0001144204-14-019339.txt : 20140331 0001144204-14-019339.hdr.sgml : 20140331 20140331154353 ACCESSION NUMBER: 0001144204-14-019339 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20131231 FILED AS OF DATE: 20140331 DATE AS OF CHANGE: 20140331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST II INC CENTRAL INDEX KEY: 0001436975 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 830511223 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-54047 FILM NUMBER: 14729869 BUSINESS ADDRESS: STREET 1: 1985 CEDAR BRIDGE AVENUE, SUITE 1 CITY: LAKEWOOD STATE: NJ ZIP: 08701 BUSINESS PHONE: 732 367 0129 MAIL ADDRESS: STREET 1: 1985 CEDAR BRIDGE AVENUE, SUITE 1 CITY: LAKEWOOD STATE: NJ ZIP: 08701 10-K 1 v371007_10k.htm FORM 10-K

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

 

x Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For The Fiscal Year Ended December 31, 2013

 

or

 

¨ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the transition period from ____________ to ____________

 

Commission file number 000-54047

 

LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST II, INC.

(Exact Name of Registrant as Specified in Its Charter)

   

Maryland 83-0511223
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or organization)  

 

1985 Cedar Bridge Avenue, Suite 1, Lakewood, NJ 08701
(Address of principal executive offices) (Zip code)

 

Registrant's telephone number, including area code:  732-367-0129

 

Securities registered under Section 12(b) of the Exchange Act:

 

Title of Each Class   Name of Each Exchange on Which Registered
None   None

 

Securities registered under Section 12(g) of the Exchange Act:

 

None

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨ No x

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No x

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨  

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  x

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer (as defined in Rule 12b-2 of the Exchange Act).  Large accelerated filer ¨ Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company x

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

 

As of June 30, 2013, the aggregate market value of the common shares held by non-affiliates of the registrant was $60.7 million. While there is no established market for the Registrant’s common shares, the Registrant has sold its common shares pursuant to a Form S-11 Registration Statement under the Securities Act of 1933 at a price of $10.00 per common share. As of March 15, 2014, there were approximately 8.7 million shares of common stock held by non-affiliates of the registrant.

 

DOCUMENTS INCORPORATED BY REFERENCE

 

None.

 

 
 

 

LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST II, INC.

 

Table of Contents

      Page
PART I      
       
Item 1. Business    
       
Item 1A. Risk Factors    
       
Item 1B. Unresolved Staff Comments    
       
Item 2. Properties    
       
Item 3. Legal Proceedings    
       
Item 4. Mine Safety Disclosures    
       
PART II      
       
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities    
       
Item 6. Selected Financial Data    
       
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations    
       
Item 7A. Quantitative and Qualitative Disclosures About Market Risk    
       
Item 8. Financial Statements and Supplementary Data    
       
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure    
       
Item 9A. Controls and Procedures    
       
Item 9B. Other Information    
       
PART III      
       
Item 10. Directors and Executive Officers of the Registrant    
       
Item 11. Executive Compensation    
       
Item 12. Security Ownership of Certain Beneficial Owners and Management    
       
Item 13. Certain Relationships and Related Transactions    
       
Item 14. Principal Accounting Fees and Services    
       
PART IV      
       
Item 15. Exhibits and Financial Statement Schedules    
       
  Signatures    

 

1
 

 

Special Note Regarding Forward-Looking Statements

 

This annual report on Form 10-K, together with other statements and information publicly disseminated by Lightstone Value Plus Real Estate Investment Trust II, Inc. (the “Lightstone REIT II”) contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Exchange Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control and which could materially affect actual results, performances or achievements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) general economic and local real estate conditions, (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or general downturn in their business, (iii) financing risks, such as the inability to obtain equity, debt, or other sources of financing on favorable terms, (iv) changes in governmental laws and regulations, (v) the level and volatility of interest rates and foreign currency exchange rates, (vi) the availability of suitable acquisition opportunities and (vii) increases in operating costs. Accordingly, there is no assurance that our expectations will be realized.

 

All forward-looking statements should be read in light of the factors identified herein at Part 1, Item 1A as well as in the “Risk Factors” section of the Registration Statement on Form S-11 (File No. 333-151532) of the Lightstone REIT II filed with the Securities and Exchange Commission (the “SEC”), as the same may be amended and supplemented from time to time.

 

PART I.

 

ITEM 1. BUSINESS:

 

General Description of Business

 

The Lightstone REIT II is a Maryland corporation, formed on April 28, 2008, which has qualified as a real estate investment trust (“REIT”) for U.S. federal income tax purposes since its taxable year ending December 31, 2009. The Lightstone REIT II was formed primarily for the purpose of engaging in the business of investing in and owning commercial and residential real estate properties located principally in North America, as well as other real estate-related investments.

 

The Lightstone REIT II is structured as an umbrella partnership REIT (“UPREIT”), and substantially all of its current and future business is and will be conducted through Lightstone Value Plus REIT II LP (the “Operating Partnership”), a Delaware limited partnership formed on April 30, 2008.

 

The Lightstone REIT II and the Operating Partnership and its subsidiaries are collectively referred to as the “Company” and the use of “we,” “our,” “us” or similar pronouns in this annual report refers to the Lightstone REIT II, its Operating Partnership or the Company as required by the context in which such pronoun is used. 

 

Offering and Structure

 

Our Sponsor, David Lichtenstein (“Lichtenstein”), who does business through The Lightstone Group (the “Sponsor”) and majority owns the limited liability company of that name, is one of the largest private residential and commercial real estate owners and operators in the United States today, with a diversified portfolio of over 100 properties containing approximately 10,600 multifamily units, 1.3 million square feet of office space, 2.2 million square feet of industrial space, 17 hotels, and 3.3 million square feet of retail space. The residential, office, industrial and retail properties are located in 20 states, the District of Columbia and Puerto Rico.  Based in New York, and supported by regional offices in New Jersey, Maryland and Illinois, our Sponsor employs approximately 400 staff and professionals. Our Sponsor has extensive experience in the areas of investment selection, underwriting, due diligence, portfolio management, asset management, property management, leasing, disposition, finance, accounting and investor relations.

 

Our advisor is Lightstone Value Plus REIT II LLC (the “Advisor”), which is wholly owned by our Sponsor. Our Advisor, together with our Board of Directors, is and will continue to be primarily responsible for making investment decisions and managing our day-to-day operations. Through his ownership and control of The Lightstone Group, Mr. Lichtenstein is the indirect owner of our Advisor and the indirect owner and manager of Lightstone SLP II LLC, the associate general partner of our Operating Partnership. Mr. Lichtenstein also acts as our Chairman and Chief Executive Officer. As a result, he controls both the general partner and associate general partner of our Operating Partnership and is the majority decision-maker of our Operating Partnership.

 

2
 

 

We do not have and will not have any employees that are not also employed by our Sponsor or its affiliates. We depend substantially on our Advisor, which generally has responsibility for our day-to-day operations. Under the terms of the advisory agreement, the Advisor also undertakes to use its commercially reasonable best efforts to present to us investment opportunities consistent with our investment policies and objectives as adopted by our Board of Directors.

 

We have two affiliated property managers (our “Property Managers”), which may manage the properties we acquire. We also use other unaffiliated third-party property managers, principally for the management of our hospitality properties. Our Property Managers are Paragon Retail Property Management LLC (“Paragon”) and Beacon Property Management LLC (“Beacon”), both of which are majority owned and controlled by our Sponsor. Paragon, which previously operated under the name Prime Retail Property Management, LLC, manages, leases, develops and redevelops all the factory outlet malls and certain retail properties controlled by our Sponsor. Beacon is a significant manager in the multi-family residential housing sector and oversees the management of approximately 11,000 multifamily units.

 

On April 24, 2009, we commenced an initial public offering (the “Offering”) to sell a maximum of 51.0 million shares of common stock at a price of $10 per share and 6.5 million shares of common stock available pursuant to our dividend reinvestment plan (the “DRIP”). We also have 255,000 shares reserved for issuance under our employee and director incentive restricted share plan. Our Registration Statement on Form S-11 (the “Registration Statement”) was declared effective under the Securities Act of 1933 on February 17, 2009, and on April 24, 2009, we began offering shares of our common stock for sale to the public.

 

The Offering, which terminated on August 15, 2012, raised aggregate gross proceeds of approximately $49.8 million from the sale of approximately 5.0 million shares of common stock. After allowing for the payment of approximately $5.2 million in selling commissions and dealer manager fees and $4.5 million in organization and other offering expenses, the Offering generated aggregate net proceeds of approximately $40.1 million. In addition, through August 15, 2012 (the termination date of the Offering), the Company had issued approximately 0.3 million shares of common stock under its DRIP, representing approximately $2.9 million of additional proceeds.

 

The Company’s registration statement on Form S-11 (the “Follow-On Offering”), pursuant to which it is offering to sell up to 30,000,000 shares of its common stock for $10.00 per share, subject to certain volume discounts (the “Primary Offering”) (exclusive of 2,500,000 shares available pursuant to its DRIP at an initial purchase price of $9.50 per share and 255,000 shares reserved for issuance under its Employee and Director Incentive Restricted Share Plan) was declared effective by SEC under the Securities Act of 1933 on September 27, 2012. As of December 31, 2013, we had received aggregate gross proceeds of approximately $22.8 million from the sale of approximately 2.3 million shares of our common stock in our Follow-On Offering. The Company intends to sell shares of its common stock under the Follow-On Offering until the earlier of the date on which all the shares are sold, or September 27, 2014, two years from the date the Follow-On Offering was declared effective by the SEC. The Company reserves the right to reallocate the shares of common stock it is offering between the Primary Offering and the DRIP. Additionally, the Follow-On Offering may be terminated at any time.

 

Effective July 8, 2011, ICON Securities Corp. (“ICON Securities”) became the dealer manager (“Dealer Manager”) of the Company’s Offering pursuant to an Assignment and Amendment of Dealer Manager Agreement (the “Assignment and Amendment”). Pursuant to the Assignment and Amendment, ICON Securities was assigned the Dealer Manager Agreement between Lightstone Securities LLC ("Lightstone Securities”) and the Company dated February 17, 2009 and assumed all of Lightstone Securities’ rights and obligations thereunder from and after the effective date of the Assignment and Amendment. Prior to July 8, 2011, Lightstone Securities served as the dealer manager for the Company’s Offering. As of July 8, 2011, upon effectiveness of the Assignment and Amendment, the Wholesaling Agreement between the Company, Lightstone Securities and ICON Securities was terminated.

 

Effective September 27, 2012, Orchard Securities, LLC (“Orchard Securities”) became the Dealer Manager of the Company’s Follow-On Offering. Orchard Securities also opened a branch office that does business as “Lightstone Capital Markets” and focuses primarily on distributing interests in programs sponsored by our Sponsor.

 

All further references to the Dealer Manager will be deemed to refer to either Lightstone Securities, ICON Securities or Orchard Securities during the respective period of time that each was serving in such capacity.

 

As of December 31, 2013, the Advisor owned 20,000 shares of common stock which were issued on May 20, 2008 for $200,000, or $10.00 per share. In addition, as of September 30, 2009, the Company had reached the minimum offering under its Offering by receiving subscriptions of its common shares, representing gross offering proceeds of approximately $6.5 million, and effective October 1, 2009 investors were admitted as stockholders and the Operating Partnership commenced operations. Through December 31, 2013, cumulative gross offering proceeds of $72.6 million were released to the Company. The Company invested the proceeds received from the Offering, the Follow-On Offering and the Advisor in the Operating Partnership, and as a result, held a 99.9% general partnership interest as of December 31, 2013 in the Operating Partnership’s common units.

 

The Company’s shares of common stock are not currently listed on a national securities exchange. The Company may seek to list its shares of common stock for trading on a national securities exchange only if a majority of its independent directors believe listing would be in the best interest of its stockholders. The Company does not intend to list its shares at this time. The Company does not anticipate that there would be any market for its shares of common stock until they are listed for trading. In the event the Company does not obtain listing prior to the tenth anniversary of the completion or termination of its Offering, its charter requires that the Board of Directors must either (i) seek stockholder approval of an extension or amendment of this listing deadline; or (ii) seek stockholder approval to adopt a plan of liquidation of the corporation.

 

3
 

 

Noncontrolling Interest – Partners of Operating Partnership

 

On May 20, 2008, the Advisor contributed $2,000 to the Operating Partnership in exchange for 200 limited partner common units in the Operating Partnership. The limited partner has the right to convert Operating Partnership common units into cash or, at our option, an equal number of our shares of our common stock, as allowed by the limited partnership agreement.

 

Lightstone SLP II LLC, which is wholly owned by our Sponsor, committed to purchase subordinated profits interests in our Operating Partnership (“Subordinated Profits Interests”) at a cost of $100,000 per unit for each $1.0 million in subscriptions up to ten percent of the proceeds from the primary shares under the Offering and Follow-On Offering on a semi-annual basis beginning with the quarter ended June 30, 2010. Lightstone SLP II LLC may elect to purchase the Subordinated Profits Interests with either cash or an interest in real property of equivalent value. Any proceeds received from the cash sale of the Subordinated Profits Interests will be used to offset payments made by the Company from offering proceeds to pay the dealer manager fees, selling commissions and organization and other offering expenses.

 

From our inception through December 31, 2013, our Sponsor contributed cash of approximately $1.6 million and elected to contribute equity interests totaling 48.6% in Brownmill, LLC (“Brownmill”) in exchange for 64.0 Subordinated Profits Interests with an aggregate value of $6.4 million. See “Sponsor’s Contribution of Equity Interests in Brownmill” below for additional information. Our Sponsor may continue to elect to contribute interests in real property in lieu of cash in exchange for Subordinated Profits Interests in order to fulfill its semi-annual commitment.

 

Operations - Operating Partnership Activity

 

Our Operating Partnership commenced its operations on October 1, 2009. Since then we have and will continue to seek to acquire and operate commercial, residential, and hospitality properties, principally in North America through our Operating Partnership. Our commercial holdings will consist of retail (primarily multi-tenanted shopping centers), lodging, industrial and office properties. All such properties may be acquired and operated by us alone or jointly with another party. In addition, we may invest up to 20% of our net assets in collateralized debt obligations, commercial mortgage-backed securities (“CMBS”) and mortgage and mezzanine loans secured, directly or indirectly, by the same types of properties which it may acquire directly.

 

The following summarizes our completed acquisitions and investments from our inception through December 31, 2013:

 

·During 2009, we acquired a 32.42% Class D Member Interest in HG CMBS Finance, LLC (“HGF”), a real estate limited liability company that primarily invested in CMBS, which were sold by HGF during 2010;

 

·We have an aggregate 48.6% equity interest in Brownmill, LLC (“Brownmill”), which includes two retail properties known as the Browntown Shopping Center and the Millburn Mall, located in Old Bridge, New Jersey and Vauxhall, New Jersey, respectively, which was acquired on June 30, 2010 (with respect to a 26.25% equity interest), December 29, 2010 (with respect to a 8.163% equity interest), December 28, 2011 (with respect to a 5.587% equity interest), June 6, 2012 (with respect to a 5.102% equity interest) and October 1, 2012 (with respect to an 3.4776% equity interest);

 

·On January 19, 2011, we acquired a 95.0% ownership interest in a TownePlace Suites hotel (the “TownePlace Suites – Metairie”) located in Harahan, Louisiana;

 

·On March 21, 2011, we acquired a 20.0% ownership interest in LVP CP Boston Holdings, LLC (the “CP Boston Joint Venture”), a joint venture which owns a hotel and water park located in Danvers, Massachusetts, which we subsequently disposed of on February 20, 2012 with an effective date of January 1, 2012;

 

·On April 12, 2011, we acquired a 10.0% ownership interest in LVP Rego Park, LLC(the “Rego Park Joint Venture”), a joint venture which owned a second mortgage loan secured by a residential apartment complex located in Queens, New York, which was repaid in full on June 27, 2013;

 

·On July 13, 2012 we acquired a SpringHill Suites by Marriott hotel (the “SpringHill Suites – Peabody”) located in Peabody, Massachusetts;

 

4
 

 

·On December 31, 2012, we acquired an aggregate 87.7% ownership interest in a Fairfield Inn hotel (the “Fairfield Inn – East Rutherford”) located in East Rutherford, New Jersey as a result of the restructuring of our mortgage loan receivable secured by the Fairfield Inn – East Rutherford , which was previously acquired on June 29, 2010; and

 

·On June 18, 2013, we acquired a 95.0% ownership interest in a portfolio comprised of two TownePlace Suites hotels (collectively, the “Arkansas Hotel Portfolio”) located in Little Rock (the “TownePlace Suites – Little Rock”) and Johnson/Springdale, Arkansas (the “TownePlace Suites – Fayetteville”), respectively.

 

Related Parties

 

Our Advisor and Property Managers are each related parties. Each of these entities have or will receive compensation and fees for services related to our offerings and will continue to receive compensation and fees and services for the investment and management of our assets. These entities will receive fees during the offering, acquisition, operational and liquidation stages. The compensation levels during the offering, acquisition and operational stages are based on percentages of the offering proceeds sold, the cost of acquired properties and the annual revenue earned from such properties, and other such fees outlined in each of the respective agreements.

 

Primary Business Objectives and Strategies  

 

Our primary objective is to achieve capital appreciation with a secondary objective of income without subjecting principal to undue risk. We intend to achieve this goal primarily through investments in real estate properties. We intend to use substantially all of the net proceeds from our offerings to acquire and operate a diversified portfolio of real estate investments.

 

If we have not provided some form of liquidity for our stockholders or if our Company is not liquidated, generally within seven to ten years after the proceeds from the Primary Offering are fully invested, we will cease reinvesting our capital and sell the properties and other assets, either on a portfolio basis or individually, or engage in another transaction approved by our Board of Directors (market conditions permitting) unless the directors, including a majority of the independent directors, determine that, in light of our expected life at any given time, it is deemed to be in the best interest of the stockholders to reinvest proceeds from property sales or refinancings. Alternatively, we may merge with, or otherwise be acquired by, an unaffiliated entity, our Sponsor or affiliates of our Sponsor.

 

Acquisition and Investment Policies 

 

We have acquired and intend to continue to acquire residential and commercial properties as well as other real estate-related investments principally in North America. Our acquisitions may include both portfolios and individual properties. Unlike other REITs, which typically specialize in one sector of the real estate market, we invest and intend to continue to invest in both residential and commercial properties as well as other real estate-related investments to create a diverse portfolio of property types and take advantage of our Sponsor’s expertise in acquiring larger properties and portfolios of both residential and commercial properties. We generally intend to hold each property for seven to ten years.

 

We are not limited in the number, size or geographical location of any real estate assets. The number and mix of assets we acquire depends, in part, upon real estate and market conditions and other circumstances existing at the time we acquire our assets and, in part, on the net proceeds raised in our public offerings. We may expand our focus to include properties located outside the United States. If we invest in properties outside of the United States, we intend to focus on properties which we believe to have similar characteristics as those properties in which we have previous investment and management expertise. We do not anticipate that these international investments would comprise more than 10% of our portfolio. Investment in areas outside of the United States may be subject to risks different than those impacting properties in the United States.

 

We have made and/or expect that we will make the following types of real estate investments:

 

•Fee interests in market-rate, multifamily properties located either in or near major metropolitan areas. We will attempt to identify those sub-markets with job growth opportunities and demand demographics which support potential long-term value appreciation for multifamily properties.

 

•Fee interests in power shopping centers and malls located in highly trafficked retail corridors, in selected high-barrier to entry markets and sub-markets. “Power” shopping centers are large retail complexes that are generally unenclosed and located in suburban areas that typically contain one or more large brand name retailers rather than a department store anchor tenant. We will attempt to identify those sub-markets with constraints on the amount of additional property supply, which will make future competition less likely.

 

•Fee interests in improved, multi-tenanted, industrial properties and properties that contain industrial and office space (“industrial flex”) located near major transportation arteries and distribution corridors with limited management responsibilities.

 

5
 

 

•Fee interests in improved, multi-tenanted, office properties located near major transportation arteries in urban and suburban areas.

 

•Fee interests in lodging properties located near major transportation arteries in urban and suburban areas.

 

•Preferred equity interests in entities that own the property types listed above.

 

•Mezzanine loans secured by the pledges of equity interests in entities that own the property types listed above.

 

•Commercial mortgage-backed securities secured by mortgages on real property.

 

•Collateralized debt obligations.

 

•Investments in equity securities issued by public or private real estate companies.

 

In addition, we further diversify and intend to continue to diversify our portfolio by investing up to 20% of our net assets in collateralized debt obligations, commercial mortgage-backed securities and mortgage and mezzanine loans secured, directly or indirectly, by the same types of properties which we may acquire directly. We may also acquire majority or minority interests in other entities (or business units of such entities) with investment objectives similar to ours or with management, investment or development capabilities that our Board of Directors deems desirable or advantageous to acquire.

 

Financing Strategy and Policies

 

We have and intend to continue to utilize leverage to make our investments. The number of different investments we will acquire will be affected by numerous factors, including the amount of funds available to us. When interest rates on mortgage loans are high or financing is otherwise unavailable on terms that are satisfactory to us, we may purchase certain investments for cash with the intention of obtaining a mortgage loan for a portion of the purchase price at a later time. There is no limitation on the amount we may invest in any single investment or on the amount we can borrow for the purchase of any investment.

 

Our charter restricts the aggregate amount we may borrow, both secured and unsecured, to 300% of net assets in the absence of a satisfactory showing that a higher level is appropriate, the approval of the Board of Directors and disclosure to the stockholders. In addition, our charter limits our aggregate long-term permanent borrowings (having a maturity greater than two years) to 75% of the aggregate fair market value of all investments unless any excess borrowing is approved by a majority of our independent directors and is disclosed to our stockholders. Our charter also prohibits us from making or investing in mortgage loans, including construction loans, on any one property if the aggregate amount of all mortgage loans outstanding on the property, including our loans, would exceed 85% of the property’s appraised value.

 

We may finance our investment acquisitions through a variety of means, including but not limited to single property mortgages, as well as, mortgages cross-collateralized by a pool of property and through exchange of an interest in the property for limited partnership units of the Operating Partnership. Generally, though not exclusively, we intend to seek to finance our investments with debt which will be on a non-recourse basis. However, we may, secure recourse financing or provide a guarantee to lenders, if we believe this may result in more favorable terms.

 

Distribution Objectives  

 

U.S. federal income tax law requires that a REIT distribute annually at least 90% of its REIT taxable income (which does not equal net income, as calculated in accordance with generally accepted accounting principles in the United States, or GAAP) determined without regard to the deduction for dividends paid and excluding any net capital gain. In order to continue to qualify for REIT status, we may be required to make distributions in excess of cash available.

 

Distributions will be at the discretion of our Board of Directors. We commenced quarterly distributions beginning with the fourth quarter of 2009 and we have generally used cash proceeds from the sale of shares of our common stock to fund such distributions. We may continue to fund such distributions with cash proceeds from the sale of shares of our common stock or borrowings if we do not generate sufficient cash flow from our operations to fund distributions. Our ability to pay regular distributions and the size of these distributions will depend upon a variety of factors. For example, our borrowing policy permits us to incur short-term indebtedness, having a maturity of two years or less, and we may have to borrow funds on a short-term basis to meet the distribution requirements that are necessary to achieve the tax benefits associated with qualifying as a REIT. We cannot assure that regular distributions will continue to be made or that we will maintain any particular level of distributions that we have established or may establish.

 

We are an accrual basis taxpayer, and as such our REIT taxable income could be higher than the cash available to us. We may therefore borrow to make distributions, which could reduce the cash available to us, in order to distribute 90% of our REIT taxable income as a condition to our election to be taxed as a REIT. These distributions made with borrowed funds may constitute a return of capital to stockholders. “Return of capital” refers to distributions to investors in excess of net income. To the extent that distributions to stockholders exceed earnings and profits, such amounts constitute a return of capital for U.S. federal income tax purposes, although such distributions might not reduce stockholders’ aggregate invested capital. Because our earnings and profits are reduced for depreciation and other non-cash items, it is likely that a portion of each distribution will constitute a tax-deferred return of capital for U.S. federal income tax purposes.

 

6
 

 

On March 30, 2009, our Board of Directors declared the Annualized Distribution Rate for each quarterly period commencing 30 days subsequent to achieving the minimum offering of 500,000 shares of common stock. The distribution is calculated based on stockholders of record each day during the applicable period at a rate of $0.00178082191 per share per day, and equals a daily amount that, if paid each day for a 365-day period, would equal a 6.5% annualized rate based on the share price of $10.00.

 

At the beginning of October 2009, we achieved our minimum offering of 500,000 shares of common stock and on November 3, 2009, our Board of Directors declared our first quarterly distribution at an annualized distribution rate (the “Annualized Distribution Rate”) for the three-month period ending December 31, 2009. Subsequently, our Board of Directors has declared regular quarterly distributions at the Annualized Distribution Rate.

 

Total distributions declared during the years ended December 31, 2013, 2012 and 2011 were $4.1 million, $3.3 million and $2.6 million, respectively.

 

On March 28, 2014, our Board of Directors declared the quarterly distribution for the three-month period ended March 31, 2014 in the amount of $0.00178082191 per share per day payable to stockholders of record on the close of business each day during the quarter, which will be paid on April 15, 2014.

 

Our stockholders have the option to elect the receipt of shares of common stock in lieu of cash under our DRIP.

 

Distribution Reinvestment and Share Repurchase Programs

 

Our DRIP provides our stockholders with an opportunity to purchase additional shares of our common stock at a discount by reinvesting distributions. Our share repurchase program may provide our stockholders with limited, interim liquidity by enabling them to sell their shares of common stock back to us, subject to restrictions. From our inception through December 31, 2009, we did not receive any requests to redeem shares of our common stock under our share repurchase program. For the years ended December 31, 2013, 2012 and 2011, we redeemed 74,927, 50,784 and 48,154 shares of common stock, respectively, pursuant to our share repurchase program. During the year ended December 31, 2013, we redeemed 72% of the redemption requests at an average price per share of common stock of $9.27. We funded share redemptions for the periods noted above from the cumulative proceeds of the sale of our shares of common stock pursuant to our DRIP and from our operating funds.

 

On December 21, 2012, our Board of Directors reaffirmed the purchase price of $9.00 per share under our share repurchase program, except in the case of the death of the stockholder, whereby the purchase price per share is the lesser of the actual amount paid by the stockholder to acquire the shares or $10.00 per share.

 

However, our Board of Directors reserves the right to terminate either program for any reason without cause by providing written notice of termination of the DRIP to all participants or written notice of termination of the share repurchase program to all stockholders.

 

Tax Status

 

We elected to be taxed as a REIT in conjunction with the filing of our 2009 U.S. federal income tax return. If we remain qualified as a REIT, we generally will not be subject to U.S. federal income tax on our net taxable income that we distribute currently to our stockholders. To maintain our REIT qualification under the Internal Revenue Code of 1986, as amended, (the “Code”), we must meet a number of organizational and operational requirements, including a requirement that we annually distribute to our stockholders at least 90% of our REIT taxable income (which does not equal net income, as calculated in accordance with generally accepted accounting principles in the United States of America (“GAAP”), determined without regard to the deduction for dividends paid and excluding any net capital gain. If we fail to remain qualified for taxation as a REIT in any subsequent year and do not qualify for certain statutory relief provisions, our income for that year will be taxed at regular corporate rates, and we may be precluded from qualifying for treatment as a REIT for the four-year period following our failure to qualify as a REIT. Such an event could materially adversely affect our net income and net cash available for distribution to our stockholders.

 

As of December 31, 2013 and 2012, we had no material uncertain income tax positions. The tax years subsequent to and including 2010 remain open to examination by the major taxing jurisdictions to which we are subject. Additionally, even if we qualify as a REIT for U.S. federal income tax purposes, we may still be subject to some U.S. federal, state and local taxes on our income and property and to U.S. federal income taxes and excise taxes on our undistributed income.  

 

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To maintain our qualification as a REIT, we engage in certain activities through taxable REIT subsidiaries (“TRSs”). As such, we are subject to U.S. federal and state income and franchise taxes from these activities.

 

Competition  

 

The retail, lodging, office, industrial and residential real estate markets are highly competitive. We will compete in all of our markets with other owners and operators of retail, lodging, office, industrial and residential real estate. The continued development of new retail, lodging, office, industrial and residential properties has intensified the competition among owners and operators of these types of real estate in many market areas in which we intend to operate. We compete based on a number of factors that include location, rental rates, security, suitability of the property’s design to prospective tenants’ needs and the manner in which the property is operated and marketed. The number of competing properties in a particular market could have a material effect on our occupancy levels, rental rates and on the operating expenses of certain of our properties.

 

In addition, we will compete with other entities engaged in real estate investment activities to locate suitable properties to acquire and to locate tenants and purchasers for our properties. These competitors include other REITs, specialty finance companies, savings and loan associations, banks, mortgage bankers, insurance companies, mutual funds, institutional investors, investment banking firms, lenders, governmental bodies and other entities. There are also other REITs with asset acquisition objectives similar to ours and others that may be organized in the future. Some of these competitors, including larger REITs, have substantially greater marketing and financial resources than we will have and generally may be able to accept more risk than we can prudently manage, including risks with respect to the creditworthiness of tenants. In addition, these same entities seek financing through similar channels to those sought by us. Therefore, we will compete for institutional investors in a market where funds for real estate investment may decrease.

 

Competition from these and other third party real estate investors may limit the number of suitable investment opportunities available to us. It may also result in higher prices, lower yields and a narrower spread of yields over our borrowing costs, making it more difficult for us to acquire new investments on attractive terms. In addition, competition for desirable investments could delay the investment of proceeds from our Follow-On Offering in desirable assets, which may in turn reduce our earnings per share and negatively affect our ability to commence or maintain distributions to stockholders.

 

We believe that our senior management’s experience, coupled with our financing, professionalism, diversity of properties and reputation in the industry will enable us to compete with the other real estate investment companies.

 

Because we are organized as an UPREIT, we believe we are well positioned within the industries in which we intend to operate to offer existing owners the opportunity to contribute those properties to our Lightstone REIT II in tax-deferred transactions using our Operating Partnership units as transactional currency. As a result, we believe we have a competitive advantage over most of our competitors that are structured as traditional REITs and non-REITs in pursuing acquisitions with tax-sensitive sellers.

 

Environmental  

 

As an owner of real estate, we will be subject to various environmental laws of U.S. federal, state and local governments. Compliance with existing laws has not had a material adverse effect on our financial condition or results of operations, and management does not believe it will have such an impact in the future. However, we cannot predict the impact of unforeseen environmental contingencies or new or changed laws or regulations on properties in which we hold an interest, or on properties that may be acquired directly or indirectly in the future.

 

Employees  

 

We do not have employees. We entered into an advisory agreement with our advisor on February 17, 2009, pursuant to which our Advisor supervises and manages our day-to-day operations and selects our real estate and real estate related investments, subject to oversight by our Board of Directors. We have paid and will continue to pay our Advisor fees for services related to the investment and management of our assets, and we have reimbursed and will continue to reimburse our Advisor for certain expenses incurred on our behalf.

 

Economic Dependence  

 

We are dependent upon the net proceeds received from our public offerings to conduct our proposed activities. The capital required to acquire real estate and real estate related investments will be obtained from the proceeds from our public offerings and from any indebtedness that we may incur in connection with the acquisition of any real estate and real estate related investments thereafter.

 

Available Information  

 

Stockholders may obtain copies of our filings with the SEC, free of charge, from the website maintained by the SEC at http://www.sec.gov, or at the SEC's Public Reference Room at 100 F. Street, N.E., Washington, D.C. 20549. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. Our office is located at 1985 Cedar Bridge Avenue, Lakewood, NJ 08701. Our telephone number is (732) 367-0129. Our website is www.lightstonecapitalmarkets.com.

 

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ITEM 1A. RISK FACTORS:

 

Set forth below are the risk factors that we believe are material to our investors.  This section contains forward-looking statements.  You should refer to the explanation of the qualifications and limitations on forward-looking statements on page 3. If any of the risk events described below actually occurs, our business, financial condition or results of operations could be adversely affected. 

 

Risks Related to the Common Stock

 

The price of our common stock is subjective and may not bear any relationship to what a stockholder could receive if it was sold.

