Lightstone Value Plus REIT I, Inc. reported a net loss of $10 million for the six months ended June 30, 2025, compared to a net income of $2.3 million for the same period in 2024. The company's total revenues for the first half of 2025 were $29.6 million, slightly down from $29.7 million in the previous year. Rental revenues increased to $5.7 million from $5.3 million, driven by higher average monthly rents at Gantry Park Landing. However, hotel revenues from the Lower East Side Moxy Hotel decreased to $23.9 million from $24.4 million, primarily due to a decline in food, beverage, and other revenue.
The company's financial position showed a decrease in total assets, which fell to $416.4 million as of June 30, 2025, from $447.5 million at the end of 2024. This decline was attributed to a reduction in investment properties and marketable securities. Notably, Lightstone's mortgages payable decreased to $203.4 million from $221.3 million, reflecting a strategic effort to manage debt levels. Stockholders' equity also declined to $155.1 million from $168.3 million, largely due to the net loss incurred during the period.
In terms of operational developments, Lightstone completed the sale of the Exterior Street Project on July 18, 2025, generating net cash proceeds of $32.7 million. This transaction was part of a broader strategy to optimize the company's asset portfolio amid challenging market conditions. The company also reported a gain on debt extinguishment of $1.9 million related to the Santa Monica Project, which was transferred to the lender in a deed-in-lieu of foreclosure transaction.
Looking ahead, Lightstone's management expressed cautious optimism regarding future performance, emphasizing the importance of maintaining liquidity and managing operational costs. The company has $27.9 million in cash and $4.4 million in restricted cash, alongside $36.3 million in marketable securities. However, the board of directors suspended regular quarterly distributions in November 2023, indicating a focus on stabilizing the company's financial health before resuming payouts to shareholders. The outlook remains contingent on market conditions, operational performance, and the ability to navigate economic challenges effectively.
About Lightstone Value Plus REIT I, Inc.
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