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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
☐
For the quarterly period ended June 30, 2023
Commission File Number: 000-53650
Lightstone Value Plus REIT V, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Maryland |
|
20-8198863 |
(State or other jurisdiction of incorporation or organization) |
|
(I.R.S. Employer Identification No.) |
1985 Cedar Bridge Avenue, Suite 1, Lakewood, New Jersey 08701
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (888) 808-7348
Securities registered pursuant to Section 12(b) of the Act: None.
Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the Registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer |
☐ |
Accelerated filer |
☐ |
Non-accelerated filer |
☒ |
Smaller reporting company |
☒ |
|
Emerging growth company |
☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of August 7, 2023, the Registrant had approximately 19.7 million shares of common stock outstanding.
LIGHTSTONE VALUE PLUS REIT V, INC.
INDEX
PART I
FINANCIAL INFORMATION
|
Item 1. |
Financial Statements. |
Lightstone Value Plus REIT V, Inc.
Consolidated Balance Sheets
(dollars in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
|
|
(unaudited) |
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment property: |
|
|
|
|
|
|
|
|
Land and improvements |
|
$ |
84,741 |
|
|
$ |
84,439 |
|
Building and improvements |
|
|
326,606 |
|
|
|
324,335 |
|
Furniture, fixtures and equipment |
|
|
10,175 |
|
|
|
9,975 |
|
Gross investment property |
|
|
421,522 |
|
|
|
418,749 |
|
Less accumulated depreciation |
|
|
(66,180 |
) |
|
|
(59,274 |
) |
Net investment property |
|
|
355,342 |
|
|
|
359,475 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
55,839 |
|
|
|
59,625 |
|
Marketable securities, available for sale |
|
|
3,569 |
|
|
|
3,455 |
|
Restricted cash |
|
|
5,210 |
|
|
|
5,126 |
|
Note receivable, net |
|
|
4,750 |
|
|
|
3,771 |
|
Prepaid expenses and other assets |
|
|
3,051 |
|
|
|
3,256 |
|
Total Assets |
|
$ |
427,761 |
|
|
$ |
434,708 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable, net |
|
$ |
290,445 |
|
|
$ |
290,289 |
|
Accounts payable and accrued and other liabilities |
|
|
8,169 |
|
|
|
8,515 |
|
Total liabilities |
|
|
298,614 |
|
|
|
298,804 |
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity: |
|
|
|
|
|
|
|
|
Company’s stockholders’ equity: |
|
|
|
|
|
|
|
|
Preferred stock, $.0001 par value per share; 50.0 million shares authorized, none issued and outstanding |
|
|
- |
|
|
|
- |
|
Convertible stock, $.0001 par value per share; 1,000 shares authorized, issued and outstanding |
|
|
- |
|
|
|
- |
|
Common stock, $.0001 par value per share; 350.0 million shares authorized, 19.9 million and 20.0 million shares issued and outstanding, respectively |
|
|
2 |
|
|
|
2 |
|
Additional paid-in-capital |
|
|
167,846 |
|
|
|
169,996 |
|
Accumulated other comprehensive loss |
|
|
(200 |
) |
|
|
(220 |
) |
Accumulated deficit |
|
|
(38,501 |
) |
|
|
(33,874 |
) |
Total Stockholders’ Equity |
|
|
129,147 |
|
|
|
135,904 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
427,761 |
|
|
$ |
434,708 |
|
See Notes to Consolidated Financial Statements.
Lightstone Value Plus REIT V, Inc.
Consolidated Statements of Operations and Comprehensive Loss
(dollars and shares in thousands, except per share amounts)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, |
|
|
For the Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Rental revenues |
|
$ |
12,660 |
|
|
$ |
11,612 |
|
|
$ |
24,973 |
|
|
$ |
22,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating expenses |
|
|
4,093 |
|
|
|
4,030 |
|
|
|
7,993 |
|
|
|
7,277 |
|
Real estate taxes |
|
|
1,826 |
|
|
|
1,646 |
|
|
|
3,700 |
|
|
|
3,374 |
|
General and administrative |
|
|
1,906 |
|
|
|
1,899 |
|
|
|
3,769 |
|
|
|
3,717 |
|
Depreciation and amortization |
|
|
3,466 |
|
|
|
4,953 |
|
|
|
6,906 |
|
|
|
9,872 |
|
Total expenses |
|
|
11,291 |
|
|
|
12,528 |
|
|
|
22,368 |
|
|
|
24,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(3,623 |
) |
|
|
(3,307 |
) |
|
|
(7,221 |
) |
|
|
(6,421 |
) |
Interest income |
|
|
686 |
|
|
|
368 |
|
|
|
1,325 |
|
|
|
877 |
|
Mark to market adjustment on derivative financial instruments |
|
|
(664 |
) |
|
|
492 |
|
|
|
(1,190 |
) |
|
|
1,110 |
|
Other (expense)/income, net |
|
|
(408 |
) |
|
|
247 |
|
|
|
(146 |
) |
|
|
1,361 |
|
Net loss |
|
$ |
(2,640 |
) |
|
$ |
(3,116 |
) |
|
$ |
(4,627 |
) |
|
$ |
(4,495 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
19,918 |
|
|
|
20,089 |
|
|
|
19,977 |
|
|
|
20,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss per share |
|
$ |
(0.13 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.22 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(2,640 |
) |
|
$ |
(3,116 |
) |
|
$ |
(4,627 |
) |
|
$ |
(4,495 |
) |
Other comprehensive (loss)/income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Holding (loss)/gain on marketable securities, available for sale |
|
|
(16 |
) |
|
|
(62 |
) |
|
|
12 |
|
|
|
(185 |
) |
Reclassification adjustment for loss/(gain) on sale of marketable securities included in net loss |
|
|
6 |
|
|
|
2 |
|
|
|
8 |
|
|
|
(2 |
) |
Total other comprehensive (loss)/income |
|
|
(10 |
) |
|
|
(60 |
) |
|
|
20 |
|
|
|
(187 |
) |
Comprehensive loss |
|
$ |
(2,650 |
) |
|
$ |
(3,176 |
) |
|
$ |
(4,607 |
) |
|
$ |
(4,682 |
) |
See
Notes to Consolidated Financial Statements.
Lightstone Value Plus REIT V, Inc.
Consolidated Statements of Stockholders’ Equity
(dollars and shares in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Stock |
|
|
Common Stock |
|
|
Additional Paid-In |
|
|
Accumulated Other Comprehensive |
|
|
Accumulated |
|
|
Total Stockholders’ |
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Income |
|
|
Deficit |
|
|
Equity |
|
BALANCE, March 31, 2022 |
|
|
1 |
|
|
$ |
- |
|
|
|
20,104 |
|
|
$ |
2 |
|
|
$ |
170,764 |
|
|
$ |
(114 |
) |
|
$ |
(26,603 |
) |
|
$ |
144,049 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3,116 |
) |
|
|
(3,116 |
) |
Redemption and cancellation of common stock |
|
|
- |
|
|
|
- |
|
|
|
(20 |
) |
|
|
- |
|
|
|
(257 |
) |
|
|
- |
|
|
|
- |
|
|
|
(257 |
) |
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Holding loss on marketable securities, available for sale |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(62 |
) |
|
|
- |
|
|
|
(62 |
) |
Reclassification adjustment for loss on sale of marketable securities included in net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2 |
|
|
|
- |
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, June 30, 2022 |
|
|
1 |
|
|
$ |
- |
|
|
|
20,084 |
|
|
$ |
2 |
|
|
$ |
170,507 |
|
|
$ |
(174 |
) |
|
$ |
(29,719 |
) |
|
$ |
140,616 |
|
|
|
Convertible Stock |
|
|
Common Stock |
|
|
Additional Paid-In |
|
|
Accumulated Other Comprehensive |
|
|
Accumulated |
|
|
Total Stockholders’ |
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Loss |
|
|
Deficit |
|
|
Equity |
|
BALANCE, December 31, 2021 |
|
|
1 |
|
|
$ |
- |
|
|
|
20,128 |
|
|
$ |
2 |
|
|
$ |
171,079 |
|
|
$ |
13 |
|
|
$ |
(25,224 |
) |
|
$ |
145,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(4,495 |
) |
|
|
(4,495 |
) |
Redemption and cancellation of common stock |
|
|
- |
|
|
|
- |
|
|
|
(44 |
) |
|
|
- |
|
|
|
(572 |
) |
|
|
- |
|
|
|
- |
|
|
|
(572 |
) |
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Holding loss on marketable securities, available for sale |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(185 |
) |
|
|
- |
|
|
|
(185 |
) |
Reclassification adjustment for gain on sale of marketable securities included in net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2 |
) |
|
|
- |
|
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, June 30, 2022 |
|
|
1 |
|
|
$ |
- |
|
|
|
20,084 |
|
|
$ |
2 |
|
|
$ |
170,507 |
|
|
$ |
(174 |
) |
|
$ |
(29,719 |
) |
|
$ |
140,616 |
|
|
|
Convertible Stock |
|
|
Common Stock |
|
|
Additional Paid-In |
|
|
Accumulated Other Comprehensive |
|
|
Accumulated |
|
|
Total Stockholders’ |
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Loss |
|
|
Deficit |
|
|
Equity |
|
BALANCE, March 31, 2023 |
|
|
1 |
|
|
$ |
- |
|
|
|
20,034 |
|
|
$ |
2 |
|
|
$ |
169,846 |
|
|
$ |
(190 |
) |
|
$ |
(35,861 |
) |
|
$ |
133,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,640 |
) |
|
|
(2,640 |
) |
Redemption and cancellation of common stock |
|
|
- |
|
|
|
- |
|
|
|
(160 |
) |
|
|
- |
|
|
|
(2,000 |
) |
|
|
- |
|
|
|
- |
|
|
|
(2,000 |
) |
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Holding loss on marketable securities, available for sale |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(16 |
) |
|
|
- |
|
|
|
(16 |
) |
Reclassification adjustment for loss on sale of marketable securities included in net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6 |
|
|
|
- |
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, June 30, 2023 |
|
|
1 |
|
|
$ |
- |
|
|
|
19,874 |
|
|
$ |
2 |
|
|
$ |
167,846 |
|
|
$ |
(200 |
) |
|
$ |
(38,501 |
) |
|
$ |
129,147 |
|
|
|
Convertible Stock |
|
|
Common Stock |
|
|
Additional Paid-In |
|
|
Accumulated Other Comprehensive |
|
|
Accumulated |
|
|
Total Stockholders’ |
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Loss |
|
|
Deficit |
|
|
Equity |
|
BALANCE, December 31, 2022 |
|
|
1 |
|
|
$ |
- |
|
|
|
20,044 |
|
|
$ |
2 |
|
|
$ |
169,996 |
|
|
$ |
(220 |
) |
|
$ |
(33,874 |
) |
|
$ |
135,904 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(4,627 |
) |
|
|
(4,627 |
) |
Redemption and cancellation of common stock |
|
|
- |
|
|
|
- |
|
|
|
(170 |
) |
|
|
- |
|
|
|
(2,150 |
) |
|
|
- |
|
|
|
- |
|
|
|
(2,150 |
) |
Other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Holding gain on marketable securities, available for sale |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
12 |
|
|
|
- |
|
|
|
12 |
|
Reclassification adjustment for loss on sale of marketable securities included in net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
8 |
|
|
|
- |
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE, June 30, 2023 |
|
|
1 |
|
|
$ |
- |
|
|
|
19,874 |
|
|
$ |
2 |
|
|
$ |
167,846 |
|
|
$ |
(200 |
) |
|
$ |
(38,501 |
) |
|
$ |
129,147 |
|
See Notes to Consolidated Financial Statements.
Lightstone Value Plus REIT V, Inc.
Consolidated Statements of Cash Flows
(dollars in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(4,627 |
) |
|
$ |
(4,495 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
6,906 |
|
|
|
9,872 |
|
Amortization of deferred financing fees |
|
|
711 |
|
|
|
711 |
|
Mark to market adjustment on derivative financial instruments |
|
|
1,190 |
|
|
|
(1,110 |
) |
Non-cash interest income |
|
|
(32 |
) |
|
|
(324 |
) |
Other non-cash adjustments |
|
|
(143 |
) |
|
|
(2 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Increase in prepaid expenses and other assets |
|
|
(853 |
) |
|
|
(761 |
) |
(Decrease)/increase in accounts payable and accrued and other liabilities |
|
|
(440 |
) |
|
|
515 |
|
Net cash provided by operating activities |
|
|
2,712 |
|
|
|
4,406 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Purchase of investment property |
|
|
(2,701 |
) |
|
|
(4,464 |
) |
Purchases of marketable securities |
|
|
(625 |
) |
|
|
(721 |
) |
Proceeds from sale of marketable securities |
|
|
523 |
|
|
|
735 |
|
Funding of note receivable, net |
|
|
(925 |
) |
|
|
- |
|
Proceeds from repayment of note receivable |
|
|
- |
|
|
|
8,821 |
|
Net cash (used in)/provided by investing activities |
|
|
(3,728 |
) |
|
|
4,371 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Proceeds from notes payable |
|
|
461 |
|
|
|
11,587 |
|
Payments on notes payable |
|
|
(997 |
) |
|
|
(867 |
) |
Payment of loan fees and expenses |
|
|
- |
|
|
|
(13 |
) |
Redemption and cancellation of common stock |
|
|
(2,150 |
) |
|
|
(572 |
) |
Net cash (used in)/provided by financing activities |
|
|
(2,686 |
) |
|
|
10,135 |
|
|
|
|
|
|
|
|
|
|
Change in cash, cash equivalents and restricted cash |
|
|
(3,702 |
) |
|
|
18,912 |
|
Cash, cash equivalents and restricted cash, beginning of year |
|
|
64,751 |
|
|
|
45,239 |
|
Cash, cash equivalents and restricted cash, end of period |
|
$ |
61,049 |
|
|
$ |
64,151 |
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information for the periods indicated is as follows: |
|
|
|
|
|
|
|
|
Cash paid for interest |
|
$ |
8,500 |
|
|
$ |
5,667 |
|
Cash paid for income taxes |
|
$ |
726 |
|
|
$ |
54 |
|
Capital expenditures for investment property in accounts payable and accrued and other liabilities |
|
$ |
233 |
|
|
$ |
156 |
|
Holding gain/loss on marketable securities, available for sale |
|
$ |
20 |
|
|
$ |
187 |
|
|
|
|
|
|
|
|
|
|
The following is a summary of the Company’s cash, cash equivalents, and restricted cash total as presented in our statements of cash flows for the periods presented: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
55,839 |
|
|
$ |
59,435 |
|
Restricted cash |
|
|
5,210 |
|
|
|
4,716 |
|
Total cash, cash equivalents and restricted cash |
|
$ |
61,049 |
|
|
$ |
64,151 |
|
See Notes to Consolidated Financial Statements.
Lightstone Value Plus REIT V, Inc.
Notes to Consolidated Financial Statements (unaudited)
(Dollar amounts in thousands, except per share data and where indicated in millions)
Lightstone Value Plus REIT V, Inc. which was formerly known as Lightstone Value Plus Real Estate Investment Trust V, Inc. before August 31, 2021 (which may be referred to as the “Company,” “we,” “us,” or “our”), was organized as a Maryland corporation on January 9, 2007 and has elected to be taxed, and currently qualifies, as a real estate investment trust (“REIT”) for federal income tax purposes.
The Company was formed primarily to acquire and operate commercial real estate and real estate-related assets on an opportunistic and value-add basis. In particular, the Company has focused generally on acquiring commercial properties with significant possibilities for capital appreciation, such as those requiring development, redevelopment, or repositioning, those located in markets and submarkets with high growth potential, and those available from sellers who are distressed or face time-sensitive deadlines. The Company has acquired a wide variety of commercial properties, including office, industrial, retail, hospitality, multifamily and student housing. The Company has purchased existing, income-producing properties, and newly-constructed properties. The Company has also invested in other real estate-related investments such as mortgage and mezzanine loans. The Company intends to hold the various real properties in which it has invested until such time as its board of directors determines that a sale or other disposition appears to be advantageous to achieve the Company’s investment objectives or until it appears that the objectives will not be met. The Company currently has one operating segment. As of June 30, 2023, the Company had eight wholly owned real estate investments (multifamily properties) and one real estate-related investment (note receivable).
Substantially all of the Company’s business is conducted through Lightstone REIT V OP LP, a limited partnership organized in Delaware (the “Operating Partnership”). As of June 30, 2023, the Company’s wholly-owned subsidiary, BHO II, Inc., a Delaware corporation, owned a 0.1% partnership interest in the Operating Partnership as its sole general partner. As of June 30, 2023, the Company’s wholly-owned subsidiary, BHO Business Trust II, a Maryland business trust, was the sole limited partner of the Operating Partnership and owned the remaining 99.9% interest in the Operating Partnership.
The Company’s business is externally managed by LSG Development Advisor LLC (the “Advisor”), an affiliate of the Lightstone Group LLC (“Lightstone”) which provides advisory services to the Company and the Company has no employees. Lightstone is majority owned by the chairman emeritus of the Company’s board of directors, David Lichtenstein. Pursuant to the terms of an advisory agreement and subject to the oversight of the Company’s board of directors, the Advisor is responsible for managing the Company’s day-to-day affairs and for services related to the management of the Company’s assets.
Organization
In connection with the Company’s initial capitalization, the Company issued 22,500 shares of its common stock and 1,000 shares of its convertible stock to the Company’s previous advisor on January 19, 2007. The 1,000 shares of convertible stock were transferred to an affiliate of Lightstone on February 10, 2017 and remain outstanding. As of June 30, 2023, the Company had 19.9 million shares of common stock outstanding.
The Company’s common stock is not currently listed on a national securities exchange. The timing of a liquidity event for the Company’s stockholders will depend upon then prevailing market conditions and the Company’s board of directors’ assessment of the Company’s investment objectives and liquidity options for the Company’s stockholders. Currently, the Company’s board of directors has targeted June 30, 2028 for the commencement of a liquidity event. However, the Company can provide no assurances as to the actual timing of the commencement of a liquidity event for its stockholders or the ultimate liquidation of the Company. Furthermore, the Company will seek stockholder approval prior to liquidating its entire portfolio.
Lightstone Value Plus REIT V, Inc.
Notes to Consolidated Financial Statements (unaudited)
(Dollar amounts in thousands, except per share data and where indicated in millions)
|
2. |
Summary of Significant Accounting Policies |
Interim Unaudited Financial Information
The accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes as contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the Securities and Exchange Commission (the “SEC”) on March 28, 2023. The unaudited interim consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair presentation of the results for the periods presented. The accompanying unaudited consolidated financial statements of Lightstone Value Plus REIT V, Inc. have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.
Principles of Consolidation and Basis of Presentation
The Company’s consolidated financial statements includes its accounts and the accounts of other subsidiaries over which the Company has control. All inter-company transactions, balances, and profits have been eliminated in consolidation. In addition, interests in entities acquired are evaluated based on applicable GAAP, and entities deemed to be variable interest entities (“VIE”) in which the Company is the primary beneficiary are also consolidated. If the interest in the entity is determined not to be a VIE, then the entity is evaluated for consolidation based on legal form, economic substance, and the extent to which the Company has control, substantive participating rights or both under the respective ownership agreement. For entities in which the Company has less than a controlling interest or entities which it is not deemed to be the primary beneficiary, it accounts for the investment using the equity method of accounting.