 

Our Board of Directors arbitrarily determined the offering price of the common stock and such price bears no relationship to any established criteria for valuing issued or outstanding shares. It determined the offering price of our shares of common stock based primarily on the range of offering prices of other REITs that do not have a public trading market. In addition, our Board of Directors set the offering price of our shares at $10, a round number, in order to facilitate calculations relating to the offering price of our shares. However, the offering price of our shares of common stock may not reflect the price at which the shares would trade if they were listed on an exchange or actively traded by brokers, nor of the proceeds that a stockholder would receive if we were liquidated or dissolved.

 

Our common stock is not currently listed on an exchange or trading market and is illiquid. There is currently no public trading market for the shares.

 

Our common stock has not been listed on a stock exchange. Accordingly, we do not expect a public trading market for our shares to develop. We may never list the shares for trading on a national stock exchange or include the shares for quotation on a national market system. The absence of an active public market for our shares could impair your ability to sell our stock at a profit or at all. Therefore, our shares should be purchased as a long term investment only.

 

Distributions to stockholders may be reduced or not made at all.

 

The amount of cash available for distributions will be affected by many factors, such as our ability to buy properties as offering proceeds become available, the operating performance of the properties we acquire and many other variables. We may not be able to pay or maintain distributions or increase distributions over time. Therefore, we cannot determine what amount of cash will be available for distributions. Some of the following factors, which we believe are the material factors that can affect our ability to make distributions, are beyond our control, and a change in any one factor could adversely affect our ability to pay future distributions:

 

·Some of the properties we may acquire may be adversely affected by the recent adverse market conditions that affected real property. If our properties are adversely affected by the recent adverse market conditions, our cash flows from operations will decrease and we will have less cash available for distributions.

 

·Cash available for distributions may be reduced if we are required to make capital improvements to properties.

 

·Cash available to make distributions may decrease if the assets we acquire have lower cash flows than expected.

 

·A period of time may pass between the sale of the common stock through our Follow-On Offering and our purchase of real properties. During that time, we may invest in lower yielding short term instruments, which could result in a lower yield on your investment.

 

·In connection with future property acquisitions, we may issue additional shares of common stock and/or Operating Partnership units or interests in the entities that own our properties. We cannot predict the number of shares of common stock, units or interests that we may issue, or the effect that these additional shares might have on cash available for distributions to you. If we issue additional shares, that issuance could reduce the cash available for distributions to you.

 

·We make distributions to our stockholders to comply with the distribution requirements of the Code, and to eliminate, or at least minimize, exposure to U.S. federal income taxes and the nondeductible REIT excise tax. Differences in timing between the receipt of income and the payment of expenses, and the effect of required debt payments, could require us to borrow funds on a short-term basis to meet the distribution requirements that are necessary to achieve the U.S. federal income tax benefits associated with qualifying as a REIT.

 

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Distributions paid from sources other than our cash flow from operations will cause us to have less funds available for the acquisition of properties and real estate-related investments and may dilute your interest in us, which may adversely affect your overall return.

 

We have in the past, and may in the future, pay distributions to stockholders from sources other than from our cash flow from operations. For the year ended December 31, 2013 our cash flow from operations of approximately $2.7 million was a shortfall of approximately $1.4 million, or 34%, of our distributions of approximately $4.1 million declared during such period, for the year ended December 31, 2012, our cash flow from operations of approximately $1.7 million was a shortfall of approximately $1.6 million, or 48%, of our distributions of approximately $3.3 million declared during such period, and for the year ended December 31, 2011, our cash flow from operations of approximately $1.4 million was a shortfall of approximately $1.2 million, or 46%, of our distributions of approximately $2.6 million declared during such period. If we fund distributions from sources other than cash flow from operations, we will have less funds available for acquiring properties or real estate-related investments. Our inability to acquire additional properties or real estate-related investments may have a negative effect on our ability to generate sufficient cash flow from operations to pay distributions. As a result, the return you realize on your investment may be reduced. Additionally, we may fund our distributions from borrowings, the sale of assets, or the sale of additional securities if we do not generate sufficient cash flow from operations to pay distributions. Funding distributions from borrowings could restrict the amount we can borrow for investments, which may affect our profitability. Funding distributions with the sale of assets may affect our ability to generate cash flows. Funding distributions from the sale of additional securities could dilute your interest in us. Payment of distributions from these sources would restrict our ability to generate sufficient cash flow from operations or would affect the distributions payable to you upon a liquidity event, which may have an adverse effect on your investment.

 

If we pay distributions from sources other than our cash flow from operations, we will have fewer funds available for the acquisition of properties and real estate-related investments, which may adversely affect your overall return.

 

We may pay distributions from sources other than from our cash flow from operations. Until we acquire properties or real estate-related investments, we will not generate sufficient cash flow from operations to pay distributions; we intend to fund our distributions, in part, by proceeds of our Follow-On Offering. If we fund distributions from the proceeds of our Follow-On Offering, we will have less funds available for acquiring properties or real estate-related investments. Our inability to acquire properties or real estate-related investments may have a negative effect on our ability to generate sufficient cash flow from operations to pay distributions. As a result, the return you realize on your investment may be reduced. Additionally, we may fund our distributions from borrowings, the sale of assets, or the sale of additional securities if we do not generate sufficient cash flow from operations to pay distributions. Funding distributions from borrowings could restrict the amount we can borrow for investments, which may affect our profitability. Funding distributions with the sale of assets may affect our ability to generate cash flows. Funding distributions from the sale of additional securities could dilute your interest in us if we sold shares of our preferred or common stock to third party investors. Payment of distributions from these sources would restrict out ability to generate sufficient cash flow from operations or would affect the distributions payable to you upon a liquidity event, which may have an adverse effect on your investment.

 

Our Board of Directors may amend or terminate our DRIP.

 

The directors, including a majority of independent directors, may by majority vote amend or terminate the DRIP upon 30 days notice to participants. If our Board of Directors terminates our DRIP, you will not be able to reinvest your distributions to purchase our shares at a lower price, which may have a material effect on your investment.

 

You may not be able to receive liquidity on your investment through our share repurchase program.

 

Limitations on participation in our share repurchase program, and the ability of our Board of Directors to modify or terminate the plan, may restrict your ability to participate in and receive liquidity on your investment through this program.

 

Your percentage of ownership may become diluted if we issue new shares of stock.

 

Stockholders have no rights to buy additional shares of stock in the event we issue new shares of stock. We may issue common stock, convertible debt or preferred stock pursuant to a subsequent public offering or a private placement, or to sellers of properties we directly or indirectly acquire instead of, or in addition to, cash consideration. In addition, we may also issue shares under our Employee and Director Incentive Restricted Share Plan. Investors purchasing common stock in our Offering who do not participate in any future stock issues will experience dilution in the percentage of the issued and outstanding stock they own.

 

Our charter permits our Board of Directors to issue stock with terms that may subordinate the rights of common stockholders.

 

Our charter permits our Board of Directors to issue up to 110.0 million shares of stock, including 100.0 million shares of common stock and 10.0 million shares of preferred stock. In addition, our Board of Directors, without any action by our stockholders, may amend our charter from time to time to increase or decrease the aggregate number of shares or the number of shares of any class or series of stock that we have authority to issue. Our Board of Directors may classify or reclassify any unissued common stock or preferred stock into other classes or series of stock and establish the preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions, qualifications and terms or conditions of redemption of any such stock. Thus, if also approved by a majority of our independent directors not otherwise interested in the transaction, our Board of Directors could authorize the issuance of preferred stock with terms and conditions that could have a priority as to distributions and amounts payable upon liquidation over the rights of the holders of our common stock. Preferred stock could also have the effect of delaying, deferring or preventing a change in control of us, including an extraordinary transaction (such as a merger, tender offer or sale of all or substantially all of our assets) that might provide a premium price for holders of our common stock.

 

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Our operations could be restricted if we become subject to the Investment Company Act of 1940.

 

We are not registered, and do not intend to register ourselves or any of our subsidiaries, as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). If we or any of our subsidiaries become obligated to register as an investment company, the registered entity would have to comply with a variety of substantive requirements under the Investment Company Act imposing, among other things:

 

·limitations on capital structure;

 

·restrictions on specified investments;

 

·prohibitions on transactions with affiliates; and

 

·compliance with reporting, record keeping, voting, proxy disclosure and other rules and regulations that would significantly change our operations.

 

Under Section 3(a)(1)(A) of the Investment Company Act, a company is deemed to be an “investment company” if it is, or holds itself out as being, engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities. Under Section 3(a)(1)(C) of the Investment Company Act, a Company is deemed to be an “investment company” if it is engaged, or proposes to engage, in the business of investing, reinvesting, owning, holding or trading in securities and owns or proposes to acquire “investment securities” having a value exceeding 40% of the value of its total assets (exclusive of government securities and cash items) on an unconsolidated basis, which we refer to as the “40% test.”

 

Under Section 3(c)(5)(C), the SEC staff generally requires a company to maintain at least 55% of its assets directly in qualifying assets and at least 80% of its assets in qualifying assets and in a broader category of real estate related assets to qualify for this exception. Mortgage-related securities may or may not constitute such qualifying assets, depending on the characteristics of the mortgage-related securities, including the rights that the entity has with respect to the underlying loans. Our ownership of mortgage-related securities, therefore, is limited by provisions of the Investment Company Act and SEC staff interpretations.

 

The method we use to classify our assets for purposes of the Investment Company Act will be based in large measure upon no-action positions taken by the SEC staff in the past. These no-action positions were issued in accordance with factual situations that may be substantially different from the factual situations we may face, and a number of these no-action positions were issued more than twenty years ago. No assurance can be given that the SEC staff will concur with our classification of our assets. In addition, the SEC staff may, in the future, issue further guidance that may require us to re-classify our assets for purposes of qualifying for an exclusion from regulation under the Investment Company Act. If we are required to re-classify our assets, we may no longer be in compliance with the exclusion from the definition of an “investment company” provided by Section 3(c)(5)(C) of the Investment Company Act.

 

A change in the value of any of our assets could cause us or one or more of our wholly or majority-owned subsidiaries to fall within the definition of “investment company” and negatively affect our ability to maintain our exemption from regulation under the Investment Company Act. To avoid being required to register Lightstone REIT II or any of its subsidiaries as an investment company under the Investment Company Act, we may be unable to sell assets we would otherwise want to sell and may need to sell assets we would otherwise wish to retain. In addition, we may have to acquire additional income- or loss-generating assets that we might not otherwise have acquired or may have to forgo opportunities to acquire interests in companies that we would otherwise want to acquire and would be important to our investment strategy.

 

If we were required to register Lightstone REIT II as an investment company but failed to do so, we would be prohibited from engaging in our business and civil actions could be brought against us. In addition, our contracts would be unenforceable unless a court required enforcement, and a court could appoint a receiver to take control of us and liquidate our business.

 

The Subordinated Profits Interest will entitle Lightstone SLP II LLC, which is wholly owned by The Lightstone Group, our Sponsor, to certain payments and distributions that will significantly reduce the distributions available to you after a 7% return.

 

Lightstone SLP II LLC will receive returns on its Subordinated Profits Interests that are subordinated to stockholders’ 7% return on their net investment. Distributions to stockholders will be reduced after they have received this 7% return because of the payments and distributions to Lightstone SLP II LLC in connection with its Subordinated Profits Interests that will be issued as more proceeds are raised in our Offering. In addition, if the advisory agreement is terminated we may repay Lightstone SLP II LLC up to $34.6 million, assuming the maximum amount is raised under our Follow-On Offering, for its investment in the Subordinated Profit Interests in connection the with Offering and the Follow-On Offering, which will result in a smaller pool of assets available for distribution to you.

 

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We intend to disclose modified funds from operations, or MFFO, a non-GAAP financial measure, in future communications with investors, including documents filed with the SEC; however, MFFO is not equivalent to our net income or loss as determined under GAAP, and you should consider GAAP measures to be more relevant to our operating performance.

 

We will use internally, and intend to disclose to investors, MFFO, a non-GAAP financial measure. MFFO is not equivalent to our net income or loss as determined under GAAP, and you should consider GAAP measures to be more relevant to our operating performance. MFFO differs from GAAP net income by excluding gains or losses from sales of property and asset impairment write-downs, adding back depreciation and amortization, adjusting for unconsolidated partnerships and joint ventures, and further excluding acquisition-related expenses, amortization of above- and below-market leases, fair value adjustments of derivative financial instruments, deferred rent receivables and the adjustments of such items related to non-controlling interests.

 

Because of the manner in which MFFO differs from GAAP net income or loss, it may not be an accurate indicator of our operating performance, especially during periods in which properties are being acquired. Furthermore, MFFO is not necessarily indicative of cash flow available to fund cash needs and should not be considered as an alternative to cash flows from operations as an indication of our liquidity, or indicative of funds available to fund our cash needs, including our ability to make distributions to our stockholders. Neither the SEC nor any other regulatory body has passed judgment on the acceptability of the adjustments that we use to calculate funds from operations, or FFO, or MFFO. Also, because not all companies calculate MFFO the same way, comparisons with other companies may not be meaningful.”

 

Conflicts of Interest

 

There are conflicts of interest between our Advisor, our Property Managers their affiliates and us.

 

David Lichtenstein, our Sponsor, is the founder of The Lightstone Group, LLC which he majority owns and does business in his individual capacity under that name. Through The Lightstone Group, Mr. Lichtenstein controls and indirectly owns a majority of our Advisor, our Property Managers, and their affiliates, except for us. Our Advisor does not advise any entity other than us. However, employees of our Advisor are also employed by Lightstone Value Plus REIT, LLC, the Advisor to Lightstone Value Plus Real Estate Investment Trust, Inc. (“Lightstone I”), a non-traded REIT with similar investment objectives to ours. Mr. Lichtenstein is one of our directors and The Lightstone Group (or an affiliated entity controlled by Mr. Lichtenstein) employs Bruno de Vinck, our other non-independent director, and each of our officers. As a result, our operation and management may be influenced or affected by conflicts of interest arising out of our relationship with our affiliates.

 

There is competition for the time and services of the personnel of our Advisor and its affiliates.

 

Our Sponsor and its affiliates may compete with us for the time and services of the personnel of our Advisor and its other affiliates in connection with our operation and the management of our assets. Specifically, employees of our Sponsor, the Advisor and our Property Managers will face conflicts of interest relating to time management and the allocation of resources and investment opportunities.

 

We do not have employees.

 

We and our Advisor will rely on the employees of the Sponsor and its affiliates to manage and operate our business. The Sponsor is not restricted from acquiring, developing, operating, managing, leasing or selling real estate through entities other than us and will continue to be actively involved in operations and activities other than our operations and activities. The Sponsor currently controls and/or operates other entities that own properties in many of the markets in which we may seek to invest. The Sponsor spends a material amount of time managing these properties and other assets unrelated to our business. Our business may suffer as a result because we lack the ability to manage it without the time and attention of our Sponsor’s employees.

 

Our Sponsor and its affiliates are general partners and Sponsors of other real estate programs having investment objectives and legal and financial obligations similar to ours. Because the Sponsor and its affiliates have interests in other real estate programs and also engage in other business activities, they may have conflicts of interest in allocating their time and resources among our business and these other activities. Our officers and directors, as well as those of the Advisor, may own equity interests in entities affiliated with our Sponsor from which we may buy properties. These individuals may make substantial profits in connection with such transactions, which could result in conflicts of interest. Likewise, such individuals could make substantial profits as the result of investment opportunities allocated to entities affiliated with the Sponsor other than us. As a result of these interests, they could pursue transactions that may not be in our best interest. Also, if our Sponsor suffers financial or operational problems as the result of any of its activities, whether or not related to our business, the ability of our Sponsor and its affiliates, our Advisor and Property Manager to operate our business could be adversely impacted.

 

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Certain of our affiliates who provide services to us may be engaged in competitive activities.

 

Our Advisor, Property Managers and their respective affiliates may, in the future, be engaged in other activities that could result in potential conflicts of interest with the services that they will provide to us. In addition, the Sponsor may compete with us for both the acquisition and/or refinancing of properties of a type suitable for our investment following the final closing of our offering, and after 75% of the total gross proceeds from our offering of the shares offered for sale pursuant to our offering have been invested or committed for investment in real properties.

 

Our Sponsor’s other public program, Lightstone I, may be engaged in competitive activities.

 

Our Advisor, Property Managers and their respective affiliates through activities of Lightstone I may be engaged in other activities that could result in potential conflicts of interest with the services that they will provide to us, including Lightstone I may compete with us for both the acquisition and/or refinancing of properties of a type suitable for our investment.

 

If we invest in joint ventures, the objectives of our partners may conflict with our objectives.

 

In accordance with one of our acquisition strategies, we may make investments in joint ventures or other partnership arrangements between us and affiliates of our Sponsor or with unaffiliated third parties. Investments in joint ventures which own real properties may involve risks otherwise not present when we purchase real properties directly. For example, our co-venturer may file for bankruptcy protection, may have economic or business interests or goals which are inconsistent with our interests or goals, or may take actions contrary to our instructions, requests, policies or objectives. Among other things, actions by a co-venturer might subject real properties owned by the joint venture to liabilities greater than those contemplated by the terms of the joint venture or other adverse consequences.

 

These diverging interests could result in, among other things, exposing us to liabilities of the joint venture in excess of our proportionate share of these liabilities. The partition rights of each owner in a jointly owned property could reduce the value of each portion of the divided property. Moreover, there is an additional risk that the co-venturers may not be able to agree on matters relating to the property they jointly own. In addition, the fiduciary obligation that our Sponsor or our Board of Directors may owe to our partner in an affiliated transaction may make it more difficult for us to enforce our rights.

 

We may purchase real properties from persons with whom affiliates of our Advisor have prior business relationships.

 

If we purchase properties from third parties who have sold, or may sell, properties to our Advisors or its affiliates, our Advisor will experience a conflict between our current interests and its interest in preserving any ongoing business relationship with these sellers.

 

Property management services are being provided by affiliated parties.

 

Our Property Managers are controlled by our Sponsor, and are thus subject to an inherent conflict of interest. In addition, our Advisor may face a conflict of interest when determining whether we should dispose of any property we own that is managed by one of our Property Managers because the Property Managers may lose fees associated with the management of the property. Specifically, because the Property Managers will receive significant fees for managing our properties, our Advisor may face a conflict of interest when determining whether we should sell properties under circumstances where the Property Managers would no longer manage the property after the transaction. As a result of this conflict of interest, we may not dispose of properties when it would be in our best interests to do so.

 

Our Advisor and its affiliates receive fees and other compensation based upon our investments.

 

Some compensation is payable to our Advisor whether or not there is cash available to make distributions to our stockholders. To the extent this occurs, our Advisor and its affiliates benefit from us retaining ownership of our assets and leveraging our assets, while our stockholders may be better served by sale or disposition or not leveraging the assets. In addition, the Advisor’s ability to receive fees and reimbursements depends on our continued investment in real properties. Therefore, the interest of the Advisor and its affiliates in receiving fees may conflict with the interest of our stockholders in earning income on their investment in our common stock. Because asset management fees payable to our Advisor are based on total assets under management, including assets purchased using debt; our Advisor may have an incentive to incur a high level of leverage in order to increase the total amount of assets under management.

 

Our Sponsor may face conflicts of interest in connection with the management of our day-to-day operations and in the enforcement of agreements between our Sponsor and its affiliates.

 

The Property Managers and the Advisor will manage our day-to-day operations and properties pursuant to management agreements and an advisory agreement. With the exception of those agreements that we entered into with third party property managers, these agreements were not negotiated at arm’s length and certain fees payable by us under such agreements are paid regardless of our performance. Our Sponsor and its affiliates may be in a conflict of interest position as to matters relating to these agreements. Examples include the computation of fees and reimbursements under such agreements, the enforcement and/or termination of the agreements and the priority of payments to third parties as opposed to amounts paid to our Sponsor’s affiliates. These fees may be higher than fees charged by third parties in an arm’s length transaction as a result of these conflicts.

 

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Title insurance services are being provided by an affiliated party. From time to time, we purchase title insurance from an agent in which our Sponsor owns a fifty percent limited partnership interest. Because this title insurance agent receives significant fees for providing title insurance, our Advisor may face a conflict of interest when considering the terms of purchasing title insurance from this agent. However, prior to our purchase of any title insurance, an independent title consultant with more than 25 years of experience in the title insurance industry reviews the transaction, and performs market research and competitive analysis on our behalf. This process results in terms similar to those that would be negotiated at an arm’s-length basis.

 

We may compete with other entities affiliated with our Sponsor for tenants.

 

The Sponsor and its affiliates, as well as Lightstone I, are not prohibited from engaging, directly or indirectly, in any other business or from possessing interests in any other business venture or ventures, including businesses and ventures involved in the acquisition, development, ownership, management, leasing or sale of real estate projects. The Sponsor, its affiliates or Lightstone I may own and/or manage properties in most if not all geographical areas in which we expect to acquire real estate assets. Therefore, our properties may compete for tenants with other properties owned and/or managed by the Sponsor and its affiliates. The Sponsor may face conflicts of interest when evaluating tenant opportunities for our properties and other properties owned and/or managed by the Sponsor, its affiliates or Lightstone I and these conflicts of interest may have a negative impact on our ability to attract and retain tenants.

 

We have the same legal counsel as our Sponsor and its affiliates.

 

Proskauer Rose LLP acts as legal counsel to us and also represents our Sponsor and various affiliates including our Advisor and Lightstone I. The interests of our Sponsor and its affiliates, including our Advisor, may become adverse to ours in the future. Under legal ethics rules, Proskauer Rose LLP may be precluded from representing us due to any conflict of interest between us and our Sponsor and its affiliates, including our Advisor.

 

Each member of our Board of Directors is also on the Board of Directors of Lightstone I.

 

Each of our directors is also a director of Lightstone I. Accordingly, each of our directors owes fiduciary duties to Lightstone I and its stockholders. The duties of our directors to Lightstone I may influence the judgment of our Board of Directors when considering issues that may affect us. For example, we are permitted to enter into a joint venture or preferred equity investment with Lightstone I for the acquisition of property or real estate-related investments. Decisions of our Board of Directors regarding the terms of those transactions may be influenced by our directors’ duties to Lightstone I and its stockholders.

 

Risks Related to our Organization, Structure and Management

 

Anti-takeover provisions may have the effect of preventing a changes of control.

 

Because of the way we are organized, we would be a difficult takeover target. Certain provisions in our charter, bylaws, Operating Partnership agreement, advisory agreement and Maryland law may have the effect of discouraging a third party from making an acquisition proposal and could thereby depress the price of our stock and inhibit a management change.

 

There are ownership limits and restrictions on transferability and ownership in our charter.

 

In order for us to qualify as a REIT, no more than 50% of the outstanding shares of our stock may be beneficially owned, directly or indirectly, by five or fewer individuals at any time during the last half of each taxable year. To make sure that we will not fail to qualify as a REIT under this test, our charter provides that, subject to some exceptions, no person may beneficially own (i) more than 9.8% in value of our aggregate outstanding stock or (ii) more than 9.8% in value or in the number of outstanding shares or any class or series of our stock, including our common stock. Our Board of Directors may exempt a person from the 9.8% ownership limit upon the receipt of certain representation and undertakings required by our charter and such other conditions as the Board of Directors may direct. However, our Board of Directors may not grant an exemption from the 9.8% ownership limit to any proposed transferee if it would result in our being “closely held” within the meaning of the Code or otherwise failing to qualify as a REIT.

 

This restriction may:

 

·Have the effect of delaying, deferring or preventing a change in control of us, including an extraordinary transaction (such as a merger, tender offer or sale of all or substantially all of our assets) that might provide a premium price for holders of our common stock; or

 

·Compel a stockholder who had acquired more than 9.8% of our stock to dispose of the additional shares and, as a result to forfeit the benefits of owning the additional shares.

 

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Our charter permits our Board of Directors to issue preferred stock with terms that may discourage a third party from acquiring us. Our charter authorizes us to issue additional authorized but unissued shares of common stock or preferred stock. In addition, our Board of Directors may classify or reclassify any unissued shares of common stock or preferred stock into other classes or series of stock and may set the preferences, conversion or other rights, voting powers, restrictions and limitations as to dividends or other distributions, qualifications and terms and conditions of redemption of the classified or reclassified shares. Our Board of Directors could establish a series of preferred stock that could delay or prevent a transaction or a change in control that might involve a premium price for the common stock or otherwise be in the best interest of our stockholders.

 

If our Advisor loses or is unable to obtain key personnel, our ability to implement our investment strategies could be hindered, which could adversely affect our ability to make distributions and the value of your investment.

 

Our success depends to a significant degree upon the contributions of certain of our executive officers and other key personnel of our Advisor. In particular, we depend on the skills and expertise of David Lichtenstein, who, subject to the oversight of our Board of Directors, directs our investment strategies. Neither we nor our Advisor has employment agreements with any of our or its key personnel, including Mr. Lichtenstein, and we cannot guarantee that all, or any particular one, will remain affiliated with us or our Advisor. If any of our key personnel were to cease their affiliation with our Advisor, our operating results could suffer.

 

Further, we do not intend to separately maintain key person life insurance that would provide us with proceeds in the event of the death or disability of Mr. Lichtenstein or any of our key personnel. We believe our future success depends upon our Advisor’s ability to hire and retain highly skilled managerial, operational and marketing personnel. Competition for such personnel is intense, and we cannot assure you that our Advisor will be successful in attracting and retaining such skilled personnel. If our Advisor loses or is unable to obtain the services of key personnel, our ability to implement our investment strategies could be delayed or hindered, and the value of your investment could decline.

 

The Operating Partnership agreement contains provisions that may discourage a third party from acquiring us.

 

A limited partner in Lightstone Value Plus REIT II LP, a Delaware limited partnership and our Operating Partnership, has the option to exchange his or her limited partnership units for cash or, at our option, shares of our common stock. Those exchange rights are generally not exercisable until the limited partner has held those limited partnership units for more than one year. However, if we or the Operating Partnership propose to engage in any merger, consolidation or other combination with or into another person or a sale of all or substantially all of our assets, or a liquidation, or any reclassification, recapitalization or change of common and preferred stock into which a limited partnership common unit may be exchanged, each holder of a limited partnership unit will have the right to exchange the partnership unit into cash or, at our option, shares of common stock, prior to the stockholder vote on the transaction. As a result, limited partnership unit holders who timely exchange their units prior to the record date for the stockholder vote on any transaction will be entitled to vote their shares of common stock with respect to the transaction. The additional shares that might be outstanding as a result of these exchanges of limited partnership units may deter an acquisition proposal.

 

Maryland law may discourage a third party from acquiring us.

 

Certain provisions of Maryland law restrict mergers and other business combinations and provide that holders of control shares of a Maryland corporation acquired in a control share acquisition may have limited voting rights. The business combination statute could have the effect of discouraging offers from third parties to acquire us and increasing the difficulty of successfully completing this type of offer. The control share statute may discourage others from trying to acquire control of us and increase the difficulty of consummating any offer. Our bylaws contain a provision exempting from the control share acquisition statute any acquisition by any person of shares of our stock, however, this provision may be amended or eliminated at any time in the future.

 

Management and Policy Changes

 

Our rights and the rights of our stockholders to take action against the directors and the Advisor are limited.

 

Maryland law provides that a director has no liability in that capacity if he or she performs his duties in good faith, in a manner he or she reasonably believes to be in the best interests of the corporation and with the care that an ordinarily prudent person in a like position would use under similar circumstances. Subject to the restrictions discussed below, our charter, in the case of our directors and officers, and our charter and the advisory agreement, in the case of the Advisor, require us generally to indemnify our directors and officers and the Advisor for actions taken on our behalf, determined in good faith and in our best interest and without negligence or misconduct or, in the case of independent directors, without gross negligence or willful misconduct. We may, with the approval of our Board of Directors, provide indemnification to any of our employees or agents. As a result, we and the stockholders may have more limited rights against our directors, officers, employees and agents, and the Advisor than might otherwise exist under common law. In addition, we may be obligated to fund the defense costs incurred by our directors, officers, employees and agents or the Advisor in some cases.

 

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Stockholders have limited control over changes in our investment objectives and strategies.

 

Our Board of Directors determines our investment objectives, financing, growth, debt capitalization, REIT qualification and distributions. Subject to the investment objectives and limitations set forth in our charter, our Board of Directors may amend or revise these and other objectives and strategies. Stockholders will have limited control over changes in our objectives and strategies.

 

If we internalize our external management functions, your interest in us could be diluted, and we could incur other significant costs associated with being self-managed.

 

Our strategy may involve becoming “self-managed” by internalizing our management functions, particularly if we seek to list our shares on an exchange as a way of providing our stockholders with a liquidity event. The method by which we could internalize these functions could take many forms. We may hire our own group of executives and other employees or we may elect to negotiate to acquire our advisor’s and Property Managers’ assets and personnel. At this time, we cannot be sure of the form or amount of consideration or other terms relating to any such acquisition. Such consideration could take many forms, including cash payments, promissory notes and shares of our stock. An internalization transaction could result in significant payments to affiliates of our advisor irrespective of whether you enjoyed satisfactory returns on your investment. The payment of such consideration could result in dilution of your interests as a stockholder and could reduce the net income per Common Share and MFFO per Common Share attributable to your investment. We will not be required to seek a stockholder vote to become self-managed.

 

In addition, our direct expenses would include general and administrative costs, including legal, accounting and other expenses related to corporate governance and SEC reporting and compliance. If stockholders or other interested parties file a lawsuit related to, or challenging, an internalization transaction, we could incur high litigation costs that would adversely affect the value of your shares. We also would incur the compensation and benefits costs of our officers and other employees and consultants that are now paid by our advisor or its affiliates. In addition, we may issue restricted shares under our Employee and Director Incentive Restricted Share Plan, which awards would decrease net income and MFFO and may further dilute your investment. We cannot reasonably estimate the amount of fees to our advisor and its affiliates we would save and the costs we would incur if we became self-managed. If the expenses we assume as a result of an internalization are higher than the expenses we avoid paying to our advisor and its affiliates, our net income per Common Share and FFO per Common Share would be lower as a result of the internalization than it otherwise would have been, potentially decreasing the amount of funds available to distribute to our stockholders and the value of our shares.

 

As currently organized, we do not directly employ any employees. If we elect to internalize our operations, we would employ personnel and would be subject to potential liabilities commonly faced by employers, such as workers disability and compensation claims, potential labor disputes and other employee-related liabilities and grievances. Nothing in our charter prohibits us from entering into the transaction described above.

 

Additionally, there is no assurance that internalizing our management functions will prove to be beneficial to us and our stockholders. We could have difficulty integrating our management functions as a stand-alone entity. Certain personnel of our advisor and its affiliates perform property management, asset management and general and administrative functions, including accounting and financial reporting, for multiple entities. We could fail to properly identify the appropriate mix of personnel and capital needs to operate as a stand-alone entity. An inability to manage an internalization transaction effectively could thus result in our incurring excess costs or suffering deficiencies in our disclosure controls and procedures or our internal control over financial reporting. Such deficiencies could cause us to incur additional costs, and our management’s attention could be diverted from most effectively managing our portfolio of investments.”

 

Certain of our affiliates will receive substantial fees prior to the payment of distributions to our stockholders.

 

We will pay or cause to be paid substantial compensation to our, Advisor, Property Managers and affiliates and their employees. In general, this compensation will not be dependent on our success or profitability. These payments are payable before the payment of distributions to our stockholders and none of these payments are subordinated to a specified return to our stockholders. Also, although our Property Managers, affiliates of our Sponsor, will receive compensation under management agreements prior to the payment of distributions to our stockholders. In addition, other affiliates of our Sponsor may from time to time provide services to us if approved by the disinterested directors. It is possible that we could obtain such goods and services from unrelated persons at a lesser price.

 

We may not be reimbursed by our Advisor for certain operational stage expenses.

 

Our Advisor may be required to reimburse us for certain operational stage expenses. In the event our Advisor’s net worth or cash flow is not sufficient to cover these expenses, we will not be reimbursed. This may adversely affect our financial condition and our ability to pay distributions.

 

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Limitations on Liability and Indemnification

 

The liability of directors and officers is limited.

 

Subject to any additional limitations set forth in our charter, our directors and officers will not be liable to us or our stockholders for monetary damages unless the director or officer actually received an improper benefit or profit in money, property or services, or is adjudged to be liable to us or our stockholders based on a finding that his or her action, or failure to act, was the result of active and deliberate dishonesty and was material to the cause of action adjudicated in the proceeding.

 

Our directors are also required to act in good faith in a manner believed by them to be in our best interests and with the care that an ordinarily prudent person in a like position would use under similar circumstances. A director who performs his or her duties in accordance with the foregoing standards should not be liable to us or any other person for failure to discharge his obligations as a director. We are permitted to purchase and maintain insurance or provide similar protection on behalf of any directors, officers, employees and agents, including our Advisor and its affiliates, against any liability asserted which was incurred in any such capacity with us or arising out of such status, except as limited by our charter. This may result in us having to expend significant funds, which will reduce the available cash for distribution to our stockholders.

 

We may indemnify our directors, officers and agents against loss.

 

Under our charter, we will, under specified conditions, indemnify and pay or reimburse reasonable expenses to our directors, officers, employees and other agents, including our Advisor and its affiliates, against all liabilities incurred in connection with their serving in such capacities, subject to the limitations set forth in our charter. Our Advisor and its affiliates may be indemnified and held harmless from liability only if it has been determined in good faith that its actions were in our best interests and it has acted in a manner not constituting negligence or misconduct. We may also enter into any contract for indemnity and advancement of expenses in this regard. This may result in us having to expend significant funds, which will reduce the available cash for distribution to our stockholders.

 

Risks Associated with Our Properties and the Market

 

Real Estate Investment Risks

 

Our cash flows from real estate investments may become insufficient to pay our operating expenses and to cover the distributions we have paid and/or declared.

 

We intend to rely primarily on our cash flow from our investments to pay our operating expenses and, once the proceeds of our Follow-On offering are fully invested, to make distributions to our stockholders. The cash flow from equity investments in commercial and residential properties depends on the amount of revenue generated and expenses incurred in operating the properties. If the properties we invest in fail to generate revenue that is sufficient to meet operating expenses, debt service, and capital expenditures, our income and ability to make distributions to stockholders will be adversely affected. We cannot assure you that we will be able to maintain sufficient cash flows to fund operating expenses and debt service payments and distributions at any particular level, if at all. The sufficiency of cash flow to fund future distributions will depend on the performance of our real property investments.

 

Economic conditions may adversely affect our income.

 

A commercial or residential property’s income and value may be adversely affected by national and regional economic conditions, local real estate conditions such as an oversupply of properties or a reduction in demand for properties, availability of “for sale” properties, competition from other similar properties, our ability to provide adequate maintenance, insurance and management services, increased operating costs (including real estate taxes), the attractiveness and location of the property and changes in market rental rates. A rise in energy costs could result in higher operating costs, which may affect our results from operations. Our income will be adversely affected if a significant number of tenants are unable to pay rent or if our properties cannot be rented on favorable terms. Additionally, if tenants of properties that we lease on a triple-net basis fail to pay required tax, utility and other impositions, we could be required to pay those costs, which would adversely affect funds available for future acquisitions or cash available for distributions. Our performance is linked to economic conditions in the regions where our properties will be located and in the market for residential, office, retail and industrial space generally. Therefore, to the extent that there are adverse economic conditions in those regions, and in these markets generally, that impact the applicable market rents, such conditions could result in a reduction of our income and cash available for distributions and thus affect the amount of distributions we can make to you.

 

The profitability of our acquisitions is uncertain.

 

Acquisition of properties entails risks that investments will fail to perform in accordance with expectations. In undertaking these acquisitions, we will incur certain risks, including the expenditure of funds on, and the devotion of management’s time to, transactions that may not come to fruition. Additional risks inherent in acquisitions include risks that the properties will not achieve anticipated occupancy levels and that estimates of the costs of improvements to bring an acquired property up to standards established for the market position intended for that property may prove inaccurate.

 

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Real estate investments are illiquid.

 

Because real estate investments are relatively illiquid, our ability to vary our portfolio promptly in response to economic or other conditions will be limited. In addition, certain significant expenditures, such as debt service, real estate taxes, and operating and maintenance costs generally are not reduced in circumstances resulting in a reduction in income from the investment. The foregoing and any other factor or event that would impede our ability to respond to adverse changes in the performance of our investments could have an adverse effect on our financial condition and results of operations.

 

Rising expenses could reduce cash flow and funds available for future acquisitions.

 

Our properties will be subject to increases in tax rates, utility costs, operating expenses, insurance costs, repairs and maintenance, administrative and other expenses. While some of our properties may be leased on a triple-net-lease basis or require the tenants to pay a portion of the expenses, renewals of leases or future leases may not be negotiated on that basis, in which event we will have to pay those costs. If we are unable to lease properties on a triple-net-lease basis or on a basis requiring the tenants to pay all or some of the expenses, we would be required to pay those costs, which could adversely affect funds available for future acquisitions or cash available for distributions.

 

We will depend on tenants who lease from us on a triple-net basis to pay the appropriate portion of expenses.

 

If the tenants who lease from us on a triple-net basis fail to pay required tax, utility and other impositions, we could be required to pay those costs for properties we invest in, which would adversely affect funds available for future acquisitions or cash available for distributions. If we lease properties on a triple-net basis, we run the risk of tenant default or downgrade in the tenant’s credit, which could lead to default and foreclosure on the underlying property.

 

If we purchase assets at a time when the commercial and residential real estate market is experiencing substantial influxes of capital investment and competition for properties, the real estate we purchase may not appreciate or may decrease in value.

 

The commercial and residential real estate markets may experience substantial influxes of capital from investors. This substantial flow of capital, combined with significant competition for real estate, may result in inflated purchase prices for such assets. To the extent we purchase real estate in such an environment, we are subject to the risk that if the real estate market ceases to attract the same level of capital investment in the future as it is currently attracting, or if the number of companies seeking to acquire such assets decreases, our returns will be lower and the value of our assets may not appreciate or may decrease significantly below the amount we paid for such assets.

 

The bankruptcy or insolvency of a major commercial tenant would adversely impact us.

 

Any or all of our commercial tenants, or a guarantor of a commercial tenant’s lease obligations, could be subject to a bankruptcy proceeding. The bankruptcy or insolvency of a significant commercial tenant or a number of smaller commercial tenants would have an adverse impact on our income and our ability to pay distributions because a tenant or lease guarantor bankruptcy could delay efforts to collect past due balances under the relevant leases, and could ultimately preclude full collection of these sums. Such an event could cause a decrease or cessation of rental payments, which would mean a reduction in our cash flow and the amount available for distributions to stockholders.

 

Generally, under bankruptcy law, a tenant has the option of continuing or terminating any unexpired lease. In the event of a bankruptcy, we cannot assure you that the tenant or its trustee will continue our lease. If a given lease, or guaranty of a lease, is not assumed, our cash flow and the amounts available for distributions to you may be adversely affected. If the tenant continues its current lease, the tenant must cure all defaults under the lease and provide adequate assurance of its future performance under the lease. If the tenant terminates the lease, we will lose future rent under the lease and our claim for past due amounts owing under the lease will be treated as a general unsecured claim and may be subject to certain limitations. General unsecured claims are the last claims paid in a bankruptcy and therefore this claim could be paid only in the event funds were available, and then only in the same percentage as that realized on other unsecured claims.

 

The terms of new leases may adversely impact our income.

 

Even if the tenants of the properties we invest in do renew their leases, or we relet the units to new tenants, the terms of renewal or reletting may be less favorable than current lease terms. If the lease rates upon renewal or reletting are significantly lower than expected rates, then our results of operations and financial condition will be adversely affected. As noted above, certain significant expenditures associated with each equity investment in real estate (such as mortgage payments, real estate taxes and maintenance costs) are generally not reduced when circumstances result in a reduction in rental income.

 

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We depend on commercial tenants for our revenue and therefore our revenue may depend on the success and economic viability of our commercial tenants. Our reliance on single or significant commercial tenants in certain buildings may decrease our ability to lease vacated space.

 

Our financial results will depend in part on leasing space in the properties we acquire to tenants on economically favorable terms. A default by a commercial tenant, the failure of a guarantor to fulfill its obligations or other premature termination of a lease, or a commercial tenant’s election not to extend a lease upon its expiration could have an adverse effect on our income, general financial condition and ability to pay distributions. Therefore, our financial success depends on the success of the businesses operated by the commercial tenants of our properties.

 

Lease payment defaults by commercial tenants would most likely cause us to reduce the amount of distributions to stockholders. In the event of a tenant default, we may experience delays in enforcing our rights as landlord and may incur substantial costs in protecting our investment and re-letting our property. A default by a significant commercial tenant or a substantial number of commercial tenants at any one time on lease payments to us would cause us to lose the revenue associated with such lease(s) and cause us to have to find an alternative source of revenue to meet mortgage payments and prevent a foreclosure if the property is subject to a mortgage. Therefore, lease payment defaults by tenants could cause us to reduce the amount of distributions to stockholders.

 

Even if the tenants of our properties do renew their leases or we relet the units to new tenants, the terms of renewal or reletting may be less favorable than current lease terms. If the lease rates upon renewal or reletting are significantly lower than expected rates, then our results of operations and financial condition will be adversely affected. Commercial tenants may have the right to terminate their leases upon the occurrence of certain customary events of default and, in other circumstances, may not renew their leases or, because of market conditions, may be able to renew their leases on terms that are less favorable to us than the terms of the current leases. If a lease is terminated, we cannot assure you that we will be able to lease the property for the rent previously received or sell the property without incurring a loss. Therefore, the weakening of the financial condition of a significant commercial tenant or a number of smaller commercial tenants and vacancies caused by defaults of tenants or the expiration of leases may adversely affect our operations.

 

A property that incurs a vacancy could be difficult to re-lease.

 

A property may incur a vacancy either by the continued default of a tenant under its lease or the expiration of one of our leases. If we terminate any lease following a default by a lessee, we will have to re-lease the affected property in order to maintain our qualification as a REIT. If a tenant vacates a property, we may be unable either to re-lease the property for the rent due under the prior lease or to re-lease the property without incurring additional expenditures relating to the property. In addition, we could experience delays in enforcing our rights against, and collecting rents (and, in some cases, real estate taxes and insurance costs) due from a defaulting tenant. Any delay we experience in re-leasing a property or difficulty in re-leasing at acceptable rates may reduce cash available to make distributions to our stockholders.

 

In many cases, tenant leases contain provisions giving the tenant the exclusive right to sell particular types of merchandise or provide specific types of services within the particular retail center, or limit the ability of other tenants to sell such merchandise or provide such services. When re-leasing space after a vacancy is necessary, these provisions may limit the number and types of prospective tenants for the vacant space.

 

We also may have to incur substantial expenditures in connection with any re-leasing. A number of our properties may be specifically suited to the particular needs of our tenants. Therefore, we may have difficulty obtaining a new tenant for any vacant space we have in our properties, particularly if the floor plan of the vacant space limits the types of businesses that can use the space without major renovation. If the vacancy continues for a long period of time, we may suffer reduced revenues resulting in less cash to be distributed to stockholders. As noted above, certain significant expenditures associated with each equity investment (such as mortgage payments, real estate taxes and maintenance costs) are generally not reduced when circumstances cause a reduction in income from the investment. The failure to re-lease or to re-lease on satisfactory terms could result in a reduction of our income, funds from operations and cash available for distributions and thus affect the amount of distributions to you. In addition, the resale value of the property could be diminished because the market value of a particular property will depend principally upon the value of the leases of such property.

 

We may be unable to sell a property if or when we decide to do so.

 

We may give some commercial tenants the right, but not the obligation, to purchase their properties from us beginning a specified number of years after the date of the lease. Some of our leases also generally provide the tenant with a right of first refusal on any proposed sale provisions. These policies may lessen the ability of the Advisor and our Board of Directors to freely control the sale of the property.

 

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Although we may grant a lessee a right of first offer or option to purchase a property, there is no assurance that the lessee will exercise that right or that the price offered by the lessee in the case of a right of first offer will be adequate. In connection with the acquisition of a property, we may agree on restrictions that prohibit the sale of that property for a period of time or impose other restrictions, such as a limitation on the amount of debt that can be placed or repaid on that property. Even absent such restrictions, the real estate market is affected by many factors, such as general economic conditions, availability of financing, interest rates and other factors, including supply and demand, that are beyond our control. We may not be able to sell any property for the price or on the terms set by us, and prices or other terms offered by a prospective purchaser may not be acceptable to us. We cannot predict the length of time needed to find a willing purchaser and to close the sale of a property. We may be required to expend funds to correct defects or to make improvements before a property can be sold. We may not have funds available to correct such defects or to make such improvements.

 

We may not make a profit if we sell a property.

 

The prices that we can obtain when we determine to sell a property will depend on many factors that are presently unknown, including the operating history, tax treatment of real estate investments, demographic trends in the area and available financing. There is a risk that we will not realize any significant appreciation on our investment in a property. Accordingly, your ability to recover all or any portion of your investment under such circumstances will depend on the amount of funds so realized and claims to be satisfied there from.

 

We may incur liabilities in connection with properties we acquire.

 

Our anticipated acquisition activities are subject to many risks. We may acquire properties or entities that are subject to liabilities or that have problems relating to environmental condition, state of title, physical condition or compliance with zoning laws, building codes, or other legal requirements. In each case, our acquisition may be without any recourse, or with only limited recourse, with respect to unknown liabilities or conditions. As a result, if any liability were asserted against us relating to those properties or entities, or if any adverse condition existed with respect to the properties or entities, we might have to pay substantial sums to settle or cure it, which could adversely affect our cash flow and operating results. We will attempt to obtain appropriate representations and indemnities from the sellers of the properties or entities we acquire, although it is possible that the sellers may not have the resources to satisfy their indemnification obligations if a liability arises. Unknown liabilities to third parties with respect to properties or entities acquired might include:

 

·liabilities for clean-up of undisclosed environmental contamination;
·claims by tenants, vendors or other persons dealing with the former owners of the properties;
·liabilities incurred in the ordinary course of business; and
·claims for indemnification by general partners, directors, officers and others indemnified by the former owners of the properties.

 

Competition with third parties in acquiring and operating properties may reduce our profitability and the return on your investment.

 

We compete with many other entities engaged in real estate investment activities, many of which have greater resources than we do. Specifically, there are numerous commercial developers, real estate companies, REITs and U.S. institutional and foreign investors that operate in the markets in which we may operate, that will compete with us in acquiring residential, office, retail, lodging, industrial and other properties that will be seeking investments and tenants for these properties. Many of these entities have significant financial and other resources, including operating experience, allowing them to compete effectively with us. Competitors with substantially greater financial resources than us may generally be able to accept more risk than we can prudently manage, including risks with respect to the creditworthiness of entities in which investments may be made or risks attendant to a geographic concentration of investments. In addition, those competitors that are not REITs may be at an advantage to the extent they can utilize working capital to finance projects, while we will be required by the annual distribution provisions under the Code to distribute significant amounts of cash from operations to our stockholders. Demand from third parties for properties that meet our investment objectives could result in an increase in the price of such properties. If we pay higher prices for properties, our profitability may be reduced and you may experience a lower return on your investment. In addition, our properties may be located in close proximity to other properties that will compete against our properties for tenants. These competing properties may be better located and/or appointed than the properties that we will acquire, giving these properties a competitive advantage over our properties, and we may, in the future, face additional competition from properties not yet constructed or even planned. This competition could adversely affect our business. The number of competitive properties could have a material effect on our ability to rent space at our properties and the amount of rents charged. We could be adversely affected if additional competitive properties are built in locations competitive with our properties, causing increased competition for residential renters, retail customer traffic and creditworthy commercial tenants. In addition, our ability to charge premium rental rates to tenants may be negatively impacted. This increased competition may increase our costs of acquisitions or lower the occupancies and the rent we may charge tenants. This could result in decreased cash flow from tenants and may require us to make capital improvements to properties which we would not have otherwise made, thus affecting cash available for distributions to you.

 

We may not have control over costs arising from rehabilitation of properties.

 

We may elect to acquire properties which may require rehabilitation. In particular, we may acquire affordable properties that we will rehabilitate and convert to market rate properties. Consequently, we intend to retain independent general contractors to perform the actual physical rehabilitation work and will be subject to risks in connection with a contractor’s ability to control rehabilitation costs, the timing of completion of rehabilitation, and a contractor’s ability to build in conformity with plans and specifications.

 

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We may incur losses as a result of defaults by the purchasers of properties we sell in certain circumstances.

 

Under certain circumstances, we may sell our properties by providing financing to purchasers. When we provide financing to purchasers, we will bear the risk of default by the purchaser and will be subject to remedies provided by law. There are no limitations or restrictions on our ability to take purchase money obligations. We may incur losses as a result of such defaults, which may adversely affect our available cash and our ability to make distributions to stockholders.

 

We may experience energy shortages and allocations.

 

There may be shortages or increased costs of fuel, natural gas, water, electric power or allocations thereof by suppliers or governmental regulatory bodies in the areas where we purchase properties, in which event the operation of our properties may be adversely affected. Increased costs of fuel may reduce discretionary spending on luxury retail items, which may adversely affect our retail tenants if we purchase retail properties. Our revenues will be dependent upon payment of rent by retailers, which may be particularly vulnerable to uncertainty in the local economy and rising costs of energy for their customers. Such adverse economic conditions could affect the ability of our tenants to pay rent, which could have a material adverse effect on our operating results and financial condition, as well as our ability to pay distributions to you.

 

We have limited experience with international investments.

 

Neither we nor our Sponsor, The Lightstone Group, or any of its affiliates has any substantial experience investing in properties or other real estate-related assets located outside the United States. We may acquire real estate assets located outside the United States and may make or purchase mortgage or mezzanine loans made by a buyer located outside of the United States or secured by property located outside of the United States. We may not have the expertise necessary to maximize the return on our international investments.

 

Your investment may be subject to additional risks if we make international investments.

 

We may purchase real estate assets located outside the United States and may make or purchase mortgage or mezzanine loans or joint venture interests in mortgage or mezzanine loans made by a borrower located outside the United States or secured by property located outside the United States. Any international investments may be affected by factors peculiar to the laws of the jurisdiction in which the borrower or the property is located. These laws may expose us to risks that are different from and in addition to those commonly found in the United States. Foreign investments could be subject to the following risks:

 

·governmental laws, rules and policies, including laws relating to the foreign ownership of real property or mortgages and laws relating to the ability of foreign persons or corporations to remove profits earned from activities within the country to the person’s or corporation’s country of origin;
·variations in currency exchange rates or exchange controls or other currency restrictions and fluctuations in exchange ratios related to foreign currency;
·adverse market conditions caused by inflation or other changes in national or local economic conditions;
·changes in relative interest rates;
·changes in the availability, cost and terms of mortgage funds resulting from varying national economic policies;
·changes in real estate and other tax rates, the tax treatment of transaction structures and other changes in operating expenses in a particular country where we have an investment;
·lack of uniform accounting standards (including availability of information in accordance with GAAP);
·changes in land use and zoning laws;
·more stringent environmental laws or changes in these laws;
·changes in the social stability or other political, economic or diplomatic developments in or affecting a country where we have an investment;
·legal and logistical barriers to enforcing our contractual rights; and
·expropriation, confiscatory taxation and nationalization of our assets located in the markets where we operate.

 

Any of these risks could have an adverse effect on our business, results of operations and ability to pay distributions to our stockholders.

 

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We may acquire properties with lockout provisions which may prohibit us from selling a property, or may require us to maintain specified debt levels for a period of years on some properties.

 

We may acquire properties in exchange for Operating Partnership units and agree to restrictions on sales or refinancing, called “lockout” provisions that are intended to preserve favorable tax treatment for the owners of such properties who sell them to us. Lockout provisions may restrict sales or refinancings for a certain period in order to comply with the applicable government regulations. Lockout provisions could materially restrict us from selling or otherwise disposing of or refinancing properties. This would affect our ability to turn our investments into cash and thus affect cash available to return capital to stockholders. Lockout provisions could impair our ability to take actions during the lockout period that would otherwise be in the best interests of our stockholders and, therefore, might have an adverse impact on the value of the shares, relative to the value that would result if the lockout provisions did not exist. In particular, lockout provisions could preclude us from participating in major transactions that could result in a disposition of our assets or a change in control even though that disposition or change in control might be in the best interests of our stockholders.

 

Changes in applicable laws may adversely affect the income and value of our properties.

 

The income and value of a property may be affected by such factors as environmental, rent control and other laws and regulations, changes in applicable general and real estate tax laws (including the possibility of changes in U.S. federal income tax laws or the lengthening of the depreciation period for real estate) and interest rates, the availability of financing, acts of nature (such as hurricanes and floods) and other factors beyond our control.

 

Retail Industry Risks

 

Retail conditions may adversely affect our income.

 

A retail property’s revenues and value may be adversely affected by a number of factors, many of which apply to real estate investment generally, but which also include trends in the retail industry and perceptions by retailers or shoppers of the safety, convenience and attractiveness of the retail property. In addition, to the extent that the investing public has a negative perception of the retail sector, the value of our common stock may be negatively impacted.

 

Some of our leases may provide for base rent plus contractual base rent increases. A number of our retail leases may also include a percentage rent clause for additional rent above the base amount based upon a specified percentage of the sales our tenants generate. Generally, retailers face declining revenues during downturns in the economy. As a result, the portion of our revenue which we may derive from percentage rent leases could decline upon a general economic downturn.

 

Our revenue will be impacted by the success and economic viability of our anchor retail tenants. Our reliance on single or significant tenants in certain buildings may decrease our ability to lease vacated space.

 

In the retail sector, any tenant occupying a large portion of the gross leasable area of a retail center, a tenant of any of the triple-net single-user retail properties outside the primary geographical area of investment, commonly referred to as an anchor tenant, or a tenant that is our anchor tenant at more than one retail center, may become insolvent, may suffer a downturn in business, or may decide not to renew its lease. Any of these events would result in a reduction or cessation in rental payments to us and would adversely affect our financial condition. A lease termination by an anchor tenant could result in lease terminations or reductions in rent by other tenants whose leases permit cancellation or rent reduction if another tenant’s lease is terminated. We may own properties where the tenants may have rights to terminate their leases if certain other tenants are no longer open for business. These “co-tenancy” provisions may also exist in some leases where we own a portion of a retail property and one or more of the anchor tenants leases space in that portion of the center not owned or controlled by us. If such tenants were to vacate their space, tenants with co-tenancy provisions would have the right to terminate their leases with us or seek a rent reduction from us. In such event, we may be unable to re-lease the vacated space. Similarly, the leases of some anchor tenants may permit the anchor tenant to transfer its lease to another retailer. The transfer to a new anchor tenant could cause customer traffic in the retail center to decrease and thereby reduce the income generated by that retail center. A lease transfer to a new anchor tenant could also allow other tenants to make reduced rental payments or to terminate their leases at the retail center. In the event that we are unable to re-lease the vacated space to a new anchor tenant, we may incur additional expenses in order to re-model the space to be able to re-lease the space to more than one tenant.

 

Competition with other retail channels may reduce our profitability and the return on your investment.

 

Retail tenants will face potentially changing consumer preferences and increasing competition from other forms of retailing, such as discount shopping centers, outlet centers, upscale neighborhood strip centers, catalogues and other forms of direct marketing, discount shopping clubs, internet and telemarketing. Other retail centers within the market area of properties we invest in will compete with our properties for customers, affecting their tenants’ cash flows and thus affecting their ability to pay rent. In addition, tenants’ rent payments may be based on the amount of sales revenue that they generate. If these tenants experience competition, the amount of their rent may decrease and our cash flow will decrease.

 

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Residential Industry Risks

 

The short-term nature of our residential leases may adversely impact our income.

 

Because substantially all of our residential leases will be for apartments, they will generally be for terms of no more than one or two years. If our residents decide not to renew their leases upon expiration, we may not be able to relet their units. If we are unable to promptly renew the leases or relet the units then our results of operations and financial condition will be adversely affected. Certain significant expenditures associated with each equity investment in real estate (such as mortgage payments, real estate taxes and maintenance costs) are generally not reduced when circumstances result in a reduction in rental income.

 

An economic downturn could adversely affect the residential industry and may affect operations for the residential properties that we acquire.

 

As a result of the effects of an economic downturn, including increased unemployment rates, the residential industry may experience a significant decline in business caused by a reduction in overall renters. The current economic downturn and increase in unemployment rates may have an adverse affect on our operations if the tenants occupying the residential and office properties we acquire cease making rent payments to us or if there a change in spending patterns resulting in reduced traffic at the retail properties we acquire. Moreover, low residential mortgage interest rates could accompany an economic downturn and encourage potential renters to purchase residences rather than lease them. The residential properties we acquire may experience declines in occupancy rate due to any such decline in residential mortgage interest rates.

 

Lodging Industry Risks

 

We may be subject to the risks common to the lodging industry.

 

Our hotels will be subject to all of the risks common to the hotel industry and subject to market conditions that affect all hotel properties. These risks could adversely affect hotel occupancy and the rates that can be charged for hotel rooms as well as hotel operating expenses, and generally include:

 

·increases in supply of hotel rooms that exceed increases in demand;

 

·increases in energy costs and other travel expenses that reduce business and leisure travel;

 

·reduced business and leisure travel due to continued geo-political uncertainty, including terrorism;

 

·adverse effects of declines in general and local economic activity;

 

·adverse effects of a downturn in the hotel industry; and

 

·risks generally associated with the ownership of hotels and real estate, as discussed below.

 

We do not have control over the market and business conditions that affect the value of our lodging properties, and adverse changes with respect to such conditions could have an adverse effect on our results of operations, financial condition and cash flows. Hotel properties, including extended stay hotels, are subject to varying degrees of risk generally common to the ownership of hotels, many of which are beyond our control, including the following:

 

·increased competition from other existing hotels in our markets;

 

·new hotels entering our markets, which may adversely affect the occupancy levels and average daily rates of our lodging properties;

 

·declines in business and leisure travel;

 

·increases in energy costs, increased threat of terrorism; terrorist events, airline strikes or other factors that may affect travel patterns and reduce the number of business and leisure travelers;

 

·increases in operating costs due to inflation and other factors that may not be offset by increased room rates;

 

·changes in, and the related costs of compliance with, governmental laws and regulations, fiscal policies and zoning ordinances; and

 

·adverse effects of international, national, regional and local economic and market conditions.

 

Adverse changes in any or all of these factors could have an adverse effect on our results of operations, financial condition and cash flows, thereby adversely impacting our ability to service debt and to make distributions to our stockholders.

 

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Third-party management of lodging properties can adversely affect our properties.

 

If we invest in lodging properties, such properties will be operated by a third-party management company and could be adversely affected if that third-party management company, or its affiliated brands, experiences negative publicity or other adverse developments, such as financial disagreements between the third party manager and the owner, disagreements about marketing between the third party manager and the owner and the third party manager’s brand falling out of favor.

 

As a REIT, we cannot directly operate our lodging properties.

 

We cannot and will not directly operate our lodging properties and, as a result, our results of operations, financial position, ability to service debt and ability to make distributions to stockholders are dependent on the ability of our third-party management companies and our tenants to operate our hotel properties successfully. In order for us to satisfy certain REIT qualification rules, we cannot directly operate any lodging properties we may acquire or actively participate in the decisions affecting their daily operations. Instead, through a TRS, we must enter into management agreements with a third-party management company, or we must lease our lodging properties to third-party tenants on a triple-net lease basis. We cannot and will not control this third-party management company or the tenants who operate and are responsible for maintenance and other day-to-day management of our lodging properties, including, but not limited to, the implementation of significant operating decisions. Thus, even if we believe our lodging properties are being operated inefficiently or in a manner that does not result in satisfactory operating results, we may not be able to require the third-party management company or the tenants to change their method of operation of our lodging properties. Our results of operations, financial position, cash flows and our ability to service debt and to make distributions to stockholders are, therefore, dependent on the ability of our third-party management company and tenants to operate our lodging properties successfully.

 

We will rely on a third-party hotel management company to establish and maintain adequate internal controls over financial reporting at our lodging properties. In doing this, the property manager should have policies and procedures in place which allows them to effectively monitor and report to us the operating results of our lodging properties which ultimately are included in our consolidated financial statements. Because the operations of our lodging properties ultimately become a component of our consolidated financial statements, we evaluate the effectiveness of the internal controls over financial reporting at all of our properties, including our lodging properties, in connection with the certifications we provide in our quarterly and annual reports on Form 10-Q and Form 10-K, respectively, pursuant to the Sarbanes-Oxley Act of 2002. However, we will not control the design or implementation of or changes to internal controls at any of our lodging properties. Thus, even if we believe that our lodging properties are being operated without effective internal controls, we may not be able to require the third-party management company to change its internal control structure. This could require us to implement extensive and possibly inefficient controls at a parent level in an attempt to mitigate such deficiencies. If such controls are not effective, the accuracy of the results of our operations that we report could be affected. Accordingly, our ability to conclude that, as a company, our internal controls are effective is significantly dependent upon the effectiveness of internal controls that our third-party management company will implement at our lodging properties. It is possible that we could have a significant deficiency or material weakness as a result of the ineffectiveness of the internal controls at one or more of our lodging properties.

 

If we replace a third-party management company or tenant, we may be required by the terms of the relevant management agreement or lease to pay substantial termination fees, and we may experience significant disruptions at the affected lodging properties. If we experience such disruptions, it may adversely affect our results of operations, financial condition and our cash flows, including our ability to service debt and to make distributions to our stockholders.

 

Our use of the TRS structure will increase our expenses.

 

A TRS structure will subject us to the risk of increased lodging operating expenses. The performance of our TRS lessees will be based on the operations of our lodging properties. Our operating risks will include not only changes in hotel revenues and changes to our TRS lessees’ ability to pay the rent due to us under the leases, but also increased hotel operating expenses, including, but not limited to, the following cost elements:

 

·wage and benefit costs;
·repair and maintenance expenses;
·energy costs;
·property taxes;
·insurance costs; and
·other operating expenses.

 

Any increases in one or more these operating expenses could have a significant adverse impact on our results of operations, cash flows and financial position.

 

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Failure to maintain franchise licenses could decrease our revenues.

 

Our inability or that of our third-party management companies or our third-party tenants to maintain franchise licenses could decrease our revenues. Maintenance of franchise licenses for our lodging properties is subject to maintaining our franchisor’s operating standards and other terms and conditions. Franchisors periodically inspect lodging properties to ensure that we, our third-party tenants or our third-party management company maintain their standards. Failure by us or one of our third-party tenants or our third-party management company to maintain these standards or comply with other terms and conditions of the applicable franchise agreement could result in a franchise license being canceled. If a franchise license terminates due to our failure to make required improvements or to otherwise comply with its terms, we may also be liable to the franchisor for a termination fee. As a condition to the maintenance of a franchise license, our franchisor could also require us to make capital expenditures, even if we do not believe the capital improvements are necessary, desirable, or likely to result in an acceptable return on our investment. We may risk losing a franchise license if we do not make franchisor-required capital expenditures.

 

If our franchisor terminates the franchise license, we may try either to obtain a suitable replacement franchise or to operate the lodging property without a franchise license. The loss of a franchise license could materially and adversely affect the operations or the underlying value of the lodging property because of the loss associated with the brand recognition and/or the marketing support and centralized reservation systems provided by the franchisor. A loss of a franchise license for one or more lodging properties could materially and adversely affect our results of operations, financial condition and our cash flows, including our ability to service debt and make distributions to our stockholders.

 

There are risks associated with employing hotel employees.

 

We will generally be subject to risks associated with the employment of hotel employees. Any lodging properties we acquire will be leased to a wholly-owned TRS entity and be subject to management agreements with a third-party manager to operate the properties that we do not lease to a third party under a net lease. Hotel operating revenues and expenses for these properties will be included in our consolidated results of operations. As a result, although we do not directly employ or manage the labor force at our lodging properties, we are subject to many of the costs and risks generally associated with the hotel labor force. Our third-party manager will be responsible for hiring and maintaining the labor force at each of our lodging properties and for establishing and maintaining the appropriate processes and controls over such activities. From time to time, the operations of our lodging properties may be disrupted through strikes, public demonstrations or other labor actions and related publicity. We may also incur increased legal costs and indirect labor costs as a result of the aforementioned disruptions, or contract disputes or other events. Our third-party manager may be targeted by union actions or adversely impacted by the disruption caused by organizing activities. Significant adverse disruptions caused by union activities and/or increased costs affiliated with such activities could materially and adversely affect our results of operations, financial condition and our cash flows, including our ability to service debt and make distributions to our stockholders.

