Lightstone Value Plus REIT I, Inc. reported a net loss of $25.4 million for the fiscal year ending December 31, 2024, compared to a loss of $13.2 million in the previous year. The company's total revenues increased to $65.2 million, up from $60.5 million in 2023, driven primarily by a rise in hotel revenues from the Lower East Side Moxy Hotel, which saw occupancy rates rise to 92% from 79%. The hotel generated $54.2 million in revenue, reflecting a significant increase in room revenue, which rose to $29.5 million from $24.9 million year-over-year.
The company faced challenges, including impairment charges totaling $34.4 million, which were recorded for the Exterior Street Project and the Santa Monica Project. The Exterior Street Project was reclassified as held for sale, with a carrying value of $78.8 million as of December 31, 2024, following a non-cash impairment charge of $16.6 million. The Santa Monica Project also underwent a similar impairment process, resulting in a $17.7 million charge. The company has entered into a purchase and sale agreement for the Exterior Street Project, expecting to sell it for $84 million, although the completion of this sale is not guaranteed.
Operationally, Lightstone REIT I maintained ownership interests in two consolidated operating properties and two development projects, alongside joint ventures in nine multifamily residential properties and five limited-service hotels. The company reported a total of 21.3 million common shares outstanding as of March 15, 2025, with no distributions declared or paid during 2024, following a suspension of regular quarterly distributions in November 2023. The estimated net asset value (NAV) per share was determined to be $10.96 as of December 31, 2024.
Looking ahead, the company anticipates that its cash on hand, marketable securities, and revenues from operating properties will be sufficient to meet its cash requirements for at least the next 12 months. However, it remains dependent on the performance of its properties and the overall economic environment, which could impact future results. The company is also exploring additional funding options through asset dispositions and refinancing existing debt to enhance liquidity.
About Lightstone Value Plus REIT I, Inc.
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