The consolidated balance sheet as of December 31, 2022 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.
Reclassifications
Certain prior period amounts have been reclassified to conform to the current period presentation.
Earnings per Share
The Company had no potentially dilutive securities outstanding during the periods presented. Accordingly, basic and diluted earnings per share is calculated by dividing net income/(loss) by the weighted-average number of shares of common stock outstanding during the applicable period.
Income Taxes
The Company has elected to be taxed as a REIT commencing with the taxable year ended December 31, 2008. If the Company qualifies as a REIT, it generally will not be subject to U.S. federal income tax on its taxable income or capital gain that it distributes to its stockholders. To maintain its REIT qualification, the Company must meet a number of organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90% of its REIT taxable income (which does not equal net income, as calculated in accordance with GAAP), determined without regard to the deduction for dividends paid and excluding any net capital gain. If the Company fails to remain qualified for taxation as a REIT in any subsequent year and does not qualify for certain statutory relief provisions, its income for that year will be taxed at the regular corporate rate, and it may be precluded from qualifying for treatment as a REIT for the four-year period following its failure to qualify as a REIT. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders.
Lightstone Value Plus REIT V, Inc.
Notes to Consolidated Financial Statements (unaudited)
(Dollar amounts in thousands, except per share data and where indicated in millions)
To maintain its qualification as a REIT, the Company may engage in certain activities through taxable REIT subsidiaries (“TRSs”). As such, it may be subject to U.S. federal and state income and franchise taxes from these activities.
The Company’s income tax expense and benefits are included in other income/(expense), net on its consolidated statements of operations. During both the three and six months ended June 30, 2023, the Company recorded income tax expense of $0.7 million, primarily consisting of estimated state income tax due. During the three and six months ended June 30, 2022, the Company recorded estimated income tax expense of $17 and an aggregate income tax benefit of $0.9 million respectively. The aggregate income tax benefit for the six months ended June 30, 2022 includes an $0.8 million partial refund of previously paid foreign income tax received in the first quarter of 2022.
As of June 30, 2023 and December 31, 2022, the Company had no material uncertain income tax positions.
Recently Adopted Accounting Standards
In June 2016, the Financial Accounting Standards Board issued an accounting standards update, “Financial Instruments-Credit Losses-Measurement of Credit Losses on Financial Instruments,” which changes how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The updated standard introduces an impairment model that is based on expected credit losses, rather than incurred losses, to estimate credit losses for financial instruments measured at amortized cost. For other receivables and held-to-maturity debt instruments, entities are required to use a new forward looking expected loss model that generally will result in an earlier recognition of allowances for losses. Financial instruments with similar risk characteristics may be grouped together when estimating expected credit losses. The update was effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted the new standard, as of January 1, 2023, and it did not have a material impact on the consolidated financial statements.
Adverse Developments Affecting the Financial Services Industry and Concentration of Credit Risk
As of June 30, 2023 and December 31, 2022, the Company had cash deposited in certain financial institutions in excess of federally insured levels. The Company regularly monitors the financial stability of these financial institutions and believes that it is not exposed to any significant credit risk in cash and cash equivalents or restricted cash. However, in March and April 2023, certain U.S. government banking regulators took steps to intervene in the operations of certain financial institutions due to liquidity concerns, which caused general heightened uncertainties in financial markets. While these events have not had a material direct impact on the Company’s operations, if further liquidity and financial stability concerns arise with respect to banks and financial institutions, either nationally or in specific regions, the Company’s ability to access cash or enter into new financing arrangements may be threatened, which could have a material adverse effect on its business, financial condition and results of operations.
Current Environment
The Company’s operating results are substantially impacted by the overall health of local, U.S. national and global economies and may be influenced by market and other challenges. Additionally, the Company’s business and financial performance may be adversely affected by current and future economic and other conditions; including, but not limited to, availability or terms of financings, financial markets volatility, political upheaval or uncertainty, natural and man-made disasters, terrorism and acts of war, unfavorable changes in laws and regulations, outbreaks of contagious diseases, cybercrime, loss of key relationships, inflation and recession.
The Company’s overall performance depends in part on worldwide economic and geopolitical conditions and their impacts on consumer behavior. Worsening economic conditions, increases in costs due to inflation, higher interest rates, certain labor and supply chain challenges, and other changes in economic conditions, may adversely affect the Company’s results of operations and financial performance.
Lightstone Value Plus REIT V, Inc.
Notes to Consolidated Financial Statements (unaudited)
(Dollar amounts in thousands, except per share data and where indicated in millions)
On February 28, 2019, the Company, as the lender, and an unrelated third party (the “Loan Borrower”), as the borrower, entered into a loan promissory note (the “Mezzanine Loan”), pursuant to which the Company funded an aggregate $12.0 million of mezzanine financing collateralized by the ownership interests of the Loan Borrower in a condominium project (the “Park House”) located at 500 West 22nd Street in the West Chelsea neighborhood of New York City.
The Mezzanine Loan bore interest at a rate of LIBOR plus 11.0% per annum with a floor of 13.493% (17.885% as of December 31, 2022) and had a maturity date of March 1, 2023. Additionally, the Mezzanine Loan provided for monthly interest-only payments at a rate of 8% with the additional interest above the 8% threshold added to the outstanding principal balance and due at maturity.
The Loan Borrower developed and constructed Park House, which contains 10 residential units and ground floor retail space. The Park House was substantially completed in July 2022, and during the year ended December 31, 2022, the Loan Borrower repaid $10.6 million of the Mezzanine Loan with proceeds from the sale of condominium units. As of December 31, 2022, the remaining outstanding principal balance of the Mezzanine Loan was $3.8 million, including $2.4 million of additional interest due at maturity, which was classified as note receivable, net on the consolidated balance sheet.
During the first quarter of 2023, the Company and Loan Borrower refinanced the Mezzanine Loan resulting in a $5.0 million senior loan (the “Senior Loan”) secured by the Loan Borrower’s ownership interest in Park House, consisting of the remaining unsold condominium units and the ground floor retail space. The Senior Loan bears interest at a rate of SOFR plus 5.50% per annum with a floor of 10.0% (10.66% as of June 30, 2023) and has a term of twelve-months with one six-month extension option, subject to the satisfaction of certain conditions. As of June 30, 2023, the carrying amount of the Senior Loan was $4.8 million, consisting of outstanding principal of $5.0 million less interest reserves of $0.2 million, which is classified as notes receivable, net on the consolidated balance sheet.
The Company determined the following disclosure of estimated fair values using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop the related estimates of fair value. The use of different market assumptions or only estimation methodologies may have a material effect on the estimated fair value amounts.
As of June 30, 2023 and December 31, 2022, management estimated that the carrying value of cash and cash equivalents, restricted cash, note receivable, prepaid expenses and other assets (exclusive of interest rate cap contracts - see Note 6) and accounts payable and accrued and other liabilities were at amounts that reasonably approximated their fair value based on their highly-liquid nature and/or short-term maturities.
The fair value of the notes payable is categorized as a Level 2 in the fair value hierarchy. The fair value was estimated using a discounted cash flow analysis valuation on the estimated borrowing rates currently available for loans with similar terms and maturities. The fair value of the notes payable was determined by discounting the future contractual interest and principal payments by a market rate. Disclosure about fair value of financial instruments is based on pertinent information available to management as of June 30, 2023 and December 31, 2022. Carrying amounts of our notes payable and the related estimated fair value is summarized as follows:
Schedule of notes payable and the related estimated fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2023 |
|
|
As of December 31, 2022 |
|
|
|
Carrying Amount |
|
|
Estimated Fair Value |
|
|
Carrying Amount |
|
|
Estimated Fair Value |
|
Notes payable |
|
$ |
293,159 |
|
|
$ |
290,207 |
|
|
$ |
293,695 |
|
|
$ |
288,222 |
|
Lightstone Value Plus REIT V, Inc.
Notes to Consolidated Financial Statements (unaudited)
(Dollar amounts in thousands, except per share data and where indicated in millions)
|
5. |
Real Estate Properties |
The following table presents certain information about the Company’s wholly owned and consolidated multifamily real estate properties as of June 30, 2023:
Schedule of real estate properties |
|
|
|
|
Property Name |
|
Location |
|
Date Acquired |
Arbors Harbor Town |
|
Memphis, Tennessee |
|
December 20, 2011 |
Parkside Apartments (“Parkside”) |
|
Sugar Land, Texas |
|
August 8, 2013 |
Flats at Fishers |
|
Fishers, Indiana |
|
November 30, 2017 |
Axis at Westmont |
|
Westmont, Illinois |
|
November 27, 2018 |
Valley Ranch Apartments |
|
Ann Arbor, Michigan |
|
February 14, 2019 |
Autumn Breeze Apartments |
|
Noblesville, Indiana |
|
March 17, 2020 |
Bay Vue Apartments |
|
Tampa, Florida |
|
July 7, 2021 |
Citadel Apartments |
|
Houston, Texas |
|
October 6, 2021 |
|
6. |
Marketable Securities, Derivative Financial Instruments and Fair Value Measurements |
Marketable Securities
The following is a summary of the Company’s available for sale securities as of the dates indicated:
Schedule of available-for-sale securities reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2023 |
|
Debt
securities: |
|
Adjusted Cost |
|
|
Gross Unrealized Gains |
|
|
Gross Unrealized Losses |
|
|
Fair Value |
|
Corporate and Government Bonds |
|
$ |
3,769 |
|
|
$ |
7 |
|
|
$ |
(207 |
) |
|
$ |
3,569 |
|
|
|
As of December 31, 2022 |
|
Debt
securities: |
|
Adjusted Cost |
|
|
Gross Unrealized Gains |
|
|
Gross Unrealized Losses |
|
|
Fair Value |
|
Corporate and Government Bonds |
|
$ |
3,675 |
|
|
$ |
- |
|
|
$ |
(220 |
) |
|
$ |
3,455 |
|
The Company may be exposed to credit losses through its available-for-sale debt securities. Unrealized losses or impairments resulting from the amortized cost basis of any available-for-sale debt security exceeding its fair value are evaluated for identification of credit and non-credit related factors. Any difference between the fair value of the debt security and the amortized cost basis not attributable to credit related factors are reported in other comprehensive income. A credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings. When evaluating the investments for impairment at each reporting period, the Company reviews factors such as the extent of the unrealized loss, current and future economic market conditions and the economic and financial condition of the issuer and any changes thereto. As of June 30, 2023, the Company has not recognized an allowance for expected credit losses related to available-for-sale debt securities as the Company has not identified any unrealized losses for these investments attributable to credit factors. The Company’s unrealized loss on investments in corporate bonds was primarily caused by rising interest rates. The Company does not currently intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis.
Lightstone Value Plus REIT V, Inc.
Notes to Consolidated Financial Statements (unaudited)
(Dollar amounts in thousands, except per share data and where indicated in millions)
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 June 30, 2023 |
|
Due in 1 year |
|
$ |
674 |
|
Due in 1 year through 5 years |
|
|
2,877 |
|
Due in 5 years through 10 years |
|
|
18 |
|
Due after 10 years |
|
|
- |
|
Total |
|
$ |
3,569 |
|
Derivative Financial Instruments
The Company has entered into interest rate cap contracts with unrelated financial institutions in order to reduce the effect of interest rate fluctuations or risk of certain real estate investment’s interest expense on its variable rate debt. The Company is exposed to credit risk in the event of non-performance by the counterparty to these financial instruments. Management believes the risk of loss due to non-performance to be minimal.
The Company is accounting for the interest rate cap contracts as economic hedges, marking these contracts to market, taking into account present interest rates compared to the contracted fixed rate over the life of the contract and recording the unrealized gain or loss on the interest rate cap contracts in the consolidated statements of operations.
For the three and six months ended June 30, 2023, the Company recorded unrealized losses of $0.7 million and $1.2 million, respectively, and for the three and six months ended June 30, 2022, the Company recorded unrealized gains of $0.5 million and $1.1 million, respectively. These unrealized gains and losses are classified as mark to market adjustment on derivative financial instruments on the Company’s consolidated statements of operations and represent the changes in the fair value of these economic hedges during such periods. As of June 30, 2023, the Company had two interest rate cap contracts with notional amounts of $52.2 million and $49.0 million, respectively, of which the first matured on July 15, 2023 and the second is scheduled to mature on October 11, 2023, respectively, and effectively cap LIBOR, as well as its replacement benchmark rate of SOFR upon the phase-out of LIBOR, at 2.50% and 2.00%, respectively. The aggregate fair value of the interest rate cap contracts was $0.6 million and $1.8 million as of June 30, 2023 and December 31, 2022, respectively, and is included in prepaid expenses and other assets on the consolidated balance sheets.
During the three and six months ended June 30, 2023, the Company earned $0.7 million and $1.3 million, respectively, from the interest rate cap contracts. The Company had no earnings from its interest rate cap contracts during both the three and six months ended June 30, 2022. Earnings from interest rate cap contracts are recorded in interest expense, net on the Company’s consolidated statements of operations.
On July 17, 2023, the Company entered into a new interest rate cap contract with an unrelated financial institution at a cost of $1.4 million which replaces its interest rate cap contract that expired on July 15, 2023. The replacement interest rate cap contract, which has an effective date of July 15, 2023, has a notional amount of $52.2 million, matures on July 15, 2024 and effectively caps SOFR at 2.50%.
Lightstone Value Plus REIT V, Inc.
Notes to Consolidated Financial Statements (unaudited)
(Dollar amounts in thousands, except per share data and where indicated in millions)
Fair
Value Measurements
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.
The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value:
|
● |
Level 1 – Quoted prices in active markets for identical assets or liabilities. |
|
|
|
|
● |
Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. |
|
|
|
|
● |
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
The fair values of the Company’s investments in debt securities are measured using quoted prices for these investments; however, the markets for these assets are not active. The fair values of the Company’s interest rate cap contracts are measured using other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. As of June 30, 2023 and December 31, 2022, all of the Company’s debt securities and interest rate cap contracts were classified as Level 2 assets and there were no transfers between the level classifications during the six months ended June 30, 2023 and 2022.
Lightstone Value Plus REIT V, Inc.
Notes to Consolidated Financial Statements (unaudited)
(Dollar amounts in thousands, except per share data and where indicated in millions)
Notes payable consists of the following:
Schedule of information on notes payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property |
|
Interest Rate |
|
Weighted Average Interest Rate for the Six Months Ended June 30, 2023 |
|
Maturity Date |
|
Amount Due at Maturity |
|
|
As of June 30, 2023 |
|
|
As of December 31, 2022 |
|
Arbors Harbor Town |
|
4.53% |
|
4.53% |
|
January 1, 2026 |
|
$ |
29,000 |
|
|
$ |
29,000 |
|
|
$ |
29,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arbors Harbor Town Supplemental |
|
3.52% |
|
3.52% |
|
January 1, 2026 |
|
|
5,379 |
|
|
|
5,676 |
|
|
|
5,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parkside Apartments |
|
4.45% |
|
4.45% |
|
June 1, 2025 |
|
|
15,782 |
|
|
|
16,472 |
|
|
|
16,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Axis at Westmont |
|
4.39% |
|
4.39% |
|
February 1, 2026 |
|
|
34,343 |
|
|
|
36,160 |
|
|
|
36,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valley Ranch Apartments |
|
4.16% |
|
4.16% |
|
March 1, 2026 |
|
|
43,414 |
|
|
|
43,414 |
|
|
|
43,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flats at Fishers |
|
3.78% |
|
3.78% |
|
July 1, 2026 |
|
|
26,090 |
|
|
|
27,803 |
|
|
|
28,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flats at Fishers Supplemental |
|
3.85% |
|
3.85% |
|
July 1, 2026 |
|
|
8,366 |
|
|
|
8,903 |
|
|
|
8,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Autumn Breeze Apartments |
|
3.39% |
|
3.39% |
|
April 1, 2030 |
|
|
25,518 |
|
|
|
29,827 |
|
|
|
29,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BayVue Apartments |
|
LIBOR + 3.00% (floor 3.10%) |
|
5.34% |
|
July 9, 2024 |
|
|
46,904 |
|
|
|
46,904 |
|
|
|
46,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citadel Apartments Senior |
|
LIBOR + 1.50% (floor 1.60%) |
|
3.63% |
|
October 11, 2024 |
|
|
39,200 |
|
|
|
39,200 |
|
|
|
39,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citadel Apartments Junior |
|
LIBOR + 8.75% (floor 8.85%) |
|
10.96% |
|
October 11, 2024 |
|
|
9,800 |
|
|
|
9,800 |
|
|
|
9,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total notes payable |
|
|
|
4.45% |
|
|
|
$ |
283,796 |
|
|
|
293,159 |
|
|
|
293,695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Deferred financing costs |
|
|
|
|
|
|
|
|
|
|
|
|
(2,714 |
) |
|
|
(3,406 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total notes payable, net |
|
|
|
|
|
|
|
|
|
|
|
$ |
290,445 |
|
|
$ |
290,289 |
|
Lightstone Value Plus REIT V, Inc.
Notes to Consolidated Financial Statements (unaudited)
(Dollar amounts in thousands, except per share data and where indicated in millions)
LIBOR as of June 30, 2023 and December 31, 2022 was 5.22% and 4.39%, respectively. The Company’s loans are secured by the indicated real estate and are non-recourse to the Company, unless otherwise indicated.
The following table provides information with respect to the contractual maturities and scheduled principal repayments of the Company’s indebtedness as of June 30, 2023.
Schedule of contractual obligations for principal payments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
2024 |
|
|
2025 |
|
|
2026 |
|
|
2027 |
|
|
Thereafter |
|
|
Total |
|
Principal maturities |
|
$ |
1,194 |
|
|
$ |
98,365 |
|
|
$ |
18,138 |
|
|
$ |
147,729 |
|
|
$ |
654 |
|
|
$ |
27,079 |
|
|
$ |
293,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: deferred financing costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,714 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total notes payable, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
290,445 |
|
As of June 30, 2023, the Company was in compliance with all of its financial debt covenants.
Citadel Apartments
On October 6, 2021, the Company entered into a non-recourse mortgage loan facility for up to $39.2 million (the “Citadel Apartments Senior Mortgage”). Simultaneously, on October 6, 2021, the Company also entered into a non-recourse mortgage loan facility for up to $9.8 million (the “Citadel Apartments Junior Mortgage” and together with the Citadel Apartments Senior Mortgage, the “Citadel Apartments Mortgages”). The Citadel Apartments Mortgages provided for a replacement benchmark rate in connection with the phase-out of LIBOR and effective on July 15, 2023, the Citadel Apartments Senior Mortgage’s interest rate converted from LIBOR plus 1.50% to SOFR plus 1.61% and the Citadel Apartments Junior Mortgage’s interest rate converted from LIBOR plus 8.75% to SOFR plus 8.86%.