 

The travel and hotel industries may be affected by economic slowdowns, terrorist attacks and other world events.

 

If there is less travelling due to an economic slowdown, increased unemployment rates or a rise in fuel prices, the lodging properties we may acquire may be adversely affected. As a result of terrorist attacks around the world, the war in Afghanistan and the effects of the recent economic recession, the lodging industry experienced a significant decline in business caused by a reduction in both business and leisure travel. We cannot presently determine the impact that future events such as military or police activities in the U.S. or foreign countries, future terrorist activities or threats of such activities, natural disasters or health epidemics could have on our business. Our business and lodging properties may continue to be affected by such events, including our hotel occupancy levels and average daily rates, and, as a result, our revenues may decrease or not increase to levels we expect. In addition, other terrorist attacks, natural disasters, health epidemics, acts of war, prolonged U.S. involvement in military activity could have additional adverse effects on the economy in general, and the travel and lodging industry in particular. These factors could have a material adverse effect on our results of operations, financial condition, and cash flows, thereby impacting our ability to service debt and ability to make distributions to our stockholders.

 

The hotel industry is very competitive.

 

The hotel industry is intensely competitive, and, as a result, if our third-party management company and our third-party tenants are unable to compete successfully or if our competitors’ marketing strategies are more effective, our results of operations, financial condition, and cash flows including our ability to service debt and to make distributions to our stockholders, may be adversely affected.Our lodging properties compete with other existing and new hotels in their geographic markets.

 

Since we do not operate our lodging properties, our revenues depend on the ability of our third-party management company and our-third party tenants to compete successfully with other hotels in their respective markets. Some of our competitors have substantially greater marketing and financial resources than we do. If our third-party management company and our third-party tenants are unable to compete successfully or if our competitors’ marketing strategies are effective, our results of operations, financial condition, ability to service debt and ability to make distributions to our stockholders may be adversely affected.

 

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The hotel industry is seasonal which can adversely affect our hotel properties.

 

The hotel industry is seasonal in nature, and, as a result, our lodging properties may be adversely affected. The seasonality of the hotel industry can be expected to cause quarterly fluctuations in our revenues. In addition, our quarterly earnings may be adversely affected by factors outside our control, such as extreme or unexpectedly mild weather conditions or natural disasters, terrorist attacks or alerts, outbreaks of contagious diseases, airline strikes, economic factors and other considerations affecting travel. To the extent that cash flows from operations are insufficient during any quarter, due to temporary or seasonal fluctuations in revenues, we may attempt to borrow in order to make distributions to our stockholders or be required to reduce other expenditures or distributions to stockholders.

 

The expanding use of internet travel websites by customers can adversely affect our profitability.

 

The increasing use of internet travel intermediaries by consumers may cause fluctuations in operating performance during the year and otherwise adversely affect our profitability and cash flows. Our third party hotel management company will rely upon Internet travel intermediaries to generate demand for our lodging properties. As Internet bookings increase, these intermediaries may be able to obtain higher commissions, reduced room rates or other significant contract concessions from our third-party management company. Moreover, some of these Internet travel intermediaries are attempting to offer hotel rooms as a commodity, by increasing the importance of price and general indicators of quality (such as “three-star downtown hotel”) at the expense of brand identification. Consumers may eventually develop brand loyalties to their reservations system rather than to our third-party management company and/or our brands, which could have an adverse effect on our business because we will rely heavily on brand identification. If the amount of sales made through Internet intermediaries increases significantly and our third-party management company and our third-party tenants fail to appropriately price room inventory in a manner that maximizes the opportunity for enhanced profit margins, room revenues may flatten or decrease and our profitability may be adversely affected.

 

Industrial Industry Risks

 

Potential liability as the result of, and the cost of compliance with, environmental matters is greater if we invest in industrial properties or lease our properties to tenants that engage in industrial activities.

 

Under various U.S. federal, state and local environmental laws, ordinances and regulations, a current or previous owner or operator of real property may be liable for the cost of removal or remediation of hazardous or toxic substances on such property. Such laws often impose liability whether or not the owner or operator knew of, or was responsible for, the presence of such hazardous or toxic substances.

 

We may invest in properties historically used for industrial, manufacturing and commercial purposes. Some of these properties are more likely to contain, or may have contained, underground storage tanks for the storage of petroleum products and other hazardous or toxic substances. All of these operations create a potential for the release of petroleum products or other hazardous or toxic substances.

 

Leasing properties to tenants that engage in industrial, manufacturing, and commercial activities will cause us to be subject to increased risk of liabilities under environmental laws and regulations. The presence of hazardous or toxic substances, or the failure to properly remediate these substances, may adversely affect our ability to sell, rent or pledge such property as collateral for future borrowings.

 

Industrial properties are subject to fluctuations in manufacturing activity in the United States.

 

To the extent we acquire industrial properties, such properties may be adversely affected if manufacturing activity decreases in the United States. Trade agreements with foreign countries have given employers the option to utilize less expensive non-US manufacturing workers. The outsourcing of manufacturing functions could lower the demand for our industrial properties. Moreover, an increase in the cost of raw materials or decrease in the demand for housing could cause a slowdown in manufacturing activity, such as furniture, textiles, machinery and chemical products, and our profitability may be adversely affected.

 

Office Industry Risks

 

The loss of anchor tenants for our office properties could adversely affect our profitability.

 

We may acquire office properties and, as with our retail properties, we are subject to the risk that tenants may be unable to make their lease payments or may decline to extend a lease upon its expiration. A lease termination by a tenant that occupies a large area of space in one of our office properties (commonly referred to as an anchor tenant) could impact leases of other tenants. Other tenants may be entitled to modify the terms of their existing leases in the event of a lease termination by an anchor tenant or the closure of the business of an anchor tenant that leaves its space vacant, even if the anchor tenant continues to pay rent. Any such modifications or conditions could be unfavorable to us as the property owner and could decrease rents or expense recoveries. In the event of default by an anchor tenant, we may experience delays and costs in enforcing our rights as landlord to recover amounts due to us under the terms of our agreements with those parties.

 

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Declines in overall activity in our markets may adversely affect the performance of our office properties.

 

Rental income from office properties fluctuates with general market and economic conditions. Our office properties may be adversely affected during periods of diminished economic growth and a decline in white-collar employment. We may experience a decrease in occupancy and rental rates accompanied by increases in the cost of re-leasing space (including for tenant improvements) and in uncollectible receivables. Early lease terminations may significantly contribute to a decline in occupancy of our office properties and may adversely affect our profitability. While lease termination fees increase current period income, future rental income may be diminished because, during periods in which market rents decline, it is unlikely that we will collect from replacement tenants the full contracted amount which had been payable under the terminated leases.

 

Risks Related to Real Estate-Related Investments

 

Risks Associated with Investments in Mezzanine and Mortgage Loans

 

Our Advisor does not have substantial experience investing in mezzanine and mortgage loans, which could result in losses to us.

 

Neither our Advisor nor any of its affiliates have substantial experience investing in mezzanine or mortgage loans. If we make or acquire such loans, or participations in them, we may not have the necessary expertise to maximize the return on our investment in these types of loans.

 

The risk of default on mezzanine and mortgage loans is caused by many factors beyond our control, and our ability to recover our investment in foreclosure may be limited.

 

The default risk on mezzanine and mortgage loans is caused by factors beyond our control, including local and other economic conditions affecting real estate values, interest rate changes, rezoning and failure by the borrower to maintain the property. We do not know whether the values of the property securing the loans will remain at the levels existing on the dates of origination of the loans. If the values of the underlying properties drop, our risk will increase because of the lower value of the security associated with such loans.

 

In the event that there are defaults under these loans, we may not be able to quickly repossess and sell the properties securing such loans. An action to foreclose on a property securing a loan is regulated by state statutes and regulations and is subject to many delays and expenses typical of any foreclosure action. In the event of default by a mortgagor, these restrictions, among other things, may impede our ability to foreclose on or sell the mortgaged property or to obtain proceeds sufficient to repay all amounts due to us on the loan, which could reduce the value of our investment in the defaulted loan.

 

The mezzanine loans in which we may invest involve greater risks of loss than senior loans secured by income-producing real properties.

 

We may invest in mezzanine loans that take the form of subordinated loans secured by second mortgages on the underlying real property or loans secured by a pledge of the ownership interests of either the entity owning the real property or the entity that owns the interest in the entity owning the real property. These types of investments involve a higher degree of risk than long-term senior mortgage lending secured by income producing real property because the investment may become unsecured as a result of foreclosure by the senior lender. In the event of a bankruptcy of the entity providing the pledge of its ownership interests as security, we may not have full recourse to the assets of the entity, or the assets of the entity may not be sufficient to satisfy our mezzanine loan. If a borrower defaults on our mezzanine loan or debt senior to our loan, or in the event of a borrower bankruptcy, our mezzanine loan will be satisfied only after the senior debt. As a result, we may not recover some or all of our investment.

 

Our mortgage or mezzanine loans will be subject to interest rate fluctuations, which could reduce our returns as compared to market interest rates and reduce the value of the loans in the event we sell them.

 

If we invest in fixed-rate, long-term mortgage or mezzanine loans and interest rates rise, the loans could yield a return lower than then-current market rates. If interest rates decrease, we will be adversely affected to the extent that mortgage or mezzanine loans are prepaid, because we may not be able to make new loans at the previously higher interest rate. If we invest in variable-rate loans and interest rates decrease, our revenues will also decrease. Fluctuations in interest rates adverse to our loans could adversely affect our returns on such loans.

 

The liquidation of our assets may be delayed as a result of our investment in mortgage or mezzanine loans, which could delay distributions to our stockholders.

 

The mezzanine and mortgage loans we may purchase will be illiquid investments due to their short life, their unsuitability for securitization and the greater difficulty of recoupment in the event of a borrower’s default. If we enter into mortgage or mezzanine loans with terms that expire after the date we intend to have sold all of our properties, any intended liquidation of us may be delayed beyond the time of the sale of all of our properties until all mortgage or mezzanine loans expire or are sold.

 

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Risks Related to Investments in Real Estate-Related Securities

 

We may invest in various types of real estate-related securities.

 

We may invest in real estate-related securities, including securities issued by other real estate companies, commercial mortgage-backed securities (“CMBS ”) or collateralized debt obligations (“ CDOs ”). We may also invest in real estate-related securities of both publicly traded and private real estate companies. Neither we nor our Advisor may have the expertise necessary to maximize the return on our investment in real estate-related securities. If our Advisor determines that it is advantageous to us to make the types of investments in which our Advisor or its affiliates do not have experience, our Advisor intends to employ persons, engage consultants or partner with third parties that have, in our Advisor’s opinion, the relevant expertise necessary to assist our Advisor in evaluating, making and administering such investments.

 

Investments in real estate-related securities will be subject to specific risks relating to the particular issuer of the securities and may be subject to the general risks of investing in subordinated real estate securities, which may result in losses to us.

 

Our investments in real estate-related securities will involve special risks relating to the particular issuer of the securities, including the financial condition and business outlook of the issuer. Issuers of real estate-related securities generally invest in real estate or real estate-related assets and are subject to the inherent risks associated with real estate-related investments including risks relating to rising interest rates.

 

Real estate-related securities are often unsecured and also may be subordinated to other obligations of the issuer. As a result, investments in real estate-related securities are subject to risks of (1) limited liquidity in the secondary trading market in the case of unlisted or thinly traded securities, (2) substantial market price volatility resulting from changes in prevailing interest rates in the case of traded equity securities, (3) subordination to the prior claims of banks and other senior lenders to the issuer, (4) the operation of mandatory sinking fund or call/redemption provisions during periods of declining interest rates that could cause the issuer to reinvest redemption proceeds in lower yielding assets, (5) the possibility that earnings of the issuer may be insufficient to meet its debt service and distribution obligations and (6) the declining creditworthiness and potential for insolvency of the issuer during periods of rising interest rates and economic slowdown or downturn. These risks may adversely affect the value of outstanding real estate-related securities and the ability of the issuers thereof to repay principal and interest or make distribution payments.

 

The mortgage loans in which we invest and the commercial mortgage loans underlying the CMBS in which we may invest will be subject to delinquency, foreclosure and loss, which could result in losses to us.

 

Commercial mortgage loans are secured by multifamily or other types of commercial property, and are subject to risks of delinquency and foreclosure and risks of loss that are greater than similar risks associated with loans made on the security of single family residential property. The ability of a borrower to repay a loan secured by a property typically is dependent primarily upon the successful operation of such property rather than upon the existence of independent income or assets of the borrower. If the net operating income of the property is reduced, the borrower’s ability to repay the loan may be impaired. Net operating income of an income producing property can be affected by, among other things: tenant mix, success of tenant businesses, property management decisions, property location and condition, competition from comparable types of properties, changes in laws that increase operating expense or limit rents that may be charged, any need to address environmental contamination at the property, the occurrence of any uninsured casualty at the property, changes in national, regional or local economic conditions and/or specific industry segments, declines in regional or local real estate values, declines in regional or local rental or occupancy rates, increases in interest rates, real estate tax rates and other operating expenses, changes in governmental rules, regulations and fiscal policies, including environmental legislation, acts of God, terrorism, social unrest and civil disturbances.

 

In the event of any default under a mortgage loan held directly by us, we will bear a risk of loss of principal to the extent of any deficiency between the value of the collateral and the principal and accrued interest of the mortgage loan, which could have a material adverse effect on our cash flow from operations and limit amounts available for distribution to our stockholders. In the event of the bankruptcy of a mortgage loan borrower, the mortgage loan to such borrower will be deemed to be secured only to the extent of the value of the underlying collateral at the time of bankruptcy (as determined by the bankruptcy court), and the lien securing the mortgage loan will be subject to the avoidance powers of the bankruptcy trustee or debtor-in-possession to the extent the lien is unenforceable under state law. Foreclosure of a mortgage loan can be an expensive and lengthy process which could have a substantial negative effect on our anticipated return on the foreclosed mortgage loan.

 

The CMBS and CDOs in which we may invest are subject to several types of risks.

 

CMBS are bonds which evidence interests in, or are secured by, a single commercial mortgage loan or a pool of commercial mortgage loans. CDOs backed by commercial real estate assets, such as CMBS, commercial mortgage loans, B-notes, or mezzanine paper. Accordingly, the CMBS and CDOs we may invest in are subject to all the risks of the underlying mortgage loans.

 

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In a rising interest rate environment, the value of CMBS and CDOs may be adversely affected when payments on underlying mortgages do not occur as anticipated, resulting in the extension of the security’s effective maturity and the related increase in interest rate sensitivity of a longer-term instrument. The value of CMBS and CDOs may also change due to shifts in the market’s perception of issuers and regulatory or tax changes adversely affecting the mortgage securities markets as a whole. In addition, CMBS and CDOs are subject to the credit risk associated with the performance of the underlying mortgage properties. In certain instances, third party guarantees or other forms of credit support can reduce the credit risk.

 

CMBS and CDOs are also subject to several risks created through the securitization process. Subordinate CMBS and CDOs are paid interest only to the extent that there are funds available to make payments. To the extent the collateral pool includes a large percentage of delinquent loans, there is a risk that interest payment on subordinate CMBS and CDOs will not be fully paid. Subordinate securities of CMBS and CDOs are also subject to greater credit risk than those CMBS and CDOs that are more highly rated.

 

If we use leverage in connection with our investment in CMBS or CDOs, the risk of loss associated with this type of investment will increase.

 

We may use leverage in connection with our investment in CMBS or CDOs. The use of leverage may substantially increase the risk of loss. There can be no assurance that leveraged financing will be available to us on favorable terms or that, among other factors, the terms of such financing will parallel the maturities of the underlying securities acquired. Therefore, such financing may mature prior to the maturity of the CMBS or CDOs acquired by us. If alternative financing is not available, we may have to liquidate assets at unfavorable prices to pay off such financing. We may utilize repurchase agreements as a component of our financing strategy. Repurchase agreements economically resemble short-term, variable-rate financing and usually require the maintenance of specific loan-to-collateral value ratios. If the market value of the CMBS or CDOs subject to a repurchase agreement decline, we may be required to provide additional collateral or make cash payments to maintain the loan to collateral value ratio. If we are unable to provide such collateral or cash repayments, we may lose our economic interest in the underlying securities.

 

Investments in real estate-related preferred equity securities involve a greater risk of loss than traditional debt financing.

 

We may invest in real estate-related preferred equity securities, which may involve a higher degree of risk than traditional debt financing due to several factors, including that such investments are subordinate to traditional loans and are not secured by property underlying the investment. If the issuer defaults on our investment, we would only be able to take action against the entity in which we have an interest, not the property owned by such entity underlying our investment. As a result, we may not recover some or all of our investment, which could result in losses to us.

 

Market conditions and the risk of further market deterioration may cause a decrease in the value of our real estate securities.

 

The U.S. credit markets and the sub-prime residential mortgage market have experienced severe dislocations and liquidity disruptions from 2008 - 2011. Sub-prime mortgage loans experienced increased rates of delinquency, foreclosure and loss. These and other related events had a significant impact on the capital markets associated not only with sub-prime mortgage-backed securities and asset-backed securities and CDOs, but also with the U.S. credit and financial markets as a whole.

 

We may invest in any real estate securities, including CMBS and CDOs, that contain assets that could be classified as sub-prime residential mortgages. The values of many of these securities are sensitive to the volatility of the credit markets, and many of these securities may be adversely affected by future developments. In addition, to the extent there is turmoil in the credit markets, it has the potential to materially affect both the value of our real estate related securities investments and/or the availability or the terms of financing that we may anticipate utilizing in order to leverage our real estate related securities investments.

 

The market volatility also made the valuation of these securities more difficult, particularly the CMBS and CDO assets. Management’s estimate of the value of these investments will incorporate a combination of independent pricing of agency and third-party dealer valuations, as well as comparable sales transactions. However, the methodologies that we will use in valuing individual investments are generally based on a variety of estimates and assumptions specific to the particular investments, and actual results related to the investments therefore often vary materially from such assumptions or estimates.

 

Because there is significant uncertainty in the valuation of, or in the stability of the value of, certain of these securities holdings, the fair values of such investments as reflected in our results of operations may not reflect the prices that we would obtain if such investments were actually sold. Furthermore, due to market events, many of these investments are subject to rapid changes in value caused by sudden developments which could have a material adverse effect on the value of these investments.

 

A portion of our real estate securities investments may be illiquid and we may not be able to adjust our portfolio in response to changes in economic and other conditions.

 

Certain of the real estate securities that we may purchase in the future in connection with privately negotiated transactions may not be registered under the relevant securities laws, resulting in a prohibition against their sale, transfer, pledge or other disposition except in a transaction exempt from the registration requirements of those laws. As a result, our ability to vary our portfolio in response to changes in economic and other conditions may be relatively limited.

 

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Interest rate and related risks may cause the value of our real estate securities investments to be reduced.

 

Interest rate risk is the risk that fixed income securities will decline in value because of changes in market interest rates. Generally, when interest rates rise, the market value of such securities will decline, and vice versa. Our investment in such securities means that the net asset value and market price of the common shares may tend to decline if interest rates rise.

 

During periods of rising interest rates, the average life of certain types of securities may be extended because of slower than expected principal payments. This may lock in a below-market interest rate, increase the security’s duration and reduce the value of the security. This is known as extension risk. During periods of declining interest rates, an issuer may be able to exercise an option to prepay principal earlier than scheduled, which is generally known as call or prepayment risk. If this occurs, we may be forced to reinvest in lower yielding securities. This is known as reinvestment risk. An issuer may redeem an obligation if the issuer can refinance the debt at a lower cost due to declining interest rates or an improvement in the credit standing of the issuer. These risks may reduce the value of our real estate securities investments.

 

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Real Estate Financing Risks

 

General Financing Risks

 

We have incurred mortgage indebtedness and other borrowings, which may increase our business risks.

 

We have incurred mortgage indebtedness and other borrowings, and may acquire properties subject to existing financing. In addition, we may increase our mortgage debt by obtaining loans secured by selected or all of the real properties to obtain funds to acquire additional real properties. We may also borrow funds if necessary to satisfy the requirement that we annually distribute to stockholders at least 90% of our REIT taxable income (which does not equal net income, as calculated in accordance with GAAP), determined without regard to the deduction for dividends paid and excluding any net capital gain, or otherwise as is necessary or advisable to assure that we maintain our qualification as a REIT for U.S. federal income tax purposes.

 

We incur mortgage debt on a particular real property if we believe the property’s projected cash flow is sufficient to service the mortgage debt. However, if there is a shortfall in cash flow, requiring us to use cash from other sources to make the mortgage payments on the property, then the amount available for distributions to stockholders may be affected. In addition, incurring mortgage debt increases the risk of loss since defaults on indebtedness secured by properties may result in foreclosure actions initiated by lenders and our loss of the property securing the loan which is in default. For tax purposes, a foreclosure of any of our properties would be treated as a sale of the property for a purchase price equal to the outstanding balance of the debt secured by the mortgage. If the outstanding balance of the debt secured by the mortgage exceeds our tax basis in the property, we would recognize taxable income on foreclosure, but would not receive any cash proceeds. We may, in some circumstances, give a guaranty on behalf of an entity that owns one of our properties. In these cases, we will be responsible to the lender for satisfaction of the debt if it is not paid by such entity. If any mortgages contain cross-collateralization or cross-default provisions, there is a risk that more than one real property may be affected by a default.

 

Our mortgage debt which contains clauses providing for prepayment penalties. If a lender invokes these penalties upon the sale of a property or the prepayment of a mortgage on a property, the cost to us to sell the property could increase substantially, and may even be prohibitive. This could lead to a reduction in our income, which would reduce cash available for distribution to stockholders and may prevent us from borrowing more money. Moreover, if we enter into financing arrangements involving balloon payment obligations, such financing arrangements will involve greater risks than financing arrangements whose principal amount is amortized over the term of the loan. At the time the balloon payment is due, we may not be able to refinance the balloon payment on terms as favorable as the original loan or sell the property at a price sufficient to make the balloon payment.

 

If we have insufficient working capital reserves, we will have to obtain financing from other sources.

 

If our working capital reserves are insufficient to meet our cash needs, we may have to obtain financing to fund our cash requirements. Sufficient financing may not be available or, if available, may not be available on economically feasible terms or on terms acceptable to us. If mortgage debt is unavailable at reasonable rates, we will not be able to place financing on the properties, which could reduce the number of properties we can acquire and the amount of distributions per share. If we place mortgage debt on the properties, we run the risk of being unable to refinance the properties when the loans come due, or of being unable to refinance on favorable terms. If interest rates are higher when the properties are refinanced, our income could be reduced, which would reduce cash available for distribution to stockholders and may prevent us from borrowing more money. Additional borrowing for working capital purposes will increase our interest expense, and therefore our financial condition and our ability to pay distributions may be adversely affected.

 

We may not have funding or capital resources for future improvements.

 

When a commercial tenant at one of our properties does not renew its lease or otherwise vacates its space in one of our buildings, it is likely that, in order to attract one or more new tenants, we will be required to expend substantial funds for leasing costs, tenant improvements and tenant refurbishments to the vacated space. We will incur certain fixed operating costs during the time the space is vacant as well as leasing commissions and related costs to re-lease the vacated space. We may also have similar future capital needs in order to renovate or refurbish any of our properties for other reasons.

 

Also, in the event we need to secure funding sources in the future but are unable to secure such sources or are unable to secure funding on terms we feel are acceptable, we may be required to defer capital improvements or refurbishment to a property. This may cause such property to suffer from a greater risk of obsolescence or a decline in value and/or produce decreased cash flow as the result of our inability to attract tenants to the property. If this happens, we may not be able to maintain projected rental rates for affected properties, and our results of operations may be negatively impacted. Or, we may be required to secure funding on unfavorable terms.

 

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We may be adversely affected by limitations in our charter on the aggregate amount we may borrow.

 

Our charter provides that the aggregate amount of borrowing, both secured and unsecured, may not exceed 300% of net assets in the absence of a satisfactory showing that a higher level is appropriate, the approval of our Board of Directors and disclosure to stockholders. Net assets means our total assets, other than intangibles, at cost before deducting depreciation, reserves for bad debt or other non-cash reserves, less our total liabilities, calculated at least quarterly on a basis consistently applied. Any excess in borrowing over such 300% of net assets level must be approved by a majority of our independent directors and disclosed to our stockholders in our next quarterly report to stockholders, along with justification for such excess.

 

That limitation could have adverse business consequences such as:

 

·limiting our ability to purchase additional properties;

 

·causing us to lose our REIT status if additional borrowing was necessary to pay the required minimum amount of cash distributions to our stockholders to maintain our status as a REIT;

 

·causing operational problems if there are cash flow shortfalls for working capital purposes; and

 

·resulting in the loss of a property if, for example, financing was necessary to repay a default on a mortgage.

 

Our debt financing for acquisitions will frequently be determined from appraised values in lieu of acquisition cost. As appraisal values are typically greater than acquisition cost for the type of value assets we seek to acquire, our debt can be expected to exceed certain leverage limitations of the Lightstone REIT II. Our Board of Directors, including all of its independent directors, will approve any leverage exceptions as required by the Lightstone REIT II’s Articles of Incorporation.

 

Any excess borrowing over the 300% level will be disclosed to stockholders in our next quarterly report, along with justification for such excess.

 

Lenders may require us to enter into restrictive covenants relating to our operations.

 

In connection with obtaining financing, a bank or other lender could impose restrictions on us affecting our ability to incur additional debt and our distribution and operating policies. Loan documents we enter into may contain negative covenants limiting our ability to, among other things, further mortgage our properties, discontinue insurance coverage or replace Lightstone Value Plus REIT II LLC as our Advisor. In addition, prepayment penalties imposed by banks or other lenders could affect our ability to sell properties when we want.

 

If lenders are not willing to make loans to our Sponsor because of recent defaults on some of the Sponsor’s properties, lenders may be less inclined to make loans to us and we may not be able to obtain financing for our acquisitions.

 

In recent years U.S. and international markets experienced increased levels of volatility due to a combination of factors, including decreasing values of residential and commercial real estate, limited access to credit, and the collapse or near collapse of certain financial institutions, higher energy costs, decreased consumer spending and a national and global recession. Certain of our Sponsor’s program and non-program properties were adversely affected by these market conditions and their impact on the real estate market. For example, increased unemployment and the resulting decrease in business travel had adversely affected the occupancy rates and revenues per room at our Sponsor’s lodging properties. After an analysis of these factors and other factors, taking into account the increased costs of borrowing, the dislocation in the credit markets and that certain properties are not generating sufficient cash flow to cover their fixed costs, the Sponsor elected to stop making payments on the non-recourse debt obligations for certain program and non-program properties. As a result, lenders may be less willing to make loans to our Sponsor or its affiliates. If lenders are unwilling to make loans to us, we may be unable to purchase certain properties or may be required to defer capital improvements or refurbishments to our properties. Additionally, sellers of real property may be less inclined to enter into negotiations with us if they believe that we may be unable to obtain financing. The inability to purchase certain properties may increase the time it takes for us to generate funds from operations. Additionally, the inability to improve our properties may cause such property to suffer from a greater risk of obsolescence or a decline in value, which could result in a decrease in our cash flow from the inability to attract tenants.

 

Financing Risks on the Property Level

 

Some of our mortgage loans may have “due on sale” provisions.

 

We may obtain financing with “due-on-sale” and/or “due-on-encumbrance” clauses. Due-on-sale clauses in mortgages allow a mortgage lender to demand full repayment of the mortgage loan if the borrower sells the mortgaged property. Similarly, due-on-encumbrance clauses allow a mortgage lender to demand full repayment if the borrower uses the real estate securing the mortgage loan as security for another loan. These clauses may cause the maturity date of such mortgage loans to be accelerated and such financing to become due. In such event, we may be required to sell our properties on an all-cash basis, to acquire new financing in connection with the sale, or to provide seller financing. It is not our intent to provide seller financing, although it may be necessary or advisable for us to do so in order to facilitate the sale of a property. It is unknown whether the holders of mortgages encumbering our properties will require such acceleration or whether other mortgage financing will be available. Such factors will depend on the mortgage market and on financial and economic conditions existing at the time of such sale or refinancing.

 

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Lenders may be able to recover against our other properties under our mortgage loans.

 

We may seek recourse financing to finance properties, in which event, in addition to the property securing the loan, the lender may look to our other assets for satisfaction of the debt. Thus, should we be unable to repay a recourse loan with the proceeds from the sale or other disposition of the property securing the loan, the lender could look to one or more of our other properties for repayment. Also, in order to facilitate the sale of a property, we may allow the buyer to purchase the property subject to an existing loan whereby we remain responsible for the debt.

 

Our presently outstanding mortgage loans charge variable interest, as may any mortgage loans we incur in the future.

 

Our presently outstanding mortgage loans will be subject to fluctuating interest rates based on Libor. Future increases in Libor would result in increases in debt service on these loans and thus reduce funds available for acquisitions of properties and distributions to the stockholders.

 

In addition, we may incur mortgage loans in the future that charge variable interest based on index rates such as the prime rate or Libor, and these loans would subject us to similar risks.

 

Insurance Risks

 

We may suffer losses that are not covered by insurance.

 

If we suffer losses that are not covered by insurance or that are in excess of insurance coverage, we could lose invested capital and anticipated profits. Material losses may occur in excess of insurance proceeds with respect to any property as insurance proceeds may not provide sufficient resources to fund the losses. In addition, there are types of losses, generally of a catastrophic nature, such as losses due to wars, earthquakes, floods, hurricanes, pollution, environmental matters, mold and terrorism which are either uninsurable or not economically insurable, or may be insured subject to limitations, such as large deductibles or co-payments.

 

Insurance companies have recently begun to exclude acts of terrorism from standard coverage. Terrorism insurance is currently available at an increased premium, and it is possible that the premium will increase in the future or that terrorism coverage will become unavailable. Mortgage lenders in some cases have begun to insist that specific coverage against terrorism be purchased by commercial owners as a condition for providing loans. We intend to obtain terrorism insurance if required by our lenders, but the terrorism insurance that we obtain may not be sufficient to cover loss for damages to our properties as a result of terrorist attacks. In addition, we may not be able to obtain insurance against the risk of terrorism because it may not be available or may not be available on terms that are economically feasible. In such instances, we may be required to provide other financial support, either through financial assurances or self-insurance, to cover potential losses. We cannot assure you that we will have adequate coverage for such losses. If such an event occurred to, or caused the destruction of, one or more of our properties, we could lose both our invested capital and anticipated profits from such property. In addition, certain losses resulting from these types of events are uninsurable and others may not be covered by our terrorism insurance. Terrorism insurance may not be available at a reasonable price or at all.

 

In addition, many insurance carriers are excluding asbestos-related claims from standard policies, pricing asbestos endorsements at prohibitively high rates or adding significant restrictions to this coverage. Because of our inability to obtain specialized coverage at rates that correspond to the perceived level of risk, we may not obtain insurance for acts of terrorism or asbestos-related claims. We will continue to evaluate the availability and cost of additional insurance coverage from the insurance market. If we decide in the future to purchase insurance for terrorism or asbestos, the cost could have a negative impact on our results of operations. If an uninsured loss or a loss in excess of insured limits occurs on a property, we could lose our capital invested in the property, as well as the anticipated future revenues from the property and, in the case of debt that is recourse to us, would remain obligated for any mortgage debt or other financial obligations related to the property. Any loss of this nature would adversely affect us. Although we intend to adequately insure our properties, we cannot assure that we will successfully do so.

 

Compliance with Laws

 

The costs of compliance with environmental laws and regulations may adversely affect our income and the cash available for any distributions.

 

All real property and the operations conducted on real property are subject to federal, state and local laws and regulations relating to environmental protection and human health and safety. These laws and regulations generally govern wastewater discharges, air emissions, the operation and removal of underground and above-ground storage tanks, the use, storage, treatment, transportation and disposal of solid and hazardous materials, and the remediation of contamination associated with disposals. Some of these laws and regulations may impose joint and several liability on tenants, owners or operators for the costs of investigation or remediation of contaminated properties, regardless of fault or the legality of the original disposal. Under various federal, state and local laws, ordinances and regulations, a current or previous owner, developer or operator of real estate may be liable for the costs of removal or remediation of hazardous or toxic substances at, on, under or in its property. The costs of removal or remediation could be substantial. In addition, the presence of these substances, or the failure to properly remediate these substances, may adversely affect our ability to sell or rent such property or to use the property as collateral for future borrowing.

