0001296884
false
2023
Q2
--12-31
0001296884
2023-01-01
2023-06-30
0001296884
2023-08-07
0001296884
2023-06-30
0001296884
2022-12-31
0001296884
2023-04-01
2023-06-30
0001296884
2022-04-01
2022-06-30
0001296884
2022-01-01
2022-06-30
0001296884
lvp:RentalMember
2023-04-01
2023-06-30
0001296884
lvp:RentalMember
2022-04-01
2022-06-30
0001296884
lvp:RentalMember
2023-01-01
2023-06-30
0001296884
lvp:RentalMember
2022-01-01
2022-06-30
0001296884
srt:HotelMember
2023-04-01
2023-06-30
0001296884
srt:HotelMember
2022-04-01
2022-06-30
0001296884
srt:HotelMember
2023-01-01
2023-06-30
0001296884
srt:HotelMember
2022-01-01
2022-06-30
0001296884
us-gaap:CommonStockMember
2022-03-31
0001296884
us-gaap:AdditionalPaidInCapitalMember
2022-03-31
0001296884
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-03-31
0001296884
us-gaap:RetainedEarningsUnappropriatedMember
2022-03-31
0001296884
us-gaap:NoncontrollingInterestMember
2022-03-31
0001296884
2022-03-31
0001296884
us-gaap:CommonStockMember
2021-12-31
0001296884
us-gaap:AdditionalPaidInCapitalMember
2021-12-31
0001296884
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2021-12-31
0001296884
us-gaap:RetainedEarningsUnappropriatedMember
2021-12-31
0001296884
us-gaap:NoncontrollingInterestMember
2021-12-31
0001296884
2021-12-31
0001296884
us-gaap:CommonStockMember
2023-03-31
0001296884
us-gaap:AdditionalPaidInCapitalMember
2023-03-31
0001296884
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2023-03-31
0001296884
us-gaap:RetainedEarningsUnappropriatedMember
2023-03-31
0001296884
us-gaap:NoncontrollingInterestMember
2023-03-31
0001296884
2023-03-31
0001296884
us-gaap:CommonStockMember
2022-12-31
0001296884
us-gaap:AdditionalPaidInCapitalMember
2022-12-31
0001296884
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-12-31
0001296884
us-gaap:RetainedEarningsUnappropriatedMember
2022-12-31
0001296884
us-gaap:NoncontrollingInterestMember
2022-12-31
0001296884
us-gaap:CommonStockMember
2022-04-01
2022-06-30
0001296884
us-gaap:AdditionalPaidInCapitalMember
2022-04-01
2022-06-30
0001296884
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-04-01
2022-06-30
0001296884
us-gaap:RetainedEarningsUnappropriatedMember
2022-04-01
2022-06-30
0001296884
us-gaap:NoncontrollingInterestMember
2022-04-01
2022-06-30
0001296884
us-gaap:CommonStockMember
2022-01-01
2022-06-30
0001296884
us-gaap:AdditionalPaidInCapitalMember
2022-01-01
2022-06-30
0001296884
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-01-01
2022-06-30
0001296884
us-gaap:RetainedEarningsUnappropriatedMember
2022-01-01
2022-06-30
0001296884
us-gaap:NoncontrollingInterestMember
2022-01-01
2022-06-30
0001296884
us-gaap:CommonStockMember
2023-04-01
2023-06-30
0001296884
us-gaap:AdditionalPaidInCapitalMember
2023-04-01
2023-06-30
0001296884
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2023-04-01
2023-06-30
0001296884
us-gaap:RetainedEarningsUnappropriatedMember
2023-04-01
2023-06-30
0001296884
us-gaap:NoncontrollingInterestMember
2023-04-01
2023-06-30
0001296884
us-gaap:CommonStockMember
2023-01-01
2023-06-30
0001296884
us-gaap:AdditionalPaidInCapitalMember
2023-01-01
2023-06-30
0001296884
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2023-01-01
2023-06-30
0001296884
us-gaap:RetainedEarningsUnappropriatedMember
2023-01-01
2023-06-30
0001296884
us-gaap:NoncontrollingInterestMember
2023-01-01
2023-06-30
0001296884
us-gaap:CommonStockMember
2022-06-30
0001296884
us-gaap:AdditionalPaidInCapitalMember
2022-06-30
0001296884
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-06-30
0001296884
us-gaap:RetainedEarningsUnappropriatedMember
2022-06-30
0001296884
us-gaap:NoncontrollingInterestMember
2022-06-30
0001296884
2022-06-30
0001296884
us-gaap:CommonStockMember
2023-06-30
0001296884
us-gaap:AdditionalPaidInCapitalMember
2023-06-30
0001296884
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2023-06-30
0001296884
us-gaap:RetainedEarningsUnappropriatedMember
2023-06-30
0001296884
us-gaap:NoncontrollingInterestMember
2023-06-30
0001296884
lvp:LightstoneValuePlusREITMember
us-gaap:WhollyOwnedPropertiesMember
lvp:IndustrialPropertiesMember
2023-01-01
2023-06-30
0001296884
lvp:LightstoneValuePlusREITMember
us-gaap:WhollyOwnedPropertiesMember
lvp:SevenHotelPropertiesMember
2023-01-01
2023-06-30
0001296884
2004-07-06
0001296884
lvp:LightstoneValuePlusREITMember
2004-07-01
2004-07-06
0001296884
lvp:LightstoneValuePlusREITMember
2004-07-06
0001296884
lvp:LightstoneSlpLlcMember
2023-06-30
0001296884
lvp:LightstoneSlpLlcMember
2023-01-01
2023-06-30
0001296884
2008-01-01
2008-12-31
0001296884
2009-01-01
2009-12-31
0001296884
lvp:RoomMember
2023-04-01
2023-06-30
0001296884
lvp:RoomMember
2023-01-01
2023-06-30
0001296884
lvp:FoodBeverageAndOtherMember
2023-04-01
2023-06-30
0001296884
lvp:FoodBeverageAndOtherMember
2023-01-01
2023-06-30
0001296884
lvp:BordenRealtyCorpAnd399ExteriorStreetAssociatesLlcMember
2019-02-01
2019-02-28
0001296884
2021-09-01
2021-09-30
0001296884
lvp:ExteriorStreetProjectMember
2023-06-30
0001296884
lvp:ExteriorStreetProjectMember
2022-12-31
0001296884
lvp:ExteriorStreetProjectMember
2023-01-01
2023-06-30
0001296884
lvp:ExteriorStreetProjectMember
2022-04-01
2022-06-30
0001296884
lvp:ExteriorStreetProjectMember
2022-01-01
2022-06-30
0001296884
lvp:BoweryLandMember
2018-12-01
2018-12-31
0001296884
2022-09-30
0001296884
lvp:LowerEastSideMoxyHotelMember
2022-04-01
2022-06-30
0001296884
lvp:LowerEastSideMoxyHotelMember
2022-01-01
2022-06-30
0001296884
lvp:ColumbusJointVentureMember
2022-11-29
0001296884
lvp:ConvergeMember
2022-11-01
2022-11-29
0001296884
lvp:BVIMember
2022-11-01
2022-11-29
0001296884
lvp:ColumbusJointVentureMember
2022-11-01
2022-11-29
0001296884
lvp:ColumbusJointVentureMember
2023-04-01
2023-06-30
0001296884
lvp:ColumbusJointVentureMember
2023-01-01
2023-06-30
0001296884
lvp:ColumbusJointVentureMember
2023-06-30
0001296884
lvp:ColumbusJointVentureMember
2022-12-31
0001296884
lvp:FortyEastEndAvenuePreferredInvestmentMember
2022-01-01
2022-12-31
0001296884
lvp:JointVentureMember
2023-06-30
0001296884
lvp:JointVentureMember
2022-12-31
0001296884
lvp:FortyEastEndAvenuePreferredInvestmentMember
2023-01-01
2023-06-30
0001296884
lvp:FortyEastEndAvenuePreferredInvestmentMember
2023-04-01
2023-06-30
0001296884
lvp:FortyEastEndAvenuePreferredInvestmentMember
2022-04-01
2022-06-30
0001296884
lvp:FortyEastEndAvenuePreferredInvestmentMember
2022-01-01
2022-06-30
0001296884
lvp:EastEleventhStreetMember
2023-01-01
2023-06-30
0001296884
lvp:EastEleventhStreetMember
2022-01-01
2022-12-31
0001296884
lvp:EastEleventhStreetMember
2023-04-01
2023-06-30
0001296884
lvp:EastEleventhStreetMember
2022-04-01
2022-06-30
0001296884
lvp:EastEleventhStreetMember
2022-01-01
2022-06-30
0001296884
lvp:PreferredInvestmentsMember
2023-01-01
2023-06-30
0001296884
lvp:PreferredInvestmentsMember
2022-01-01
2022-12-31
0001296884
lvp:PreferredInvestmentsMember
2023-04-01
2023-06-30
0001296884
lvp:PreferredInvestmentsMember
2022-04-01
2022-06-30
0001296884
lvp:PreferredInvestmentsMember
2022-01-01
2022-06-30
0001296884
srt:MinimumMember
us-gaap:NotesReceivableMember
2023-01-01
2023-06-30
0001296884
srt:MaximumMember
us-gaap:NotesReceivableMember
2023-01-01
2023-06-30
0001296884
us-gaap:NotesReceivableMember
lvp:NrSubsidiariesMember
2023-06-30
0001296884
us-gaap:NotesReceivableMember
lvp:NrAffiliatesMember
2022-06-30
0001296884
lvp:Lsc15437thLlcMember
us-gaap:NotesReceivableMember
2023-06-30
0001296884
lvp:Lsc15437thLlcMember
us-gaap:NotesReceivableMember
2023-06-30
0001296884
lvp:Lsc15437thLlcMember
us-gaap:NotesReceivableMember
2023-01-01
2023-06-30
0001296884
lvp:Lsc15437thLlcMember
us-gaap:NotesReceivableMember
2022-12-31
0001296884
lvp:Lsc15437thLlcMember
us-gaap:NotesReceivableMember
2022-01-01
2022-12-31
0001296884
lvp:Lsc15437thLlcMember
us-gaap:NotesReceivableMember
2023-04-01
2023-06-30
0001296884
lvp:Lsc15437thLlcMember
us-gaap:NotesReceivableMember
2022-04-01
2022-06-30
0001296884
lvp:Lsc15437thLlcMember
us-gaap:NotesReceivableMember
2022-01-01
2022-06-30
0001296884
lvp:Lsc11640MayfieldLlcMember
us-gaap:NotesReceivableMember
2023-04-01
2023-06-30
0001296884
lvp:Lsc11640MayfieldLlcMember
us-gaap:NotesReceivableMember
2022-04-01
2022-06-30
0001296884
lvp:Lsc11640MayfieldLlcMember
us-gaap:NotesReceivableMember
2023-01-01
2023-06-30
0001296884
lvp:Lsc11640MayfieldLlcMember
us-gaap:NotesReceivableMember
2022-01-01
2022-06-30
0001296884
us-gaap:NotesReceivableMember
2023-04-01
2023-06-30
0001296884
us-gaap:NotesReceivableMember
2022-04-01
2022-06-30
0001296884
us-gaap:NotesReceivableMember
2023-01-01
2023-06-30
0001296884
us-gaap:NotesReceivableMember
2022-01-01
2022-06-30
0001296884
lvp:CommonAndPreferredEquitySecuritiesMember
2023-06-30
0001296884
lvp:CommonAndPreferredEquitySecuritiesMember
2023-01-01
2023-06-30
0001296884
lvp:MarcoOpUnitsAndOpTwoUnitsMember
2023-06-30
0001296884
lvp:MarcoOpUnitsAndOpTwoUnitsMember
2023-01-01
2023-06-30
0001296884
us-gaap:EquitySecuritiesMember
2023-06-30
0001296884
us-gaap:EquitySecuritiesMember
2023-01-01
2023-06-30
0001296884
lvp:CommonAndPreferredEquitySecuritiesMember
2022-12-31
0001296884
lvp:CommonAndPreferredEquitySecuritiesMember
2022-01-01
2022-12-31
0001296884
lvp:MarcoOpUnitsAndOpTwoUnitsMember
2022-12-31
0001296884
lvp:MarcoOpUnitsAndOpTwoUnitsMember
2022-01-01
2022-12-31
0001296884
us-gaap:EquitySecuritiesMember
2022-12-31
0001296884
us-gaap:EquitySecuritiesMember
2022-01-01
2022-12-31
0001296884
us-gaap:CorporateBondSecuritiesMember
2022-12-31
0001296884
us-gaap:CorporateBondSecuritiesMember
2022-01-01
2022-12-31
0001296884
us-gaap:DebtSecuritiesMember
2022-12-31
0001296884
us-gaap:DebtSecuritiesMember
2022-01-01
2022-12-31
0001296884
lvp:PROMember
2023-01-01
2023-06-30
0001296884
lvp:PROMember
2022-01-01
2022-12-31
0001296884
lvp:MarcoOpUnitsAndOpTwoUnitsMember
2022-06-30
0001296884
lvp:MarcoOpUnitsAndOpTwoUnitsMember
2023-04-01
2023-06-30
0001296884
lvp:MarcoOpUnitsAndOpTwoUnitsMember
2022-04-01
2022-06-30
0001296884
lvp:MarcoOpUnitsAndOpTwoUnitsMember
2022-01-01
2022-06-30
0001296884
lvp:MarginLoanMember
2023-01-01
2023-06-30
0001296884
lvp:NonRevolvingCreditFacilityMember
2023-06-30
0001296884
lvp:NonRevolvingCreditFacilityMember
2023-01-01
2023-06-30
0001296884
us-gaap:FairValueInputsLevel1Member
us-gaap:EquitySecuritiesMember
2023-06-30
0001296884
us-gaap:FairValueInputsLevel2Member
us-gaap:EquitySecuritiesMember
2023-06-30
0001296884
us-gaap:FairValueInputsLevel3Member
us-gaap:EquitySecuritiesMember
2023-06-30
0001296884
lvp:MarcoOpUnitsAndOpTwoUnitsMember
us-gaap:FairValueInputsLevel1Member
2023-06-30
0001296884
us-gaap:FairValueInputsLevel2Member
lvp:MarcoOpUnitsAndOpTwoUnitsMember
2023-06-30
0001296884
us-gaap:FairValueInputsLevel3Member
lvp:MarcoOpUnitsAndOpTwoUnitsMember
2023-06-30
0001296884
us-gaap:FairValueInputsLevel1Member
2023-06-30
0001296884
us-gaap:FairValueInputsLevel2Member
2023-06-30
0001296884
us-gaap:FairValueInputsLevel3Member
2023-06-30
0001296884
us-gaap:FairValueInputsLevel1Member
us-gaap:EquitySecuritiesMember
2022-12-31
0001296884
us-gaap:FairValueInputsLevel2Member
us-gaap:EquitySecuritiesMember
2022-12-31
0001296884
us-gaap:FairValueInputsLevel3Member
us-gaap:EquitySecuritiesMember
2022-12-31
0001296884
lvp:MarcoOpUnitsAndOpTwoUnitsMember
us-gaap:FairValueInputsLevel1Member
2022-12-31
0001296884
us-gaap:FairValueInputsLevel2Member
lvp:MarcoOpUnitsAndOpTwoUnitsMember
2022-12-31
0001296884
us-gaap:FairValueInputsLevel3Member
lvp:MarcoOpUnitsAndOpTwoUnitsMember
2022-12-31
0001296884
us-gaap:FairValueInputsLevel1Member
us-gaap:CorporateBondSecuritiesMember
2022-12-31
0001296884
us-gaap:FairValueInputsLevel2Member
us-gaap:CorporateBondSecuritiesMember
2022-12-31
0001296884
us-gaap:FairValueInputsLevel3Member
us-gaap:CorporateBondSecuritiesMember
2022-12-31
0001296884
us-gaap:FairValueInputsLevel1Member
2022-12-31
0001296884
us-gaap:FairValueInputsLevel2Member
2022-12-31
0001296884
us-gaap:FairValueInputsLevel3Member
2022-12-31
0001296884
lvp:GantryParkLandingMember
2023-01-01
2023-06-30
0001296884
lvp:GantryParkLandingMember
2023-06-30
0001296884
lvp:GantryParkLandingMember
2022-12-31
0001296884
lvp:LowerEastSideMoxyHotelSeniorMember
2023-01-01
2023-06-30
0001296884
lvp:LowerEastSideMoxyHotelSeniorMember
2023-06-30
0001296884
lvp:LowerEastSideMoxyHotelSeniorMember
2022-12-31
0001296884
lvp:LowerEastSideMoxyHotelJuniorMember
2023-01-01
2023-06-30
0001296884
lvp:LowerEastSideMoxyHotelJuniorMember
2023-06-30
0001296884
lvp:LowerEastSideMoxyHotelJuniorMember
2022-12-31
0001296884
lvp:ExteriorStreetProjectMember
2023-01-01
2023-06-30
0001296884
lvp:ExteriorStreetProjectMember
2023-06-30
0001296884
lvp:ExteriorStreetProjectMember
2022-12-31
0001296884
lvp:ExteriorStreetProjectSupplementalMember
2023-01-01
2023-06-30
0001296884
lvp:ExteriorStreetProjectSupplementalMember
2023-06-30
0001296884
lvp:ExteriorStreetProjectSupplementalMember
2022-12-31
0001296884
lvp:Lsc15437thLlcMember
2023-01-01
2023-06-30
0001296884
lvp:Lsc15437thLlcMember
2023-06-30
0001296884
lvp:Lsc15437thLlcMember
2022-12-31
0001296884
lvp:LSC15437thLLCLoanMember
2022-06-30
0001296884
lvp:LSC15437thLLCLoanMember
2023-01-01
2023-06-30
0001296884
lvp:LSC15437thLLCLoanMember
2023-06-30
0001296884
2021-06-03
0001296884
lvp:MoxySeniorLoanMember
2021-06-03
0001296884
lvp:MoxySeniorLoanMember
2021-06-01
2021-06-03
0001296884
lvp:MoxyConstructionLoansMember
2023-06-30
0001296884
lvp:LowerEastSideMoxyHotelMember
lvp:MoxyConstructionLoansMember
2021-06-03
0001296884
lvp:MoxyJuniorLoanMember
2023-01-01
2023-06-30
0001296884
lvp:MoxyJuniorLoanMember
2021-06-01
2021-06-03
0001296884
lvp:LowerEastSideMoxyHotelMember
2021-06-03
0001296884
lvp:MoxySeniorLoanMember
2023-01-01
2023-06-30
0001296884
lvp:MoxyConstructionLoanMember
2023-01-01
2023-06-30
0001296884
lvp:ExteriorStreetLoanMember
2019-03-29
0001296884
lvp:ExteriorStreetLoanMember
2019-03-01
2019-03-29
0001296884
lvp:ExteriorStreetLoanMember
2023-01-01
2023-06-30
0001296884
lvp:ExteriorStreetLoanMember
2021-12-21
0001296884
lvp:ExteriorStreetLoanMember
2021-12-01
2021-12-21
0001296884
lvp:ExteriorStreetLoanMember
2023-06-30
0001296884
2023-05-10
0001296884
2023-07-01
2023-07-15
0001296884
2023-07-15
0001296884
2023-08-11
0001296884
lvp:SlpUnitsMember
2023-04-01
2023-06-30
0001296884
lvp:SlpUnitsMember
2022-04-01
2022-06-30
0001296884
lvp:SlpUnitsMember
2023-01-01
2023-06-30
0001296884
lvp:SlpUnitsMember
2022-01-01
2022-06-30
0001296884
lvp:MarriottMember
2022-10-01
2022-12-31
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
xbrli:pure
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D. C. 20549
FORM 10-Q
(Mark
One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended June 30, 2023
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from __________ to __________
Commission
file number 000-52610
LIGHTSTONE VALUE PLUS REIT I, INC.
(Exact
Name of Registrant as Specified in Its Charter)
Maryland |
|
20-1237795 |
(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) |
(732)
367-0129
(Registrant’s
Telephone Number, Including Area Code)
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, there were approximately 21.7 million outstanding shares of common stock of Lightstone Value Plus REIT I, Inc., including
shares issued pursuant to the dividend reinvestment plan.
LIGHTSTONE
VALUE PLUS REIT I, INC. AND SUBSIDIARIES
INDEX
PART
I. FINANCIAL INFORMATION:
ITEM 1.
FINANCIAL STATEMENTS:
LIGHTSTONE
VALUE PLUS REIT I, INC. AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
(Amounts
in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
As
of June 30, 2023 |
|
|
As
of December 31, 2022 |
|
|
|
(unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
property: |
|
|
|
|
|
|
|
|
Land
and improvements |
|
$ |
95,788 |
|
|
$ |
96,074 |
|
Building
and improvements |
|
|
173,236 |
|
|
|
168,518 |
|
Furniture
and fixtures |
|
|
17,086 |
|
|
|
17,184 |
|
Construction
in progress |
|
|
1,248 |
|
|
|
22 |
|
Gross
investment property |
|
|
287,358 |
|
|
|
281,798 |
|
Less:
accumulated depreciation |
|
|
(19,067 |
) |
|
|
(15,728 |
) |
Net
investment property |
|
|
268,291 |
|
|
|
266,070 |
|
Development
project |
|
|
95,714 |
|
|
|
93,614 |
|
Investments
in related parties |
|
|
738 |
|
|
|
6,898 |
|
Investment
in unconsolidated affiliated entity |
|
|
17,447 |
|
|
|
19,794 |
|
Cash
and cash equivalents |
|
|
11,559 |
|
|
|
12,211 |
|
Marketable
securities |
|
|
43,402 |
|
|
|
45,924 |
|
Notes
receivable, net |
|
|
34,918 |
|
|
|
48,059 |
|
Restricted
cash |
|
|
4,951 |
|
|
|
10,372 |
|
Other
assets |
|
|
9,213 |
|
|
|
6,952 |
|
Total
Assets |
|
$ |
486,233 |
|
|
$ |
509,894 |
|
|
|
|
|
|
|
|
|
|
Liabilities
and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgages
payable, net |
|
$ |
258,114 |
|
|
$ |
260,579 |
|
Accounts
payable, accrued expenses and other liabilities |
|
|
17,185 |
|
|
|
18,716 |
|
Distributions
payable |
|
|
3,807 |
|
|
|
3,825 |
|
Total
Liabilities |
|
|
279,106 |
|
|
|
283,120 |
|
|
|
|
|
|
|
|
|
|
Commitments
and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’
equity: |
|
|
|
|
|
|
|
|
Company’s
Stockholders’ Equity: |
|
|
|
|
|
|
|
|
Preferred
shares, $0.01 par value, 10.0 million shares authorized, none issued and outstanding |
|
|
- |
|
|
|
- |
|
Common
stock, $0.01 par value; 60.0 million shares authorized, 21.7 million and 21.8 million shares issued and outstanding, respectively |
|
|
217 |
|
|
|
218 |
|
Additional
paid-in-capital |
|
|
163,045 |
|
|
|
164,331 |
|
Accumulated
other comprehensive loss |
|
|
- |
|
|
|
(159 |
) |
Accumulated
surplus |
|
|
33,631 |
|
|
|
50,051 |
|
Total
Company’s stockholders’ equity |
|
|
196,893 |
|
|
|
214,441 |
|
Noncontrolling
interests |
|
|
10,234 |
|
|
|
12,333 |
|
Total
Stockholders’ Equity |
|
|
207,127 |
|
|
|
226,774 |
|
Total
Liabilities and Stockholders’ Equity |
|
$ |
486,233 |
|
|
$ |
509,894 |
|
The
accompanying notes are an integral part of these consolidated financial statements.
PART
I. FINANCIAL INFORMATION, CONTINUED:
ITEM 1.
FINANCIAL STATEMENTS, CONTINUED:
LIGHTSTONE
VALUE PLUS REIT I, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS
(Amounts
in thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the Three Months Ended June 30, |
|
|
For
the Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental
revenues |
|
$ |
2,537 |
|
|
$ |
2,363 |
|
|
$ |
4,950 |
|
|
$ |
4,814 |
|
Hotel
revenues |
|
|
12,943 |
|
|
|
- |
|
|
|
20,487 |
|
|
|
- |
|
Total
revenues |
|
|
15,480 |
|
|
|
2,363 |
|
|
|
25,437 |
|
|
|
4,814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
operating expenses |
|
|
779 |
|
|
|
1,414 |
|
|
|
1,467 |
|
|
|
2,393 |
|
Hotel
operating expenses |
|
|
9,058 |
|
|
|
- |
|
|
|
16,661 |
|
|
|
- |
|
Real
estate taxes |
|
|
124 |
|
|
|
62 |
|
|
|
216 |
|
|
|
124 |
|
General
and administrative costs |
|
|
952 |
|
|
|
598 |
|
|
|
1,964 |
|
|
|
1,172 |
|
Pre-opening
costs |
|
|
(32 |
) |
|
|
331 |
|
|
|
16 |
|
|
|
354 |
|
Depreciation
and amortization |
|
|
1,683 |
|
|
|
649 |
|
|
|
3,351 |
|
|
|
1,498 |
|
Total
expenses |
|
|
12,564 |
|
|
|
3,054 |
|
|
|
23,675 |
|
|
|
5,541 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
and dividend income |
|
|
1,824 |
|
|
|
2,117 |
|
|
|
4,120 |
|
|
|
4,392 |
|
Interest
expense |
|
|
(6,916 |
) |
|
|
(363 |
) |
|
|
(12,161 |
) |
|
|
(750 |
) |
Gain
on disposition of real estate |
|
|
- |
|
|
|
49 |
|
|
|
1,121 |
|
|
|
49 |
|
(Loss)/gain
on sale of marketable securities |
|
|
- |
|
|
|
(179 |
) |
|
|
(359 |
) |
|
|
1,160 |
|
Unrealized
gain/(loss) on marketable equity securities |
|
|
1,052 |
|
|
|
(9,766 |
) |
|
|
501 |
|
|
|
(18,774 |
) |
Mark
to market adjustments on derivative financial instruments |
|
|
38 |
|
|
|
378 |
|
|
|
(370 |
) |
|
|
1,242 |
|
Loss
from investment in unconsolidated affiliated real estate entity |
|
|
(1,140 |
) |
|
|
- |
|
|
|
(2,360 |
) |
|
|
- |
|
Other
income/(expense), net |
|
|
30 |
|
|
|
- |
|
|
|
28 |
|
|
|
(12 |
) |
Net
loss |
|
|
(2,196 |
) |
|
|
(8,455 |
) |
|
|
(7,718 |
) |
|
|
(13,420 |
) |
Less:
net income attributable to noncontrolling interests |
|
|
(541 |
) |
|
|
(228 |
) |
|
|
(1,075 |
) |
|
|
(600 |
) |
Net
loss attributable to Company’s common shares |
|
$ |
(2,737 |
) |
|
$ |
(8,683 |
) |
|
$ |
(8,793 |
) |
|
$ |
(14,020 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted net loss per Company’s common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss per Company’s common share, basic and diluted |
|
$ |
(0.13 |
) |
|
$ |
(0.40 |
) |
|
$ |
(0.40 |
) |
|
$ |
(0.64 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of common shares outstanding, basic and diluted |
|
|
21,755 |
|
|
|
21,974 |
|
|
|
21,786 |
|
|
|
22,051 |
|
The
accompanying notes are an integral part of these consolidated financial statements.
PART
I. FINANCIAL INFORMATION, CONTINUED:
ITEM 1.
FINANCIAL STATEMENTS, CONTINUED:
LIGHTSTONE
VALUE PLUS REIT I, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS
(Amounts
in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the Three Months Ended June 30, |
|
|
For
the Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net
loss |
|
$ |
(2,196 |
) |
|
$ |
(8,455 |
) |
|
$ |
(7,718 |
) |
|
$ |
(13,420 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income/(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Holding
(loss)/gain on available for sale debt securities |
|
|
- |
|
|
|
(267 |
) |
|
|
(208 |
) |
|
|
1,026 |
|
Reclassification
adjustment for loss/(gain) included in net loss |
|
|
- |
|
|
|
180 |
|
|
|
359 |
|
|
|
(1,160 |
) |
Other
comprehensive (loss)/income: |
|
|
- |
|
|
|
(87 |
) |
|
|
151 |
|
|
|
(134 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
loss |
|
|
(2,196 |
) |
|
|
(8,542 |
) |
|
|
(7,567 |
) |
|
|
(13,554 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
Comprehensive income attributable to noncontrolling interests |
|
|
(541 |
) |
|
|
(226 |
) |
|
|
(1,067 |
) |
|
|
(597 |
) |
Comprehensive
loss attributable to the Company’s common shares |
|
$ |
(2,737 |
) |
|
$ |
(8,768 |
) |
|
$ |
(8,634 |
) |
|
$ |
(14,151 |
) |
The
accompanying notes are an integral part of these consolidated financial statements.
PART
I. FINANCIAL INFORMATION, CONTINUED:
ITEM 1.
FINANCIAL STATEMENTS, CONTINUED:
LIGHTSTONE
VALUE PLUS REIT I, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF STOCKHOLDERS’ EQUITY
(Amounts
in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common |
|
|
Additional
Paid-In |
|
|
Accumulated
Other
Comprehensive |
|
|
Accumulated |
|
|
Noncontrolling |
|
|
Total
Stockholders’ |
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Income |
|
|
Surplus |
|
|
Interests |
|
|
Equity |
|
BALANCE,
March 31, 2022 |
|
|
22,110 |
|
|
$ |
221 |
|
|
$ |
167,519 |
|
|
$ |
(86 |
) |
|
$ |
83,924 |
|
|
$ |
28,793 |
|
|
$ |
280,371 |
|
Net
loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(8,683 |
) |
|
|
228 |
|
|
|
(8,455 |
) |
Other
comprehensive loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(85 |
) |
|
|
- |
|
|
|
(2 |
) |
|
|
(87 |
) |
Distributions
declared(a) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3,839 |
) |
|
|
- |
|
|
|
(3,839 |
) |
Distributions
paid to noncontrolling interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,076 |
) |
|
|
(1,076 |
) |
Redemption
and cancellation of common shares |
|
|
(194 |
) |
|
|
(2 |
) |
|
|
(2,279 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,281 |
) |
Shares
issued from distribution reinvestment program |
|
|
7 |
|
|
|
- |
|
|
|
83 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
83 |
|
BALANCE,
June 30, 2022 |
|
|
21,923 |
|
|
$ |
219 |
|
|
$ |
165,323 |
|
|
$ |
(171 |
) |
|
$ |
71,402 |
|
|
$ |
27,943 |
|
|
$ |
264,716 |
|
|
|
Common |
|
|
Additional
Paid-In |
|
|
Accumulated
Other
Comprehensive |
|
|
Accumulated |
|
|
Noncontrolling |
|
|
Total
Stockholders’ |
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Income |
|
|
Surplus |
|
|
Interests |
|
|
Equity |
|
BALANCE,
December 31, 2021 |
|
|
22,181 |
|
|
$ |
222 |
|
|
$ |
168,363 |
|
|
$ |
(40 |
) |
|
$ |
93,134 |
|
|
$ |
22,546 |
|
|
$ |
284,225 |
|
Net
loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(14,020 |
) |
|
|
600 |
|
|
|
(13,420 |
) |
Other
comprehensive loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(131 |
) |
|
|
- |
|
|
|
(3 |
) |
|
|
(134 |
) |
Distributions
declared(a) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(7,712 |
) |
|
|
- |
|
|
|
(7,712 |
) |
Distributions
paid to noncontrolling interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(17,095 |
) |
|
|
(17,095 |
) |
Contributions
received from noncontrolling interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
21,895 |
|
|
|
21,895 |
|
Redemption
and cancellation of common shares |
|
|
(273 |
) |
|
|
(3 |
) |
|
|
(3,207 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3,210 |
) |
Shares
issued from distribution reinvestment program |
|
|
15 |
|
|
|
- |
|
|
|
167 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
167 |
|
BALANCE,
June 30, 2022 |
|
|
21,923 |
|
|
$ |
219 |
|
|
$ |
165,323 |
|
|
$ |
(171 |
) |
|
$ |
71,402 |
|
|
$ |
27,943 |
|
|
$ |
264,716 |
|
|
|
Common |
|
|
Additional
Paid-In |
|
|
Accumulated
Other
Comprehensive |
|
|
Accumulated |
|
|
Noncontrolling |
|
|
Total
Stockholders’ |
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Loss |
|
|
Surplus |
|
|
Interests |
|
|
Equity |
|
BALANCE,
March 31, 2023 |
|
|
21,810 |
|
|
$ |
218 |
|
|
$ |
163,958 |
|
|
$ |
- |
|
|
$ |
40,175 |
|
|
$ |
10,658 |
|
|
$ |
215,009 |
|
Net
loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,737 |
) |
|
|
541 |
|
|
|
(2,196 |
) |
Distributions
declared(a) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3,807 |
) |
|
|
- |
|
|
|
(3,807 |
) |
Distributions
paid to noncontrolling interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(965 |
) |
|
|
(965 |
) |
Redemption
and cancellation of common shares |
|
|
(82 |
) |
|
|
(1 |
) |
|
|
(997 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(998 |
) |
Shares
issued from distribution reinvestment program |
|
|
7 |
|
|
|
- |
|
|
|
84 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
84 |
|
BALANCE,
June 30, 2023 |
|
|
21,735 |
|
|
$ |
217 |
|
|
$ |
163,045 |
|
|
$ |
- |
|
|
$ |
33,631 |
|
|
$ |
10,234 |
|
|
$ |
207,127 |
|
|
|
Common |
|
|
Additional
Paid-In |
|
|
Accumulated
Other
Comprehensive |
|
|
Accumulated |
|
|
Noncontrolling |
|
|
Total
Stockholders’ |
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Loss |
|
|
Surplus |
|
|
Interests |
|
|
Equity |
|
BALANCE,
December 31, 2022 |
|
|
21,840 |
|
|
$ |
218 |
|
|
$ |
164,331 |
|
|
$ |
(159 |
) |
|
$ |
50,051 |
|
|
$ |
12,333 |
|
|
$ |
226,774 |
|
Net
loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(8,793 |
) |
|
|
1,075 |
|
|
|
(7,718 |
) |
Other
comprehensive income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
159 |
|
|
|
- |
|
|
|
(8 |
) |
|
|
151 |
|
Distributions
declared(a) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(7,627 |
) |
|
|
- |
|
|
|
(7,627 |
) |
Distributions
paid to noncontrolling interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3,166 |
) |
|
|
(3,166 |
) |
Redemption
and cancellation of common shares |
|
|
(119 |
) |
|
|
(1 |
) |
|
|
(1,453 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,454 |
) |
Shares
issued from distribution reinvestment program |
|
|
14 |
|
|
|
- |
|
|
|
167 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
167 |
|
BALANCE,
June 30, 2023 |
|
|
21,735 |
|
|
$ |
217 |
|
|
$ |
163,045 |
|
|
$ |
- |
|
|
$ |
33,631 |
|
|
$ |
10,234 |
|
|
$ |
207,127 |
|
The
accompanying notes are an integral part of these consolidated financial statements.
PART
I. FINANCIAL INFORMATION, CONTINUED:
ITEM 1.
FINANCIAL STATEMENTS, CONTINUED:
LIGHTSTONE
VALUE PLUS REIT I, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Amounts
in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
For
the Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
CASH
FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(7,718 |
) |
|
$ |
(13,420 |
) |
Adjustments
to reconcile net loss to net cash (used in)/provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation
and amortization |
|
|
3,351 |
|
|
|
1,498 |
|
Gain
on disposition of real estate |
|
|
(1,121 |
) |
|
|
- |
|
Loss
from investment in unconsolidated affiliated real estate entity |
|
|
2,360 |
|
|
|
- |
|
Mark
to market adjustments on derivative financial instruments |
|
|
370 |
|
|
|
(1,242 |
) |
Unrealized
(gain)/loss on marketable equity securities |
|
|
(501 |
) |
|
|
18,774 |
|
Loss/(gain)
on sale of marketable securities |
|
|
359 |
|
|
|
(1,160 |
) |
Amortization
of deferred financing costs |
|
|
1,745 |
|
|
|
138 |
|
Noncash
interest income |
|
|
(859 |
) |
|
|
(1,764 |
) |
Other
non-cash adjustments |
|
|
(5 |
) |
|
|
(36 |
) |
Changes
in assets and liabilities: |
|
|
|
|
|
|
|
|
Increase
in other assets |
|
|
(2,506 |
) |
|
|
(585 |
) |
(Decrease)/increase
in accounts payable, accrued expenses and other liabilities |
|
|
(1,077 |
) |
|
|
5,825 |
|
Increase
in due to related parties |
|
|
65 |
|
|
|
73 |
|
Cash
(used in)/provided by operating activities |
|
|
(5,537 |
) |
|
|
8,101 |
|
|
|
|
|
|
|
|
|
|
CASH
FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Purchase
of development property and investment property |
|
|
(8,599 |
) |
|
|
(36,398 |
) |
Proceeds
from sale of marketable securities |
|
|
3,797 |
|
|
|
8,345 |
|
Proceeds
from disposition of real estate |
|
|
1,382 |
|
|
|
- |
|
Investment
in joint venture |
|
|
(4 |
) |
|
|
- |
|
Distributions
from joint venture |
|
|
163 |
|
|
|
51 |
|
Proceeds
from redemption of preferred investment in related party |
|
|
6,000 |
|
|
|
4,000 |
|
Funding
of notes receivable |
|
|
(300 |
) |
|
|
(43,970 |
) |
Release
of reserves on notes receivable |
|
|
300 |
|
|
|
- |
|
Proceeds
from repayment of notes receivable |
|
|
14,000 |
|
|
|
27,090 |
|
Investment
in unconsolidated affiliated real estate entity |
|
|
(13 |
) |
|
|
- |
|
Cash
provided by/(used in) investing activities |
|
|
15,744 |
|
|
|
(52,934 |
) |
|
|
|
|
|
|
|
|
|
CASH
FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Proceeds
from mortgage financing |
|
|
7,816 |
|
|
|
29,262 |
|
Mortgage
principal payments |
|
|
(11,973 |
) |
|
|
(691 |
) |
Payment
of loan fees and expenses |
|
|
(25 |
) |
|
|
(522 |
) |
Redemption
and cancellation of common shares |
|
|
(1,454 |
) |
|
|
(3,210 |
) |
Contributions
received from noncontrolling interests |
|
|
- |
|
|
|
21,895 |
|
Distributions
paid to noncontrolling interests |
|
|
(3,166 |
) |
|
|
(17,095 |
) |
Distributions
paid to Company’s common stockholders |
|
|
(7,478 |
) |
|
|
(7,590 |
) |
Cash
(used in)/provided financing activities |
|
|
(16,280 |
) |
|
|
22,049 |
|
|
|
|
|
|
|
|
|
|
Change
in cash, cash equivalents and restricted cash |
|
|
(6,073 |
) |
|
|
(22,784 |
) |
Cash,
cash equivalents and restricted cash, beginning of year |
|
|
22,583 |
|
|
|
42,592 |
|
Cash,
cash equivalents and restricted cash, end of period |
|
$ |
16,510 |
|
|
$ |
19,808 |
|
|
|
|
|
|
|
|
|
|
See
Note 2 for supplemental cash flow information. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
11,559 |
|
|
$ |
17,222 |
|
Restricted
cash |
|
|
4,951 |
|
|
|
2,586 |
|
Total
cash, cash equivalents and restricted cash |
|
$ |
16,510 |
|
|
$ |
19,808 |
|
The
accompanying notes are an integral part of these consolidated financial statements.
LIGHTSTONE
VALUE PLUS REIT I, INC. AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (Unaudited)
(Dollar
amounts in thousands, except per share/unit data and where indicated in millions)
|
1. |
Business
and Structure |
Lightstone
Value Plus REIT I, Inc., a Maryland corporation (“Lightstone REIT I”), formed on June 8, 2004, which has elected to
be taxed and qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. Lightstone REIT I was
formed primarily for the purpose of engaging in the business of investing in and owning commercial and residential real estate properties
located throughout the United States.
Lightstone
REIT I is structured as an umbrella partnership real estate investment trust, or UPREIT, and substantially all of its current and future
business is and will be conducted through Lightstone Value Plus REIT, L.P. (the “Operating Partnership”), a Delaware limited
partnership formed on July 12, 2004. As of June 30, 2023, Lightstone REIT I held a 98% general partnership interest in the
its Operating Partnership’s common units (“Common Units”).
Lightstone
REIT I and the Operating Partnership and its subsidiaries are collectively referred to as the “Company” and the use of “we,”
“our,” “us” or similar pronouns refers to Lightstone REIT I, its Operating Partnership or the Company as required
by the context in which such pronoun is used.
Through
its Operating Partnership, the Company owns, operates and develops commercial and residential properties and makes real estate-related
investments, principally in the United States. The Company’s real estate investments are held by it alone or jointly with other
parties. The Company also originates or acquires mortgage loans secured by real estate. Although most of its investments are of these
types, the Company may invest in whatever types of real estate or real estate-related investments that it believes is in its best interests.
Since its inception, the Company has owned and managed various commercial and residential properties located throughout the United States.
The Company evaluates all of its real estate investments as one operating segment.
As
of June 30, 2023, the Company (i) has ownership interests in and consolidates two operating properties, one development property
and certain land holdings and (ii) has ownership interests through two unconsolidated joint ventures in nine multifamily residential
properties and seven commercial hotel properties. Additionally, as of June 30, 2023, the Company has one other real estate-related
investment consisting of a promissory loan it originated, through a joint venture with a related party, to an unaffiliated third-party
borrower.
With
respect to its consolidated operating properties, the Company wholly owns a 296-room Marriott Moxy hotel (the “Lower East Side
Moxy Hotel”), located in the Lower East Side neighborhood in the Manhattan borough of New York City, which it developed, constructed
and opened on October 27, 2022 and has a 59.2% majority ownership interest in 50-01 2nd St. Associates LLC (the “2nd Street
Joint Venture”), a joint venture between the Company and a related party, which developed, constructed and owns a 199-unit luxury,
multifamily residential property (“Gantry Park Landing”), located in the Long Island City neighborhood in the Queens borough
of New York City.
With
respect to its consolidated development property, the Company wholly owns land parcels located at 355 & 399 Exterior Street in the
Mott Haven neighborhood in the Bronx borough of New York City, on which it plans, subject to economic and local market conditions and
regulations, to construct a proposed mixed-use multifamily residential and commercial retail project (the “Exterior Street Project”).
The
Company also wholly owns and consolidates certain adjacent land parcels (the “St. Augustine Land Holdings) located in St. Augustine,
Florida.
LIGHTSTONE
VALUE PLUS REIT I, INC. AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (Unaudited)
(Dollar
amounts in thousands, except per share/unit data and where indicated in millions)
Additionally,
the Company holds a 19.0% joint venture ownership interest in Columbus Portfolio Member LLC
(the “Columbus Joint Venture”), which owns nine multifamily residential properties,
which its accounts for using the equity method of accounting and it holds a 2.5% joint venture
ownership interest in LVP Holdco JV LLC (the “Hotel Joint Venture”) which owns
seven hotel properties, which the Company accounts for using a measurement alternative under
which the Hotel Joint Venture is measured at cost, adjusted for observable price changes
and impairments, if any. The Hotel Joint Venture subsequently sold two of its hotels during
July 2023. Both the Columbus Joint Venture and the Hotel Joint Venture are between the
Company and related parties.
The
Company’s advisor is Lightstone Value Plus REIT, LLC (the “Advisor”), which is majority owned by David Lichtenstein.
On July 6, 2004, the Advisor contributed $2 to the Operating Partnership in exchange for 200 Common Units. The Company’s Advisor
also owns 20,000 shares of the Company’s common stock (“Common Shares”) which were issued on July 6, 2004 for
$200, or $10.00 per share. Mr. Lichtenstein also is the majority owner of the equity interests of The Lightstone Group, LLC. The Lightstone
Group, LLC served as the sponsor (the “Sponsor”) during the Company’s initial public offering (the “Offering”),
which terminated on October 10, 2008. The Company’s Advisor, together with its board of directors (the “Board of Directors”),
is primarily responsible for making investment decisions on the Company’s behalf and managing its day-to-day operations. Through
his ownership and control of The Lightstone Group, LLC, Mr. Lichtenstein is the indirect owner and manager of Lightstone SLP, LLC, a
Delaware limited liability company, which owns an aggregate of $30.0 million of special general partner interests (“SLP Units”)
in the Operating Partnership which were purchased, at a cost of $100,000 per unit, in connection with the Company’s Offering. Mr.
Lichtenstein also acts as the Company’s Chairman and Chief Executive Officer. As a result, he exerts influence over but does not
control Lightstone REIT I or the Operating Partnership.
The
Company does not have any employees. The Advisor receives compensation and fees for services related to the investment and management
of the Company’s assets.
The
Company’s Advisor has affiliates which may manage and develop certain of its properties. However, the Company also contracts with
other unaffiliated third-party property managers.
The
Company’s Common Shares are not currently listed on a national securities exchange. The Company may seek to list its stock for
trading on a national securities exchange only if a majority of independent directors believe listing would be in the best interest of
its stockholders. The Company does not intend to list its shares at this time. The Company does not anticipate that there would be any
market for its shares of common stock until they are listed for trading.
Related
Parties
The
Sponsor, Advisor and its affiliates, and Lightstone SLP, LLC are related parties of the Company as well as other public REITs also sponsored
and/or advised by these entities. Certain of these entities are entitled to compensation for services related to the investment, management
and disposition of the Company’s assets. The compensation is based on the cost of acquired properties/investments and the annual
revenue earned from such properties/investments, and other such fees and expense reimbursements as outlined in each of the respective
agreements.
LIGHTSTONE
VALUE PLUS REIT I, INC. AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (Unaudited)
(Dollar
amounts in thousands, except per share/unit data and where indicated in millions)
Noncontrolling
Interests
Partners
of Operating Partnership
On
July 6, 2004, the Advisor contributed $2 to the Operating Partnership in exchange for 200 Common Units in the Operating Partnership.
The Advisor has the right to convert the Common Units into cash or, at the option of the Company, an equal number of shares of Common
Shares.
In
connection with the Offering, Lightstone SLP, LLC, an affiliate of the Advisor, purchased an aggregate of $30.0 million of SLP Units.
As the majority owner of the SLP Units, Mr. Lichtenstein is the beneficial owner of a 99% interest in such SLP Units and thus receives
an indirect benefit from any distributions made in respect thereof. These SLP Units may be entitled to a portion of any regular and liquidation
distributions that the Company makes to its stockholders, but only after the Company’s stockholders have received a stated preferred
return.
In
addition, an aggregate 497,209 Common Units were issued to other unrelated parties during the years ended December 31, 2008 and
2009 and remain outstanding as of June 30, 2023.
Other
Noncontrolling Interests in Consolidated Subsidiaries
Other
noncontrolling interests in consolidated subsidiaries include the joint venture ownership interests held by either the Sponsor or its
affiliates in (i) Pro-DFJV Holdings LLC (“PRO”), (ii) the 2nd Street Joint Venture and (iii) other entities that have originated
promissory notes to unaffiliated third parties (see Note 6). PRO’s holdings principally consist of Marco OP Units and Marco II
OP Units (see Note 7). The 2nd Street Joint Venture owns Gantry Park Landing.
|
2. |
Summary
of Significant Accounting Policies |
Principles
of Consolidation and Basis of Presentation
The
consolidated financial statements include the accounts of Lightstone REIT I and its Operating Partnership and its subsidiaries (over
which Lightstone REIT I exercises financial and operating control). All inter-company balances and transactions have been eliminated
in consolidation. In addition, interests in entities acquired are evaluated based on applicable accounting principles generally accepted
in the United States of America (“GAAP”), and if 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 but have significant influence, the Company accounts for the investment using the equity method of accounting.
There
are judgments and estimates involved in determining if an entity in which the Company has made an investment is a VIE and, if so, whether
the Company is the primary beneficiary. The entity is evaluated to determine if it is a VIE by, among other things, calculating the percentage
of equity being risked compared to the total equity of the entity. Determining expected future losses involves assumptions of various
possibilities of the results of future operations of the entity, assigning a probability to each possibility and using a discount rate
to determine the net present value of those future losses. A change in the judgments, assumptions, and estimates outlined above could
result in consolidating an entity that should not be consolidated or accounting for an investment using the equity method that should
in fact be consolidated, the effects of which could be material to our financial statements.
LIGHTSTONE
VALUE PLUS REIT I, INC. AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (Unaudited)
(Dollar
amounts in thousands, except per share/unit data and where indicated in millions)
The
accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited consolidated
financial statements of the Company and related notes as contained in the Company’s Annual Report on Form 10-K for the fiscal
year ended December 31, 2022. 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 I, Inc. and its Subsidiaries have
been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 8 of
Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted
in the United States of America for complete financial statements.
GAAP
requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities,
the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The
most significant assumptions and estimates relate to the valuation of real estate and real-estate related investments, marketable securities,
notes receivable, depreciable lives, and revenue recognition. Application of these assumptions requires the exercise of judgment as to
future uncertainties and, as a result, actual results could differ from these estimates.
The
consolidated balance sheet as of December 31, 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.
Income
Taxes
The
Company has elected to be taxed as a REIT commencing with the taxable year ended December 31, 2005. 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. Additionally, even if the Company continues to qualify as a REIT,
it may still be subject to some U.S. federal, state and local taxes on our income and property and to U.S. federal income taxes and excise
taxes on its undistributed income, if any.
To
qualify or maintain our qualification as a REIT, the Company engages in certain activities through wholly-owned taxable REIT subsidiaries
(“TRS”). As such, it is subject to U.S. federal and state income and franchise taxes from these activities.
As
of June 30, 2023 and December 31, 2022, the Company had no material uncertain income tax positions.
LIGHTSTONE
VALUE PLUS REIT I, INC. AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (Unaudited)
(Dollar
amounts in thousands, except per share/unit data and where indicated in millions)
Revenues
The
following table represents the total hotel revenues from hotel operations on a disaggregated basis:
Schedule of revenues on a disaggregated |
|
|
|
|
|
|
|
|
|
|
For
the Three Months ended June 30, 2023 |
|
|
For
the Six Months ended June 30, 2023 |
|
Hotel
revenues |
|
|
|
|
|
|
|
|
Room |
|
$ |
6,705 |
|
|
$ |
9,700 |
|
Food,
beverage and other |
|
|
6,238 |
|
|
|
10,787 |
|
Total
hotel revenues |
|
$ |
12,943 |
|
|
$ |
20,487 |
|
Land
Parcel Sale
During
the first quarter of 2023, the Company completed the disposition of a parcel of land, which was part of its St. Augustine Land Holdings,
to an unrelated third party for a contractual sales price of $1.5 million and recognized a gain on disposition of real estate of $1.1
million during the six months ended June 30, 2023.
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 trade receivables, 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 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. 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.
LIGHTSTONE
VALUE PLUS REIT I, INC. AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (Unaudited)
(Dollar
amounts in thousands, except per share/unit data and where indicated in millions)
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.
Reclassifications
Certain
prior period amounts have been reclassified to conform to the current period’s presentation.
Supplemental
Cash Flow Information
Supplemental
cash flow information for the periods indicated is as follows:
Summary of supplemental cash flow information |
|
|
|
|
|
|
|
|
|
|
For
the Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
Cash
paid for interest |
|
$ |
11,856 |
|
|
$ |
5,395 |
|
Distributions
declared but not paid |
|
$ |
3,807 |
|
|
$ |
3,840 |
|
Capital
expenditures for investment property in accounts payable, accrued expenses and other liabilities |
|
$ |
1,208 |
|
|
$ |
3,450 |
|
Amortization
of deferred financing costs included in development projects |
|
$ |
- |
|
|
$ |
1,253 |
|
Holding
loss/gain on marketable securities |
|
$ |
151 |
|
|
$ |
134 |
|
Value
of shares issued from distribution reinvestment program |
|
$ |
167 |
|
|
$ |
167 |
|
Proceeds
from mortgage financing held by related party |
|
$ |
- |
|
|
$ |
28,643 |
|
|
3. |
Development Project
- Exterior Street Project |
In
February 2019, the Company, through subsidiaries of the Operating Partnership, acquired two adjacent parcels of land located at
355 and 399 Exterior Street in the Mott Haven neighborhood in the Bronx borough of New York City from unaffiliated third parties for
an aggregate purchase price of $59.0
million, excluding closing and other acquisition
related costs. In September 2021, the Company subsequently acquired an additional adjacent parcel of land at cost from an affiliate
of its Advisor for $1.0
million in order to achieve certain zoning compliance.
On these three land parcels the Company plans, subject to economic and local market conditions and regulations, to construct a proposed
mixed-use multifamily residential and commercial retail property (the “Exterior Street Project”). In light of certain economic
and local market conditions and regulations, the company decided in the 2nd quarter of 2023 to pause active development and
ceased capitalizing interest and real estate taxes. Through June 30, 2023 and December 31, 2022, the Company has incurred and
capitalized $95.7
million and $93.6
million of costs related to the development of
the Exterior Street Project. During the six months ended June 30, 2023, $1.5
million and during the three and six months ended
June 30, 2022, $0.7
million and $1.2
million, respectively, of interest was capitalized
to the Exterior Street Project, which is classified as development project on the consolidated balance sheets.
LIGHTSTONE
VALUE PLUS REIT I, INC. AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (Unaudited)
(Dollar
amounts in thousands, except per share/unit data and where indicated in millions)
|
4. |
Lower East Side Moxy
Hotel |
In
December 2018, the Company, through a subsidiary of the Operating Partnership, acquired three adjacent parcels of land located at
147-151 Bowery, in the Lower East Side neighborhood of the borough of Manhattan in New York City, from unaffiliated third parties for
aggregate consideration of $56.5 million, excluding closing and other acquisition related costs. Additionally, in December 2018,
the Company, though a subsidiary of the Operating Partnership, acquired certain air rights located at 329 Broome Street in the Lower
East Side neighborhood, from an unaffiliated third party for $2.4 million, excluding closing and other acquisition related costs. The
land and air rights were acquired for the development and construction of a 296-room Marriott Moxy hotel (the “Lower East Side
Moxy Hotel”). On June 3, 2021, the Company entered into a development agreement (the “Development Agreement”)
with an affiliate of the Advisor (the “Moxy Lower East Side Developer”) pursuant to which the Lower East Side Moxy Developer
is being paid a development fee equal to 3% of hard and soft costs incurred in connection with the development and construction of the
Lower East Side Moxy Hotel. The Advisor and its affiliates are also reimbursed for certain development-related costs attributable to
the Lower East Side Moxy Hotel. Additionally on June 3, 2021, the Company obtained construction financing for the Lower East Side
Moxy Hotel. The Lower East Side Moxy Hotel opened on October 27, 2022 and all four of its food and beverage venues opened during
the fourth quarter of 2022.
The
Company incurred pre-opening costs of $0.3 million and $0.4 million during the three and six months ended June 30, 2022, respectively,
related to the Lower East Side Moxy Hotel. Pre-opening costs generally consist of non-recurring personnel, marketing and other costs.
|
5. |
Investment in Unconsolidated
Affiliated Real Estate Entity |
Columbus
Joint Venture
On
November 29, 2022, the Company, CRE Columbus Member (“Converge”), a majority owned subsidiary of Converge Holdings LLC,
a reinsurance business owned by the Sponsor, and LEL Columbus Member LLC (the “BVI member”), a wholly owned subsidiary of
Lightstone Enterprises Limited (“BVI”), a real estate investment company owned by the Sponsor, entered into a joint venture
agreement to form Columbus Portfolio Member LLC (“the Columbus Joint Venture”) for the purpose of acquiring nine multifamily
properties (the “Columbus Properties”) located in the area of Columbus, Ohio for a contractual purchase price of $465.0 million.
The Company has an ownership interest of 19% in the Columbus Joint Venture. Converge and the BVI Member, which are both related parties,
have ownership interests of 19% and 62%, respectively. Additionally, the manager of the Columbus Joint Venture is LEL Bronx Manager LLC
(“Manager”), an entity wholly owned by BVI.
On
November 29, 2022, the Columbus Joint Venture completed the purchase of the Columbus Properties. The acquisition was funded with
$74.3 million of cash and $390.7 million of aggregate proceeds from preferred investments from unrelated third-parties and loans from
two financial institutions. In connection with the acquisition and financings, the total cash paid, including closing costs, was $92.3
million and the Company paid $17.5 million representing its 19.0% pro rata share. In connection with the acquisition, the Company also
paid the Advisor a separate acquisition fee of $2.4 million, equal to 2.75% of the Company’s pro-rata share of the contractual
purchase price which is reflected in the carrying value of the Company’s investment in unconsolidated affiliated real estate entity
on the consolidated balance sheets. During the six months ended June 30, 2023, the Company’s made $13 of additional capital
contributions to the Columbus Joint Venture.
The
Company has determined that the Columbus Joint Venture is a variable interest entity but the Company is not the primary beneficiary.
The Company accounts for its ownership interest in the Columbus Joint Venture in accordance with the equity method of accounting because
it exerts significant influence over but does not control the Columbus Joint Venture. All capital contributions and distributions of
earnings from the Columbus Joint Venture are made on a pro rata basis in proportion to each member’s equity interest percentage.
Any distributions in excess of earnings from the Columbus Joint Venture are made to the members pursuant to the terms of the Columbus
Joint Venture’s operating agreement. The Company commenced recording its allocated portion of profit/loss and cash distributions
beginning as of November 29, 2022 with respect to its membership interest of 19.0% in the Columbus Joint Venture.
LIGHTSTONE
VALUE PLUS REIT I, INC. AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (Unaudited)
(Dollar
amounts in thousands, except per share/unit data and where indicated in millions)
In
connection with the closing of the Columbus Properties, the Columbus Joint Venture simultaneously entered into two mortgage loans from
financial institutions in the aggregate amount of $300.7 million and received two preferred investments from unaffiliated third parties
in the aggregate amount of $90.0 million (collectively, the “Loans”) The Loans are collateralized by the Columbus Properties.
The Sponsor (the “Guarantor”) has fully guaranteed the Columbus Joint Venture’s obligation to repay the outstanding
balance of the Loans (the “Loan Guarantee”). Each of the joint venture members have agreed to reimburse the Guarantor for
their pro rata share of any balance that may become due under the Loan Guarantee, of which the Company’s share is up to 19% of
the outstanding balance. The Company has determined that the fair value of the Loan Guarantee is immaterial.
Columbus
Joint Venture Financial Information
The
following table represents the condensed statement of operations for the Columbus Joint Venture:
Schedule of condensed statement of operations for the Columbus joint venture |
|
|
|
|
|
|
|
|
|
|
For
the Three Months Ended June 30, 2023 |
|
|
For
the Six Months Ended June 30, 2023 |
|
Revenues |
|
$ |
10,496 |
|
|
$ |
21,007 |
|
|
|
|
|
|
|
|
|
|
Property
operating expenses |
|
|
5,387 |
|
|
|
10,279 |
|
General
and administrative income |
|
|
129 |
|
|
|
84 |
|
Depreciation
and amortization |
|
|
4,773 |
|
|
|
9,519 |
|
Operating
income |
|
|
207 |
|
|
|
1,125 |
|
|
|
|
|
|
|
|
|
|
Interest
expense and other, net |
|
|
(6,080 |
) |
|
|
(13,286 |
) |
Net
loss |
|
$ |
(5,873 |
) |
|
$ |
(12,161 |
) |
Company’s
share of net loss (19.0%) |
|
$ |
(1,116 |
) |
|
$ |
(2,311 |
) |
Additional
depreciation and amortization expense(1) |
|
|
(24 |
) |
|
|
(49 |
) |
Company’s
loss from investment |
|
$ |
(1,140 |
) |
|
$ |
(2,360 |
) |
The
following table represents the condensed balance sheet for the Columbus Joint Venture:
Schedule of condensed balance sheet for the Columbus joint venture |
|
|
|
|
|
|
|
|
|
|
As of |
|
|
As of |
|
|
|
June 30,
2023 |
|
|
December 31,
2022 |
|
Investment
property, net |
|
$ |
453,335 |
|
|
$ |
457,339 |
|
Cash
and restricted cash |
|
|
14,356 |
|
|
|
15,770 |
|
Other
assets |
|
|
6,141 |
|
|
|
10,096 |
|
Total
assets |
|
$ |
473,832 |
|
|
$ |
483,205 |
|
|
|
|
|
|
|
|
|
|
Mortgages
and loans payable, net |
|
$ |
386,648 |
|
|
$ |
383,266 |
|
Other
liabilities |
|
|
7,861 |
|
|
|
8,495 |
|
Members’
equity |
|
|
79,323 |
|
|
|
91,444 |
|
Total
liabilities and members’ equity |
|
$ |
473,832 |
|
|
$ |
483,205 |
|
LIGHTSTONE
VALUE PLUS REIT I, INC. AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (Unaudited)
(Dollar
amounts in thousands, except per share/unit data and where indicated in millions)
|
6. |
Investments
in Related Parties |
Preferred
Investments
The
Company previously entered into agreements with various related party entities that provided for it to make preferred contributions pursuant
to certain instruments (the “Preferred Investments”) that entitled it to certain prescribed monthly preferred distributions.
During the six months ended June 30, 2023, the Company redeemed the remaining $6.0 million of its only remaining Preferred Investment,
which was the 40 East End Avenue Preferred Investment.
The
Preferred Investments are summarized as follows:
Schedule of preferred investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
Investment Balance |
|
|
Investment
Income(1) |
|
|
|
Dividend |
|
|
As of
June 30, |
|
|
As of
December 31, |
|
|
Three
Months Ended June 30, |
|
|
Six
Months Ended June 30, |
|
Preferred
Investments |
|
Rate |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
40
East End Avenue |
|
12% |
|
|
$ |
- |
|
|
$ |
6,000 |
|
|
$ |
75 |
|
|
$ |
182 |
|
|
$ |
254 |
|
|
$ |
362 |
|
East
11th Street |
|
12% |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
230 |
|
|
|
- |
|
|
|
485 |
|
Total |
|
|
|
|
$ |
- |
|
|
$ |
6,000 |
|
|
$ |
75 |
|
|
$ |
412 |
|
|
$ |
254 |
|
|
$ |
847 |
|
Note:
Hotel
Joint Venture
The
Company has a 2.5% membership interest in the Hotel Joint Venture, which held ownership interests in seven hotel properties as of June 30,
2023 but subsequently sold two of its hotel properties during July 2023. The carrying value of its investment was $0.7 million and
$0.9 million, as of June 30, 2023 and December 31, 2022, respectively, which is included in investments in related parties
on the consolidated balance sheets.
LIGHTSTONE
VALUE PLUS REIT I, INC. AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (Unaudited)
(Dollar
amounts in thousands, except per share/unit data and where indicated in millions)
The
Company has formed certain joint ventures (collectively, the “NR Joint Ventures”) between wholly-owned subsidiaries of the
Operating Partnership (collectively, the “NR Subsidiaries”) and affiliates of the Sponsor (the “NR Affiliates”)
which have originated nonrecourse loans (collectively, the “Joint Venture Promissory Notes”) to unaffiliated third-party
borrowers (collectively, the “Joint Venture Borrowers”).
The
NR Subsidiaries and NR Affiliates may have varying ownership interests in the NR Joint Ventures, however; certain other wholly-owned
subsidiaries of the Operating Partnership serve as the manager and are the sole decision-maker for each of the NR Joint Ventures.
The
Company has determined that the NR Joint Ventures are VIEs and the NR Subsidiaries are the primary beneficiaries. Since the NR Subsidiaries
are the primary beneficiaries, beginning on the applicable date of formation, the Company has consolidated the operating results and
financial condition of the NR Joint Ventures and accounted for the respective ownership interests of the NR Affiliates as noncontrolling
interests.
The
Joint Venture Promissory Notes generally provide for monthly interest at a prescribed variable rate, subject to a floor. In connection
with the initial funding of the Joint Venture Promissory Notes, the NR Joint Ventures receive origination fees (ranging from 1.00% to
1.50%) based on the principal commitment under the loan and retain a portion of the loan proceeds to establish a reserve for interest
and other items (the “Loan Reserves”). The Joint Venture Promissory Notes are recorded in notes receivable, net on the consolidated
balance sheets.
The
Joint Venture Promissory Notes generally have an initial term of one or two years and may provide for additional extension options subject
to satisfaction of certain conditions, including the funding of additional Loan Reserves and payment of extension fees. The Joint Venture
Promissory Notes are collateralized by either the membership interests of the Joint Venture Borrowers in the borrowing entity or the
underlying real property being developed by the Joint Venture Borrower.
Origination
fees are presented in the consolidated balance sheets as a direct deduction from the carrying value of the Joint Venture Promissory Notes
and are amortized into interest income, using a straight-line method that approximates the effective interest method, over the initial
term of the Joint Venture Promissory Notes. The Loan Reserves are presented in the consolidated balance sheets as a direct deduction
from the carrying value of the Joint Venture Promissory Notes and are applied against the monthly interest due over the term.
During
the six months ended June 30, 2023, the NR Joint Ventures made aggregate distributions of $1.3 million to both the NR Subsidiaries
and NR Affiliates, based on their respective membership interests. During the six months ended June 30, 2022, both the NR Subsidiaries
and the NR Affiliates made aggregate contributions to the NR Joint Ventures of $21.9 million, principally to fund their respective shares
of the Joint Venture Promissory Note that was originated. Additionally, during the six months ended June 30, 2022, the NR Joint
Ventures made aggregate distributions of $15.0 million to both the NR Subsidiaries and NR Affiliates, based on their respective membership
interests.
LSC
1543 7th LLC, the NR Joint Venture that originated the Joint Venture Promissory Note (the “LSC 1543 7th LLC Note Receivable”)
with a remaining outstanding principal balance of $35.0 million as of June 30, 2023, is currently in discussions with the Joint
Venture Borrower with respect to the terms for an extension to the LSC 1543 7th LLC Note Receivable, which is expected to be completed
on or before its initial scheduled maturity date of August 31, 2023.
LIGHTSTONE
VALUE PLUS REIT I, INC. AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (Unaudited)
(Dollar
amounts in thousands, except per share/unit data and where indicated in millions)
The
following tables summarize the Note Receivable as of the dates indicated:
Summary of notes receivable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Joint
Venture/Lender |
|
Company’s
Ownership Percentage |
|
|
Loan
Commitment Amount |
|
|
Origination
Fee |
|
|
Origination
Date |
|
Maturity
Date |
|
Contractual
Interest Rate |
|
Outstanding
Principal |
|
|
Reserves |
|
|
Unamortized
Origination Fee |
|
|
Carrying
Value |
|
|
Unfunded
Commitment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of June 30, 2023 |
|
LSC
1543 7th LLC |
|
50% |
|
|
$ |
49,000 |
|
|
1.00% |
|
|
March 2, 2022 |
|
August 31, 2023 |
|
SOFR plus 7.00%
(Floor of 7.15%) |
|
$ |
35,000 |
|
|
$ |
- |
|
|
$ |
(82 |
) |
|
$ |
34,918 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of December 31, 2022 |
|
LSC
1543 7th LLC |
|
50% |
|
|
$ |
49,000 |
|
|
1.00% |
|
|
March 2, 2022 |
|
August 31, 2023 |
|
SOFR plus 7.00% (Floor
of 7.15%) |
|
$ |
49,000 |
|
|
$ |
(614 |
) |
|
$ |
(327 |
) |
|
$ |
48,059 |
|
|
$ |
- |
|
The
following summarizes the interest earned (included in interest and dividend income on the consolidated statements of operations) for
each of the Joint Venture Promissory Notes during the periods indicated:
Summarizes the interest earned for each of the joint venture promissory notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the Three Months Ended June 30, |
|
|
For
the Six Months Ended June 30, |
|
Joint
Venture/Lender |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
LSC
1543 7th LLC |
|
$ |
1,201 |
|
|
|
1,038 |
|
|
$ |
2,699 |
|
|
$ |
1,727 |
|
LSC
11640 Mayfield LLC |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
455 |
|
Total |
|
$ |
1,201 |
|
|
$ |
1,038 |
|
|
$ |
2,699 |
|
|
$ |
2,182 |
|
LIGHTSTONE
VALUE PLUS REIT I, INC. AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (Unaudited)
(Dollar
amounts in thousands, except per share/unit data and where indicated in millions)
|
8. |
Marketable
Securities, Derivative Financial Instruments, Fair Value Measurements and Notes Payable |
Marketable
Securities
The
following is a summary of the Company’s available for sale securities:
Summary of available for sale securities and other investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of
June 30, 2023 |
|
|
|
Adjusted
Cost |
|
|
Gross
Unrealized Gains |
|
|
Gross
Unrealized Losses |
|
|
Fair
Value |
|
Marketable
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
and Preferred Equity Securities |
|
$ |
20,421 |
|
|
$ |
72 |
|
|
$ |
(1,254 |
) |
|
$ |
19,239 |
|
Marco
OP Units and Marco II OP Units |
|
|
19,227 |
|
|
|
4,936 |
|
|
|
- |
|
|
|
24,163 |
|
|
|
$ |
39,648 |
|
|
$ |
5,008 |
|
|
$ |
(1,254 |
) |
|
$ |
43,402 |
|
|
|
As
of December 31, 2022 |
|
|
|
Adjusted
Cost |
|
|
Gross
Unrealized Gains |
|
|
Gross
Unrealized Losses |
|
|
Fair
Value |
|
Marketable
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
and Preferred Equity Securities |
|
$ |
22,993 |
|
|
$ |
- |
|
|
$ |
(2,103 |
) |
|
$ |
20,890 |
|
Marco
OP Units and Marco II OP Units |
|
|
19,227 |
|
|
|
5,355 |
|
|
|
- |
|
|
|
24,582 |
|
|
|
|
42,220 |
|
|
|
5,355 |
|
|
|
(2,103 |
) |
|
|
45,472 |
|
Debt
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
Bonds |
|
|
602 |
|
|
|
- |
|
|
|
(150 |
) |
|
|
452 |
|
Total |
|
$ |
42,822 |
|
|
$ |
5,355 |
|
|
$ |
(2,253 |
) |
|
$ |
45,924 |
|
As
of both June 30, 2023 and December 31, 2022, the Company held an aggregate of 209,243 Marco OP Units and Marco II OP Units,
of which 89,695 were owned by PRO. The Marco OP Units and the Marco II OP Units are both exchangeable for a similar number of common
operating partnership units (“Simon OP Units”) of Simon Property Group, L.P., (“Simon OP”), the operating partnership
of Simon Property Group, Inc. (“Simon Inc.”), a public REIT that is an owner and operator of shopping malls and outlet centers.
Subject to the various conditions, the Company may elect to exchange the Marco OP Units and/or the Marco II OP Units to Simon OP Units
which must be immediately delivered to Simon Inc. in exchange for cash or similar number of shares of Simon Inc.’s common stock
(“Simon Stock”). Accordingly, the Marco OP Units and Marco II OP Units are valued based on the closing price of Simon Stock,
which was $115.48 per share and $94.92 per share as of June 30, 2023 and 2022, respectively. Additionally, the closing price of
Simon Stock was $117.48 per share as of December 31, 2022.
Throughout
2022 and continuing into 2023, financial markets have been experiencing increases in interest rates primarily as a result of higher inflation,
leading to the lower market prices of the Company equity’s securities, especially those highly sensitive to movements in interest
rates, such as REITs and preferred securities. Because of the change in the closing price of Simon Stock and the market price of the
Company’s other equity securities, the Company incurred unrealized gains of $1.1 million and $0.5 million for the three and six
months ended June 30, 2023, respectively, and unrealized losses of $9.8 million and $18.8 million for the three and six months ended
June 30, 2022, respectively. These unrealized losses incurred on the Company’s marketable equity securities are included in
its consolidated statements of operations.
LIGHTSTONE
VALUE PLUS REIT I, INC. AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (Unaudited)
(Dollar
amounts in thousands, except per share/unit data and where indicated in millions)
Derivative
Financial Instruments
The
Company has entered into two 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 on the consolidated statements of operations.
For
the three and six months ended June 30, 2023, the Company recorded an unrealized gain of $38 and unrealized losses of $0.4 million,
respectively, and during the three and six months ended June 30, 2022, the Company recorded unrealized gains of $0.4 million and
$1.2 million, respectively, on the consolidated statements of operations, representing the change in the fair value of these economic
hedges during such periods.
The
two interest rate cap contracts have notional amounts of $90.0
million and $40.0
million, respectively, and effectively cap the LIBOR through June
30, 2023 and its replacement rate thereafter at 3.00%.
Both interest rate cap contracts mature on June 3, 2024. The aggregate fair values of the interest rate cap contracts of $2.9
2,880 million and $3.3
3,279 million as of June 30, 2023 and December 31, 2022, respectively, are included in other assets on the consolidated
balance sheets.
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. |
LIGHTSTONE
VALUE PLUS REIT I, INC. AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (Unaudited)
(Dollar
amounts in thousands, except per share/unit data and where indicated in millions)
Marketable
securities and derivative financial instruments measured at fair value on a recurring basis as of the dates indicated are as follows:
Schedule of marketable securities measured at fair value on a recurring basis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair
Value Measurement Using |
|
|
|
|
As
of June 30, 2023 |
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Total |
|
Marketable
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
and Preferred Equity Securities |
|
$ |
1,119 |
|
|
$ |
18,120 |
|
|
$ |
- |
|
|
$ |
19,239 |
|
Marco
OP and OP II Units |
|
|
- |
|
|
|
24,163 |
|
|
|
- |
|
|
|
24,163 |
|
Total |
|
$ |
1,119 |
|
|
$ |
42,283 |
|
|
$ |
- |
|
|
$ |
43,402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative
Financial Instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Rate Cap Contracts |
|
$ |
- |
|
|
$ |
2,880 |
|
|
$ |
- |
|
|
$ |
2,880 |
|
|
|
Fair
Value Measurement Using |
|
|
|
|
As
of December 31, 2022 |
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Total |
|
Marketable
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
and Preferred Equity Securities |
|
$ |
1,138 |
|
|
$ |
19,752 |
|
|
$ |
- |
|
|
$ |
20,890 |
|
Marco
OP and OP II Units |
|
|
- |
|
|
|
24,582 |
|
|
|
- |
|
|
|
24,582 |
|
Corporate
Bonds |
|
|
- |
|
|
|
452 |
|
|
|
- |
|
|
|
452 |
|
Total |
|
$ |
1,138 |
|
|
$ |
44,786 |
|
|
$ |
- |
|
|
$ |
45,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative
Financial Instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Rate Cap Contracts |
|
$ |
- |
|
|
$ |
3,279 |
|
|
$ |
- |
|
|
$ |
3,279 |
|
The
fair values of the Company’s common equity securities are measured using readily quoted prices for these investments which are
listed for trade on active markets. The fair values of the Company’s preferred equity securities and corporate bonds are measured
using readily available quoted prices for these securities; however, the markets for these securities are not active. Additionally, as
noted and disclosed above, the Company’s Marco OP and OP II units are both ultimately exchangeable for cash or similar number of
shares of Simon Stock, therefore the Company uses the quoted market price of Simon Stock to measure the fair value of the Company’s
Marco OP and OP II units.
The
Company did not have any other significant financial assets or liabilities, which would require revised valuations that are recognized
at fair value.
LIGHTSTONE
VALUE PLUS REIT I, INC. AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (Unaudited)
(Dollar
amounts in thousands, except per share/unit data and where indicated in millions)
Notes
Payable
Margin
Loan
The
Company has access to a margin loan (the “Margin Loan”) from a financial institution that holds custody of certain of the
Company’s marketable securities. The Margin Loan, which is due on demand, bears interest at LIBOR plus 0.85% (6.07% as of June 30,
2023) and is collateralized by the marketable securities in the Company’s account. The amounts available to the Company under the
Margin Loan are at the discretion of the financial institution and not limited to the amount of collateral in its account. There were
no amounts outstanding under this Margin Loan as of June 30, 2023 and December 31, 2022.
Line
of Credit
The
Company has a non-revolving credit facility (the “Line of Credit”) that provides for borrowings up to a maximum of $20.0
million, subject to a 55% loan-to-value ratio based on the fair value of the underlying collateral, which matures on November 30,
2024 and bears interest at LIBOR plus 1.35% (6.57% as of June 30, 2023). Additionally, the Line of Credit provides for a replacement
benchmark rate in connection with the phase-out of LIBOR, which is expected to be for periods after June 30, 2023. The Line of Credit
is collateralized by an aggregate of 209,243 of Marco OP Units and Marco II OP Units and is guaranteed by PRO. As of June 30, 2023,
the amount of borrowings available to be drawn under the Line of Credit was $13.3 million. No amounts were outstanding under the Line
of Credit as of both June 30, 2023 and December 31, 2022.
|
9. |
Mortgages
Payable, Net |
Mortgages
payable, net consists of the following:
Schedule of mortgages payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property/Investment |
|
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 |
|
Gantry
Park Landing |
|
4.48% |
|
|
4.48% |
|
|
November 2024 |
|
$ |
65,317 |
|
|
$ |
67,428 |
|
|
$ |
68,151 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lower
East Side Moxy Hotel Senior |
|
LIBOR + 7.50% (floor
of 7.75%) |
|
|
10.40% |
|
|
June 2024 |
|
|
90,000 |
|
|
|
90,000 |
|
|
|
82,811 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lower
East Side Moxy Hotel Junior |
|
LIBOR + 13.50% (floor
of 14.00%) |
|
|
16.72% |
|
|
June 2024 |
|
|
40,000 |
|
|
|
40,000 |
|
|
|
40,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exterior
Street Project |
|
SOFR + 2.60% |
|
|
7.45% |
|
|
November 2023 |
|
|
35,000 |
|
|
|
35,000 |
|
|
|
35,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exterior
Street Project Supplemental |
|
SOFR + 2.60% |
|
|
7.45% |
|
|
November 2023 |
|
|
7,000 |
|
|
|
7,000 |
|
|
|
7,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LSC
1543 7th LLC Note Receivable |
|
SOFR + 3.50% |
|
|
8.50% |
|
|
December 2023 |
|
|
21,529 |
|
|
|
21,529 |
|
|
|
32,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
mortgages payable |
|
|
|
|
9.21% |
|
|
|
|
$ |
258,846 |
|
|
|
260,957 |
|
|
|
265,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
Deferred financing costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,843 |
) |
|
|
(4,535 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
mortgages payable, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
258,114 |
|
|
$ |
260,579 |
|
One-month
LIBOR as of June 30, 2023 and December 31, 2022 was 5.22% and 4.39%, respectively. One-month SOFR as of June 30, 2023
and December 31, 2022 was 5.14% and 4.36%. The Company’s loans are secured by the indicated real estate/investment and are
non-recourse to the Company, unless otherwise indicated.
LIGHTSTONE
VALUE PLUS REIT I, INC. AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (Unaudited)
(Dollar
amounts in thousands, except per share/unit data and where indicated in millions)
LSC
1543 7th LLC Loan
On
June 30, 2022, LSC 1543 7th LLC obtained a loan of up to $33.1 million (the “LSC 1543 7th LLC Loan”) which bears interest
at SOFR + 3.50% (8.64% as of June 30, 2023). The LSC 1543 7th LLC Loan is initially scheduled to mature on December 30, 2023,
but may be further extended through December 30, 2024 and September 20, 2025, through the exercise of two extension options.
The LSC 1543 7th LLC Loan requires monthly interest-only payments with the outstanding principal balance due at its maturity date and
is collateralized by a nonrecourse loan originated by LSC 1543 7th LLC Note Receivable. During the first quarter of 2023, LSC 1543 7th
LLC received a payment of $14.0 million on the LSC 1543 7th LLC Note Receivable and used a portion of the proceeds to repay $11.3 million
of the LSC 1543 7th LLC Loan, which reduced the outstanding balance to $21.5 million.
Moxy
Construction Loans
On
June 3, 2021, the Company, through a wholly owned subsidiary, closed on a recourse construction loan facility (the “Moxy Senior
Loan”) providing for up to $90.0 million of funds for the development, construction and certain pre-opening costs associated with
the Lower East Side Moxy Hotel. At closing, $35.6 million of proceeds were initially advanced under the Moxy Senior Loan, which were
used to repay in full a then outstanding mortgage loan. The Moxy Senior Loan bears interest at LIBOR plus 7.50%, subject to an 7.75%
floor, and initially matures on June 3, 2024, with two one-year extension options, subject to the satisfaction of certain conditions.
Additionally, the Moxy Senior Loan provides for a replacement benchmark rate for periods after June 30, 2023 in connection with
the phase-out of LIBOR. The Moxy Senior Loan is collateralized by the Lower East Side Moxy Hotel. As of June 30, 2023, the outstanding
principal balance of the Moxy Senior Loan was $90.0 million, the interest rate was 12.72%. Additionally, the Company was required by
the lender to deposit the $4.7 million of key money received from Marriott during the fourth quarter of 2022 into an escrow account (included
in restricted cash on the consolidated balance sheet as of December 31, 2022), all of which was subsequently used to fund remaining
construction costs for the project during the first quarter of 2023.
Simultaneously
on June 3, 2021, the Company, through the same wholly owned subsidiary, also entered into a mezzanine construction loan facility
(the “Moxy Junior Loan” and together with the Moxy Senior Loan, the “Moxy Construction Loans”) providing for
up to $40.0 million of additional funds for the development, construction and certain pre-opening costs associated with the Lower East
Side Moxy Hotel. The Moxy Junior Loan bears interest at LIBOR plus 13.50%, subject to a 14.00% floor (18.72% as of June 30, 2023),
and initially matures on June 3, 2024, with two one-year extension options, subject to the satisfaction of certain conditions. Additionally,
the Moxy Junior Loan provides for a replacement benchmark rate for periods after June 30, 2023 in connection with the phase-out
of LIBOR. The Moxy Junior Loan is subordinate to the Moxy Senior Loan but also collateralized by the Lower East Side Moxy Hotel. The
Company has provided a principal guarantee of up to $7.0 million with respect to the Moxy Junior Loan.
In
connection with the Moxy Construction Loans, the Company provided certain completion and carry cost guarantees. Additionally, the Moxy
Construction Loans provide for the lenders to trap excess cash flow, if any, generated from the operations of the Lower East Side Moxy
Hotel until it achieves certain prescribed financial ratios for two consecutive quarters. To-date, the Lower East Side Moxy Hotel, which
opened in October 2022 and therefore, is still in its ramp-up period, has not achieved any of the prescribed financial ratios.
The
Company has also entered into two interest rate cap agreements with notional amounts of $90.0 million and $40.0 million pursuant to which
LIBOR through June 30, 2023 and its replacement rate thereafter is capped at 3.00% through June 3, 2024. Furthermore, in connection
with the Moxy Construction Loans, the Company paid $5.3 million of loan fees and expenses and accrued $1.1 million of loan exit fees
which are due at the initial maturity date and are included in accounts payable, accrued expenses and other liabilities on the consolidated
balance sheets as of June 30, 2023 and December 31, 2022.
LIGHTSTONE
VALUE PLUS REIT I, INC. AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (Unaudited)
(Dollar
amounts in thousands, except per share/unit data and where indicated in millions)
Exterior
Street Loans
On
March 29, 2019, the Company obtained a $35.0 million loan (the “Exterior Street Loan”) from a financial institution
which, commencing on October 10, 2020, bore interest at LIBOR plus 2.25% through November 24, 2022. On December 21, 2021,
the loan agreement was amended to provide an additional $7.0 million loan (the “Exterior Street Supplemental Loan” and collectively
with the Exterior Street Loan, the “Exterior Street Loans”) which bore interest at LIBOR plus 2.50% through November 24,
2022. The Exterior Street Loans require monthly interest-only payments with the outstanding principal balances due in full at their maturity
date. The Exterior Street Loans are collateralized by the Exterior Street Project. On November 22, 2022, the Company and the financial
institution entered into an additional amendment to the Exterior Street Loans pursuant to which the interest rate on the Exterior Street
Loans was adjusted to SOFR plus 2.60% (7.74% as of June 30, 2023) and their maturity dates were extended to November 24, 2023.
The
following table shows the contractually scheduled principal maturities of the Company’s mortgage debt during the next five years
and thereafter as of June 30, 2023:
Scheduled of contractually principal maturities during next five years |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
2024 |
|
|
2025 |
|
|
2026 |
|
|
2027 |
|
|
Thereafter |
|
|
Total |
|
Principal
maturities |
|
$ |
64,260 |
|
|
$ |
196,697 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
260,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
Deferred financing costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,843 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
principal maturities, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
258,114 |
|
Certain
of the Company’s debt agreements require the maintenance of certain ratios, including debt service coverage. As of June 30,
2023, the Company was in compliance with all of its financial debt covenants; except for the those for the Moxy Construction Loans, as
discussed above. Additionally, certain of our mortgages payable also contain clauses providing for prepayment penalties.
Debt
Maturities
The
Exterior Street Loans (outstanding aggregate principal balance of $42.0 million as of June 30, 2023) mature on November 24,
2023. The Company currently intends to seek to extend or refinance the Exterior Street Loans on or before their maturity date.
The
LSC 1543 7th LLC Loan (outstanding principal balance of $21.5 million as of June 30, 2023) is scheduled to initially mature on December 30,
2023, but may be further extended through December 30, 2024 and September 20, 2025, through the exercise of two extension options.
The Company currently intends to repay the LSC 1543 7th LLC Loan with the proceeds from the expected repayment of the LSC 1543 7th LLC
Note Receivable, which has an outstanding principal balance of $35.0 million, or to seek to further extend the LSC 1543 7th LLC Loan
pursuant to its first extension option on or before its scheduled maturity date.
The
Moxy Construction Loans (outstanding aggregate principal balance of $130.0 million as of June 30, 2023) mature on June 3, 2024.
The Company currently intends to refinance the Moxy Construction Loans on or before their initial maturity dates of June 3, 2024;
however, there can be no assurances that it will be successful in such endeavors. If the Company is unable to refinance the Moxy Construction
Loans on or before their initial maturity date, it will then seek to exercise the first of their two one-year extension options.
However,
if the Company is unable to extend or refinance its maturing indebtedness at favorable terms, it will look to repay the then outstanding
principal balances with available cash and/or proceeds from selective asset sales. The Company has no additional significant maturities
of mortgage debt over the next 12 months from the date of these consolidated financial statements.
LIGHTSTONE
VALUE PLUS REIT I, INC. AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (Unaudited)
(Dollar
amounts in thousands, except per share/unit data and where indicated in millions)
Distribution
on Common Shares
On
May 10, 2023, the Board of Directors authorized and the Company declared a distribution of $0.175 per share for the quarterly period
ending June 30, 2023. On July 15, 2023, the distribution of $3.8 million was paid in full using a combination of cash and approximately
7,000 shares of the Company’s common stock issued pursuant to the Company’s distribution reinvestment program (“DRIP”),
at a discounted price of $11.58 per share, equal to 95% of the Company’s most recently published estimated net asset value per
share of $12.19 as of September 30, 2022.
On
August 11, 2023, the Company’s Board of Directors authorized and the Company declared a distribution of $0.0875 per share
for the quarterly period ending September 30, 2023. The quarterly distribution is the pro rata equivalent of an annual distribution
of $0.35 per share, or an annualized rate of 3.5% assuming a purchase price of $10.00 per share. The distribution will be paid on or
about the 15th day of the month following the quarter-end to stockholders of record at the close of business on the last day of the quarter-end.
The stockholders have an option to elect the receipt of shares under the Company’s DRIP.
Because
the quarterly distribution declared by the Board of Directors on the Common Shares for the quarterly period ending on September 30,
2023 does not equal at least an annualized rate of 7.0% assuming a purchase price of $10.00 per share, no distributions were declared
on the SLP Units. Any future distributions on the SLP Units will always be subordinated until stockholders receive a stated preferred
return.
Future
distributions, if any, declared will be at the discretion of the Board of Directors based on their analysis of the Company’s performance
over the previous periods and expectations of performance for future periods. The Board of Directors will consider various factors in
its determination, including but not limited to, the sources and availability of capital, operating and interest expenses, the Company’s
ability to refinance near-term debt, as well as the IRS’s annual distribution requirement that REITs distribute no less than 90%
of their taxable income. The Company cannot assure that any future distributions will be made or that it will maintain any particular
level of distributions that it has previously established or may establish.
SRP
The
Company’s share repurchase program (the “SRP”) may provide its stockholders with limited, interim liquidity by enabling
them to sell their shares of common stock back to the Company, subject to restrictions.
On
March 25, 2020, the Board of Directors amended the SRP to remove stockholder notice requirements and also approved the suspension
of all redemptions.
Effective
March 18, 2021 and May 14, 2021, the Board of Directors partially reopened the SRP to allow, subject to various conditions
as set forth below, for redemptions submitted in connection with a stockholder’s death and hardship, respectively, and set the
price for all such purchases to our current estimated net asset value per share of common stock (“NAV per Share”), as determined
by the Board of Directors and reported by the Company from time to time. Deaths that occurred subsequent to January 1, 2020 were
eligible for consideration, subject to certain conditions. Beginning January 1, 2022, requests for redemptions in connection with
a stockholder’s death must be submitted and received by the Company within one year of the stockholder’s date of death for
consideration. On March 18, 2022, the Board of Directors approved an increase to the annual threshold for death redemptions from
up to 0.5% to 1.0%.
LIGHTSTONE
VALUE PLUS REIT I, INC. AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (Unaudited)
(Dollar
amounts in thousands, except per share/unit data and where indicated in millions)
At
the above noted dates, the Board of Directors established that on an annual basis, the Company would not redeem in excess of 1.0% and
0.5% of the number of shares outstanding as of the end of the preceding year for either death or hardship redemptions, respectively.
Additionally, redemption requests generally would be processed on a quarterly basis and would be subject to pro ration if either type
of redemption requests exceeded the annual limitation.
For
the six months ended June 30, 2023, the Company repurchased 119,300 Common Shares at a weighted average price per share of $12.19.
For the six months ended June 30, 2022, the Company repurchased 273,135 Common Shares at a weighted average price per share of $11.75.
Net
Earnings Per Share
Basic
net earnings per share is calculated by dividing net income attributable to common shareholders by the weighted-average number of shares
of common stock outstanding during the applicable period. Dilutive income per share includes the potentially dilutive effect, if any,
which would occur if our outstanding options to purchase our common stock were exercised. For all periods presented dilutive net income
per share is equivalent to basic net income per share.
|
11. |
Related
Party Transactions |
The
Company has various agreements, including an advisory agreement, with the Advisor and Lightstone Value Plus REIT Management LLC (the
“Property Manager”) to pay certain fees in exchange for services performed by these entities and other affiliated entities.
The Company’s ability to secure financing and subsequent real estate operations are dependent upon its Advisor, Property Manager
and their affiliates to perform such services as provided in these agreements. Amounts the Company owes to the Advisor and its affiliated
entities are principally for asset management fees, and are classified as due to related parties on the consolidated balance sheets.
The
Company, pursuant to the related party arrangements, has recorded the following amounts for the periods indicated:
Summary of Amount recorded in pursuant to related party arrangement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the Three Months Ended |
|
|
For
the Six Months Ended |
|
|
|
June 30,
2023 |
|
|
June 30,
2022 |
|
|
June 30,
2023 |
|
|
June 30,
2022 |
|
Asset
management fees (general and administrative costs) |
|
$ |
551 |
|
|
$ |
171 |
|
|
$ |
1,107 |
|
|
$ |
325 |
|
Property
management fees (property operating expenses) |
|
|
75 |
|
|
|
74 |
|
|
|
147 |
|
|
|
155 |
|
Development
fees and cost reimbursement(1) |
|
|
235 |
|
|
|
733 |
|
|
|
641 |
|
|
|
1,617 |
|
Total |
|
$ |
861 |
|
|
$ |
978 |
|
|
$ |
1,895 |
|
|
$ |
2,097 |
|
See
Notes 3, 4 and 5 for other related party transactions.
LIGHTSTONE
VALUE PLUS REIT I, INC. AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (Unaudited)
(Dollar
amounts in thousands, except per share/unit data and where indicated in millions)
The
advisory agreement has a one-year term and is renewable for an unlimited number of successive one-year periods upon the mutual consent
of the Advisor and the Company’s independent directors. Payments to the Advisor or its affiliates may include asset acquisition
fees and the reimbursement of acquisition-related expenses, development fees and the reimbursement of development-related costs, financing
coordination fees, asset management fees or asset management participation, and construction management fees. The Company may also reimburse
the Advisor and its affiliates for actual expenses it incurs for administrative and other services provided for it. Upon the liquidation
of the Company’s assets, it may pay the Advisor or its affiliates a disposition commission.
In
connection with the Company’s Offering, Lightstone SLP, LLC purchased an aggregate of $30.0 million of SLP Units which are included
in noncontrolling interests in the consolidated balance sheets. These SLP Units, the purchase price of which will be repaid only after
stockholders receive a stated preferred return and their net investment, entitle Lightstone SLP, LLC to a portion of any regular distributions
made by the Operating Partnership.
During
both the three and six months ended June 30, 2023 and 2022, distributions of $0.5 million and $1.0 million, respectively, were declared
and paid on the SLP units.
|
12. |
Financial
Instruments |
The
carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, restricted cash, other assets, accounts payable,
accrued expenses and other liabilities, due to related parties, tenant allowances and deposits payable and deferred rental income approximate
their fair values because of the short maturity of these instruments. The carrying amounts of the notes receivable approximate their
fair values because the interest rates are variable and reflective of market rates.
The
carrying amount and estimated fair value (in millions) of the Company’s mortgage debt is summarized as follows:
Schedule of mortgage debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
June 30, 2023 |
|
|
As
of December 31, 2022 |
|
|
|
Carrying
Amount |
|
|
Estimated
Fair Value |
|
|
Carrying
Amount |
|
|
Estimated
Fair Value |
|
Mortgages
payable |
|
$ |
261.0 |
|
|
$ |
260.5 |
|
|
$ |
265.1 |
|
|
$ |
265.1 |
|
The
fair value of the mortgages payable was determined by discounting the future contractual interest and principal payments by estimated
current market interest rates.
LIGHTSTONE
VALUE PLUS REIT I, INC. AND SUBSIDIARIES
Notes
to Consolidated Financial Statements (Unaudited)
(Dollar
amounts in thousands, except per share/unit data and where indicated in millions)
|
13. |
Commitments
and Contingencies |
Hotel
Franchise Agreement
The
Lower East Side Moxy Hotel operates pursuant to a 30-year franchise agreement (the “Hotel Franchise Agreement”) with Marriott
International, Inc. (“Marriott”). The Hotel Franchise Agreement provides for the Company to pay franchise fees and marketing
fund charges equal to certain prescribed percentages of gross room sales, as defined. Additionally, pursuant to the terms of the Hotel
Franchise Agreement, the Company received a key money (“Key Money”) payment of $4.7 million from Marriott during the fourth
quarter of 2022. The Key Money, which is included in accounts payable, accrued expenses and other liabilities on the consolidated balance
sheets is being amortized as a reduction to franchise fees over the term of the Hotel Franchise Agreement. As of June 30, 2023 and
December 31, 2022, the remaining unamortized balance of the Key Money was $4.6 million and $4.7 million, respectively. Pursuant
to the terms of the Hotel Franchise Agreement, the Company may be obligated to return the unamortized portion of the key money back to
Marriott upon the occurrence of certain events. The franchise fees and marketing fund charges are recorded as a component of hotel operating
expenses in the consolidated statements of operations.
Hotel
Management Agreements
With
respect to the Lower East Side Moxy Hotel, the Company has entered into a hotel management agreement, food and beverage operations management
agreement and an asset management agreement (collectively, the “Hotel Management Agreements”) with various third-party management
companies pursuant to which they provide oversight and management over the operation of the Lower East Side Moxy Hotel and its food and
beverage venues and receive payment of certain prescribed management fees, generally based on a percentage of revenues and certain incentives
for exceeding targeted earnings thresholds. The management fees are recorded as a component of hotel operating expenses on the consolidated
statements of operations. The Hotel Management Agreements have initial terms ranging from 5 to 20 years.
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.
PART
I. FINANCIAL INFORMATION, CONTINUED:
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 of Lightstone
Value Plus REIT I, Inc. and Subsidiaries and the notes thereto. As used herein, the terms “we,” “our” and “us”
refer to Lightstone Value Plus REIT I, Inc., a Maryland corporation, and, as required by context, Lightstone Value Plus REIT, L.P. and
its wholly owned subsidiaries, which we collectively refer to as “the Operating Partnership.” Dollar amounts are presented
in thousands, except per share data, revenue per available room (“RevPAR”), average daily rate (“ADR”), annualized
revenue per square foot and where indicated in millions.
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 I, 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.
Business
and Structure
Lightstone
Value Plus REIT I, Inc. (the “Lightstone REIT I”), (together with its operating partnership, Lightstone Value Plus REIT,
L.P. (the “Operating Partnership”), the “Company”, also referred to as “we”, “our” or
“us” herein) has and expects to continue to acquire and operate or develop in the future, commercial and, residential properties
and/or make real estate-related investments, principally in the United States. Our acquisitions and investments are, principally conducted
through the Operating Partnership, and may include both portfolios and individual properties. We evaluate all of our real estate investments
as one operating segment. As of June 30, 2023, we held a 98% general partnership interest in our Operating Partnership’s common
units.
As
of June 30, 2023, we (i) have ownership interests in and consolidate two operating properties, one development property and certain
land holdings and (ii) have ownership interests through two unconsolidated joint ventures in nine multifamily residential properties
and seven commercial hotel properties. Additionally, as of June 30, 2023, we have one other real estate-related investment consisting
of a promissory loan we originated through a joint venture with a related party, to an unaffiliated third-party borrower. We evaluate
all of our real estate investments as one operating segment.
With
respect to our consolidated operating properties, we wholly own a 296-room Marriott Moxy hotel (the “Lower East Side Moxy Hotel”),
located in the Lower East Side neighborhood in the Manhattan borough of New York City, which we developed, constructed and opened on
October 27, 2022 and have a 59.2% majority ownership interest in 50-01 2nd St. Associates LLC (the “2nd Street Joint Venture”),
a joint venture between us and a related party, which developed, constructed and owns a 199-unit luxury, multifamily residential property
(“Gantry Park Landing”), located in the Long Island City neighborhood in the Queens borough of New York City.
With
respect to our consolidated development property, we wholly own land parcels located at 355 & 399 Exterior Street in the Mott Haven
neighborhood in the Bronx borough of New York City, on which we plan, subject to economic and local market conditions and regulations,
to construct a proposed mixed-use multifamily residential and commercial retail project (the “Exterior Street Project”).
We
also wholly own and consolidate certain adjacent land parcels (the “St. Augustine Land Holdings) located in St. Augustine, Florida.
Additionally,
we hold a 19.0% joint venture ownership interest in Columbus Portfolio Member LLC (the “Columbus Joint Venture”), which owns
nine multifamily residential properties, which we account for using the equity method of accounting and we hold a 2.5% joint venture
ownership interest in LVP Holdco JV LLC (the “Hotel Joint Venture”) which owns seven hotel properties, which we account for
using a measurement alternative under which the Hotel Joint Venture is measured at cost, adjusted for observable price changes and impairments,
if any. The Hotel Joint Venture subsequently sold two of its hotel properties during July 2023. Both the Columbus Joint Venture
and the Hotel Joint Venture are between us and related parties.
We
do not have employees. We entered into an advisory agreement pursuant to which Lightstone Value Plus REIT, LLC (the “Advisor”)
supervises and manages our day-to-day operations and selects our real estate and real estate related investments, subject to oversight
by our board of directors (the “Board of Directors”). We pay the Advisor fees for services related to the investment and
management of our assets, and we will reimburse the Advisor for certain expenses incurred on our behalf.
To
maintain our qualification as a REIT, we engage in certain activities through taxable REIT subsidiaries (“TRSs”). As such,
we are subject to U.S. federal and state income and franchise taxes from these activities.
Investment
Strategy and Policies
We
have and expect to continue to generally make our real estate investments in fee title or a long-term leasehold estate through the Operating
Partnership or indirectly through special purpose limited liability companies or through investments in joint ventures, partnerships,
co-tenancies, or other co-ownership arrangements with the developers of the properties or other persons.
We
have not and do not intend to make significant investments in single family residential properties; leisure home sites; farms; ranches;
timberlands; unimproved properties not intended to be developed; or mining properties.
Not
more than 10% of our total assets may be invested in unimproved real property. For purposes of this paragraph, “unimproved real
properties” does not include properties acquired for the purpose of producing rental or other operating income, properties under
construction and properties for which development or construction is planned within one year. Additionally, we do not invest in contracts
for the sale of real estate unless in recordable form and appropriately recorded.
Although
we are not limited as to the geographic area where we may conduct our operations, we have invested and may continue to invest in properties
located near the existing operations of our Sponsor, in order to achieve economies of scale where possible.
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 of 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.
Wholly
Owned and Consolidated Real Estate Properties:
As
of June 30, 2023, we (i) have ownership interests in and consolidate two operating properties, one development property and certain
land holdings and (ii) have ownership interests through two unconsolidated joint ventures in nine multifamily residential properties
and seven commercial hotel properties.
Consolidated
Properties
Lower
East Side Moxy Hotel
We
wholly own a 296-room Marriott Moxy hotel (the “Lower East Side Moxy Hotel”), located in the Lower East Side neighborhood
in the Manhattan borough of New York City, which we developed, constructed and opened on October 27, 2022. The following table contains
certain information for the Lower East Side Moxy Hotel for the dates indicated.
|
|
|
|
|
|
|
Year to Date |
|
|
Percentage
Occupied for the
Six Months Ended |
|
|
RevPAR
for the Six Months Ended |
|
|
ADR for
the Six Months Ended |
|
|
|
Location |
|
|
Year
Built |
|
|
Available
Rooms |
|
|
June 30,
2023 |
|
|
June 30,
2023 |
|
|
June 30,
2023 |
|
Lower
East Side Moxy Hotel |
|
Bowery, New York |
|
|
2022 |
|
|
|
54,843 |
|
|
|
71 |
% |
|
$ |
176.86 |
|
|
$ |
249.39 |
|
Gantry
Park Landing
We
have a 59.2% majority ownership interest in a joint venture, between us and a related party, which developed, constructed and owns a
199-unit, luxury multifamily property (“Gantry Park Landing”), located in the Long Island City neighborhood in the Queens
borough of New York City. The following table contains certain information for Gantry Park Landing for the dates indicated.
| |
Location | |
|
Year Built | | |
Leasable Units | | |
Percentage Occupied as of June 30,
2023 | | |
Annualized Revenues based on
rents at June 30, 2023 | |
|
Annualized Revenues per unit
at June 30, 2023 | |
Gantry Park Landing | |
Queens, New York | |
| 2013 | | |
| 199 | | |
|
98 | % | |
$ |
9.4 million | |
|
$ | 47,957 | |
Annualized
revenue is defined as the minimum monthly payments due as of June 30, 2023 annualized.
Exterior
Street Project
In
February 2019, we acquired two adjacent parcels of land located at 355 and 399 Exterior Street, located in the Mott Haven neighborhood
in the Bronx borough of New York City, and subsequently acquired an additional adjacent wedge parcel in September 2021. On these
three land parcels we plan, subject to economic and local market conditions and regulations, to construct a proposed mixed-use multifamily
residential and commercial retail project (“Exterior Street Project”). Through June 30, 2023, we have incurred and capitalized
$95.7 million of costs related to the development of the Exterior Street Project.
St.
Augustine Land Holdings
Effective
July 15, 2022, we ceased operations of our wholly owned St. Augustine Outlet Center, a retail property located in St. Augustine,
Florida, and shortly thereafter, commenced demolition of the property’s building and improvements in order to prepare the various
land parcels for potential sale and/or lease. The demolition of the property’s buildings and improvements was substantially completed
during the third quarter of 2022. As a result, we own various adjacent land parcels (the “St. Augustine Land Holdings”) which
are included in land and improvements on the consolidated balance sheets. During the first quarter of 2023, we completed the disposition
of a parcel of land, which was part of the St. Augustine Land Holdings, to an unrelated third party for a contractual sales price of
$1.5 million and recognized a gain on disposition of real estate of $1.1 million during the six months ended June 30, 2023. The
aggregate carrying value of the St. Augustine Land Holdings was $4.6 million and $4.9 million as of June 30, 2023 and December 31,
2022, respectively.
Unconsolidated
Properties
Columbus
Joint Venture
We
hold a 19.0% joint venture ownership interest in the Columbus Joint Venture, which owns nine multifamily residential properties, which
we account for using the equity method of accounting. The Columbus Joint Venture is between us and related parties. The following table
contains certain information for these properties for the dates indicated.
| |
| |
| | |
| | |
Percentage Occupied as of | | |
Annualized Revenues based on rents at |
| |
Annualized Revenue per unit at | |
| |
Location | |
|
Year Built | | |
Leasable Units | | |
June 30, 2023 | | |
June 30, 2023 |
| |
June 30, 2023 | |
9 multifamily residential properties within
the Columbus Joint Venture | |
Columbus, Ohio | |
| 2004 | | |
| 2,564 | | |
| 90 | % | |
$ |
41.1 Million |
| |
$ | 17,883 | |
Hotel
Joint Venture
We
hold a 2.5% joint venture ownership interest in the Hotel Joint Venture, a joint venture between us and a related party, which owns seven
hotel properties, which we account for using a measurement alternative under which the Hotel Joint Venture is measured at cost, adjusted
for observable price changes and impairments, if any. The Hotel Joint Venture subsequently sold two of its hotel properties during July 2023.
The
following information generally applies to our investments in our real estate properties:
|
● |
we believe our real estate
properties are adequately covered by insurance and suitable for their intended purpose; |
|
● |
our real estate properties
are located in markets where we are subject to competition in attracting and retaining tenants; and |
|
● |
depreciation is provided
on a straight-line basis over the estimated useful life of the applicable improvements. |
Results
of Operations
Significant
Transactions and Events during 2023 and 2022
Columbus
Joint Venture - Acquisition of Columbus Properties
On
November 29, 2022, we along with CRE Columbus Member (“Converge”), a majority owned subsidiary of Converge Holdings
LLC, a reinsurance business owned by the Sponsor, and LEL Columbus Member LLC (the “BVI Member”), a wholly owned subsidiary
of Lightstone Enterprises Limited (“BVI”), a real estate investment company owned by the Sponsor, entered into a joint venture
agreement to form the Columbus Joint Venture for the purpose of acquiring nine multifamily properties (the “Columbus Properties”)
located in the area of Columbus, Ohio for a contractual purchase price of $465.0 million. We have an ownership interest of 19% in the
Columbus Joint Venture. Converge and the BVI Member, which are both related parties, have ownership interests of 19% and 62%, respectively.
Additionally, the Manager of the Columbus Joint Venture is LEL Bronx Manager LLC, an entity wholly owned by BVI.
On
November 29, 2022, the Columbus Joint Venture completed the purchase of the Columbus Properties. The acquisition was funded with
$74.3 million of cash and $390.7 million of aggregate
proceeds from preferred investments from unrelated third-parties and loans from two financial institutions. In connection with the acquisition
and financings, the total cash paid, including closing, financing and other transaction costs and pro-rations, was $92.3 million and
we paid $17.5 million representing our 19.0% pro rata share. In connection with the acquisition, we also paid the Advisor a separate
acquisition fee of $2.4 million, equal to 2.75% of our pro-rata share of the contractual purchase price which is reflected in the carrying
value of our investment in unconsolidated affiliated real estate entity on the consolidated balance sheets. Commencing on the date of
acquisition, we have accounted for our ownership interest in the Columbus Joint Venture in accordance with the equity method of accounting.
Opening
of Lower East Side Moxy Hotel
On
October 27, 2022, we substantially completed the development of our wholly owned Lower East Side Moxy Hotel located in the Lower
East Side neighborhood in the Manhattan borough of New York City and it opened for business. Additionally, all four of the food and beverage
venues within the Lower East Side Moxy Hotel opened during the fourth quarter of 2022.
Closure
and Demolition of the St. Augustine Outlet Center
We
wholly owned the St. Augustine Outlet Center, a retail center located in St. Augustine, Florida, which was originally built in 1998 and
subsequently acquired by us in 2006 and renovated and further expanded in 2008 to 0.3 million of gross leasable area. During the COVID-19
pandemic, the occupancy of our St. Augustine Outlet Center significantly declined and because of limited leasing success, we began exploring
various strategic alternatives for the property. As a result, during the third quarter of 2021, we determined that we would no longer
continue to pursue leasing of space to tenants and therefore, began to enter into lease termination agreements with certain tenants and
also provided notice to our other tenants that we would not renew their leases at the scheduled expiration of their lease. Due to this
change in leasing strategy and resulting decrease in the fair value of the St. Augustine Outlet Center, we recorded a non-cash loss on
impairment of real estate of $11.3 million during the third quarter of 2021.
Because
of the aforementioned lease terminations and scheduled expirations, substantially all of the tenants vacated the property during the
first quarter of 2022 and on June 29, 2022, we entered into a lease termination agreement with the property’s final tenant
providing for them to receive an aggregate of $0.8 million provided they vacated the property no later than July 15, 2022. The final
tenant vacated the property in July 2022 and we ceased operations of the St. Augustine Outlet Center effective July 15, 2022
and shortly thereafter, commenced demolition of the property’s building and improvements in order to prepare the various land parcels
for potential sale and/or lease. The demolition of the property’s buildings and improvements was substantially completed during
the third quarter of 2022 and we recognized a loss on demolition of $16.6 million consisting of the write-off of the carrying value of
the property’s building and improvements plus related costs.
In
connection with the terms of certain of the lease termination agreements, we agreed to make various payments to certain tenants provided
they closed their store and vacated the property. We expense lease termination fees in the period the lease termination agreement is
executed and such expenses are included in property operating expenses on the consolidated statements of operations.
Results
of Operations
For
the Three Months Ended June 30, 2023 vs. June 30, 2022
Consolidated
Rental
revenues
Our
rental revenues are comprised of rental income and tenant recovery income. Total rental revenues increased slightly by $0.1 million to
$2.5 million for the three months ended June 30, 2023 compared to $2.4 million for the same period in 2022.
Hotel
revenues
Hotel
revenues were $12.9 million for the three months ended June 30, 2023 for the Lower East Side Moxy Hotel, which opened on October 27,
2022. Hotel revenues consisted of $6.7 million of room revenue and $6.2 million of food, beverage and other revenue.
Property
operating expenses
Property
operating expenses decreased by $0.6 million to $0.8 million for the three months ended June 30, 2023 compared to $1.4 million for
the same period in 2022. The decrease reflects lower property operating costs of $0.3 million resulting from the closure of the St. Augustine
Outlet Center, which ceased operations effective July 15, 2022.
Hotel
operating expenses
Hotel
operating expenses were $9.1 million for the three months ended June 30, 2023 for the Lower East Side Moxy Hotel, which opened on
October 27, 2022. Hotel operating expenses consisted of $3.9 million of room expense and $5.2 million of food and beverage costs.
Real
estate taxes
Real
estate taxes were $0.1 million for both of the three months ended June 30, 2023 and 2022.
General
and administrative costs
General
and administrative costs increased by $0.4 million to $1.0 million for the three months ended June 30, 2023 compared to $0.6 million
for the same period in 2022. The increase is primarily attributable to an increase in asset management fees resulting from our acquisition
and investment activities.
Depreciation
and amortization
Depreciation
and amortization increased by $1.1 million to $1.7 million for the three months ended June 30, 2023 compared to $0.6 million for
the same period in 2022. The increase is attributable to higher depreciation of $1.3 million for the Lower East Side Moxy Hotel, which
opened on October 27, 2022, partially offset by lower depreciation and amortization of $0.3 million for the St. Augustine Outlet
Center, which ceased operations effective July 15, 2022.
Interest
and dividend income
Interest
and dividend income decreased by $0.3 million to $1.8 million for the three months ended June 30, 2023 compared to $2.1 million
for the same period in 2022. The decrease primarily reflects lower interest income earned on our preferred investments of $0.3 million
and lower interest and dividend income earned on our available cash and investments in marketable securities of $0.2 million partially
offset by higher interest income earned on our notes receivable of $0.1 million.
Interest
expense
Interest
expense, including amortization of deferred financing costs, increased by $6.5 million to $6.9 million for the three months ended June 30,
2023 compared to $0.4 million for the same period in 2022. Interest expense is primarily attributable to financings associated with our
investments and reflects both changes in market interest rates on our variable rate indebtedness and the weighted average principal outstanding
during the periods. Additionally, the significant increase in interest expense is directly attributable to the cessation of the capitalization
of all interest expense associated with the Moxy Construction Loans in connection with the substantial completion of the development
and construction of the Lower East Side Moxy Hotel on October 27, 2022. During the during the three months ended June 30, 2022,
$3.8 million of interest attributable to the Moxy Construction Loans was capitalized to construction in progress on the consolidated
balance sheet because the Lower East Side Moxy Hotel was under construction.
Unrealized
gain/(loss) on marketable equity securities
During
the three months ended June 30, 2023 and 2022, we recorded an unrealized gain on marketable equity securities of $1.1 million and
an unrealized loss of $9.8 million, respectively. These unrealized gains and losses represented the change in the fair value of our marketable
equity securities during those periods.
(Loss)/gain
on sale of marketable securities
During
the three months ended June 30, 2022, we recorded a loss on the sale of marketable securities of $0.2 million. This loss represented
the difference between the sales price and carrying value of our marketable securities sold during those periods.
Mark
to market adjustments on derivative financial instruments
During
the three months ended June 30, 2023 and 2022, we recorded a positive mark to market adjustments of $38 and $0.4 million, respectively.
These mark to market adjustments represented the change in the fair value of our interest rate cap contracts during the period.
Loss
from investment in unconsolidated affiliated real estate entity
Our
loss from investment in unconsolidated affiliated real estate entity was $1.1 million during the three months ended June 30, 2023.
Our loss from investment in unconsolidated affiliated real estate entity is attributable to our unconsolidated 19.0% membership interest
in the Columbus Joint Venture. We commenced recording our allocated portion of earnings beginning as of November 29, 2022 with respect
to our membership interest of 19.0% in the Columbus Joint Venture.
Noncontrolling
interests
The
net earnings allocated to noncontrolling interests relates to (i) parties that hold units in the Operating Partnership, (ii) the interest
in PRO-DFJV Holdings LLC (“PRO”) held by our Sponsor, (iii) the ownership interests in 50-01 2nd St. Associates LLC (the
“2nd Street Joint Venture”) held by our Sponsor and other affiliates and (iv) the ownership interest in various joint ventures
held by affiliates of our Sponsor that have originated nonrecourse loans to unaffiliated third-party borrowers.
For
the Six Months Ended June 30, 2023 vs. June 30, 2022
Consolidated
Rental
revenues
Our
rental revenues are comprised of rental income and tenant recovery income. Total rental revenues increased by $0.2 million to $5.0 million
for the six months ended June 30, 2023 compared to $4.8 million for the same period in 2022.
Hotel
revenues
Hotel
revenues were $20.5 million for the six months ended June 30, 2023 for the Lower East Side Moxy Hotel, which opened on October 27,
2022. Hotel revenues consisted of $9.7 million of room revenue and $10.8 million of food, beverage and other revenue.
Property
operating expenses
Property
operating expenses decreased by $0.9 million to $1.5 million for the six months ended June 30, 2023 compared to $2.4 million for
the same period in 2022. The decrease reflects lower property operating costs of $1.2 million resulting from the closure of the St. Augustine
Outlet Center, which ceased operations effective July 15, 2022.
Hotel
operating expenses
Hotel
operating expenses were $16.7 million for the six months ended June 30, 2023 for the Lower East Side Moxy Hotel, which opened on
October 27, 2022. Hotel operating expenses consisted of $6.7 million of room expense and $10.0 million of food and beverage costs.
Real
estate taxes
Real
estate taxes increased slightly by $0.1 million to $0.2 million for the six months ended June 30, 2023 compared to $0.1 million
for the same period in 2022.
General
and administrative costs
General
and administrative costs increased by $0.8 million to $2.0 million for the six months ended June 30, 2023 compared to $1.2 million
for the same period in 2022. The increase is primarily attributable to an increase in asset management fees resulting from our acquisition
and investment activities.
Pre-opening
costs
We
incurred pre-opening costs of $16 and $0.3 million related to the Lower East Side Moxy Hotel, including its food and beverage venues,
during the six months ended June 30, 2023 and 2022, respectively. Pre-opening costs generally consist of non-recurring personnel,
marketing and other costs.
Depreciation
and amortization
Depreciation
and amortization increased by $1.9 million to $3.4 million for the six months ended June 30, 2023 compared to $1.5 million for the
same period in 2022. The increase is attributable to higher depreciation of $2.5 million for the Lower East Side Moxy Hotel, which opened
on October 27, 2022, partially offset by lower depreciation and amortization of $0.7 million for the St. Augustine Outlet Center,
which ceased operations effective July 15, 2022.
Interest
and dividend income
Interest
and dividend income decreased by $0.3 million to $4.1 million for the six months ended June 30, 2023 compared to $4.4 million for
the same period in 2022. The decrease primarily reflects lower interest income earned on our preferred investments of $0.6 million and
lower interest and dividend income earned on our available cash and investments in marketable securities of $0.2 million offset by higher
interest income earned on our notes receivable of $0.5 million
Interest
expense
Interest
expense, including amortization of deferred financing costs, increased by $11.4 million to $12.2 million for the six months ended June 30,
2023 compared to $0.8 million for the same period in 2022. Interest expense is primarily attributable to financings associated with our
investments and reflects both changes in market interest rates on our variable rate indebtedness and the weighted average principal outstanding
during the periods. Additionally, the significant increase in interest expense is directly attributable to the cessation of the capitalization
of all interest expense associated with the Moxy Construction Loans in connection with the substantial completion of the development
and construction of the Lower East Side Moxy Hotel on October 27, 2022. During the six months ended June 30, 2022, $7.0 million
of interest attributable to the Moxy Construction Loans was capitalized to construction in progress on the consolidated balance sheet
because the Lower East Side Moxy Hotel was under construction.
Unrealized
gain/(loss) on marketable equity securities
During
the six months ended June 30, 2023 and 2022, we recorded an unrealized gain on marketable equity securities of $0.5 million and
an unrealized loss of $18.8 million, respectively. These unrealized gains and losses represented the change in the fair value of our
marketable equity securities during those periods.
Gain/(Loss)
on sale of marketable securities
During
the six months ended June 30, 2023, we recorded a loss on the sale of marketable securities of $0.4 million and during the six months
ended June 30, 2022, we recorded a gain on the sale of marketable securities of $1.2 million. These gains and losses represented
the difference between the sales price and carrying value of our marketable securities sold during those periods.
Mark
to market adjustments on derivative financial instruments
During
the six months ended June 30, 2023 and 2022, we recorded a negative mark to market adjustment of $0.4 million and a positive mark
to market adjustment of $1.2 million, respectively. These mark to market adjustments represented the change in the fair value of our
interest rate cap contracts during the period.
Gain
on disposition of real estate
During
the six months ended June 30, 2023, we recognized a gain on the disposition of real estate of $1.1 million related to the sale of
a parcel of land which was part of the St. Augustine Land Holdings.
Loss
from investment in unconsolidated affiliated real estate entity
Our
loss from investment in unconsolidated affiliated real estate entity was $2.4 million during the six months ended June 30, 2023.
Our loss from investment in unconsolidated affiliated real estate entity is attributable to our unconsolidated 19.0% membership interest
in the Columbus Joint Venture. We commenced recording our allocated portion of profit/loss beginning as of November 29, 2022 with
respect to our membership interest of 19.0% in the Columbus Joint Venture.
Noncontrolling
interests
The
net earnings allocated to noncontrolling interests relates to (i) parties that hold units in the Operating Partnership, (ii) the interest
in PRO-DFJV Holdings LLC (“PRO”) held by our Sponsor, (iii) the ownership interests in 50-01 2nd St. Associates LLC (the
“2nd Street Joint Venture”) held by our Sponsor and other affiliates and (iv) the ownership interest in various joint ventures
held by affiliates of our Sponsor that have originated nonrecourse loans to unaffiliated third-party borrowers.
Financial
Condition, Liquidity and Capital Resources
Overview:
As
of June 30, 2023, we had $11.6 million of cash on hand, $5.0 million of restricted cash and $43.4 million of marketable securities.
We also have the ability to make draws from a line of credit up to $20.0 million, subject to certain conditions (see “Notes Payable
– Line of Credit”). We currently believe that these items along with revenues from our operating properties; interest and
dividend income earned on our marketable securities and notes receivable; as well as proceeds received from the potential sales of our
marketable securities and repayment of our notes receivable will be sufficient to satisfy our expected cash requirements for at least
twelve months from the date of filing this report, which primarily consist of our anticipated operating expenses, scheduled debt service
(excluding balloon payments due at maturity), capital expenditures (including certain of our development activities), contributions to
our unconsolidated affiliated real estate entity (Columbus Joint Venture), redemptions and cancellations of shares of our common stock
and distributions to our shareholders, if any, required to maintain our status as a REIT for the foreseeable future. However, we may
also obtain additional funds through selective asset dispositions, joint venture arrangements, new borrowings and refinancing of existing
debt.
Additionally,
we have another development project, the Exterior Street Project, which is currently under development and for which we expect to seek
construction financing and/or a joint venture arrangement to fund a substantial portion of its future development and construction costs.
See “Exterior Street Project” for additional information.
Our
borrowings consist of single-property mortgages as well as mortgages cross-collateralized by a pool of properties. We typically have
obtained level payment financing, meaning that the amount of debt service payable would be substantially the same each year. As such,
most of the mortgages on our properties provide for so-called “balloon” payments.
Additionally,
in order to leverage our investments in marketable securities and seek a higher rate of return, we have access to borrowings under a
margin loan and line of credit collateralized by the securities held with the financial institution that provided the margin loan and
line of credit as well as a portion of our Marco OP Units. These loans are due on demand and any outstanding balance must be paid upon
the liquidation of securities.
Our
charter provides that the aggregate amount of borrowing, both secured and unsecured, may not exceed 300% of net assets in the absence
of a justification showing that a higher level is appropriate, the approval of the Board of Directors and disclosure to stockholders.
Net assets means our total assets, other than intangibles, at cost before deducting depreciation or other non-cash reserves less our
total liabilities, calculated at least quarterly on a basis consistently applied. Any excess in borrowing over such 300% of net assets
level must be approved by a majority of our independent directors and disclosed to our stockholders in our next quarterly report to stockholders,
along with justification for such excess. As of June 30, 2023, our total borrowings of $261.0 million represented 115% of net assets.
Any
future properties that we may acquire or investments we may make may be funded through a combination of borrowings, proceeds generated
from the sale and redemption of our marketable securities, available for sale, proceeds received from the selective disposition of our
properties and proceeds received from the repayment of our note receivable. These borrowings may consist of single-property mortgages
as well as mortgages cross-collateralized by a pool of properties. Such mortgages may be put in place either at the time we acquire a
property or subsequent to our purchasing a property for cash. In addition, we may acquire properties that are subject to existing indebtedness
where we choose to assume the existing mortgages. Generally, though not exclusively, we intend to seek to encumber our properties with
debt, which will be on a non-recourse basis. This means that a lender’s rights on default will generally be limited to foreclosing
on the property. However, we may, at our discretion, secure recourse financing or provide a guarantee to lenders if we believe this may
result in more favorable terms. When we give a guaranty for a property owning entity, we will be responsible to the lender for the satisfaction
of the indebtedness if it is not paid by the property owning entity.
We
may also obtain lines of credit to be used to acquire properties or real estate-related assets. These lines of credit will be at prevailing
market terms and will be repaid from proceeds from the sale or refinancing of properties, working capital or permanent financing. Our
Sponsor or its affiliates may guarantee the lines of credit although they will not be obligated to do so. We expect that such properties
may be purchased by our Sponsor’s affiliates on our behalf, in our name, in order to minimize the imposition of a transfer tax
upon a transfer of such properties to us.
We
have various agreements, including an advisory agreement, with the Advisor to pay certain fees in exchange for services performed by
the Advisor and/or its affiliated entities. Additionally, our ability to secure financing and our real estate operations are dependent
upon our Advisor and its affiliates to perform such services as provided in these agreements.
In
addition to meeting working capital needs and distributions, if any, to our stockholders, our capital resources are used to make certain
payments to our Advisor and its affiliates, including payments related to asset acquisition fees, development fees and leasing commissions,
asset management fees, the reimbursement of acquisition related expenses to our Advisor and property management fees. We also reimburse
our Advisor and its affiliates for actual expenses it incurs for administrative and other services provided to us. Additionally, the
Operating Partnership may be required to make distributions to Lightstone SLP, LLC, an affiliate of the Advisor, provided our shareholders.
The
advisory agreement has a one-year term and is renewable for an unlimited number of successive one-year periods upon the mutual consent
of the Advisor and our independent directors.
The
following table represents the fees incurred associated with the payments to our Advisor and its affiliates:
|
|
For
the Three Months Ended |
|
|
For
the Six Months Ended |
|
|
|
June 30,
2023 |
|
|
June 30,
2022 |
|
|
June 30,
2023 |
|
|
June 30,
2022 |
|
Asset
management fees (general and administrative costs) |
|
$ |
551 |
|
|
$ |
171 |
|
|
$ |
1,107 |
|
|
$ |
325 |
|
Property
management fees (property operating expenses) |
|
|
75 |
|
|
|
74 |
|
|
|
147 |
|
|
|
155 |
|
Development
fees and cost reimbursement(1) |
|
|
235 |
|
|
|
733 |
|
|
|
641 |
|
|
|
1,617 |
|
Total |
|
$ |
861 |
|
|
$ |
978 |
|
|
$ |
1,895 |
|
|
$ |
2,097 |
|
(1) |
Development fees and the
reimbursement of development-related costs that we pay to the Advisor and its affiliates are capitalized and are included in the
carrying value of the associated development project which are classified as development projects on the consolidated balance sheets.
As of December 31, 2022, the Company owed the Advisor and its affiliated entities $0.7 million for development fees, which is
included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets. |
Additionally,
we may be required to make distributions on the special general partner interests (“SLP Units”) in the Operating Partnership
held by Lightstone SLP, LLC, an affiliate of the Advisor provided our stockholders have received a stated preferred return. In connection
with our initial public offering, Lightstone SLP, LLC purchased an aggregate of $30.0 million of SLP Units. These SLP Units, the purchase
price of which will be repaid only after stockholders receive a stated preferred return and their net investment, entitle Lightstone
SLP, LLC to a portion of any regular distributions made by the Operating Partnership. However, any future distributions on the SLP Units
will always be subordinated until stockholders receive a stated preferred return.
During
both the three and six months ended June 30, 2023 and 2022, distributions of $0.5 million and $1.0 million were declared and paid
on the SLP units.
Summary
of Cash Flows
The
following summary discussion of our cash flows is based on the consolidated statements of cash flows and is not meant to be an all-inclusive
discussion of the changes in our cash flows for the periods presented below:
|
|
For the
Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
Cash
flows (used in)/provided by operating activities |
|
$ |
(5,537 |
) |
|
$ |
8,101 |
|
Cash
flows provided by/(used in) investing activities |
|
|
15,744 |
|
|
|
(52,934 |
) |
Cash
flows (used in)/provided by financing activities |
|
|
(16,280 |
) |
|
|
22,049 |
|
Change
in cash, cash equivalents and restricted cash |
|
|
(6,073 |
) |
|
|
(22,784 |
) |
|
|
|
|
|
|
|
|
|
Cash,
cash equivalents and restricted cash, beginning of year |
|
|
22,583 |
|
|
|
42,592 |
|
Cash,
cash equivalents and restricted cash, end of the period |
|
$ |
16,510 |
|
|
$ |
19,808 |
|
Operating
activities
The
cash used in operating activities of $5.5 million for the six months ended June 30, 2023 consists of the following:
|
● |
cash outflows of $2.0 million
from our net loss after adjustment for non-cash items; and |
|
● |
cash outflows of $3.5 million
associated with the net changes in operating assets and liabilities. |
Investing
activities
The
cash provided by investing activities of $15.7 million for the six months ended June 30, 2023 consists primarily of the following:
|
● |
purchases for development
and investment property of $8.6 million; |
|
● |
aggregate proceeds from
the full redemption of our preferred investment in related parties of $6.0 million; |
|
● |
proceeds from the sale
of a parcel of land of $1.4 million; |
|
● |
net proceeds from sales
of marketable securities of $2.8 million; and |
|
● |
proceeds from the repayment
of notes receivable of $14.0 million. |
Financing
activities
The
cash used in financing activities of $16.3 million for the six months ended June 30, 2023 is primarily related to the following:
|
● |
debt principal payments
of $12.0 million; |
|
● |
net proceeds from mortgage
financing of $7.8 million; |
|
● |
redemptions and cancellation
of common shares of $1.5 million; |
|
● |
distributions to our noncontrolling
interests of $3.2 million; and |
|
● |
distributions to our common
shareholders of $7.5 million. |
Lower
East Side Moxy Hotel
In
December 2018, we, through a subsidiary of the Operating Partnership, acquired three adjacent parcels of land located at 147-151
Bowery, in the Lower East Side neighborhood of the borough of Manhattan in New York City, from unaffiliated third parties for aggregate
consideration of $56.5 million, excluding closing and other acquisition related costs. Additionally, in December 2018, we, though
a subsidiary of the Operating Partnership, acquired certain air rights located at 329 Broome Street, also in the Lower East Side neighborhood,
from an unaffiliated third party for $2.4 million, excluding closing and other acquisition related costs. The land and air rights were
acquired for the development and construction of the Lower East Side Moxy Hotel. On June 3, 2021,we entered into a development agreement
(the “Development Agreement”) with an affiliate of the Advisor (the “Moxy Lower East Side Developer”) pursuant
to which the Lower East Side Moxy Developer is being paid a development fee equal to 3% of hard and soft costs incurred in connection
with the development and construction of the Lower East Side Moxy Hotel. The Advisor and its affiliates are also reimbursed for certain
development-related costs attributable to the Lower East Side Moxy Hotel. Additionally on June 3, 2021, we obtained construction
financing for the Lower East Side Moxy Hotel. The Lower East Side Moxy Hotel opened on October 27, 2022 and all four of its food
and beverage venues opened during the fourth quarter of 2022.
Moxy
Construction Loans
On
June 3, 2021, we, through a wholly owned subsidiary, closed on a recourse construction loan facility (the “Moxy Senior Loan”)
providing for up to $90.0 million of funds for the development, construction and certain pre-opening costs associated with the Lower
East Side Moxy Hotel. At closing, $35.6 million of proceeds were initially advanced under the Moxy Senior Loan, which were used to repay
in full a then outstanding mortgage loan. The Moxy Senior Loan bears interest at LIBOR plus 7.50%, subject to an 7.75% floor, and initially
matures on June 3, 2024, with two one-year extension options, subject to the satisfaction of certain conditions. Additionally, the
Moxy Senior Loan provides for a replacement benchmark rate for periods after June 30, 2023 in connection with the phase-out of LIBOR.
The Moxy Senior Loan is collateralized by the Lower East Side Moxy Hotel. As of June 30, 2023, the outstanding principal balance
of the Moxy Senior Loan was $90.0 million, the interest rate was 12.72%. Additionally, we were required by the lender to deposit the
$4.7 million of key money received from Marriott during the fourth quarter of 2022 into an escrow account (included in restricted cash
on the consolidated balance sheet as of December 31, 2022), all of which was subsequently used to fund remaining construction costs
for the project during the first quarter of 2023.
Simultaneously
on June 3, 2021, we, through the same wholly owned subsidiary, also entered into a mezzanine construction loan facility (the “Moxy
Junior Loan” and together with the Moxy Senior Loan, the “Moxy Construction Loans”) providing for up to $40.0 million
of additional funds for the development, construction and certain pre-opening costs associated with the Lower East Side Moxy Hotel. The
Moxy Junior Loan bears interest at LIBOR plus 13.50%, subject to a 14.00% floor (18.72% as of June 30, 2023), and initially matures
on June 3, 2024, with two one-year extension options, subject to the satisfaction of certain conditions. Additionally, the Moxy
Junior Loan provides for a replacement benchmark rate for periods after June 30, 2023 in connection with the phase-out of LIBOR.
The Moxy Junior Loan is subordinate to the Moxy Senior Loan but also collateralized by the Lower East Side Moxy Hotel. We provided a
principal guarantee of up to $7.0 million with respect to the Moxy Junior Loan. As of June 30, 2023, the outstanding aggregate principal
balance of the Moxy Junior Loan was $40.0 million.
In
connection with the Moxy Construction Loans, we provided certain completion and carry cost guarantees. Additionally, the Moxy Construction
Loans provide for the lenders to trap excess cash flow, if any, generated from the operations of the Lower East Side Moxy Hotel until
it achieves certain prescribed financial ratios for two consecutive quarters. To-date, the Lower East Side Moxy Hotel, which opened in
October 2022 and therefore, is still in its ramp-up period, has not achieved any of the prescribed financial ratios.
We
also entered into two interest rate cap agreements with notional amounts of $90.0 million and $40.0 million pursuant to which LIBOR through
June 30, 2023 and its replacement rate thereafter is capped at 3.00% through June 3, 2024. Furthermore, in connection with
the Moxy Construction Loans, we paid $5.3 million of loan fees and expenses and accrued $1.1 million of loan exit fees which are due
at the initial maturity date and are included in accounts payable, accrued expenses and other liabilities on the consolidated balance
sheets as of both June 30, 2023 and December 31, 2022.
Preferred
Investments
We
previously entered into agreements with various related party entities that provided for us to make preferred contributions pursuant
to certain instruments (the “Preferred Investments”) that entitled us to certain prescribed monthly preferred distributions.
During the six months ended June 30, 2023, we redeemed the remaining $6.0 million of our only remaining Preferred Investment, which
was the 40 East End Avenue Preferred Investment.
The
Preferred Investments are summarized as follows:
|
|
|
|
|
Preferred
Investment Balance |
|
|
Investment
Income(1) |
|
|
|
Dividend |
|
|
As
of June 30, |
|
|
As
of December 31, |
|
|
Three
Months Ended June 30, |
|
|
Six
Months Ended June 30, |
|
Preferred
Investments |
|
Rate |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
40
East End Avenue |
|
12% |
|
|
$ |
- |
|
|
$ |
6,000 |
|
|
$ |
75 |
|
|
$ |
182 |
|
|
$ |
254 |
|
|
$ |
362 |
|
East
11th Street |
|
12% |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
230 |
|
|
|
|
|
|
|
485 |
|
Total |
|
|
|
|
$ |
- |
|
|
$ |
6,000 |
|
|
$ |
75 |
|
|
$ |
412 |
|
|
$ |
254 |
|
|
$ |
847 |
|
Note:
|
(1) |
Included in interest and
dividend income on the consolidated statements of operations. |
Notes
Receivable
We
formed certain joint ventures (collectively, the “NR Joint Ventures”) between wholly owned subsidiaries of the Operating
Partnership (collectively, the “NR Subsidiaries”) and affiliates of the Sponsor (the “NR Affiliates”) which have
originated nonrecourse loans (collectively, the “Joint Venture Promissory Notes”) to unaffiliated third-party borrowers (collectively,
the “Joint Venture Borrowers”).
We
determined that the NR Joint Ventures are VIEs and the NR Subsidiaries are the primary beneficiaries. Since the NR Subsidiaries are the
primary beneficiaries, beginning on the applicable date of formation, we consolidated the operating results and financial condition of
the NR Joint Ventures and accounted for the respective ownership interests of the NR Affiliates as noncontrolling interests.
The
Joint Venture Promissory Notes generally provide for monthly interest at a prescribed variable rate, subject to a floor. In connection
with the initial funding of the Joint Venture Promissory Notes, the NR Joint Ventures receive origination fees (ranging from 1.00% to
1.50%) based on the principal commitment under the loan and retain a portion of the loan proceeds to establish a reserve for interest
and other items (the “Loan Reserves”). The Joint Venture Promissory Notes are recorded in notes receivable, net on the consolidated
balance sheets.
The
Joint Venture Promissory Notes generally have an initial term of one or two years and may provide for additional one-year extension options
subject to satisfaction of certain conditions, including the funding of additional Loan Reserves and payment of extension fees. The Joint
Venture Promissory Notes are collateralized by either the membership interests of the Joint Venture Borrowers in the borrowing entity
or the underlying real property being developed by the Joint Venture Borrower.
The
Joint Venture Promissory Notes are recorded in notes receivable, net on the consolidated balance sheets. The origination fees received
are presented in the consolidated balance sheets as a direct deduction from the carrying value of the Joint Venture Promissory Notes
and are amortized into interest income, using a straight-line method that approximates the effective interest method, over the initial
term of the Joint Venture Promissory Notes. The Loan Reserves are presented in the consolidated balance sheets as a direct deduction
from the carrying value of the Joint Venture Promissory Notes and are applied against the monthly interest due over the initial term.
LSC
1543 7th LLC, the NR Joint Venture that originated the Joint Venture Promissory Note (the “LSC 1543 7th LLC Note Receivable”)
with an outstanding principal balance of $35.0 million as of June 30, 2023, is currently in discussions with the Joint Venture Borrower
with respect to the terms for an extension of the LSC 1543 7th LLC Note Receivable, which is expected to be completed on or before its
initial scheduled maturity date of August 31, 2023.
The
Note Receivable is summarized as follows:
Joint
Venture/Lender |
|
Company’s
Ownership Percentage |
|
|
Loan
Commitment
Amount |
|
|
Origination
Fee |
|
|
Origination
Date |
|
Maturity
Date |
|
Contractual
Interest
Rate |
|
Outstanding
Principal |
|
|
Reserves |
|
|
Unamortized
Origination Fee |
|
|
Carrying
Value |
|
|
Unfunded
Commitment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of June 30, 2023 |
|
LSC
1543 7th LLC |
|
50% |
|
|
$ |
49,000 |
|
|
1.00% |
|
|
March
2, 2022 |
|
August 31,
2023 |
|
SOFR
plus 7.00%
(Floor of 7.15%) |
|
$ |
35,000 |
|
|
$ |
- |
|
|
$ |
(82 |
) |
|
$ |
34,918 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of December 31, 2022 |
|
LSC
1543 7th LLC |
|
50% |
|
|
$ |
49,000 |
|
|
1.00% |
|
|
March 2,
2022 |
|
August 31,
2023 |
|
SOFR
plus 7.00%
(Floor of 7.15%) |
|
$ |
49,000 |
|
|
$ |
(614 |
) |
|
$ |
(327 |
) |
|
$ |
48,059 |
|
|
$ |
- |
|
The
following summarizes the interest earned (included in interest and dividend income on the consolidated statements of operations) for
each of the Joint Venture Promissory Notes during the periods indicated:
|
|
For
the Three Months Ended June 30, |
|
|
For
the Six Months Ended June 30, |
|
Joint
Venture/Lender |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
LSC
1543 7th LLC |
|
$ |
1,201 |
|
|
|
1,038 |
|
|
$ |
2,699 |
|
|
$ |
1,727 |
|
LSC
11640 Mayfield LLC |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
455 |
|
Total |
|
$ |
1,201 |
|
|
$ |
1,038 |
|
|
$ |
2,699 |
|
|
$ |
2,182 |
|
LSC
1543 7th LLC Loan
On
June 30, 2022, LSC 1543 7th LLC obtained a loan of up to $33.1 million (the “LSC 1543 7th LLC Loan”) which bears interest
at SOFR + 3.50% (8.64% as of June 30, 2023). The LSC 1543 7th LLC Loan is initially scheduled to mature on December 30, 2023,
but may be further extended through December 30, 2024 and September 20, 2025, through the exercise of two extension options.
The LSC 1543 7th LLC Loan requires monthly interest-only payments with the outstanding principal balance due at its maturity date and
is collateralized by the LSC 1543 7th LLC Note Receivable. During the first quarter of 2023, LSC 1543 7th LLC received a payment of $14.0
million on the LSC 1543 7th LLC Note Receivable and used a portion of the proceeds to repay $11.3 million of the LSC 1543 7th LLC Loan,
which reduced the outstanding balance to $21.5 million.
Exterior
Street Project
In
February 2019, we, through subsidiaries of the Operating Partnership, acquired two adjacent parcels of land located at 355 and 399
Exterior Street in the Mott Haven neighborhood in the Bronx borough of New York City from unaffiliated third parties for an aggregate
purchase price of $59.0 million, excluding closing and other acquisition related costs. In September 2021, we subsequently acquired
an additional adjacent parcel of land at cost from an affiliate of the Advisor for $1.0 million in order to achieve certain zoning compliance.
On these three land parcels we plan, subject to economic and local market conditions and regulations, to construct a proposed mixed-use
multifamily residential and commercial retail property (the “Exterior Street Project”). In light of certain economic and
local market conditions and regulations, we decided in the 2nd quarter of 2023 to pause active development and ceased capitalizing
interest and real estate taxes. Through June 30, 2023, we have incurred and capitalized $95.7 million of costs related to the development
of the Exterior Street Project.
On
March 29, 2019, we obtained a $35.0 million loan (the “Exterior Street Loan”) from a financial institution which, commencing
on October 10, 2020, bore interest at LIBOR plus 2.25% through November 24, 2022. On December 21, 2021, the loan agreement
was amended to provide an additional $7.0 million loan (the “Exterior Street Supplemental Loan” and collectively with the
Exterior Street Loan, the “Exterior Street Loans”) which bore interest at LIBOR plus 2.50% through November 24, 2002.
The Exterior Street Loans require monthly interest-only payments with the outstanding principal balances due in full at their maturity
date. The Exterior Street Loans are collateralized by the Exterior Street Project. On November 22, 2022, we and the financial institution
entered into an additional amendment to the Exterior Street Loans pursuant to which the interest rate on the Exterior Street Loans were
adjusted to SOFR plus 2.60% (7.74% as of June 30, 2023) and their maturity dates were extended to November 24, 2023. As of
June 30, 2023, the outstanding aggregate principal balance of the Exterior Street Loans was $42.0 million.
The
Exterior Street Loan requires monthly interest-only payments with the outstanding balance due in full at its maturity date. The Exterior
Street Loan is collateralized by the Exterior Street Project.
Our
Exterior Street Project is currently under development and we expect to seek construction financing and/or a joint venture arrangement
to fund a substantial portion of its future development and construction costs. Current economic conditions as well as other uncertainties
may (i) affect our ability to obtain construction financing, and/or (ii) cause delays or increase costs associated with building materials
or construction services necessary for construction, which could adversely impact our ability to either ultimately commence and/or complete
construction as planned, on budget or at all for the Exterior Street Project.
Contractual
Obligations
The
following is a summary of our contractual obligations outstanding over the next five years and thereafter as of June 30, 2023.
Contractual
Obligations |
|
2023 |
|
|
2024 |
|
|
2025 |
|
|
2026 |
|
|
2027 |
|
|
Thereafter |
|
|
Total |
|
Mortgage
Payable |
|
$ |
64,260 |
|
|
$ |
196,697 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
260,957 |
|
Interest
Payments1 |
|
|
13,580 |
|
|
|
12,699 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
26,279 |
|
Total
Contractual Obligations |
|
$ |
77,840 |
|
|
$ |
209,396 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
287,236 |
|
1) |
These
amounts represent future interest payments related to mortgage 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 or SOFR rate,
as applicable. For purposes of calculating future interest amounts on variable interest rate debt the one-month LIBOR rate or SOFR
rate, as applicable as of June 30, 2023 was used. |
As
of June 30, 2023, we were in compliance with respect to all of our financial debt covenants, except for those for the Moxy Construction
Loans, as discussed above.
Notes
Payable
Margin
Loan
We
have access to a margin loan (the “Margin Loan”) from a financial institution that holds custody of certain of our marketable
securities. The Margin Loan, which is due on demand, bears interest at LIBOR plus 0.85% (6.07% as
of June 30, 2023) and is collateralized by the marketable securities in our account. The amounts available to us under the Margin
Loan are at the discretion of the financial institution and not limited to the amount of collateral in our account. There were no amounts
outstanding under the Margin Loan as of June 30, 2023 and December 31, 2022.
Line
of Credit
We
have a non-revolving credit facility (the “Line of Credit”) with a financial institution that provides for borrowings up
to a maximum of $20.0 million, subject to a 55% loan-to-value ratio based on the fair value of the underlying collateral, which matures
on November 30, 2024 and bears interest at LIBOR plus 1.35% (6.57% as of June 30, 2023). Additionally, the Line of Credit provides
for a replacement benchmark rate in connection with the phase-out of LIBOR, which is expected to be for periods after June 30, 2023.
The Line of Credit is collateralized by an aggregate of 209,243 of Marco OP Units and Marco II OP Units and was guaranteed by PRO. As
of June 30, 2023, the amount of borrowings available to be drawn under the Line of Credit was $13.3 million. No amounts were outstanding
under the Line of Credit as of both June 30, 2023 and December 31, 2022.
Debt
Maturities
The
Exterior Street Loans (outstanding aggregate principal balance of $42.0 million as of June 30, 2023) mature on November 24,
2023. We currently intend to seek to extend or refinance the Exterior Street Loans on or before their maturity date.
The
LSC 1543 7th LLC Loan (outstanding principal balance of $21.5 million as of June 30, 2023) is scheduled to initially mature on December 30,
2023, but may be further extended through December 30, 2024 and September 20, 2025, through the exercise of two extension options.
We currently intend to repay the LSC 1543 7th LLC Loan with the proceeds from the expected repayment of the LSC 1543 7th LLC Note Receivable,
which has an outstanding principal balance of $35.0 million, or to seek to further extend the LSC 1543 7th LLC Loan pursuant to its first
extension option on or before its scheduled maturity date.
The
Moxy Construction Loans (outstanding aggregate principal balance of $130.0 million as of June 30, 2023) mature on June 3, 2024.
We currently intend to refinance the Moxy Construction Loans on or before their initial maturity dates of June 3, 2024; however,
there can be no assurances that we will be successful in such endeavors. If we are unable to refinance the Moxy Construction Loans on
or before their initial maturity date, we will then seek to exercise the first of their two one-year extension options.
However,
if we are unable to extend or refinance any of our maturing indebtedness at favorable terms, we will look to repay the then outstanding
balance with available cash and/or proceeds from selective asset sales. We have no additional significant maturities of mortgage debt
over the next 12 months from the date of these consolidated financial statements.
Distributions
Common
Shares
On
May 10, 2023, the distribution for the three-month period ending June 30, 2023 of $3.8 million was paid in full using a combination
of cash and approximately 7,000 shares of our common stock issued pursuant to our distribution reinvestment program (“DRIP”),
at a discounted price of $11.58 per share, equal to 95% of our most current estimated net asset value (“NAV”) per share of
$12.19 as of September 30, 2022.
On
August 11, 2023, the Board of Directors authorized and we declared a distribution of $0.0875 per share for the quarterly period
ending September 30, 2023. The quarterly distribution is the pro rata equivalent of an annual distribution of $0.35 per share, or
an annualized rate of 3.5% assuming a purchase price of $10.00 per share. The distribution will be paid on or about the 15th day of the
month following the quarter-end to stockholders of record at the close of business on the last day of the quarter-end. The stockholders
have an option to elect the receipt of shares under our DRIP.
SLP
Units
Because
the quarterly distribution declared by the Board of Directors on Common Shares for the quarterly period ending September 30, 2023
does not equate to at least an annualized rate of 7.0%, assuming a purchase price of $10.00 per share, no distributions were declared
on the SLP Units. Any future distributions on the SLP Units will always be subordinated until stockholders receive a stated preferred
return.
Future
distributions, if any, declared will be at the discretion of the Board of Directors based on their analysis of our performance over the
previous periods and expectations of performance for future periods. The Board of Directors will consider various factors in its determination,
including but not limited to, the sources and availability of capital, operating and interest expenses, our ability to refinance near-term
debt, as well as the IRS’s annual distribution requirement that REITs distribute no less than 90% of their taxable income. We cannot
assure that any future distributions will be made or that we will maintain any particular level of distributions that we have previously
established or may establish.
SRP
Our
share repurchase program (the “SRP”) may provide our stockholders with limited, interim liquidity by enabling them to sell
their shares of common stock back to us, subject to restrictions.
On
March 25, 2020, the Board of Directors amended the SRP to remove stockholder notice requirements
and also approved the suspension of all redemptions.
Effective
March 15, 2021 and May 14, 2021, the Board of Directors partially reopened the SRP to allow, subject to various conditions
as set forth below, for redemptions submitted in connection with a stockholder’s death and hardship, respectively, and set the
price for all such purchases to our current estimated net asset value per share of common stock, as determined by the Board of Directors
and reported by us from time to time. Deaths that occurred subsequent to January 1, 2020 were eligible for consideration, subject
to certain conditions. Beginning January 1, 2022, requests for redemptions in connection with a stockholder’s death must be
submitted and received by us within one year of the stockholder’s date of death for consideration. On March 18, 2022, the
Board of Directors approved an increase to the annual threshold for death redemptions from up to 0.5% to 1.0%.
At
the above noted dates, the Board of Directors established that on an annual basis, we would not redeem in excess of 1.0% and 0.5% of
the number of shares outstanding as of the end of the preceding year for either death or hardship redemptions, respectively. Additionally,
redemption requests are expected to be processed on a quarterly basis and would be subject to pro ration if either type of redemption
requests exceeded the annual limitation.
For
the six months ended June 30, 2023, we repurchased 119,300 Common Shares at a weighted average price per share of $12.19. For the
six months ended June 30, 2022, we repurchased 273,135 Common Shares at a weighted average price per share of $11.75.
Funds
from Operations and Modified Funds from Operations
The
historical accounting convention used for real estate assets requires straight-line depreciation of buildings, 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 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, 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 straight line 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 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.
The
below table illustrates the items deducted in the calculation of FFO and MFFO. Items are presented net of non-controlling interest portions
where applicable.
|
|
For
the Three Months Ended |
|
|
For
the Six Months Ended |
|
|
|
June 30,
2023 |
|
|
June 30,
2022 |
|
|
June 30,
2023 |
|
|
June 30,
2022 |
|
Net
loss |
|
$ |
(2,196 |
) |
|
$ |
(8,455 |
) |
|
$ |
(7,718 |
) |
|
$ |
(13,420 |
) |
FFO
adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization |
|
|
1,683 |
|
|
|
649 |
|
|
|
3,351 |
|
|
|
1,498 |
|
Adjustments
to equity earnings from unconsolidated affiliated entity |
|
|
932 |
|
|
|
- |
|
|
|
1,858 |
|
|
|
- |
|
Gain
on disposal of investment property |
|
|
- |
|
|
|
(49 |
) |
|
|
(1,121 |
) |
|
|
(49 |
) |
FFO |
|
|
419 |
|
|
|
(7,855 |
) |
|
|
(3,630 |
) |
|
|
(11,971 |
) |
MFFO
adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncash
adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark
to market adjustments(1) |
|
|
(1,090 |
) |
|
|
9,387 |
|
|
|
(131 |
) |
|
|
17,531 |
|
Loss/(gain)
on sale of marketable securities(2) |
|
|
- |
|
|
|
179 |
|
|
|
359 |
|
|
|
(1,160 |
) |
MFFO |
|
|
(671 |
) |
|
|
1,711 |
|
|
|
(3,402 |
) |
|
|
4,400 |
|
Straight-line
rent(3) |
|
|
(13 |
) |
|
|
2 |
|
|
|
(2 |
) |
|
|
25 |
|
MFFO
- IPA recommended format |
|
$ |
(684 |
) |
|
$ |
1,713 |
|
|
$ |
(3,404 |
) |
|
$ |
4,425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(2,196 |
) |
|
$ |
(8,455 |
) |
|
$ |
(7,718 |
) |
|
$ |
(13,420 |
) |
Less:
income attributable to noncontrolling interests |
|
|
(541 |
) |
|
|
(228 |
) |
|
|
(1,075 |
) |
|
|
(600 |
) |
Net
loss applicable to Company’s common shares |
|
$ |
(2,737 |
) |
|
$ |
(8,683 |
) |
|
$ |
(8,793 |
) |
|
$ |
(14,020 |
) |
Net
loss per common share, basic and diluted |
|
$ |
(0.13 |
) |
|
$ |
(0.40 |
) |
|
$ |
(0.40 |
) |
|
$ |
(0.64 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO |
|
$ |
419 |
|
|
$ |
(7,855 |
) |
|
$ |
(3,630 |
) |
|
$ |
(11,971 |
) |
Less: FFO attributable
to noncontrolling interests |
|
|
(822 |
) |
|
|
(402 |
) |
|
|
(1,490 |
) |
|
|
(953 |
) |
FFO
attributable to Company’s common shares |
|
$ |
(403 |
) |
|
$ |
(8,257 |
) |
|
$ |
(5,120 |
) |
|
$ |
(12,924 |
) |
FFO
per common share, basic and diluted |
|
$ |
(0.02 |
) |
|
$ |
(0.38 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.59 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MFFO
- IPA recommended format |
|
$ |
(684 |
) |
|
$ |
1,713 |
|
|
$ |
(3,404 |
) |
|
$ |
4,425 |
|
Less: MFFO attributable
to noncontrolling interests |
|
|
(760 |
) |
|
|
(937 |
) |
|
|
(1,511 |
) |
|
|
(1,887 |
) |
MFFO
attributable to Company’s common shares |
|
$ |
(1,444 |
) |
|
$ |
776 |
|
|
$ |
(4,915 |
) |
|
$ |
2,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common
shares outstanding, basic and diluted |
|
|
21,755 |
|
|
|
21,974 |
|
|
|
21,786 |
|
|
|
22,051 |
|
Notes:
(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. |
(3) |
Under GAAP, rental revenue
is recognized on a straight-line basis. This may result in income recognition that is significantly different than underlying contract
terms. By adjusting for these items (to reflect such payments from a GAAP accrual basis to a cash basis of disclosing the rent and
lease payments), MFFO provides useful supplemental information on the realized economic impact of lease terms and debt investments,
providing insight on the contractual cash flows of such lease terms and debt investments, and aligns results with management’s
analysis of operating performance. |
The
table below presents our cumulative distributions paid and cumulative FFO attributable to our common shares:
|
|
From inception
through |
|
|
|
June 30,
2023 |
|
FFO
attributable to Company’s common shares |
|
$ |
251,819 |
|
Distributions
paid |
|
$ |
286,382 |
|
ITEM 4.
CONTROLS AND PROCEDURES.
As
of the end of the period covered by this report, management, including our chief executive officer and principal financial officer, evaluated
the effectiveness of the design and operation of our disclosure controls and procedures. Based upon, and as of the date of the evaluation,
our chief executive officer and principal financial officer concluded that the disclosure controls and procedures were effective to ensure
that information required to be disclosed in the reports we file and submit under the Exchange Act is recorded, processed, summarized
and reported as and when required.
There
have been no changes in our 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. There were no material weaknesses
identified in the evaluation, and therefore, no corrective actions were taken.
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, the Company is not a party to any material pending legal proceedings of which the outcome is probable or reasonably
possible to have a material adverse effect on its results of operations or financial condition, which would require accrual or disclosure
of the contingency and possible range of loss. Additionally, the Company has not recorded any loss contingencies related to legal proceedings
in which the potential loss is deemed to be remote.
ITEM 2.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
During
the period covered by this Form 10-Q, we did not sell any equity securities that were not registered under the Securities Act of
1933.
ITEM 3.
DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4.
MINE SAFETY DISCLOSURES
Not
applicable.
ITEM 5.
OTHER INFORMATION.
None.
ITEM 6.
EXHIBITS
Exhibit
Number |
|
Description |
31.1* |
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended. |
31.2* |
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15 d-14(a) of the Securities Exchange Act, as amended. |
32.1* |
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Pursuant to SEC Release 34-47551 this Exhibit is furnished to the SEC and shall not be deemed to be “filed.” |
32.2* |
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Pursuant to SEC Release 34-47551 this Exhibit is furnished to the SEC and shall not be deemed to be “filed.” |
101* |
|
XBRL
(eXtensible Business Reporting Language). The following financial information from Lightstone Value Plus REIT I, Inc. on Form 10-Q
for the quarter ended June 30, 2023, filed with the SEC on August 14, 2023, formatted in XBRL includes: (1) Consolidated
Balance Sheets, (2) Consolidated Statements of Operations, (3) Consolidated Statements of Comprehensive Income, (4) Consolidated
Statements of Stockholders’ Equity, (5) Consolidated Statements of Cash Flows and (6) the Notes to the Consolidated Financial
Statement. |
SIGNATURES
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 I, INC. |
|
|
Date:
August 14, 2023 |
By: |
/s/
David Lichtenstein |
|
David
Lichtenstein |
|
Chairman
and Chief Executive Officer (Principal Executive Officer) |
Date:
August 14, 2023 |
By:
|
/s/
Seth Molod |
|
|
Seth
Molod |
|
|
Chief
Financial Officer and Treasurer
(Duly
Authorized Officer and Principal Financial and Accounting Officer) |
EXHIBIT 31.1
Certifications
I, David Lichtenstein, certify that:
| 1. | I have reviewed this quarterly
report on Form 10-Q of Lightstone Value Plus REIT I, 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 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 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 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/ David Lichtenstein |
|
David Lichtenstein |
|
Chairman and Chief Executive Officer |
|
(Principal Executive Officer) |
|
Date: August 14, 2023
EXHIBIT 31.2
Certifications
I, Seth Molod, certify that:
| 1. | I have reviewed this quarterly
report on Form 10-Q of Lightstone Value Plus REIT I, 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 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 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 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 and Treasurer |
|
(Principal Financial and Accounting Officer) |
|
Date: August 14, 2023
EXHIBIT 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION
1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002
I, David Lichtenstein, the Chief Executive Officer
and Chairman of the Board of Directors of Lightstone Value Plus REIT I, Inc. (the “Company”) certify, pursuant to Section
906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:
(1) The Quarterly Report on Form 10-Q of the Company
for the quarter ended June 30, 2023 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities
Exchange Act of 1934 (15 U.S.C 78m); and
(2) The information contained in the Report fairly
presents, in all material respects, the financial condition and results of operations of the Company.
/s/ David Lichtenstein |
|
David Lichtenstein |
|
Chairman and Chief Executive Officer |
|
(Principal Executive Officer) |
|
Date: August 14, 2023
EXHIBIT 32.2
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION
1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002
I, Seth Molod, the Chief Financial Officer, Treasurer
and Principal Accounting Officer of Lightstone Value Plus REIT I, Inc. (the “Company”) certify, pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:
(1) The Quarterly Report on Form 10-Q of the Company
for the quarter ended June 30, 2023 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities
Exchange Act of 1934 (15 U.S.C 78m); and
(2) The 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 and Treasurer |
|
(Principal Financial and Accounting Officer) |
|
Date: August 14, 2023
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 |
000-52610
|
|
Entity Registrant Name |
LIGHTSTONE VALUE PLUS REIT I, INC.
|
|
Entity Central Index Key |
0001296884
|
|
Entity Tax Identification Number |
20-1237795
|
|
Entity Incorporation, State or Country Code |
MD
|
|
Entity Address, Address Line One |
1985 Cedar Bridge Avenue
|
|
Entity Address, Address Line Two |
Suite 1
|
|
Entity Address, City or Town |
Lakewood
|
|
Entity Address, State or Province |
NJ
|
|
Entity Address, Postal Zip Code |
08701
|
|
City Area Code |
(732)
|
|
Local Phone Number |
367-0129
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
21,700
|
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionEnd date of current fiscal year in the format --MM-DD.
+ References
+ Details
Name: |
dei_CurrentFiscalYearEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:gMonthDayItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.
+ References
+ Details
Name: |
dei_DocumentFiscalPeriodFocus |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fiscalPeriodItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThis is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.
+ References
+ Details
Name: |
dei_DocumentFiscalYearFocus |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:gYearItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true only for a form used as an quarterly report.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form 10-Q -Number 240 -Section 308 -Subsection a
+ Details
Name: |
dei_DocumentQuarterlyReport |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true only for a form used as a transition report.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Forms 10-K, 10-Q, 20-F -Number 240 -Section 13 -Subsection a-1
+ Details
Name: |
dei_DocumentTransitionReport |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 2 such as Street or Suite number
+ References
+ Details
Name: |
dei_EntityAddressAddressLine2 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.