The Citadel Apartments Mortgages initially mature on October 11, 2024, with two one-year extension options, subject to the satisfaction of certain conditions, and are collateralized by the Citadel Apartments, while the Citadel Apartments Junior Mortgage is subordinate to the Citadel Apartments Senior Mortgage.
Pursuant to the terms of the Citadel Apartments Mortgages, the Company is required to enter into one or more interest rate cap contracts in the aggregate notional amount of $49.0 million for as long as the Citadel Apartments Mortgages remain outstanding. In connection with the Citadel Apartments Mortgages, the Company has entered into an interest rate cap contract with a notional amount of $49.0 million pursuant to which the LIBOR and the replacement SOFR rates are capped at 2.00% through October 11, 2023.
The Company currently intends to enter into a replacement interest rate cap contract upon the expiration of its existing interest rate cap contract with a notional amount of $49.0 million on October 11, 2023.
Lightstone Value Plus REIT V, Inc.
Notes to Consolidated Financial Statements (unaudited)
(Dollar amounts in thousands, except per share data and where indicated in millions)
BayVue Apartments
On July 7, 2021, the Company entered into a non-recourse mortgage loan facility for up to $52.2 million (the “BayVue Apartments Mortgage”) scheduled to initially mature on July 9, 2024, with two, one-year extension options, subject to the satisfaction of certain conditions. The BayVue Apartments Mortgage provides for a replacement benchmark rate in connection with the phase-out of LIBOR and effective on July 15, 2023, the interest rate converted from LIBOR plus 3.00% to SOFR plus 3.11%. As of June 30, 2023, the outstanding principal balance and remaining availability under the BayVue Apartments Mortgage was $46.9 million and $5.3 million, respectively. The remaining availability may be drawn for certain capital improvements to the property pursuant to the loan agreement. Although the BayVue Apartments Mortgage is currently scheduled to mature on July 9, 2024, the Company currently intends to exercise the first of its two one-year extension options to extend the maturity of the BayVue Apartments Mortgage to July 9, 2025.
Pursuant
to the terms of the BayVue Apartments Mortgage, the Company is required to enter into one or more interest rate cap contracts in the
aggregate notional amount of $52.2 million for as long as the BayVue Apartments Mortgage remains outstanding. In connection with the
BayVue Apartments Mortgage, the Company previously entered into an interest rate cap contract with a notional amount of $52.2 million
pursuant to which the LIBOR rate was capped at 2.50% through July 15, 2023. On July 17, 2023, the Company entered into a new
interest rate cap contract with an unrelated financial institution at a cost of $1.4 million which replaces its interest rate cap contract
that expired on July 15, 2023. The replacement interest rate cap contract, which has an effective date of July 15, 2023, has
a notional amount of $52.2 million, matures on July 15, 2024 and effectively caps SOFR at 2.50%.
Share Redemption Program
The Company’s board of directors has adopted a share redemption program (the “SRP”) that permits stockholders to sell their shares back to the Company, subject to the significant conditions and limitations of the program. The Company’s board of directors can amend the provisions of the SRP at any time without the approval of its stockholders.
Effective March 25, 2021, the Company’s Board of Directors reopened the SRP, which had been suspended since December 13, 2019, solely for redemptions submitted in connection with a stockholder’s death and set the price for all such purchases to the Company’s current NAV per Share, as determined by its board of directors and reported by the Company from time to time.
On November 10, 2022, the Company’s board of directors adopted a Seventh Amended and Restated Share Redemption Program (the “Amended SRP”), which became effective on January 1, 2023. Under the terms of the Amended SRP, any stockholder may request redemption of their shares, subject to the significant conditions and limitations of the program. Redemption requests will no longer be limited to requests upon the death of a qualifying stockholder, as had been the case under the SRP through December 31, 2022. Additionally, under the terms of the Amended SRP, the Company will redeem shares at 85% of the NAV per Share as of the date the request for redemption is approved.
Pursuant to the terms of the Amended SRP, any shares approved for redemption are redeemed on a periodic basis as determined by the Company’s board of directors, generally expected to be at the end of each quarterly period. However, the Company will not redeem, during any calendar year, more than 5% of the number of shares outstanding on last day of the previous calendar year (the “5% Limitation”). The cash available for redemption of shares will be set by the Company’s board of directors not less often than annually (the “Funding Limitation” and, together with the 5% Limitation, the “Redemption Limitations”). The Company’s board of directors has set the amount of cash available for redemption of shares for the year ended December 31, 2023 at $8.0 million, which is generally to be allocated $2.0 million for each quarterly period. The Company may change the amount of the Redemption Limitations upon 10 business days’ notice to its stockholders and will provide notice of any change to the Redemption Limitations by including such information in (a) a Current Report on Form 8-K or in its annual or quarterly reports, all publicly filed with the United States Securities and Exchange Commission or (b) a separate mailing to its stockholders.
Lightstone
Value Plus REIT V, Inc.
Notes to Consolidated Financial Statements (unaudited)
(Dollar amounts in thousands, except per share data and where indicated in millions)
Redemption requests will be honored pro rata among all requests received subject to the Redemption Limitations and will not be honored on a first come, first served basis.
The Company’s board of directors reserves the right in its sole discretion at any time and from time to time, subject to any notice requirements described in our SRP, to (1) reject any request for redemption of shares, (2) change the purchase price for redemption of shares, (3) limit the funds to be used for redemption of shares under the SRP or otherwise change the Redemption Limitations, or (4) amend, suspend (in whole or in part) or terminate the SRP.
For the six months ended June 30, 2023, the Company repurchased 169,651 shares of common stock, pursuant to its SRP at a weighted average price per share of $12.67 per share. For the six months ended June 30, 2022, the Company repurchased 44,275 shares of common stock, pursuant to its SRP at a weighted average price per share of $12.91 per share.
Distributions
The Company did not make any distributions to its stockholders during the six months ended June 30, 2023 and 2022.
|
9. |
Related Party Transactions |
The Company has agreements with the Advisor and its affiliates to pay certain fees and reimburse certain expenses in connection with services performed and costs incurred by these entities and other related parties. The Company is dependent on the Advisor and its affiliates for certain services that are essential to it, including investment decisions, asset disposition decisions, property management and leasing services, financing services, and other general administrative responsibilities. In the event that these entities are unable to provide the Company with their respective services, the Company would be required to obtain such services from other sources.
The advisory agreement has a one-year term and is renewable annually upon the mutual consent of the Advisor and the Company’s independent directors.
The following table represents the fees incurred associated with the payments to the Company’s Advisor and its affiliates for the periods indicated:
Schedule of related party transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, |
|
|
For the Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Acquisition fees and acquisition expense reimbursement(1) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
21 |
|
|
$ |
- |
|
Property management fees (property operating expenses) |
|
|
135 |
|
|
|
124 |
|
|
|
270 |
|
|
|
242 |
|
Administrative services reimbursement (general and administrative costs) |
|
|
377 |
|
|
|
346 |
|
|
|
753 |
|
|
|
693 |
|
Asset management fees (general and administrative costs) |
|
|
907 |
|
|
|
861 |
|
|
|
1,813 |
|
|
|
1,729 |
|
Total |
|
$ |
1,419 |
|
|
$ |
1,331 |
|
|
$ |
2,857 |
|
|
$ |
2,664 |
|
Lightstone
Value Plus REIT V, Inc.
Notes to Consolidated Financial Statements (unaudited)
(Dollar amounts in thousands, except per share data and where indicated in millions)
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.
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
The following discussion and analysis should be read in conjunction with the accompanying consolidated financial statements and the notes thereto.
Forward-Looking Statements
Certain statements in this Quarterly Report on Form 10-Q constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements include discussion and analysis of the financial condition of Lightstone Value Plus REIT V, Inc. and our subsidiaries (which may be referred to herein as the “Company,” “we,” “us” or “our”), including our ability to make accretive real estate or real estate-related investments, rent space on favorable terms, to address our debt maturities and to fund our liquidity requirements, to sell our assets when we believe advantageous to achieve our investment objectives, our anticipated capital expenditures, the amount and timing of anticipated future cash distributions to our stockholders, the estimated net asset value per share of our common stock (“NAV per Share”), and other matters. Words such as “may,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “would,” “could,” “should” and variations of these words and similar expressions are intended to identify forward-looking statements.
These forward-looking statements are not historical facts but reflect the intent, belief or current expectations of our management based on their knowledge and understanding of the business and industry, the economy and other future conditions. These statements are not guarantees of future performance, and we caution stockholders not to place undue reliance on forward-looking statements. Actual results may differ materially from those expressed or forecasted in the forward-looking statements due to a variety of risks, uncertainties and other factors, including but not limited to the factors described below:
|
● |
market and economic challenges experienced by the U.S. and global economies or real estate industry as a whole and the local economic conditions in the markets in which our investments are located. Additionally, our business and financial performance may be adversely affected by current and future economic and other conditions; such as inflation, recession, political upheaval or uncertainty, terrorism and acts of war, natural and man-made disasters, cybercrime, and outbreaks of contagious diseases; |
|
|
|
|
● |
the availability of cash flow from operating activities for distributions, if required to maintain our status as a real estate investment trust, or REIT; |
|
|
|
|
● |
conflicts of interest arising out of our relationships with our advisor and its affiliates; |
|
|
|
|
● |
our ability to retain our executive officers and other key individuals who provide advisory and property management services to us; |
|
|
|
|
● |
our level of debt and the terms and limitations imposed on us by our debt agreements; |
|
|
|
|
● |
the availability of credit generally, and any failure to obtain debt financing at favorable terms or a failure to satisfy the conditions and requirements of that debt; |
|
|
|
|
● |
our ability to make accretive investments; |
|
|
|
|
● |
our ability to diversify our portfolio of assets; |
|
|
|
|
● |
changes in market factors that could impact our rental rates and operating costs; |
|
|
|
|
● |
our ability to secure leases at favorable rental rates; |
|
● |
our ability to sell our assets at a price and on a timeline consistent with our investment objectives; |
|
|
|
|
● |
impairment charges; |
|
|
|
|
● |
unfavorable changes in laws or regulations impacting our business, our assets or our key relationships; and |
|
|
|
|
● |
factors that could affect our ability to qualify as a real estate investment trust. |
Forward-looking statements in this Quarterly Report on Form 10-Q reflect our management’s view only as of the date of this Report, and may ultimately prove to be incorrect. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, except as required by applicable law. We intend for these forward-looking statements to be covered by the applicable safe harbor provisions created by Section 27A of the Securities Act and Section 21E of the Exchange Act.
Cautionary Note
The representations, warranties, and covenants made by us in any agreement filed as an exhibit to this Quarterly Report on Form 10-Q are made solely for the benefit of the parties to the agreement, including, in some cases, for the purpose of allocating risk among the parties to the agreement, and should not be deemed to be representations, warranties, or covenants to or with any other parties. Moreover, these representations, warranties, or covenants should not be relied upon as accurately describing or reflecting the current state of our affairs.
Executive Overview
We were formed primarily to acquire and operate commercial real estate and real estate-related assets on an opportunistic and value-add basis. In particular, we have focused generally on acquiring commercial properties with significant possibilities for capital appreciation, such as those requiring development, redevelopment or repositioning, those located in markets and submarkets with high growth potential, and those available from sellers who were distressed or faced time-sensitive deadlines. In addition, our opportunistic and value-add investment strategy has included investments in real estate-related assets that present opportunities for higher current income. Since inception, we have acquired a wide variety of commercial properties, including office, industrial, retail, hospitality, multifamily and student housing. We have purchased existing, income-producing properties and newly constructed properties. We have also invested in mortgage and mezzanine loans. We have made our investments in or in respect of real estate assets located in the United States and other countries based on our view of existing market conditions. All of our current investments are located in the United States. We currently intend to hold our various real properties until such time as our board of directors determines that a sale or other disposition appears to be advantageous to achieve our investment objectives or until it appears that the objectives will not be met. We currently have one operating segment. As of June 30, 2023, our investments included eight wholly owned real estate investments (multifamily properties) and one real estate-related investment (note receivable).
Adverse Developments Affecting the Financial Services Industry and Concentration of Credit Risk
As of June 30, 2023 and December 31, 2022, we had cash deposited in certain financial institutions in excess of federally insured levels. We regularly monitor the financial stability of these financial institutions and believe that we are not exposed to any significant credit risk in cash and cash equivalents or restricted cash. However, in March and April 2023, certain U.S. government banking regulators took steps to intervene in the operations of certain financial institutions due to liquidity concerns, which caused general heightened uncertainties in financial markets. While these events have not had a material direct impact on our operations, if further liquidity and financial stability concerns arise with respect to banks and financial institutions, either nationally or in specific regions, our ability to access cash or enter into new financing arrangements may be threatened, which could have a material adverse effect on our business, financial condition and results of operations.
Current Environment
Our operating results are substantially impacted by the overall health of local, U.S. national and global economies and may be influenced by market and other challenges. Additionally, our business and financial performance may be adversely affected by current and future economic and other conditions; including, but not limited to, availability or terms of financings, financial markets volatility, political upheaval or uncertainty, natural and man-made disasters, terrorism and acts of war, unfavorable changes in laws and regulations, outbreaks of contagious diseases, cybercrime, loss of key relationships, inflation and recession.
Our overall performance depends in part on worldwide economic and geopolitical conditions and their impacts on consumer behavior. Worsening economic conditions, increases in costs due to inflation, higher interest rates, certain labor and supply chain challenges, and other changes in economic conditions, may adversely affect our results of operations and financial performance.
Liquidity and Capital Resources
We had cash and cash equivalents of $55.8 million, marketable securities, available for sale of $3.6 million and restricted cash of $5.2 million as of June 30, 2023. Our principal demands for funds going forward are expected to be for the payment of (a) operating expenses, including capital expenditures, and (b) scheduled debt service on our outstanding indebtedness, including any required replacement interest rate cap contracts. We also may, at our discretion, use funds for (a) tender offers and/or redemptions of shares of our common stock, (b) distributions, if any, to our shareholders, and (c) selective acquisitions and/or real estate-related investments. Generally, we expect to meet our cash needs with our cash and cash equivalents on hand along with our cash flow from operations, the release of certain funds held in restricted cash, the remaining availability on certain of our mortgage loans and the repayment of our outstanding note receivable.
However, to the extent that our cash flow from operations and available cash on hand and marketable securities are not sufficient to cover our cash needs, we may use proceeds from additional borrowings and/or selective asset sales to fund such needs.
Although our non-recourse mortgage loan facility (the “BayVue Apartments Mortgage”), which had an outstanding principal balance of $46.9 million as of June 30, 2023, is currently scheduled to mature on July 9, 2024, we currently intend to exercise the first of its two one-year extension options to extend the maturity date of the BayVue Apartments Mortgage to July 9, 2025 as discussed in Note 7 of the Notes to Consolidated Financial Statements.
We have borrowed money to acquire properties and make other investments. Under our charter, the maximum amount of our indebtedness is limited to 300% of our “net assets” (as defined by our charter) as of the date of any borrowing; however, we may exceed that limit if approved by a majority of our independent directors. In addition to our charter limitation, our board of directors has adopted a policy to generally limit our aggregate borrowings to 75% of the aggregate value of our assets unless substantial justification exists that borrowing a greater amount is in our best interests. Our policy limitation, however, does not apply to individual real estate assets.
Results of Operations
We currently have one operating segment. As of June 30, 2023, we had eight wholly owned real estate investments (multifamily properties) and one real estate-related investment (note receivable).
The tables below reflect occupancy and effective monthly rental rates for our operating properties owned as of the dates indicated:
|
|
Occupancy |
|
|
Effective Monthly Rent per Unit(1) |
|
|
|
As of June 30, |
|
|
As of June 30, |
|
Property |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Arbors Harbor Town |
|
|
90 |
% |
|
|
94 |
% |
|
$ |
1,698 |
|
|
$ |
1,551 |
|
Parkside |
|
|
94 |
% |
|
|
96 |
% |
|
$ |
1,435 |
|
|
$ |
1,338 |
|
Flats at Fishers |
|
|
97 |
% |
|
|
99 |
% |
|
$ |
1,530 |
|
|
$ |
1,386 |
|
Axis at Westmont |
|
|
96 |
% |
|
|
96 |
% |
|
$ |
1,509 |
|
|
$ |
1,363 |
|
Valley Ranch Apartments |
|
|
95 |
% |
|
|
95 |
% |
|
$ |
1,798 |
|
|
$ |
1,641 |
|
Autumn Breeze Apartments |
|
|
98 |
% |
|
|
99 |
% |
|
$ |
1,426 |
|
|
$ |
1,245 |
|
BayVue Apartments |
|
|
94 |
% |
|
|
95 |
% |
|
$ |
1,520 |
|
|
$ |
1,279 |
|
Citadel Apartments |
|
|
94 |
% |
|
|
96 |
% |
|
$ |
1,697 |
|
|
$ |
1,598 |
|
|
(1) |
Effective monthly rent is calculated as in-place contracted monthly rental revenue, including any premiums due for short-term or month-to-month leases, less any concessions or discounts. |
Three months ended June 30, 2023 as compared to the three months ended June 30, 2022.
Our operating results for the three months ended June 30, 2023 and 2022 are attributable to our eight wholly owned investment properties, all of which were owned by us during the entire periods presented. The following table provides summary information about our results of operations (dollars in thousands):
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
June 30, |
|
|
Increase/ |
|
|
Percentage |
|
|
|
2023 |
|
|
2022 |
|
|
(Decrease) |
|
|
Change |
|
Rental revenues |
|
$ |
12,660 |
|
|
$ |
11,612 |
|
|
$ |
1,048 |
|
|
|
9.0 |
% |
Property operating expenses |
|
|
4,093 |
|
|
|
4,030 |
|
|
|
63 |
|
|
|
2.0 |
% |
Real estate taxes |
|
|
1,826 |
|
|
|
1,646 |
|
|
|
180 |
|
|
|
11.0 |
% |
General and administrative |
|
|
1,906 |
|
|
|
1,899 |
|
|
|
7 |
|
|
|
0.0 |
% |
Depreciation and amortization |
|
|
3,466 |
|
|
|
4,953 |
|
|
|
(1,487 |
) |
|
|
(30.0 |
%) |
Interest expense, net |
|
|
3,623 |
|
|
|
3,307 |
|
|
|
316 |
|
|
|
10.0 |
% |
Revenues Rental revenues for the three months ended June 30, 2023 were $12.7 million, an increase of $1.1 million, compared to $11.6 million for the same period in 2022. Our rental revenues increased during the 2023 period as a result of higher average monthly rent per unit, partially offset by slightly lower overall portfolio occupancy.
Property Operating Expenses Property operating expenses for the three months ended June 30, 2023 were $4.1 million, a slight increase of $0.1 million, compared to $4.0 million for the same period in 2022.
Real Estate Taxes Real estate taxes for the three months ended June 30, 2023 were $1.8 million, an increase of $0.2 million, compared to $1.6 million for the same period in 2022.
General and Administrative Expenses General and administrative expenses were unchanged at $1.9 million for both the three months ended June 30, 2023 and 2022.
Depreciation and Amortization Depreciation and amortization expense for the three months ended June 30, 2023 was $3.5 million, a decrease of $1.5 million, compared to $5.0 million for the same period in 2022. Our depreciation and amortization expenses decreased $1.7 million as a result of a decreased amortization expense resulting from in-place lease intangibles becoming fully amortized during 2022.
Interest Expense, Net Interest expense, net for the three months ended June 30, 2023 was $3.6 million, an increase of $0.3 million, compared to $3.3 million for the same period in 2022. Interest expense is primarily attributable to financings associated with our multifamily properties and reflects both changes in market interest rates on our variable rate indebtedness and the weighted average principal outstanding during the periods. Additionally, during the three months ended June 30, 2023, we earned $0.7 million from our interest rate cap contracts which is recorded in interest expense, net. We did not have any earnings from our interest rate cap contracts during the 2022 period.
Mark to Market Adjustment on Derivative Financial Instruments During the three months ended June 30, 2023 and 2022, we recorded a negative mark to market adjustment of $0.7 million and a positive mark to market adjustment of $0.5 million, respectively. These mark to market adjustments represent the changes in the fair values of our interest rate cap contracts during such periods.
Six months ended June 30, 2023 as compared to the six months ended June 30, 2022.
The following table provides summary information about our results of operations (dollars in thousands):
|
|
Six Months Ended |
|
|
|
|
|
|
|
|
|
June 30, |
|
|
Increase/ |
|
|
Percentage |
|
|
|
2023 |
|
|
2022 |
|
|
(Decrease) |
|
|
Change |
|
Rental revenues |
|
$ |
24,973 |
|
|
$ |
22,818 |
|
|
$ |
2,155 |
|
|
|
9.0 |
% |
Property operating expenses |
|
|
7,993 |
|
|
|
7,277 |
|
|
|
716 |
|
|
|
10.0 |
% |
Real estate taxes |
|
|
3,700 |
|
|
|
3,374 |
|
|
|
326 |
|
|
|
10.0 |
% |
General and administrative |
|
|
3,769 |
|
|
|
3,717 |
|
|
|
52 |
|
|
|
1.0 |
% |
Depreciation and amortization |
|
|
6,906 |
|
|
|
9,872 |
|
|
|
(2,966 |
) |
|
|
(30.0 |
%) |
Interest expense |
|
|
7,221 |
|
|
|
6,421 |
|
|
|
800 |
|
|
|
12.0 |
% |
Revenues Rental revenues for the six months ended June 30, 2023 were $25.0 million, an increase of $2.2 million, compared to $22.8 million for the same period in 2022. Our rental revenues increased during the 2023 period as a result of higher average monthly rent per unit, partially offset by slightly lower overall portfolio occupancy.
Property Operating Expenses Property operating expenses for the six months ended June 30, 2023 were $8.0 million, an increase of $0.7 million, compared to $7.3 million for the same period in 2022. Our property operating expenses increased primarily as a result of higher utilities and insurance costs.
Real
Estate Taxes Real estate taxes for the six months ended June 30, 2023 were $3.7 million, an increase of $0.3 million,
compared to $3.4 million for the same period in 2022.
General and Administrative Expenses General and administrative expenses for the six months ended June 30, 2023 were $3.8 million, a slight increase of $0.1 million, compared to $3.7 million for the same period in 2022.
Depreciation and Amortization Depreciation and amortization expense for the six months ended June 30, 2023 was $6.9 million, a decrease of $3.0 million, compared to $9.9 million for the same period in 2022. Our depreciation and amortization expenses decreased $3.3 million as a result of a decreased amortization expense resulting from in-place lease intangibles becoming fully amortized during 2022.
Interest Expense, Net Interest expense, net for the six months ended June 30, 2023 was $7.2 million, an increase of $0.8 million, compared to $6.4 million for the same period in 2022. Interest expense is primarily attributable to financings associated with our multifamily properties and reflects both changes in market interest rates on our variable rate indebtedness and the weighted average principal outstanding during the periods. Additionally, during the six months ended June 30, 2023, we earned $1.3 million from the interest rate cap contracts which is recorded in interest expense, net.
Mark
to Market Adjustment on Derivative Financial Instruments During the six months ended June 30, 2023 and 2022, we
recorded a negative mark to market adjustment of $1.2 million and a positive mark to market adjustment of $1.1 million,
respectively. These mark to market adjustments represent the change in the fair values of our interest rate cap contracts during
such periods.
Related Party Transactions
Our business is externally managed by LSG Development Advisor LLC (the “Advisor”), an affiliate of the Lightstone Group LLC (“Lightstone”) which provides advisory services to us and we have no employees. Lightstone is majority owned by the chairman emeritus of our board of directors, David Lichtenstein. Pursuant to the terms of an advisory agreement and subject to the oversight of our board of directors, the Advisor is responsible for managing our day-to-day affairs and for services related to the management of our assets.
We have agreements with the Advisor and its affiliates to pay certain fees and reimburse certain expenses in connection with services performed and costs incurred by these entities and other related parties. We are dependent on the Advisor and its affiliates for certain services that are essential to us, including investment decisions, asset disposition decisions, property management and leasing services, financing services, and other general administrative responsibilities. In the event that these entities are unable to provide us with their respective services, we would be required to obtain such services from other sources.
The advisory agreement has a one-year term and is renewable annually upon the mutual consent of our Advisor and our independent directors.
The following table represents the fees incurred associated with the payments to our Advisor and its affiliates for the periods indicated (dollars in thousands):
|
|
For the Three Months Ended June 30, |
|
|
For the Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Acquisition fees and acquisition expense reimbursement(1) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
21 |
|
|
$ |
- |
|
Property management fees (property operating expenses) |
|
|
135 |
|
|
|
124 |
|
|
|
270 |
|
|
|
242 |
|
Administrative services reimbursement (general and administrative costs) |
|
|
377 |
|
|
|
346 |
|
|
|
753 |
|
|
|
693 |
|
Asset management fees (general and administrative costs) |
|
|
907 |
|
|
|
861 |
|
|
|
1,813 |
|
|
|
1,729 |
|
Total |
|
$ |
1,419 |
|
|
$ |
1,331 |
|
|
$ |
2,857 |
|
|
$ |
2,664 |
|
|
(1) |
Capitalized to the corresponding asset and amortized over its estimated useful life. |
Summary of Cash Flows
Operating activities
The net cash provided by operating activities of $2.7 million for the six months ended June 30, 2023 consisted primarily of our net loss of $4.6 million less the net change in operating assets and liabilities of $1.3 million plus the negative mark to market adjustments on derivative financial instruments of $1.2 million, depreciation and amortization of $6.9 million and amortization of deferred financing costs of $0.7 million.
Investing activities
The net cash used in investing activities of $3.7 million for the six months ended June 30, 2023 consisted primarily of the following:
|
● |
capital expenditures of $2.7 million; |
|
● |
funding of note receivable of $0.9 million; and |
|
● |
net purchases of marketable securities of $0.1 million. |
Financing activities
The net cash used in financing activities of $2.7 million for the six months ended June 30, 2023 consisted primarily of the following:
|
● |
proceeds from notes payable of $0.5 million; |
|
● |
principal payments of notes payable of $1.0 million; and |
|
● |
redemptions and cancellation of common stock of $2.2 million. |
Debt Financings
From time to time, we have obtained mortgage, bridge, or mezzanine loans for acquisitions and investments, as well as property development, redevelopment and renovations. In the future, we may obtain new financings for such activities or to refinance our existing real estate assets, depending on multiple factors.
Our aggregate notes payable balance was $290.4 million, net of deferred financing fees of $2.7 million, and had a weighted average interest rate of 4.45% as of June 30, 2023. Our aggregate notes payable balance was $290.3 million, net of deferred financing fees of $3.4 million, and had a weighted average interest rate of 4.33% as of December 31, 2022.
Derivative Financial Instruments
We have entered into interest rate cap contracts with unrelated financial institutions in order to reduce the effect of interest rate fluctuations or risk of certain real estate investment’s interest expense on our variable rate debt. We are exposed to credit risk in the event of non-performance by the counterparty to these financial instruments. Management believes the risk of loss due to non-performance to be minimal.
We are accounting for the interest rate cap contracts as economic hedges, marking these contracts to market, taking into account present interest rates compared to the contracted fixed rate over the life of the contract and recording the unrealized gain or loss on the interest rate cap contracts, classified as mark to market adjustment on derivative financial instruments in our consolidated statements of operations.
Pursuant to the terms of our BayVue Apartments Mortgages and our Citadel Apartment Mortgage, we are required to enter into one or more interest rate cap contracts at aggregate notional amounts of $52.2 million and $49.0 million, respectively, which cap the LIBOR rate, as well as the benchmark replacement rate of SOFR upon the phase-out of LIBOR, at 2.50% and 2.00%, respectively, as long as these mortgages remain outstanding.
As of June 30, 2023, we had two interest rate cap contracts with notional amounts of $52.2 million and $49.0 million, respectively, of which the first matured on July 15, 2023 and the second is scheduled to mature on October 11, 2023, which effectively cap LIBOR, as well as its replacement benchmark rate of SOFR upon the phase-out of LIBOR, at 2.50% and 2.00%, respectively.
On July 17, 2023, we entered into a new interest rate cap contract with an unrelated financial institution at a cost of $1.4 million to replace our interest rate cap contract that expired on July 15, 2023. The replacement interest rate cap contract, which has an effective date of July 15, 2023, has a notional amount of $52.2 million, matures on July 15, 2024 and effectively caps SOFR at 2.50%.
We currently intend to enter into a replacement interest rate cap contract upon the expiration of our existing interest rate cap contract with a notional amount of $49.0 million on October 11, 2023.
Contractual Obligations
One of our principal short-term and long-term liquidity requirements includes the debt service payments on our outstanding notes payable. The following table provides information with respect to the contractual maturities and scheduled principal repayments of our indebtedness as of June 30, 2023 (dollars in thousands).
Contractual Obligations |
|
2023 |
|
|
2024 |
|
|
2025 |
|
|
2026 |
|
|
2027 |
|
|
Thereafter |
|
|
Total |
|
Mortgage Payable |
|
$ |
1,194 |
|
|
$ |
98,365 |
|
|
$ |
18,138 |
|
|
$ |
147,729 |
|
|
$ |
654 |
|
|
$ |
27,079 |
|
|
$ |
293,159 |
|
Interest Payments(1) |
|
|
8,074 |
|
|
|
13,757 |
|
|
|
7,609 |
|
|
|
2,698 |
|
|
|
943 |
|
|
|
2,111 |
|
|
|
35,192 |
|
Total Contractual Obligations |
|
$ |
9,268 |
|
|
$ |
112,122 |
|
|
$ |
25,747 |
|
|
$ |
150,427 |
|
|
$ |
1,597 |
|
|
$ |
29,190 |
|
|
$ |
328,351 |
|
|
(1) |
These amounts represent future interest payments related to notes payable obligations based on the fixed and variable interest rates specified in the associated debt agreement. All variable rate debt agreements are based on the one-month LIBOR rate. For purposes of calculating future interest amounts on variable interest rate debt the one-month LIBOR rate as of June 30, 2023 was used. |
As of June 30, 2023, we were in compliance with all of our financial debt covenants.
Funds from Operations and Modified Funds from Operations
The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements and straight-line amortization of intangibles, which implies that the value of a real estate asset diminishes predictably over time. We believe that, because real estate values historically rise and fall with market conditions, including, but not limited to, inflation, interest rates, the business cycle, unemployment and consumer spending, presentations of operating results for a REIT using the historical accounting convention for depreciation and certain other items may be less informative.
Because of these factors, the National Association of Real Estate Investment Trusts (“NAREIT”), an industry trade group, has published a standardized measure of performance known as funds from operations (“FFO”), which is used in the REIT industry as a supplemental performance measure. We believe FFO, which excludes certain items such as real estate-related depreciation and amortization, is an appropriate supplemental measure of a REIT’s operating performance. FFO is not equivalent to our net income or loss as determined under generally accepted accounting principles in the United States of America (“GAAP”).
We calculate FFO, a non-GAAP measure, consistent with the standards established over time by the Board of Governors of NAREIT, as restated in a White Paper approved by the Board of Governors of NAREIT effective in December 2018 (the “White Paper”). The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Our FFO calculation complies with NAREIT’s definition.
We believe that the use of FFO provides a more complete understanding of our performance to investors and to management and reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income.
Changes in the accounting and reporting promulgations under GAAP that were put into effect in 2009 subsequent to the establishment of NAREIT’s definition of FFO, such as the change to expense as incurred rather than capitalize and depreciate acquisition fees and expenses incurred for business combinations, have prompted an increase in cash-settled expenses, specifically acquisition fees and expenses, as items that are expensed under GAAP across all industries. These changes had a particularly significant impact on publicly registered, non-listed REITs, which typically have a significant amount of acquisition activity in the early part of their existence, particularly during the period when they are raising capital through ongoing initial public offerings.
Because of these factors, the Investment Program Association (the “IPA”), an industry trade group, published a standardized measure of performance known as modified funds from operations (“MFFO”), which the IPA has recommended as a supplemental measure for publicly registered, non-listed REITs. MFFO is designed to be reflective of the ongoing operating performance of publicly registered, non-listed REITs by adjusting for those costs that are more reflective of acquisitions and investment activity, along with other items the IPA believes are not indicative of the ongoing operating performance of a publicly registered, non-listed REIT, such as straight-lining of rents as required by GAAP. We believe it is appropriate to use MFFO as a supplemental measure of operating performance because we believe that both before and after we have deployed all of our offering proceeds and are no longer incurring a significant amount of acquisition fees or other related costs, it reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income. MFFO is not equivalent to our net income or loss as determined under GAAP.
We define MFFO, a non-GAAP measure, consistent with the IPA’s Guideline 2010-01, Supplemental Performance Measure for Publicly Registered, Non-Listed REITs: Modified Funds from Operations (the “Practice Guideline”) issued by the IPA in November 2010. The Practice Guideline defines MFFO as FFO further adjusted for acquisition and transaction-related fees and expenses and other items. In calculating MFFO, we follow the Practice Guideline and exclude acquisition and transaction-related fees and expenses (which includes costs incurred in connection with strategic alternatives), amounts relating to deferred rent receivables and amortization of market lease and other intangibles, net (which are adjusted in order to reflect such payments from a GAAP accrual basis to a cash basis of disclosing the rent and lease payments), accretion of discounts and amortization of premiums on debt investments and borrowings, mark-to-market adjustments included in net income (including gains or losses incurred on assets held for sale), gains or losses included in net income from the extinguishment or sale of debt, hedges, foreign exchange, derivatives or securities holdings where trading of such holdings is not a fundamental attribute of the business plan, unrealized gains or losses resulting from consolidation from, or deconsolidation to, equity accounting, and after adjustments for consolidated and unconsolidated partnerships and joint ventures, with such adjustments calculated to reflect MFFO on the same basis.
We believe that, because MFFO excludes costs that we consider more reflective of acquisition activities and other non-operating items, MFFO can provide, on a going-forward basis, an indication of the sustainability (that is, the capacity to continue to be maintained) of our operating performance after the period in which we are acquiring properties and once our portfolio is stabilized. We also believe that MFFO is a recognized measure of sustainable operating performance by the non-listed REIT industry and allows for an evaluation of our performance against other publicly registered, non-listed REITs.
Not all REITs, including publicly registered, non-listed REITs, calculate FFO and MFFO the same way. Accordingly, comparisons with other REITs, including publicly registered, non-listed REITs, may not be meaningful. Furthermore, FFO and MFFO are not indicative of cash flow available to fund cash needs and should not be considered as an alternative to net income (loss) or income (loss) from continuing operations as determined under GAAP as an indication of our performance, as an alternative to cash flows from operations as an indication of our liquidity, or indicative of funds available to fund our cash needs including our ability to make distributions to our stockholders. FFO and MFFO should be reviewed in conjunction with other GAAP measurements as an indication of our performance. FFO and MFFO should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The methods utilized to evaluate the performance of a publicly registered, non-listed REIT under GAAP should be construed as more relevant measures of operational performance and considered more prominently than the non-GAAP measures, FFO and MFFO, and the adjustments to GAAP in calculating FFO and MFFO.
Neither the SEC, NAREIT, the IPA nor any other regulatory body or industry trade group has passed judgment on the acceptability of the adjustments that we use to calculate FFO or MFFO. In the future, NAREIT, the IPA or another industry trade group may publish updates to the White Paper or the Practice Guidelines or the SEC or another regulatory body could standardize the allowable adjustments across the publicly registered, non-listed REIT industry, and we would have to adjust our calculation and characterization of FFO or MFFO accordingly.
Our calculations of FFO and MFFO are presented below (dollars and shares in thousands, except per share amounts):
| |
For the
Three Months Ended
June 30, | | |
For the Six Months Ended
June 30, | |
Description | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net loss | |
$ | (2,640 | ) | |
$ | (3,116 | ) | |
$ | (4,627 | ) | |
$ | (4,495 | ) |
FFO adjustments: | |
| | | |
| | | |
| | | |
| | |
Depreciation and amortization of real estate assets | |
| 3,466 | | |
| 4,953 | | |
| 6,906 | | |
| 9,872 | |
Income tax on sale of real estate | |
| 631 | | |
| - | | |
| 631 | | |
| - | |
FFO | |
| 1,457 | | |
| 1,837 | | |
| 2,910 | | |
| 5,377 | |
MFFO adjustments: | |
| | | |
| | | |
| | | |
| | |
Other adjustments: | |
| | | |
| | | |
| | | |
| | |
Mark to market adjustments(1) | |
| 664 | | |
| (492 | ) | |
| 1,190 | | |
| (1,110 | ) |
Non-recurring loss/(gain) from extinguishment/sale of debt, derivatives or securities holdings(2) | |
| 6 | | |
| 2 | | |
| 8 | | |
| (2 | ) |
MFFO - IPA recommended format | |
$ | 2,127 | | |
$ | 1,347 | | |
$ | 4,108 | | |
$ | 4,265 | |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (2,640 | ) | |
$ | (3,116 | ) | |
$ | (4,627 | ) | |
$ | (4,495 | ) |
Net loss per common share, basic and diluted | |
$ | (0.13 | ) | |
$ | (0.16 | ) | |
$ | (0.23 | ) | |
$ | (0.22 | ) |
| |
| | | |
| | | |
| | | |
| | |
FFO | |
$ | 1,457 | | |
$ | 1,837 | | |
$ | 2,910 | | |
$ | 5,377 | |
FFO per common share, basic and diluted | |
$ | 0.07 | | |
$ | 0.09 | | |
$ | 0.15 | | |
$ | 0.27 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of common shares outstanding, basic and diluted | |
| 19,918 | | |
| 20,089 | | |
| 19,977 | | |
| 20,100 | |
|
1) |
Management believes that adjusting for mark-to-market adjustments is appropriate because they are nonrecurring items that may not be reflective of ongoing operations and reflects unrealized impacts on value based only on then current market conditions, although they may be based upon current operational issues related to an individual property or industry or general market conditions. Mark-to-market adjustments are made for items such as ineffective derivative instruments, certain marketable equity securities and any other items that GAAP requires we make a mark-to-market adjustment for. The need to reflect mark-to-market adjustments is a continuous process and is analyzed on a quarterly and/or annual basis in accordance with GAAP. |
|
2) |
Management believes that adjusting for gains or losses related to extinguishment/sale of debt, derivatives or securities holdings is appropriate because they are items that may not be reflective of ongoing operations. By excluding these items, management believes that MFFO provides supplemental information related to sustainable operations that will be more comparable between other reporting periods. |
Share Redemption Program
Our board of directors has adopted a share redemption program (the “SRP”) that permits stockholders to sell their shares back to us, subject to the significant conditions and limitations of the program. Our board of directors can amend the provisions of the SRP at any time without the approval of its stockholders.
