the Company's assets. These entities receive fees during the Company's offering, acquisition, operational and liquidation stages. (See Note 6 for a summary of related-party fees.) Noncontrolling Interests Partners of Operating Partnership On July 16, 2014, the Advisor contributed $ 2,000 200 Lightstone SLP III LLC (the Special Limited Partner''), a Delaware limited liability company of which Mr. Lichtenstein is the majority owner, will be a special limited partner in the Operating Partnership and has committed to purchase subordinated profits interests in the Operating Partnership (the Subordinated Participation Interests) at a cost of $ 50,000 1.0 700,000 14 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies 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. Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Lightstone REIT III and the Operating Partnership 99 All inter-company accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board Financial Accounting Standards Board 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 and debt
Acquisitions and debt | 6 Months Ended |
Jun. 30, 2015 | |
Acquisitions and debt [Abstract] | |
Acquisitions and debt | 3. Acquisitions and debt Hampton Inn Des Moines On February 4, 2015, the Company completed the acquisition of a 120-room select service hotel located in Des Moines, Iowa (the Hampton Inn Des Moines) from an unrelated third party, for an aggregate purchase price of approximately $ 10.9 1.0 0.1 2.7 8.2 10.0 The Des Moines Promissory Note was entered into on February 4, 2015, has a term of one 6.0 6.3 100,000 he outstanding principal balance and remaining availability under the Des Moines Promissory Note was approximately $ 7.0 3.0 The acquisition of the Hampton Inn Des Moines was 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 acquisition of the Hampton Inn Des Moines has been allocated to the assets acquired based upon their fair values as of the date of the acquisition. Approximately $ 1.2 9.2 0.5 The capitalization rate for the acquisition of the Hampton Inn Des Moines is approximately 11.3 Courtyard Durham On May 15, 2015, the Company completed the acquisition of a 146 Durham, North Carolina 16.0 1.0 0.2 4.0 12.0 13.0 The Durham Promissory Note was entered into on May 15, 2015, has a term of one 6.0 6.3 130,000 10.8 2.2 The acquisition of the Courtyard Durham was 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 acquisition of the Courtyard Durham has been allocated to the assets acquired based upon their fair values as of the date of the acquisition. Approximately $ 1.0 13.1 1.9 The capitalization rate for the acquisition of the Courtyard Durham is approximately 7.3 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 Hampton Inn Des Moines and the Courtyard Durham since their respective dates of acquisition for the period indicated: For the Three Months Ended June 30, 2015 For the Six Months Ended June 30, 2015 Rental revenue $ 1,620,917 $ 2,174,339 Net loss $ (170,547 ) $ (338,236 ) The following table provides unaudited pro forma results of operations for the period indicated, as if the Hampton Inn Des Moines and the Courtyard Durham had been acquired at the beginning of each period. Such pro forma results are not necessarily indicative of the results that actually would have occurred had these acquisitions been completed on the date indicated, nor are they indicative of the future operating results of the combined company. For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Pro forma rental revenue $ 2,287,518 $ 1,879,068 $ 4,189,043 $ 3,758,135 Pro forma net (loss)/ income (1) $ (118,960 ) $ 200,961 $ (209,402 ) $ 401,249 Pro forma net (loss)/income per Company's common share, basic and diluted (1) $ (0.10 ) $ 10.05 $ (0.25 ) $ 20.06 (1) Includes acquisition related expenses of $316,955 509,571 |
Selling Commission, Dealer Mana
Selling Commission, Dealer Manager Fees and Other Offering Costs | 6 Months Ended |
Jun. 30, 2015 | |
Selling Commission Dealer Manager Fees And Other Offering Costs [Abstract] | |
Selling Commission, Dealer Manager Fees and Other Offering Costs | 4. Selling Commissions, Dealer Manager Fees and Other Offering Costs Selling commissions and dealer manager fees are paid to the Dealer Manager, pursuant to various agreements, and other third-party offering costs such as registration fees, due diligence fees, marketing costs, and professional fees are accounted for as a reduction against additional paid-in capital (APIC) as costs are incurred. Organizational costs are expensed as general and administrative costs. The following table represents the selling commissions and dealer manager and other offering costs for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Selling commissions and dealer manager fees $ 556,508 $ - $ 1,067,615 $ - Other offering costs $ 579,217 $ - $ 973,873 $ - Since the Company's inception through June 30, 2015, it has incurred approximately $ 1.1 3.1 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings per Share [Abstract] | |
Earnings per Share | 5. Earnings per Share The Company had no potentially dilutive securities outstanding during the periods presented. Accordingly, basic and diluted earnings per share is calculated by dividing earnings 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, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 6. Related Party Transactions The Company has agreements with the Advisor and the Property Managers 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. For the three and six months ended June 30, 2015, the Company paid the Advisor acquisition fees of $ 160,000 269,000 The Advisor will advance the organization and offering costs to the extent that the Company does not have the funds to pay such expenses. The related liability of approximately $ 1.8 |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Financial Instruments [Abstract] | |
Financial Instruments | 7. Financial Instruments The carrying amounts reported in the consolidated balance sheets for cash, restricted escrows, accounts receivable (included in other assets), accounts payable and accrued expenses approximated their fair values because of the short maturity of these instruments. As of June 30, 2015, the estimated fair value of the Des Moines Promissory Note and the Durham Promissory Note approximated their carrying values because of their floating interest rates. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 8. 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, we are not a party to any material pending legal proceedings. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9. Subsequent Events Distribution Payment On May 15, 2015, June 15, 2015 and July 15, 2015, the Company paid the distributions for the months ending April 30, 2015, May 31, 2015 and June 30, 2015, respectively, of $ 172,217 6,274 9.50 112,612 65 59,605 35 Distribution Declaration On August 14, 2015 0.00164383 365 6.0 10.00 |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Lightstone REIT III and the Operating Partnership 99 All inter-company accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary. |
New Accounting Pronouncements | New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board Financial Accounting Standards Board 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 and debt (Tables)
Acquisitions and debt (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2015 For the Six Months Ended June 30, 2015 Rental revenue $ 1,620,917 $ 2,174,339 Net loss $ (170,547 ) $ (338,236 ) |
Schedule of Unaudited Pro Forma Results of Operations | For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Pro forma rental revenue $ 2,287,518 $ 1,879,068 $ 4,189,043 $ 3,758,135 Pro forma net (loss)/ income (1) $ (118,960 ) $ 200,961 $ (209,402 ) $ 401,249 Pro forma net (loss)/income per Company's common share, basic and diluted (1) $ (0.10 ) $ 10.05 $ (0.25 ) $ 20.06 (1) Includes acquisition related expenses of $316,955 509,571 |
Selling Commission, Dealer Ma18
Selling Commission, Dealer Manager Fees and Other Offering Costs (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Selling Commission Dealer Manager Fees And Other Offering Costs [Abstract] | |
Summary of Selling Commissions, Dealer Manager Fees and Other Offering Costs | For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Selling commissions and dealer manager fees $ 556,508 $ - $ 1,067,615 $ - Other offering costs $ 579,217 $ - $ 973,873 $ - |
Organization (Details)
Organization (Details) - USD ($) | Jul. 15, 2015 | Jul. 15, 2014 | Jul. 31, 2015 | Jul. 16, 2014 | Dec. 24, 2012 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||
Date of incorporation | Oct. 5, 2012 | ||||||||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Issuance of common shares, value | $ 11,454,847 | ||||||||
Gross proceeds from sale of common stock | $ 11,454,847 | ||||||||
Price per unit that the Special Limited Partner has committed to purchase | $ 50,000 | ||||||||
Amount in subscriptions accepted required for the Special Limited Partner to purchase one unit | $ 1,000,000 | $ 1,000,000 | |||||||
Subsequent Event [Member] | |||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||
Issuance of common shares, value | $ 112,612 | ||||||||
Shares issued, price per share | $ 9.50 | ||||||||
Advisor [Member] | |||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||
Partners' capital account contributions | $ 2,000 | ||||||||
Partners' capital account contributions, units | 200 | ||||||||
Special Limited Partner [Member] | Subsequent Event [Member] | |||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||
Partners' capital account contributions | $ 700,000 | ||||||||
Partners' capital account contributions, units | 14 | ||||||||
Lightstone Value Plus REIT III LLC [Member] | |||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||
Issuance of common shares, shares | 20,000 | ||||||||
Shares issued, price per share | $ 10 | ||||||||
General partner ownership interest | 99.00% | ||||||||
Stock Offering [Member] | |||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||
Shares reserved for issuance | 30,000,000 | ||||||||
Shares reserved for issuance, price per share | $ 10 | ||||||||
Common stock, par value | $ 0.01 | ||||||||
Gross proceeds from sale of common stock | $ 14,300,000 | ||||||||
Issuance of common shares, shares | 1,500,000 | ||||||||
Stock Offering [Member] | Company owned by David Lichtenstein [Member] | |||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||
Issuance of common shares, value | $ 2,000,000 | ||||||||
Shares issued, price per share | $ 9 | $ 9 | |||||||
Distribution Reinvestment Plan [Member] | |||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||
Shares reserved for issuance | 10,000,000 | ||||||||
Shares reserved for issuance, price per share | $ 9.50 |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Details) | 6 Months Ended |
Jun. 30, 2015 | |
Lightstone Value Plus REIT III LLC [Member] | |
Accounting Policies [Line Items] | |
General partner ownership interest | 99.00% |
Acquisitions and debt (Narrativ
Acquisitions and debt (Narrative) (Details) - USD ($) | May. 15, 2015 | Feb. 04, 2015 | Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 |
Business Combination, Separately Recognized Transactions [Line Items] | ||||||
Acquisition fees received by the advisor | $ 316,955 | $ 509,571 | ||||
Proceeds from revolving promissory note | 20,200,000 | |||||
Origination fee | 130,000 | 130,000 | ||||
Repayment of promissory note | 2,401,808 | |||||
Revolving promissory note | $ 17,798,192 | $ 17,798,192 | ||||
Hampton Inn - Des Moines [Member] | ||||||
Business Combination, Separately Recognized Transactions [Line Items] | ||||||
Cash consideration paid | $ 10,900,000 | |||||
Acquisition fees received by the advisor as percentage of acquisition price | 1.00% | |||||
Acquisition fees received by the advisor | $ 100,000 | |||||
Proceeds from offering | 2,700,000 | |||||
Purchase price allocation, land and improvements | 1,200,000 | |||||
Purchase price allocation, building and improvements | 9,200,000 | |||||
Purchase price allocation, furnitures and fixtures | $ 500,000 | |||||
Asset capitalization rate | 11.30% | |||||
Hampton Inn - Des Moines [Member] | Des Moines Promissory Note [Member] | ||||||
Business Combination, Separately Recognized Transactions [Line Items] | ||||||
Proceeds from revolving promissory note | $ 8,200,000 | |||||
Debt instrument, face amount | $ 10,000,000 | |||||
Debt Instrument, Term | 1 year | |||||
Interest rate, Libor plus | 6.00% | |||||
Interest rate at end of period | 6.30% | 6.30% | ||||
Origination fee | $ 100,000 | |||||
Revolving promissory note | $ 7,000,000 | $ 7,000,000 | ||||
Remaining availability under promissory note | $ 3,000,000 | $ 3,000,000 | ||||
Courtyard, Durham North Carolina [Member] | ||||||
Business Combination, Separately Recognized Transactions [Line Items] | ||||||
Cash consideration paid | $ 16,000,000 | |||||
Acquisition fees received by the advisor as percentage of acquisition price | 1.00% | |||||
Acquisition fees received by the advisor | $ 200,000 | |||||
Proceeds from offering | 4,000,000 | |||||
Purchase price allocation, land and improvements | 1,000,000 | |||||
Purchase price allocation, building and improvements | 13,100,000 | |||||
Purchase price allocation, furnitures and fixtures | $ 1,900,000 | |||||
Asset capitalization rate | 7.30% | |||||
Courtyard, Durham North Carolina [Member] | Durham Promissory Note [Member] | ||||||
Business Combination, Separately Recognized Transactions [Line Items] | ||||||
Proceeds from revolving promissory note | $ 12,000,000 | |||||
Debt instrument, face amount | $ 13,000,000 | |||||
Debt Instrument, Term | 1 year | |||||
Interest rate, Libor plus | 6.00% | |||||
Interest rate at end of period | 6.30% | 6.30% | ||||
Origination fee | $ 130,000 | |||||
Revolving promissory note | $ 10,800,000 | $ 10,800,000 | ||||
Remaining availability under promissory note | $ 2,200,000 | $ 2,200,000 |
Acquisitions and debt (Amounts
Acquisitions and debt (Amounts of Revenue and Net Income Included in Consolidated Statements of Operations) (Details) - Jun. 30, 2015 - USD ($) | Total | Total |
Business Acquisition [Line Items] | ||
Rental revenue | $ 1,620,917 | $ 2,174,339 |
Net loss | $ (170,547) | $ (338,236) |
Acquisitions and debt (Unaudite
Acquisitions and debt (Unaudited Pro Forma Results of Operations) (Details) - USD ($) | Feb. 04, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||
Pro forma rental revenue | $ 2,287,518 | $ 1,879,068 | $ 4,189,043 | $ 3,758,135 | |
Pro forma net (loss)/income | $ (118,960) | $ 200,961 | $ (209,402) | $ 401,249 | |
Pro forma net (loss)/income per Company's common share, basic and diluted | $ (0.10) | $ 10.05 | $ (0.25) | $ 20.06 | |
Acquisition related expenses | $ 316,955 | $ 509,571 | |||
Hampton Inn - Des Moines [Member] | |||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||
Acquisition related expenses | $ 100,000 |
Selling Commission, Dealer Ma24
Selling Commission, Dealer Manager Fees and Other Offering Costs (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 35 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | |
Selling Commission Dealer Manager Fees And Other Offering Costs [Abstract] | |||||
Selling commissions and dealer manager fees | $ 556,508 | $ 1,067,615 | $ 1,100,000 | ||
Other offering costs | $ 579,217 | $ 973,873 | $ 3,100,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Acquisition fee | $ 316,955 | $ 509,571 | |
Related liability for organization and offering costs is included in Due to affiliate | 1,992,213 | 1,992,213 | $ 1,934,970 |
Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Acquisition fee | 160,000 | 269,000 | |
Related liability for organization and offering costs is included in Due to affiliate | $ 1,800,000 | $ 1,800,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Aug. 14, 2015 | Jul. 15, 2015 | Jun. 30, 2015 | Jun. 30, 2014 |
Subsequent Events [Line Items] | ||||
Distribution paid | $ 137,501 | |||
Proceeds from offering | 11,454,847 | |||
Value of common stock issued pursuant to Distribution Reinvestment Program | $ 55,286 | |||
Subsequent event [Member] | ||||
Subsequent Events [Line Items] | ||||
Shares of common stock issued pursuant to Distribution Reinvestment Program | 6,274 | |||
Discounted price per share | $ 9.50 | |||
Proceeds from offering | $ 112,612 | |||
Percentage of distribution paid from offering proceeds | 65.00% | |||
Value of common stock issued pursuant to Distribution Reinvestment Program | $ 59,605 | |||
Percentage of distribution paid from the issuance of common stock through the Company's DRIP | 35.00% | |||
Distribution declared | Aug. 14, 2015 | |||
Distribution on per day basis | $ 0.00164383 | |||
Number of days used to calculate daily amount of distribution | 365 days | |||
Annualized rate of dividend | 6.00% | |||
Face value of share | $ 10 | |||
Subsequent event [Member] | Distribution for the month ending July 31, 2015 [Member] | ||||
Subsequent Events [Line Items] | ||||
Distribution paid | $ 172,217 |