+ References
+ Details
Name: |
dei_EntityCommonStockSharesOutstanding |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionIndicate 'Yes' or 'No' whether registrants (1) have 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 registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ References
+ Details
Name: |
dei_EntityCurrentReportingStatus |
Namespace Prefix: |
dei_ |
Data Type: |
dei:yesNoItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityFilerCategory |
Namespace Prefix: |
dei_ |
Data Type: |
dei:filerCategoryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-T -Number 232 -Section 405
+ Details
Name: |
dei_EntityInteractiveDataCurrent |
Namespace Prefix: |
dei_ |
Data Type: |
dei:yesNoItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityShellCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicates that the company is a Smaller Reporting Company (SRC).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntitySmallBusiness |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Investment property: |
|
|
Land and improvements |
$ 95,788
|
$ 96,074
|
Building and improvements |
173,236
|
168,518
|
Furniture and fixtures |
17,086
|
17,184
|
Construction in progress |
1,248
|
22
|
Gross investment property |
287,358
|
281,798
|
Less: accumulated depreciation |
(19,067)
|
(15,728)
|
Net investment property |
268,291
|
266,070
|
Development project |
95,714
|
93,614
|
Investments in related parties |
738
|
6,898
|
Investment in unconsolidated affiliated entity |
17,447
|
19,794
|
Cash and cash equivalents |
11,559
|
12,211
|
Marketable securities |
43,402
|
45,924
|
Notes receivable, net |
34,918
|
48,059
|
Restricted cash |
4,951
|
10,372
|
Other assets |
9,213
|
6,952
|
Total Assets |
486,233
|
509,894
|
Liabilities and Stockholders’ Equity |
|
|
Mortgages payable, net |
258,114
|
260,579
|
Accounts payable, accrued expenses and other liabilities |
17,185
|
18,716
|
Distributions payable |
3,807
|
3,825
|
Total Liabilities |
279,106
|
283,120
|
Company’s Stockholders’ Equity: |
|
|
Preferred shares, $0.01 par value, 10.0 million shares authorized, none issued and outstanding |
|
|
Common stock, $0.01 par value; 60.0 million shares authorized, 21.7 million and 21.8 million shares issued and outstanding, respectively |
217
|
218
|
Additional paid-in-capital |
163,045
|
164,331
|
Accumulated other comprehensive loss |
|
(159)
|
Accumulated surplus |
33,631
|
50,051
|
Total Company’s stockholders’ equity |
196,893
|
214,441
|
Noncontrolling interests |
10,234
|
12,333
|
Total Stockholders’ Equity |
207,127
|
226,774
|
Total Liabilities and Stockholders’ Equity |
$ 486,233
|
$ 509,894
|
X |
- References
+ Details
Name: |
lvp_ConstructionInProgress |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
lvp_InvestmentPropertyGross |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
lvp_InvestmentsInUnconsolidatedAffiliatedEntity |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount, after allowance for credit loss, of accounts and financing receivable. Includes, but is not limited to, notes and loan receivable.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481990/310-10-45-2
+ Details
Name: |
us-gaap_AccountsAndNotesReceivableNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of liabilities incurred and payable to vendors for goods and services received, and accrued liabilities classified as other.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(10)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
+ Details
Name: |
us-gaap_AccountsPayableAndOtherAccruedLiabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-14A
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(2)(ii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)(a)(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(23)(a)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-14
+ Details
Name: |
us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of excess of issue price over par or stated value of stock and from other transaction involving stock or stockholder. Includes, but is not limited to, additional paid-in capital (APIC) for common and preferred stock.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(18)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_AdditionalPaidInCapital |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (bb) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(12)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(8)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(18)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 26: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(11)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_Assets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount before accumulated depreciation of building structures held for productive use including addition, improvement, or renovation to the structure, including, but not limited to, interior masonry, interior flooring, electrical, and plumbing.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-1
+ Details
Name: |
us-gaap_BuildingsAndImprovementsGross |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483467/210-10-45-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-4
+ Details
Name: |
us-gaap_CashAndCashEquivalentsAtCarryingValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_CommonStockValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThe current amount of expenditures for a real estate project that has not yet been completed.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(1)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
+ Details
Name: |
us-gaap_DevelopmentInProcess |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionCarrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(20)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(24)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 405 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480191/946-405-45-2
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(15)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(15)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_DividendsPayableCurrentAndNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount before accumulated depreciation of equipment commonly used in offices and stores that have no permanent connection to the structure of a building or utilities. Examples include, but are not limited to, desks, chairs, tables, and bookcases.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-1
+ Details
Name: |
us-gaap_FurnitureAndFixturesGross |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount before accumulated depreciation and depletion of real estate held for productive use and additions or improvements to real estate held for productive use, examples include, but are not limited to, walkways, driveways, fences, and parking lots. Excludes land held for sale.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(13)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_LandAndLandImprovements |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (bb) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(14)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 21: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 22: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19-26) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_Liabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(25)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(32)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_LiabilitiesAndStockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_LiabilitiesAndStockholdersEquityAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of investment in marketable security.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_MarketableSecurities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of equity (deficit) attributable to noncontrolling interest. Excludes temporary equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(24)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.31) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_MinorityInterest |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of assets classified as other.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(10)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(17)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(10)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_OtherAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(21)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_PreferredStockValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThe cumulative amount of depreciation for real estate property held for investment purposes.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(1)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
+ Details
Name: |
us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of real estate investment property, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(1)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
+ Details
Name: |
us-gaap_RealEstateInvestmentPropertyNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_RealEstateInvestmentPropertyNetAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash and cash equivalents restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-8
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(1)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-4
+ Details
Name: |
us-gaap_RestrictedCashAndCashEquivalents |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of accumulated undistributed earnings (deficit).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(2)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-11
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(23)(a)(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(17)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)(a)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_RetainedEarningsAccumulatedDeficit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionCarrying value as of the balance sheet date, including the current and noncurrent portions, of collateralized debt obligations (with maturities initially due after one year or beyond the operating cycle, if longer). Such obligations include mortgage loans, chattel loans, and any other borrowings secured by assets of the borrower.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(16)(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_SecuredDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.6-05(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(6)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(31)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 4.E) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480418/310-10-S99-2
+ Details
Name: |
us-gaap_StockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_StockholdersEquityAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483421/250-10-45-24
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 23 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483421/250-10-45-23
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483421/250-10-45-5
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 5 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479654/326-10-65-5
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (h)(1)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (h)(1)(iii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (h)(1)(iv) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (i)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 848 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (a)(3)(iii)(03) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483550/848-10-65-2
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 105 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479343/105-10-65-6
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 105 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479343/105-10-65-6
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (f)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (f)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 8 -Subparagraph (d)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482615/740-10-65-8
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 8 -Subparagraph (d)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482615/740-10-65-8
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 4 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479654/326-10-65-4
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 15 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480336/718-10-65-15
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 15 -Subparagraph (f)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480336/718-10-65-15
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 15 -Subparagraph (f)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480336/718-10-65-15
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (e)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-7
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-5
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481674/830-30-50-1
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-17
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 20 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-20
Reference 29: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-11
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480767/946-205-45-3
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-3
Reference 32: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 33: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.6-05(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2
Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 35: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(6)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 38: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 39: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 40: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 41: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-15
Reference 42: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 16 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-16
Reference 43: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4I -Publisher FASB -URI https://asc.fasb.org//1943274/2147481175/810-10-55-4I
+ Details
Name: |
us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v3.23.2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares shares in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Preferred shares, par value |
$ 0.01
|
$ 0.01
|
Preferred shares, shares authorized |
10,000
|
10,000
|
Preferred shares, shares issued |
0
|
0
|
Preferred shares, shares outstanding |
0
|
0
|
Common stock, par value |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized |
60,000
|
60,000
|
Common stock, shares issued |
21,700
|
21,800
|
Common stock, shares outstanding |
21,700
|
21,800
|
X |
- DefinitionFace amount or stated value per share of common stock.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_CommonStockParOrStatedValuePerShare |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe maximum number of common shares permitted to be issued by an entity's charter and bylaws.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(16)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_CommonStockSharesAuthorized |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionTotal number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_CommonStockSharesIssued |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNumber of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.6-05(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(16)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_CommonStockSharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionFace amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_PreferredStockParOrStatedValuePerShare |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(16)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_PreferredStockSharesAuthorized |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionTotal number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_PreferredStockSharesIssued |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionAggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.6-05(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(16)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_PreferredStockSharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_StatementOfFinancialPositionAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
CONSOLIDATED STATEMENTS OF OPERATIONS (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 |
Revenues: |
|
|
|
|
Total revenues |
$ 15,480
|
$ 2,363
|
$ 25,437
|
$ 4,814
|
Expenses: |
|
|
|
|
Property operating expenses |
779
|
1,414
|
1,467
|
2,393
|
Hotel operating expenses |
9,058
|
|
16,661
|
|
Real estate taxes |
124
|
62
|
216
|
124
|
General and administrative costs |
952
|
598
|
1,964
|
1,172
|
Pre-opening costs |
(32)
|
331
|
16
|
354
|
Depreciation and amortization |
1,683
|
649
|
3,351
|
1,498
|
Total expenses |
12,564
|
3,054
|
23,675
|
5,541
|
Interest and dividend income |
1,824
|
2,117
|
4,120
|
4,392
|
Interest expense |
(6,916)
|
(363)
|
(12,161)
|
(750)
|
Gain on disposition of real estate |
|
49
|
1,121
|
49
|
(Loss)/gain on sale of marketable securities |
|
(179)
|
(359)
|
1,160
|
Unrealized gain/(loss) on marketable equity securities |
1,052
|
(9,766)
|
501
|
(18,774)
|
Mark to market adjustments on derivative financial instruments |
38
|
378
|
(370)
|
1,242
|
Loss from investment in unconsolidated affiliated real estate entity |
(1,140)
|
|
(2,360)
|
|
Other income/(expense), net |
30
|
|
28
|
(12)
|
Net loss |
(2,196)
|
(8,455)
|
(7,718)
|
(13,420)
|
Less: net income attributable to noncontrolling interests |
(541)
|
(228)
|
(1,075)
|
(600)
|
Net loss attributable to Company’s common shares |
$ (2,737)
|
$ (8,683)
|
$ (8,793)
|
$ (14,020)
|
Basic and diluted net loss per Company’s common share: |
|
|
|
|
Basic loss per share |
$ (0.13)
|
$ (0.40)
|
$ (0.40)
|
$ (0.64)
|
Diluted loss per share |
$ (0.13)
|
$ (0.40)
|
$ (0.40)
|
$ (0.64)
|
Weighted average shares outstanding, basic |
21,755
|
21,974
|
21,786
|
22,051
|
Weighted average shares outstanding, diluted |
21,755
|
21,974
|
21,786
|
22,051
|
Rental [Member] |
|
|
|
|
Revenues: |
|
|
|
|
Total revenues |
$ 2,537
|
$ 2,363
|
$ 4,950
|
$ 4,814
|
Hotel [Member] |
|
|
|
|
Revenues: |
|
|
|
|
Total revenues |
$ 12,943
|
|
$ 20,487
|
|
X |
- References
+ Details
Name: |
lvp_BasicAndDilutedNetLossPerCompanysCommonShareAbstract |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
lvp_HotelOperatingExpenses |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
lvp_MarkToMarketAdjustmentOnDerivativesFinancialInstrument |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
lvp_PreopeningCost |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionTotal costs of sales and operating expenses for the period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_CostsAndExpenses |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_CostsAndExpensesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-1
+ Details
Name: |
us-gaap_DepreciationAndAmortization |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482635/260-10-55-15
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (e)(4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-7
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-10
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(25)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(27)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 52 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482635/260-10-55-52
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-7
+ Details
Name: |
us-gaap_EarningsPerShareBasic |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482635/260-10-55-15
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (e)(4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-7
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(25)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(27)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 52 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482635/260-10-55-52
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-7
+ Details
Name: |
us-gaap_EarningsPerShareDiluted |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of gain (loss) on sale or disposal of an equity method investment.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(b)(7)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(b)(9)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_EquityMethodInvestmentRealizedGainLossOnDisposal |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_GeneralAndAdministrativeExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of income (loss) for proportionate share of equity method investee's income (loss).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(10)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481664/323-10-45-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(12)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(13)(f)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
+ Details
Name: |
us-gaap_IncomeLossFromEquityMethodInvestments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of the cost of borrowed funds accounted for as interest expense.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-3
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04.9) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (210.5-03(11)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483013/835-20-50-1
+ Details
Name: |
us-gaap_InterestExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount before accretion (amortization) of purchase discount (premium) of interest income and dividend income on nonoperating securities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.7(a),(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_InvestmentIncomeInterestAndDividend |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of unrealized and realized gain (loss) on investment in marketable security, including other-than-temporary impairment (OTTI).
+ References
+ Details
Name: |
us-gaap_MarketableSecuritiesGainLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of unrealized gain (loss) on investment in marketable security.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_MarketableSecuritiesUnrealizedGainLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(18)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(1)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 32: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 33: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 34: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-7
Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(20)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of Net Income (Loss) attributable to noncontrolling interest.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(17)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4J -Publisher FASB -URI https://asc.fasb.org//1943274/2147481175/810-10-55-4J
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
+ Details
Name: |
us-gaap_NetIncomeLossAttributableToNoncontrollingInterest |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of operating lease initial direct cost recognized as expense over lease term.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 25 -Paragraph 11 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479341/842-30-25-11
+ Details
Name: |
us-gaap_OperatingLeaseInitialDirectCostExpenseOverTerm |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of income (expense) included in net income that results in no cash inflow (outflow), classified as other.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_OtherNoncashIncomeExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-11
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480767/946-205-45-3
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(1)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 29: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-05(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1
Reference 32: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-7
Reference 33: http://www.xbrl.org/2003/role/exampleRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 4J -Publisher FASB -URI https://asc.fasb.org//1943274/2147481175/810-10-55-4J
Reference 34: http://www.xbrl.org/2003/role/exampleRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 4K -Publisher FASB -URI https://asc.fasb.org//1943274/2147481175/810-10-55-4K
Reference 35: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-2
Reference 38: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
Reference 39: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
+ Details
Name: |
us-gaap_ProfitLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionA tax based on the assessed value of real estate by the local government. The tax is usually based on the value of property (including the land).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 720 -SubTopic 30 -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483384/720-30-45-3
+ Details
Name: |
us-gaap_RealEstateTaxExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-05(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1
+ Details
Name: |
us-gaap_Revenues |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_RevenuesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 16 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-16
+ Details
Name: |
us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-10
+ Details
Name: |
us-gaap_WeightedAverageNumberOfSharesOutstandingBasic |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
srt_ProductOrServiceAxis=lvp_RentalMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_ProductOrServiceAxis=srt_HotelMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Net loss |
$ (2,196)
|
$ (8,455)
|
$ (7,718)
|
$ (13,420)
|
Other comprehensive income/(loss): |
|
|
|
|
Holding (loss)/gain on available for sale debt securities |
|
(267)
|
(208)
|
1,026
|
Reclassification adjustment for loss/(gain) included in net loss |
|
180
|
359
|
(1,160)
|
Other comprehensive (loss)/income: |
|
(87)
|
151
|
(134)
|
Comprehensive loss |
(2,196)
|
(8,542)
|
(7,567)
|
(13,554)
|
Less: Comprehensive income attributable to noncontrolling interests |
(541)
|
(226)
|
(1,067)
|
(597)
|
Comprehensive loss attributable to the Company’s common shares |
$ (2,737)
|
$ (8,768)
|
$ (8,634)
|
$ (14,151)
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(24)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(26)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-5
+ Details
Name: |
us-gaap_ComprehensiveIncomeNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 20 -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-20
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(25)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(21)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-21
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4K -Publisher FASB -URI https://asc.fasb.org//1943274/2147481175/810-10-55-4K
+ Details
Name: |
us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(24)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(20)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4K -Publisher FASB -URI https://asc.fasb.org//1943274/2147481175/810-10-55-4K
+ Details
Name: |
us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_IncomeStatementAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount after tax and reclassification adjustments of other comprehensive income (loss).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481674/830-30-50-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-17
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-4
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-5
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-20
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 55 -Paragraph 15 -SubTopic 10 -Topic 220 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482739/220-10-55-15
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount after tax of reclassification adjustment from accumulated other comprehensive income for unrealized gain (loss) realized upon the sale of available-for-sale securities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 15 -SubTopic 10 -Topic 220 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-15
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-9
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 17A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-17A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount, after tax and before adjustment, of unrealized holding gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Excludes unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-9
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 10A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-10A
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-11
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-11
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480767/946-205-45-3
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(1)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 29: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-05(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1
Reference 32: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-7
Reference 33: http://www.xbrl.org/2003/role/exampleRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 4J -Publisher FASB -URI https://asc.fasb.org//1943274/2147481175/810-10-55-4J
Reference 34: http://www.xbrl.org/2003/role/exampleRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 4K -Publisher FASB -URI https://asc.fasb.org//1943274/2147481175/810-10-55-4K
Reference 35: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-2
Reference 38: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
Reference 39: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
+ Details
Name: |
us-gaap_ProfitLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
v3.23.2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
AOCI Attributable to Parent [Member] |
Retained Earnings, Unappropriated [Member] |
Noncontrolling Interest [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
|
$ 222
|
$ 168,363
|
$ (40)
|
$ 93,134
|
$ 22,546
|
$ 284,225
|
Beginning balance, shares at Dec. 31, 2021 |
|
22,181
|
|
|
|
|
|
Net loss |
|
|
|
|
(14,020)
|
600
|
(13,420)
|
Other comprehensive income |
|
|
|
(131)
|
|
(3)
|
(134)
|
Distributions declared |
[1] |
|
|
|
(7,712)
|
|
(7,712)
|
Distributions paid to noncontrolling interests |
|
|
|
|
|
(17,095)
|
(17,095)
|
Contributions received from noncontrolling interests |
|
|
|
|
|
21,895
|
21,895
|
Redemption and cancellation of common shares |
|
$ (3)
|
(3,207)
|
|
|
|
(3,210)
|
Redemption and cancellation of common shares (in shares) |
|
(273)
|
|
|
|
|
|
Shares issued from distribution reinvestment program |
|
|
167
|
|
|
|
167
|
Shares issued from distribution reinvestment program (in shares) |
|
15
|
|
|
|
|
|
Ending balance, value at Jun. 30, 2022 |
|
$ 219
|
165,323
|
(171)
|
71,402
|
27,943
|
264,716
|
Ending balance, shares at Jun. 30, 2022 |
|
21,923
|
|
|
|
|
|
Beginning balance, value at Mar. 31, 2022 |
|
$ 221
|
167,519
|
(86)
|
83,924
|
28,793
|
280,371
|
Beginning balance, shares at Mar. 31, 2022 |
|
22,110
|
|
|
|
|
|
Net loss |
|
|
|
|
(8,683)
|
228
|
(8,455)
|
Other comprehensive income |
|
|
|
(85)
|
|
(2)
|
(87)
|
Distributions declared |
[2] |
|
|
|
(3,839)
|
|
(3,839)
|
Distributions paid to noncontrolling interests |
|
|
|
|
|
(1,076)
|
(1,076)
|
Redemption and cancellation of common shares |
|
$ (2)
|
(2,279)
|
|
|
|
(2,281)
|
Redemption and cancellation of common shares (in shares) |
|
(194)
|
|
|
|
|
|
Shares issued from distribution reinvestment program |
|
|
83
|
|
|
|
83
|
Shares issued from distribution reinvestment program (in shares) |
|
7
|
|
|
|
|
|
Ending balance, value at Jun. 30, 2022 |
|
$ 219
|
165,323
|
(171)
|
71,402
|
27,943
|
264,716
|
Ending balance, shares at Jun. 30, 2022 |
|
21,923
|
|
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
|
$ 218
|
164,331
|
(159)
|
50,051
|
12,333
|
226,774
|
Beginning balance, shares at Dec. 31, 2022 |
|
21,840
|
|
|
|
|
|
Net loss |
|
|
|
|
(8,793)
|
1,075
|
(7,718)
|
Other comprehensive income |
|
|
|
159
|
|
(8)
|
151
|
Distributions declared |
[3] |
|
|
|
(7,627)
|
|
(7,627)
|
Distributions paid to noncontrolling interests |
|
|
|
|
|
(3,166)
|
(3,166)
|
Redemption and cancellation of common shares |
|
$ (1)
|
(1,453)
|
|
|
|
(1,454)
|
Redemption and cancellation of common shares (in shares) |
|
(119)
|
|
|
|
|
|
Shares issued from distribution reinvestment program |
|
|
167
|
|
|
|
167
|
Shares issued from distribution reinvestment program (in shares) |
|
14
|
|
|
|
|
|
Ending balance, value at Jun. 30, 2023 |
|
$ 217
|
163,045
|
|
33,631
|
10,234
|
207,127
|
Ending balance, shares at Jun. 30, 2023 |
|
21,735
|
|
|
|
|
|
Beginning balance, value at Mar. 31, 2023 |
|
$ 218
|
163,958
|
|
40,175
|
10,658
|
215,009
|
Beginning balance, shares at Mar. 31, 2023 |
|
21,810
|
|
|
|
|
|
Net loss |
|
|
|
|
(2,737)
|
541
|
(2,196)
|
Other comprehensive income |
|
|
|
|
|
|
|
Distributions declared |
[4] |
|
|
|
(3,807)
|
|
(3,807)
|
Distributions paid to noncontrolling interests |
|
|
|
|
|
(965)
|
(965)
|
Redemption and cancellation of common shares |
|
$ (1)
|
(997)
|
|
|
|
(998)
|
Redemption and cancellation of common shares (in shares) |
|
(82)
|
|
|
|
|
|
Shares issued from distribution reinvestment program |
|
|
84
|
|
|
|
84
|
Shares issued from distribution reinvestment program (in shares) |
|
7
|
|
|
|
|
|
Ending balance, value at Jun. 30, 2023 |
|
$ 217
|
$ 163,045
|
|
$ 33,631
|
$ 10,234
|
$ 207,127
|
Ending balance, shares at Jun. 30, 2023 |
|
21,735
|
|
|
|
|
|
|
|
X |
- DefinitionValue of stock issued pursuant to noncontrolling interests during the period.
+ References
+ Details
Name: |
lvp_StockIssuedDuringPeriodValueMinorityShareholders |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of paid and unpaid cash dividends declared for classes of stock, for example, but not limited to, common and preferred.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 2 -SubTopic 405 -Topic 942 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481071/942-405-45-2
+ Details
Name: |
us-gaap_DividendsCash |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionDecrease in noncontrolling interest balance from payment of dividends or other distributions by the non-wholly owned subsidiary or partially owned entity, included in the consolidation of the parent entity, to the noncontrolling interest holders.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
+ Details
Name: |
us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount after tax and reclassification adjustments of other comprehensive income (loss).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481674/830-30-50-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-17
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-4
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-5
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-20
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 55 -Paragraph 15 -SubTopic 10 -Topic 220 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482739/220-10-55-15
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-11
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480767/946-205-45-3
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(1)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 29: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-05(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1
Reference 32: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-7
Reference 33: http://www.xbrl.org/2003/role/exampleRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 4J -Publisher FASB -URI https://asc.fasb.org//1943274/2147481175/810-10-55-4J
Reference 34: http://www.xbrl.org/2003/role/exampleRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 4K -Publisher FASB -URI https://asc.fasb.org//1943274/2147481175/810-10-55-4K
Reference 35: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-2
Reference 38: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
Reference 39: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
+ Details
Name: |
us-gaap_ProfitLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionNumber of shares issued which are neither cancelled nor held in the treasury.
+ References
+ Details
Name: |
us-gaap_SharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNumber of shares issued during the period from a dividend reinvestment plan (DRIP). A dividend reinvestment plan allows the shareholders to reinvest dividends paid to them by the entity on new issues of stock by the entity.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
+ Details
Name: |
us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionValue of stock issued during the period from a dividend reinvestment plan (DRIP). A dividend reinvestment plan allows the holder of the stock to reinvest dividends paid to them by the entity on new issues of stock by the entity.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 45 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480767/946-205-45-4
Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 230 -Name Accounting Standards Codification -Section 55 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480348/946-230-55-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
+ Details
Name: |
us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionNumber of shares that have been repurchased and retired during the period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_StockRepurchasedAndRetiredDuringPeriodShares |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionEquity impact of the value of stock that has been repurchased and retired during the period. The excess of the purchase price over par value can be charged against retained earnings (once the excess is fully allocated to additional paid in capital).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_StockRepurchasedAndRetiredDuringPeriodValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483421/250-10-45-24
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 23 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483421/250-10-45-23
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483421/250-10-45-5
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 5 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479654/326-10-65-5
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (h)(1)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (h)(1)(iii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (h)(1)(iv) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (i)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 848 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (a)(3)(iii)(03) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483550/848-10-65-2
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 105 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479343/105-10-65-6
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 105 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479343/105-10-65-6
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (f)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (f)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 8 -Subparagraph (d)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482615/740-10-65-8
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 8 -Subparagraph (d)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482615/740-10-65-8
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 4 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479654/326-10-65-4
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 15 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480336/718-10-65-15
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 15 -Subparagraph (f)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480336/718-10-65-15
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 15 -Subparagraph (f)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480336/718-10-65-15
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (e)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-7
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-5
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481674/830-30-50-1
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-17
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 20 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-20
Reference 29: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-11
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480767/946-205-45-3
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-3
Reference 32: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 33: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.6-05(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2
Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 35: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(6)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 38: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 39: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 40: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 41: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-15
Reference 42: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 16 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-16
Reference 43: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4I -Publisher FASB -URI https://asc.fasb.org//1943274/2147481175/810-10-55-4I
+ Details
Name: |
us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
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 |
$ (7,718)
|
$ (13,420)
|
Adjustments to reconcile net loss to net cash (used in)/provided by operating activities: |
|
|
Depreciation and amortization |
3,351
|
1,498
|
Gain on disposition of real estate |
(1,121)
|
|
Loss from investment in unconsolidated affiliated real estate entity |
2,360
|
|
Mark to market adjustments on derivative financial instruments |
370
|
(1,242)
|
Unrealized (gain)/loss on marketable equity securities |
(501)
|
18,774
|
Loss/(gain) on sale of marketable securities |
359
|
(1,160)
|
Amortization of deferred financing costs |
1,745
|
138
|
Noncash interest income |
(859)
|
(1,764)
|
Other non-cash adjustments |
(5)
|
(36)
|
Changes in assets and liabilities: |
|
|
Increase in other assets |
(2,506)
|
(585)
|
(Decrease)/increase in accounts payable, accrued expenses and other liabilities |
(1,077)
|
5,825
|
Increase in due to related parties |
65
|
73
|
Cash (used in)/provided by operating activities |
(5,537)
|
8,101
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Purchase of development property and investment property |
(8,599)
|
(36,398)
|
Purchase of marketable securities |
(982)
|
(12,052)
|
Proceeds from sale of marketable securities |
3,797
|
8,345
|
Proceeds from disposition of real estate |
1,382
|
|
Investment in joint venture |
(4)
|
|
Distributions from joint venture |
163
|
51
|
Proceeds from redemption of preferred investment in related party |
6,000
|
4,000
|
Funding of notes receivable |
(300)
|
(43,970)
|
Release of reserves on notes receivable |
300
|
|
Proceeds from repayment of notes receivable |
14,000
|
27,090
|
Investment in unconsolidated affiliated real estate entity |
(13)
|
|
Cash provided by/(used in) investing activities |
15,744
|
(52,934)
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Proceeds from mortgage financing |
7,816
|
29,262
|
Mortgage principal payments |
(11,973)
|
(691)
|
Payment of loan fees and expenses |
(25)
|
(522)
|
Redemption and cancellation of common shares |
(1,454)
|
(3,210)
|
Contributions received from noncontrolling interests |
|
21,895
|
Distributions paid to noncontrolling interests |
(3,166)
|
(17,095)
|
Distributions paid to Company’s common stockholders |
(7,478)
|
(7,590)
|
Cash (used in)/provided financing activities |
(16,280)
|
22,049
|
Change in cash, cash equivalents and restricted cash |
(6,073)
|
(22,784)
|
Cash, cash equivalents and restricted cash, beginning of year |
22,583
|
42,592
|
Cash, cash equivalents and restricted cash, end of period |
16,510
|
19,808
|
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 |
11,559
|
17,222
|
Restricted cash |
4,951
|
2,586
|
Total cash, cash equivalents and restricted cash |
$ 16,510
|
$ 19,808
|
X |
- References
+ Details
Name: |
lvp_AmortizationOfDeferredFinancingCosts |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
lvp_DistributionsPaidToCompanysCommonStockholders |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
lvp_InvestmentsInUnconsolidatedAffiliatedRealEstateEntity |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
lvp_MarkToMarketAdjustmentOnDerivativesFinancialInstrument |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
lvp_NoncashInterestIncome |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
lvp_ProceedsFromDispositionOfRealEstate |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
lvp_ReleaseOfReservesOnNotesReceivable |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483467/210-10-45-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-4
+ Details
Name: |
us-gaap_CashAndCashEquivalentsAtCarryingValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-8
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-4
+ Details
Name: |
us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including, but not limited to, disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-8
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-4
+ Details
Name: |
us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of increase (decrease) in cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; excluding effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 1 -SubTopic 230 -Topic 830 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481877/830-230-45-1
+ Details
Name: |
us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-1
+ Details
Name: |
us-gaap_DepreciationAndAmortization |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe net gain (loss) resulting from sales and other disposals of other real estate owned, increases (decreases) in the valuation allowance for foreclosed real estate, and write-downs of other real estate owned after acquisition or physical possession.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04.14(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
+ Details
Name: |
us-gaap_GainsLossesOnSalesOfOtherRealEstate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of income (loss) for proportionate share of equity method investee's income (loss).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(10)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481664/323-10-45-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(12)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(13)(f)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
+ Details
Name: |
us-gaap_IncomeLossFromEquityMethodInvestments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_IncreaseDecreaseInOperatingCapitalAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of increase (decrease) in operating assets classified as other.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_IncreaseDecreaseInOtherOperatingAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of realized gain (loss) on investment in marketable security, including other-than-temporary impairment (OTTI).
+ References
+ Details
Name: |
us-gaap_MarketableSecuritiesRealizedGainLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of unrealized gain (loss) on investment in marketable security.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_MarketableSecuritiesUnrealizedGainLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInFinancingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInInvestingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-25
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInOperatingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of income or gain included in net income that result in no cash inflow (outflow), classified as other.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_OtherNoncashIncome |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe net cash outflow or inflow from purchases, sales and disposals of property, plant and equipment and other productive assets, including intangibles.
+ References
+ Details
Name: |
us-gaap_PaymentsForProceedsFromProductiveAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash outflow to reacquire common and preferred stock.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-03(i)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-15
+ Details
Name: |
us-gaap_PaymentsForRepurchaseOfEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash outflow in the form of ordinary dividends provided by the non-wholly owned subsidiary to noncontrolling interests.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-15
+ Details
Name: |
us-gaap_PaymentsOfDividendsMinorityInterest |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash outflow for loan origination associated cost which is usually collected through escrow.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-15
+ Details
Name: |
us-gaap_PaymentsOfLoanCosts |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash outflow associated with the investment in or advances to an entity in which the reporting entity shares control of the entity with another party or group.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-13
+ Details
Name: |
us-gaap_PaymentsToAcquireInterestInJointVenture |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash outflow to acquire an agreement for an unconditional promise by the maker to pay the entity (holder) a definite sum of money at a future date. Such amount may include accrued interest receivable in accordance with the terms of the note. The note also may contain provisions including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among myriad other features and characteristics.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-13
+ Details
Name: |
us-gaap_PaymentsToAcquireNotesReceivable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash inflow from the sale of an investment interest in a joint venture that the reporting entity has not previously accounted for using consolidation or the equity method of accounting.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-12
+ Details
Name: |
us-gaap_ProceedsFromDivestitureOfInterestInJointVenture |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe cash inflow from amounts received from issuance of long-term debt that is wholly or partially secured by collateral. Excludes proceeds from tax exempt secured debt.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-14
+ Details
Name: |
us-gaap_ProceedsFromIssuanceOfSecuredDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow from a noncontrolling interest. Includes, but is not limited to, purchase of additional shares or other increase in noncontrolling interest ownership.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-14
+ Details
Name: |
us-gaap_ProceedsFromMinorityShareholders |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe cash inflow associated with the aggregate amount received by the entity through sale or maturity of marketable securities (held-to-maturity or available-for-sale) during the period.
+ References
+ Details
Name: |
us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe cash inflow associated with the sale of a borrowing supported by a written promise to pay an obligation.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-12
+ Details
Name: |
us-gaap_ProceedsFromSaleOfNotesReceivable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-11
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480767/946-205-45-3
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(1)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 29: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-05(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1
Reference 32: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-7
Reference 33: http://www.xbrl.org/2003/role/exampleRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 4J -Publisher FASB -URI https://asc.fasb.org//1943274/2147481175/810-10-55-4J
Reference 34: http://www.xbrl.org/2003/role/exampleRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 4K -Publisher FASB -URI https://asc.fasb.org//1943274/2147481175/810-10-55-4K
Reference 35: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-2
Reference 38: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
Reference 39: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
+ Details
Name: |
us-gaap_ProfitLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash outflow to repay long-term debt that is wholly or partially secured by collateral. Excludes repayments of tax exempt secured debt.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-15
+ Details
Name: |
us-gaap_RepaymentsOfSecuredDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-8
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(1)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_RestrictedCash |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
v3.23.2
Business and Structure
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Business and Structure |
|
1. |
Business
and Structure |
Lightstone
Value Plus REIT I, Inc., a Maryland corporation (“Lightstone REIT I”), formed on June 8, 2004, which has elected to
be taxed and qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. Lightstone REIT I was
formed primarily for the purpose of engaging in the business of investing in and owning commercial and residential real estate properties
located throughout the United States.
Lightstone
REIT I is structured as an umbrella partnership real estate investment trust, or UPREIT, and substantially all of its current and future
business is and will be conducted through Lightstone Value Plus REIT, L.P. (the “Operating Partnership”), a Delaware limited
partnership formed on July 12, 2004. As of June 30, 2023, Lightstone REIT I held a 98% general partnership interest in the
its Operating Partnership’s common units (“Common Units”).
Lightstone
REIT I and the Operating Partnership and its subsidiaries are collectively referred to as the “Company” and the use of “we,”
“our,” “us” or similar pronouns refers to Lightstone REIT I, its Operating Partnership or the Company as required
by the context in which such pronoun is used.
Through
its Operating Partnership, the Company owns, operates and develops commercial and residential properties and makes real estate-related
investments, principally in the United States. The Company’s real estate investments are held by it alone or jointly with other
parties. The Company also originates or acquires mortgage loans secured by real estate. Although most of its investments are of these
types, the Company may invest in whatever types of real estate or real estate-related investments that it believes is in its best interests.
Since its inception, the Company has owned and managed various commercial and residential properties located throughout the United States.
The Company evaluates all of its real estate investments as one operating segment.
As
of June 30, 2023, the Company (i) has ownership interests in and consolidates two operating properties, one development property
and certain land holdings and (ii) has ownership interests through two unconsolidated joint ventures in nine multifamily residential
properties and seven commercial hotel properties. Additionally, as of June 30, 2023, the Company has one other real estate-related
investment consisting of a promissory loan it originated, through a joint venture with a related party, to an unaffiliated third-party
borrower.
With
respect to its consolidated operating properties, the Company wholly owns a 296-room Marriott Moxy hotel (the “Lower East Side
Moxy Hotel”), located in the Lower East Side neighborhood in the Manhattan borough of New York City, which it developed, constructed
and opened on October 27, 2022 and has a 59.2% majority ownership interest in 50-01 2nd St. Associates LLC (the “2nd Street
Joint Venture”), a joint venture between the Company and a related party, which developed, constructed and owns a 199-unit luxury,
multifamily residential property (“Gantry Park Landing”), located in the Long Island City neighborhood in the Queens borough
of New York City.
With
respect to its consolidated development property, the Company wholly owns land parcels located at 355 & 399 Exterior Street in the
Mott Haven neighborhood in the Bronx borough of New York City, on which it plans, subject to economic and local market conditions and
regulations, to construct a proposed mixed-use multifamily residential and commercial retail project (the “Exterior Street Project”).
The
Company also wholly owns and consolidates certain adjacent land parcels (the “St. Augustine Land Holdings) located in St. Augustine,
Florida.
Additionally,
the Company holds a 19.0% joint venture ownership interest in Columbus Portfolio Member LLC
(the “Columbus Joint Venture”), which owns nine multifamily residential properties,
which its accounts for using the equity method of accounting and it holds a 2.5% joint venture
ownership interest in LVP Holdco JV LLC (the “Hotel Joint Venture”) which owns
seven hotel properties, which the Company accounts for using a measurement alternative under
which the Hotel Joint Venture is measured at cost, adjusted for observable price changes
and impairments, if any. The Hotel Joint Venture subsequently sold two of its hotels during
July 2023. Both the Columbus Joint Venture and the Hotel Joint Venture are between the
Company and related parties.
The
Company’s advisor is Lightstone Value Plus REIT, LLC (the “Advisor”), which is majority owned by David Lichtenstein.
On July 6, 2004, the Advisor contributed $2 to the Operating Partnership in exchange for 200 Common Units. The Company’s Advisor
also owns 20,000 shares of the Company’s common stock (“Common Shares”) which were issued on July 6, 2004 for
$200, or $10.00 per share. Mr. Lichtenstein also is the majority owner of the equity interests of The Lightstone Group, LLC. The Lightstone
Group, LLC served as the sponsor (the “Sponsor”) during the Company’s initial public offering (the “Offering”),
which terminated on October 10, 2008. The Company’s Advisor, together with its board of directors (the “Board of Directors”),
is primarily responsible for making investment decisions on the Company’s behalf and managing its day-to-day operations. Through
his ownership and control of The Lightstone Group, LLC, Mr. Lichtenstein is the indirect owner and manager of Lightstone SLP, LLC, a
Delaware limited liability company, which owns an aggregate of $30.0 million of special general partner interests (“SLP Units”)
in the Operating Partnership which were purchased, at a cost of $100,000 per unit, in connection with the Company’s Offering. Mr.
Lichtenstein also acts as the Company’s Chairman and Chief Executive Officer. As a result, he exerts influence over but does not
control Lightstone REIT I or the Operating Partnership.
The
Company does not have any employees. The Advisor receives compensation and fees for services related to the investment and management
of the Company’s assets.
The
Company’s Advisor has affiliates which may manage and develop certain of its properties. However, the Company also contracts with
other unaffiliated third-party property managers.
The
Company’s Common Shares are not currently listed on a national securities exchange. The Company may seek to list its stock for
trading on a national securities exchange only if a majority of independent directors believe listing would be in the best interest of
its stockholders. The Company does not intend to list its shares at this time. The Company does not anticipate that there would be any
market for its shares of common stock until they are listed for trading.
Related
Parties
The
Sponsor, Advisor and its affiliates, and Lightstone SLP, LLC are related parties of the Company as well as other public REITs also sponsored
and/or advised by these entities. Certain of these entities are entitled to compensation for services related to the investment, management
and disposition of the Company’s assets. The compensation is based on the cost of acquired properties/investments and the annual
revenue earned from such properties/investments, and other such fees and expense reimbursements as outlined in each of the respective
agreements.
Noncontrolling
Interests
Partners
of Operating Partnership
On
July 6, 2004, the Advisor contributed $2 to the Operating Partnership in exchange for 200 Common Units in the Operating Partnership.
The Advisor has the right to convert the Common Units into cash or, at the option of the Company, an equal number of shares of Common
Shares.
In
connection with the Offering, Lightstone SLP, LLC, an affiliate of the Advisor, purchased an aggregate of $30.0 million of SLP Units.
As the majority owner of the SLP Units, Mr. Lichtenstein is the beneficial owner of a 99% interest in such SLP Units and thus receives
an indirect benefit from any distributions made in respect thereof. These SLP Units may be entitled to a portion of any regular and liquidation
distributions that the Company makes to its stockholders, but only after the Company’s stockholders have received a stated preferred
return.
In
addition, an aggregate 497,209 Common Units were issued to other unrelated parties during the years ended December 31, 2008 and
2009 and remain outstanding as of June 30, 2023.
Other
Noncontrolling Interests in Consolidated Subsidiaries
Other
noncontrolling interests in consolidated subsidiaries include the joint venture ownership interests held by either the Sponsor or its
affiliates in (i) Pro-DFJV Holdings LLC (“PRO”), (ii) the 2nd Street Joint Venture and (iii) other entities that have originated
promissory notes to unaffiliated third parties (see Note 6). PRO’s holdings principally consist of Marco OP Units and Marco II
OP Units (see Note 7). The 2nd Street Joint Venture owns Gantry Park Landing.
|
X |
- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 275 -Publisher FASB -URI https://asc.fasb.org//275/tableOfContent
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -SubTopic 10 -Topic 275 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-1
+ Details
Name: |
us-gaap_NatureOfOperations |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
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 |
Principles
of Consolidation and Basis of Presentation
The
consolidated financial statements include the accounts of Lightstone REIT I and its Operating Partnership and its subsidiaries (over
which Lightstone REIT I exercises financial and operating control). All inter-company balances and transactions have been eliminated
in consolidation. In addition, interests in entities acquired are evaluated based on applicable accounting principles generally accepted
in the United States of America (“GAAP”), and if 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 but have significant influence, the Company accounts for the investment using the equity method of accounting.
There
are judgments and estimates involved in determining if an entity in which the Company has made an investment is a VIE and, if so, whether
the Company is the primary beneficiary. The entity is evaluated to determine if it is a VIE by, among other things, calculating the percentage
of equity being risked compared to the total equity of the entity. Determining expected future losses involves assumptions of various
possibilities of the results of future operations of the entity, assigning a probability to each possibility and using a discount rate
to determine the net present value of those future losses. A change in the judgments, assumptions, and estimates outlined above could
result in consolidating an entity that should not be consolidated or accounting for an investment using the equity method that should
in fact be consolidated, the effects of which could be material to our financial statements.
The
accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited consolidated
financial statements of the Company and related notes as contained in the Company’s Annual Report on Form 10-K for the fiscal
year ended December 31, 2022. 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 I, Inc. and its Subsidiaries have
been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 8 of
Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted
in the United States of America for complete financial statements.
GAAP
requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities,
the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The
most significant assumptions and estimates relate to the valuation of real estate and real-estate related investments, marketable securities,
notes receivable, depreciable lives, and revenue recognition. Application of these assumptions requires the exercise of judgment as to
future uncertainties and, as a result, actual results could differ from these estimates.
The
consolidated balance sheet as of December 31, 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.
Income
Taxes
The
Company has elected to be taxed as a REIT commencing with the taxable year ended December 31, 2005. 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. Additionally, even if the Company continues to qualify as a REIT,
it may still be subject to some U.S. federal, state and local taxes on our income and property and to U.S. federal income taxes and excise
taxes on its undistributed income, if any.
To
qualify or maintain our qualification as a REIT, the Company engages in certain activities through wholly-owned taxable REIT subsidiaries
(“TRS”). As such, it is subject to U.S. federal and state income and franchise taxes from these activities.
As
of June 30, 2023 and December 31, 2022, the Company had no material uncertain income tax positions.
Revenues
The
following table represents the total hotel revenues from hotel operations on a disaggregated basis:
Schedule of revenues on a disaggregated |
|
|
|
|
|
|
|
|
|
|
For
the Three Months ended June 30, 2023 |
|
|
For
the Six Months ended June 30, 2023 |
|
Hotel
revenues |
|
|
|
|
|
|
|
|
Room |
|
$ |
6,705 |
|
|
$ |
9,700 |
|
Food,
beverage and other |
|
|
6,238 |
|
|
|
10,787 |
|
Total
hotel revenues |
|
$ |
12,943 |
|
|
$ |
20,487 |
|
Land
Parcel Sale
During
the first quarter of 2023, the Company completed the disposition of a parcel of land, which was part of its St. Augustine Land Holdings,
to an unrelated third party for a contractual sales price of $1.5 million and recognized a gain on disposition of real estate of $1.1
million during the six months ended June 30, 2023.
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 trade receivables, 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 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. 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.
Reclassifications
Certain
prior period amounts have been reclassified to conform to the current period’s presentation.
Supplemental
Cash Flow Information
Supplemental
cash flow information for the periods indicated is as follows:
Summary of supplemental cash flow information |
|
|
|
|
|
|
|
|
|
|
For
the Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
Cash
paid for interest |
|
$ |
11,856 |
|
|
$ |
5,395 |
|
Distributions
declared but not paid |
|
$ |
3,807 |
|
|
$ |
3,840 |
|
Capital
expenditures for investment property in accounts payable, accrued expenses and other liabilities |
|
$ |
1,208 |
|
|
$ |
3,450 |
|
Amortization
of deferred financing costs included in development projects |
|
$ |
- |
|
|
$ |
1,253 |
|
Holding
loss/gain on marketable securities |
|
$ |
151 |
|
|
$ |
134 |
|
Value
of shares issued from distribution reinvestment program |
|
$ |
167 |
|
|
$ |
167 |
|
Proceeds
from mortgage financing held by related party |
|
$ |
- |
|
|
$ |
28,643 |
|
|
X |
- References
+ Details
Name: |
us-gaap_AccountingPoliciesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483426/235-10-50-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 235 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//235/tableOfContent
+ Details
Name: |
us-gaap_SignificantAccountingPoliciesTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
Development Project - Exterior Street Project
|
6 Months Ended |
Jun. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Development Project - Exterior Street Project |
|
3. |
Development Project
- Exterior Street Project |
In
February 2019, the Company, through subsidiaries of the Operating Partnership, acquired two adjacent parcels of land located at
355 and 399 Exterior Street in the Mott Haven neighborhood in the Bronx borough of New York City from unaffiliated third parties for
an aggregate purchase price of $59.0
million, excluding closing and other acquisition
related costs. In September 2021, the Company subsequently acquired an additional adjacent parcel of land at cost from an affiliate
of its Advisor for $1.0
million in order to achieve certain zoning compliance.
On these three land parcels the Company plans, subject to economic and local market conditions and regulations, to construct a proposed
mixed-use multifamily residential and commercial retail property (the “Exterior Street Project”). In light of certain economic
and local market conditions and regulations, the company decided in the 2nd quarter of 2023 to pause active development and
ceased capitalizing interest and real estate taxes. Through June 30, 2023 and December 31, 2022, the Company has incurred and
capitalized $95.7
million and $93.6
million of costs related to the development of
the Exterior Street Project. During the six months ended June 30, 2023, $1.5
million and during the three and six months ended
June 30, 2022, $0.7
million and $1.2
million, respectively, of interest was capitalized
to the Exterior Street Project, which is classified as development project on the consolidated balance sheets.
|
X |
- References
+ Details
Name: |
us-gaap_BusinessCombinationAndAssetAcquisitionAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent
+ Details
Name: |
us-gaap_BusinessCombinationDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
Lower East Side Moxy Hotel
|
6 Months Ended |
Jun. 30, 2023 |
Lower East Side Moxy Hotel |
|
Lower East Side Moxy Hotel |
|
4. |
Lower East Side Moxy
Hotel |
In
December 2018, the Company, through a subsidiary of the Operating Partnership, acquired three adjacent parcels of land located at
147-151 Bowery, in the Lower East Side neighborhood of the borough of Manhattan in New York City, from unaffiliated third parties for
aggregate consideration of $56.5 million, excluding closing and other acquisition related costs. Additionally, in December 2018,
the Company, though a subsidiary of the Operating Partnership, acquired certain air rights located at 329 Broome Street in the Lower
East Side neighborhood, from an unaffiliated third party for $2.4 million, excluding closing and other acquisition related costs. The
land and air rights were acquired for the development and construction of a 296-room Marriott Moxy hotel (the “Lower East Side
Moxy Hotel”). On June 3, 2021, the Company entered into a development agreement (the “Development Agreement”)
with an affiliate of the Advisor (the “Moxy Lower East Side Developer”) pursuant to which the Lower East Side Moxy Developer
is being paid a development fee equal to 3% of hard and soft costs incurred in connection with the development and construction of the
Lower East Side Moxy Hotel. The Advisor and its affiliates are also reimbursed for certain development-related costs attributable to
the Lower East Side Moxy Hotel. Additionally on June 3, 2021, the Company obtained construction financing for the Lower East Side
Moxy Hotel. The Lower East Side Moxy Hotel opened on October 27, 2022 and all four of its food and beverage venues opened during
the fourth quarter of 2022.
The
Company incurred pre-opening costs of $0.3 million and $0.4 million during the three and six months ended June 30, 2022, respectively,
related to the Lower East Side Moxy Hotel. Pre-opening costs generally consist of non-recurring personnel, marketing and other costs.
|
X |
- References
+ Details
Name: |
lvp_DisclosureLowerEastSideMoxyHotelAbstract |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
lvp_LowerEastSideMoxyHotelTextBlock |
Namespace Prefix: |
lvp_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
Investment in Unconsolidated Affiliated Real Estate Entity
|
6 Months Ended |
Jun. 30, 2023 |
Investment In Unconsolidated Affiliated Real Estate Entity |
|
Investment in Unconsolidated Affiliated Real Estate Entity |
|
5. |
Investment in Unconsolidated
Affiliated Real Estate Entity |
Columbus
Joint Venture
On
November 29, 2022, the Company, CRE Columbus Member (“Converge”), a majority owned subsidiary of Converge Holdings LLC,
a reinsurance business owned by the Sponsor, and LEL Columbus Member LLC (the “BVI member”), a wholly owned subsidiary of
Lightstone Enterprises Limited (“BVI”), a real estate investment company owned by the Sponsor, entered into a joint venture
agreement to form Columbus Portfolio Member LLC (“the Columbus Joint Venture”) for the purpose of acquiring nine multifamily
properties (the “Columbus Properties”) located in the area of Columbus, Ohio for a contractual purchase price of $465.0 million.
The Company has an ownership interest of 19% in the Columbus Joint Venture. Converge and the BVI Member, which are both related parties,
have ownership interests of 19% and 62%, respectively. Additionally, the manager of the Columbus Joint Venture is LEL Bronx Manager LLC
(“Manager”), an entity wholly owned by BVI.
On
November 29, 2022, the Columbus Joint Venture completed the purchase of the Columbus Properties. The acquisition was funded with
$74.3 million of cash and $390.7 million of aggregate proceeds from preferred investments from unrelated third-parties and loans from
two financial institutions. In connection with the acquisition and financings, the total cash paid, including closing costs, was $92.3
million and the Company paid $17.5 million representing its 19.0% pro rata share. In connection with the acquisition, the Company also
paid the Advisor a separate acquisition fee of $2.4 million, equal to 2.75% of the Company’s pro-rata share of the contractual
purchase price which is reflected in the carrying value of the Company’s investment in unconsolidated affiliated real estate entity
on the consolidated balance sheets. During the six months ended June 30, 2023, the Company’s made $13 of additional capital
contributions to the Columbus Joint Venture.
The
Company has determined that the Columbus Joint Venture is a variable interest entity but the Company is not the primary beneficiary.
The Company accounts for its ownership interest in the Columbus Joint Venture in accordance with the equity method of accounting because
it exerts significant influence over but does not control the Columbus Joint Venture. All capital contributions and distributions of
earnings from the Columbus Joint Venture are made on a pro rata basis in proportion to each member’s equity interest percentage.
Any distributions in excess of earnings from the Columbus Joint Venture are made to the members pursuant to the terms of the Columbus
Joint Venture’s operating agreement. The Company commenced recording its allocated portion of profit/loss and cash distributions
beginning as of November 29, 2022 with respect to its membership interest of 19.0% in the Columbus Joint Venture.
In
connection with the closing of the Columbus Properties, the Columbus Joint Venture simultaneously entered into two mortgage loans from
financial institutions in the aggregate amount of $300.7 million and received two preferred investments from unaffiliated third parties
in the aggregate amount of $90.0 million (collectively, the “Loans”) The Loans are collateralized by the Columbus Properties.
The Sponsor (the “Guarantor”) has fully guaranteed the Columbus Joint Venture’s obligation to repay the outstanding
balance of the Loans (the “Loan Guarantee”). Each of the joint venture members have agreed to reimburse the Guarantor for
their pro rata share of any balance that may become due under the Loan Guarantee, of which the Company’s share is up to 19% of
the outstanding balance. The Company has determined that the fair value of the Loan Guarantee is immaterial.
Columbus
Joint Venture Financial Information
The
following table represents the condensed statement of operations for the Columbus Joint Venture:
Schedule of condensed statement of operations for the Columbus joint venture |
|
|
|
|
|
|
|
|
|
|
For
the Three Months Ended June 30, 2023 |
|
|
For
the Six Months Ended June 30, 2023 |
|
Revenues |
|
$ |
10,496 |
|
|
$ |
21,007 |
|
|
|
|
|
|
|
|
|
|
Property
operating expenses |
|
|
5,387 |
|
|
|
10,279 |
|
General
and administrative income |
|
|
129 |
|
|
|
84 |
|
Depreciation
and amortization |
|
|
4,773 |
|
|
|
9,519 |
|
Operating
income |
|
|
207 |
|
|
|
1,125 |
|
|
|
|
|
|
|
|
|
|
Interest
expense and other, net |
|
|
(6,080 |
) |
|
|
(13,286 |
) |
Net
loss |
|
$ |
(5,873 |
) |
|
$ |
(12,161 |
) |
Company’s
share of net loss (19.0%) |
|
$ |
(1,116 |
) |
|
$ |
(2,311 |
) |
Additional
depreciation and amortization expense(1) |
|
|
(24 |
) |
|
|
(49 |
) |
Company’s
loss from investment |
|
$ |
(1,140 |
) |
|
$ |
(2,360 |
) |
|
(1) |
Additional depreciation and amortization
expense relates to the amortization of the difference between the cost of the interest in the Columbus Joint Venture and the amount
of the underlying equity in net assets of the Columbus Joint Venture. |
The
following table represents the condensed balance sheet for the Columbus Joint Venture:
Schedule of condensed balance sheet for the Columbus joint venture |
|
|
|
|
|
|
|
|
|
|
As of |
|
|
As of |
|
|
|
June 30,
2023 |
|
|
December 31,
2022 |
|
Investment
property, net |
|
$ |
453,335 |
|
|
$ |
457,339 |
|
Cash
and restricted cash |
|
|
14,356 |
|
|
|
15,770 |
|
Other
assets |
|
|
6,141 |
|
|
|
10,096 |
|
Total
assets |
|
$ |
473,832 |
|
|
$ |
483,205 |
|
|
|
|
|
|
|
|
|
|
Mortgages
and loans payable, net |
|
$ |
386,648 |
|
|
$ |
383,266 |
|
Other
liabilities |
|
|
7,861 |
|
|
|
8,495 |
|
Members’
equity |
|
|
79,323 |
|
|
|
91,444 |
|
Total
liabilities and members’ equity |
|
$ |
473,832 |
|
|
$ |
483,205 |
|
|
X |
- References
+ Details
Name: |
lvp_DisclosureInvestmentInUnconsolidatedAffiliatedRealEstateEntityAbstract |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
lvp_InvestmentsInUnconsolidatedAffiliatedRealEstateEntityTextBlock |
Namespace Prefix: |
lvp_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
Investments in Related Parties
|
6 Months Ended |
Jun. 30, 2023 |
Investments, All Other Investments [Abstract] |
|
Investments in Related Parties |
|
6. |
Investments
in Related Parties |
Preferred
Investments
The
Company previously entered into agreements with various related party entities that provided for it to make preferred contributions pursuant
to certain instruments (the “Preferred Investments”) that entitled it to certain prescribed monthly preferred distributions.
During the six months ended June 30, 2023, the Company redeemed the remaining $6.0 million of its only remaining Preferred Investment,
which was the 40 East End Avenue Preferred Investment.
The
Preferred Investments are summarized as follows:
Schedule of preferred investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
Investment Balance |
|
|
Investment
Income(1) |
|
|
|
Dividend |
|
|
As of
June 30, |
|
|
As of
December 31, |
|
|
Three
Months Ended June 30, |
|
|
Six
Months Ended June 30, |
|
Preferred
Investments |
|
Rate |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
40
East End Avenue |
|
12% |
|
|
$ |
- |
|
|
$ |
6,000 |
|
|
$ |
75 |
|
|
$ |
182 |
|
|
$ |
254 |
|
|
$ |
362 |
|
East
11th Street |
|
12% |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
230 |
|
|
|
- |
|
|
|
485 |
|
Total |
|
|
|
|
$ |
- |
|
|
$ |
6,000 |
|
|
$ |
75 |
|
|
$ |
412 |
|
|
$ |
254 |
|
|
$ |
847 |
|
Note:
|
(1) |
Included
in interest and dividend income on the consolidated statements of operations. |
Hotel
Joint Venture
The
Company has a 2.5% membership interest in the Hotel Joint Venture, which held ownership interests in seven hotel properties as of June 30,
2023 but subsequently sold two of its hotel properties during July 2023. The carrying value of its investment was $0.7 million and
$0.9 million, as of June 30, 2023 and December 31, 2022, respectively, which is included in investments in related parties
on the consolidated balance sheets.
|
X |
- DefinitionThe entire disclosure for investment.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org//321/tableOfContent
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org//325/tableOfContent
+ Details
Name: |
us-gaap_InvestmentTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_InvestmentsAllOtherInvestmentsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
Notes Receivable
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Notes Receivable |
The
Company has formed certain joint ventures (collectively, the “NR Joint Ventures”) between wholly-owned subsidiaries of the
Operating Partnership (collectively, the “NR Subsidiaries”) and affiliates of the Sponsor (the “NR Affiliates”)
which have originated nonrecourse loans (collectively, the “Joint Venture Promissory Notes”) to unaffiliated third-party
borrowers (collectively, the “Joint Venture Borrowers”).
The
NR Subsidiaries and NR Affiliates may have varying ownership interests in the NR Joint Ventures, however; certain other wholly-owned
subsidiaries of the Operating Partnership serve as the manager and are the sole decision-maker for each of the NR Joint Ventures.
The
Company has determined that the NR Joint Ventures are VIEs and the NR Subsidiaries are the primary beneficiaries. Since the NR Subsidiaries
are the primary beneficiaries, beginning on the applicable date of formation, the Company has consolidated the operating results and
financial condition of the NR Joint Ventures and accounted for the respective ownership interests of the NR Affiliates as noncontrolling
interests.
The
Joint Venture Promissory Notes generally provide for monthly interest at a prescribed variable rate, subject to a floor. In connection
with the initial funding of the Joint Venture Promissory Notes, the NR Joint Ventures receive origination fees (ranging from 1.00% to
1.50%) based on the principal commitment under the loan and retain a portion of the loan proceeds to establish a reserve for interest
and other items (the “Loan Reserves”). The Joint Venture Promissory Notes are recorded in notes receivable, net on the consolidated
balance sheets.
The
Joint Venture Promissory Notes generally have an initial term of one or two years and may provide for additional extension options subject
to satisfaction of certain conditions, including the funding of additional Loan Reserves and payment of extension fees. The Joint Venture
Promissory Notes are collateralized by either the membership interests of the Joint Venture Borrowers in the borrowing entity or the
underlying real property being developed by the Joint Venture Borrower.
Origination
fees are presented in the consolidated balance sheets as a direct deduction from the carrying value of the Joint Venture Promissory Notes
and are amortized into interest income, using a straight-line method that approximates the effective interest method, over the initial
term of the Joint Venture Promissory Notes. The Loan Reserves are presented in the consolidated balance sheets as a direct deduction
from the carrying value of the Joint Venture Promissory Notes and are applied against the monthly interest due over the term.
During
the six months ended June 30, 2023, the NR Joint Ventures made aggregate distributions of $1.3 million to both the NR Subsidiaries
and NR Affiliates, based on their respective membership interests. During the six months ended June 30, 2022, both the NR Subsidiaries
and the NR Affiliates made aggregate contributions to the NR Joint Ventures of $21.9 million, principally to fund their respective shares
of the Joint Venture Promissory Note that was originated. Additionally, during the six months ended June 30, 2022, the NR Joint
Ventures made aggregate distributions of $15.0 million to both the NR Subsidiaries and NR Affiliates, based on their respective membership
interests.
LSC
1543 7th LLC, the NR Joint Venture that originated the Joint Venture Promissory Note (the “LSC 1543 7th LLC Note Receivable”)
with a remaining outstanding principal balance of $35.0 million as of June 30, 2023, is currently in discussions with the Joint
Venture Borrower with respect to the terms for an extension to the LSC 1543 7th LLC Note Receivable, which is expected to be completed
on or before its initial scheduled maturity date of August 31, 2023.
The
following tables summarize the Note Receivable as of the dates indicated:
Summary of notes receivable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Joint
Venture/Lender |
|
Company’s
Ownership Percentage |
|
|
Loan
Commitment Amount |
|
|
Origination
Fee |
|
|
Origination
Date |
|
Maturity
Date |
|
Contractual
Interest Rate |
|
Outstanding
Principal |
|
|
Reserves |
|
|
Unamortized
Origination Fee |
|
|
Carrying
Value |
|
|
Unfunded
Commitment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of June 30, 2023 |
|
LSC
1543 7th LLC |
|
50% |
|
|
$ |
49,000 |
|
|
1.00% |
|
|
March 2, 2022 |
|
August 31, 2023 |
|
SOFR plus 7.00%
(Floor of 7.15%) |
|
$ |
35,000 |
|
|
$ |
- |
|
|
$ |
(82 |
) |
|
$ |
34,918 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of December 31, 2022 |
|
LSC
1543 7th LLC |
|
50% |
|
|
$ |
49,000 |
|
|
1.00% |
|
|
March 2, 2022 |
|
August 31, 2023 |
|
SOFR plus 7.00% (Floor
of 7.15%) |
|
$ |
49,000 |
|
|
$ |
(614 |
) |
|
$ |
(327 |
) |
|
$ |
48,059 |
|
|
$ |
- |
|
The
following summarizes the interest earned (included in interest and dividend income on the consolidated statements of operations) for
each of the Joint Venture Promissory Notes during the periods indicated:
Summarizes the interest earned for each of the joint venture promissory notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the Three Months Ended June 30, |
|
|
For
the Six Months Ended June 30, |
|
Joint
Venture/Lender |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
LSC
1543 7th LLC |
|
$ |
1,201 |
|
|
|
1,038 |
|
|
$ |
2,699 |
|
|
$ |
1,727 |
|
LSC
11640 Mayfield LLC |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
455 |
|
Total |
|
$ |
1,201 |
|
|
$ |
1,038 |
|
|
$ |
2,699 |
|
|
$ |
2,182 |
|
|
X |
- References
+ Details
Name: |
us-gaap_DebtDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I
+ Details
Name: |
us-gaap_DebtDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
Marketable Securities, Derivative Financial Instruments, Fair Value Measurements and Notes Payable
|
6 Months Ended |
Jun. 30, 2023 |
Marketable Securities Derivative Financial Instruments Fair Value Measurements And Notes Payable |
|
Marketable Securities, Derivative Financial Instruments, Fair Value Measurements and Notes Payable |
|
8. |
Marketable
Securities, Derivative Financial Instruments, Fair Value Measurements and Notes Payable |
Marketable
Securities
The
following is a summary of the Company’s available for sale securities:
Summary of available for sale securities and other investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of
June 30, 2023 |
|
|
|
Adjusted
Cost |
|
|
Gross
Unrealized Gains |
|
|
Gross
Unrealized Losses |
|
|
Fair
Value |
|
Marketable
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
and Preferred Equity Securities |
|
$ |
20,421 |
|
|
$ |
72 |
|
|
$ |
(1,254 |
) |
|
$ |
19,239 |
|
Marco
OP Units and Marco II OP Units |
|
|
19,227 |
|
|
|
4,936 |
|
|
|
- |
|
|
|
24,163 |
|
|
|
$ |
39,648 |
|
|
$ |
5,008 |
|
|
$ |
(1,254 |
) |
|
$ |
43,402 |
|
|
|
As
of December 31, 2022 |
|
|
|
Adjusted
Cost |
|
|
Gross
Unrealized Gains |
|
|
Gross
Unrealized Losses |
|
|
Fair
Value |
|
Marketable
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
and Preferred Equity Securities |
|
$ |
22,993 |
|
|
$ |
- |
|
|
$ |
(2,103 |
) |
|
$ |
20,890 |
|
Marco
OP Units and Marco II OP Units |
|
|
19,227 |
|
|
|
5,355 |
|
|
|
- |
|
|
|
24,582 |
|
|
|
|
42,220 |
|
|
|
5,355 |
|
|
|
(2,103 |
) |
|
|
45,472 |
|
Debt
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
Bonds |
|
|
602 |
|
|
|
- |
|
|
|
(150 |
) |
|
|
452 |
|
Total |
|
$ |
42,822 |
|
|
$ |
5,355 |
|
|
$ |
(2,253 |
) |
|
$ |
45,924 |
|
As
of both June 30, 2023 and December 31, 2022, the Company held an aggregate of 209,243 Marco OP Units and Marco II OP Units,
of which 89,695 were owned by PRO. The Marco OP Units and the Marco II OP Units are both exchangeable for a similar number of common
operating partnership units (“Simon OP Units”) of Simon Property Group, L.P., (“Simon OP”), the operating partnership
of Simon Property Group, Inc. (“Simon Inc.”), a public REIT that is an owner and operator of shopping malls and outlet centers.
Subject to the various conditions, the Company may elect to exchange the Marco OP Units and/or the Marco II OP Units to Simon OP Units
which must be immediately delivered to Simon Inc. in exchange for cash or similar number of shares of Simon Inc.’s common stock
(“Simon Stock”). Accordingly, the Marco OP Units and Marco II OP Units are valued based on the closing price of Simon Stock,
which was $115.48 per share and $94.92 per share as of June 30, 2023 and 2022, respectively. Additionally, the closing price of
Simon Stock was $117.48 per share as of December 31, 2022.
Throughout
2022 and continuing into 2023, financial markets have been experiencing increases in interest rates primarily as a result of higher inflation,
leading to the lower market prices of the Company equity’s securities, especially those highly sensitive to movements in interest
rates, such as REITs and preferred securities. Because of the change in the closing price of Simon Stock and the market price of the
Company’s other equity securities, the Company incurred unrealized gains of $1.1 million and $0.5 million for the three and six
months ended June 30, 2023, respectively, and unrealized losses of $9.8 million and $18.8 million for the three and six months ended
June 30, 2022, respectively. These unrealized losses incurred on the Company’s marketable equity securities are included in
its consolidated statements of operations.
Derivative
Financial Instruments
The
Company has entered into two 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 on the consolidated statements of operations.
For
the three and six months ended June 30, 2023, the Company recorded an unrealized gain of $38 and unrealized losses of $0.4 million,
respectively, and during the three and six months ended June 30, 2022, the Company recorded unrealized gains of $0.4 million and
$1.2 million, respectively, on the consolidated statements of operations, representing the change in the fair value of these economic
hedges during such periods.
The
two interest rate cap contracts have notional amounts of $90.0
million and $40.0
million, respectively, and effectively cap the LIBOR through June
30, 2023 and its replacement rate thereafter at 3.00%.
Both interest rate cap contracts mature on June 3, 2024. The aggregate fair values of the interest rate cap contracts of $2.9
2,880 million and $3.3
3,279 million as of June 30, 2023 and December 31, 2022, respectively, are included in other assets on the consolidated
balance sheets.
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. |
Marketable
securities and derivative financial instruments measured at fair value on a recurring basis as of the dates indicated are as follows:
Schedule of marketable securities measured at fair value on a recurring basis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair
Value Measurement Using |
|
|
|
|
As
of June 30, 2023 |
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Total |
|
Marketable
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
and Preferred Equity Securities |
|
$ |
1,119 |
|
|
$ |
18,120 |
|
|
$ |
- |
|
|
$ |
19,239 |
|
Marco
OP and OP II Units |
|
|
- |
|
|
|
24,163 |
|
|
|
- |
|
|
|
24,163 |
|
Total |
|
$ |
1,119 |
|
|
$ |
42,283 |
|
|
$ |
- |
|
|
$ |
43,402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative
Financial Instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Rate Cap Contracts |
|
$ |
- |
|
|
$ |
2,880 |
|
|
$ |
- |
|
|
$ |
2,880 |
|
|
|
Fair
Value Measurement Using |
|
|
|
|
As
of December 31, 2022 |
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Total |
|
Marketable
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
and Preferred Equity Securities |
|
$ |
1,138 |
|
|
$ |
19,752 |
|
|
$ |
- |
|
|
$ |
20,890 |
|
Marco
OP and OP II Units |
|
|
- |
|
|
|
24,582 |
|
|
|
- |
|
|
|
24,582 |
|
Corporate
Bonds |
|
|
- |
|
|
|
452 |
|
|
|
- |
|
|
|
452 |
|
Total |
|
$ |
1,138 |
|
|
$ |
44,786 |
|
|
$ |
- |
|
|
$ |
45,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative
Financial Instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Rate Cap Contracts |
|
$ |
- |
|
|
$ |
3,279 |
|
|
$ |
- |
|
|
$ |
3,279 |
|
The
fair values of the Company’s common equity securities are measured using readily quoted prices for these investments which are
listed for trade on active markets. The fair values of the Company’s preferred equity securities and corporate bonds are measured
using readily available quoted prices for these securities; however, the markets for these securities are not active. Additionally, as
noted and disclosed above, the Company’s Marco OP and OP II units are both ultimately exchangeable for cash or similar number of
shares of Simon Stock, therefore the Company uses the quoted market price of Simon Stock to measure the fair value of the Company’s
Marco OP and OP II units.
The
Company did not have any other significant financial assets or liabilities, which would require revised valuations that are recognized
at fair value.
Notes
Payable
Margin
Loan
The
Company has access to a margin loan (the “Margin Loan”) from a financial institution that holds custody of certain of the
Company’s marketable securities. The Margin Loan, which is due on demand, bears interest at LIBOR plus 0.85% (6.07% as of June 30,
2023) and is collateralized by the marketable securities in the Company’s account. The amounts available to the Company under the
Margin Loan are at the discretion of the financial institution and not limited to the amount of collateral in its account. There were
no amounts outstanding under this Margin Loan as of June 30, 2023 and December 31, 2022.
Line
of Credit
The
Company has a non-revolving credit facility (the “Line of Credit”) that provides for borrowings up to a maximum of $20.0
million, subject to a 55% loan-to-value ratio based on the fair value of the underlying collateral, which matures on November 30,
2024 and bears interest at LIBOR plus 1.35% (6.57% as of June 30, 2023). Additionally, the Line of Credit provides for a replacement
benchmark rate in connection with the phase-out of LIBOR, which is expected to be for periods after June 30, 2023. The Line of Credit
is collateralized by an aggregate of 209,243 of Marco OP Units and Marco II OP Units and is guaranteed by PRO. As of June 30, 2023,
the amount of borrowings available to be drawn under the Line of Credit was $13.3 million. No amounts were outstanding under the Line
of Credit as of both June 30, 2023 and December 31, 2022.
|
X |
- References
+ Details
Name: |
lvp_DisclosureMarketableSecuritiesDerivativeFinancialInstrumentsFairValueMeasurementsAndNotesPayableAbstract |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
lvp_MarketableSecuritiesAndOtherInvestmentsFairValueMeasurementsAndNotesPayableTextBlock |
Namespace Prefix: |
lvp_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
Mortgages Payable, Net
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Mortgages Payable, Net |
|
9. |
Mortgages
Payable, Net |
Mortgages
payable, net consists of the following:
Schedule of mortgages payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property/Investment |
|
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 |
|
Gantry
Park Landing |
|
4.48% |
|
|
4.48% |
|
|
November 2024 |
|
$ |
65,317 |
|
|
$ |
67,428 |
|
|
$ |
68,151 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lower
East Side Moxy Hotel Senior |
|
LIBOR + 7.50% (floor
of 7.75%) |
|
|
10.40% |
|
|
June 2024 |
|
|
90,000 |
|
|
|
90,000 |
|
|
|
82,811 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lower
East Side Moxy Hotel Junior |
|
LIBOR + 13.50% (floor
of 14.00%) |
|
|
16.72% |
|
|
June 2024 |
|
|
40,000 |
|
|
|
40,000 |
|
|
|
40,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exterior
Street Project |
|
SOFR + 2.60% |
|
|
7.45% |
|
|
November 2023 |
|
|
35,000 |
|
|
|
35,000 |
|
|
|
35,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exterior
Street Project Supplemental |
|
SOFR + 2.60% |
|
|
7.45% |
|
|
November 2023 |
|
|
7,000 |
|
|
|
7,000 |
|
|
|
7,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LSC
1543 7th LLC Note Receivable |
|
SOFR + 3.50% |
|
|
8.50% |
|
|
December 2023 |
|
|
21,529 |
|
|
|
21,529 |
|
|
|
32,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
mortgages payable |
|
|
|
|
9.21% |
|
|
|
|
$ |
258,846 |
|
|
|
260,957 |
|
|
|
265,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
Deferred financing costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,843 |
) |
|
|
(4,535 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
mortgages payable, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
258,114 |
|
|
$ |
260,579 |
|
One-month
LIBOR as of June 30, 2023 and December 31, 2022 was 5.22% and 4.39%, respectively. One-month SOFR as of June 30, 2023
and December 31, 2022 was 5.14% and 4.36%. The Company’s loans are secured by the indicated real estate/investment and are
non-recourse to the Company, unless otherwise indicated.
LSC
1543 7th LLC Loan
On
June 30, 2022, LSC 1543 7th LLC obtained a loan of up to $33.1 million (the “LSC 1543 7th LLC Loan”) which bears interest
at SOFR + 3.50% (8.64% as of June 30, 2023). The LSC 1543 7th LLC Loan is initially scheduled to mature on December 30, 2023,
but may be further extended through December 30, 2024 and September 20, 2025, through the exercise of two extension options.
The LSC 1543 7th LLC Loan requires monthly interest-only payments with the outstanding principal balance due at its maturity date and
is collateralized by a nonrecourse loan originated by LSC 1543 7th LLC Note Receivable. During the first quarter of 2023, LSC 1543 7th
LLC received a payment of $14.0 million on the LSC 1543 7th LLC Note Receivable and used a portion of the proceeds to repay $11.3 million
of the LSC 1543 7th LLC Loan, which reduced the outstanding balance to $21.5 million.
Moxy
Construction Loans
On
June 3, 2021, the Company, through a wholly owned subsidiary, closed on a recourse construction loan facility (the “Moxy Senior
Loan”) providing for up to $90.0 million of funds for the development, construction and certain pre-opening costs associated with
the Lower East Side Moxy Hotel. At closing, $35.6 million of proceeds were initially advanced under the Moxy Senior Loan, which were
used to repay in full a then outstanding mortgage loan. The Moxy Senior Loan bears interest at LIBOR plus 7.50%, subject to an 7.75%
floor, and initially matures on June 3, 2024, with two one-year extension options, subject to the satisfaction of certain conditions.
Additionally, the Moxy Senior Loan provides for a replacement benchmark rate for periods after June 30, 2023 in connection with
the phase-out of LIBOR. The Moxy Senior Loan is collateralized by the Lower East Side Moxy Hotel. As of June 30, 2023, the outstanding
principal balance of the Moxy Senior Loan was $90.0 million, the interest rate was 12.72%. Additionally, the Company was required by
the lender to deposit the $4.7 million of key money received from Marriott during the fourth quarter of 2022 into an escrow account (included
in restricted cash on the consolidated balance sheet as of December 31, 2022), all of which was subsequently used to fund remaining
construction costs for the project during the first quarter of 2023.
Simultaneously
on June 3, 2021, the Company, through the same wholly owned subsidiary, also entered into a mezzanine construction loan facility
(the “Moxy Junior Loan” and together with the Moxy Senior Loan, the “Moxy Construction Loans”) providing for
up to $40.0 million of additional funds for the development, construction and certain pre-opening costs associated with the Lower East
Side Moxy Hotel. The Moxy Junior Loan bears interest at LIBOR plus 13.50%, subject to a 14.00% floor (18.72% as of June 30, 2023),
and initially matures on June 3, 2024, with two one-year extension options, subject to the satisfaction of certain conditions. Additionally,
the Moxy Junior Loan provides for a replacement benchmark rate for periods after June 30, 2023 in connection with the phase-out
of LIBOR. The Moxy Junior Loan is subordinate to the Moxy Senior Loan but also collateralized by the Lower East Side Moxy Hotel. The
Company has provided a principal guarantee of up to $7.0 million with respect to the Moxy Junior Loan.
In
connection with the Moxy Construction Loans, the Company provided certain completion and carry cost guarantees. Additionally, the Moxy
Construction Loans provide for the lenders to trap excess cash flow, if any, generated from the operations of the Lower East Side Moxy
Hotel until it achieves certain prescribed financial ratios for two consecutive quarters. To-date, the Lower East Side Moxy Hotel, which
opened in October 2022 and therefore, is still in its ramp-up period, has not achieved any of the prescribed financial ratios.
The
Company has also entered into two interest rate cap agreements with notional amounts of $90.0 million and $40.0 million pursuant to which
LIBOR through June 30, 2023 and its replacement rate thereafter is capped at 3.00% through June 3, 2024. Furthermore, in connection
with the Moxy Construction Loans, the Company paid $5.3 million of loan fees and expenses and accrued $1.1 million of loan exit fees
which are due at the initial maturity date and are included in accounts payable, accrued expenses and other liabilities on the consolidated
balance sheets as of June 30, 2023 and December 31, 2022.
Exterior
Street Loans
On
March 29, 2019, the Company obtained a $35.0 million loan (the “Exterior Street Loan”) from a financial institution
which, commencing on October 10, 2020, bore interest at LIBOR plus 2.25% through November 24, 2022. On December 21, 2021,
the loan agreement was amended to provide an additional $7.0 million loan (the “Exterior Street Supplemental Loan” and collectively
with the Exterior Street Loan, the “Exterior Street Loans”) which bore interest at LIBOR plus 2.50% through November 24,
2022. The Exterior Street Loans require monthly interest-only payments with the outstanding principal balances due in full at their maturity
date. The Exterior Street Loans are collateralized by the Exterior Street Project. On November 22, 2022, the Company and the financial
institution entered into an additional amendment to the Exterior Street Loans pursuant to which the interest rate on the Exterior Street
Loans was adjusted to SOFR plus 2.60% (7.74% as of June 30, 2023) and their maturity dates were extended to November 24, 2023.
The
following table shows the contractually scheduled principal maturities of the Company’s mortgage debt during the next five years
and thereafter as of June 30, 2023:
Scheduled of contractually principal maturities during next five years |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
2024 |
|
|
2025 |
|
|
2026 |
|
|
2027 |
|
|
Thereafter |
|
|
Total |
|
Principal
maturities |
|
$ |
64,260 |
|
|
$ |
196,697 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
260,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
Deferred financing costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,843 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
principal maturities, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
258,114 |
|
Certain
of the Company’s debt agreements require the maintenance of certain ratios, including debt service coverage. As of June 30,
2023, the Company was in compliance with all of its financial debt covenants; except for the those for the Moxy Construction Loans, as
discussed above. Additionally, certain of our mortgages payable also contain clauses providing for prepayment penalties.
Debt
Maturities
The
Exterior Street Loans (outstanding aggregate principal balance of $42.0 million as of June 30, 2023) mature on November 24,
2023. The Company currently intends to seek to extend or refinance the Exterior Street Loans on or before their maturity date.
The
LSC 1543 7th LLC Loan (outstanding principal balance of $21.5 million as of June 30, 2023) is scheduled to initially mature on December 30,
2023, but may be further extended through December 30, 2024 and September 20, 2025, through the exercise of two extension options.
The Company currently intends to repay the LSC 1543 7th LLC Loan with the proceeds from the expected repayment of the LSC 1543 7th LLC
Note Receivable, which has an outstanding principal balance of $35.0 million, or to seek to further extend the LSC 1543 7th LLC Loan
pursuant to its first extension option on or before its scheduled maturity date.
The
Moxy Construction Loans (outstanding aggregate principal balance of $130.0 million as of June 30, 2023) mature on June 3, 2024.
The Company currently intends to refinance the Moxy Construction Loans on or before their initial maturity dates of June 3, 2024;
however, there can be no assurances that it will be successful in such endeavors. If the Company is unable to refinance the Moxy Construction
Loans on or before their initial maturity date, it will then seek to exercise the first of their two one-year extension options.
However,
if the Company is unable to extend or refinance its maturing indebtedness at favorable terms, it will look to repay the then outstanding
principal balances with available cash and/or proceeds from selective asset sales. The Company has no additional significant maturities
of mortgage debt over the next 12 months from the date of these consolidated financial statements.
|
X |
- References
+ Details
Name: |
us-gaap_DebtDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for mortgage notes payable.
+ References
+ Details
Name: |
us-gaap_MortgageNotesPayableDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
Equity
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Equity |
Distribution
on Common Shares
On
May 10, 2023, the Board of Directors authorized and the Company declared a distribution of $0.175 per share for the quarterly period
ending June 30, 2023. On July 15, 2023, the distribution of $3.8 million was paid in full using a combination of cash and approximately
7,000 shares of the Company’s common stock issued pursuant to the Company’s distribution reinvestment program (“DRIP”),
at a discounted price of $11.58 per share, equal to 95% of the Company’s most recently published estimated net asset value per
share of $12.19 as of September 30, 2022.
On
August 11, 2023, the Company’s Board of Directors authorized and the Company declared a distribution of $0.0875 per share
for the quarterly period ending September 30, 2023. The quarterly distribution is the pro rata equivalent of an annual distribution
of $0.35 per share, or an annualized rate of 3.5% assuming a purchase price of $10.00 per share. The distribution will be paid on or
about the 15th day of the month following the quarter-end to stockholders of record at the close of business on the last day of the quarter-end.
The stockholders have an option to elect the receipt of shares under the Company’s DRIP.
Because
the quarterly distribution declared by the Board of Directors on the Common Shares for the quarterly period ending on September 30,
2023 does not equal at least an annualized rate of 7.0% assuming a purchase price of $10.00 per share, no distributions were declared
on the SLP Units. Any future distributions on the SLP Units will always be subordinated until stockholders receive a stated preferred
return.
Future
distributions, if any, declared will be at the discretion of the Board of Directors based on their analysis of the Company’s performance
over the previous periods and expectations of performance for future periods. The Board of Directors will consider various factors in
its determination, including but not limited to, the sources and availability of capital, operating and interest expenses, the Company’s
ability to refinance near-term debt, as well as the IRS’s annual distribution requirement that REITs distribute no less than 90%
of their taxable income. The Company cannot assure that any future distributions will be made or that it will maintain any particular
level of distributions that it has previously established or may establish.
SRP
The
Company’s share repurchase program (the “SRP”) may provide its stockholders with limited, interim liquidity by enabling
them to sell their shares of common stock back to the Company, subject to restrictions.
On
March 25, 2020, the Board of Directors amended the SRP to remove stockholder notice requirements and also approved the suspension
of all redemptions.
Effective
March 18, 2021 and May 14, 2021, the Board of Directors partially reopened the SRP to allow, subject to various conditions
as set forth below, for redemptions submitted in connection with a stockholder’s death and hardship, respectively, and set the
price for all such purchases to our current estimated net asset value per share of common stock (“NAV per Share”), as determined
by the Board of Directors and reported by the Company from time to time. Deaths that occurred subsequent to January 1, 2020 were
eligible for consideration, subject to certain conditions. Beginning January 1, 2022, requests for redemptions in connection with
a stockholder’s death must be submitted and received by the Company within one year of the stockholder’s date of death for
consideration. On March 18, 2022, the Board of Directors approved an increase to the annual threshold for death redemptions from
up to 0.5% to 1.0%.
At
the above noted dates, the Board of Directors established that on an annual basis, the Company would not redeem in excess of 1.0% and
0.5% of the number of shares outstanding as of the end of the preceding year for either death or hardship redemptions, respectively.
Additionally, redemption requests generally would be processed on a quarterly basis and would be subject to pro ration if either type
of redemption requests exceeded the annual limitation.
For
the six months ended June 30, 2023, the Company repurchased 119,300 Common Shares at a weighted average price per share of $12.19.
For the six months ended June 30, 2022, the Company repurchased 273,135 Common Shares at a weighted average price per share of $11.75.
Net
Earnings Per Share
Basic
net earnings per share is calculated by dividing net income attributable to common shareholders by the weighted-average number of shares
of common stock outstanding during the applicable period. Dilutive income per share includes the potentially dilutive effect, if any,
which would occur if our outstanding options to purchase our common stock were exercised. For all periods presented dilutive net income
per share is equivalent to basic net income per share.
|
X |
- References
+ Details
Name: |
us-gaap_EquityAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-6
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-6
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-16
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18
+ Details
Name: |
us-gaap_StockholdersEquityNoteDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
Related Party Transactions
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
|
11. |
Related
Party Transactions |
The
Company has various agreements, including an advisory agreement, with the Advisor and Lightstone Value Plus REIT Management LLC (the
“Property Manager”) to pay certain fees in exchange for services performed by these entities and other affiliated entities.
The Company’s ability to secure financing and subsequent real estate operations are dependent upon its Advisor, Property Manager
and their affiliates to perform such services as provided in these agreements. Amounts the Company owes to the Advisor and its affiliated
entities are principally for asset management fees, and are classified as due to related parties on the consolidated balance sheets.
The
Company, pursuant to the related party arrangements, has recorded the following amounts for the periods indicated:
Summary of Amount recorded in pursuant to related party arrangement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the Three Months Ended |
|
|
For
the Six Months Ended |
|
|
|
June 30,
2023 |
|
|
June 30,
2022 |
|
|
June 30,
2023 |
|
|
June 30,
2022 |
|
Asset
management fees (general and administrative costs) |
|
$ |
551 |
|
|
$ |
171 |
|
|
$ |
1,107 |
|
|
$ |
325 |
|
Property
management fees (property operating expenses) |
|
|
75 |
|
|
|
74 |
|
|
|
147 |
|
|
|
155 |
|
Development
fees and cost reimbursement(1) |
|
|
235 |
|
|
|
733 |
|
|
|
641 |
|
|
|
1,617 |
|
Total |
|
$ |
861 |
|
|
$ |
978 |
|
|
$ |
1,895 |
|
|
$ |
2,097 |
|
(1) |
Development
fees and the reimbursement of development-related costs that the Company pays to the Advisor and its affiliates are capitalized and
are included in the carrying value of the associated development project which are classified as development projects on the consolidated
balance sheets until construction is substantially completed and the associated assets are placed in service. As of December 31,
2022, the Company owed the Advisor and its affiliated $0.7 million, for development fees, which is included in accounts payable,
accrued expenses and other liabilities on the consolidated balance sheets. |
See
Notes 3, 4 and 5 for other related party transactions.
The
advisory agreement has a one-year term and is renewable for an unlimited number of successive one-year periods upon the mutual consent
of the Advisor and the Company’s independent directors. Payments to the Advisor or its affiliates may include asset acquisition
fees and the reimbursement of acquisition-related expenses, development fees and the reimbursement of development-related costs, financing
coordination fees, asset management fees or asset management participation, and construction management fees. The Company may also reimburse
the Advisor and its affiliates for actual expenses it incurs for administrative and other services provided for it. Upon the liquidation
of the Company’s assets, it may pay the Advisor or its affiliates a disposition commission.
In
connection with the Company’s Offering, Lightstone SLP, LLC purchased an aggregate of $30.0 million of SLP Units which are included
in noncontrolling interests in the consolidated balance sheets. These SLP Units, the purchase price of which will be repaid only after
stockholders receive a stated preferred return and their net investment, entitle Lightstone SLP, LLC to a portion of any regular distributions
made by the Operating Partnership.
During
both the three and six months ended June 30, 2023 and 2022, distributions of $0.5 million and $1.0 million, respectively, were declared
and paid on the SLP units.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-5
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-6
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483326/850-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(g)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//850/tableOfContent
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483326/850-10-50-6
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483326/850-10-50-1
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483326/850-10-50-1
+ Details
Name: |
us-gaap_RelatedPartyTransactionsDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
Financial Instruments
|
6 Months Ended |
Jun. 30, 2023 |
Investments, All Other Investments [Abstract] |
|
Financial Instruments |
|
12. |
Financial
Instruments |
The
carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, restricted cash, other assets, accounts payable,
accrued expenses and other liabilities, due to related parties, tenant allowances and deposits payable and deferred rental income approximate
their fair values because of the short maturity of these instruments. The carrying amounts of the notes receivable approximate their
fair values because the interest rates are variable and reflective of market rates.
The
carrying amount and estimated fair value (in millions) of the Company’s mortgage debt is summarized as follows:
Schedule of mortgage debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
June 30, 2023 |
|
|
As
of December 31, 2022 |
|
|
|
Carrying
Amount |
|
|
Estimated
Fair Value |
|
|
Carrying
Amount |
|
|
Estimated
Fair Value |
|
Mortgages
payable |
|
$ |
261.0 |
|
|
$ |
260.5 |
|
|
$ |
265.1 |
|
|
$ |
265.1 |
|
The
fair value of the mortgages payable was determined by discounting the future contractual interest and principal payments by estimated
current market interest rates.
|
X |
- DefinitionThe entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures.
+ References
+ Details
Name: |
us-gaap_FinancialInstrumentsDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_InvestmentsAllOtherInvestmentsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
|
13. |
Commitments
and Contingencies |
Hotel
Franchise Agreement
The
Lower East Side Moxy Hotel operates pursuant to a 30-year franchise agreement (the “Hotel Franchise Agreement”) with Marriott
International, Inc. (“Marriott”). The Hotel Franchise Agreement provides for the Company to pay franchise fees and marketing
fund charges equal to certain prescribed percentages of gross room sales, as defined. Additionally, pursuant to the terms of the Hotel
Franchise Agreement, the Company received a key money (“Key Money”) payment of $4.7 million from Marriott during the fourth
quarter of 2022. The Key Money, which is included in accounts payable, accrued expenses and other liabilities on the consolidated balance
sheets is being amortized as a reduction to franchise fees over the term of the Hotel Franchise Agreement. As of June 30, 2023 and
December 31, 2022, the remaining unamortized balance of the Key Money was $4.6 million and $4.7 million, respectively. Pursuant
to the terms of the Hotel Franchise Agreement, the Company may be obligated to return the unamortized portion of the key money back to
Marriott upon the occurrence of certain events. The franchise fees and marketing fund charges are recorded as a component of hotel operating
expenses in the consolidated statements of operations.
Hotel
Management Agreements
With
respect to the Lower East Side Moxy Hotel, the Company has entered into a hotel management agreement, food and beverage operations management
agreement and an asset management agreement (collectively, the “Hotel Management Agreements”) with various third-party management
companies pursuant to which they provide oversight and management over the operation of the Lower East Side Moxy Hotel and its food and
beverage venues and receive payment of certain prescribed management fees, generally based on a percentage of revenues and certain incentives
for exceeding targeted earnings thresholds. The management fees are recorded as a component of hotel operating expenses on the consolidated
statements of operations. The Hotel Management Agreements have initial terms ranging from 5 to 20 years.
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.
|
X |
- References
+ Details
Name: |
us-gaap_CommitmentsAndContingenciesDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for commitments and contingencies.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 440 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482648/440-10-50-4
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 450 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//450/tableOfContent
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 954 -SubTopic 440 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480327/954-440-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 440 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482648/440-10-50-4
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 440 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//440/tableOfContent
+ Details
Name: |
us-gaap_CommitmentsAndContingenciesDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Principles of Consolidation and Basis of Presentation |
Principles
of Consolidation and Basis of Presentation
The
consolidated financial statements include the accounts of Lightstone REIT I and its Operating Partnership and its subsidiaries (over
which Lightstone REIT I exercises financial and operating control). All inter-company balances and transactions have been eliminated
in consolidation. In addition, interests in entities acquired are evaluated based on applicable accounting principles generally accepted
in the United States of America (“GAAP”), and if 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 but have significant influence, the Company accounts for the investment using the equity method of accounting.
There
are judgments and estimates involved in determining if an entity in which the Company has made an investment is a VIE and, if so, whether
the Company is the primary beneficiary. The entity is evaluated to determine if it is a VIE by, among other things, calculating the percentage
of equity being risked compared to the total equity of the entity. Determining expected future losses involves assumptions of various
possibilities of the results of future operations of the entity, assigning a probability to each possibility and using a discount rate
to determine the net present value of those future losses. A change in the judgments, assumptions, and estimates outlined above could
result in consolidating an entity that should not be consolidated or accounting for an investment using the equity method that should
in fact be consolidated, the effects of which could be material to our financial statements.
The
accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the audited consolidated
financial statements of the Company and related notes as contained in the Company’s Annual Report on Form 10-K for the fiscal
year ended December 31, 2022. 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 I, Inc. and its Subsidiaries have
been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 8 of
Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted
in the United States of America for complete financial statements.
GAAP
requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities,
the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The
most significant assumptions and estimates relate to the valuation of real estate and real-estate related investments, marketable securities,
notes receivable, depreciable lives, and revenue recognition. Application of these assumptions requires the exercise of judgment as to
future uncertainties and, as a result, actual results could differ from these estimates.
The
consolidated balance sheet as of December 31, 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.
|
Income Taxes |
Income
Taxes
The
Company has elected to be taxed as a REIT commencing with the taxable year ended December 31, 2005. 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. Additionally, even if the Company continues to qualify as a REIT,
it may still be subject to some U.S. federal, state and local taxes on our income and property and to U.S. federal income taxes and excise
taxes on its undistributed income, if any.
To
qualify or maintain our qualification as a REIT, the Company engages in certain activities through wholly-owned taxable REIT subsidiaries
(“TRS”). As such, it is subject to U.S. federal and state income and franchise taxes from these activities.
As
of June 30, 2023 and December 31, 2022, the Company had no material uncertain income tax positions.
|
Revenues |
Revenues
The
following table represents the total hotel revenues from hotel operations on a disaggregated basis:
Schedule of revenues on a disaggregated |
|
|
|
|
|
|
|
|
|
|
For
the Three Months ended June 30, 2023 |
|
|
For
the Six Months ended June 30, 2023 |
|
Hotel
revenues |
|
|
|
|
|
|
|
|
Room |
|
$ |
6,705 |
|
|
$ |
9,700 |
|
Food,
beverage and other |
|
|
6,238 |
|
|
|
10,787 |
|
Total
hotel revenues |
|
$ |
12,943 |
|
|
$ |
20,487 |
|
|
Land Parcel Sale |
Land
Parcel Sale
During
the first quarter of 2023, the Company completed the disposition of a parcel of land, which was part of its St. Augustine Land Holdings,
to an unrelated third party for a contractual sales price of $1.5 million and recognized a gain on disposition of real estate of $1.1
million during the six months ended June 30, 2023.
|
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 trade receivables, 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 Risk |
Adverse
Developments Affecting the Financial Services Industry and Concentration of 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. 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.
|
Reclassifications |
Reclassifications
Certain
prior period amounts have been reclassified to conform to the current period’s presentation.
|
Supplemental Cash Flow Information |
Supplemental
Cash Flow Information
Supplemental
cash flow information for the periods indicated is as follows:
Summary of supplemental cash flow information |
|
|
|
|
|
|
|
|
|
|
For
the Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
Cash
paid for interest |
|
$ |
11,856 |
|
|
$ |
5,395 |
|
Distributions
declared but not paid |
|
$ |
3,807 |
|
|
$ |
3,840 |
|
Capital
expenditures for investment property in accounts payable, accrued expenses and other liabilities |
|
$ |
1,208 |
|
|
$ |
3,450 |
|
Amortization
of deferred financing costs included in development projects |
|
$ |
- |
|
|
$ |
1,253 |
|
Holding
loss/gain on marketable securities |
|
$ |
151 |
|
|
$ |
134 |
|
Value
of shares issued from distribution reinvestment program |
|
$ |
167 |
|
|
$ |
167 |
|
Proceeds
from mortgage financing held by related party |
|
$ |
- |
|
|
$ |
28,643 |
|
|
X |
- References
+ Details
Name: |
lvp_LandParcelSalePolicyTextBlock |
Namespace Prefix: |
lvp_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
lvp_SupplementalCashFlowInformationPolicyTextBlick |
Namespace Prefix: |
lvp_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_AccountingPoliciesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
+ References
+ Details
Name: |
us-gaap_BasisOfAccountingPolicyPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for credit risk.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 825 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480981/942-825-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 10 -Topic 275 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-1
+ Details
Name: |
us-gaap_ConcentrationRiskCreditRisk |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for environmental remediation costs that are expensed during the period that resulted from improper or other than normal operation of a long-lived asset. This accounting policy may address (1) whether the obligation is measured on a discounted basis, (2) the event, situation, or set of circumstances that generally triggers recognition of loss contingencies arising from the entity's environmental remediation-related obligations, and (3) the timing of recognition of any recoveries. This accounting policy does not address: (1) accounting for pollution control costs of current operations or for costs of future site restoration or closure that are required upon the cessation of operations or sale of facilities (2) environmental remediation actions that are undertaken at the sole discretion of management and that are not induced by the threat, by governments or other parties, of litigation or of assertion of a claim or an assessment (3) recognition of liabilities of insurance companies for unpaid claims or (4) asset impairment issues.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 410 -SubTopic 30 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481931/410-30-50-4
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 410 -SubTopic 30 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481931/410-30-50-8
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 410 -SubTopic 30 -Section 55 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481899/410-30-55-14
+ Details
Name: |
us-gaap_EnvironmentalCostExpensePolicy |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-03(h)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482525/740-10-45-25
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482525/740-10-45-28
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-20
+ Details
Name: |
us-gaap_IncomeTaxPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.
+ References
+ Details
Name: |
us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for reclassification affecting comparability of financial statement. Excludes amendment to accounting standards, other change in accounting principle, and correction of error.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483504/205-10-50-1
+ Details
Name: |
us-gaap_PriorPeriodReclassificationAdjustmentDescription |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for revenue. Includes revenue from contract with customer and from other sources.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483426/235-10-50-4
Reference 3: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (e) -SubTopic 10 -Topic 235 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483426/235-10-50-4
+ Details
Name: |
us-gaap_RevenueRecognitionPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of revenues on a disaggregated |
Schedule of revenues on a disaggregated |
|
|
|
|
|
|
|
|
|
|
For
the Three Months ended June 30, 2023 |
|
|
For
the Six Months ended June 30, 2023 |
|
Hotel
revenues |
|
|
|
|
|
|
|
|
Room |
|
$ |
6,705 |
|
|
$ |
9,700 |
|
Food,
beverage and other |
|
|
6,238 |
|
|
|
10,787 |
|
Total
hotel revenues |
|
$ |
12,943 |
|
|
$ |
20,487 |
|
|
Summary of supplemental cash flow information |
Summary of supplemental cash flow information |
|
|
|
|
|
|
|
|
|
|
For
the Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
Cash
paid for interest |
|
$ |
11,856 |
|
|
$ |
5,395 |
|
Distributions
declared but not paid |
|
$ |
3,807 |
|
|
$ |
3,840 |
|
Capital
expenditures for investment property in accounts payable, accrued expenses and other liabilities |
|
$ |
1,208 |
|
|
$ |
3,450 |
|
Amortization
of deferred financing costs included in development projects |
|
$ |
- |
|
|
$ |
1,253 |
|
Holding
loss/gain on marketable securities |
|
$ |
151 |
|
|
$ |
134 |
|
Value
of shares issued from distribution reinvestment program |
|
$ |
167 |
|
|
$ |
167 |
|
Proceeds
from mortgage financing held by related party |
|
$ |
- |
|
|
$ |
28,643 |
|
|
X |
- References
+ Details
Name: |
us-gaap_AccountingPoliciesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5
+ Details
Name: |
us-gaap_DisaggregationOfRevenueTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of supplemental cash flow information for the periods presented.
+ References
+ Details
Name: |
us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
Investment in Unconsolidated Affiliated Real Estate Entity (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Investment In Unconsolidated Affiliated Real Estate Entity |
|
Schedule of condensed statement of operations for the Columbus joint venture |
Schedule of condensed statement of operations for the Columbus joint venture |
|
|
|
|
|
|
|
|
|
|
For
the Three Months Ended June 30, 2023 |
|
|
For
the Six Months Ended June 30, 2023 |
|
Revenues |
|
$ |
10,496 |
|
|
$ |
21,007 |
|
|
|
|
|
|
|
|
|
|
Property
operating expenses |
|
|
5,387 |
|
|
|
10,279 |
|
General
and administrative income |
|
|
129 |
|
|
|
84 |
|
Depreciation
and amortization |
|
|
4,773 |
|
|
|
9,519 |
|
Operating
income |
|
|
207 |
|
|
|
1,125 |
|
|
|
|
|
|
|
|
|
|
Interest
expense and other, net |
|
|
(6,080 |
) |
|
|
(13,286 |
) |
Net
loss |
|
$ |
(5,873 |
) |
|
$ |
(12,161 |
) |
Company’s
share of net loss (19.0%) |
|
$ |
(1,116 |
) |
|
$ |
(2,311 |
) |
Additional
depreciation and amortization expense(1) |
|
|
(24 |
) |
|
|
(49 |
) |
Company’s
loss from investment |
|
$ |
(1,140 |
) |
|
$ |
(2,360 |
) |
|
(1) |
Additional depreciation and amortization
expense relates to the amortization of the difference between the cost of the interest in the Columbus Joint Venture and the amount
of the underlying equity in net assets of the Columbus Joint Venture. |
|
Schedule of condensed balance sheet for the Columbus joint venture |
Schedule of condensed balance sheet for the Columbus joint venture |
|
|
|
|
|
|
|
|
|
|
As of |
|
|
As of |
|
|
|
June 30,
2023 |
|
|
December 31,
2022 |
|
Investment
property, net |
|
$ |
453,335 |
|
|
$ |
457,339 |
|
Cash
and restricted cash |
|
|
14,356 |
|
|
|
15,770 |
|
Other
assets |
|
|
6,141 |
|
|
|
10,096 |
|
Total
assets |
|
$ |
473,832 |
|
|
$ |
483,205 |
|
|
|
|
|
|
|
|
|
|
Mortgages
and loans payable, net |
|
$ |
386,648 |
|
|
$ |
383,266 |
|
Other
liabilities |
|
|
7,861 |
|
|
|
8,495 |
|
Members’
equity |
|
|
79,323 |
|
|
|
91,444 |
|
Total
liabilities and members’ equity |
|
$ |
473,832 |
|
|
$ |
483,205 |
|
|
X |
- References
+ Details
Name: |
lvp_DisclosureInvestmentInUnconsolidatedAffiliatedRealEstateEntityAbstract |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
lvp_ScheduleOfCondensedBalanceSheetForColumbusJointVentureTableTextBlock |
Namespace Prefix: |
lvp_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
lvp_ScheduleOfCondensedStatementOfOperationsForColumbusJointVenture |
Namespace Prefix: |
lvp_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
Investments in Related Parties (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Investments, All Other Investments [Abstract] |
|
Schedule of preferred investments |
Schedule of preferred investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
Investment Balance |
|
|
Investment
Income(1) |
|
|
|
Dividend |
|
|
As of
June 30, |
|
|
As of
December 31, |
|
|
Three
Months Ended June 30, |
|
|
Six
Months Ended June 30, |
|
Preferred
Investments |
|
Rate |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
40
East End Avenue |
|
12% |
|
|
$ |
- |
|
|
$ |
6,000 |
|
|
$ |
75 |
|
|
$ |
182 |
|
|
$ |
254 |
|
|
$ |
362 |
|
East
11th Street |
|
12% |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
230 |
|
|
|
- |
|
|
|
485 |
|
Total |
|
|
|
|
$ |
- |
|
|
$ |
6,000 |
|
|
$ |
75 |
|
|
$ |
412 |
|
|
$ |
254 |
|
|
$ |
847 |
|
Note:
|
(1) |
Included
in interest and dividend income on the consolidated statements of operations. |
|
X |
- References
+ Details
Name: |
lvp_ScheduleOfPreferredInvestmentsTableTextBlock |
Namespace Prefix: |
lvp_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_InvestmentsAllOtherInvestmentsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
Notes Receivable (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Summary of notes receivable |
Summary of notes receivable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Joint
Venture/Lender |
|
Company’s
Ownership Percentage |
|
|
Loan
Commitment Amount |
|
|
Origination
Fee |
|
|
Origination
Date |
|
Maturity
Date |
|
Contractual
Interest Rate |
|
Outstanding
Principal |
|
|
Reserves |
|
|
Unamortized
Origination Fee |
|
|
Carrying
Value |
|
|
Unfunded
Commitment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of June 30, 2023 |
|
LSC
1543 7th LLC |
|
50% |
|
|
$ |
49,000 |
|
|
1.00% |
|
|
March 2, 2022 |
|
August 31, 2023 |
|
SOFR plus 7.00%
(Floor of 7.15%) |
|
$ |
35,000 |
|
|
$ |
- |
|
|
$ |
(82 |
) |
|
$ |
34,918 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of December 31, 2022 |
|
LSC
1543 7th LLC |
|
50% |
|
|
$ |
49,000 |
|
|
1.00% |
|
|
March 2, 2022 |
|
August 31, 2023 |
|
SOFR plus 7.00% (Floor
of 7.15%) |
|
$ |
49,000 |
|
|
$ |
(614 |
) |
|
$ |
(327 |
) |
|
$ |
48,059 |
|
|
$ |
- |
|
|
Summarizes the interest earned for each of the joint venture promissory notes |
Summarizes the interest earned for each of the joint venture promissory notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the Three Months Ended June 30, |
|
|
For
the Six Months Ended June 30, |
|
Joint
Venture/Lender |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
LSC
1543 7th LLC |
|
$ |
1,201 |
|
|
|
1,038 |
|
|
$ |
2,699 |
|
|
$ |
1,727 |
|
LSC
11640 Mayfield LLC |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
455 |
|
Total |
|
$ |
1,201 |
|
|
$ |
1,038 |
|
|
$ |
2,699 |
|
|
$ |
2,182 |
|
|
X |
- References
+ Details
Name: |
lvp_InterestEarnedOnNotesReceivableTableTextBlock |
Namespace Prefix: |
lvp_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
lvp_NotesReceivableTableTextBlock |
Namespace Prefix: |
lvp_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_DebtDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
Marketable Securities, Derivative Financial Instruments, Fair Value Measurements and Notes Payable (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Marketable Securities Derivative Financial Instruments Fair Value Measurements And Notes Payable |
|
Summary of available for sale securities and other investments |
Summary of available for sale securities and other investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of
June 30, 2023 |
|
|
|
Adjusted
Cost |
|
|
Gross
Unrealized Gains |
|
|
Gross
Unrealized Losses |
|
|
Fair
Value |
|
Marketable
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
and Preferred Equity Securities |
|
$ |
20,421 |
|
|
$ |
72 |
|
|
$ |
(1,254 |
) |
|
$ |
19,239 |
|
Marco
OP Units and Marco II OP Units |
|
|
19,227 |
|
|
|
4,936 |
|
|
|
- |
|
|
|
24,163 |
|
|
|
$ |
39,648 |
|
|
$ |
5,008 |
|
|
$ |
(1,254 |
) |
|
$ |
43,402 |
|
|
|
As
of December 31, 2022 |
|
|
|
Adjusted
Cost |
|
|
Gross
Unrealized Gains |
|
|
Gross
Unrealized Losses |
|
|
Fair
Value |
|
Marketable
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
and Preferred Equity Securities |
|
$ |
22,993 |
|
|
$ |
- |
|
|
$ |
(2,103 |
) |
|
$ |
20,890 |
|
Marco
OP Units and Marco II OP Units |
|
|
19,227 |
|
|
|
5,355 |
|
|
|
- |
|
|
|
24,582 |
|
|
|
|
42,220 |
|
|
|
5,355 |
|
|
|
(2,103 |
) |
|
|
45,472 |
|
Debt
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
Bonds |
|
|
602 |
|
|
|
- |
|
|
|
(150 |
) |
|
|
452 |
|
Total |
|
$ |
42,822 |
|
|
$ |
5,355 |
|
|
$ |
(2,253 |
) |
|
$ |
45,924 |
|
|
Schedule of marketable securities measured at fair value on a recurring basis |
Schedule of marketable securities measured at fair value on a recurring basis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair
Value Measurement Using |
|
|
|
|
As
of June 30, 2023 |
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Total |
|
Marketable
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
and Preferred Equity Securities |
|
$ |
1,119 |
|
|
$ |
18,120 |
|
|
$ |
- |
|
|
$ |
19,239 |
|
Marco
OP and OP II Units |
|
|
- |
|
|
|
24,163 |
|
|
|
- |
|
|
|
24,163 |
|
Total |
|
$ |
1,119 |
|
|
$ |
42,283 |
|
|
$ |
- |
|
|
$ |
43,402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative
Financial Instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Rate Cap Contracts |
|
$ |
- |
|
|
$ |
2,880 |
|
|
$ |
- |
|
|
$ |
2,880 |
|
|
|
Fair
Value Measurement Using |
|
|
|
|
As
of December 31, 2022 |
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Total |
|
Marketable
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
and Preferred Equity Securities |
|
$ |
1,138 |
|
|
$ |
19,752 |
|
|
$ |
- |
|
|
$ |
20,890 |
|
Marco
OP and OP II Units |
|
|
- |
|
|
|
24,582 |
|
|
|
- |
|
|
|
24,582 |
|
Corporate
Bonds |
|
|
- |
|
|
|
452 |
|
|
|
- |
|
|
|
452 |
|
Total |
|
$ |
1,138 |
|
|
$ |
44,786 |
|
|
$ |
- |
|
|
$ |
45,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative
Financial Instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Rate Cap Contracts |
|
$ |
- |
|
|
$ |
3,279 |
|
|
$ |
- |
|
|
$ |
3,279 |
|
|
X |
- References
+ Details
Name: |
lvp_DisclosureMarketableSecuritiesDerivativeFinancialInstrumentsFairValueMeasurementsAndNotesPayableAbstract |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
lvp_ScheduleOfAvailableForSaleSecuritieReconciliationTableTextBlock |
Namespace Prefix: |
lvp_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
+ Details
Name: |
us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
Mortgages Payable, Net (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of mortgages payable |
Schedule of mortgages payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property/Investment |
|
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 |
|
Gantry
Park Landing |
|
4.48% |
|
|
4.48% |
|
|
November 2024 |
|
$ |
65,317 |
|
|
$ |
67,428 |
|
|
$ |
68,151 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lower
East Side Moxy Hotel Senior |
|
LIBOR + 7.50% (floor
of 7.75%) |
|
|
10.40% |
|
|
June 2024 |
|
|
90,000 |
|
|
|
90,000 |
|
|
|
82,811 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lower
East Side Moxy Hotel Junior |
|
LIBOR + 13.50% (floor
of 14.00%) |
|
|
16.72% |
|
|
June 2024 |
|
|
40,000 |
|
|
|
40,000 |
|
|
|
40,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exterior
Street Project |
|
SOFR + 2.60% |
|
|
7.45% |
|
|
November 2023 |
|
|
35,000 |
|
|
|
35,000 |
|
|
|
35,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exterior
Street Project Supplemental |
|
SOFR + 2.60% |
|
|
7.45% |
|
|
November 2023 |
|
|
7,000 |
|
|
|
7,000 |
|
|
|
7,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LSC
1543 7th LLC Note Receivable |
|
SOFR + 3.50% |
|
|
8.50% |
|
|
December 2023 |
|
|
21,529 |
|
|
|
21,529 |
|
|
|
32,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
mortgages payable |
|
|
|
|
9.21% |
|
|
|
|
$ |
258,846 |
|
|
|
260,957 |
|
|
|
265,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
Deferred financing costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,843 |
) |
|
|
(4,535 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
mortgages payable, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
258,114 |
|
|
$ |
260,579 |
|
|
Scheduled of contractually principal maturities during next five years |
Scheduled of contractually principal maturities during next five years |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
2024 |
|
|
2025 |
|
|
2026 |
|
|
2027 |
|
|
Thereafter |
|
|
Total |
|
Principal
maturities |
|
$ |
64,260 |
|
|
$ |
196,697 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
260,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
Deferred financing costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,843 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
principal maturities, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
258,114 |
|
|
X |
- References
+ Details
Name: |
us-gaap_DebtDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.
+ References
+ Details
Name: |
us-gaap_ScheduleOfDebtTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of maturity and sinking fund requirement for long-term debt.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1
+ Details
Name: |
us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
Related Party Transactions (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
Summary of Amount recorded in pursuant to related party arrangement |
Summary of Amount recorded in pursuant to related party arrangement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the Three Months Ended |
|
|
For
the Six Months Ended |
|
|
|
June 30,
2023 |
|
|
June 30,
2022 |
|
|
June 30,
2023 |
|
|
June 30,
2022 |
|
Asset
management fees (general and administrative costs) |
|
$ |
551 |
|
|
$ |
171 |
|
|
$ |
1,107 |
|
|
$ |
325 |
|
Property
management fees (property operating expenses) |
|
|
75 |
|
|
|
74 |
|
|
|
147 |
|
|
|
155 |
|
Development
fees and cost reimbursement(1) |
|
|
235 |
|
|
|
733 |
|
|
|
641 |
|
|
|
1,617 |
|
Total |
|
$ |
861 |
|
|
$ |
978 |
|
|
$ |
1,895 |
|
|
$ |
2,097 |
|
|
X |
- DefinitionTabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.
+ References
+ Details
Name: |
us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
X |
- References
+ Details
Name: |
lvp_ScheduleOfMortgageDebtTableTextBlock |
Namespace Prefix: |
lvp_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_InvestmentsAllOtherInvestmentsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
Business and Structure (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
|
6 Months Ended |
12 Months Ended |
|
Jul. 06, 2004 |
Jun. 30, 2023 |
Dec. 31, 2009 |
Dec. 31, 2008 |
Jun. 30, 2022 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
Cash contributed for units |
$ 2
|
|
|
|
|
Partners units acquired |
200
|
|
|
|
|
Shares issued, price per share |
|
$ 12.19
|
|
|
$ 11.75
|
Issuance of common units, shares |
|
|
497,209
|
497,209
|
|
Lightstone Value Plus REIT [Member] |
|
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
Number of common shares held |
20,000
|
|
|
|
|
Proceeds from issue of shares |
$ 200
|
|
|
|
|
Shares issued, price per share |
$ 10.00
|
|
|
|
|
Lightstone SLP LLC [Member] |
|
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
Aggregate SLP units owned in operating partnership |
|
$ 30,000
|
|
|
|
Purchase cost per SLP unit of operating partnership |
|
$ 100,000
|
|
|
|
Aggregate SLP units purchased in operating partnership |
|
$ 30,000
|
|
|
|
Beneficial ownership interest (as a percent) |
|
99.00%
|
|
|
|
Lightstone Value Plus REIT [Member] | Wholly Owned Properties [Member] | Industrial Properties [Member] |
|
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
General partner ownership interest |
|
59.20%
|
|
|
|
Lightstone Value Plus REIT [Member] | Wholly Owned Properties [Member] | Seven Hotel Properties [Member] |
|
|
|
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] |
|
|
|
|
|
General partner ownership interest |
|
2.50%
|
|
|
|
X |
- DefinitionAggregate special general partner interests held by the company.
+ References
+ Details
Name: |
lvp_AggregateSpecialGeneralPartnerInterestsHeld |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAggregate special general partner interests purchased by the company.
+ References
+ Details
Name: |
lvp_AggregateSpecialGeneralPartnerInterestsPurchased |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionNumber of common shares held by the company.
+ References
+ Details
Name: |
lvp_NumberOfCommonSharesHeld |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
lvp_PurchaseCostPerSlpUnitOfOperatingPartnership |
Namespace Prefix: |
lvp_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe percentage of beneficial ownership interests in special general partner interest (SLP Units) held.
+ References
+ Details
Name: |
lvp_SpecialGeneralPartnerInterestsBeneficialOwnershipPercentage |
Namespace Prefix: |
lvp_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestEffectsOfChangesNetLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionPercentage investment held by the managing member or general partner of the limited liability company (LLC) or limited partnership (LP).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 272 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482987/272-10-50-3
+ Details
Name: |
us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe number of each class of partnership units outstanding at the balance sheet date. Units represent shares of ownership of the general, limited, and preferred partners.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 5 -Subparagraph (SAB TOPIC 4.F) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-5
+ Details
Name: |
us-gaap_PartnersCapitalAccountUnits |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionTotal units issued during the year due to the sale of units. All partners include general, limited and preferred partners.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
+ Details
Name: |
us-gaap_PartnersCapitalAccountUnitsSaleOfUnits |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe amount of capital contributed by the preferred partners.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 5 -Subparagraph (SAB TOPIC 4.F) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-5
+ Details
Name: |
us-gaap_PreferredUnitsContributedCapital |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThe cash inflow from the additional capital contribution to the entity.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 14 -Subparagraph (a) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-14
+ Details
Name: |
us-gaap_ProceedsFromIssuanceOfCommonStock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionPer share or per unit amount of equity securities issued.
+ References
+ Details
Name: |
us-gaap_SharesIssuedPricePerShare |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Details
Name: |
srt_OwnershipAxis=lvp_LightstoneValuePlusREITMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
lvp_InvestmentsSecondaryCategorizationAxis=us-gaap_WhollyOwnedPropertiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_RealEstatePropertiesAxis=lvp_IndustrialPropertiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_RealEstatePropertiesAxis=lvp_SevenHotelPropertiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Product Information [Line Items] |
|
|
|
|
Revenues |
$ 15,480
|
$ 2,363
|
$ 25,437
|
$ 4,814
|
Room [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Revenues |
6,705
|
|
9,700
|
|
Food Beverage And Other [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Revenues |
6,238
|
|
10,787
|
|
Hotel [Member] |
|
|
|
|
Product Information [Line Items] |
|
|
|
|
Revenues |
$ 12,943
|
|
$ 20,487
|
|
X |
- DefinitionAmount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-05(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1
+ Details
Name: |
us-gaap_Revenues |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Details
Name: |
srt_ProductOrServiceAxis=lvp_RoomMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_ProductOrServiceAxis=lvp_FoodBeverageAndOtherMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_ProductOrServiceAxis=srt_HotelMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Accounting Policies [Abstract] |
|
|
|
|
Cash paid for interest |
|
|
$ 11,856
|
$ 5,395
|
Distributions declared but not paid |
|
|
3,807
|
3,840
|
Capital expenditures for investment property in accounts payable, accrued expenses and other liabilities |
|
|
1,208
|
3,450
|
Amortization of deferred financing costs included in development projects |
|
|
|
1,253
|
Holding loss/gain on marketable securities |
|
|
151
|
134
|
Value of shares issued from distribution reinvestment program |
$ 84
|
$ 83
|
167
|
167
|
Proceeds from mortgage financing held by related party |
|
|
|
$ 28,643
|
X |
- References
+ Details
Name: |
lvp_CapitalExpendituresForInvestmentPropertyInAccountsPayableAccruedExpensesAndOtherLiabilities |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionDividends and distributions declared, but not paid
+ References
+ Details
Name: |
lvp_DividendsAndDistributionsDeclaredButNotPaid |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_AccountingPoliciesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of unrealized gain (loss) on investment in debt security measured at fair value with change in fair value recognized in net income (trading).
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-14
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-9
+ Details
Name: |
us-gaap_DebtSecuritiesTradingUnrealizedGainLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash paid for interest, including, but not limited to, capitalized interest and payment to settle zero-coupon bond attributable to accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount; classified as operating and investing activities.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-2
+ Details
Name: |
us-gaap_InterestPaid |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of amortization of other deferred costs recognized in the income statement.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_OtherAmortizationOfDeferredCharges |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionValue of stock issued during the period from a dividend reinvestment plan (DRIP). A dividend reinvestment plan allows the holder of the stock to reinvest dividends paid to them by the entity on new issues of stock by the entity.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 45 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480767/946-205-45-4
Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 230 -Name Accounting Standards Codification -Section 55 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480348/946-230-55-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
+ Details
Name: |
us-gaap_StockIssuedDuringPeriodValueDividendReinvestmentPlan |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
v3.23.2
X |
- References
+ Details
Name: |
us-gaap_AccountingPoliciesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of difference between the carrying amount and the sales price of real estate properties sold as part of discontinued operations.
+ References
+ Details
Name: |
us-gaap_GainLossOnDispositionOfRealEstateDiscontinuedOperations |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount recognized for uncertainty in income taxes classified as current.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_LiabilityForUncertainTaxPositionsCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 924 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 11.L) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-4
+ Details
Name: |
us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
v3.23.2
Development Project - Exterior Street Project (Details Narrative) - USD ($) $ in Thousands |
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
Sep. 30, 2021 |
Feb. 28, 2019 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Business Acquisition [Line Items] |
|
|
|
|
|
|
Affiliate Costs |
$ 1,000
|
|
|
|
|
|
Exterior Street Project [Member] |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Construction in Progress, Gross |
|
|
|
$ 95,700
|
|
$ 93,600
|
Interest Costs Capitalized |
|
|
$ 700
|
$ 1,500
|
$ 1,200
|
|
Borden Realty Corp And 399 Exterior Street Associates Llc [Member] |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Business Combination, Consideration Transferred |
|
$ 59,000
|
|
|
|
|
X |
- DefinitionCosts associated with revenues arising from an entity that is an affiliate of the reporting entity by means of direct or indirect ownership.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_AffiliateCosts |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5
+ Details
Name: |
us-gaap_BusinessAcquisitionLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of consideration transferred, consisting of acquisition-date fair value of assets transferred by the acquirer, liabilities incurred by the acquirer, and equity interest issued by the acquirer.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 30 -Paragraph 8 -SubTopic 30 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479637/805-30-30-8
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -SubTopic 30 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479581/805-30-50-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 30 -Paragraph 7 -SubTopic 30 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479637/805-30-30-7
+ Details
Name: |
us-gaap_BusinessCombinationConsiderationTransferred1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of structure or a modification to a structure under construction. Includes recently completed structures or modifications to structures that have not been placed into service.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-1
+ Details
Name: |
us-gaap_ConstructionInProgressGross |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of interest capitalized during the period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483013/835-20-50-1
+ Details
Name: |
us-gaap_InterestCostsCapitalized |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=lvp_ExteriorStreetProjectMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_BusinessAcquisitionAxis=lvp_BordenRealtyCorpAnd399ExteriorStreetAssociatesLlcMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
X |
- References
+ Details
Name: |
lvp_UnaffiliatedAmount |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of consideration transferred, consisting of acquisition-date fair value of assets transferred by the acquirer, liabilities incurred by the acquirer, and equity interest issued by the acquirer.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 30 -Paragraph 8 -SubTopic 30 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479637/805-30-30-8
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -SubTopic 30 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479581/805-30-50-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 30 -Paragraph 7 -SubTopic 30 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479637/805-30-30-7
+ Details
Name: |
us-gaap_BusinessCombinationConsiderationTransferred1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionExpenditures associated with opening new locations which are noncapital in nature and expensed as incurred.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_PreOpeningCosts |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(b)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1
+ Details
Name: |
us-gaap_RestructuringCostAndReserveLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
srt_CounterpartyNameAxis=lvp_LowerEastSideMoxyHotelMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_BusinessAcquisitionAxis=lvp_BoweryLandMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
Investment in Unconsolidated Affiliated Real Estate Entity (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Revenues |
|
$ 15,480
|
$ 2,363
|
$ 25,437
|
$ 4,814
|
Property operating expenses |
|
779
|
1,414
|
1,467
|
2,393
|
Depreciation and amortization |
|
1,683
|
649
|
3,351
|
1,498
|
Net loss |
|
(2,737)
|
(8,683)
|
(8,793)
|
(14,020)
|
Company’s loss from investment |
|
(1,140)
|
|
(2,360)
|
|
Columbus Joint Venture [Member] |
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Revenues |
|
10,496
|
|
21,007
|
|
Property operating expenses |
|
5,387
|
|
10,279
|
|
General and administrative income |
|
129
|
|
84
|
|
Depreciation and amortization |
|
4,773
|
|
9,519
|
|
Operating income |
|
207
|
|
1,125
|
|
Interest expense and other, net |
|
(6,080)
|
|
(13,286)
|
|
Net loss |
|
(5,873)
|
|
(12,161)
|
|
Company’s share of net loss (19.0%) |
|
(1,116)
|
|
(2,311)
|
|
Additional depreciation and amortization expense |
[1] |
(24)
|
|
(49)
|
|
Company’s loss from investment |
|
$ (1,140)
|
|
$ (2,360)
|
|
|
|
X |
- References
+ Details
Name: |
lvp_AdditionalDepreciationAndAmortizationExpense |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
lvp_CompanysShareOfNetLoss |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
lvp_GeneralAndAdministrativeIncome |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_DefinedBenefitPlanDisclosureLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-1
+ Details
Name: |
us-gaap_DepreciationAndAmortization |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of income (loss) for proportionate share of equity method investee's income (loss).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(10)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481664/323-10-45-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(12)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(13)(f)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
+ Details
Name: |
us-gaap_IncomeLossFromEquityMethodInvestments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe net amount of operating interest income (expense).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04.10) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
+ Details
Name: |
us-gaap_InterestIncomeExpenseNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(18)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(1)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 32: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 33: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 34: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-7
Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(20)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe net result for the period of deducting operating expenses from operating revenues.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
+ Details
Name: |
us-gaap_OperatingIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of operating lease initial direct cost recognized as expense over lease term.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 25 -Paragraph 11 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479341/842-30-25-11
+ Details
Name: |
us-gaap_OperatingLeaseInitialDirectCostExpenseOverTerm |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-05(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1
+ Details
Name: |
us-gaap_Revenues |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
v3.23.2
Investment in Unconsolidated Affiliated Real Estate Entity (Details 1) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Investment property, net |
$ 268,291
|
$ 266,070
|
|
Cash and restricted cash |
11,559
|
12,211
|
$ 17,222
|
Other assets |
9,213
|
6,952
|
|
Total assets |
486,233
|
509,894
|
|
Mortgages and loans payable, net |
258,114
|
260,579
|
|
Total liabilities and members’ equity |
486,233
|
509,894
|
|
Columbus Joint Venture [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Investment property, net |
453,335
|
457,339
|
|
Cash and restricted cash |
14,356
|
15,770
|
|
Other assets |
6,141
|
10,096
|
|
Total assets |
473,832
|
483,205
|
|
Mortgages and loans payable, net |
386,648
|
383,266
|
|
Other liabilities |
7,861
|
8,495
|
|
Members’ equity |
79,323
|
91,444
|
|
Total liabilities and members’ equity |
$ 473,832
|
$ 483,205
|
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (bb) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(12)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(8)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(18)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 26: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(11)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_Assets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483467/210-10-45-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-4
+ Details
Name: |
us-gaap_CashAndCashEquivalentsAtCarryingValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_DefinedBenefitPlanDisclosureLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(25)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(32)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_LiabilitiesAndStockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of ownership interest in limited liability company (LLC), attributable to the parent entity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 272 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482987/272-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 272 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482987/272-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 272 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483014/272-10-45-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 272 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483014/272-10-45-4
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
+ Details
Name: |
us-gaap_MembersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of assets classified as other.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(10)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(17)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(10)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_OtherAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of liabilities classified as other.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(12)(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(12)(b)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(15)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(12)(b)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.15) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_OtherLiabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of real estate investment property, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(1)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
+ Details
Name: |
us-gaap_RealEstateInvestmentPropertyNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionCarrying value as of the balance sheet date, including the current and noncurrent portions, of collateralized debt obligations (with maturities initially due after one year or beyond the operating cycle, if longer). Such obligations include mortgage loans, chattel loans, and any other borrowings secured by assets of the borrower.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(16)(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_SecuredDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v3.23.2
X |
- References
+ Details
Name: |
lvp_ContractualPurchasePrice |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
lvp_InvestmentsInUnconsolidatedAffiliatedRealEstateEntityDescription |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
lvp_OwnershipInterest |
Namespace Prefix: |
lvp_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of other increase (decrease) in additional paid in capital (APIC).
+ References
+ Details
Name: |
us-gaap_AdjustmentsToAdditionalPaidInCapitalOther |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_DefinedBenefitPlanDisclosureLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
X |
- DefinitionRepresents the amount of dividend income on preferred investment.
+ References
+ Details
Name: |
lvp_PreferredStockDividendIncome |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionGross additions to the investment in and advance to the affiliate.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
+ Details
Name: |
us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValueGrossAdditions |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe percentage rate used to calculate dividend payments on preferred stock.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.12-12A(Column A)(Footnote 3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column A)(Footnote 4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column A)(Footnote 3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
+ Details
Name: |
us-gaap_PreferredStockDividendRatePercentage |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column A)(Footnote 2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column A)(Footnote 4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column A)(Footnote 1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column A)(Footnote 2)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column A)(Footnote 2)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column A)(Footnote 4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)(Footnote 5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)(Footnote 6)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column B)(Footnote 7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)(Footnote 8)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)(Footnote 8)(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)(Footnote 8)(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)(Footnote 8)(a)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)(Footnote 8)(b)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)(Footnote 8)(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)(Footnote 8)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)(Footnote 9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)(Footnote 10)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column D)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column A)(Footnote 1)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column A)(Footnote 1)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)(Footnote 2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column A)(Footnote 3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 32: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column A)(Footnote 4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 33: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column A)(Footnote 4)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 34: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column A)(Footnote 6)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 35: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column A)(Footnote 7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)(Footnote 9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column B)(Footnote 10)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 38: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)(Footnote 11)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 39: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 40: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 41: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(a)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 42: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(b)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 43: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 44: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 45: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)(Footnote 12)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 46: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)(Footnote 13)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 47: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 48: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 49: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column F)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 50: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 51: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 52: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(a)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 53: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 54: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 55: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 56: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 57: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 58: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 59: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column F)(Footnote 4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 60: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column F)(Footnote 5)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 61: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column F)(Footnote 7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 62: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column F)(Footnote 8)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 63: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column F)(Footnote 9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 64: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 19 -Subparagraph (1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-19
Reference 65: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 19 -Subparagraph (3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-19
+ Details
Name: |
us-gaap_ScheduleOfInvestmentsLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=lvp_FortyEastEndAvenuePreferredInvestmentMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=lvp_EastEleventhStreetMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=lvp_PreferredInvestmentsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
X |
- References
+ Details
Name: |
lvp_EquityMethodInvestmentsOwnershipPercentage |
Namespace Prefix: |
lvp_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all investments.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(1)(h)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
+ Details
Name: |
us-gaap_Investments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionGross additions to the investment in and advance to the affiliate.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
+ Details
Name: |
us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValueGrossAdditions |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column A)(Footnote 2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column A)(Footnote 4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column A)(Footnote 1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column A)(Footnote 2)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column A)(Footnote 2)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column A)(Footnote 4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)(Footnote 5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)(Footnote 6)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column B)(Footnote 7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)(Footnote 8)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)(Footnote 8)(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)(Footnote 8)(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)(Footnote 8)(a)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)(Footnote 8)(b)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)(Footnote 8)(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)(Footnote 8)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)(Footnote 9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)(Footnote 10)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column D)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column A)(Footnote 1)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column A)(Footnote 1)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)(Footnote 2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column A)(Footnote 3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 32: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column A)(Footnote 4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 33: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column A)(Footnote 4)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 34: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column A)(Footnote 6)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 35: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column A)(Footnote 7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)(Footnote 9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column B)(Footnote 10)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 38: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)(Footnote 11)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 39: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 40: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 41: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(a)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 42: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(b)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 43: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 44: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 45: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)(Footnote 12)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 46: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)(Footnote 13)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3
Reference 47: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 48: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 49: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column F)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 50: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 51: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 52: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(a)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 53: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 54: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 55: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 56: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 57: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 58: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 59: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column F)(Footnote 4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 60: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column F)(Footnote 5)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 61: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column F)(Footnote 7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 62: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column F)(Footnote 8)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 63: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column F)(Footnote 9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6
Reference 64: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 19 -Subparagraph (1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-19
Reference 65: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 19 -Subparagraph (3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-19
+ Details
Name: |
us-gaap_ScheduleOfInvestmentsLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=lvp_FortyEastEndAvenuePreferredInvestmentMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=lvp_JointVentureMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
Notes Receivable (Details) - LSC 1543 7th LLC [Member] - Notes Receivable [Member] - USD ($) $ in Thousands |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Company's Ownership percentage |
50.00%
|
50.00%
|
Original Loan Amount |
$ 49,000
|
$ 49,000
|
Origination Fee (as a percent) |
1.00%
|
1.00%
|
Origination Date |
Mar. 02, 2022
|
Mar. 02, 2022
|
Maturity Date |
Aug. 31, 2023
|
Aug. 31, 2023
|
Contractual Interest Rate |
SOFR plus 7.00%
(Floor of 7.15%)
|
SOFR plus 7.00% (Floor
of 7.15%)
|
Outstanding Principal |
$ 35,000
|
$ 49,000
|
Reserves |
|
(614)
|
Unamortized Origination Fee |
(82)
|
(327)
|
Carrying value |
34,918
|
48,059
|
Unfunded Commitment |
|
|
X |
- DefinitionThe amount of reserves on notes receivable.
+ References
+ Details
Name: |
lvp_NotesReceivableReserve |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionRepresents Percentage of Origination Fee on Notes Receivables.
+ References
+ Details
Name: |
lvp_PercentageOfOriginationFeeOnNotesReceivables |
Namespace Prefix: |
lvp_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDate the financial instrument was issued in exchange for the original debt being converted in a noncash or part noncash transaction, in YYYY-MM-DD format.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-3
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-5
+ Details
Name: |
us-gaap_DebtConversionConvertedInstrumentIssuanceDateDayMonthAndYear |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFace (par) amount of debt instrument at time of issuance.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482900/835-30-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B
Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69C -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-2
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8
+ Details
Name: |
us-gaap_DebtInstrumentFaceAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionDescription of the interest rate as being fixed or variable, and, if variable, identification of the index or rate on which the interest rate is based and the number of points or percentage added to that index or rate to set the rate, and other pertinent information, such as frequency of rate resets.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_DebtInstrumentInterestRateTerms |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDate when the debt instrument is scheduled to be fully repaid, in YYYY-MM-DD format.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(2)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_DebtInstrumentMaturityDate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
+ Details
Name: |
us-gaap_EquityMethodInvestmentOwnershipPercentage |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe amount of unfunded commitments for which the entity is obligated, to those certain investments for which net asset value per share is calculated (including by unit, membership interest, or other equity (ownership interest) unit measure) (alternative investments).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 6A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-6A
+ Details
Name: |
us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of unamortized loan commitment, origination, and other costs (fees) and purchase premium (discount) on financing receivable recognized as adjustment to yield. Excludes financing receivable covered under loss sharing agreement.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-4
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481598/310-20-45-1
Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 3 -SubTopic 20 -Topic 310 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481569/310-20-50-3
+ Details
Name: |
us-gaap_FinancingReceivableUnamortizedLoanCommitmentOriginationFeeAndPremiumDiscount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 80 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479294/326-20-55-80
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 79 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479294/326-20-55-79
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479344/326-20-45-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1405 -Paragraph (a) -Subparagraph (1) -Publisher SEC
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1405 -Paragraph (a) -Subparagraph (2) -Publisher SEC
Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-K (SK) -Number 229 -Section 1404 -Paragraph (a) -Publisher SEC
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-14
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7A -SubTopic 10 -Topic 310 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-7A
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-5
+ Details
Name: |
us-gaap_NotesReceivableGross |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmortized cost, after allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(5)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481990/310-10-45-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-5
+ Details
Name: |
us-gaap_NotesReceivableNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Details
Name: |
srt_OwnershipAxis=lvp_Lsc15437thLlcMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=us-gaap_NotesReceivableMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
Notes Receivable (Details 1) - Notes Receivable [Member] - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Interest Income Purchased Receivables |
$ 1,201
|
$ 1,038
|
$ 2,699
|
$ 2,182
|
LSC 1543 7th LLC [Member] |
|
|
|
|
Interest Income Purchased Receivables |
1,201
|
1,038
|
2,699
|
1,727
|
LSC 11640 Mayfield LLC [Member] |
|
|
|
|
Interest Income Purchased Receivables |
|
|
|
$ 455
|
X |
- DefinitionInterest earned from receivables purchased; for instance, receivables purchased through a factoring arrangement.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04.4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
+ Details
Name: |
us-gaap_InterestIncomePurchasedReceivables |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=us-gaap_NotesReceivableMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_OwnershipAxis=lvp_Lsc15437thLlcMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_OwnershipAxis=lvp_Lsc11640MayfieldLlcMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
X |
- DefinitionRepresents Percentage of Origination Fee on Notes Receivables.
+ References
+ Details
Name: |
lvp_PercentageOfOriginationFeeOnNotesReceivables |
Namespace Prefix: |
lvp_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFace (par) amount of debt instrument at time of issuance.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482900/835-30-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B
Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69C -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-2
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8
+ Details
Name: |
us-gaap_DebtInstrumentFaceAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482900/835-30-50-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(f)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 5: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B
Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69C -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C
Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E
Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69F -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I
+ Details
Name: |
us-gaap_DebtInstrumentLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=us-gaap_NotesReceivableMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=lvp_Lsc15437thLlcMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_RangeAxis=srt_MinimumMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_RangeAxis=srt_MaximumMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
Marketable Securities, Derivative Financial Instruments, Fair Value Measurements and Notes Payable (Details) - USD ($) $ in Thousands |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Common and Preferred Equity Securities [Member] |
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Equity securities, adjusted cost |
$ 20,421
|
$ 22,993
|
Equity securities, gross unrealized gains |
72
|
|
Equity securities, gross unrealized losses |
(1,254)
|
(2,103)
|
Equity securities, fair value |
19,239
|
20,890
|
Marco Op Units And Op Two Units [Member] |
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Equity securities, adjusted cost |
19,227
|
19,227
|
Equity securities, gross unrealized gains |
4,936
|
5,355
|
Equity securities, gross unrealized losses |
|
|
Equity securities, fair value |
24,163
|
24,582
|
Equity Securities [Member] |
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Equity securities, adjusted cost |
39,648
|
42,220
|
Equity securities, gross unrealized gains |
5,008
|
5,355
|
Equity securities, gross unrealized losses |
(1,254)
|
(2,103)
|
Equity securities, fair value |
$ 43,402
|
45,472
|
Corporate Bond Securities [Member] |
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Equity securities, adjusted cost |
|
602
|
Equity securities, gross unrealized gains |
|
|
Equity securities, gross unrealized losses |
|
(150)
|
Equity securities, fair value |
|
452
|
Debt Securities [Member] |
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Equity securities, adjusted cost |
|
42,822
|
Equity securities, gross unrealized gains |
|
5,355
|
Equity securities, gross unrealized losses |
|
(2,253)
|
Equity securities, fair value |
|
$ 45,924
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-13
+ Details
Name: |
us-gaap_DebtSecuritiesHeldtomaturityAllowanceForCreditLossLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI), classified as current.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483467/210-10-45-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482736/825-10-45-1A
+ Details
Name: |
us-gaap_EquitySecuritiesFvNi |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionCost of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). Excludes equity method investment and investment in equity security without readily determinable fair value.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
+ Details
Name: |
us-gaap_EquitySecuritiesFvNiCost |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of unrealized gain on investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 321 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479536/321-10-50-4
+ Details
Name: |
us-gaap_EquitySecuritiesFvNiUnrealizedGain |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of unrealized loss on investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 321 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479536/321-10-50-4
+ Details
Name: |
us-gaap_EquitySecuritiesFvNiUnrealizedLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=lvp_CommonAndPreferredEquitySecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=lvp_MarcoOpUnitsAndOpTwoUnitsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_EquitySecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_CorporateBondSecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_DebtSecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
Marketable Securities, Derivative Financial Instruments, Fair Value Measurements and Notes Payable (Details 1) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Platform Operator, Crypto-Asset [Line Items] |
|
|
Available-for-sale Securities |
$ 43,402
|
$ 45,924
|
Interest Rate Cap Contracts |
2,880
|
3,279
|
Equity Securities [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Available-for-sale Securities |
19,239
|
20,890
|
Marco Op Units And Op Two Units [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Available-for-sale Securities |
24,163
|
24,582
|
Corporate Bond Securities [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Available-for-sale Securities |
|
452
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Available-for-sale Securities |
1,119
|
1,138
|
Interest Rate Cap Contracts |
|
|
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Available-for-sale Securities |
1,119
|
1,138
|
Fair Value, Inputs, Level 1 [Member] | Marco Op Units And Op Two Units [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Available-for-sale Securities |
|
|
Fair Value, Inputs, Level 1 [Member] | Corporate Bond Securities [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Available-for-sale Securities |
|
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Available-for-sale Securities |
42,283
|
44,786
|
Interest Rate Cap Contracts |
2,880
|
3,279
|
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Available-for-sale Securities |
18,120
|
19,752
|
Fair Value, Inputs, Level 2 [Member] | Marco Op Units And Op Two Units [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Available-for-sale Securities |
24,163
|
24,582
|
Fair Value, Inputs, Level 2 [Member] | Corporate Bond Securities [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Available-for-sale Securities |
|
452
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Available-for-sale Securities |
|
|
Interest Rate Cap Contracts |
|
|
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Available-for-sale Securities |
|
|
Fair Value, Inputs, Level 3 [Member] | Marco Op Units And Op Two Units [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Available-for-sale Securities |
|
|
Fair Value, Inputs, Level 3 [Member] | Corporate Bond Securities [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Available-for-sale Securities |
|
|
X |
- DefinitionThe aggregate fair value as of the balance sheet date of financial instruments and other positions owned by the entity including: (1) mortgages, mortgage-backed and asset backed securities; (2) US government and agency obligations; (3) state and municipal government obligations; (4) other sovereign government debt; (5) corporate obligations; (6) corporate equities; (7) principal investments; (8) derivative contracts; and (9) physical commodities. Includes both pledged and unpledged holdings.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481961/940-320-45-2
+ Details
Name: |
us-gaap_FinancialInstrumentsOwnedAtFairValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of investment in marketable security.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_MarketableSecurities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_EquitySecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=lvp_MarcoOpUnitsAndOpTwoUnitsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_CorporateBondSecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
Marketable Securities, Derivative Financial Instruments, Fair Value Measurements and Notes Payable (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Aug. 11, 2023 |
Jul. 15, 2023 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
|
|
|
|
|
Share price |
|
|
|
|
$ 117.48
|
$ 10.00
|
$ 12.19
|
Marketable securities unrealized loss |
|
$ (179)
|
$ (359)
|
$ 1,160
|
|
|
|
Marketable debt securities losses |
38,000
|
$ 400
|
400
|
$ 1,200
|
|
|
|
Notional amount |
$ 90,000
|
|
$ 90,000
|
|
$ 40,000
|
|
|
Derivative maturity date |
|
|
Jun. 30, 2023
|
|
|
|
|
Derivative interest rate |
3.00%
|
|
3.00%
|
|
|
|
|
Financial Instruments, Owned, at Fair Value |
$ 2,880
|
|
$ 2,880
|
|
$ 3,279
|
|
|
Non-revolving credit facility [Member] |
|
|
|
|
|
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
|
|
|
|
|
Debt instrument, interest rate terms |
|
|
LIBOR plus 1.35%
|
|
|
|
|
Borrowing capacity |
20,000
|
|
$ 20,000
|
|
|
|
|
Shares for collateralized |
|
|
209,243
|
|
|
|
|
Remaining capacity |
$ 13,300
|
|
$ 13,300
|
|
|
|
|
Margin Loan [Member] |
|
|
|
|
|
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
|
|
|
|
|
Debt instrument, interest rate terms |
|
|
LIBOR plus 0.85%
|
|
|
|
|
Marco Op Units And Op Two Units [Member] |
|
|
|
|
|
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
|
|
|
|
|
Equity Securities Securities Held During Period |
|
|
209,243
|
|
209,243
|
|
|
Share price |
$ 115.48
|
$ 94.92
|
$ 115.48
|
$ 94.92
|
|
|
|
Marketable securities unrealized loss |
$ 1,100
|
$ 9,800
|
$ 500
|
$ 18,800
|
|
|
|
PRO [Member] |
|
|
|
|
|
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
|
|
|
|
|
Equity Securities Securities Held During Period |
|
|
89,695
|
|
89,695
|
|
|
X |
- DefinitionRepresents the number of equity securities held by the entity during the reporting period.
+ References
+ Details
Name: |
lvp_EquitySecuritiesSecuritiesHeldDuringPeriod |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
lvp_SharesForCollateralized |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of unrealized and realized gain (loss) on investment in debt and equity securities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(9)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_DebtAndEquitySecuritiesGainLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionDescription of the interest rate as being fixed or variable, and, if variable, identification of the index or rate on which the interest rate is based and the number of points or percentage added to that index or rate to set the rate, and other pertinent information, such as frequency of rate resets.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_DebtInstrumentInterestRateTerms |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-13
+ Details
Name: |
us-gaap_DebtSecuritiesHeldtomaturityAllowanceForCreditLossLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNominal or face amount used to calculate payments on the derivative asset.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SX 210.12-13(Column A)(Footnote 3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5C -Subparagraph (SX 210.12-13C(Column E)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5C
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5A -Subparagraph (SX 210.12-13A(Column D)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5A
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5B -Subparagraph (SX 210.12-13B(Column B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A
Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A
+ Details
Name: |
us-gaap_DerivativeAssetNotionalAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionCap rate on an interest rate derivative such as an interest rate cap or collar. If market rates exceed the cap rate, a payment or receipt is triggered on the contract.
+ References
+ Details
Name: |
us-gaap_DerivativeCapInterestRate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionDate derivative contract ends, in YYYY-MM-DD format.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480524/946-210-50-6
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 55 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480493/946-210-55-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480524/946-210-50-6
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SX 210.12-13(Column A)(Footnote 3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5C -Subparagraph (SX 210.12-13C(Column D)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5C
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SX 210.12-13(Column F)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5A -Subparagraph (SX 210.12-13A(Column C)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5A
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5B -Subparagraph (SX 210.12-13B(Column D)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B
+ Details
Name: |
us-gaap_DerivativeMaturityDates |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate fair value as of the balance sheet date of financial instruments and other positions owned by the entity including: (1) mortgages, mortgage-backed and asset backed securities; (2) US government and agency obligations; (3) state and municipal government obligations; (4) other sovereign government debt; (5) corporate obligations; (6) corporate equities; (7) principal investments; (8) derivative contracts; and (9) physical commodities. Includes both pledged and unpledged holdings.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481961/940-320-45-2
+ Details
Name: |
us-gaap_FinancialInstrumentsOwnedAtFairValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionMaximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of unrealized and realized gain (loss) on investment in marketable security, including other-than-temporary impairment (OTTI).
+ References
+ Details
Name: |
us-gaap_MarketableSecuritiesGainLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionPrice of a single share of a number of saleable stocks of a company.
+ References
+ Details
Name: |
us-gaap_SharePrice |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_LineOfCreditFacilityAxis=lvp_NonRevolvingCreditFacilityMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DebtInstrumentAxis=lvp_MarginLoanMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=lvp_MarcoOpUnitsAndOpTwoUnitsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=lvp_PROMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
Mortgages Payable, Net (Details) - USD ($) $ in Thousands |
6 Months Ended |
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Real Estate Properties [Line Items] |
|
|
Weighted average interest rate |
9.21%
|
|
Amount due at maturity |
$ 258,846
|
|
Total mortgages payable |
260,957
|
$ 265,114
|
Less: Deferred financing costs |
(2,843)
|
(4,535)
|
Total mortgages payable, net |
$ 258,114
|
260,579
|
Gantry Park Landing [Member] |
|
|
Real Estate Properties [Line Items] |
|
|
Debt instrument, interest rate terms |
4.48%
|
|
Weighted average interest rate |
4.48%
|
|
Maturity date |
November 2024
|
|
Amount due at maturity |
$ 65,317
|
|
Total mortgages payable |
$ 67,428
|
68,151
|
Lower East Side Moxy Hotel Senior [Member] |
|
|
Real Estate Properties [Line Items] |
|
|
Debt instrument, interest rate terms |
LIBOR + 7.50% (floor
of 7.75%)
|
|
Weighted average interest rate |
10.40%
|
|
Maturity date |
June 2024
|
|
Amount due at maturity |
$ 90,000
|
|
Total mortgages payable |
$ 90,000
|
82,811
|
Lower East Side Moxy Hotel Junior [Member] |
|
|
Real Estate Properties [Line Items] |
|
|
Debt instrument, interest rate terms |
LIBOR + 13.50% (floor
of 14.00%)
|
|
Weighted average interest rate |
16.72%
|
|
Maturity date |
June 2024
|
|
Amount due at maturity |
$ 40,000
|
|
Total mortgages payable |
$ 40,000
|
40,000
|
Exterior Street Project [Member] |
|
|
Real Estate Properties [Line Items] |
|
|
Debt instrument, interest rate terms |
SOFR + 2.60%
|
|
Weighted average interest rate |
7.45%
|
|
Maturity date |
November 2023
|
|
Amount due at maturity |
$ 35,000
|
|
Total mortgages payable |
$ 35,000
|
35,000
|
Exterior Street Project Supplemental [Member] |
|
|
Real Estate Properties [Line Items] |
|
|
Debt instrument, interest rate terms |
SOFR + 2.60%
|
|
Weighted average interest rate |
7.45%
|
|
Maturity date |
November 2023
|
|
Amount due at maturity |
$ 7,000
|
|
Total mortgages payable |
$ 7,000
|
7,000
|
LSC 1543 7th LLC [Member] |
|
|
Real Estate Properties [Line Items] |
|
|
Debt instrument, interest rate terms |
SOFR + 3.50%
|
|
Weighted average interest rate |
8.50%
|
|
Maturity date |
December 2023
|
|
Amount due at maturity |
$ 21,529
|
|
Total mortgages payable |
$ 21,529
|
$ 32,152
|
X |
- References
+ Details
Name: |
lvp_MaturityDate |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-4
+ Details
Name: |
us-gaap_DebtInstrumentCarryingAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionDescription of the interest rate as being fixed or variable, and, if variable, identification of the index or rate on which the interest rate is based and the number of points or percentage added to that index or rate to set the rate, and other pertinent information, such as frequency of rate resets.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_DebtInstrumentInterestRateTerms |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of payment greater than the preceding installment payments to be paid at final maturity date of debt.
+ References
+ Details
Name: |
us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionWeighted average interest rate of debt outstanding.
+ References
+ Details
Name: |
us-gaap_DebtWeightedAverageInterestRate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionAmount, after accumulated amortization, of debt issuance costs. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-3
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
+ Details
Name: |
us-gaap_DeferredFinanceCostsNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_RealEstatePropertiesLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCarrying value as of the balance sheet date, including the current and noncurrent portions, of collateralized debt obligations (with maturities initially due after one year or beyond the operating cycle, if longer). Such obligations include mortgage loans, chattel loans, and any other borrowings secured by assets of the borrower.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(16)(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_SecuredDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_RealEstatePropertiesAxis=lvp_GantryParkLandingMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_RealEstatePropertiesAxis=lvp_LowerEastSideMoxyHotelSeniorMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_RealEstatePropertiesAxis=lvp_LowerEastSideMoxyHotelJuniorMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_RealEstatePropertiesAxis=lvp_ExteriorStreetProjectMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_RealEstatePropertiesAxis=lvp_ExteriorStreetProjectSupplementalMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_RealEstatePropertiesAxis=lvp_Lsc15437thLlcMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
Mortgages Payable, Net (Details 1) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Debt Disclosure [Abstract] |
|
|
2023 |
$ 64,260
|
|
2024 |
196,697
|
|
2025 |
|
|
2026 |
|
|
2027 |
|
|
Thereafter |
|
|
Total |
260,957
|
$ 265,114
|
Less: Deferred financing costs |
(2,843)
|
(4,535)
|
Mortgages payable, net |
$ 258,114
|
$ 260,579
|
X |
- References
+ Details
Name: |
us-gaap_DebtDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-4
+ Details
Name: |
us-gaap_DebtInstrumentCarryingAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount, after accumulated amortization, of debt issuance costs. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-3
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
+ Details
Name: |
us-gaap_DeferredFinanceCostsNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing after fifth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
+ Details
Name: |
us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1
+ Details
Name: |
us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing in fifth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1
+ Details
Name: |
us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing in fourth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1
+ Details
Name: |
us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing in third fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1
+ Details
Name: |
us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing in second fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1
+ Details
Name: |
us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionCarrying value as of the balance sheet date, including the current and noncurrent portions, of collateralized debt obligations (with maturities initially due after one year or beyond the operating cycle, if longer). Such obligations include mortgage loans, chattel loans, and any other borrowings secured by assets of the borrower.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(16)(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_SecuredDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v3.23.2
Mortgages Payable, Net (Details Narrative) - USD ($) $ in Thousands |
|
1 Months Ended |
6 Months Ended |
|
Jun. 03, 2021 |
Dec. 21, 2021 |
Mar. 29, 2019 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Debt Instrument [Line Items] |
|
|
|
|
|
|
Debt instrument interest london interbank offered rate |
|
|
|
5.22%
|
|
4.39%
|
Interest rate |
|
|
|
5.14%
|
|
4.36%
|
Debt instrument, collateral amount |
$ 90,000
|
|
|
|
|
|
Loan fees |
|
|
|
$ 5,300
|
|
|
Accrued loan |
|
|
|
1,100
|
$ 1,100
|
|
Outstanding principal balance |
|
|
|
260,957
|
|
$ 265,114
|
Moxy Senior Loan [Member] |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Debt instrument, description of variable rate basis |
LIBOR plus 7.50%
|
|
|
|
|
|
Debt instrument, maturity date |
Jun. 03, 2024
|
|
|
|
|
|
At cost |
|
|
|
90,000
|
|
|
Lower East Side Moxy Hotel [Member] |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Debt instrument, collateral amount |
$ 7,000
|
|
|
|
|
|
Lower East Side Moxy Hotel [Member] | Moxy Construction Loans [Member] |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Debt instrument, collateral amount |
$ 4,700
|
|
|
|
|
|
Moxy Junior Loan [Member] |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Debt instrument, description of variable rate basis |
LIBOR plus 13.50%
|
|
|
|
|
|
At cost |
|
|
|
$ 40,000
|
|
|
LSC 1543 7th LLC [Member] |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Debt instrument, description of variable rate basis |
|
|
|
SOFR + 3.50%
|
|
|
Debt instrument, maturity date |
|
|
|
Dec. 30, 2023
|
|
|
Proceeds from loan |
|
|
|
$ 14,000
|
|
|
Repayment of loan |
|
|
|
11,300
|
|
|
Moxy Senior Loan [Member] |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Debt instrument, collateral amount |
$ 35,600
|
|
|
|
|
|
LSC 1543 7th LLC [Member] |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Original Loan Amount |
|
|
|
21,500
|
$ 33,100
|
|
Moxy Construction Loans [Member] |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Debt instrument, collateral amount |
|
|
|
$ 90,000
|
|
|
Moxy Construction Loan [Member] |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Debt instrument, description of variable rate basis |
|
|
|
LIBOR through June 30, 2023 and its replacement rate thereafter is capped at 3.00%
|
|
|
Exterior Street Loan [Member] |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Original Loan Amount |
|
$ 7,000
|
$ 35
|
|
|
|
Debt instrument, description of variable rate basis |
|
LIBOR plus 2.50%
|
LIBOR plus 2.25%
|
|
|
|
Debt instrument, maturity date |
|
|
|
Nov. 24, 2022
|
|
|
Outstanding principal balance |
|
|
|
$ 42,000
|
|
|
X |
- References
+ Details
Name: |
lvp_AccruedLoan |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionDebt Instrument Interest LIBOR Rate
+ References
+ Details
Name: |
lvp_DebtInstrumentInterestLondonInterbankOfferedRate |
Namespace Prefix: |
lvp_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe capitalized costs incurred during the period (excluded from amortization) to purchase, lease or otherwise acquire an unproved property, including costs of lease bonuses and options to purchase or lease properties, the portion of costs applicable to minerals when land including mineral rights is purchased in fee, brokers' fees, recording fees, legal costs, and other costs incurred in acquiring properties.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 932 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-10(c)(7)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479664/932-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 932 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-10(c)(3)(ii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479664/932-10-S99-1
+ Details
Name: |
us-gaap_AcquisitionCosts |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-4
+ Details
Name: |
us-gaap_DebtInstrumentCarryingAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of assets pledged to secure a debt instrument.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480848/942-470-50-3
+ Details
Name: |
us-gaap_DebtInstrumentCollateralAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionDescription of reference rate used for variable rate of debt instrument.
+ References
+ Details
Name: |
us-gaap_DebtInstrumentDescriptionOfVariableRateBasis |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFace (par) amount of debt instrument at time of issuance.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482900/835-30-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B
Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69C -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-2
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8
+ Details
Name: |
us-gaap_DebtInstrumentFaceAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionEffective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482900/835-30-50-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-2
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-6
+ Details
Name: |
us-gaap_DebtInstrumentInterestRateEffectivePercentage |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482900/835-30-50-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(f)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 5: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B
Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69C -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C
Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E
Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69F -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I
+ Details
Name: |
us-gaap_DebtInstrumentLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDate when the debt instrument is scheduled to be fully repaid, in YYYY-MM-DD format.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(2)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_DebtInstrumentMaturityDate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionExpenses paid for obtaining loans which includes expenses such as application and origination fees.
+ References
+ Details
Name: |
us-gaap_LoanProcessingFee |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionCash payments for and related to principal collection on loans related to operating activities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (g) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-25
+ Details
Name: |
us-gaap_PaymentsForLoans |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionCash received from principal payments made on loans related to operating activities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 25 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-25
+ Details
Name: |
us-gaap_ProceedsFromLoans |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Details
Name: |
srt_CounterpartyNameAxis=lvp_MoxyConstructionLoansMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_CreditFacilityAxis=lvp_LSC15437thLLCLoanMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_CreditFacilityAxis=lvp_MoxySeniorLoanMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_LongtermDebtTypeAxis=lvp_LSC15437thLLCLoanMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_LongtermDebtTypeAxis=lvp_MoxyConstructionLoansMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_LongtermDebtTypeAxis=lvp_MoxyConstructionLoanMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_LongtermDebtTypeAxis=lvp_ExteriorStreetLoanMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
|
6 Months Ended |
|
|
|
Jul. 15, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Aug. 11, 2023 |
May 10, 2023 |
Dec. 31, 2022 |
Equity [Abstract] |
|
|
|
|
|
|
Dividend, per share |
|
|
|
$ 0.0875
|
$ 0.175
|
|
Distributions paid |
$ 3,800
|
|
|
|
|
|
Shares issued from distribution reinvestment program (in shares) |
7,000
|
|
|
|
|
|
Dividend reinvestment plan share discounted price |
$ 11.58
|
|
|
$ 0.35
|
|
|
Annualized Distribution Rate |
95.00%
|
|
|
3.50%
|
|
|
Share price |
$ 12.19
|
|
|
$ 10.00
|
|
$ 117.48
|
Treasury Stock Acquired, Repurchase Authorization |
|
On March 18, 2022, the Board of Directors approved an increase to the annual threshold for death redemptions from
up to 0.5% to 1.0%.
|
|
|
|
|
Number of shares repurchased |
|
119,300
|
273,135
|
|
|
|
Weighted average price per share |
|
$ 12.19
|
$ 11.75
|
|
|
|
X |
- DefinitionRepresents the rate of annual distribution.
+ References
+ Details
Name: |
lvp_AnnualizedDistributionRate |
Namespace Prefix: |
lvp_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
lvp_DistributionsPaid |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
lvp_DividendReinvestmentPlanShareDiscountedPrice |
Namespace Prefix: |
lvp_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe per share amount of a dividend declared, but not paid, as of the financial reporting date.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-3
+ Details
Name: |
us-gaap_DividendsPayableAmountPerShare |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_EquityAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionPrice of a single share of a number of saleable stocks of a company.
+ References
+ Details
Name: |
us-gaap_SharePrice |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionPer share or per unit amount of equity securities issued.
+ References
+ Details
Name: |
us-gaap_SharesIssuedPricePerShare |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNumber of shares issued during the period from a dividend reinvestment plan (DRIP). A dividend reinvestment plan allows the shareholders to reinvest dividends paid to them by the entity on new issues of stock by the entity.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
+ Details
Name: |
us-gaap_StockIssuedDuringPeriodSharesDividendReinvestmentPlan |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-03(i)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_StockRepurchasedDuringPeriodShares |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDescription of share repurchase program, including accounting treatment.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481520/505-30-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481520/505-30-50-4
+ Details
Name: |
us-gaap_TreasuryStockAcquiredRepurchaseAuthorization |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
X |
- References
+ Details
Name: |
lvp_PropertyManagementFeesPropertyOperatingExpenses |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
lvp_Total |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of commissions expense incurred because the lessor of real estate obtained a lessee for a rental property through a real estate agent.
+ References
+ Details
Name: |
us-gaap_LeasingCommissionsExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of expense for investment management fee, including, but not limited to, expense in connection with research, selection, supervision, and custody of investment.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483326/850-10-50-1
+ Details
Name: |
us-gaap_ManagementFeeExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
v3.23.2
Related Party Transactions (Details Narrative) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Related Party Transaction [Line Items] |
|
|
|
|
Payments of dividends |
|
|
$ 3,166
|
$ 17,095
|
SLP Units [Member] |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Payments of dividends |
$ 500
|
$ 500
|
1,000
|
$ 1,000
|
Lightstone SLP LLC [Member] |
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
Aggregate amount |
$ 30,000
|
|
$ 30,000
|
|
X |
- References
+ Details
Name: |
lvp_AggregateAmount |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of cash outflow in the form of ordinary dividends provided by the non-wholly owned subsidiary to noncontrolling interests.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-15
+ Details
Name: |
us-gaap_PaymentsOfDividendsMinorityInterest |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementEquityComponentsAxis=lvp_SlpUnitsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
X |
- References
+ Details
Name: |
lvp_DebtInstrumentCarryingAmount1 |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionFair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69C -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-10
+ Details
Name: |
us-gaap_DebtInstrumentFairValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_InvestmentsAllOtherInvestmentsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
X |
- References
+ Details
Name: |
lvp_UnamortizedBalance |
Namespace Prefix: |
lvp_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 808 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479402/808-10-50-1
+ Details
Name: |
us-gaap_CollaborativeArrangementsAndNoncollaborativeArrangementTransactionsLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
srt_CounterpartyNameAxis=lvp_MarriottMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
Lightstone Value Plus RE... (GM) (USOTC:LHTV)
Historical Stock Chart
From Aug 2024 to Sep 2024
Lightstone Value Plus RE... (GM) (USOTC:LHTV)
Historical Stock Chart
From Sep 2023 to Sep 2024