Effective March 25, 2021, our Board of Directors reopened the SRP, which had been suspended since December 13, 2019, solely for redemptions submitted in connection with a stockholder’s death and set the price for all such purchases to our current NAV per Share, as determined by its board of directors and reported by us from time to time.
On November 10, 2022, our board of directors adopted a Seventh Amended and Restated Share Redemption Program (the “Amended SRP”), which became effective on January 1, 2023. Under the terms of the Amended SRP, any stockholder may request redemption of their shares, subject to the significant conditions and limitations of the program. Redemption requests will no longer be limited to requests upon the death of a qualifying stockholder, as had been the case under the SRP through December 31, 2022. Additionally, under the terms of the Amended SRP, we will redeem shares at 85% of the NAV per Share as of the date the request for redemption is approved.
Pursuant to the terms of the Amended SRP, any shares approved for redemption are redeemed on a periodic basis as determined by our board of directors, generally expected to be at the end of each quarterly period. However, we will not redeem, during any calendar year, more than 5% of the number of shares outstanding on last day of the previous calendar year (the “5% Limitation”). The cash available for redemption of shares will be set by our board of directors not less often than annually (the “Funding Limitation” and, together with the 5% Limitation, the “Redemption Limitations”). Our board of directors has set the amount of cash available for redemption of shares for the year ended December 31, 2023 at $8.0 million, which is generally to be allocated $2.0 million for each quarterly period. We may change the amount of the Redemption Limitations upon 10 business days’ notice to our stockholders and will provide notice of any change to the Redemption Limitations by including such information in (a) a Current Report on Form 8-K or in our annual or quarterly reports, all publicly filed with the Securities and Exchange Commission or (b) a separate mailing to its stockholders.
Redemption requests will be honored pro rata among all requests received subject to the Redemption Limitations and will not be honored on a first come, first served basis.
Our board of directors reserves the right in its sole discretion at any time and from time to time, subject to any notice requirements described in our SRP, to (1) reject any request for redemption of shares, (2) change the purchase price for redemption of shares, (3) limit the funds to be used for redemption of shares under the SRP or otherwise change the Redemption Limitations, or (4) amend, suspend (in whole or in part) or terminate the SRP.
For the six months ended June 30, 2023, we repurchased 169,651 shares of common stock, pursuant to our SRP at a weighted average price per share of $12.67 per share. For the six months ended June 30, 2022, we repurchased 44,275 shares of common stock, pursuant to our SRP at a weighted average price per share of $12.91 per share.
Distributions
We made an election to qualify as a REIT for federal income tax purposes commencing with our taxable year ended December 31, 2008. U.S. federal tax law requires a REIT to distribute at least 90% of its annual REIT taxable income (which does not equal net income, as calculated in accordance with generally accepted accounting principles, or GAAP) determined without regard to the deduction for dividends paid and excluding any net capital gain. In order to continue to qualify for REIT status, we may be required to make distributions in excess of cash available. Distributions, if any, are authorized at the discretion of our board of directors based on their analysis of our performance over the previous periods and expectations of performance for future periods. Such analyses may include actual and anticipated operating cash flow, capital expenditure needs, general financial and market conditions, proceeds from asset sales and other factors that our board of directors deems relevant. Our board of directors’ decisions will be substantially influenced by their obligation to ensure that we maintain our federal tax status as a REIT. We cannot provide assurance that we will pay distributions at any particular level, or at all.
We did not make any distributions to our stockholders during the six months ended June 30, 2023 and 2022.
Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements that are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources.
Critical Accounting Policies and Estimates
Management’s discussion and analysis of financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On a regular basis, we evaluate these estimates, including investment impairment. These estimates include such items as impairment of long-lived assets, depreciation and amortization, and allowance for doubtful accounts. Actual results could differ from those estimates.
Our critical accounting policies and estimates have not changed significantly from the discussion found in the Management Discussion and Analysis and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2022 which was filed with the Securities and Exchange Commission on March 28, 2023.
|
Item 4. |
Controls and Procedures. |
Evaluation of Disclosure Controls and Procedures
As required by Rule 13a-15(b) and Rule 15d-15(b) under the Exchange Act, our management, including our principal executive officer and principal financial officer, evaluated, as of June 30, 2023, the effectiveness of our disclosure controls and procedures as defined in Exchange Act Rule 13a-15(e) and Rule 15d-15(e) using the criteria established in Internal Control-New Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective, as of June 30, 2023, to provide reasonable assurance that information required to be disclosed by us in this report is recorded, processed, summarized, and reported within the time periods specified by the rules and forms of the Exchange Act and is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosures.
We believe, however, that a controls system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the controls system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud or error, if any, within a company have been detected.
Changes in Internal Control over Financial Reporting
There has been no change in internal control over financial reporting that occurred during our last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART II
OTHER INFORMATION
|
Item 1. |
Legal Proceedings. |
From time to time in the ordinary course of business, we 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 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, we have not recorded any loss contingencies related to legal proceedings in which the potential loss is deemed to be remote.
|
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds. |
Recent Sales of Unregistered Securities
During the period covered by this quarterly report, we did not sell any equity securities that were not registered under the Securities Act of 1933.
Our common stock is not currently listed on a national securities exchange. The timing of a liquidity event for our stockholders will depend upon then prevailing market conditions and our board of directors’ assessment of our investment objectives and liquidity options for our stockholders. Currently, our board of directors has targeted June 30, 2028 for the commencement of a liquidity event. However, we can provide no assurances as to the actual timing of the commencement of a liquidity event for our stockholders or our ultimate liquidation. Furthermore, we will seek stockholder approval prior to liquidating our entire portfolio.
|
Item 3. |
Defaults Upon Senior Securities. |
None.
|
Item 4. |
Mine Safety Disclosures. |
None.
|
Item 5. |
Other Information. |
None.
The exhibits filed in response to Item 601 of Regulation S-K are listed on the Exhibit Index attached hereto.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
LIGHTSTONE VALUE PLUS REIT V, INC. |
|
|
Date: August 14, 2023 |
By: |
/s/ Mitchell C. Hochberg |
|
Mitchell C. Hochberg |
|
Chief Executive Officer
(Principal Executive Officer) |
Date: August 14, 2023 |
By: |
/s/ Seth Molod |
|
Seth Molod |
|
Chief Financial Officer
(Duly Authorized Officer and Principal Financial and
Accounting Officer) |
Index to Exhibits
|
* |
Filed or furnished herewith |
|
** |
In accordance with Item 601(b)(32) of Regulation S-K, this Exhibit is not deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section. Such certifications will not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. |
Exhibit
31.1
CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER
I,
Mitchell C. Hochberg, certify that:
|
1. | I have reviewed
this quarterly report on Form 10-Q of Lightstone Value Plus Real Estate Investment Trust V, Inc.; |
|
2. | Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this
report; |
|
3. | Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
4. | The registrant’s
other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the registrant and have: |
|
(a) | Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared; |
|
(b) | Designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles; |
|
(c) | Evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of
the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
(d) | Disclosed in this
report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most
recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or
is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
5. | The registrant’s
other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to
the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent
functions): |
|
(a) | All significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely
to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
(b) | Any fraud, whether
or not material, that involves management or other employees who have a significant role in the registrant’s internal control over
financial reporting. |
/s/
Mitchell C. Hochberg |
|
Mitchell
C. Hochberg |
|
Chief
Executive Officer |
|
Principal
Executive Officer |
|
Date:
August 14, 2023
Exhibit 31.2
CERTIFICATION
OF PRINCIPAL FINANCIAL OFFICER
I,
Seth Molod, certify that:
|
1. | I have reviewed
this quarterly report on Form 10-Q of Lightstone Value Plus Real Estate Investment Trust V, Inc.; |
|
2. | Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this
report; |
|
3. | Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
4. | The registrant’s
other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and
15d-15(f)) for the registrant and have: |
|
(a) | Designed such
disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared; |
|
(b) | Designed such
internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles; |
|
(c)
| Evaluated the
effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
(d) | Disclosed in
this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
5.
| The registrant’s
other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent
functions): |
|
(a) | All significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely
to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
(b) | Any fraud, whether
or not material, that involves management or other employees who have a significant role in the registrant’s internal control over
financial reporting. |
/s/
Seth Molod |
|
Seth
Molod |
|
Chief
Financial Officer |
|
Principal
Financial Officer |
|
Date:
August 14, 2023
Exhibit
32.1
SECTION
1350 CERTIFICATION
This
Certificate is being delivered pursuant to the requirements of Section 1350 of Chapter 63 (Mail Fraud) of Title 18 (Crimes and Criminal
Procedures) of the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and shall not, except to
the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed for the purposes of Section 18 of the Securities Exchange Act
of 1934, as amended.
The
undersigned, who is the Chief Executive Officer of Lightstone Value Plus Real Estate Investment Trust V, Inc. (the “Company”),
hereby certifies, to his knowledge:
The
Quarterly Report on Form 10-Q of the Company (the “Report”), which accompanies this Certificate, fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and all information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the Company.
/s/
Mitchell C. Hochberg |
|
Mitchell
C. Hochberg |
|
Chief
Executive Officer |
|
Date:
August 14, 2023
A
signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the registrant
and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.
Exhibit
32.2
SECTION
1350 CERTIFICATION
This
Certificate is being delivered pursuant to the requirements of Section 1350 of Chapter 63 (Mail Fraud) of Title 18 (Crimes and Criminal
Procedures) of the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and shall not, except to
the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed for the purposes of Section 18 of the Securities Exchange Act
of 1934, as amended.
The
undersigned, who is the Chief Financial Officer of Lightstone Value Plus Real Estate Investment Trust V, Inc. (the “Company”),
hereby certifies, to his knowledge:
The
Quarterly Report on Form 10-Q of the Company (the “Report”), which accompanies this Certificate, fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and all information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the Company.
/s/
Seth Molod |
|
Seth
Molod |
|
Chief
Financial Officer |
|
Date:
August 14, 2023
A
signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the registrant
and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.
v3.23.2
Cover - shares shares in Thousands |
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 07, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-53650
|
|
Entity Registrant Name |
Lightstone Value Plus REIT V, Inc.
|
|
Entity Central Index Key |
0001387061
|
|
Entity Tax Identification Number |
20-8198863
|
|
Entity Incorporation, State or Country Code |
MD
|
|
Entity Address, Address Line One |
1985 Cedar Bridge Avenue
|
|
Entity Address, Address Line Two |
Suite 1
|
|
Entity Address, City or Town |
Lakewood
|
|
Entity Address, State or Province |
NJ
|
|
Entity Address, Postal Zip Code |
08701
|
|
City Area Code |
(888)
|
|
Local Phone Number |
808-7348
|
|
Entity Current Reporting Status |
Yes
|
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Entity Interactive Data Current |
Yes
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Entity Filer Category |
Non-accelerated Filer
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Entity Small Business |
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v3.23.2
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Investment property: |
|
|
Land and improvements |
$ 84,741
|
$ 84,439
|
Building and improvements |
326,606
|
324,335
|
Furniture, fixtures and equipment |
10,175
|
9,975
|
Gross investment property |
421,522
|
418,749
|
Less accumulated depreciation |
(66,180)
|
(59,274)
|
Net investment property |
355,342
|
359,475
|
Cash and cash equivalents |
55,839
|
59,625
|
Marketable securities, available for sale |
3,569
|
3,455
|
Restricted cash |
5,210
|
5,126
|
Note receivable, net |
4,750
|
3,771
|
Prepaid expenses and other assets |
3,051
|
3,256
|
Total Assets |
427,761
|
434,708
|
Liabilities and Stockholders’ Equity |
|
|
Notes payable, net |
290,445
|
290,289
|
Accounts payable and accrued and other liabilities |
8,169
|
8,515
|
Total liabilities |
298,614
|
298,804
|
Company’s stockholders’ equity: |
|
|
Preferred stock, $.0001 par value per share; 50.0 million shares authorized, none issued and outstanding |
|
|
Convertible stock, $.0001 par value per share; 1,000 shares authorized, issued and outstanding |
|
|
Common stock, $.0001 par value per share; 350.0 million shares authorized, 19.9 million and 20.0 million shares issued and outstanding, respectively |
2
|
2
|
Additional paid-in-capital |
167,846
|
169,996
|
Accumulated other comprehensive loss |
(200)
|
(220)
|
Accumulated deficit |
(38,501)
|
(33,874)
|
Total Stockholders’ Equity |
129,147
|
135,904
|
Total Liabilities and Stockholders’ Equity |
$ 427,761
|
$ 434,708
|
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v3.23.2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value (in dollars per share) |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized (in shares) |
50,000,000.0
|
50,000,000.0
|
Preferred stock, shares issued (in shares) |
0
|
0
|
Preferred stock, shares outstanding (in shares) |
0
|
0
|
Convertible stock, par value (in dollars per share) |
$ 0.0001
|
$ 0.0001
|
Convertible stock, shares authorized (in shares) |
1,000
|
1,000
|
Convertible Stock Shares Issued (in shares) |
1,000
|
1,000
|
Convertible stock, shares outstanding (in shares) |
1,000
|
1,000
|
Common stock, par value (in dollars per share) |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized (in shares) |
350,000,000.0
|
350,000,000.0
|
Common stock, shares issued (in shares) |
19,900,000
|
20,000,000.0
|
Common stock, shares outstanding (in shares) |
19,900,000
|
20,000,000.0
|
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v3.23.2
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Rental revenues |
$ 12,660
|
$ 11,612
|
$ 24,973
|
$ 22,818
|
Expenses |
|
|
|
|
Property operating expenses |
4,093
|
4,030
|
7,993
|
7,277
|
Real estate taxes |
1,826
|
1,646
|
3,700
|
3,374
|
General and administrative |
1,906
|
1,899
|
3,769
|
3,717
|
Depreciation and amortization |
3,466
|
4,953
|
6,906
|
9,872
|
Total expenses |
11,291
|
12,528
|
22,368
|
24,240
|
Interest expense, net |
(3,623)
|
(3,307)
|
(7,221)
|
(6,421)
|
Interest income |
686
|
368
|
1,325
|
877
|
Mark to market adjustment on derivative financial instruments |
(664)
|
492
|
(1,190)
|
1,110
|
Other (expense)/income, net |
(408)
|
247
|
(146)
|
1,361
|
Net loss |
$ (2,640)
|
$ (3,116)
|
$ (4,627)
|
$ (4,495)
|
Weighted average shares outstanding: |
|
|
|
|
Weighted average shares outstanding, basic |
19,918
|
20,089
|
19,977
|
20,100
|
Weighted average shares outstanding, diluted |
19,918
|
20,089
|
19,977
|
20,100
|
Basic loss per share |
$ (0.13)
|
$ (0.16)
|
$ (0.23)
|
$ (0.22)
|
Diluted loss per share |
$ (0.13)
|
$ (0.16)
|
$ (0.23)
|
$ (0.22)
|
Other comprehensive (loss)/income: |
|
|
|
|
Holding (loss)/gain on marketable securities, available for sale |
$ (16)
|
$ (62)
|
$ 12
|
$ (185)
|
Reclassification adjustment for loss/(gain) on sale of marketable securities included in net loss |
6
|
2
|
8
|
(2)
|
Total other comprehensive (loss)/income |
(10)
|
(60)
|
20
|
(187)
|
Comprehensive loss |
$ (2,650)
|
$ (3,176)
|
$ (4,607)
|
$ (4,682)
|
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v3.23.2
Consolidated Statements of Stockholder's Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
Convertible Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
AOCI Attributable to Parent [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
|
$ 2
|
$ 171,079
|
$ 13
|
$ (25,224)
|
$ 145,870
|
Beginning balance, shares at Dec. 31, 2021 |
1
|
20,128
|
|
|
|
|
Net loss |
|
|
|
|
(4,495)
|
(4,495)
|
Redemption and cancellation of common stock |
|
|
(572)
|
|
|
(572)
|
Redemption and cancellation of common stock, shares |
|
(44)
|
|
|
|
|
Holding gain on marketable securities, available for sale |
|
|
|
(185)
|
|
(185)
|
Reclassification adjustment for loss on sale of marketable securities included in net loss |
|
|
|
(2)
|
|
(2)
|
Ending balance, value at Jun. 30, 2022 |
|
$ 2
|
170,507
|
(174)
|
(29,719)
|
140,616
|
Ending balance, shares at Jun. 30, 2022 |
1
|
20,084
|
|
|
|
|
Beginning balance, value at Mar. 31, 2022 |
|
$ 2
|
170,764
|
(114)
|
(26,603)
|
144,049
|
Beginning balance, shares at Mar. 31, 2022 |
1
|
20,104
|
|
|
|
|
Net loss |
|
|
|
|
(3,116)
|
(3,116)
|
Redemption and cancellation of common stock |
|
|
(257)
|
|
|
(257)
|
Redemption and cancellation of common stock, shares |
|
(20)
|
|
|
|
|
Holding gain on marketable securities, available for sale |
|
|
|
(62)
|
|
(62)
|
Reclassification adjustment for loss on sale of marketable securities included in net loss |
|
|
|
2
|
|
2
|
Ending balance, value at Jun. 30, 2022 |
|
$ 2
|
170,507
|
(174)
|
(29,719)
|
140,616
|
Ending balance, shares at Jun. 30, 2022 |
1
|
20,084
|
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
|
$ 2
|
169,996
|
(220)
|
(33,874)
|
135,904
|
Beginning balance, shares at Dec. 31, 2022 |
1
|
20,044
|
|
|
|
|
Net loss |
|
|
|
|
(4,627)
|
(4,627)
|
Redemption and cancellation of common stock |
|
|
(2,150)
|
|
|
(2,150)
|
Redemption and cancellation of common stock, shares |
|
(170)
|
|
|
|
|
Holding gain on marketable securities, available for sale |
|
|
|
12
|
|
12
|
Reclassification adjustment for loss on sale of marketable securities included in net loss |
|
|
|
8
|
|
8
|
Ending balance, value at Jun. 30, 2023 |
|
$ 2
|
167,846
|
(200)
|
(38,501)
|
129,147
|
Ending balance, shares at Jun. 30, 2023 |
1
|
19,874
|
|
|
|
|
Beginning balance, value at Mar. 31, 2023 |
|
$ 2
|
169,846
|
(190)
|
(35,861)
|
133,797
|
Beginning balance, shares at Mar. 31, 2023 |
1
|
20,034
|
|
|
|
|
Net loss |
|
|
|
|
(2,640)
|
(2,640)
|
Redemption and cancellation of common stock |
|
|
(2,000)
|
|
|
(2,000)
|
Redemption and cancellation of common stock, shares |
|
(160)
|
|
|
|
|
Holding gain on marketable securities, available for sale |
|
|
|
(16)
|
|
(16)
|
Reclassification adjustment for loss on sale of marketable securities included in net loss |
|
|
|
6
|
|
6
|
Ending balance, value at Jun. 30, 2023 |
|
$ 2
|
$ 167,846
|
$ (200)
|
$ (38,501)
|
$ 129,147
|
Ending balance, shares at Jun. 30, 2023 |
1
|
19,874
|
|
|
|
|
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v3.23.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net loss |
$ (4,627)
|
$ (4,495)
|
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
Depreciation and amortization |
6,906
|
9,872
|
Amortization of deferred financing fees |
711
|
711
|
Mark to market adjustment on derivative financial instruments |
1,190
|
(1,110)
|
Non-cash interest income |
(32)
|
(324)
|
Other non-cash adjustments |
(143)
|
(2)
|
Changes in operating assets and liabilities: |
|
|
Increase in prepaid expenses and other assets |
(853)
|
(761)
|
(Decrease)/increase in accounts payable and accrued and other liabilities |
(440)
|
515
|
Net cash provided by operating activities |
2,712
|
4,406
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Purchase of investment property |
(2,701)
|
(4,464)
|
Purchases of marketable securities |
(625)
|
(721)
|
Proceeds from sale of marketable securities |
523
|
735
|
Funding of note receivable, net |
(925)
|
|
Proceeds from repayment of note receivable |
|
8,821
|
Net cash (used in)/provided by investing activities |
(3,728)
|
4,371
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Proceeds from notes payable |
461
|
11,587
|
Payments on notes payable |
(997)
|
(867)
|
Payment of loan fees and expenses |
|
(13)
|
Redemption and cancellation of common stock |
(2,150)
|
(572)
|
Net cash (used in)/provided by financing activities |
(2,686)
|
10,135
|
Change in cash, cash equivalents and restricted cash |
(3,702)
|
18,912
|
Cash, cash equivalents and restricted cash, beginning of year |
64,751
|
45,239
|
Cash, cash equivalents and restricted cash, end of period |
61,049
|
64,151
|
Supplemental cash flow information for the periods indicated is as follows: |
|
|
Cash paid for interest |
8,500
|
5,667
|
Capital expenditures for investment property in accounts payable and accrued and other liabilities |
233
|
156
|
Holding gain/loss on marketable securities, available for sale |
20
|
187
|
Cash and cash equivalents |
55,839
|
59,435
|
Restricted cash |
5,210
|
4,716
|
Total cash, cash equivalents and restricted cash |
$ 61,049
|
$ 64,151
|
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v3.23.2
Business
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Business |
Lightstone Value Plus REIT V, Inc. which was formerly known as Lightstone Value Plus Real Estate Investment Trust V, Inc. before August 31, 2021 (which may be referred to as the “Company,” “we,” “us,” or “our”), was organized as a Maryland corporation on January 9, 2007 and has elected to be taxed, and currently qualifies, as a real estate investment trust (“REIT”) for federal income tax purposes.