 

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Environmental laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the presence of hazardous or toxic materials. Even if more than one person may have been responsible for the contamination, each person covered by the environmental laws may be held responsible for all of the clean-up costs incurred. In addition, third parties may sue the owner or operator of a site for damages and costs resulting from environmental contamination arising from that site. The presence of hazardous or toxic materials, or the failure to address conditions relating to their presence properly, may adversely affect the ability to rent or sell the property or to borrow using the property as collateral. Persons who dispose of or arrange for the disposal or treatment of hazardous or toxic materials may also be liable for the costs of removal or remediation of such materials, or for related natural resource damages, at or from an off-site disposal or treatment facility, whether or not the facility is or ever was owned or operated by those persons. In addition, environmental laws today can impose liability on a previous owner or operator of a property that owned or operated the property at a time when hazardous or toxic substances were disposed on, or released from, the property. A conveyance of the property, therefore, does not relieve the owner or operator from liability.

 

There may be potential liability associated with lead-based paint arising from lawsuits alleging personal injury and related claims. Typically, the existence of lead paint is more of a concern in residential units than in commercial properties. Although a structure built prior to 1978 may contain lead-based paint and may present a potential for exposure to lead, structures built after 1978 are not likely to contain lead-based paint.

 

Properties’ values may also be affected by their proximity to electric transmission lines. Electric transmission lines are one of many sources of electro-magnetic fields (“EMFs”) to which people may be exposed. Research completed regarding potential health concerns associated with exposure to EMFs has produced inconclusive results. Notwithstanding the lack of conclusive scientific evidence, some states now regulate the strength of electric and magnetic fields emanating from electric transmission lines, and other states have required transmission facilities to measure for levels of EMFs. On occasion, lawsuits have been filed (primarily against electric utilities) that allege personal injuries from exposure to transmission lines and EMFs, as well as from fear of adverse health effects due to such exposure. This fear of adverse health effects from transmission lines has been considered both when property values have been determined to obtain financing and in condemnation proceedings. We may not, in certain circumstances, search for electric transmission lines near our properties, but are aware of the potential exposure to damage claims by persons exposed to EMFs.

 

Recently, indoor air quality issues, including mold, have been highlighted in the media and the industry is seeing mold claims from lessees rising. To date, we have not incurred any material costs or liabilities relating to claims of mold exposure or abating mold conditions. However, due to the recent increase in mold claims and given that the law relating to mold is unsettled and subject to change, we could incur losses from claims relating to the presence of, or exposure to, mold or other microbial organisms, particularly if we are unable to maintain adequate insurance to cover such losses. We may also incur unexpected expenses relating to the abatement of mold on properties that we may acquire.

 

Limited quantities of asbestos-containing materials are present in various building materials such as floor coverings, ceiling texture material, acoustical tiles and decorative treatment. Environmental laws govern the presence, maintenance and removal of asbestos. These laws could be used to impose liability for release of, and exposure to, hazardous substances, including asbestos-containing materials, into the air. Such laws require that owners or operators of buildings containing asbestos (1) properly manage and maintain the asbestos, (2) notify and train those who may come into contact with asbestos and (3) undertake special precautions, including removal or other abatement, if asbestos would be disturbed during renovation or demolition of a building. Such laws may impose fines and penalties on building owners or operators who fail to comply with these requirements. These laws may allow third parties to seek recovery from owners or operators of real properties for personal injury associated with exposure to asbestos fibers. As the owner of our properties, we may be potentially liable for any such costs.

 

We cannot assure you that properties which we acquire in the future will not have any material environmental conditions, liabilities or compliance concerns. Accordingly, we have no way of determining at this time the magnitude of any potential liability to which we may be subject arising out of environmental conditions or violations with respect to the properties we own.

 

The costs of compliance with laws and regulations relating to our lodging and residential properties may adversely affect our income and the cash available for any distributions.

 

Various laws, ordinances, and regulations affect multi-family residential properties, including regulations relating to recreational facilities, such as activity centers and other common areas. In addition, rent control laws may be applicable to any of our residential properties.

 

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Some of these laws and regulations have been amended so as to require compliance with new or more stringent standards as of future dates. Compliance with new or more stringent laws or regulations, stricter interpretation of existing laws or the future discovery of environmental contamination may require material expenditures by us. Future laws, ordinances or regulations may impose material environmental liabilities, and the current environmental condition of our properties might be affected by the operations of the tenants, by the existing condition of the land, by operations in the vicinity of the properties, such as the presence of underground storage tanks, or by the activities of unrelated third parties.

 

These laws typically allow liens to be placed on the affected property. In addition, there are various local, state and federal fire, health, life-safety and similar regulations which we may be required to comply with, and which may subject us to liability in the form of fines or damages for noncompliance.

 

Any newly acquired or developed lodging or multi-family residential properties must comply with Title II of the Americans with Disabilities Act (the “ADA”) to the extent that such properties are “public accommodations” and/or “commercial facilities” as defined by the ADA. Compliance with the ADA requires removal of structural barriers to handicapped access in certain public areas of the properties where such removal is “readily achievable.” Our properties may not comply in all material respects with all present requirements under the ADA and applicable state laws. When acquiring properties, we may not succeed in placing the burden on the seller to ensure compliance with the ADA. Noncompliance with the ADA could result in the imposition of injunctive relief, monetary penalties or, in some cases, an award of damages to private litigants. The cost of defending against any claims of liability under the ADA or the payment of any fines or damages could adversely affect our financial condition and affect cash available to return capital and the amount of distributions to you.

 

The Fair Housing Act (the “FHA”) requires, as part of the Fair Housing Amendments Act of 1988, apartment communities first occupied after March 13, 1990 to be accessible to the handicapped. Noncompliance with the FHA could result in the imposition of fines or an award of damages to private litigants. The cost of defending against any claims of liability under the FHA or the payment of any fines or damages could adversely affect our financial condition.

 

Changes in applicable laws and regulations may adversely affect the income from and value of our properties.

 

The income from and value of a property may be affected by such factors as environmental, rent control and other laws and regulations and changes in applicable general and real estate tax laws (including the possibility of changes in the U.S. federal income tax laws or the lengthening of the depreciation period for real estate). For example, the properties we will acquire will be subject to real and personal property taxes that may increase as property tax rates change and as the properties are assessed or reassessed by taxing authorities. We anticipate that most of our leases will generally provide that the property taxes, or increases therein, are charged to the lessees as an expense related to the properties that they occupy. As the owner of the properties, however, we are ultimately responsible for payment of the taxes to the government. If property taxes increase, our tenants may be unable to make the required tax payments, ultimately requiring us to pay the taxes. In addition, we will generally be responsible for property taxes related to any vacant space. If we purchase residential properties, the leases for such properties typically will not allow us to pass through real estate taxes and other taxes to residents of such properties. Consequently, any tax increases may adversely affect our results of operations at such properties.

 

Failure to comply with applicable laws and regulations where we invest could result in fines, suspension of personnel of our Advisor, or other sanctions. Compliance with new laws or regulations or stricter interpretation of existing laws may require us to incur material expenditures, which could reduce the available cash flow for distributions to our stockholders. Additionally, future laws, ordinances or regulations may impose material environmental liability, which may have a material adverse effect on our results of operations.

 

Risks Related to General Economic Conditions

 

Adverse economic conditions may negatively affect our returns and profitability.

 

The timing, length and severity of any economic slowdown that the nation may experience, including the current economic slowdown, cannot be predicted with certainty. Since we may liquidate within seven to ten years after the proceeds from the Follow-On Offering are fully invested, there is a risk that depressed economic conditions at that time could cause cash flow and appreciation upon the sale of our properties, if any, to be insufficient to allow sufficient cash remaining after payment of our expenses for a significant return on stockholders’ investment.

 

The instability of the U.S. economy may reduce the number of suitable investment opportunities available to us and may slow the pace at which those investments are made. In addition, armed hostilities and acts of terrorism may directly impact our properties. These developments may subject us to increased risks and, depending on their magnitude, could have a material adverse effect on our business and stockholders’ investment.

 

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State of debt markets could limit our ability to obtain financing which may have a material adverse impact on our earnings and financial condition.

 

The commercial real estate debt markets recently experienced volatility as a result of certain factors including the tightening of underwriting standards by lenders and credit rating agencies and the significant inventory of unsold CMBS in the market. Credit spreads for major sources of capital widened significantly as investors demanded a higher risk premium. This resulted in lenders increasing the cost for debt financing. Should the overall cost of borrowings increase, either by increases in the index rates or by increases in lender spreads, we will need to factor such increases into the economics of our acquisitions. This may result in our acquisitions generating lower overall economic returns and potentially reducing cash flow available for distribution.

 

The recent dislocations in the debt markets reduced the amount of capital available to finance real estate, which, in turn, (a) will no longer allow real estate investors to rely on capitalization rate compression to generate returns and (b) has slowed real estate transaction activity, all of which may reasonably be expected to have a material impact, favorable or unfavorable, on revenues or income from the acquisition and operations of real properties and mortgage loans. Investors will need to focus on market-specific growth dynamics, operating performance, asset management and the long-term quality of the underlying real estate.

 

In addition, the state of the debt markets could have an impact on the overall amount of capital investing in real estate which may result in price or value decreases of real estate assets.

 

U.S. Federal Income Tax Risks

 

Our failure to qualify or remain qualified as a REIT would subject us to U.S. federal income tax and potentially state and local tax, and would adversely affect our operations and the market price of our common stock.

 

We believe that we have qualified to be taxed as a REIT commencing with our taxable year ending December 31, 2009, and intend to operate in a manner that would allow us to continue to qualify as a REIT. However, we may terminate our REIT qualification, if our Board of Directors determines that not qualifying as a REIT is in the best interests of our stockholders, or inadvertently. Our qualification as a REIT depends upon our satisfaction of certain asset, income, organizational, distribution, stockholder ownership and other requirements on a continuing basis. We intend to structure our activities in a manner designed to satisfy all the requirements for qualification as a REIT. However, the REIT qualification requirements are extremely complex and interpretation of the U.S. federal income tax laws governing qualification as a REIT is limited. Furthermore, any opinion of counsel, including tax counsel, as to our eligibility to qualify or remain qualified as a REIT is not binding on the IRS and is not a guarantee that we will qualify, or continue to qualify as a REIT. Accordingly, we cannot be certain that we will be successful in operating so we can qualify or remain qualified as a REIT. Our ability to satisfy the asset tests depends on our analysis of the characterization and fair market values of our assets, some of which are not susceptible to a precise determination, and for which we will not obtain independent appraisals. Our compliance with the REIT income or quarterly asset requirements also depends on our ability to successfully manage the composition of our income and assets on an ongoing basis. Accordingly, if certain of our operations were to be recharacterized by the IRS, such recharacterization would jeopardize our ability to satisfy all the requirements for qualification as a REIT. Furthermore, future legislative, judicial or administrative changes to the U.S. federal income tax laws could be applied retroactively, which could result in our disqualification as a REIT.

 

If we fail to qualify as a REIT for any taxable year, and we do not qualify for certain statutory relief provisions, we will be subject to U.S. federal income tax on our taxable income at corporate rates. In addition, we would generally be disqualified from treatment as a REIT for the four taxable years following the year of losing our REIT qualification. Losing our REIT qualification would reduce our net earnings available for investment or distribution to stockholders because of the additional tax liability. In addition, distributions to stockholders would no longer qualify for the dividends paid deduction, and we would no longer be required to make distributions. If this occurs, we might be required to borrow funds or liquidate some investments in order to pay the applicable tax.

 

Even if we qualify as a REIT, in certain circumstances, may incur tax liabilities that would reduce our cash available for distribution to you.

 

Even if we qualify and maintain our status as a REIT, we may be subject to U.S. federal, state and local income taxes. For example, net income from the sale of properties that are “dealer” properties sold by a REIT (a “prohibited transaction” under the Code) will be subject to a 100% tax. We may not make sufficient distributions to avoid excise taxes applicable to REITs. We also may decide to retain net capital gain we earn from the sale or other disposition of our property and pay U.S. federal income tax directly on such income. In that event, our stockholders would be treated as if they earned that income and paid the tax on it directly. However, stockholders that are tax-exempt, such as charities or qualified pension plans, would have no benefit from their deemed payment of such tax liability unless they file U.S. federal income tax returns and thereon seek a refund of such tax. We also will be subject to corporate tax on any undistributed REIT taxable income. We also may be subject to state and local taxes on our income or property, including franchise, payroll and transfer taxes, either directly or at the level of our Operating Partnership or at the level of the other companies through which we indirectly own our assets, such as our TRSs, which are subject to full U.S. federal, state, local and foreign corporate-level income taxes. Any taxes we pay directly or indirectly will reduce our cash available for distribution to you.

 

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To qualify as a REIT we must meet annual distribution requirements, which may force us to forgo otherwise attractive opportunities or borrow funds during unfavorable market conditions. This could delay or hinder our ability to meet our investment objectives and reduce your overall return.

 

In order to qualify and maintain our status as a REIT, we must annually distribute to our stockholders at least 90% of our REIT taxable income, determined without regard to the deduction for distributions paid and excluding net capital gain. We will be subject to U.S. federal income tax on our undistributed REIT taxable income and net capital gain and to a 4% nondeductible excise tax on any amount by which distributions we pay with respect to any calendar year are less than the sum of (a) 85% of our ordinary income, (b) 95% of our capital gain net income and (c) 100% of our undistributed income from prior years. These requirements could cause us to distribute amounts that otherwise would be spent on investments in real estate assets and it is possible that we might be required to borrow funds, possibly at unfavorable rates, or sell assets to fund these distributions. Although we intend to make distributions sufficient to meet the annual distribution requirements and to avoid U.S. federal income and excise taxes on our earnings while we qualify as a REIT, it is possible that we might not always be able to do so.

 

Certain of our business activities are potentially subject to the prohibited transaction tax, which could reduce the return on your investment.

 

For so long as we qualify as a REIT, our ability to dispose of property during the first few years following acquisition may be restricted to a substantial extent as a result of our REIT qualification. Under applicable provisions of the Code regarding prohibited transactions by REITs, while we qualify as a REIT, we will be subject to a 100% penalty tax on any gain recognized on the sale or other disposition of any property (other than foreclosure property) that we own, directly or through any subsidiary entity, including our Operating Partnership, but generally excluding our TRSs, that is deemed to be inventory or property held primarily for sale to customers in the ordinary course of a trade or business. Whether property is inventory or otherwise held primarily for sale to customers in the ordinary course of a trade or business depends on the particular facts and circumstances surrounding each property. While we qualify as a REIT, we avoid the 100% prohibited transaction tax by (1) conducting activities that may otherwise be considered prohibited transactions through a TRS (but such TRS will incur corporate rate income taxes with respect to any income or gain recognized by it), (2) conducting our operations in such a manner so that no sale or other disposition of an asset we own, directly or through any subsidiary, will be treated as a prohibited transaction or (3) structuring certain dispositions of our properties to comply with the requirements of the prohibited transaction safe harbor available under the Code for properties that, among other requirements have been held for at least two years. Despite our present intention no assurance can be given that any particular property we own, directly or through any subsidiary entity, including our Operating Partnership, but generally excluding our TRSs, will not be treated as inventory or property held primarily for sale to customers in the ordinary course of a trade or business.

 

Our TRSs are subject to corporate-level taxes and our dealings with our TRSs may be subject to 100% excise tax.

 

A REIT may own up to 100% of the stock of one or more TRS. Both the subsidiary and the REIT must jointly elect to treat the subsidiary as a TRS. A corporation of which a TRS directly or indirectly owns more than 35% of the voting power or value of the stock will automatically be treated as a TRS. Overall, no more than 20% of the value of a REIT’s assets may consist of stock or securities of one or more TRS.

 

A TRS may hold assets and earn income that would not be qualifying assets or income if held or earned directly by a REIT, including gross income from operations pursuant to management contracts. We must operate our “qualified lodging facilities” through one or more TRS that lease such properties from us. We may use our TRSs generally for other activities as well, such as to hold properties for sale in the ordinary course of business or to hold assets or conduct activities that we cannot conduct directly as a REIT. A TRS will be subject to applicable U.S. federal, state, local and foreign income tax on its taxable income. In addition, the rules which are applicable to us as a REIT also impose a 100% excise tax on certain transactions between a TRS and its parent REIT that are not conducted on an arm’s-length basis.

 

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If our leases to our TRSs are not respected as true leases for U.S. federal income tax purposes, we would fail to qualify as a REIT.

 

To qualify as a REIT, we must satisfy two gross income tests, under which specified percentages of our gross income must be derived from certain sources, such as “rents from real property.” In order for such rent to qualify as “rents from real property” for purposes of the REIT gross income tests, the leases must be respected as true leases for U.S. federal income tax purposes and not be treated as service contracts, joint ventures or some other type of arrangement. If our leases are not respected as true leases for U.S. federal income tax purposes, we would fail to qualify as a REIT.

 

If our Operating Partnership failed to qualify as a partnership or is not otherwise disregarded for U.S. federal income tax purposes, we would cease to qualify as a REIT.

 

We intend to maintain the status of the Operating Partnership as a partnership or a disregarded entity for U.S. federal income tax purposes. However, if the IRS were to successfully challenge the status of the Operating Partnership as a partnership or disregarded entity for such purposes, it would be taxable as a corporation. In such event, this would reduce the amount of distributions that the Operating Partnership could make to us. This also would result in our failing to qualify as a REIT, and becoming subject to a corporate level tax on our income. This substantially would reduce our cash available to pay distributions and the yield on your investment. In addition, if any of the partnerships or limited liability companies through which the Operating Partnership owns its properties, in whole or in part, loses its characterization as a partnership and is otherwise not disregarded for U.S. federal income tax purposes, it would be subject to taxation as a corporation, thereby reducing distributions to the Operating Partnership. Such a recharacterization of an underlying property owner could also threaten our ability to maintain our REIT qualification.

 

If our “qualified lodging facilities” are not properly leased to a TRS or the managers of such “qualified lodging facilities” do not qualify as “eligible independent contractors,” we could fail to qualify as a REIT.

 

In general, we cannot operate any lodging facilities and can only indirectly participate in the operation of “qualified lodging facilities” on an after-tax basis through leases of such properties to our TRSs. A “qualified lodging facility” is a hotel, motel, or other establishment in which more than one-half of the dwelling units are used on a transient basis at which or in connection with which wagering activities are not conducted. Rent paid by a lessee that is a “related party tenant” of ours will not be qualifying income for purposes of the two gross income tests applicable to REITs. A TRS that leases lodging facilities from us will not be treated as a “related party tenant” with respect to our lodging facilities that are managed by an independent management company, so long as the independent management company qualifies as an “eligible independent contractor.”

 

Each of the management companies that enters into a management contract with our TRSs must qualify as an “eligible independent contractor” under the REIT rules in order for the rent paid to us by our TRSs to be qualifying income for purposes of the REIT gross income tests. An “eligible independent contractor” is an independent contractor that, at the time such contractor enters into a management or other agreement with a TRS to operate a “qualified lodging facility,” is actively engaged in the trade or business of operating “qualified lodging facilities” for any person not related, as defined in the Code, to us or the TRS. Among other requirements, in order to qualify as an independent contractor a manager must not own, directly or applying attribution provisions of the Code, more than 35% of our outstanding shares of stock (by value), and no person or group of persons can own more than 35% of our outstanding shares and 35% of the ownership interests of the manager (taking into account only owners of more than 5% of our shares and, with respect to ownership interest in such managers that are publicly traded, only holders of more than 5% of such ownership interests). The ownership attribution rules that apply for purposes of the 35% thresholds are complex. Although we intend to monitor ownership of our stock by our managers and their owners, there can be no assurance that these ownership levels will not be exceeded.

 

Our investments in certain debt instruments may cause us to recognize “phantom income” for U.S. federal income tax purposes even though no cash payments have been received on the debt instruments, and certain modifications of such debt by us could cause the modified debt to not qualify as a good REIT asset, thereby jeopardizing our REIT qualification.

 

Our taxable income may substantially exceed our net income as determined based on GAAP, or differences in timing between the recognition of taxable income and the actual receipt of cash may occur. For example, we may acquire assets, including debt securities requiring us to accrue original issue discount, or OID, or recognize market discount income, that generate taxable income in excess of economic income or in advance of the corresponding cash flow from the assets referred to as “phantom income.” In addition, if a borrower with respect to a particular debt instrument encounters financial difficulty rendering it unable to pay stated interest as due, we may nonetheless be required to continue to recognize the unpaid interest as taxable income with the effect that we will recognize income but will not have a corresponding amount of cash available for distribution to our stockholders.

 

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As a result of the foregoing, we may generate less cash flow than taxable income in a particular year and find it difficult or impossible to meet the REIT distribution requirements in certain circumstances. In such circumstances, we may be required to (a) sell assets in adverse market conditions, (b) borrow on unfavorable terms, (c) distribute amounts that would otherwise be used for future acquisitions or used to repay debt, or (d) make a taxable distribution of our shares of common stock as part of a distribution in which stockholders may elect to receive shares of common stock or (subject to a limit measured as a percentage of the total distribution) cash, in order to comply with the REIT distribution requirements. 

 

Moreover, we may acquire distressed debt investments that require subsequent modification by agreement with the borrower. If the amendments to the outstanding debt are “significant modifications” under the applicable Treasury Regulations, the modified debt may be considered to have been reissued to us in a debt-for-debt taxable exchange with the borrower. This deemed reissuance may prevent the modified debt from qualifying as a good REIT asset if the underlying security has declined in value and would cause us to recognize income to the extent the principal amount of the modified debt exceeds our adjusted tax basis in the unmodified debt.

 

The failure of a mezzanine loan to qualify as a real estate asset would adversely affect our ability to qualify as a REIT.

 

In general, in order for a loan to be treated as a qualifying real estate asset producing qualifying income for purposes of the REIT asset and income tests, the loan must be secured by real property. We may acquire mezzanine loans that are not directly secured by real property but instead secured by equity interests in a partnership or limited liability company that directly or indirectly owns real property. In Revenue Procedure 2003-65, the IRS provided a safe harbor pursuant to which a mezzanine loan that is not secured by real estate would, if it meets each of the requirements contained in the Revenue Procedure, be treated by the IRS as a qualifying real estate asset. Although the Revenue Procedure provides a safe harbor on which taxpayers may rely, it does not prescribe rules of substantive tax law and in many cases it may not be possible for us to meet all the requirements of the safe harbor. We cannot provide assurance that any mezzanine loan in which we invest would be treated as a qualifying asset producing qualifying income for REIT qualification purposes. If any such loan fails either the REIT income or asset tests, we may be disqualified as a REIT.

 

We may choose to make distributions in our own stock, in which case you may be required to pay income taxes in excess of the cash dividends you receive.

 

In connection with our qualification as a REIT, we are required to distribute annually to our stockholders at least 90% of our REIT taxable income (which does not equal net income as calculated in accordance with GAAP), determined without regard to the deduction for dividends paid and excluding net capital gain. In order to satisfy this requirement, we may make distributions that are payable in cash and/or shares of our common stock (which could account for up to 80% of the aggregate amount of such distributions) at the election of each stockholder. Taxable stockholders receiving such distributions will be required to include the full amount of such distributions as ordinary dividend income to the extent of our current or accumulated earnings and profits, as determined for U.S. federal income tax purposes. As a result, U.S. stockholders may be required to pay U.S. federal income taxes with respect to such distributions in excess of the cash portion of the distribution received. Accordingly, U.S. stockholders receiving a distribution of our shares may be required to sell shares received in such distribution or may be required to sell other stock or assets owned by them, at a time that may be disadvantageous, in order to satisfy any tax imposed on such distribution. If a U.S. stockholder sells the stock that it receives as part of the distribution in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the distribution, depending on the market price of our stock at the time of the sale. Furthermore, with respect to certain non-U.S. stockholders, we may be required to withhold U.S. tax with respect to such distribution, including in respect of all or a portion of such distribution that is payable in stock, by withholding or disposing of part of the shares included in such distribution and using the proceeds of such disposition to satisfy the withholding tax imposed. In addition, if a significant number of our stockholders determine to sell shares of our common stock in order to pay taxes owed on dividend income, such sale may put downward pressure on the price of our common stock.

 

Various tax aspects of such a taxable cash/stock distribution are uncertain and have not yet been addressed by the IRS. No assurance can be given that the IRS will not impose requirements in the future with respect to taxable cash/stock distributions, including on a retroactive basis, or assert that the requirements for such taxable cash/stock distributions have not been met.

 

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Our stockholders may have tax liability on distributions that they elect to reinvest in common stock, but they would not receive the cash from such distributions to pay such tax liability.

 

If our stockholders participate in our distribution reinvestment program, they will be deemed to have received, and for U.S. federal income tax purposes will be taxed on, the amount reinvested in shares of our common stock to the extent the amount reinvested was not a tax-free return of capital. In addition, our stockholders will be treated for tax purposes as having received an additional distribution to the extent the shares are purchased at a discount to fair market value. As a result, unless a stockholder is a tax-exempt entity, it may have to use funds from other sources to pay its tax liability on the value of the shares of common stock received.

 

Dividends payable by REITs generally do not qualify for the reduced tax rates available for some dividends.

 

Currently, the maximum tax rate applicable to qualified dividend income payable to U.S. stockholders that are individuals, trusts and estates is 20%. Dividends payable by REITs, however, generally are not eligible for the reduced rates. Although this does not adversely affect the taxation of REITs or dividends payable by REITs, the more favorable rates applicable to regular corporate qualified dividends could cause investors who are individuals, trusts and estates to perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT corporations that pay dividends, which could adversely affect the value of the shares of REITs, including our common stock.

 

If we were considered to actually or constructively pay a “preferential dividend” to certain of our stockholders, our status as a REIT could be adversely affected.

 

In order to qualify as a REIT, we must annually distribute to our stockholders at least 90% of our REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gain. In order for distributions to be counted as satisfying the annual distribution requirements for REITs, and to provide us with a REIT-level tax deduction, the distributions must not be “preferential dividends.” A dividend is not a preferential dividend if the distribution is pro rata among all outstanding shares of stock within a particular class, and in accordance with the preferences among different classes of stock as set forth in our organizational documents. Currently, there is uncertainty as to the IRS’s position regarding whether certain arrangements that REITs have with their stockholders could give rise to the inadvertent payment of a preferential dividend (e.g., the pricing methodology for stock purchased under a distribution reinvestment program inadvertently causing a greater than 5% discount on the price of such stock purchased). There is no de minimis exception with respect to preferential dividends; therefore, if the IRS were to take the position that we inadvertently paid a preferential dividend, we may be deemed to have failed the 90% distribution test, and our status as a REIT could be terminated for the year in which such determination is made if we were unable to cure such failure. While we believe that our operations have been structured in such a manner that we will not be treated as inadvertently paying preferential dividends, we can provide no assurance to this effect.

 

Complying with REIT requirements may limit our ability to hedge our liabilities effectively and may cause us to incur tax liabilities.

 

The REIT provisions of the Code may limit our ability to hedge our liabilities. Any income from a hedging transaction we enter into to manage risk of interest rate changes, price changes or currency fluctuations with respect to borrowings made or to be made to acquire or carry real estate assets, if properly identified under applicable Treasury Regulations, does not constitute “gross income” for purposes of the 75% or 95% gross income tests. To the extent that we enter into other types of hedging transactions, the income from those transactions will likely be treated as non-qualifying income for purposes of both of the gross income tests. As a result of these rules, we may need to limit our use of advantageous hedging techniques or implement those hedges through a taxable REIT subsidiary. This could increase the cost of our hedging activities because our taxable REIT subsidiaries would be subject to tax on gains or expose us to greater risks associated with changes in interest rates than we would otherwise want to bear. In addition, losses in a taxable REIT subsidiary generally will not provide any tax benefit, except for being carried forward against future taxable income of such taxable REIT subsidiary.

 

Complying with REIT requirements may force us to forgo and/or liquidate otherwise attractive investment opportunities.

 

To qualify as a REIT, we must ensure that we meet the REIT gross income tests annually and that at the end of each calendar quarter, at least 75% of the value of our assets consists of cash, cash items, government securities and qualified REIT real estate assets, including certain mortgage loans and certain kinds of mortgage-related securities. The remainder of our investment in securities (other than government securities and qualified real estate assets) generally cannot include more than 10% of the outstanding voting securities of any one issuer or more than 10% of the total value of the outstanding securities of any one issuer. In addition, in general, no more than 5% of the value of our assets (other than government securities and qualified real estate assets) can consist of the securities of any one issuer, and no more than 25% of the value of our total assets can be represented by securities of one or more TRS. If we fail to comply with these requirements at the end of any calendar quarter, we must correct the failure within 30 days after the end of the calendar quarter or qualify for certain statutory relief provisions to avoid losing our REIT qualification and suffering adverse tax consequences. As a result, we may be required to liquidate assets from our portfolio or not make otherwise attractive investments in order to maintain our qualification as a REIT. These actions could have the effect of reducing our income and amounts available for distribution to our stockholders.

 

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The ability of our Board of Directors to revoke our REIT qualification without stockholder approval may subject us to U.S. federal income tax and reduce distributions to our stockholders.

 

Our charter provides that our Board of Directors may revoke or otherwise terminate our REIT election, without the approval of our stockholders, if it determines that it is no longer in our best interest to continue to qualify as a REIT. While we have elected to be taxed as a REIT, we may terminate our REIT election if we determine that qualifying as a REIT is no longer in the best interests of our stockholders. If we cease to be a REIT, we would become subject to U.S. federal income tax on our taxable income and would no longer be required to distribute most of our taxable income to our stockholders, which may have adverse consequences on our total return to our stockholders and on the market price of our common stock.

 

We may be subject to adverse legislative or regulatory tax changes that could increase our tax liability, reduce our operating flexibility and reduce the price of our common stock.

 

In recent years, numerous legislative, judicial and administrative changes have been made in the provisions of U.S. federal income tax laws applicable to investments similar to an investment in shares of our common stock. Additional changes to the tax laws are likely to continue to occur, and we cannot assure you that any such changes will not adversely affect the taxation of a stockholder. Any such changes could have an adverse effect on an investment in our shares or on the market value or the resale potential of our assets. You are urged to consult with your tax advisor with respect to the impact of recent legislation on your investment in our shares and the status of legislative, regulatory or administrative developments and proposals and their potential effect on an investment in our shares. You also should note that our counsel’s tax opinion is based upon existing law, applicable as of the date of its opinion, all of which will be subject to change, either prospectively or retroactively.

 

Although REITs generally receive better tax treatment than entities taxed as regular corporations, it is possible that future legislation would result in a REIT having fewer tax advantages, and it could become more advantageous for a company that invests in real estate to elect to be treated for U.S. federal income tax purposes as a corporation. As a result, our charter provides our Board of Directors with the power, under certain circumstances, to revoke or otherwise terminate our REIT election and cause us to be taxed as a regular corporation, without the vote of our stockholders. Our Board of Directors has fiduciary duties to us and our stockholders and could only cause such changes in our tax treatment if it determines in good faith that such changes are in the best interest of our stockholders.

 

Non-U.S. stockholders will be subject to U.S. federal withholding tax and may be subject to U.S. federal income tax on distributions received from us and upon the disposition of our shares.

 

Subject to certain exceptions, distributions received from us will be treated as dividends of ordinary income to the extent of our current or accumulated earnings and profits. Such dividends ordinarily will be subject to U.S. withholding tax at a 30% rate, or such lower rate as may be specified by an applicable income tax treaty, unless the distributions are treated as “effectively connected” with the conduct by the non-U.S. stockholder of a U.S. trade or business. Capital gain distributions attributable to sales or exchanges of U.S. real property generally will be taxed to a non-U.S. stockholder as if such gain were effectively connected with a U.S. trade or business. However, a capital gain dividend will not be treated as effectively connected income if (a) the distribution is received with respect to a class of stock that is regularly traded on an established securities market located in the United States and (b) the non-U.S. stockholder does not own more than 5% of the class of our stock at any time during the one-year period ending on the date the distribution is received. We do not anticipate that our shares will be “regularly traded” on an established securities market for the foreseeable future, and therefore, this exception is not expected to apply.

