Lightstone Value Plus REIT IV, Inc. reported a net loss of $9.9 million for the fiscal year ending December 31, 2024, a decrease from a loss of $14.0 million in the previous year. The company's total revenues increased to $29.7 million, up from $23.3 million in 2023, primarily driven by the performance of the Williamsburg Moxy Hotel, which opened on March 7, 2023. Room revenue rose to $20.2 million from $15.5 million, while food and beverage revenue also saw an increase to $9.5 million from $7.8 million. The hotel achieved a 90% occupancy rate, up from 84%, and a revenue per available room (RevPAR) of $255.25, compared to $239.00 in the prior year.
The company’s total assets as of December 31, 2024, were approximately $145.0 million, a slight decrease from $145.5 million in 2023. The net investment property value was reported at $122.4 million, down from $126.6 million the previous year. The decrease in asset value was attributed to depreciation and a casualty loss of $0.5 million from a fire incident at the hotel. The company also reported an increase in total liabilities to $114.2 million from $104.0 million, largely due to higher mortgage payables associated with the Williamsburg Moxy Hotel.
Strategically, Lightstone REIT IV continues to focus on real estate investments, particularly in development projects. The Williamsburg Moxy Hotel Joint Venture, in which the company holds a 75% interest, is a key asset, and the company has also invested in the 40 East End Ave. Joint Venture, holding a 33.3% interest. As of December 31, 2024, 26 of the 29 condominium units in the 40 East End Ave. project have been sold, with the remaining units expected to generate additional revenue.
Looking ahead, the company anticipates that cash flows from the Williamsburg Moxy Hotel, along with distributions from the 40 East End Ave. Joint Venture, will be sufficient to meet its cash requirements for at least the next twelve months. However, the company remains cautious about potential economic challenges, including inflation and rising interest rates, which could impact future performance. The board of directors has suspended regular monthly distributions since March 2020, and any future distributions will depend on the company’s financial performance and compliance with REIT distribution requirements.
About Lightstone Value Plus REIT IV, Inc.
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