The Company was formed primarily to acquire and operate commercial real estate and real estate-related assets on an opportunistic and value-add basis. In particular, the Company has focused generally on acquiring commercial properties with significant possibilities for capital appreciation, such as those requiring development, redevelopment, or repositioning, those located in markets and submarkets with high growth potential, and those available from sellers who are distressed or face time-sensitive deadlines. The Company has acquired a wide variety of commercial properties, including office, industrial, retail, hospitality, multifamily and student housing. The Company has purchased existing, income-producing properties, and newly-constructed properties. The Company has also invested in other real estate-related investments such as mortgage and mezzanine loans. The Company intends to hold the various real properties in which it has invested until such time as its board of directors determines that a sale or other disposition appears to be advantageous to achieve the Company’s investment objectives or until it appears that the objectives will not be met. The Company currently has one operating segment. As of June 30, 2023, the Company had eight wholly owned real estate investments (multifamily properties) and one real estate-related investment (note receivable).
Substantially all of the Company’s business is conducted through Lightstone REIT V OP LP, a limited partnership organized in Delaware (the “Operating Partnership”). As of June 30, 2023, the Company’s wholly-owned subsidiary, BHO II, Inc., a Delaware corporation, owned a 0.1% partnership interest in the Operating Partnership as its sole general partner. As of June 30, 2023, the Company’s wholly-owned subsidiary, BHO Business Trust II, a Maryland business trust, was the sole limited partner of the Operating Partnership and owned the remaining 99.9% interest in the Operating Partnership.
The Company’s business is externally managed by LSG Development Advisor LLC (the “Advisor”), an affiliate of the Lightstone Group LLC (“Lightstone”) which provides advisory services to the Company and the Company has no employees. Lightstone is majority owned by the chairman emeritus of the Company’s board of directors, David Lichtenstein. Pursuant to the terms of an advisory agreement and subject to the oversight of the Company’s board of directors, the Advisor is responsible for managing the Company’s day-to-day affairs and for services related to the management of the Company’s assets.
Organization
In connection with the Company’s initial capitalization, the Company issued 22,500 shares of its common stock and 1,000 shares of its convertible stock to the Company’s previous advisor on January 19, 2007. The 1,000 shares of convertible stock were transferred to an affiliate of Lightstone on February 10, 2017 and remain outstanding. As of June 30, 2023, the Company had 19.9 million shares of common stock outstanding.
The Company’s common stock is not currently listed on a national securities exchange. The timing of a liquidity event for the Company’s stockholders will depend upon then prevailing market conditions and the Company’s board of directors’ assessment of the Company’s investment objectives and liquidity options for the Company’s stockholders. Currently, the Company’s board of directors has targeted June 30, 2028 for the commencement of a liquidity event. However, the Company can provide no assurances as to the actual timing of the commencement of a liquidity event for its stockholders or the ultimate liquidation of the Company. Furthermore, the Company will seek stockholder approval prior to liquidating its entire portfolio.
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v3.23.2
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
|
2. |
Summary of Significant Accounting Policies |
Interim Unaudited Financial Information
The accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes as contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the Securities and Exchange Commission (the “SEC”) on March 28, 2023. The unaudited interim consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair presentation of the results for the periods presented. The accompanying unaudited consolidated financial statements of Lightstone Value Plus REIT V, Inc. have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.
Principles of Consolidation and Basis of Presentation
The Company’s consolidated financial statements includes its accounts and the accounts of other subsidiaries over which the Company has control. All inter-company transactions, balances, and profits have been eliminated in consolidation. In addition, interests in entities acquired are evaluated based on applicable GAAP, and entities deemed to be variable interest entities (“VIE”) in which the Company is the primary beneficiary are also consolidated. If the interest in the entity is determined not to be a VIE, then the entity is evaluated for consolidation based on legal form, economic substance, and the extent to which the Company has control, substantive participating rights or both under the respective ownership agreement. For entities in which the Company has less than a controlling interest or entities which it is not deemed to be the primary beneficiary, it accounts for the investment using the equity method of accounting.
The consolidated balance sheet as of December 31, 2022 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.
Reclassifications
Certain prior period amounts have been reclassified to conform to the current period presentation.
Earnings per Share
The Company had no potentially dilutive securities outstanding during the periods presented. Accordingly, basic and diluted earnings per share is calculated by dividing net income/(loss) by the weighted-average number of shares of common stock outstanding during the applicable period.
Income Taxes
The Company has elected to be taxed as a REIT commencing with the taxable year ended December 31, 2008. If the Company qualifies as a REIT, it generally will not be subject to U.S. federal income tax on its taxable income or capital gain that it distributes to its stockholders. To maintain its REIT qualification, the Company must meet a number of organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90% of its REIT taxable income (which does not equal net income, as calculated in accordance with GAAP), determined without regard to the deduction for dividends paid and excluding any net capital gain. If the Company fails to remain qualified for taxation as a REIT in any subsequent year and does not qualify for certain statutory relief provisions, its income for that year will be taxed at the regular corporate rate, and it may be precluded from qualifying for treatment as a REIT for the four-year period following its failure to qualify as a REIT. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders.
To maintain its qualification as a REIT, the Company may engage in certain activities through taxable REIT subsidiaries (“TRSs”). As such, it may be subject to U.S. federal and state income and franchise taxes from these activities.
The Company’s income tax expense and benefits are included in other income/(expense), net on its consolidated statements of operations. During both the three and six months ended June 30, 2023, the Company recorded income tax expense of $0.7 million, primarily consisting of estimated state income tax due. During the three and six months ended June 30, 2022, the Company recorded estimated income tax expense of $17 and an aggregate income tax benefit of $0.9 million respectively. The aggregate income tax benefit for the six months ended June 30, 2022 includes an $0.8 million partial refund of previously paid foreign income tax received in the first quarter of 2022.
As of June 30, 2023 and December 31, 2022, the Company had no material uncertain income tax positions.
Recently Adopted Accounting Standards
In June 2016, the Financial Accounting Standards Board issued an accounting standards update, “Financial Instruments-Credit Losses-Measurement of Credit Losses on Financial Instruments,” which changes how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The updated standard introduces an impairment model that is based on expected credit losses, rather than incurred losses, to estimate credit losses for financial instruments measured at amortized cost. For other receivables and held-to-maturity debt instruments, entities are required to use a new forward looking expected loss model that generally will result in an earlier recognition of allowances for losses. Financial instruments with similar risk characteristics may be grouped together when estimating expected credit losses. The update was effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted the new standard, as of January 1, 2023, and it did not have a material impact on the consolidated financial statements.
Adverse Developments Affecting the Financial Services Industry and Concentration of Credit Risk
As of June 30, 2023 and December 31, 2022, the Company had cash deposited in certain financial institutions in excess of federally insured levels. The Company regularly monitors the financial stability of these financial institutions and believes that it is not exposed to any significant credit risk in cash and cash equivalents or restricted cash. However, in March and April 2023, certain U.S. government banking regulators took steps to intervene in the operations of certain financial institutions due to liquidity concerns, which caused general heightened uncertainties in financial markets. While these events have not had a material direct impact on the Company’s operations, if further liquidity and financial stability concerns arise with respect to banks and financial institutions, either nationally or in specific regions, the Company’s ability to access cash or enter into new financing arrangements may be threatened, which could have a material adverse effect on its business, financial condition and results of operations.
Current Environment
The Company’s operating results are substantially impacted by the overall health of local, U.S. national and global economies and may be influenced by market and other challenges. Additionally, the Company’s business and financial performance may be adversely affected by current and future economic and other conditions; including, but not limited to, availability or terms of financings, financial markets volatility, political upheaval or uncertainty, natural and man-made disasters, terrorism and acts of war, unfavorable changes in laws and regulations, outbreaks of contagious diseases, cybercrime, loss of key relationships, inflation and recession.
The Company’s overall performance depends in part on worldwide economic and geopolitical conditions and their impacts on consumer behavior. Worsening economic conditions, increases in costs due to inflation, higher interest rates, certain labor and supply chain challenges, and other changes in economic conditions, may adversely affect the Company’s results of operations and financial performance.
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v3.23.2
Note Receivable
|
6 Months Ended |
Jun. 30, 2023 |
Receivables [Abstract] |
|
Note Receivable |
On February 28, 2019, the Company, as the lender, and an unrelated third party (the “Loan Borrower”), as the borrower, entered into a loan promissory note (the “Mezzanine Loan”), pursuant to which the Company funded an aggregate $12.0 million of mezzanine financing collateralized by the ownership interests of the Loan Borrower in a condominium project (the “Park House”) located at 500 West 22nd Street in the West Chelsea neighborhood of New York City.
The Mezzanine Loan bore interest at a rate of LIBOR plus 11.0% per annum with a floor of 13.493% (17.885% as of December 31, 2022) and had a maturity date of March 1, 2023. Additionally, the Mezzanine Loan provided for monthly interest-only payments at a rate of 8% with the additional interest above the 8% threshold added to the outstanding principal balance and due at maturity.
The Loan Borrower developed and constructed Park House, which contains 10 residential units and ground floor retail space. The Park House was substantially completed in July 2022, and during the year ended December 31, 2022, the Loan Borrower repaid $10.6 million of the Mezzanine Loan with proceeds from the sale of condominium units. As of December 31, 2022, the remaining outstanding principal balance of the Mezzanine Loan was $3.8 million, including $2.4 million of additional interest due at maturity, which was classified as note receivable, net on the consolidated balance sheet.
During the first quarter of 2023, the Company and Loan Borrower refinanced the Mezzanine Loan resulting in a $5.0 million senior loan (the “Senior Loan”) secured by the Loan Borrower’s ownership interest in Park House, consisting of the remaining unsold condominium units and the ground floor retail space. The Senior Loan bears interest at a rate of SOFR plus 5.50% per annum with a floor of 10.0% (10.66% as of June 30, 2023) and has a term of twelve-months with one six-month extension option, subject to the satisfaction of certain conditions. As of June 30, 2023, the carrying amount of the Senior Loan was $4.8 million, consisting of outstanding principal of $5.0 million less interest reserves of $0.2 million, which is classified as notes receivable, net on the consolidated balance sheet.
|
X |
- DefinitionThe entire disclosure for financing receivable.
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v3.23.2
Financial Instruments
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Financial Instruments |
The Company determined the following disclosure of estimated fair values using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop the related estimates of fair value. The use of different market assumptions or only estimation methodologies may have a material effect on the estimated fair value amounts.
As of June 30, 2023 and December 31, 2022, management estimated that the carrying value of cash and cash equivalents, restricted cash, note receivable, prepaid expenses and other assets (exclusive of interest rate cap contracts - see Note 6) and accounts payable and accrued and other liabilities were at amounts that reasonably approximated their fair value based on their highly-liquid nature and/or short-term maturities.
The fair value of the notes payable is categorized as a Level 2 in the fair value hierarchy. The fair value was estimated using a discounted cash flow analysis valuation on the estimated borrowing rates currently available for loans with similar terms and maturities. The fair value of the notes payable was determined by discounting the future contractual interest and principal payments by a market rate. Disclosure about fair value of financial instruments is based on pertinent information available to management as of June 30, 2023 and December 31, 2022. Carrying amounts of our notes payable and the related estimated fair value is summarized as follows:
Schedule of notes payable and the related estimated fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2023 |
|
|
As of December 31, 2022 |
|
|
|
Carrying Amount |
|
|
Estimated Fair Value |
|
|
Carrying Amount |
|
|
Estimated Fair Value |
|
Notes payable |
|
$ |
293,159 |
|
|
$ |
290,207 |
|
|
$ |
293,695 |
|
|
$ |
288,222 |
|
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v3.23.2
Real Estate Properties
|
6 Months Ended |
Jun. 30, 2023 |
Real Estate Properties |
|
Real Estate Properties |
|
5. |
Real Estate Properties |
The following table presents certain information about the Company’s wholly owned and consolidated multifamily real estate properties as of June 30, 2023:
Schedule of real estate properties |
|
|
|
|
Property Name |
|
Location |
|
Date Acquired |
Arbors Harbor Town |
|
Memphis, Tennessee |
|
December 20, 2011 |
Parkside Apartments (“Parkside”) |
|
Sugar Land, Texas |
|
August 8, 2013 |
Flats at Fishers |
|
Fishers, Indiana |
|
November 30, 2017 |
Axis at Westmont |
|
Westmont, Illinois |
|
November 27, 2018 |
Valley Ranch Apartments |
|
Ann Arbor, Michigan |
|
February 14, 2019 |
Autumn Breeze Apartments |
|
Noblesville, Indiana |
|
March 17, 2020 |
Bay Vue Apartments |
|
Tampa, Florida |
|
July 7, 2021 |
Citadel Apartments |
|
Houston, Texas |
|
October 6, 2021 |
|
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v3.23.2
Marketable Securities, Derivative Financial Instruments and Fair Value Measurements
|
6 Months Ended |
Jun. 30, 2023 |
Marketable Securities Derivative Financial Instruments And Fair Value Measurements |
|
Marketable Securities, Derivative Financial Instruments and Fair Value Measurements |
|
6. |
Marketable Securities, Derivative Financial Instruments and Fair Value Measurements |
Marketable Securities
The following is a summary of the Company’s available for sale securities as of the dates indicated:
Schedule of available-for-sale securities reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2023 |
|
Debt
securities: |
|
Adjusted Cost |
|
|
Gross Unrealized Gains |
|
|
Gross Unrealized Losses |
|
|
Fair Value |
|
Corporate and Government Bonds |
|
$ |
3,769 |
|
|
$ |
7 |
|
|
$ |
(207 |
) |
|
$ |
3,569 |
|
|
|
As of December 31, 2022 |
|
Debt
securities: |
|
Adjusted Cost |
|
|
Gross Unrealized Gains |
|
|
Gross Unrealized Losses |
|
|
Fair Value |
|
Corporate and Government Bonds |
|
$ |
3,675 |
|
|
$ |
- |
|
|
$ |
(220 |
) |
|
$ |
3,455 |
|
The Company may be exposed to credit losses through its available-for-sale debt securities. Unrealized losses or impairments resulting from the amortized cost basis of any available-for-sale debt security exceeding its fair value are evaluated for identification of credit and non-credit related factors. Any difference between the fair value of the debt security and the amortized cost basis not attributable to credit related factors are reported in other comprehensive income. A credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings. When evaluating the investments for impairment at each reporting period, the Company reviews factors such as the extent of the unrealized loss, current and future economic market conditions and the economic and financial condition of the issuer and any changes thereto. As of June 30, 2023, the Company has not recognized an allowance for expected credit losses related to available-for-sale debt securities as the Company has not identified any unrealized losses for these investments attributable to credit factors. The Company’s unrealized loss on investments in corporate bonds was primarily caused by rising interest rates. The Company does not currently intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis.
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 June 30, 2023 |
|
Due in 1 year |
|
$ |
674 |
|
Due in 1 year through 5 years |
|
|
2,877 |
|
Due in 5 years through 10 years |
|
|
18 |
|
Due after 10 years |
|
|
- |
|
Total |
|
$ |
3,569 |
|
Derivative Financial Instruments
The Company has entered into interest rate cap contracts with unrelated financial institutions in order to reduce the effect of interest rate fluctuations or risk of certain real estate investment’s interest expense on its variable rate debt. The Company is exposed to credit risk in the event of non-performance by the counterparty to these financial instruments. Management believes the risk of loss due to non-performance to be minimal.
The Company is accounting for the interest rate cap contracts as economic hedges, marking these contracts to market, taking into account present interest rates compared to the contracted fixed rate over the life of the contract and recording the unrealized gain or loss on the interest rate cap contracts in the consolidated statements of operations.
For the three and six months ended June 30, 2023, the Company recorded unrealized losses of $0.7 million and $1.2 million, respectively, and for the three and six months ended June 30, 2022, the Company recorded unrealized gains of $0.5 million and $1.1 million, respectively. These unrealized gains and losses are classified as mark to market adjustment on derivative financial instruments on the Company’s consolidated statements of operations and represent the changes in the fair value of these economic hedges during such periods. As of June 30, 2023, the Company had two interest rate cap contracts with notional amounts of $52.2 million and $49.0 million, respectively, of which the first matured on July 15, 2023 and the second is scheduled to mature on October 11, 2023, respectively, and effectively cap LIBOR, as well as its replacement benchmark rate of SOFR upon the phase-out of LIBOR, at 2.50% and 2.00%, respectively. The aggregate fair value of the interest rate cap contracts was $0.6 million and $1.8 million as of June 30, 2023 and December 31, 2022, respectively, and is included in prepaid expenses and other assets on the consolidated balance sheets.
During the three and six months ended June 30, 2023, the Company earned $0.7 million and $1.3 million, respectively, from the interest rate cap contracts. The Company had no earnings from its interest rate cap contracts during both the three and six months ended June 30, 2022. Earnings from interest rate cap contracts are recorded in interest expense, net on the Company’s consolidated statements of operations.
On July 17, 2023, the Company entered into a new interest rate cap contract with an unrelated financial institution at a cost of $1.4 million which replaces its interest rate cap contract that expired on July 15, 2023. The replacement interest rate cap contract, which has an effective date of July 15, 2023, has a notional amount of $52.2 million, matures on July 15, 2024 and effectively caps SOFR at 2.50%.
Fair
Value Measurements
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.
The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value:
|
● |
Level 1 – Quoted prices in active markets for identical assets or liabilities. |
|
|
|
|
● |
Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. |
|
|
|
|
● |
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
The fair values of the Company’s investments in debt securities are measured using quoted prices for these investments; however, the markets for these assets are not active. The fair values of the Company’s interest rate cap contracts are measured using other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. As of June 30, 2023 and December 31, 2022, all of the Company’s debt securities and interest rate cap contracts were classified as Level 2 assets and there were no transfers between the level classifications during the six months ended June 30, 2023 and 2022.
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v3.23.2
Notes Payable
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Notes Payable |
Notes payable consists of the following:
Schedule of information on notes payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property |
|
Interest Rate |
|
Weighted Average Interest Rate for the Six Months Ended June 30, 2023 |
|
Maturity Date |
|
Amount Due at Maturity |
|
|
As of June 30, 2023 |
|
|
As of December 31, 2022 |
|
Arbors Harbor Town |
|
4.53% |
|
4.53% |
|
January 1, 2026 |
|
$ |
29,000 |
|
|
$ |
29,000 |
|
|
$ |
29,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arbors Harbor Town Supplemental |
|
3.52% |
|
3.52% |
|
January 1, 2026 |
|
|
5,379 |
|
|
|
5,676 |
|
|
|
5,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parkside Apartments |
|
4.45% |
|
4.45% |
|
June 1, 2025 |
|
|
15,782 |
|
|
|
16,472 |
|
|
|
16,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Axis at Westmont |
|
4.39% |
|
4.39% |
|
February 1, 2026 |
|
|
34,343 |
|
|
|
36,160 |
|
|
|
36,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valley Ranch Apartments |
|
4.16% |
|
4.16% |
|
March 1, 2026 |
|
|
43,414 |
|
|
|
43,414 |
|
|
|
43,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flats at Fishers |
|
3.78% |
|
3.78% |
|
July 1, 2026 |
|
|
26,090 |
|
|
|
27,803 |
|
|
|
28,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flats at Fishers Supplemental |
|
3.85% |
|
3.85% |
|
July 1, 2026 |
|
|
8,366 |
|
|
|
8,903 |
|
|
|
8,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Autumn Breeze Apartments |
|
3.39% |
|
3.39% |
|
April 1, 2030 |
|
|
25,518 |
|
|
|
29,827 |
|
|
|
29,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BayVue Apartments |
|
LIBOR + 3.00% (floor 3.10%) |
|
5.34% |
|
July 9, 2024 |
|
|
46,904 |
|
|
|
46,904 |
|
|
|
46,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citadel Apartments Senior |
|
LIBOR + 1.50% (floor 1.60%) |
|
3.63% |
|
October 11, 2024 |
|
|
39,200 |
|
|
|
39,200 |
|
|
|
39,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citadel Apartments Junior |
|
LIBOR + 8.75% (floor 8.85%) |
|
10.96% |
|
October 11, 2024 |
|
|
9,800 |
|
|
|
9,800 |
|
|
|
9,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total notes payable |
|
|
|
4.45% |
|
|
|
$ |
283,796 |
|
|
|
293,159 |
|
|
|
293,695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Deferred financing costs |
|
|
|
|
|
|
|
|
|
|
|
|
(2,714 |
) |
|
|
(3,406 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total notes payable, net |
|
|
|
|
|
|
|
|
|
|
|
$ |
290,445 |
|
|
$ |
290,289 |
|
LIBOR as of June 30, 2023 and December 31, 2022 was 5.22% and 4.39%, respectively. The Company’s loans are secured by the indicated real estate and are non-recourse to the Company, unless otherwise indicated.
The following table provides information with respect to the contractual maturities and scheduled principal repayments of the Company’s indebtedness as of June 30, 2023.
Schedule of contractual obligations for principal payments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
2024 |
|
|
2025 |
|
|
2026 |
|
|
2027 |
|
|
Thereafter |
|
|
Total |
|
Principal maturities |
|
$ |
1,194 |
|
|
$ |
98,365 |
|
|
$ |
18,138 |
|
|
$ |
147,729 |
|
|
$ |
654 |
|
|
$ |
27,079 |
|
|
$ |
293,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: deferred financing costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,714 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total notes payable, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
290,445 |
|
As of June 30, 2023, the Company was in compliance with all of its financial debt covenants.
Citadel Apartments
On October 6, 2021, the Company entered into a non-recourse mortgage loan facility for up to $39.2 million (the “Citadel Apartments Senior Mortgage”). Simultaneously, on October 6, 2021, the Company also entered into a non-recourse mortgage loan facility for up to $9.8 million (the “Citadel Apartments Junior Mortgage” and together with the Citadel Apartments Senior Mortgage, the “Citadel Apartments Mortgages”). The Citadel Apartments Mortgages provided for a replacement benchmark rate in connection with the phase-out of LIBOR and effective on July 15, 2023, the Citadel Apartments Senior Mortgage’s interest rate converted from LIBOR plus 1.50% to SOFR plus 1.61% and the Citadel Apartments Junior Mortgage’s interest rate converted from LIBOR plus 8.75% to SOFR plus 8.86%.
The Citadel Apartments Mortgages initially mature on October 11, 2024, with two one-year extension options, subject to the satisfaction of certain conditions, and are collateralized by the Citadel Apartments, while the Citadel Apartments Junior Mortgage is subordinate to the Citadel Apartments Senior Mortgage.
Pursuant to the terms of the Citadel Apartments Mortgages, the Company is required to enter into one or more interest rate cap contracts in the aggregate notional amount of $49.0 million for as long as the Citadel Apartments Mortgages remain outstanding. In connection with the Citadel Apartments Mortgages, the Company has entered into an interest rate cap contract with a notional amount of $49.0 million pursuant to which the LIBOR and the replacement SOFR rates are capped at 2.00% through October 11, 2023.
The Company currently intends to enter into a replacement interest rate cap contract upon the expiration of its existing interest rate cap contract with a notional amount of $49.0 million on October 11, 2023.
BayVue Apartments
On July 7, 2021, the Company entered into a non-recourse mortgage loan facility for up to $52.2 million (the “BayVue Apartments Mortgage”) scheduled to initially mature on July 9, 2024, with two, one-year extension options, subject to the satisfaction of certain conditions. The BayVue Apartments Mortgage provides for a replacement benchmark rate in connection with the phase-out of LIBOR and effective on July 15, 2023, the interest rate converted from LIBOR plus 3.00% to SOFR plus 3.11%. As of June 30, 2023, the outstanding principal balance and remaining availability under the BayVue Apartments Mortgage was $46.9 million and $5.3 million, respectively. The remaining availability may be drawn for certain capital improvements to the property pursuant to the loan agreement. Although the BayVue Apartments Mortgage is currently scheduled to mature on July 9, 2024, the Company currently intends to exercise the first of its two one-year extension options to extend the maturity of the BayVue Apartments Mortgage to July 9, 2025.
Pursuant
to the terms of the BayVue Apartments Mortgage, the Company is required to enter into one or more interest rate cap contracts in the
aggregate notional amount of $52.2 million for as long as the BayVue Apartments Mortgage remains outstanding. In connection with the
BayVue Apartments Mortgage, the Company previously entered into an interest rate cap contract with a notional amount of $52.2 million
pursuant to which the LIBOR rate was capped at 2.50% through July 15, 2023. On July 17, 2023, the Company entered into a new
interest rate cap contract with an unrelated financial institution at a cost of $1.4 million which replaces its interest rate cap contract
that expired on July 15, 2023. The replacement interest rate cap contract, which has an effective date of July 15, 2023, has
a notional amount of $52.2 million, matures on July 15, 2024 and effectively caps SOFR at 2.50%.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.2
Stockholders’ Equity
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Stockholders’ Equity |
Share Redemption Program
The Company’s board of directors has adopted a share redemption program (the “SRP”) that permits stockholders to sell their shares back to the Company, subject to the significant conditions and limitations of the program. The Company’s board of directors can amend the provisions of the SRP at any time without the approval of its stockholders.
Effective March 25, 2021, the Company’s Board of Directors reopened the SRP, which had been suspended since December 13, 2019, solely for redemptions submitted in connection with a stockholder’s death and set the price for all such purchases to the Company’s current NAV per Share, as determined by its board of directors and reported by the Company from time to time.
On November 10, 2022, the Company’s board of directors adopted a Seventh Amended and Restated Share Redemption Program (the “Amended SRP”), which became effective on January 1, 2023. Under the terms of the Amended SRP, any stockholder may request redemption of their shares, subject to the significant conditions and limitations of the program. Redemption requests will no longer be limited to requests upon the death of a qualifying stockholder, as had been the case under the SRP through December 31, 2022. Additionally, under the terms of the Amended SRP, the Company will redeem shares at 85% of the NAV per Share as of the date the request for redemption is approved.
Pursuant to the terms of the Amended SRP, any shares approved for redemption are redeemed on a periodic basis as determined by the Company’s board of directors, generally expected to be at the end of each quarterly period. However, the Company will not redeem, during any calendar year, more than 5% of the number of shares outstanding on last day of the previous calendar year (the “5% Limitation”). The cash available for redemption of shares will be set by the Company’s board of directors not less often than annually (the “Funding Limitation” and, together with the 5% Limitation, the “Redemption Limitations”). The Company’s board of directors has set the amount of cash available for redemption of shares for the year ended December 31, 2023 at $8.0 million, which is generally to be allocated $2.0 million for each quarterly period. The Company may change the amount of the Redemption Limitations upon 10 business days’ notice to its stockholders and will provide notice of any change to the Redemption Limitations by including such information in (a) a Current Report on Form 8-K or in its annual or quarterly reports, all publicly filed with the United States Securities and Exchange Commission or (b) a separate mailing to its stockholders.
Redemption requests will be honored pro rata among all requests received subject to the Redemption Limitations and will not be honored on a first come, first served basis.
The Company’s board of directors reserves the right in its sole discretion at any time and from time to time, subject to any notice requirements described in our SRP, to (1) reject any request for redemption of shares, (2) change the purchase price for redemption of shares, (3) limit the funds to be used for redemption of shares under the SRP or otherwise change the Redemption Limitations, or (4) amend, suspend (in whole or in part) or terminate the SRP.
For the six months ended June 30, 2023, the Company repurchased 169,651 shares of common stock, pursuant to its SRP at a weighted average price per share of $12.67 per share. For the six months ended June 30, 2022, the Company repurchased 44,275 shares of common stock, pursuant to its SRP at a weighted average price per share of $12.91 per share.
Distributions
The Company did not make any distributions to its stockholders during the six months ended June 30, 2023 and 2022.
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v3.23.2
Related Party Transactions
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
|
9. |
Related Party Transactions |
The Company has agreements with the Advisor and its affiliates to pay certain fees and reimburse certain expenses in connection with services performed and costs incurred by these entities and other related parties. The Company is dependent on the Advisor and its affiliates for certain services that are essential to it, including investment decisions, asset disposition decisions, property management and leasing services, financing services, and other general administrative responsibilities. In the event that these entities are unable to provide the Company with their respective services, the Company would be required to obtain such services from other sources.
The advisory agreement has a one-year term and is renewable annually upon the mutual consent of the Advisor and the Company’s independent directors.
The following table represents the fees incurred associated with the payments to the Company’s Advisor and its affiliates for the periods indicated:
Schedule of related party transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, |
|
|
For the Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Acquisition fees and acquisition expense reimbursement(1) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
21 |
|
|
$ |
- |
|
Property management fees (property operating expenses) |
|
|
135 |
|
|
|
124 |
|
|
|
270 |
|
|
|
242 |
|
Administrative services reimbursement (general and administrative costs) |
|
|
377 |
|
|
|
346 |
|
|
|
753 |
|
|
|
693 |
|
Asset management fees (general and administrative costs) |
|
|
907 |
|
|
|
861 |
|
|
|
1,813 |
|
|
|
1,729 |
|
Total |
|
$ |
1,419 |
|
|
$ |
1,331 |
|
|
$ |
2,857 |
|
|
$ |
2,664 |
|
|
(1) |
Capitalized to the corresponding asset and amortized over its estimated useful life. |
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v3.23.2
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2023 |
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.
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v3.23.2
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Interim Unaudited Financial Information |
Interim Unaudited Financial Information
The accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes as contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the Securities and Exchange Commission (the “SEC”) on March 28, 2023. The unaudited interim consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair presentation of the results for the periods presented. The accompanying unaudited consolidated financial statements of Lightstone Value Plus REIT V, Inc. have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.
|
Principles of Consolidation and Basis of Presentation |
Principles of Consolidation and Basis of Presentation
The Company’s consolidated financial statements includes its accounts and the accounts of other subsidiaries over which the Company has control. All inter-company transactions, balances, and profits have been eliminated in consolidation. In addition, interests in entities acquired are evaluated based on applicable GAAP, and entities deemed to be variable interest entities (“VIE”) in which the Company is the primary beneficiary are also consolidated. If the interest in the entity is determined not to be a VIE, then the entity is evaluated for consolidation based on legal form, economic substance, and the extent to which the Company has control, substantive participating rights or both under the respective ownership agreement. For entities in which the Company has less than a controlling interest or entities which it is not deemed to be the primary beneficiary, it accounts for the investment using the equity method of accounting.
The consolidated balance sheet as of December 31, 2022 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.
|
Reclassifications |
Reclassifications
Certain prior period amounts have been reclassified to conform to the current period presentation.
|
Earnings per Share |
Earnings per Share
The Company had no potentially dilutive securities outstanding during the periods presented. Accordingly, basic and diluted earnings per share is calculated by dividing net income/(loss) by the weighted-average number of shares of common stock outstanding during the applicable period.
|
Income Taxes |
Income Taxes
The Company has elected to be taxed as a REIT commencing with the taxable year ended December 31, 2008. If the Company qualifies as a REIT, it generally will not be subject to U.S. federal income tax on its taxable income or capital gain that it distributes to its stockholders. To maintain its REIT qualification, the Company must meet a number of organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90% of its REIT taxable income (which does not equal net income, as calculated in accordance with GAAP), determined without regard to the deduction for dividends paid and excluding any net capital gain. If the Company fails to remain qualified for taxation as a REIT in any subsequent year and does not qualify for certain statutory relief provisions, its income for that year will be taxed at the regular corporate rate, and it may be precluded from qualifying for treatment as a REIT for the four-year period following its failure to qualify as a REIT. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders.
To maintain its qualification as a REIT, the Company may engage in certain activities through taxable REIT subsidiaries (“TRSs”). As such, it may be subject to U.S. federal and state income and franchise taxes from these activities.
The Company’s income tax expense and benefits are included in other income/(expense), net on its consolidated statements of operations. During both the three and six months ended June 30, 2023, the Company recorded income tax expense of $0.7 million, primarily consisting of estimated state income tax due. During the three and six months ended June 30, 2022, the Company recorded estimated income tax expense of $17 and an aggregate income tax benefit of $0.9 million respectively. The aggregate income tax benefit for the six months ended June 30, 2022 includes an $0.8 million partial refund of previously paid foreign income tax received in the first quarter of 2022.
As of June 30, 2023 and December 31, 2022, the Company had no material uncertain income tax positions.
|
Recently Adopted Accounting Standards |
Recently Adopted Accounting Standards
In June 2016, the Financial Accounting Standards Board issued an accounting standards update, “Financial Instruments-Credit Losses-Measurement of Credit Losses on Financial Instruments,” which changes how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The updated standard introduces an impairment model that is based on expected credit losses, rather than incurred losses, to estimate credit losses for financial instruments measured at amortized cost. For other receivables and held-to-maturity debt instruments, entities are required to use a new forward looking expected loss model that generally will result in an earlier recognition of allowances for losses. Financial instruments with similar risk characteristics may be grouped together when estimating expected credit losses. The update was effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted the new standard, as of January 1, 2023, and it did not have a material impact on the consolidated financial statements.
|
Adverse Developments Affecting the Financial Services Industry and Concentration of Credit Risk |
Adverse Developments Affecting the Financial Services Industry and Concentration of Credit Risk
As of June 30, 2023 and December 31, 2022, the Company had cash deposited in certain financial institutions in excess of federally insured levels. The Company regularly monitors the financial stability of these financial institutions and believes that it is not exposed to any significant credit risk in cash and cash equivalents or restricted cash. However, in March and April 2023, certain U.S. government banking regulators took steps to intervene in the operations of certain financial institutions due to liquidity concerns, which caused general heightened uncertainties in financial markets. While these events have not had a material direct impact on the Company’s operations, if further liquidity and financial stability concerns arise with respect to banks and financial institutions, either nationally or in specific regions, the Company’s ability to access cash or enter into new financing arrangements may be threatened, which could have a material adverse effect on its business, financial condition and results of operations.
|
Current Environment |
Current Environment
The Company’s operating results are substantially impacted by the overall health of local, U.S. national and global economies and may be influenced by market and other challenges. Additionally, the Company’s business and financial performance may be adversely affected by current and future economic and other conditions; including, but not limited to, availability or terms of financings, financial markets volatility, political upheaval or uncertainty, natural and man-made disasters, terrorism and acts of war, unfavorable changes in laws and regulations, outbreaks of contagious diseases, cybercrime, loss of key relationships, inflation and recession.
The Company’s overall performance depends in part on worldwide economic and geopolitical conditions and their impacts on consumer behavior. Worsening economic conditions, increases in costs due to inflation, higher interest rates, certain labor and supply chain challenges, and other changes in economic conditions, may adversely affect the Company’s results of operations and financial performance.