 

Gain recognized by a non-U.S. stockholder upon the sale or exchange of our common stock generally will not be subject to U.S. federal income taxation unless such stock constitutes a “U.S. real property interest” within the meaning of the Foreign Investment in Real Property Tax Act of 1980, or FIRPTA. Our common stock will not constitute a “U.S. real property interest” so long as we are a “domestically-controlled qualified investment entity.” A domestically-controlled qualified investment entity includes a REIT if at all times during a specified testing period, less than 50% in value of such REIT’s stock is held directly or indirectly by non-U.S. stockholders. We believe, but cannot assure you, that we will be a domestically-controlled qualified investment entity.

 

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Even if we do not qualify as a domestically-controlled qualified investment entity at the time a non-U.S. stockholder sells or exchanges our common stock, gain arising from such a sale or exchange would not be subject to U.S. taxation under FIRPTA as a sale of a U.S. real property interest if (a) our common stock is “regularly traded,” as defined by applicable Treasury regulations, on an established securities market, and (b) such non-U.S. stockholder owned, actually and constructively, 5% or less of our common stock at any time during the five-year period ending on the date of the sale. However, it is not anticipated that our common stock will be “regularly traded” on an established market. We encourage you to consult your tax advisor to determine the tax consequences applicable to you if you are a non-U.S. stockholder.

 

Potential characterization of distributions or gain on sale may be treated as unrelated business taxable income to tax-exempt investors.

 

If (a) we are a “pension-held REIT,” (b) a tax-exempt stockholder has incurred (or deemed to have incurred) debt to purchase or hold our common stock, or (c) a holder of common stock is a certain type of tax-exempt stockholder, dividends on, and gains recognized on the sale of, common stock by such tax-exempt stockholder may be subject to U.S. federal income tax as unrelated business taxable income under the Code.

 

Employee Benefit Plan Risks

 

An investment in our common stock may not satisfy the requirements of ERISA or other applicable laws.

 

When considering an investment in our common stock, an individual with investment discretion over assets of any pension plan, profit-sharing plan, retirement plan, individual retirement account “IRA” or other employee benefit plan covered by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or other applicable laws should consider whether the investment satisfies the requirements of Section 404 of ERISA or other applicable laws. In particular, attention should be paid to the diversification requirements of Section 404(a)(1)(C) of ERISA in light of all the facts and circumstances, including the portion of the plan’s portfolio of which the investment will be a part. All plan investors should also consider whether the investment is prudent and meets plan liquidity requirements as there may be only a limited market in which to sell or otherwise dispose of our common stock, and whether the investment is permissible under the plan’s governing instrument. We have not, and will not, evaluate whether an investment in our common stock is suitable for any particular plan. Rather, we will accept entities as stockholders if an entity otherwise meets the suitability standards.

 

The annual statement of value that send to stockholders subject to ERISA and stockholders is only an estimate and may not reflect the actual value of our shares. The annual statement of value reports the estimated value of each common share as of the close of our fiscal year. Because this is only an estimate, we may subsequently revise any annual valuation that is provided. It is possible that:

 

·a value included in the annual statement may not actually be realized by us or by our stockholders upon liquidation;

 

·stockholders may not realize that value if they were to attempt to sell their common stock; or

 

·an annual statement of value might not comply with any reporting and disclosure or annual valuation requirements under ERISA or other applicable law. We will stop providing annual statements of value if the common stock becomes listed for trading on a national stock exchange or included for quotation on a national market system.

 

ITEM 1B. UNRESOLVED STAFF COMMENTS:

 

None applicable.

 

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ITEM 2. PROPERTIES:

 

   Location  Year Built  Leasable Square Feet   Percentage Occupied as of 
December 31, 2013		   Annualized Revenues based on
rents as of 
December 31, 2013		   Annualized Revenues per square
foot as of December 31, 2013		 
                       
Unconsolidated Affiliated Real Estate Entities:                          
Retail                          
Brownmill (2 retail properties)  Old Bridge and Vauxhall, New Jersey  1962   155,928    85%  $2.7 million   $17.25 

 

Hospitality        Year to Date   Percentage Occupied
for the Year Ended		   Revenue per Available Room for
the Year		   Average Daily Rate For the Year
Ended		 
   Location  Year Built  Available Rooms   December 31, 2013   Ended December 31, 2013   December 31, 2013 
                       
TownePlace Suites - Metairie  Harahan, Louisiana  2000   45,260    65%  $76   $116 
                           
SpringHill Suites - Peabody  Peabody, Massachusetts  2002   59,860    63%  $68   $108 
                           
Fairfield Inn - East Rutherford  East Rutherford, New Jersey  1990   51,465    60%  $64   $106 
                           
TownePlace Suites - Fayetteville*  Johnson/Springdale, Arkansas  2009   18,124    63%  $50   $80 
                           
TownePlace Suites - Little Rock*  Little Rock, Arkansas  2009   18,124    65%  $54   $83 

 

* These hotels were acquired on June 18, 2013.

 

Annualized revenue is defined as the minimum monthly payments due as of December 31, 2013 annualized, excluding periodic contractual fixed increases and rents calculated based on a percentage of tenants' sales. The annualized base rent disclosed in the table above includes all concessions, abatements and reimbursements of rent to tenants.

 

ITEM 3. LEGAL PROCEEDINGS:  

 

From time to time in the ordinary course of business, we may become subject to legal proceedings, claims or disputes.  

 

As of the date hereof, the Company is not a party to any material pending legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on its results of operations or financial condition, which would require accrual or disclosure of the contingency and possible range of loss. Additionally, the Company has not recorded any loss contingencies related to legal proceedings in which the potential loss is deemed to be remote.

 

ITEM 4. Mine Safety Disclosures

 

Not applicable.

 

PART II.

 

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES:

 

As of March 15, 2014, we had approximately 8.7 million shares of common stock outstanding, held by a total of 2,926 stockholders. The number of stockholders is based on the records of DST Systems Inc., which serves as our registrar and transfer agent.

 

The Company’s shares of common stock are not currently listed on a national securities exchange. The Company may seek to list its shares of common stock for trading on a national securities exchange only if a majority of its independent directors believe listing would be in the best interest of its stockholders. The Company does not intend to list its shares of common stock at this time. The Company does not anticipate that there would be any market for its shares of common stock until they are listed for trading. In the event the Company does not obtain listing prior to the tenth anniversary of the completion or termination of its Primary Offering, its charter requires that the Board of Directors must either (i) seek stockholder approval of an extension or amendment of this listing deadline; or (ii) seek stockholder approval to adopt a plan of liquidation of the Company.

 

On November 9, 2012 , the Company’s Board of Directors confirmed the offering price of $10.00 per share of common stock in the primary offering under the Follow-On Offering based on the Company’s estimated net asset value of approximately $52.0 million and resulting estimated value per share of common stock of $10.00, both as of September 30, 2012. In connection with such determination, the Company also engaged an independent third party valuation firm to perform a review of our estimated values of assets and liabilities as of September 30, 2012. The third party valuation firm independently estimated a range of values for our assets and liabilities as of September 30, 2012 and confirmed that the Company’s estimated net asset value was reasonable and within the valuation firm’s estimated range. The company believes there have been no material changes to the estimated net asset value since it was last calculated, although the actual number could be higher or lower.

 

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The table below (dollar and share amounts are presented in thousands, except per share data) provides a summary of the key components of the Company’s estimated net asset value as of September 30, 2012:

 

Net Assets:          
Real Estate Properties          
Consolidated operating properties(1)  $26,715      
Investment in unconsolidated affiliated properties   5,326      
Total real estate properties       $32,041 
Non-Real Estate Assets          
Investment in unconsolidated affiliated entity   1,929      
Cash and cash equivalents   7,174      
Marketable equity securities   7,583      
Restricted escrows   3,611      
Mortgage loan receivable   11,800      
Note receivable from affiliate   2,340      
Prepaid expenses and other assets   1,256      
Total non-real estate assets        35,693 
Total Assets        67,734 
Liabilities          
Mortgage notes payable(1)   (10,911)     
Margin loan   (2,873)     
All other liabilities   (1,893)     
Total liabilities        (15,677)
Noncontrolling Interests        (69)
Net Asset Value       $51,988 
Shares of Common Stock Outstanding        5,198 
Net Asset Value per Share of Common Stock       $10.00 

 

Note:

  (1) Amounts adjusted for noncontrolling interests.

 

Neither FINRA, the Internal Revenue Service nor the Department of Labor provides any guidance on the methodology an issuer must use to determine its estimated value per share. As with any valuation methodology, our methodology is based upon a number of estimates and assumptions that may not be accurate or complete. Different parties with different assumptions and estimates could derive a different estimated value per share of common stock, and these differences could be significant. The estimated value per share of common stock is not audited and does not represent the fair value of our assets less our liabilities in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), nor does it represent a liquidation value of our assets and liabilities or the amount shares of common stock would trade at on a national securities exchange. Additionally, our estimated value per share of common stock does not reflect any distributions which would be payable upon our liquidation to an affiliate of The Lightstone Group, LLC, a New Jersey limited liability company and our sponsor, as holder of subordinated profits interests in our Operating Partnership, which may lower the fair market value or liquidation value of our shares of common stock.

 

Methodology

 

The Company’s goal in calculating an estimated net asset value and resulting estimated value per common share is to arrive at values that are reasonable and supportable using what the Company deems to be appropriate valuation methodologies and assumptions. The following is a summary of the valuation methodologies used to value the Company’s assets and liabilities by key component:

 

Real Estate Properties: The Company has both consolidated and unconsolidated investments in real estate properties.

 

Our real estate assets were appraised using valuation methods that we believe are typically used by investors for properties that are similar to ours, including capitalization of each property’s net operating income, 10-year discounted cash flow models (unless we expect our holding period to differ) and/or comparison with sales of similar properties. Primary emphasis was based on the discounted cash flow models, with the other approaches used to confirm the reasonableness of the value conclusion.

 

As of September 30, 2012, we had a 95% ownership interest in a TownePlace Suites by Marriott (the “TownePlace Suites - Metairie”), a four-story, limited service extended stay hotel located in Harahan, Louisiana. The estimated value of our share of this consolidated operating property was approximately $14.0 million which equates to a 11.2% capitalization rate based on its historical net operating income for the twelve months ended September 30, 2012.

 

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As of September 30, 2012, we had a 100% ownership interest in a SpringHill Suites by Marriott, a 164-room, limited service extended stay hotel located in Peabody, Massachusetts. The estimated value of this consolidated operating property was approximately $12.8 million, which equates to a 6.3% capitalization rate based on its historical net operating income for the twelve months ended September 30, 2012.

 

Our investment in unconsolidated affiliated properties consists of our 45.102% ownership interest in Brownmill LLC (“Brownmill”). Brownmill owns two retail properties, which are collectively referred to as the “Brownmill Properties.” The Brownmill Properties consist of Browntown Shopping Center, located in Old Bridge, New Jersey, and Millburn Mall, located in Vauxhall, New Jersey. The estimated value of our investment in Brownmill consists of approximately (i) $5.1 million for our share of the Brownmill Properties, which represents a 6.7% capitalization rate based on their historical net operating income for the twelve months ended September 30, 2012, and has been reduced by our share of their total outstanding mortgage indebtedness and (ii) $0.2 million representing our share of the net non-real estate assets of Brownmill. The estimated values of these net non-real estate assets approximate their carrying values due to their short maturities.

 

The following summarizes the key assumptions that were used in the discounted cash flow models to estimate the value of the Company’s real estate properties:

 

   Weighted-Average
Basis		 
Exit capitalization rate   9.1%
Discount rate   10.5%
Annual market rent growth rate   3.0%
Annual NOI growth rate   3.0%
Holding period (in years)   10.0 

 

While the Company believes that its assumptions are reasonable, a change in these assumptions would impact the calculations of the estimated value of our real estate properties. Assuming all other factors remain unchanged, a decrease to the exit capitalization rates of 25 basis points would increase the value of our real estate properties by approximately $0.6 million and an increase in the exit capitalization rates of 25 basis points would decrease the value of our real estate properties by approximately $0.5 million. Similarly, a decrease to the discount rates of 25 basis points would increase the value of our real estate properties by approximately $0.7 million and an increase in the discount rates of 25 basis points would decrease the value of our real estate properties by approximately $0.7 million.

 

With respect to its investments in real estate properties as of September 30, 2012, the Company had invested approximately $26.0 million, including certain acquisition fees and expenses. As of September 30, 2012, the estimated value of the Company’s investments in real estate properties using the valuation methods described above was approximately $32.0 million. The total fair value as of September 30, 2012 compared to the original acquisition price plus subsequent capital improvements to date, results in an overall increase in the value of approximately 23.2%.

 

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Investment in Unconsolidated Affiliated Entity: Our investment in unconsolidated affiliated entity consists of our 10.0% ownership interest in LVP Rego Park, LLC (the “Rego Park Joint Venture”). In April 2011, the Rego Park Joint Venture acquired a nonrecourse second mortgage note (the “Second Mortgage Note”) in the principal amount of $19.5 million. The purchase price of the Second Mortgage Note was approximately $15.1 million, of which the Company’s share was approximately $1.5 million. The Second Mortgage Note is collateralized by a 417-unit apartment complex located in Queens, New York and requires monthly interest-only payments through its maturity in May 2013. The Second Mortgage Note is current with respect to debt service payments through the date of this filing. The estimated value of our investment in the Rego Park Joint Venture consists of approximately (i) $1.9 million for our share of the Second Mortgage Note and (ii) $9,000 representing our share of the net non-real estate assets of the Rego Park Joint Venture. The estimated values of these net non-real estate assets approximate their carrying values due to their short maturities.

 

As of September 30, 2012, the estimated value for the Second Mortgage Note was approximately $19.2 million, which was estimated by applying a discounted cash flow analysis over the remaining expected life of the investment. The cash flow estimates used in the analysis during the term of the investment was based on the investment’s contractual cash flows, which are anticipated to be received. The expected cash flows for the Second Mortgage Note were discounted at a rate that the Company expects a market participant would require for instruments with similar characteristics, including remaining loan term, loan-to-value ratios, type of collateral, current performance, credit enhancements and other factors.

 

The discount rate applied to the cash flows from the Second Mortgage Note, which has a remaining term of eleven months, was approximately 7.4%. Similar to the valuation for real estate, a change in the assumptions and inputs would change the estimated value of the Second Mortgage Note. Assuming all factors remain unchanged, a decrease to the discount rates of 25 basis points would increase the Company’s share of the estimated value of the Second Mortgage Note by approximately $6,000 and an increase of 25 basis points would decrease the Company’s share of the estimated value of the Second Mortgage Note by approximately $3,000.

 

Cash and Cash Equivalents: The estimated value of the Company’s cash and cash equivalents approximates their carrying values due to their short maturities.

 

Marketable Securities: The estimated values of our marketable securities are primarily based on level 1 inputs. Level 1 inputs are inputs that are observable, either directly or indirectly, such as quoted prices in active markets for identical assets or liabilities.

 

Restricted Escrows: The estimated value of the Company’s restricted escrows approximates their carrying values due to their short maturities.

 

Mortgage Loan Receivable: In June 2010, the Company acquired a 5.916% fixed-rate nonrecourse mortgage note (the “Mortgage Loan Receivable”) in the principal amount of approximately $18.7 million. The purchase price of the Mortgage Loan Receivable was approximately $7.9 million. The Mortgage Loan Receivable is collateralized by the Fairfield Inn, a 141-room limited service hotel located in East Rutherford, New Jersey. The Mortgage Loan Receivable was originally scheduled to mature in September 2017 and has been in default since February 2009. As a result of such default, the borrower is required to transfer all excess cash flow to the Company on a monthly basis. As of September 30, 2012, the carrying value of the Company’s mortgage loan receivable was approximately $7.0 million.

 

Because our mortgage loan receivable is in default and we are entitled to receive all excess cash flow from the underlying property, our mortgage loan receivable was appraised using valuation methods that we believe are typically used by investors for properties that are similar, including capitalization of the property’s net operating income, a 10-year discounted cash flow model (unless we expect our holding period to differ) and/or comparison with sales of similar properties. Primary emphasis was based on the discounted cash flow model, with the other approaches used to confirm the reasonableness of the value conclusion.

 

As of September 30, 2012, the estimated value for the Company’s mortgage loan receivable was approximately $11.8 million. The following summarizes the key assumptions that were used in the discounted cash flow model to estimate the value of the Company’s mortgage loan receivable:

 

Exit capitalization rate   9.6%
Discount rate   9.8%
Annual market rent growth rate   3.0%
Annual NOI growth rate   3.0%
Holding period (in years)   10.0 

 

While the Company believes that its assumptions are reasonable, a change in these assumptions would impact the calculation of the estimated value of our mortgage loan receivable. Assuming all other factors remain unchanged, a decrease to the exit capitalization rates of 25 basis points would increase the value of our mortgage loan receivable by approximately $0.2 million and an increase in the exit capitalization rates of 25 basis points would decrease the value of our mortgage loan receivable by approximately $0.2 million. Similarly, a decrease to the discount rates of 25 basis points would increase the value of mortgage loan receivable by approximately $0.3 million and an increase in the discount rates of 25 basis points would decrease the value of our mortgage loan receivable by approximately $0.3 million.

 

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Note Receivable from Affiliate: The estimated value of the Company’s note receivable from affiliate, which is due on demand, approximates its carrying value due to its short maturity.

 

Prepaid Expenses and Other Assets: The estimated value of the Company’s prepaid expenses and other assets approximate their carrying values due to their short maturities. Certain other balances, primarily intangibles and deferred costs, have been eliminated for the purpose of the valuation because those items are already considered in the valuation of the respective investments in real estate properties or financial instruments.

 

Mortgage Notes Payable: The estimated value of the Company’s mortgage notes payable approximates its carrying value. The estimated values of our debt instruments were estimated using discounted cash flow models, which incorporate assumptions that we believe reflect the terms currently available on similar borrowing arrangements to borrowers with credit profiles similar to ours.

 

Margin Loan: The estimated value of the Company’s margin loan approximates its carrying value because of its short maturity.

 

All Other Liabilities: All other liabilities consists of (i) accounts payable and accrued expenses of $0.9 million, (ii) distributions payable of $0.8 million and (iii) amounts due to the Lightstone Group, the Company’s Sponsor, of $0.1 million. The carrying values of these balances were considered to equal their fair value due to their short maturities.

 

Noncontrolling Interests: As noted above, the Company has a 95% ownership interest in the TownePlace Suites - Metairie. Because the Company consolidates the financial condition of the TownePlace Suites - Metairie, noncontrolling interests represents the other owner’s 5% interest in the net non-real estate assets of the TownePlace Suites - Metairie as of September 30, 2012.

 

Limitations of Estimated Value per Share of Common Stock

 

The current fair value of the Company’s shares of common stock may be higher or lower than the valuation. There currently is no public market for the Company’s shares of common stock and the Company does not expect one to develop. The Company currently has no plans to list its shares of common stock on a national securities exchange or over-the-counter market, or to include its shares of common stock for quotation on any national securities market. Accordingly, it is not possible to determine the market value of the shares of common stock.

 

As with any valuation methodology, our methodology is based upon a number of estimates and assumptions that may not be accurate or complete. Further, different parties with different property specific and general real estate and capital market assumptions, estimates, judgments and standards could derive a different estimated value per share of common stock, which could be significantly different from the estimated value per share of common stock determined by the Company’s Board of Directors. The estimated value per share of common stock determined by the Company’s Board of Directors does not represent the fair value of our assets less liabilities in accordance with accounting principles generally accepted in the United States, and such estimated value per share of common stock is not a representation, warranty or guarantee that:

 

  · a stockholder would be able to resell his or her shares of common stock at this estimated value;
  · a stockholder would ultimately realize distributions per share of common stock equal to the Company’s estimated value per share of common stock upon liquidation of the Company’s assets and settlement of its liabilities or a sale of the Company;
  · the Company’s shares of common stock would trade at the estimated value per share of common stock on a national securities exchange;
  · an independent third-party appraiser or other third-party valuation firm would agree with the Company’s estimated value per share of common stock; or
  · the methodology used to estimate the Company’s value per share of common stock would be acceptable to the Financial Industry Regulatory Authority, Inc. or under the Employee Retirement Income Security Act with respect to their respective requirements.

 

 Further, the estimated value per share of common stock as of September 30, 2012 is based on the estimated value of the Company’s assets less the estimated value of the Company’s liabilities divided by the number of shares of common stock outstanding, all as of September 30, 2012. The value of the shares of common stock will fluctuate over time as a result of, among other things, future acquisitions or dispositions of assets, developments related to individual assets and the management of those assets and changes in the real estate and capital markets. Different parties using different assumptions and estimates could derive a different net asset value and resulting estimated value per share of common stock, and these differences could be significant. Markets for real estate and real estate-related investments can fluctuate and values are expected to change in the future.

 

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For the reasons set forth above and due to the fact that we are still conducting our Follow-On Offering and remain in our acquisition phase, our Board of Directors has determined that it is not appropriate to revise the price at which shares of our common stock are offered in our Follow-On Offering or under our DRIP at this time.

 

Share Repurchase Program

 

Our share repurchase program may provide eligible stockholders with limited, interim liquidity by enabling them to sell shares of common stock back to us, subject to restrictions and applicable law. A selling stockholder must be unaffiliated with us, and must have beneficially held the shares of common stock for at least one year prior to offering the shares of common stock for sale to us through the share repurchase program. Subject to the limitations described in the Registration Statement, we will also redeem shares of common stock upon the request of the estate, heir or beneficiary of a deceased stockholder.

 

The prices at which stockholders who have held shares of common stock for the required one-year period may sell shares of common stock back to us are as follows:

 

·during the current offering period, $9.00 per share of common stock. This is a reduction of $1.00 from the $10.00 current offering price per share of common stock;

 

·during the 18 months following the termination of the current offering period, the lesser of (i) $9.50 per share of common stock or (ii) the purchase price per share of common stock if purchased from the dealer manager at a reduced price; and  

 

·after 18 months following the termination of the current offering period, the lesser of (i) $10.00 per share of common stock or (ii) the purchase price per share of common stock if purchased from the dealer manager at a reduced price. 

 

On December 21, 2012, our Board of Directors reaffirmed the purchase price of $9.00 per share under our share repurchase program, except in the case of the death of the stockholder, whereby the purchase price per share is the lesser of the actual amount paid by the stockholder to acquire the shares or $10.00 per share.

 

Redemption of shares, when requested, will be made quarterly. Subject to funds being available, we will limit the number of shares repurchased during any 12-month period to two percent of the weighted average number of shares outstanding during the prior calendar year. Funding for the share repurchase program will come exclusively from proceeds we receive from the sale of shares of common stock under our DRIP and other operating funds, if any, as the Board of Directors, at its sole discretion, may reserve for this purpose.

 

Our Board of Directors, at its sole discretion, may choose to terminate the share repurchase program after the end of the offering period, change the price per share of common stock under the share repurchase program, or reduce the number of shares purchased under the program, if it determines that the funds allocated to the share repurchase program are needed for other purposes, such as the acquisition, maintenance or repair of properties, or for use in making a declared distribution. A determination by our Board of Directors to eliminate or reduce the share repurchase program will require the unanimous affirmative vote of the independent directors.

 

In order for Financial Industry Regulatory Authority, Inc. (“FINRA”) members and their associated persons to have participated in the offering and sale of our shares of common stock or to participate in any future offering of our shares of common stock, we are required pursuant to FINRA rules to disclose in each annual report distributed to our stockholders a per share estimated value of the shares of common stock, the method by which it was developed and the date of the data used to develop the estimated value. In addition, our Advisor must prepare annual statements of estimated share values to assist fiduciaries of retirement plans subject to the annual reporting requirements of ERISA in the preparation of their reports relating to an investment in shares of our common stock. For these purposes, the estimated value of the shares of our common stock shall be deemed to be $10.00 per share as of December 31, 2013.

 

Distributions

 

U.S. federal income tax law requires that a REIT distribute annually at least 90% of its REIT taxable income (which does not equal net income, as calculated in accordance with GAAP) determined without regard to the deduction for dividends paid and excluding any net capital gain. In order to continue to qualify for REIT status, we may be required to make distributions in excess of cash available.

 

Distributions will be at the discretion of our Board of Directors. We commenced quarterly distributions beginning with the fourth quarter of 2009 and we have generally used cash proceeds from the sale of shares of our common stock to fund such distributions. We may continue to fund such distributions with cash proceeds from the sale of shares of our common stock or borrowings if we do not generate sufficient cash flow from our operations to fund distributions. Our ability to pay regular distributions and the size of these distributions will depend upon a variety of factors. For example, our borrowing policy permits us to incur short-term indebtedness, having a maturity of two years or less, and we may have to borrow funds on a short-term basis to meet the distribution requirements that are necessary to achieve the tax benefits associated with qualifying as a REIT. We cannot assure that regular distributions will continue to be made or that we will maintain any particular level of distributions that we have established or may establish.

 

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We are an accrual basis taxpayer, and as such our REIT taxable income could be higher than the cash available to us. We may therefore borrow to make distributions, which could reduce the cash available to us, in order to distribute 90% of our REIT taxable income as a condition to our election to be taxed as a REIT. These distributions made with borrowed funds may constitute a return of capital to stockholders. “Return of capital” refers to distributions to investors in excess of net income. To the extent that distributions to stockholders exceed earnings and profits, such amounts constitute a return of capital for U.S. federal income tax purposes, although such distributions might not reduce stockholders’ aggregate invested capital. Because our earnings and profits are reduced for depreciation and other non-cash items, it is likely that a portion of each distribution will constitute a tax-deferred return of capital for U.S. federal income tax purposes.

 

Distributions Declared by our Board of Directors and Source of Distributions

 

On March 30, 2009, our Board of Directors declared the Annualized Distribution Rate for each quarterly period commencing 30 days subsequent to achieving the minimum offering of 500,000 shares of common stock. The distribution is calculated based on stockholders of record each day during the applicable period at a rate of $0.00178082191 per share per day, and equals a daily amount that, if paid each day for a 365-day period, would equal a 6.5% annualized rate based on the share price of $10.00.

 

At the beginning of October 2009, we achieved our minimum offering of 500,000 shares of common stock and on November 3, 2009, our Board of Directors declared our first quarterly distribution at an annualized distribution rate (the “Annualized Distribution Rate”) for the three-month period ending December 31, 2009. Subsequently, our Board of Directors has declared regular quarterly distributions at the Annualized Distribution Rate.

 

Total distributions declared during the years ended December 31, 2013, 2012 and 2011 and were $4.1 million, $3.3 million, and $2.6 million, respectively.

 

The following tables provide a summary of the quarterly distributions declared during the periods indicated (dollar and share amounts are presented in thousands):

 

   Year Ended
December 31, 2013		   Three Months Ended
December 31, 2013		   Three Months Ended
September 30, 2013		   Three Months Ended
June 30, 2013		   Three Months Ended
March 31, 2013		 
Distribution period:      Percentage of
Distributions		   Q4 2013   Percentage of
Distributions		   Q3 2013   Percentage of
Distributions		   Q2 2013   Percentage of
Distributions		   Q1 2013   Percentage of
Distributions		 
                                         
Date distribution declared             November 14, 2013         August 12, 2013         May 14, 2013         March 22, 2013      
                                                   
Date distribution paid             January 15, 2014         October 15, 2013         July 15, 2013         April 15, 2013      
                                                   
Distributions paid  $2,083        $595        $545        $488        $455      
Distributions reinvested   1,967         577         507         464         419      
Total Distributions  $4,050        $1,172        $1,052        $952        $874      
                                                   
Source of distributions:                                                  
Cash flows provided by operations  $2,083    51%  $452    39%  $545    52%  $488    51%  $455    52%
Offering proceeds   -    0%   143    12%   -    0%   -    0%   -    0%
Proceeds from issuance of common stock through DRIP   1,967    49%   577    49%   507    48%   464    49%   419    48%
Total Sources  $4,050    100%  $1,172    100%  $1,052    100%  $952    100%  $874    100%
                                                   
Cash flows provided by/(used in) operations (GAAP basis)  $2,746        $452        $953        $736        $605      
                                                   
Number of shares (in thousands) of common stock issued pursuant to the Company's DRIP   207         61         53         49         44      

 

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   Year Ended
December 31, 2012		   Three Months Ended
December 31, 2012		   Three Months Ended
September 30, 2012		   Three Months Ended
June 30, 2012		   Three Months Ended
March 31, 2012		 
Distribution period:      Percentage of
Distributions		   Q4 2012   Percentage of
Distributions		   Q3 2012   Percentage of
Distributions		   Q2 2012   Percentage of
Distributions		   Q1 2012   Percentage of
Distributions		 
                                         
Date distribution declared             November 9, 2012         August 10, 2012         May 14, 2012         March 30, 2012      
                                                   
Date distribution paid             January 15, 2013         October 15, 2012         July 13, 2012         April 13, 2012      
                                                   
Distributions paid  $1,752        $459        $453        $433        $407      
Distributions reinvested   1,516         401         393         372         350      
Total Distributions  $3,268        $860        $846        $805        $757      
                                                   
Source of distributions:                                                  
Cash flows provided by operations  $1,706    52%  $459    53%  $268    32%  $200    25%  $385    51%
Offering proceeds   46    1%   -    0%   185    22%   233    29%   22    3%
Proceeds from issuance of common stock through DRIP   1,516    47%   401    47%   393    46%   372    46%   350    46%
Total Sources  $3,268    100%  $860    100%  $846    100%  $805    100%  $757    100%
                                                   
Cash flows provided by/(used in) operations (GAAP basis)  $1,706        $853        $268        $200        $385      
                                                   
Number of shares (in thousands) of common stock issued pursuant to the Company's DRIP   158         42         41         39         36      

 

   Year Ended
December 31, 2011		   Three Months Ended
December 31, 2011		   Three Months Ended
September 30, 2011		   Three Months Ended
June 30, 2011		   Three Months Ended
March 31, 2011		 
Distribution period:      Percentage of
Distributions		   Q4 2011   Percentage of
Distributions		   Q3 2011   Percentage of
Distributions		   Q2 2011   Percentage of
Distributions		   Q1 2011   Percentage of
Distributions		 
                                         
Date distribution declared             November 11, 2011         May 13, 2011         May 13, 2011         March 4, 2011      
                                                   
Date distribution paid             January 13, 2012         July 15, 2011         July 15, 2011         April 15, 2011      
                                                   
Distributions paid  $1,331        $375        $347        $319        $290      
Distributions reinvested   1,256         342         326         300         288      
Total Distributions  $2,587        $717        $673        $619        $578      
                                                   
Source of distributions:                                                  
Cash flows provided by operations  $1,331    51%  $310    43%  $347    52%  $319    52%  $-    0%
Offering proceeds   -    0%   65    9%   -    0%   -    0%   290    50%
Proceeds from issuance of common stock through DRIP   1,256    49%   342    48%   326    48%   300    48%   288    50%
Total Sources  $2,587    100%  $717    100%  $673    100%  $619    100%  $578    100%
                                                   
Cash flows provided by/(used in) operations (GAAP basis)  $1,405        $310        $1,471        $556        $(932)     
                                                   
Number of shares (in thousands) of common stock issued pursuant to the Company's DRIP   132         36         34         32         30      

 

On March 28, 2014, our Board of Directors declared the quarterly distributions for the three-month period ended March 31, 2014 in the amount of $0.00178082191 per share per day payable to stockholders of record on the close of business each day during the quarter, which will be paid on April 15, 2014.

 

Our stockholders have the option to elect the receipt of shares of common stock in lieu of cash under our distribution reinvestment program.

 

Recent Sales of Unregistered Securities  

 

The description of the sale of Subordinated Profits Interests set forth under “- Use of Public Offering Proceeds” is incorporated herein by reference.

 

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Use of Public Offering Proceeds  

 

On April 24, 2009, we commenced an initial public offering (the “Offering”) to sell a maximum of 51.0 million shares of common stock at a price of $10 per share and 6.5 million shares of common stock available pursuant to our DRIP. We also have 255,000 shares reserved for issuance under our employee and director incentive restricted share plan. Our Registration Statement was declared effective under the Securities Act of 1933 on February 17, 2009, and on April 24, 2009, we began offering our shares of common stock for sale to the public.

