Lightstone Value Plus REIT I, Inc. reported its financial results for the third quarter of 2025, showing a total revenue of $16.4 million, a 4.8% increase from $15.7 million in the same period last year. The growth was primarily driven by a rise in rental revenues, which increased to $2.8 million from $2.6 million, and hotel revenues, which rose to $13.6 million from $13.1 million. The company recorded a net income of $2.6 million for the quarter, a significant turnaround from a net loss of $31.9 million in the prior year, reflecting improved operational performance and reduced expenses.
In terms of operational metrics, the Lower East Side Moxy Hotel reported an increase in revenue per available room (RevPAR) to $288.92 from $274.42, while the average daily rate (ADR) also rose to $303.73 from $289.07. The hotel maintained a high occupancy rate of 95%. The company’s total assets decreased to $387.3 million as of September 30, 2025, down from $447.5 million at the end of 2024, largely due to the sale of the Exterior Street Project, which generated net proceeds of $36.5 million after repaying associated mortgage debt.
The company’s liabilities also saw a reduction, totaling $230.6 million compared to $279.2 million at the end of the previous fiscal year. This decrease was attributed to the repayment of debt associated with the Exterior Street Project and a reduction in accounts payable and accrued expenses. Stockholders' equity fell to $156.6 million from $166.8 million, influenced by the net loss attributable to common shares in prior periods and the redemption of common shares.
Strategically, Lightstone REIT I has focused on optimizing its portfolio, including the recent sale of the Exterior Street Project, which was deemed no longer viable for development due to unfavorable market conditions. The company has also made adjustments to its financing arrangements, including refinancing the Gantry Park Mortgage Loan and amending the Moxy Mortgage Loans to improve terms and reduce interest rates. As of September 30, 2025, the company had $73.2 million in cash and cash equivalents, positioning it well for future investments and operational needs.
Looking ahead, Lightstone REIT I remains cautious about the economic environment, which could impact its operations and financial performance. The company plans to continue evaluating its asset portfolio and may pursue additional strategic dispositions or acquisitions as market conditions evolve. The management emphasized the importance of maintaining liquidity and operational flexibility to navigate potential challenges in the real estate market.
About Lightstone Value Plus REIT I, Inc.
Lightstone Value Plus REIT I, Inc. is a real estate investment trust focused on owning, developing, and managing commercial and multifamily residential properties across the U.S. It invests in hotels, apartments, and land for development, utilizing a mix of direct ownership, joint ventures, and mortgage loans. The company emphasizes capital appreciation and income, leveraging its UPREIT structure and strategic acquisitions to compete in the real estate market.
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