Lightstone Value Plus REIT Iv, Inc.
Lightstone Value Plus REIT IV, Inc. is a U.S.-based real estate investment trust that invests in operating properties, development projects, and real estate-related debt and preferred equity. Its portfolio is centered on development-oriented opportunities, including hotel and condominium projects, and it also holds interests in affiliated real estate ventures.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueIncludes income-producing properties such as the Williamsburg Moxy Hotel and related food and beverage venues.
Includes ground-up and redevelopment projects such as condominium and hotel development interests.
Includes mezzanine loans, mortgage loans, and bridge loans secured by real estate assets.
Includes preferred equity and other structured real estate-related investments.
Includes earnings from unconsolidated affiliated real estate entities such as the 40 East End Avenue Joint Venture.
Products
Reported · share of revenue- Room Revenue68.9 %
- Food Beverage and Other Revenue31.1 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company’s direct economic counterparties are tenants, hotel guests, condominium buyers, and joint venture partners rather than a broad retail customer base. Demand is driven by hospitality occupancy and pricing in Brooklyn, plus asset sales and development monetization in Manhattan and other real estate markets. Its lending and preferred equity activities serve real estate sponsors and developers seeking transitional capital.
Travelers and visitors staying at the Williamsburg Moxy Hotel and using its rooms and food-and-beverage venues.
Purchasers of the remaining unsold units in the 40 East End Avenue project, which generate sale proceeds when closed.
Borrowers and counterparties that use the company’s mezzanine, mortgage, bridge loan, or preferred equity capital.
Affiliated or third-party partners that co-own projects and share cash flows, control rights, and exit proceeds.
Strategy
The company is focused on preserving liquidity while monetizing existing assets and supporting development-related investments. Near-term priorities include operating the Williamsburg Moxy Hotel, managing the remaining condominium inventory at 40 East End Avenue, and maintaining sufficient cash for debt service, operating costs, and REIT distribution requirements.
Selling the last unsold units converts development value into cash and reduces project risk.
Hotel cash flow supports liquidity and helps fund corporate obligations and distributions.
The company needs cash for debt service, capital contributions, and REIT compliance distributions.
The portfolio is designed to capture higher-return opportunities in development and redevelopment.
Geography
The company is concentrated in the United States, with key assets in New York City. Its operating exposure is especially tied to Brooklyn’s Williamsburg neighborhood and Manhattan’s Upper East Side, making performance sensitive to New York real estate and hospitality conditions. The filing does not disclose a broader country revenue split, so the business should be viewed as domestically concentrated.
Risks
The company is exposed to asset-specific execution risk because its value depends on a small number of projects, including a hotel and a condominium development. It also faces real estate market, financing, and liquidity risk, since cash flows must support debt service, capital needs, and REIT distribution requirements while property values and occupancy can fluctuate.
A large share of value is tied to the Williamsburg Moxy Hotel and 40 East End Avenue project.
The company must fund operating expenses, scheduled debt service, and possible capital contributions.
Exposure: Corporate cash and restricted cash
Room occupancy, RevPAR, and food-and-beverage demand can change quickly with travel conditions.
Exposure: Williamsburg Moxy Hotel
The remaining unsold units must be sold to realize project value and generate cash.
Exposure: 40 East End Avenue Project
Consent rights and shared ownership can slow decisions and affect capital allocation or exits.
Exposure: Williamsburg Moxy Hotel Joint Venture and 40 East End Ave. Joint Venture
Accounting
Judgemental itemsEarnings from the 40 East End Ave. Joint Venture are recognized based on the company’s share of JV results, not consolidated revenue.
Impact: Can create volatility in reported income from period to period
Lightstone REIT III owns 25% of the Williamsburg Moxy Hotel Joint Venture, so part of earnings is allocated away from common shareholders.
Impact: Reduces net income attributable to the company
Real estate assets are depreciated over estimated useful lives on a straight-line basis.
Impact: Affects operating income and asset carrying values over time
Real estate, joint venture interests, and debt-related investments require valuation assumptions and may be impaired if market conditions weaken.
Impact: Can materially affect asset values and earnings
Property insurance recoveries can create non-recurring cash inflows and affect comparability across periods.
Impact: May distort underlying operating performance
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Last updated: 28/04/2026