 

The Offering, which terminated on August 15, 2012, raised aggregate gross proceeds of approximately $49.8 million from the sale of approximately 5.0 million shares of common stock. After allowing for the payment of approximately $5.2 million in selling commissions and dealer manager fees and $4.5 million in organization and other offering expenses, the Offering generated aggregate net proceeds of approximately $40.1 million. In addition, through August 15, 2012 (the termination date of the Offering), the Company had issued approximately 0.3 million shares of common stock under its DRIP, representing approximately $2.9 million of additional proceeds.

 

The Follow-On Offering, pursuant to which the Company is offering to sell up to 30,000,000 shares of its common stock for $10.00 per share, subject to certain volume discounts (exclusive of 2,500,000 shares available pursuant to its DRIP at an initial purchase price of $9.50 per share and 255,000 shares reserved for issuance under its Employee and Director Incentive Restricted Share Plan) was declared effective by SEC under the Securities Act of 1933 on September 27, 2012. As of December 31, 2013, we had received aggregate gross proceeds of approximately $22.8 million from the sale of approximately 2.3 million shares of our common stock in our Follow-On Offering. The Company intends to sell shares of its common stock under the Follow-On Offering until the earlier of the date on which all the shares are sold, or September 27, 2014, two years from the date the Follow-On Offering was declared effective by the SEC. The Company reserves the right to reallocate the shares of common stock it is offering between the Primary Offering and the DRIP. Additionally, the Follow-On Offering may be terminated at any time.

 

As of December 31, 2013, the Advisor owned 20,000 shares of common stock which were issued on May 20, 2008 for $200,000 or $10.00 per share. In addition, as of September 30, 2009, the Company had reached the minimum offering under its Offering by receiving subscriptions of its common shares, representing gross offering proceeds of approximately $6.5 million, and effective October 1, 2009 investors were admitted as stockholders and the Operating Partnership commenced operations. Through December 31, 2013, cumulative gross offering proceeds of $72.6 million were released to the Company. The Company invested the proceeds received from the Offering, the Follow-On Offering and the Advisor in the Operating Partnership, and as a result, held a 99.9% general partnership interest as of December 31, 2013 in the Operating Partnership’s common units.

  

Lightstone SLP II LLC, which is wholly owned by our Sponsor, committed to purchase Subordinated Profits Interests at a cost of $100,000 per unit for each $1.0 million in subscriptions up to ten percent of the proceeds from the primary shares under the Offering and Follow-On Offering on a semi-annual basis beginning with the quarter ended June 30, 2010. Lightstone SLP II LLC may elect to purchase the Subordinated Profits Interests with either cash or an interest in real property of equivalent value. Any proceeds received from the cash sale of the Subordinated Profits Interests will be used to offset payments made by the Company from offering proceeds to pay the dealer manager fees, selling commissions and organization and other offering expenses.

 

From our inception through December 31, 2013, our Sponsor contributed cash of approximately $1.6 million and elected to contribute equity interests totaling 48.6% in Brownmill in exchange for 64.0 Subordinated Profits Interests with an aggregate value of $6.4 million. See “Sponsor’s Contribution of Equity Interests in Brownmill” below for additional information. Our Sponsor may continue to elect to contribute interests in real property in lieu of cash in exchange for Subordinated Profits Interests in order to fulfill its semi-annual commitment.

 

We will utilize a portion of our public offering proceeds towards funding the dealer manager fees, selling commissions and organization and other offering costs.

 

Below is a summary of the expenses we have incurred in connection with the issuance and distribution of the registered securities since inception:

 

(Dollars in Thousands) 
Type of Expense Amount     
Underwriting discounts and commissions  $7,323 
Other expenses incurred to be paid non-affiliates   7,895 
Total  offering expenses  incurred from inception through December 31, 2013  $15,218 

 

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Cumulatively through December 31, 2013, we have used the net offering proceeds of $57.2 million, after deduction of offering expenses paid since inception of $15.2 million, as follows:

 

(Dollars in thousands) 
Purchase of investment properties, net of mortgage financings  $23,380 
Purchase of investments in unconsolidated affiliated entities   3,994 
Purchase of marketable securities, net of margin loan   5,829 
Cash and cash equivalents, as adjusted   21,336 
Cash distributions not funded by operations   1,708 
Funding of restricted escrows   1,508 
Other uses (primarily timing of payables)   (546)
      
Total uses  $57,209 

 

As of March 15, 2014, we have sold approximately 8.7 million shares of common stock at an aggregate of price of approximately $86.3 million, these include, approximately 0.6 million shares of common stock at an aggregate price of approximately $5.6 million under our DRIP.

 

ITEM 6. SELECTED FINANCIAL DATA:

 

The following selected consolidated and combined financial data are qualified by reference to and should be read in conjunction with our consolidated financial statements and Notes thereto and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” below.

 

   As of and for the Years Ended December 31, 
(In Thousands, Except Per Share Amounts)  2013   2012   2011   2010   2009 
                     
Operating Data:                         
Revenues  $13,058   $5,942   $2,978   $-   $- 
                          
Bargain purchase gain  $1,263   $7,857   $-   $-   $- 
                          
Net income/(loss)  $1,370   $9,764   $430   $(780)  $(248)
                          
Less: net income attributable to noncontrolling interests   (40)   (555)   (28)   -    - 
                          
Net income/(loss) applicable to Company's common shares  $1,330   $9,209   $402   $(780)  $(248)
                          
Basic and diluted earnings/(loss) per Company's common shares  $0.21   $1.84   $0.10   $(0.31)  $(0.98)
                          
Dividends declared on Company's common shares  $4,050   $3,268   $2,587   $1,632   $157 
Weighted average common shares outstanding-basic and diluted   6,235    5,016    3,978    2,540    255 
Balance Sheet Data:                         
Total assets  $95,826   $64,734   $38,072   $29,535   $10,395 
Long-term obligations  $24,260   $11,157   $-   $-   $- 
Company's  Stockholder's Equity  $59,424   $42,873   $28,547   $24,919   $7,557 
                          
Other financial data:                         
Funds from operations (FFO) attributable to Company's common shares (1)  $2,479   $2,317   $1,279   $(391)  $(248)

 

1.For more information about FFO and MFFO, including a reconciliation to our GAAP net income/(loss) for each period reported, please see Management’s Discussion and Analysis of Financial Condition and Results of Operations - “Funds from Operations and Modified Funds from Operations.”

 

ITEM 7.     MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS:

 

You should read the following discussion and analysis together with our consolidated financial statements and notes thereto included in this Annual Report on Form 10-K. The following information contains forward-looking statements, which are subject to risks and uncertainties. Should one or more of these risks or uncertainties materialize, actual results may differ materially from those expressed or implied by the forward-looking statements. Please see “Special Note Regarding Forward-Looking Statements” above for a description of these risks and uncertainties.  Dollar amounts are presented in thousands, except per share data and where indicated in millions.

 

Overview

 

Lightstone Value Plus Real Estate Investment Trust II, Inc. (the “Lightstone REIT II” or “Company”) intends to continue to acquire and operate commercial, residential and hospitality properties, principally in North America. Principally through the Lightstone Value Plus REIT II, LP, (the “Operating Partnership”), our acquisitions may include both portfolios and individual properties. We expect that our commercial holdings will consist of retail (primarily multi-tenanted shopping centers), lodging, industrial and office properties and that our residential properties located either in or near major metropolitan areas.

 

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Capital required for the purchase of real estate and real estate related investments will be obtained from the public offering of shares of our common stock, and from any indebtedness that we may incur in connection with the acquisition of any real estate and real estate related investments thereafter. A Registration Statement on Form S-11 covering our public offering (the “Offering”) was declared effective under the Securities Act of 1933 on February 17, 2009. The Offering commenced on April 24, 2009 and terminated on August 15, 2012, raised aggregate gross proceeds of approximately $49.8 million from the sale of approximately 5.0 million shares of common stock. After allowing for the payment of approximately $5.2 million in selling commissions and dealer manager fees and $4.5 million in organization and other offering expenses, the Offering generated aggregate net proceeds of approximately $40.1 million. In addition, through August 15, 2012 (the termination date of the Offering), the Company had issued approximately 0.3 million shares of common stock under its DRIP, representing approximately $2.9 million of additional proceeds.

 

The Company’s registration statement on Form S-11 (the “Follow-On Offering”), pursuant to which it is offering to sell up to 30,000,000 shares of its common stock for $10.00 per share, subject to certain volume discounts (the “Primary Offering”) (exclusive of 2,500,000 shares available pursuant to its DRIP at an initial purchase price of $9.50 per share and 255,000 shares reserved for issuance under its Employee and Director Incentive Restricted Share Plan) was declared effective by SEC under the Securities Act of 1933 on September 27, 2012. As of December 31, 2013, we had received aggregate gross proceeds of approximately $22.8 million from the sale of approximately 2.3 million shares of our common stock in our Follow-On Offering. The Company intends to sell shares of its common stock under the Follow-On Offering until the earlier of the date on which all the shares are sold, or September 27, 2014, two years from the date the Follow-On Offering was declared effective by the SEC. The Company reserves the right to reallocate the shares of common stock it is offering between the Primary Offering and the DRIP. Additionally, the Follow-On Offering may be terminated at any time.

 

We do not have employees. We entered into an advisory agreement dated February 17, 2009 with Lightstone Value Plus REIT II LLC, a Delaware limited liability company, which we refer to as the “Advisor,” pursuant to which the Advisor supervises and manages our day-to-day operations and selects our real estate and real estate related investments, subject to oversight by our Board of Directors. We pay the Advisor fees for services related to the investment and management of our assets, and we will reimburse the Advisor for certain expenses incurred on our behalf.

 

To maintain our qualification as a REIT, we engage in certain activities through a wholly-owned taxable REIT subsidiary (“TRS”). As such, we are subject to U.S. federal and state income and franchise taxes from these activities.

 

Acquisitions and Investment Strategy

 

We have made and intend to continue to make direct or indirect real estate investments that will satisfy our primary investment objectives of preserving capital, paying regular cash distributions and achieving appreciation of our assets over the long term. The ability of our Advisor to identify and execute investment opportunities at a pace consistent with the capital raised through our public offerings will directly impact our financial performance.

 

We will continue to seek to acquire and operate commercial, residential, and hospitality properties, principally in North America. Our commercial holdings will consist of retail (primarily multi-tenanted shopping centers), lodging, industrial and office properties. We may acquire and operate all such properties alone or jointly with another party. In addition, we may invest up to 20% of its net assets in collateralized debt obligations, commercial mortgage-backed securities (“CMBS”) and mortgage and mezzanine loans secured, directly or indirectly, by the same types of properties which we may acquire directly.

 

The following summarizes our completed acquisitions and investments from our inception through December 31, 2013:

 

·During 2009, we acquired a 32.42% Class D Member Interest in HG CMBS Finance, LLC (“HGF”), a real estate limited liability company that primarily invested in CMBS, which were sold by HGF during 2010;

 

·We have an aggregate 48.6% equity interest in Brownmill, LLC (“Brownmill”), which includes two retail properties known as the Browntown Shopping Center and the Millburn Mall, located in Old Bridge, New Jersey and Vauxhall, New Jersey, respectively, which was acquired on June 30, 2010 (with respect to a 26.25% equity interest), December 29, 2010 (with respect to a 8.163% equity interest), December 28, 2011 (with respect to a 5.587% equity interest), June 6, 2012 (with respect to a 5.102% equity interest) and October 1, 2012 (with respect to an 3.4776% equity interest);

 

·On January 19, 2011, we acquired a 95.0% ownership interest in a TownePlace Suites hotel (the “TownePlace Suites – Metairie”) located in Harahan, Louisiana;

 

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·On March 21, 2011, we acquired a 20.0% ownership interest in LVP CP Boston Holdings, LLC (the “CP Boston Joint Venture”), a joint venture which owns a hotel and water park located in Danvers, Massachusetts, which we subsequently disposed of on February 20, 2012 with an effective date of January 1, 2012;

 

·On April 12, 2011, we acquired a 10.0% ownership interest in LVP Rego Park, LLC(the “Rego Park Joint Venture”), a joint venture which owned a second mortgage loan secured by a residential apartment complex located in Queens, New York, which was repaid in full on June 27, 2013;

 

·On July 13, 2012 we acquired a SpringHill Suites by Marriott hotel (the “SpringHill Suites – Peabody”) located in Peabody, Massachusetts;

 

·On December 31, 2012, we acquired an aggregate 87.7% ownership interest in a Fairfield Inn hotel (the “Fairfield Inn – East Rutherford”) located in East Rutherford, New Jersey as a result of the restructuring of our mortgage loan receivable secured by the Fairfield Inn – East Rutherford , which was previously acquired on June 29, 2010; and

 

·On June 18, 2013, we acquired a 95.0% ownership interest in a portfolio comprised of two TownePlace Suites hotels (collectively, the “Arkansas Hotel Portfolio”) located in Little Rock (the “TownePlace Suites – Little Rock”) and Johnson/Springdale, Arkansas (the “TownePlace Suites – Fayetteville”), respectively.

 

 Current Environment

 

Our operating results as well as our investment opportunities are impacted by the health of the North American economies.  Our business and financial performance may be adversely affected by current and future economic conditions, such as availability of credit, financial markets volatility, and recession.

 

U.S. and international markets are currently experiencing increased levels of volatility due to a combination of many factors, including depressed home prices, limited access to credit markets, higher fuel prices, less consumer spending and fears of a national and global recession. The effects of the current market dislocation may persist as financial institutions continue to take the necessary steps to restructure their business and capital structures. As a result, this economic downturn has reduced demand for space and removed support for rents and property values. Since we cannot predict when the real estate markets may recover, the value of our properties may decline if current market conditions persist or worsen.

 

Our business may be affected by market and economic challenges experienced by the U.S. and global economies. These conditions may materially affect the value and performance of our properties, and may affect our ability to pay distributions, the availability or the terms of financing that we have or may anticipate utilizing, and our ability to make principal and interest payments on, or refinance, any outstanding debt when due.

 

We are not aware of any other material trends or uncertainties, favorable or unfavorable, other than national economic conditions affecting real estate generally, that may be reasonably anticipated to have a material impact on either capital resources or the revenues or income to be derived from the acquisition and operation of real estate and real estate related investments, other than those referred to in this Form 10-K.

 

Critical Accounting Estimates and Policies

 

General.

 

Our consolidated financial statements included in this annual report include our accounts and the Operating Partnership (over which we exercise financial and operating control). All inter-company balances and transactions have been eliminated in consolidation.

 

The discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of our financial statements requires us to make estimates and judgments about the effects of matters or future events that are inherently uncertain. These estimates and judgments may affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities.

 

On an ongoing basis, we evaluate our estimates, including contingencies and litigation. We base these estimates on historical experience and on various other assumptions that we believe to be reasonable in the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

 

To assist in understanding our results of operations and financial position, we have identified our critical accounting policies and discussed them below. These accounting policies are most important to the portrayal of our results and financial position, either because of the significance of the financial statement items to which they relate or because they require management's most difficult, subjective or complex judgments.  

 

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Revenue Recognition and Valuation of Related Receivables.

 

Our revenue, which will be comprised largely of rental income, will include rents that tenants pay in accordance with the terms of their respective leases reported on a straight-line basis over the initial term of the lease. Since our leases may provide for rental increases at specified intervals, straight-line basis accounting requires us to record as an asset, and include in revenue, unbilled rent that we only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. Accordingly, we will determine, in our judgment, to what extent the unbilled rent receivable applicable to each specific tenant is collectible. We review unbilled rent receivables on a quarterly basis and take into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collection of unbilled rent with respect to any given tenant is in doubt, we will record an increase in our allowance for doubtful accounts or will record a direct write-off of the specific rent receivable, which will have an adverse effect on our net income for the year in which the allowance is increased or the direct write-off is recorded and decrease our total assets and stockholders’ equity. Revenues from the operations of the hotels are recognized when the services are provided.

 

In addition, we will defer the recognition of contingent rental income, such as percentage rents, until the specific target which triggers the contingent rental income is achieved. Cost recoveries from tenants will be included in tenant reimbursement income in the period the related costs are incurred.

 

Investments in Real Estate.    

 

We record investments in real estate at cost and capitalize improvements and replacements when they extend the useful life or improve the efficiency of the asset. We expense costs of repairs and maintenance as incurred. We compute depreciation using the straight-line method over the estimated useful lives of our real estate assets, which is approximately 39 years for buildings and improvements, 5 to 10 years for equipment and fixtures and the shorter of the useful life or the remaining lease term for tenant improvements and leasehold interests.

 

We make subjective assessments as to the useful lives of our properties for purposes of determining the amount of depreciation to record on an annual basis with respect to our investments in real estate. These assessments have a direct impact on our net income because, if we were to shorten the expected useful lives of our investments in real estate, we would depreciate these investments over fewer years, resulting in more depreciation expense and lower net income on an annual basis.

 

When circumstances such as adverse market conditions indicate a possible impairment of the value of a property, we review the recoverability of the property’s carrying value. The review of recoverability is based on our estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. Our forecast of these cash flows considers factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists due to the inability to recover the carrying value of a property, we will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the property.

 

We make subjective assessments as to whether there are impairments in the values of our investments in real estate. We evaluate our ability to collect both interest and principal related to any real estate related investments in which we invest. If circumstances indicate that such investment is impaired, we reduce the carrying value of the investment to its net realizable value. Such reduction in value is reflected as a charge to operations in the period in which the determination is made.

 

Real Estate Purchase Price Allocation.  

 

When we make an investment in real estate, the fair value of the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, identified intangible assets and liabilities, consisting of the value of above-market and below-market leases for acquired in-place leases and the value of tenant relationships, and certain liabilities such as assumed debt and contingent liabilities, based in each case on their fair values. Purchase accounting is applied to assets and liabilities related to real estate entities acquired based upon the percentage of interest acquired. Fees incurred related to acquisitions are expensed as incurred within general and administrative costs within the consolidated statements of operations. Transaction costs such as professional fees, commissions, acquisition fees and closing costs incurred related to our investment in unconsolidated real estate entities, accounted for under the equity method of accounting, are capitalized as part of the cost of the investment.

 

Upon acquisition of real estate operating properties, we estimate the fair value of acquired tangible assets and identified intangible assets and liabilities, assumed debt and contingent liabilities at the date of acquisition, based upon an evaluation of information and estimates available at that date. Based on these estimates, we allocate the initial purchase price to the applicable assets, liabilities and noncontrolling interest, if any. As final information regarding fair value of the assets acquired and liabilities assumed and noncontrolling interest is received and estimates are refined, appropriate adjustments are made to the purchase price allocation. The allocations are finalized within twelve months of the acquisition date.

 

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We allocate the purchase price of an acquired property to tangible assets based on the estimated fair values of those tangible assets assuming the building was vacant. We record above-market and below-market in-place lease values for acquired properties based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. We amortize capitalized above-market lease values as a reduction of rental income over the remaining non-cancelable terms of the respective leases. We amortize any capitalized below-market lease values as an increase to rental income over the initial term and any fixed-rate renewal periods in the respective leases.

 

We measure the aggregate value of other intangible assets acquired based on the difference between (1) the property valued with existing in-place leases adjusted to market rental rates and (2) the property valued as if vacant. The fair value of in-place leases includes direct costs associated with obtaining a new tenant, opportunity costs associated with lost rentals which are avoided by acquiring an in-place lease, and tenant relationships. Direct costs associated with obtaining a new tenant include commissions, tenant improvements, and other direct costs and are estimated based upon independent appraisals and management’s consideration of current market costs to execute similar leases. These direct costs are included in intangible lease assets in the accompanying consolidated balance sheet and are amortized over the remaining terms of the respective lease. The value of customer relationship intangibles are amortized to expense over the initial term in the respective leases, but in no event is the amortization period for intangible assets in excess of the remaining depreciable life of the building. Should a tenant terminate its lease, the unamortized portion of the in-place lease value and customer relationship intangibles is charged to expense.

 

Investments in Unconsolidated Entities.

 

We evaluate investments in other entities for consolidation. We consider the percentage interest in the joint venture, evaluation of control and whether a variable interest entity exists when determining if the investment qualifies for consolidation.

 

Under the equity method, the investment is recorded initially at cost, and subsequently adjusted for equity in net income (loss) and cash contributions and distributions. The net income or loss of each investor is allocated in accordance with the provisions of the applicable operating agreements of the entities.  The allocation provisions in these agreements may differ from the ownership interest held by each investor.  Differences between the carrying amount of our investment in the respective joint venture and our share of the underlying equity of such unconsolidated entities are amortized over the respective lives of the underlying assets as applicable. These items are reported as a single line item in the consolidated statements of operations as income or loss from investments in unconsolidated affiliated entities. Under the cost method of accounting, the investment is recorded initially at cost, and subsequently adjusted for cash contributions and distributions resulting from any capital events. Dividends earned from the underlying entities are recorded as interest income.

 

On a quarterly basis, we assess whether the value of our investments in unconsolidated entities has been impaired.  An investment is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary.  The ultimate realization of our investment in partially owned entities is dependent on a number of factors including the performance of that entity and market conditions. If we determine that a decline in the value of a partially owned entity is other than temporary, we record an impairment charge.

 

Accounting for Derivative Financial Investments and Hedging Activities.

 

We may enter into derivative financial instrument transactions in order to mitigate interest rate risk on a related financial instrument. We may designate these derivative financial instruments as hedges and apply hedge accounting. We will record all derivative instruments at fair value on the consolidated balance sheet.

 

Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, will be considered cash flow hedges. We will formally document all relationships between hedging instruments and hedged items, as well as our risk- management objective and strategy for undertaking each hedge transaction. We will periodically review the effectiveness of each hedging transaction, which involves estimating future cash flows. Cash flow hedges will be accounted for by recording the fair value of the derivative instrument on the consolidated balance sheet as either an asset or liability, with a corresponding amount recorded in other comprehensive income (loss) within stockholders’ equity. Amounts will be reclassified from other comprehensive income (loss) to the consolidated statement of operations in the period or periods the hedged forecasted transaction affects earnings. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, will be considered fair value hedges. The effective portion of the derivatives gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the transaction affects earnings. The ineffective portion of the gain or loss is reported in earnings immediately.

 

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Accounting for Organization and Other Offering Costs.

 

Selling commissions and dealer manager fees paid to the Dealer Manager, and other third-party offering expenses such as registration fees, due diligence fees, marketing costs, and professional fees, are accounted for as a reduction against additional paid-in capital. Any organization costs are expensed to general and administrative costs.

 

Inflation

 

We will be exposed to inflation risk as income from long-term leases is expected to be the primary source of our cash flows from operations. Our long-term leases are expected to contain provisions to mitigate the adverse impact of inflation on our operating results. Such provisions will include clauses entitling us to receive scheduled base rent increases and base rent increases based upon the consumer price index.  In addition, our leases are expected to require tenants to pay a negotiated share of operating expenses, including maintenance, real estate taxes, insurance and utilities, thereby reducing our exposure to increases in cost and operating expenses resulting from inflation.  

 

 Treatment of Management Compensation, Expense Reimbursements and Operating Partnership Participation Interest

 

Management of our operations is outsourced to our Advisor and certain other affiliates of our Sponsor. Fees related to each of these services are accounted for based on the nature of such service and the relevant accounting literature. Fees for services performed that represent our period costs are expensed as incurred. Such fees include acquisition fees associated with the purchase of interests in real estate entities; asset management fees paid to our Advisor and property management fees paid to our Property Managers. These fees are expensed or capitalized to the basis of acquired assets, as appropriate.

 

Our Property Managers may also perform fee-based construction management services for both our development and redevelopment activities and tenant construction projects. These fees will be considered incremental to the construction effort and will be capitalized to the associated real estate project as incurred. Costs incurred for tenant construction will be depreciated over the shorter of their useful life or the term of the related lease. Costs related to development and redevelopment activities will be depreciated over the estimated useful life of the associated project.

 

Leasing activity at our properties has also been outsourced to our Property Managers. Any corresponding leasing fees we pay will be capitalized and amortized over the life of the related lease.

 

Expense reimbursements made to both our Advisor and Property Managers will be expensed or capitalized to the basis of acquired assets, as appropriate.

  

Lightstone SLP II, LLC, which is wholly owned by our Sponsor, committed to purchase subordinated profits interests (“Subordinated Profits Interests”) in our Operating Partnership at a cost of $0.1 million per unit. Lightstone SLP II, LLC may elect to purchase the Subordinated Profits Interests with either cash or an interest in real property of equivalent value. These Subordinated Profits Interests, the purchase price of which will be repaid only after stockholders receive a stated preferred return and their net investment, will entitle Lightstone SLP II, LLC to a portion of any regular distributions made by our Operating Partnership. Such distributions will always be subordinated until stockholders receive a stated preferred return. The cash proceeds, if any, received from the sale of the Subordinated Profits Interests will be used to offset payments made by us from offering proceeds to pay the dealer manager fees, selling commissions and organization and other offering costs. Through December 31, 2013, Lightstone SLP II, LLC had purchased 64 units of Subordinated Profits Interests by contributing $1.6 million and an aggregate 48.6% equity interest it owned in Brownmill (see Note 4 of the Notes to Consolidated Financial Statements).

 

Income Taxes

 

We elected to be taxed as a REIT in conjunction with the filing of our 2009 U.S. federal income tax return. If we remain qualified as a REIT, we generally will not be subject to U.S. federal income tax on our net taxable income that we distribute currently to our stockholders. To maintain our REIT qualification under the Internal Revenue Code of 1986, as amended, or the Code, we must meet a number of organizational and operational requirements, including a requirement that we annually distribute to our stockholders at least 90% of our REIT taxable income (which does not equal net income, as calculated in accordance with GAAP, determined without regard to the deduction for dividends paid and excluding any net capital gain. If we fail to remain qualified for taxation as a REIT in any subsequent year and do not qualify for certain statutory relief provisions, our income for that year will be taxed at regular corporate rates, and we may be precluded from qualifying for treatment as a REIT for the four-year period following our failure to qualify as a REIT. Such an event could materially adversely affect our net income and net cash available for distribution to our stockholders.

 

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As of December 31, 2013 and 2012, we had no material uncertain income tax positions. The tax years subsequent to and including 2010 remain open to examination by the major taxing jurisdictions to which we are subject. Additionally, even if we qualify as a REIT for U.S. federal income tax purposes, we may still be subject to some U.S. federal, state and local taxes on our income and property and to U.S. federal income taxes and excise taxes on our undistributed income.

 

To maintain our qualification as a REIT, we engage in certain activities through taxable REIT subsidiaries (“TRSs”). As such, we are subject to U.S. federal and state income and franchise taxes from these activities.

 

Results of Operations

 

The Company’s primary financial measure for evaluating its properties is net operating income (“NOI”). NOI represents revenues less property operating expenses, real estate taxes and general and administrative expenses. The Company believes that NOI is helpful to investors as a supplemental measure of the operating performance of a real estate company because it is a direct measure of the actual operating results of the Company’s properties.

 

For the year ended December 31, 2013, the Company’s consolidated results of operations included the operating results from (i) the TownePlace Suites - Metairie, (ii) the SpringHill Suites - Peabody, (iii) the Fairfield Inn – East Rutherford and (iv) the TownePlace Suites – Fayetteville and the TownePlace Suites – Little Rock (collectively, the “Arkansas Hotel Portfolio”). For the year ended December 31, 2012 the Company’s consolidated results of operations included the operating results from the TownePlace Suites - Metairie and the SpringHill Suites – Peabody. For the year ended December 31, 2011, the Company’s consolidated results of operations included the operating results of the TownePlace Suites – Metairie.

 

See Note 3 of the Notes to Consolidated Financial Statements for additional information on our acquisitions.

 

Comparison of the year ended December 31, 2013 vs. December 31, 2012

 

Consolidated

 

Rental revenue

 

Rental revenue increased by $7.2 million to $13.1 million during the year ended December 31, 2013 compared to $5.9 million for the same period in 2012. The increase is primarily attributable to the timing of our acquisitions, principally the SpringHill Suites – Peabody, the Fairfield Inn – East Rutherford and the Arkansas Hotel Portfolio, during the 2012 and 2013 periods.

 

Property operating expenses

 

Property operating expenses increased by $5.2 million to $8.5 million during the year ended December 31, 2013 compared to $3.3 million for the same period in 2012. The increase is primarily attributable to the timing of our acquisitions, principally the SpringHill Suites – Peabody, the Fairfield Inn – East Rutherford and the Arkansas Hotel Portfolio, during the 2012 and 2013 periods.

 

Real estate taxes

 

Real estate taxes increased by $0.4 million to $0.6 million during the year ended December 31, 2013 compared to $0.2 million for the same period in 2012. The increase is primarily attributable to the timing of our acquisitions, principally the SpringHill Suites – Peabody, the Fairfield Inn – East Rutherford and the Arkansas Hotel Portfolio, during the 2012 and 2013 periods.

 

General and administrative expenses

 

General and administrative expenses decreased by $0.4 million to $1.6 million during the year ended December 31, 2013 compared to $2.0 million for the same period in 2012. The decrease reflects lower asset management fees in the 2013 period as result of the Sponsor’s waiver of such fees during the year ended December 31, 2013 (see Note 12 of the Notes to Consolidated Financial Statements for additional information).

 

Depreciation and amortization

 

Depreciation and amortization expense increased by $1.2 million to $1.8 million during the year ended December 31, 2013 compared to $0.6 million for the same period in 2012. The increase is primarily attributable to the timing of acquisitions, principally the SpringHill Suites – Peabody, the Fairfield Inn – East Rutherford and the Arkansas Hotel Portfolio, during the 2012 and 2013 periods.

 

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Interest and dividend income

 

Interest and dividend income decreased by $0.8 million to $0.9 million during the year ended December 31, 2013 compared to $1.7 million for the same period in 2012. The 2013 amount includes (i) $0.3 million of interest on notes receivables and (ii) $0.6 million of dividend income earned on our investments in marketable securities. The 2012 amount consisted of (i) $180 of interest on the note receivable from affiliate we received in connection with the disposition of our 20.0% joint venture ownership interest in the CP Boston Joint Venture effective January 1, 2012, (ii) $494 of dividend income earned on our investments in marketable securities, (iii) $288 of interest income on our mortgage loan receivable and (iv) $2 of interest on our cash and cash equivalents.

 

Bargain purchase gain

 

On June 18, 2013, we completed the acquisition of the Arkansas Hotel Portfolio. In connection with the acquisition, we recognized a bargain purchase gain of $1.3 million in our consolidated statements of operations. During the year ended December 31, 2012, we completed the acquisitions of the Springhill Suites - Peabody and the Fairfield Inn – East Rutherford . In connection with these acquisitions, we recognized a bargain purchase gain of $7.9 million in our consolidated statements of operations during the year ended December 31, 2012. These gains represent the amount by which the estimated fair value of the net assets acquired exceeded our aggregate cost.

 

Gain on disposition of unconsolidated affiliated entity

 

On February 20, 2012, we completed the disposition of our 20.0% joint venture ownership interest in the CP Boston Joint Venture with an effective date of January, 1, 2012, to subsidiaries of Lightstone Value Plus Real Estate Investment, Inc. (“Lightstone REIT I”), our Sponsor’s other public program, which now owns 100.0% of the CP Boston Joint Venture. In connection with the disposition, we recognized a gain on disposition of investment in unconsolidated affiliated entity of $0.7 million in our consolidated statements of operations during the nine months ended September 30, 2012.

 

(Loss)/income from investments in unconsolidated affiliated entities

 

Our loss from investments in unconsolidated affiliated entities during the year ended December 31, 2013 was $14 compared to income of $0.2 million for the same period in 2012. Our earnings from investments in unconsolidated affiliated entities are attributable to our ownership interests in certain unconsolidated affiliated entities, which we account or accounted for under the equity method of accounting commencing with their respective date of acquisition through their respective date of disposition, if applicable. See Note 4 of the Notes to Consolidated Financial Statements for additional information.

 

Interest expense

 

Interest expense increased $0.5 million to $1.0 million during the year ended December 31, 2013 compared to $0.5 million for the same period in 2012. Interest expense during the 2013 period consists primarily of $0.9 million related to our mortgage indebtedness and approximately $0.1 million related to our margin loan and note payable affiliate. Interest expense during the 2012 period consisted of $0.5 million and $34 related to our mortgage indebtedness and our margin loan, respectively. The increase is primarily attributable to the timing of our new mortgage financings during the 2012 and 2013 periods. See Note 6 of the Notes to the Consolidated Financial Statements for additional information.