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v3.23.2
Real Estate Properties (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Real Estate Properties |
|
Schedule of real estate properties |
Schedule of real estate properties |
|
|
|
|
Property Name |
|
Location |
|
Date Acquired |
Arbors Harbor Town |
|
Memphis, Tennessee |
|
December 20, 2011 |
Parkside Apartments (“Parkside”) |
|
Sugar Land, Texas |
|
August 8, 2013 |
Flats at Fishers |
|
Fishers, Indiana |
|
November 30, 2017 |
Axis at Westmont |
|
Westmont, Illinois |
|
November 27, 2018 |
Valley Ranch Apartments |
|
Ann Arbor, Michigan |
|
February 14, 2019 |
Autumn Breeze Apartments |
|
Noblesville, Indiana |
|
March 17, 2020 |
Bay Vue Apartments |
|
Tampa, Florida |
|
July 7, 2021 |
Citadel Apartments |
|
Houston, Texas |
|
October 6, 2021 |
|
X |
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v3.23.2
Marketable Securities, Derivative Financial Instruments and Fair Value Measurements (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Marketable Securities Derivative Financial Instruments And Fair Value Measurements |
|
Schedule of available-for-sale securities reconciliation |
Schedule of available-for-sale securities reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2023 |
|
Debt
securities: |
|
Adjusted Cost |
|
|
Gross Unrealized Gains |
|
|
Gross Unrealized Losses |
|
|
Fair Value |
|
Corporate and Government Bonds |
|
$ |
3,769 |
|
|
$ |
7 |
|
|
$ |
(207 |
) |
|
$ |
3,569 |
|
|
|
As of December 31, 2022 |
|
Debt
securities: |
|
Adjusted Cost |
|
|
Gross Unrealized Gains |
|
|
Gross Unrealized Losses |
|
|
Fair Value |
|
Corporate and Government Bonds |
|
$ |
3,675 |
|
|
$ |
- |
|
|
$ |
(220 |
) |
|
$ |
3,455 |
|
|
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 June 30, 2023 |
|
Due in 1 year |
|
$ |
674 |
|
Due in 1 year through 5 years |
|
|
2,877 |
|
Due in 5 years through 10 years |
|
|
18 |
|
Due after 10 years |
|
|
- |
|
Total |
|
$ |
3,569 |
|
|
X |
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v3.23.2
Notes Payable (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of information on notes payable |
Schedule of information on notes payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property |
|
Interest Rate |
|
Weighted Average Interest Rate for the Six Months Ended June 30, 2023 |
|
Maturity Date |
|
Amount Due at Maturity |
|
|
As of June 30, 2023 |
|
|
As of December 31, 2022 |
|
Arbors Harbor Town |
|
4.53% |
|
4.53% |
|
January 1, 2026 |
|
$ |
29,000 |
|
|
$ |
29,000 |
|
|
$ |
29,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arbors Harbor Town Supplemental |
|
3.52% |
|
3.52% |
|
January 1, 2026 |
|
|
5,379 |
|
|
|
5,676 |
|
|
|
5,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parkside Apartments |
|
4.45% |
|
4.45% |
|
June 1, 2025 |
|
|
15,782 |
|
|
|
16,472 |
|
|
|
16,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Axis at Westmont |
|
4.39% |
|
4.39% |
|
February 1, 2026 |
|
|
34,343 |
|
|
|
36,160 |
|
|
|
36,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valley Ranch Apartments |
|
4.16% |
|
4.16% |
|
March 1, 2026 |
|
|
43,414 |
|
|
|
43,414 |
|
|
|
43,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flats at Fishers |
|
3.78% |
|
3.78% |
|
July 1, 2026 |
|
|
26,090 |
|
|
|
27,803 |
|
|
|
28,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flats at Fishers Supplemental |
|
3.85% |
|
3.85% |
|
July 1, 2026 |
|
|
8,366 |
|
|
|
8,903 |
|
|
|
8,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Autumn Breeze Apartments |
|
3.39% |
|
3.39% |
|
April 1, 2030 |
|
|
25,518 |
|
|
|
29,827 |
|
|
|
29,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BayVue Apartments |
|
LIBOR + 3.00% (floor 3.10%) |
|
5.34% |
|
July 9, 2024 |
|
|
46,904 |
|
|
|
46,904 |
|
|
|
46,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citadel Apartments Senior |
|
LIBOR + 1.50% (floor 1.60%) |
|
3.63% |
|
October 11, 2024 |
|
|
39,200 |
|
|
|
39,200 |
|
|
|
39,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Citadel Apartments Junior |
|
LIBOR + 8.75% (floor 8.85%) |
|
10.96% |
|
October 11, 2024 |
|
|
9,800 |
|
|
|
9,800 |
|
|
|
9,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total notes payable |
|
|
|
4.45% |
|
|
|
$ |
283,796 |
|
|
|
293,159 |
|
|
|
293,695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Deferred financing costs |
|
|
|
|
|
|
|
|
|
|
|
|
(2,714 |
) |
|
|
(3,406 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total notes payable, net |
|
|
|
|
|
|
|
|
|
|
|
$ |
290,445 |
|
|
$ |
290,289 |
|
|
Schedule of contractual obligations for principal payments |
Schedule of contractual obligations for principal payments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
2024 |
|
|
2025 |
|
|
2026 |
|
|
2027 |
|
|
Thereafter |
|
|
Total |
|
Principal maturities |
|
$ |
1,194 |
|
|
$ |
98,365 |
|
|
$ |
18,138 |
|
|
$ |
147,729 |
|
|
$ |
654 |
|
|
$ |
27,079 |
|
|
$ |
293,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: deferred financing costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,714 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total notes payable, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
290,445 |
|
|
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v3.23.2
Related Party Transactions (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
Schedule of related party transactions |
Schedule of related party transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, |
|
|
For the Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Acquisition fees and acquisition expense reimbursement(1) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
21 |
|
|
$ |
- |
|
Property management fees (property operating expenses) |
|
|
135 |
|
|
|
124 |
|
|
|
270 |
|
|
|
242 |
|
Administrative services reimbursement (general and administrative costs) |
|
|
377 |
|
|
|
346 |
|
|
|
753 |
|
|
|
693 |
|
Asset management fees (general and administrative costs) |
|
|
907 |
|
|
|
861 |
|
|
|
1,813 |
|
|
|
1,729 |
|
Total |
|
$ |
1,419 |
|
|
$ |
1,331 |
|
|
$ |
2,857 |
|
|
$ |
2,664 |
|
|
(1) |
Capitalized to the corresponding asset and amortized over its estimated useful life. |
|
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v3.23.2
Business (Details Narrative) - shares
|
6 Months Ended |
|
|
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Feb. 10, 2007 |
Jan. 19, 2007 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
Common stock, shares issued (in shares) |
19,900,000
|
20,000,000.0
|
|
|
Convertible stock issued (in shares) |
1,000
|
1,000
|
|
|
Common stock, shares outstanding (in shares) |
19,900,000
|
20,000,000.0
|
|
|
Initial Capitalization [Member] | Affiliated Entity [Member] |
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
Common stock, shares issued (in shares) |
|
|
|
22,500
|
Convertible stock issued (in shares) |
|
|
|
1,000
|
Initial Offering [Member] | Lightstone Group [Member] |
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
Convertible stock issued (in shares) |
|
|
1,000
|
|
BHO II, Inc. [Member] |
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
Percentage of ownership interest by BHO II, Inc |
0.10%
|
|
|
|
Marylands [Member] |
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
Percentage of remaining ownership interest held by BHO Business Trust II |
99.90%
|
|
|
|
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Note Receivable (Details Narrative) - USD ($) $ in Thousands |
6 Months Ended |
12 Months Ended |
|
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Mar. 31, 2023 |
Feb. 28, 2019 |
Short-Term Debt [Line Items] |
|
|
|
|
Note payable |
$ 290,445
|
$ 290,289
|
|
|
Mezzanine Loan Promissory Note [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Debt Instrument, Face Amount |
|
|
|
$ 12,000
|
Debt Instrument, Description of Variable Rate Basis |
LIBOR plus 11.0%
|
|
|
|
Debt Instrument, Basis Spread on Variable Rate |
13.493%
|
17.885%
|
|
|
Debt Instrument, Maturity Date |
Mar. 01, 2023
|
|
|
|
Interest rate |
8.00%
|
|
|
|
Utilization Of Interest Reserve Percentage On Interest Due |
8.00%
|
|
|
|
Loan repaid |
|
$ 10,600
|
|
|
Note payable |
|
3,800
|
|
|
Amount of additional interest included in the principal balance |
|
$ 2,400
|
|
|
Mezzanine Loan Senior Loan [Member] |
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
Debt Instrument, Face Amount |
|
|
$ 5,000
|
|
Debt Instrument, Description of Variable Rate Basis |
SOFR plus 5.50%
|
|
|
|
Debt Instrument, Basis Spread on Variable Rate |
10.66%
|
|
|
|
Note payable |
$ 5,000
|
|
|
|
Carrying amount |
4,800
|
|
|
|
Interest reserves |
$ 200
|
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Real Estate Properties (Details)
|
6 Months Ended |
Jun. 30, 2023 |
Arbors Harbor Town [Member] |
|
Location |
Memphis, Tennessee
|
Variable interest entity date acquired |
Dec. 20, 2011
|
Parkside Apartments (Parkside) [Member] |
|
Location |
Sugar Land, Texas
|
Variable interest entity date acquired |
Aug. 08, 2013
|
Flats at Fishers [Member] |
|
Location |
Fishers, Indiana
|
Variable interest entity date acquired |
Nov. 30, 2017
|
Axis at Westmont [Member] |
|
Location |
Westmont, Illinois
|
Variable interest entity date acquired |
Nov. 27, 2018
|
Valley Ranch Apartments [Member] |
|
Location |
Ann Arbor, Michigan
|
Variable interest entity date acquired |
Feb. 14, 2019
|
Autumn Breeze Apartments [Member] |
|
Location |
Noblesville, Indiana
|
Variable interest entity date acquired |
Mar. 17, 2020
|
Bay Vue Apartments [Member] |
|
Location |
Tampa, Florida
|
Variable interest entity date acquired |
Jul. 07, 2021
|
Citadel Apartments [Member] |
|
Location |
Houston, Texas
|
Variable interest entity date acquired |
Oct. 06, 2021
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Marketable Securities, Derivative Financial Instruments and Fair Value Measurements (Details) - USD ($) $ in Thousands |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Fair Value |
$ 3,569
|
$ 3,455
|
Corporate And Government Bonds [Member] |
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Adjusted Cost |
3,769
|
3,675
|
Gross Unrealized Gains |
7
|
|
Gross Unrealized Losses |
(207)
|
(220)
|
Fair Value |
$ 3,569
|
$ 3,455
|
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v3.23.2
Marketable Securities, Derivative Financial Instruments and Fair Value Measurements (Details Narrative) - USD ($) $ in Thousands |
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
Jul. 17, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Offsetting Assets [Line Items] |
|
|
|
|
|
|
Unrealized gain (loss) |
|
$ 700
|
$ 500
|
$ 1,200
|
$ 1,100
|
|
Aggregate fair value interest rate |
|
600
|
|
600
|
|
$ 1,800
|
Interest expense, net |
|
700
|
$ 0
|
1,300
|
$ 0
|
|
First Interest Rate Contract [Member] |
|
|
|
|
|
|
Offsetting Assets [Line Items] |
|
|
|
|
|
|
Notional amount |
|
52,200
|
|
$ 52,200
|
|
|
Debt instrument, maturity date |
|
|
|
Jul. 15, 2023
|
|
|
Debt instrument, description of variable rate basis |
|
|
|
LIBOR, at 2.50%
|
|
|
Second Interest Rate Contract [Member] |
|
|
|
|
|
|
Offsetting Assets [Line Items] |
|
|
|
|
|
|
Notional amount |
|
$ 49,000
|
|
$ 49,000
|
|
|
Debt instrument, maturity date |
|
|
|
Oct. 11, 2023
|
|
|
Debt instrument, description of variable rate basis |
|
|
|
2.00%
|
|
|
Interest Rate Contract [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
Offsetting Assets [Line Items] |
|
|
|
|
|
|
Notional amount |
$ 52,200
|
|
|
|
|
|
Debt instrument, maturity date |
Jul. 15, 2024
|
|
|
|
|
|
Debt instrument, description of variable rate basis |
SOFR at 2.50%
|
|
|
|
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v3.23.2
Notes Payable (Details) - USD ($) $ in Thousands |
6 Months Ended |
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Debt Instrument [Line Items] |
|
|
Amount Due at Maturity |
$ 290,445
|
|
Less: deferred financing costs |
$ (2,714)
|
|
Notes Payable to Banks [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Weighted Average Interest Rate |
4.45%
|
|
Amount Due at Maturity |
$ 283,796
|
|
Total notes payable |
293,159
|
$ 293,695
|
Less: deferred financing costs |
(2,714)
|
(3,406)
|
Total notes payable, net |
$ 290,445
|
290,289
|
Arbors Harbor Town Memphis [Member] | Notes Payable to Banks [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
4.53%
|
|
Weighted Average Interest Rate |
4.53%
|
|
Debt Instrument, Maturity Date |
Jan. 01, 2026
|
|
Amount Due at Maturity |
$ 29,000
|
|
Total notes payable |
$ 29,000
|
29,000
|
Arbors Harbor Town Supplemental [Member] | Notes Payable to Banks [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
3.52%
|
|
Weighted Average Interest Rate |
3.52%
|
|
Debt Instrument, Maturity Date |
Jan. 01, 2026
|
|
Amount Due at Maturity |
$ 5,379
|
|
Total notes payable |
$ 5,676
|
5,732
|
Parkside Apartments Sugarland Texas [Member] | Notes Payable to Banks [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
4.45%
|
|
Weighted Average Interest Rate |
4.45%
|
|
Debt Instrument, Maturity Date |
Jun. 01, 2025
|
|
Amount Due at Maturity |
$ 15,782
|
|
Total notes payable |
$ 16,472
|
16,644
|
Axis at Westmont [Member] | Notes Payable to Banks [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
4.39%
|
|
Weighted Average Interest Rate |
4.39%
|
|
Debt Instrument, Maturity Date |
Feb. 01, 2026
|
|
Amount Due at Maturity |
$ 34,343
|
|
Total notes payable |
$ 36,160
|
36,483
|
Valley Ranch Apartments [Member] | Notes Payable to Banks [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
4.16%
|
|
Weighted Average Interest Rate |
4.16%
|
|
Debt Instrument, Maturity Date |
Mar. 01, 2026
|
|
Amount Due at Maturity |
$ 43,414
|
|
Total notes payable |
$ 43,414
|
43,414
|
Flats at Fishers [Member] | Notes Payable to Banks [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
3.78%
|
|
Weighted Average Interest Rate |
3.78%
|
|
Debt Instrument, Maturity Date |
Jul. 01, 2026
|
|
Amount Due at Maturity |
$ 26,090
|
|
Total notes payable |
$ 27,803
|
28,072
|
Flats at Fishers Supplemental [Member] | Notes Payable to Banks [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
3.85%
|
|
Weighted Average Interest Rate |
3.85%
|
|
Debt Instrument, Maturity Date |
Jul. 01, 2026
|
|
Amount Due at Maturity |
$ 8,366
|
|
Total notes payable |
$ 8,903
|
8,987
|
Autumn Breeze Apartments [Member] | Notes Payable to Banks [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
3.39%
|
|
Weighted Average Interest Rate |
3.39%
|
|
Debt Instrument, Maturity Date |
Apr. 01, 2030
|
|
Amount Due at Maturity |
$ 25,518
|
|
Total notes payable |
$ 29,827
|
29,920
|
Bay Vue Apartments [Member] | Notes Payable to Banks [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
3.00%
|
|
Weighted Average Interest Rate |
5.34%
|
|
Debt Instrument, Maturity Date |
Jul. 09, 2024
|
|
Amount Due at Maturity |
$ 46,904
|
|
Total notes payable |
$ 46,904
|
46,443
|
Citadel Apartments Senior [Member] | Notes Payable to Banks [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
1.50%
|
|
Weighted Average Interest Rate |
3.63%
|
|
Debt Instrument, Maturity Date |
Oct. 11, 2024
|
|
Amount Due at Maturity |
$ 39,200
|
|
Total notes payable |
$ 39,200
|
39,200
|
Citadel Apartments Junior [Member] | Notes Payable to Banks [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate |
8.75%
|
|
Weighted Average Interest Rate |
10.96%
|
|
Debt Instrument, Maturity Date |
Oct. 11, 2024
|
|
Amount Due at Maturity |
$ 9,800
|
|
Total notes payable |
$ 9,800
|
$ 9,800
|
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v3.23.2
Notes Payable (Details 1) $ in Thousands |
Jun. 30, 2023
USD ($)
|
Debt Disclosure [Abstract] |
|
2023 |
$ 1,194
|
2024 |
98,365
|
2025 |
18,138
|
2026 |
147,729
|
2027 |
654
|
Thereafter |
27,079
|
Total principal maturities |
293,159
|
Less: deferred financing costs |
(2,714)
|
Total notes payable, net |
$ 290,445
|
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v3.23.2
Notes Payable (Details Narrative) - USD ($) $ in Thousands |
|
1 Months Ended |
6 Months Ended |
12 Months Ended |
|
Oct. 06, 2021 |
Jul. 17, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Jul. 07, 2021 |
Subsequent Event [Member] | Interest Rate Contract [Member] |
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
Debt instrument, description of variable rate basis |
|
SOFR at 2.50%
|
|
|
|
Notional amount |
|
$ 52,200
|
|
|
|
Debt instrument, maturity date |
|
Jul. 15, 2024
|
|
|
|
Citadel Apartments [Member] |
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
Face amount |
$ 39,200
|
|
|
|
|
Debt instrument, description of variable rate basis |
|
|
SOFR rates are capped at 2.00%
|
|
|
Principal balance |
|
|
$ 49,000
|
|
|
Notional amount |
|
|
$ 49,000
|
|
|
Citadel Apartments Mortgage [Member] |
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
Face amount |
$ 9,800
|
|
|
|
|
Citadel Apartments Senior Mortgage [Member] |
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
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LIBOR plus 1.50% to SOFR plus 1.61%
|
|
|
|
|
Citadel Apartments Junior Mortgage [Member] |
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
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LIBOR plus 8.75% to SOFR plus 8.86%
|
|
|
|
|
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|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
Face amount |
|
|
|
|
$ 52,200
|
Debt instrument, description of variable rate basis |
|
|
LIBOR plus 3.00% to SOFR plus 3.11%
|
|
|
Principal balance |
|
|
$ 46,900
|
|
|
Notional amount |
|
|
52,200
|
|
|
Remaining amount availability |
|
|
$ 5,300
|
|
|
LIBOR [Member] |
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
Interest rate |
|
|
5.22%
|
4.39%
|
|
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v3.23.2
Related Party Transactions (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Related Party Transactions [Abstract] |
|
|
|
|
|
Acquisition fees and acquisition expense reimbursement |
[1] |
|
|
$ 21
|
|
Property management fees (property operating expenses) |
|
135
|
124
|
270
|
242
|
Administrative services reimbursement (general and administrative costs) |
|
377
|
346
|
753
|
693
|
Asset management fees (general and administrative costs) |
|
907
|
861
|
1,813
|
1,729
|
Total |
|
$ 1,419
|
$ 1,331
|
$ 2,857
|
$ 2,664
|
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