Lightstone Value Plus REIT IV, Inc., a real estate investment trust (REIT) focused on acquiring and managing a diverse portfolio of real estate properties, has released its Form 10-Q report for the first quarter of 2024. The report highlights significant financial and operational developments, including the performance of its newly opened Williamsburg Moxy Hotel and other key business activities.
Financial Highlights
- Total Hotel Revenues: $4.6 million, reflecting a significant increase from the previous year's $1.0 million due to the full quarter of operations for the Williamsburg Moxy Hotel.
- Net Loss: $(4.9) million, compared to $(3.7) million in the prior year, primarily due to increased operating expenses and interest expenses.
- Net Loss Attributable to Company’s Common Shares: $(3.8) million, compared to $(2.9) million in the prior year.
- Net Loss Per Company’s Common Shares, Basic and Diluted: $(0.46), compared to $(0.44) in the prior year, indicating a slight increase in loss per share.
Business Highlights
- Revenue Segments: The Williamsburg Moxy Hotel, which opened on March 7, 2023, generated $4.6 million in total hotel revenues for the three months ended March 31, 2024, with room revenues at $2.9 million and food, beverage, and other revenues at $1.7 million.
- Geographical Performance: The Williamsburg Moxy Hotel is located in the Williamsburg neighborhood of Brooklyn, New York City, and achieved a 78% occupancy rate with a Revenue per Available Room (RevPAR) of $147.84 and an Average Daily Rate (ADR) of $189.67 for the three months ended March 31, 2024.
- Sales Units: The 40 East End Ave. Joint Venture sold 25 out of 29 units in its luxury residential condominium project located in Manhattan, New York City, as of March 31, 2024.
- New Product Launches: The Williamsburg Moxy Hotel opened on March 7, 2023, marking a significant addition to the company's hospitality portfolio.
- Future Outlook: The company expects to continue seeking opportunities to invest in real estate and real estate-related investments, focusing on development-related investments and maintaining its REIT status by distributing at least 90% of its taxable income.
SEC Filing: