Lightstone Value Plus REIT IV, Inc., a real estate investment trust focused on acquiring and managing a diverse portfolio of real estate properties, has released its Form 10-Q report for the third quarter of 2023. The report provides detailed insights into the company's financial performance and operational activities, highlighting significant developments and future outlooks.
Financial Highlights
- Total Revenue: $15.8 million, generated from the Williamsburg Moxy Hotel operations since its opening on March 7, 2023.
- Net Loss: $11.0 million, primarily due to the cessation of interest capitalization upon the opening of the Williamsburg Moxy Hotel.
- Depreciation and Amortization: $2.0 million, related to the Williamsburg Moxy Hotel.
- Interest Expense, Net: $7.5 million, significantly increased due to the cessation of interest capitalization for the Williamsburg Moxy Hotel.
- Loss from Investment in Unconsolidated Affiliated Real Estate Entity: $0.5 million, attributable to the 40 East End Ave. Joint Venture.
Business Highlights
- Revenue Segments: The Williamsburg Moxy Hotel, which opened on March 7, 2023, generated $15.8 million in hotel revenues for the nine months ended September 30, 2023. This included $10.0 million from room revenue and $5.8 million from food, beverage, and other services.
- Geographical Performance: The Williamsburg Moxy Hotel, located in the Williamsburg neighborhood of Brooklyn, New York, was 82% occupied with a Revenue per Available Room (RevPAR) of $221.98 and an Average Daily Rate (ADR) of $269.93 for the period from March 7, 2023, to September 30, 2023.
- Sales Units: The 40 East End Ave. Joint Venture sold 24 out of 29 units in its luxury residential condominium project located in Manhattan, New York City, as of September 30, 2023.
- New Product Launches: The Williamsburg Moxy Hotel opened for business on March 7, 2023, marking a significant addition to the company's hospitality portfolio.
- New Production Launches: The development and construction of the Williamsburg Moxy Hotel were substantially completed, with the hotel opening for business on March 7, 2023.
- Future Outlook: The company expects to refinance the Moxy Construction Loan on or before its initial maturity date of February 5, 2024. If unsuccessful, it plans to exercise one of its two six-month extension options.
SEC Filing: