Investments in Unconsolidated Affiliated Real Estate Entities (Tables)

9 Months Ended

Sep. 30, 2024

Restructuring Cost and Reserve [Line Items]

Schedule of investments in the unconsolidated affiliated real estate


					As of
Entity	Date of Ownership	Ownership %			September 30, 2024		December 31, 2023
Hilton Garden Inn Joint Venture	March 27, 2018		50	%	$	8,367	$	9,405
Williamsburg Moxy Hotel Joint Venture	August 5, 2021		25	%		9,483		10,835
Total investments in unconsolidated affiliated real estate entities					$	17,850	$	20,240

Schedule of condensed statement of operations


	For the Three Months Ended September 30, 2024			For the Three Months Ended September 30, 2023			For the Nine Months Ended September 30, 2024			For the Nine Months Ended September 30, 2023
Revenues	$	3,698		$	3,482		$	9,473		$	8,626

Property operating expenses		2,082			2,002			5,885			5,416
General and administrative costs		23			7			58			139
Depreciation and amortization		597			613			1,803			1,818
Operating income		996			860			1,727			1,253
Interest expense		(823	)		(627	)		(2,212	)		(2,078	)
Net income/(loss)	$	173		$	233		$	(485	)	$	(825	)
Company’s share of earnings (50.00%)	$	87		$	116		$	(243	)	$	(413	)

Hilton Garden Inn Joint Venture [Member]

Restructuring Cost and Reserve [Line Items]

Schedule of condensed balance sheet

Schedule of condensed balance sheet
	As of		As of
	September 30, 2024		December 31, 2023
Investment property, net	$	46,311	$	48,001
Cash		1,519		1,741
Other assets		1,732		1,816
Total assets	$	49,562	$	51,558

Mortgage payable, net	$	32,294	$	32,273
Other liabilities		1,134		1,075
Members’ capital		16,134		18,210
Total liabilities and members’ capital	$	49,562	$	51,558

Williamsburg Moxy Hotel Joint Venture [Member]

Restructuring Cost and Reserve [Line Items]

Schedule of condensed statement of operations


	For the Three Months Ended September 30, 2024			For the Three Months Ended September 30, 2023			For the Nine Months Ended September 30, 2024			For the Nine Months Ended September 30, 2023
Revenues	$	8,462		$	7,691		$	21,323		$	15,750

Property operating expenses		5,603			6,235			16,043			13,480
Pre-opening costs		-			73			-			2,301
General and administrative costs		63			105			178			184
Depreciation and amortization		930			858			2,759			1,998
Operating income/(loss)		1,866			420			2,343			(2,213	)
Interest expense		(2,715	)		(3,395	)		(8,854	)		(7,365	)
Net loss	$	(849	)	$	(2,975	)	$	(6,511	)	$	(9,578	)
Company’s share of net loss (25.00%)	$	(212	)	$	(744	)	$	(1,628	)	$	(2,395	)
Additional deprecation and amortization expense⁽¹⁾		(15	)		-			(25	)		-
Company’s net loss from investment	$	(227	)	$	(744	)	$	(1,653	)	$	(2,395	)

(1)

Additional depreciation and amortization expense relates to the amortization of the difference between the cost of the interest in the Williamsburg Moxy Hotel Joint Venture and the amount of the underlying equity in net assets of the Williamsburg Moxy Hotel Joint Venture.

Schedule of condensed balance sheet

Schedule of condensed balance sheet
	As of		As of
	September 30, 2024		December 31, 2023
Investment property, net	$	124,080	$	126,603
Cash		7,009		3,453
Other assets		4,958		2,385
Total assets	$	136,047	$	132,441

Mortgages payable, net	$	92,138	$	83,666
Other liabilities		7,178		6,023
Members’ capital		36,731		42,752
Total liabilities and members’ capital	$	136,047	$	132,441

- Definition

Line 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

Lightstone Value Plus REIT III, Inc. 10-Q