 

Noncontrolling interests

 

The income or loss allocated to noncontrolling interests relates to (i) the interest in our Operating Partnership held by our Sponsor and (ii) membership interests held by others in the TownePlace Suites – Metairie, the Fairfield Inn – East Rutherford, the TownePlace Suites – Little Rock and the TownePlace Suites – Fayetteville..

 

Comparison of the year ended December 31, 2012 vs. December 31, 2011

 

Consolidated

 

Rental revenue

 

Rental revenue increased by $2.9 million to $5.9 million during the year ended December 31, 2012 compared to $3.0 million for the same period in 2011. The increase consists of (i) an increase of $0.8 million during the 2012 period for the TownePlace Suites - Metairie, which reflects the timing of the acquisition and higher average revenue per available room and occupancy during the 2012 period, and (ii) $2.1 million attributable to the acquisition of the SpringHill Suites - Peabody in July 2012.

 

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Property operating expenses

 

Property operating expenses increased by $1.8 million to $3.3 million during the year ended December 31, 2012 compared to $1.5 million for the same period in 2011. The increase consists of (i) an increase of $0.3 million during the 2012 period for the TownePlace Suites - Metairie, which reflects the timing of the acquisition and increased occupancy during the 2012 period, and (ii) $1.5 million attributable to the acquisition of the SpringHill Suites - Peabody.

 

Real estate taxes

 

Real estate taxes were unchanged at approximately $0.2 million during the year ended December 31, 2012 compared the same period in 2011.

 

General and administrative expenses

 

General and administrative expenses increased by $0.4 million to $2.0 million during the year ended December 31, 2012 compared to $1.6 million for the same period in 2011. The increase is attributable to the timing of the acquisition of the TownePlace Suite - Metairie and the acquisition of the SpringHill Suites - Peabody.

 

Depreciation and amortization

 

Depreciation and amortization expense increased by $0.3 million to $0.6 million during the year ended December 31, 2012 compared to $0.3 million or the same period in 2011. The increase is attributable to the timing of the acquisition of the TownePlace Suite - Metairie and the acquisition of the SpringHill Suites - Peabody.

 

Interest and dividend income

 

Interest and dividend income increased by $0.4 million to $1.7 million during the year ended December 31, 2012 compared to $1.3 million for the same period in 2011. The 2012 amount consists of (i) $0.2 million of interest on the note receivable from affiliate we received in connection with the disposition of our 20.0% joint venture ownership interest in the CP Boston Joint Venture effective January 1, 2012, (ii) $0.7 million of dividend income earned on our investments in marketable securities, which were acquired in July 2011, (iii) $0.8 million of interest income on our mortgage loan receivable and (iv) $3 of interest on our cash and cash equivalents. The 2011 amount consisted of (i) $0.3 million of dividend income owned on our investments in marketable securities, (ii) $1.0 million of interest income on our mortgage loan receivable and (iii) $14 of interest on our cash and cash equivalents.

 

Gain on disposition of unconsolidated affiliated entity

 

On February 20, 2012, we completed the disposition of our 20.0% joint venture ownership interest in the CP Boston Joint Venture with an effective date of January, 1, 2012, to subsidiaries of Lightstone Value Plus Real Estate Investment, Inc. (“Lightstone REIT I”), our Sponsor’s other public program, which now owns 100.0% of the CP Boston Joint Venture. In connection with the disposition, we recognized a gain on disposition of investment in unconsolidated affiliated entity of $0.7 million in our consolidated statements of operations during the first quarter of 2012. See Note 4 of the Notes to Consolidated Financial Statements.

 

Bargain purchase gain

 

During the year ended December 31, 2012, we completed the acquisitions of the Springhill Suites - Peabody and the Fairfield Inn – East Rutherford. In connection with these acquisitions, we recognized a bargain purchase gain of $7.9 million in our consolidated statements of operations during the year ended December 31, 2012. The gain represents the amount by which the estimated fair value of the net assets acquired exceeded our aggregate cost. See Note 3 of the Notes to Consolidated Financial Statements.

 

Income/(loss) from investments in unconsolidated affiliated entities

 

Our income from investments in unconsolidated affiliated entities during the year ended December 31, 2012 was $0.2 million compared to a loss of $0.3 million for the same period in 2011. Our earnings from investments in unconsolidated affiliated entities are attributable to our investments in certain unconsolidated affiliated entities, which, we account or accounted for under the equity method of accounting commencing with their respective date of acquisition through their respective date of disposition, if applicable. See Note 4 of the Notes to Consolidated Financial Statements for additional information.

 

Interest expense

 

Interest expense was $0.5 million during the year ended December 31, 2012 compared to $19 for the same period in 2011. Interest expense in the 2012 period consists of $0.5 million and $34 related to our mortgage indebtedness and our margin loan, respectively. Interest expense during the 2011 period consisted of $19 related to our margin loan as we did not have any mortgage indebtedness during the 2011 period.

 

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Noncontrolling interests

 

The income or loss allocated to noncontrolling interests relates to (i) the interest in our Operating Partnership held by our Sponsor and (ii) membership interests held by others in the TownePlace Suites - Metairie.

 

Financial Condition, Liquidity and Capital Resources  

 

Overview:

 

For the year ended December 31, 2013, our primary source of funds were (i) $22.0 million of proceeds from our the sale of shares of common stock under our Offering and our Follow-On Offering,  (ii) $24.4 million of proceeds related to a Promissory Note, (iii) $2.3 million of collections on a note receivable from Lightstone REIT I, (iv) $2.1 million of contributions from noncontrolling interests and (v) $2.1 million of distributions from the Rego Park Joint Venture. We are dependent upon the future net proceeds expected to be received from our public offerings to conduct our proposed activities. The capital required to purchase real estate investments is expected to be obtained from our public offerings and from any indebtedness that we may incur in connection with the acquisition and operations of any real estate investments thereafter.

 

We have and intend to continue to utilize leverage either in connection with acquiring our properties or subsequent to their acquisition. The number of different properties we will acquire will be affected by numerous factors, including, the amount of funds available to us. When interest rates on mortgage loans are high or financing is otherwise unavailable on terms that are satisfactory to us, we may purchase certain properties for cash with the intention of obtaining a mortgage loan for a portion of the purchase price at a later time.

 

Our future sources of funds will primarily consist of (i) net proceeds from our public offerings, (ii) cash flows from our operations, (iii) proceeds from our borrowings and (iv) the release of funds held in restricted escrows. We currently believe that these cash resources will be sufficient to satisfy our cash requirements for the foreseeable future, and we do not anticipate a need to raise funds from other than these sources within the next twelve months.

 

We currently have mortgage indebtedness totaling $24.3 million and a margin loan of $1.9 million. We have and intend to continue to limit our aggregate long-term permanent borrowings to 75% of the aggregate fair market value of all properties unless any excess borrowing is approved by a majority of the independent directors and is disclosed to our stockholders. Market conditions will dictate our overall leverage limit; as such our aggregate long-term permanent borrowings may be less than 75% of aggregate fair market value of all properties. We may also incur short-term indebtedness, having a maturity of two years or less.

 

Our charter provides that the aggregate amount of our borrowing, both secured and unsecured, may not exceed 300% of net assets in the absence of a satisfactory showing that a higher level is appropriate, the approval of our Board of Directors and disclosure to stockholders. Net assets means our total assets, other than intangibles, at cost before deducting depreciation or other non-cash reserves less our total liabilities, calculated at least quarterly on a basis consistently applied. Any excess in borrowing over such 300% of net assets level must be approved by a majority of our independent directors and disclosed to our stockholders in our next quarterly report to stockholders, along with justification for such excess. Market conditions will dictate our overall leverage limit; as such our aggregate borrowings may be less than 300% of net assets. As of December 31, 2013, our total borrowings aggregated $26.2 million which represented 38% of our net assets.

 

Our future borrowings may consist of single-property mortgages as well as mortgages cross-collateralized by a pool of properties. Such mortgages may be put in place either at the time we acquire a property or subsequent to our purchasing a property for cash. In addition, we may acquire properties that are subject to existing indebtedness where we choose to assume the existing mortgages. Generally, though not exclusively, we intend to seek to encumber our properties with non-recourse debt. This means that a lender’s rights on default will generally be limited to foreclosing on the property. However, we may, at our discretion, secure recourse financing or provide a guarantee to lenders if we believe this may result in more favorable terms. When we give a guaranty for a property owning entity, we will be responsible to the lender for the satisfaction of the indebtedness if it is not paid by the property owning entity.

 

In general the type of future financing executed by us to a large extent will be dictated by the nature of the investment and current market conditions. For long-term real estate investments, it is our intent to finance future acquisitions using long-term fixed rate debt. However there may be certain types of investments and market circumstances which may result in variable rate debt being the more appropriate choice of financing. To the extent floating rate debt is used to finance the purchase of real estate, management will evaluate a number of protections against significant increases in interest rates, including the purchase of interest rate caps instruments.

 

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We may also obtain lines of credit to be used to acquire properties. If obtained, these lines of credit will be at prevailing market terms and will be repaid from offering proceeds, proceeds from the sale or refinancing of properties, working capital and/or permanent financing. Our Sponsor and/or its affiliates may guarantee our lines of credit although they are not obligated to do so. We may draw upon lines of credit to acquire properties pending our receipt of proceeds from our public offerings. We expect that such properties may be purchased by our Sponsor’s affiliates on our behalf, in our name, in order to minimize the imposition of a transfer tax upon a transfer of such properties to us.

 

Additionally, in order to leverage our investments in marketable securities and seek a higher rate of return, we borrowed using a margin loan collateralized by the securities held with the financial institution that provided the margin loan.  This loan is due on demand and will be paid upon the liquidation of securities.

 

In addition to making investments in accordance with our investment objectives, we have used and expect to continue use our capital resources to make certain payments to our Advisor, our Dealer Manager, and our Property Manager during the various phases of our organization and operation. During our organizational and offering stage, these payments include payments to our Dealer Manager for selling commissions and the dealer manager fee, and payments to our Advisor for the reimbursement of organization and other offering costs.

 

Selling commissions and dealer manager fees are paid to the Dealer Manager, pursuant to various agreements, and other third-party offering expenses such as registration fees, due diligence fees, marketing costs, and professional fees are accounted for as a reduction against additional paid-in capital as costs are incurred. Any organizational costs are accounted for as general and administrative costs. The following table represents the selling commissions and dealer manager fees and other offering costs for the periods indicated:

 

   For the Years Ended December 31, 
   2013   2012   2011 
         
Selling commissions and dealer manager fees  $2,023   $715   $943 
Other offering costs  $1,937   $1,495   $1,611 

 

Since commencement of our Offering through December 31, 2013, we have incurred approximately $7.3 million in selling commissions and dealer manager fees and $7.9 million of other offering costs.

 

During the acquisition and development stage, payments may include asset acquisition fees and asset management fees, and the reimbursement of acquisition related expenses to our Advisor. During the operational stage, we will pay our Property Managers and/or other third party property managers a property management fee and our Advisor an asset management fee. We will also reimburse our Advisor and its affiliates for actual expenses it incurs for administrative and other services provided to us. Additionally, our Operating Partnership may be required to make distributions to Lightstone SLP II LLC, an affiliate of the Advisor.

 

The following table represents the fees incurred associated with the payments to our advisor and its affiliates:

 

   For the Years Ended December 31, 
   2013   2012   2011 
Acquisition fees  $102   $85   $141 
Asset management fees   114    346    268 
Development fees   78    -    - 
Total  $294   $431   $409 

 

Pursuant to an Advisory Agreement, our Advisor is entitled to receive an asset management fee equal to 0.95% of our average invested assets, as defined. The asset management fee is payable quarterly and based on balances as of the end of each month in the quarterly period. Commencing with the quarter ended June 30, 2013, the Advisor has elected to waive or reduce its quarterly asset management fee to the extent our non-GAAP measure modified funds from operations available, or MFFO, as defined by the Investment Program Association, or IPA, for the preceding twelve months period ending on the last day of the current quarter is less than the distributions declared with respect to the same twelve month period. As a result, asset management fees of $0.4 million were waived by the Advisor during the year ended December 31, 2013.

 

During the years ended December 31, 2013, 2012 and 2011, we did not incur any fees associated with payments to our Property Managers.

 

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Other Related Party Transactions

 

From time to time, we purchase title insurance from an agent in which our Sponsor owns a 50% limited partnership interest. Because this title insurance agent receives significant fees for providing title insurance, our Advisor may face a conflict of interest when considering the terms of purchasing title insurance from this agent. However, before we purchase any title insurance, an independent title consultant with more than 25 years of experience in the title insurance industry reviews the transaction, and performs market research and competitive analysis on our behalf. This process results in terms similar to those that would be negotiated at an arm’s length basis. During the years ended December 31, 2013, 2012 and 2011, we paid approximately $106, $32 and $0 in fees to this title insurance agent, respectively.

 

Summary of Cash Flows. The following summary discussion of our cash flows is based on the consolidated statements of cash flows and is not meant to be an all-inclusive discussion of the changes in our cash flows for the periods presented below:

 

   Year Ended
December 31,
2013		   Year Ended
December 31,
2012		   Year Ended
December 31,
2011		 
                
Cash flows provided by operating activities  $2,746   $1,706   $1,405 
Cash flows used in investing activities   (13,177)   (11,541)   (21,072)
Cash flows provided by financing activities   28,799    12,873    6,604 
Net change in cash and cash equivalents   18,368    3,038    (13,063)
Cash and cash equivalents, beginning of the year   8,152    5,114    18,177 
Cash and cash equivalents, end of the year  $26,520   $8,152   $5,114 

 

Our principal sources of cash flow were derived from net offering proceeds received, collections on our note receivable from Lightstone REIT I, distributions from the Rego Park Joint Venture, and proceeds from new borrowings. In the future, we expect to continue to acquire properties which should provide a relatively consistent stream of cash flow to provide us with resources to fund our operating expenses, scheduled debt service and any quarterly distributions authorized by our Board of Directors.

 

Our principal demands for liquidity currently are acquisition and development activities, scheduled debt service on our mortgage payable and costs associated with our public offerings. The principal sources of funding for our operations are currently the issuance of equity securities.

 

Operating activities

 

The net cash provided by operating activities of approximately $2.7 million during the 2013 period primarily related to (i) our income of $1.4 million, (ii) $1.8 million of depreciation and amortization and (iii) changes in assets and liabilities of $0.6 million partially offset by a bargain purchase gain of $1.3 million.

 

Investing activities

 

The net cash used by investing activities of approximately $13.2 million during the 2013 period reflects $18.2 million of capital expenditures partially offset by (i) the collection of a note receivable from Lightstone REIT I of $2.3 million, (ii) the receipt of $2.1 million in distributions from the Rego Park Joint Venture, (iii)$0.3 million from the release of restricted escrows to fund our property improvement plans and (iv) $0.2 million from the sale of marketable securities.

 

Financing activities

 

The net cash provided by financing activities of approximately $28.8 million during the 2013 period primarily consists of (i) proceeds from the issuance of our common stock of $22.0 million, (ii) net proceeds received from mortgage financing of $24.1 million and (iii) contributions of $2.1 million from certain noncontrolling interests partially offset by (i) the payment of selling commissions, dealer manager fees and other offering costs of $4.0 million, (ii) distributions to common stockholders of $1.9 million, (iii) payments on our margin loan and mortgages payable of $12.1 million, (iv) redemptions and cancellations of shares of common stock of $0.7 million and (v) notes receivable totaling $0.3 million issued to the owners of the TownePlace Suites – Little Rock and the TownePlace Suites - Fayetteville.

 

We believe that these cash resources will be sufficient to satisfy our cash requirements for the foreseeable future, and we do not anticipate a need to raise funds from other than these sources within the next twelve months.

 

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Distribution Reinvestment and Share Repurchase Programs

 

Our distribution reinvestment program provides our stockholders with an opportunity to purchase additional shares of our common stock at a discount by reinvesting distributions. Our share repurchase program may provide our stockholders with limited, interim liquidity by enabling them to sell their shares of common stock back to us, subject to restrictions. From our inception through December 31, 2009, we did not receive any requests to redeem shares of our common stock under our share repurchase program. For the years ended December 31, 2013, 2012 and 2011, we redeemed 74,927, 50,784 and 48,154 shares of common stock, respectively, pursuant to our share repurchase program. During the year ended December 31, 2013, we redeemed 72% of the redemption requests at an average price per share of common stock of $9.27. We funded share redemptions for the periods noted above from the cumulative proceeds of the sale of shares of common shares pursuant to our distribution reinvestment plan and from our operating funds.

 

On December 21, 2012 our Board of Directors reaffirmed the purchase price of $9.00 per share under our share repurchase program, except in the case of the death of the stockholder, whereby the purchase price per share is the lesser of the actual amount paid by the stockholder to acquire the shares or $10.00 per share.

 

Our Board of Directors reserves the right to terminate either program for any reason without cause by providing written notice of termination of the distribution reinvestment program to all participants or written notice of termination of the share repurchase program to all stockholders.

 

Contractual Obligations  

 

Contractual Obligations

 

The following is a summary of our estimated contractual obligations outstanding over the next five years and thereafter as of December 31, 2013.

 

Contractual Obligations  2014   2015   2016   2017   2018   Thereafter   Total 
                             
Principal maturities  $499   $524   $548   $580   $22,109   $-   $24,260 
                                    
Interest payments   1,204    1,178    1,154    1,123    732    -    5,391 
Total  $1,703   $1,702   $1,702   $1,703   $22,841   $-   $29,651 

 

In addition to the mortgage payable described above, we have a margin loan that was made available to us from a financial institution that holds custody of certain of our marketable securities. The margin loan is collateralized by the marketable securities in our account. The amounts available to us under the margin loan are at the discretion of the financial institution and not limited to the amount of collateral in our account. The amount outstanding under this margin loan was $1.9 million as of December 31, 2013 and is due on demand. The margin loan bears interest at Libor plus 0.85% (1.02% as of December 31, 2013).

 

Funds from Operations and Modified Funds from Operations

 

Due to certain unique operating characteristics of real estate companies, as discussed below, the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”), an industry trade group, has promulgated a measure known as funds from operations (“FFO”) which we believe to be an appropriate supplemental measure to reflect the operating performance of a REIT. The use of FFO is recommended by the REIT industry as a supplemental performance measure. FFO is not equivalent to our net income or loss as determined under GAAP.

 

We define FFO, a non-GAAP measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT, as revised in February 2004 (the “White Paper”). The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding gains or losses from sales of property and asset impairment write-downs, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO. Our FFO calculation complies with NAREIT’s policy described above.

 

The historical accounting convention used for real estate assets requires depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time, especially if such assets are not adequately maintained or repaired and renovated as required by relevant circumstances or as requested or required by lessees for operational purposes in order to maintain the value disclosed. We believe that, since real estate values historically rise and fall with market conditions, including inflation, interest rates, the business cycle, unemployment and consumer spending, presentations of operating results for a REIT using historical accounting for depreciation may be less informative. Additionally, we believe it is appropriate to disregard impairment charges, as this is a fair value adjustment that is largely based on market fluctuations and assessments regarding general market conditions which can change over time. An asset will only be evaluated for impairment if certain impairment indicators exist and if the carrying, or book value, exceeds the total estimated undiscounted future cash flows (including net rental and lease revenues, net proceeds on the sale of the property, and any other ancillary cash flows at a property or group level under GAAP) from such asset. Investors should note, however, that determinations of whether impairment charges have been incurred are based partly on anticipated operating performance, because estimated undiscounted future cash flows from a property, including estimated future net rental and lease revenues, net proceeds on the sale of the property, and certain other ancillary cash flows, are taken into account in determining whether an impairment charge has been incurred. While impairment charges are excluded from the calculation of FFO as described above, investors are cautioned that due to the fact that impairments are based on estimated undiscounted future cash flows and the relatively limited term of our operations, it could be difficult to recover any impairment charges. Historical accounting for real estate involves the use of GAAP. Any other method of accounting for real estate such as the fair value method cannot be construed to be any more accurate or relevant than the comparable methodologies of real estate valuation found in GAAP. Nevertheless, we believe that the use of FFO, which excludes the impact of real estate-related depreciation and amortization and impairments, provides a more complete understanding of our performance to investors and to management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income. However, FFO and MFFO, as described below, should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP FFO and MFFO measures and the adjustments to GAAP in calculating FFO and MFFO.

 

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Changes in the accounting and reporting promulgations under GAAP (for acquisition fees and expenses from a capitalization/depreciation model to an expensed-as-incurred model) that were put into effect in 2009 and other changes to GAAP accounting for real estate subsequent to the establishment of NAREIT’s definition of FFO have prompted an increase in cash-settled expenses, specifically acquisition fees and expenses for all industries as items that are expensed under GAAP, that are typically accounted for as operating expenses. Management believes these fees and expenses do not affect our overall long-term operating performance. Publicly registered, non-listed REITs typically have a significant amount of acquisition activity and are substantially more dynamic during their initial years of investment and operation. While other start up entities may also experience significant acquisition activity during their initial years, we believe that non-listed REITs are unique in that they have a limited life with targeted exit strategies within a relatively limited time frame after the acquisition activity ceases. We will use the proceeds raised in our Follow On Offering to acquire properties, and we intend to begin the process of achieving a liquidity event (i.e., listing of our common stock on a national exchange, a merger or sale of the company or another similar transaction) within seven to ten years after the proceeds from the Primary Offering are fully invested. Thus, we will not continuously purchase assets and will have a limited life. Due to the above factors and other unique features of publicly registered, non-listed REITs, the Investment Program Association (“IPA”), an industry trade group, has standardized a measure known as modified funds from operations, (“MFFO”), which the IPA has recommended as a supplemental measure for publicly registered non-listed REITs and which we believe to be another appropriate supplemental measure to reflect the operating performance of a non-listed REIT having the characteristics described above. MFFO is not equivalent to our net income or loss as determined under GAAP, and MFFO may not be a useful measure of the impact of long-term operating performance on value if we do not continue to operate with a limited life and targeted exit strategy, as currently intended. We believe that, because MFFO excludes costs that we consider more reflective of investing activities and other non-operating items included in FFO and also excludes acquisition fees and expenses that affect our operations only in periods in which properties are acquired, MFFO can provide, on a going forward basis, an indication of the sustainability (that is, the capacity to continue to be maintained) of our operating performance after the period in which we are acquiring our properties and once our portfolio is in place. By providing MFFO, we believe we are presenting useful information that assists investors and analysts to better assess the sustainability of our operating performance after our Follow On Offering has been completed and our properties have been acquired. We also believe that MFFO is a recognized measure of sustainable operating performance by the non-listed REIT industry. Further, we believe MFFO is useful in comparing the sustainability of our operating performance after our Follow On Offering and acquisitions are completed with the sustainability of the operating performance of other real estate companies that are not as involved in acquisition activities. Investors are cautioned that MFFO should only be used to assess the sustainability of our operating performance after our Follow On Offering has been completed and properties have been acquired, as it excludes acquisition costs that have a negative effect on our operating performance during the periods in which properties are acquired.

 

We define MFFO, a non-GAAP measure, consistent with the IPA’s Guideline 2010-01, Supplemental Performance Measure for Publicly Registered, Non-Listed REITs: Modified Funds from Operations (the “Practice Guideline”), issued by the IPA in November 2010. The Practice Guideline defines MFFO as FFO further adjusted for the following items, as applicable, included in the determination of GAAP net income: acquisition fees and expenses; amounts relating to deferred rent receivables and amortization of above and below market leases and liabilities (which are adjusted in order to reflect such payments from a GAAP accrual basis to a cash basis of disclosing the rent and lease payments); accretion of discounts and amortization of premiums on debt investments; mark-to-market adjustments included in net income; gains or losses included in net income from the extinguishment or sale of debt, hedges, foreign exchange, derivatives or securities holdings where trading of such holdings is not a fundamental attribute of the business plan, unrealized gains or losses resulting from consolidation from, or deconsolidation to, equity accounting, and after adjustments for consolidated and unconsolidated partnerships and joint ventures, with such adjustments calculated to reflect MFFO on the same basis. The accretion of discounts and amortization of premiums on debt investments, unrealized gains and losses on hedges, foreign exchange, derivatives or securities holdings, unrealized gains and losses resulting from consolidations, as well as other listed cash flow adjustments are adjustments made to net income in calculating the cash flows provided by operating activities and, in some cases, reflect gains or losses which are unrealized and may not ultimately be realized. While we are responsible for managing interest rate, hedge and foreign exchange risk, we do retain an outside consultant to review all our hedging agreements. Inasmuch as interest rate hedges are not a fundamental part of our operations, we believe it is appropriate to exclude such gains and losses in calculating MFFO, as such gains and losses are not reflective of ongoing operations.

 

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Our MFFO calculation complies with the IPA’s Practice Guideline described above. In calculating MFFO, we exclude acquisition related expenses, amortization of above and below market leases, fair value adjustments of derivative financial instruments, deferred rent receivables and the adjustments of such items related to noncontrolling interests. Under GAAP, acquisition fees and expenses are characterized as operating expenses in determining operating net income. These expenses are paid in cash by us, and therefore such funds will not be available to distribute to investors. All paid and accrued acquisition fees and expenses negatively impact our operating performance during the period in which properties are acquired and will have negative effects on returns to investors, the potential for future distributions, and cash flows generated by us, unless earnings from operations or net sales proceeds from the disposition of other properties are generated to cover the purchase price of the property, these fees and expenses and other costs related to such property. Therefore, MFFO may not be an accurate indicator of our operating performance, especially during periods in which properties are being acquired. MFFO that excludes such costs and expenses would only be comparable to that of non-listed REITs that have completed their acquisition activities and have similar operating characteristics as us. Further, under GAAP, certain contemplated non-cash fair value and other non-cash adjustments are considered operating non-cash adjustments to net income in determining cash flow from operating activities. In addition, we view fair value adjustments of derivatives as items which are unrealized and may not ultimately be realized. We view both gains and losses from dispositions of assets and fair value adjustments of derivatives as items which are not reflective of ongoing operations and are therefore typically adjusted for when assessing operating performance. The purchase of properties, and the corresponding expenses associated with that process, is a key operational feature of our business plan to generate operational income and cash flows in order to make distributions to investors. Acquisition fees and expenses will not be reimbursed by the advisor if there are no further proceeds from the sale of shares in our offering, and therefore such fees and expenses will need to be paid from either additional debt, operational earnings or cash flows, net proceeds from the sale of properties or from ancillary cash flows.

 

Our management uses MFFO and the adjustments used to calculate it in order to evaluate our performance against other non-listed REITs which have limited lives with short and defined acquisition periods and targeted exit strategies shortly thereafter. As noted above, MFFO may not be a useful measure of the impact of long-term operating performance on value if we do not continue to operate in this manner. We believe that our use of MFFO and the adjustments used to calculate it allow us to present our performance in a manner that reflects certain characteristics that are unique to non-listed REITs, such as their limited life, limited and defined acquisition period and targeted exit strategy, and hence that the use of such measures is useful to investors. For example, acquisition costs are funded from the proceeds of our Follow On Offering and other financing sources and not from operations. By excluding expensed acquisition costs, the use of MFFO provides information consistent with management’s analysis of the operating performance of the properties. Additionally, fair value adjustments, which are based on the impact of current market fluctuations and underlying assessments of general market conditions, but can also result from operational factors such as rental and occupancy rates, may not be directly related or attributable to our current operating performance. By excluding such changes that may reflect anticipated and unrealized gains or losses, we believe MFFO provides useful supplemental information.

 

Presentation of this information is intended to provide useful information to investors as they compare the operating performance of different REITs, although it should be noted that not all REITs calculate FFO and MFFO the same way. Accordingly, comparisons with other REITs may not be meaningful. Furthermore, FFO and MFFO are not necessarily indicative of cash flow available to fund cash needs and should not be considered as an alternative to net income (loss) or income (loss) from continuing operations as an indication of our performance, as an alternative to cash flows from operations as an indication of our liquidity, or indicative of funds available to fund our cash needs including our ability to make distributions to our stockholders. FFO and MFFO should be reviewed in conjunction with GAAP measurements as an indication of our performance. MFFO has limitations as a performance measure in an offering such as ours where the price of a share of common stock is a stated value and there is no net asset value determination during the offering stage and for a period thereafter. MFFO is useful in assisting management and investors in assessing the sustainability of operating performance in future operating periods, and in particular, after the offering and acquisition stages are complete and net asset value is disclosed. FFO and MFFO are not useful measures in evaluating net asset value because impairments are taken into account in determining net asset value but not in determining FFO or MFFO.

 

Neither the SEC, NAREIT nor any other regulatory body has passed judgment on the acceptability of the adjustments that we use to calculate FFO or MFFO. In the future, the SEC, NAREIT or another regulatory body may decide to standardize the allowable adjustments across the non-listed REIT industry and we would have to adjust our calculation and characterization of FFO or MFFO.

 

The below table illustrates the items deducted from or added to net income/(loss)in the calculation of FFO and MFFO during the periods presented. The table discloses MFFO in the IPA recommended format and MFFO without the straight-line rent adjustment which management also uses as a performance measure. Items are presented net of non-controlling interest portions where applicable.

 

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   For the Years Ended 
   December 31, 2013   December 31, 2012   December 31, 2011 
Net income  $1,370   $9,764   $430 
FFO adjustments:               
Depreciation and amortization of real estate assets   1,822    558    295 
Gain on disposition of unconsolidated affiliated entity   -    (741)   - 
Adjustments to equity in earnings from unconsolidated entities, net unconsolidated entities, net   667    667    596 
Bargain purchase gain   (1,263)   (7,857)   - 
FFO   2,596    2,391    1,321 
MFFO adjustments:               
                
Other adjustments:               
Acquisition and other transaction related costs expensed(1)   635    804    509 
Gain on sale of unconsolidated real unconsolidated entities, net estate entity   -    -    - 
Adjustments to equity in earnings from unconsolidated entities, net unconsolidated entities, net   (59)   (250)   67 
Amortization of above or below market leases and liabilities(2)   -    -    - 
Accretion of discounts and amortizatio of premiums on debt investments   -    -    - 
Mark-to-market adjustments(3)   -    -    - 
Non-recurring gain from extinguishment/sale of debt, derivatives or securities holdings(4)   144    -    - 
                
MFFO   3,316    2,945    1,897 
Straight-line rent(5)   -    -    - 
MFFO - IPA recommended format(6)  $3,316   $2,945   $1,897 
                
Net income/  $1,370   $9,764   $430 
Less: income attributable to noncontrolling interests   (40)   (555)   (28)
Net income applicable to company's common shares  $1,330   $9,209   $402 
Net income per common share, basic and diluted  $0.21   $1.84   $0.10 
                
FFO  $2,596   $2,391   $1,321 
Less: FFO attributable to noncontrolling interests   (117)   (74)   (42)
FFO attributable to company's common shares  $2,479   $2,317   $1,279 
FFO per common share, basic and diluted  $0.40   $0.46   $0.32 
                
MFFO - IPA recommended format  $3,316   $2,945   $1,897 
Less: MFFO attributable to noncontrolling interests   (86)   (76)   (65)
MFFO attributable to company's common shares  $3,230   $2,869   $1,832 
                
Weighted average number of common shares outstanding, basic and diluted   6,235    5,016    3,978 

 

(1)The purchase of properties, and the corresponding expenses associated with that process, is a key operational feature of our business plan to generate operational income and cash flows in order to make distributions to investors. In evaluating investments in real estate, management differentiates the costs to acquire the investment from the operations derived from the investment. Such information would be comparable only for non-listed REITs that have completed their acquisition activity and have other similar operating characteristics. By excluding expensed acquisition costs, management believes MFFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management’s analysis of the investing and operating performance of our properties. Acquisition fees and expenses include payments to our advisor or third parties. Acquisition fees and expenses under GAAP are considered operating expenses and as expenses included in the determination of net income and income from continuing operations, both of which are performance measures under GAAP. Such fees and expenses are paid in cash, and therefore such funds will not be available to distribute to investors. Such fees and expenses negatively impact our operating performance during the period in which properties are being acquired. Therefore, MFFO may not be an accurate indicator of our operating performance, especially during periods in which properties are being acquired. All paid and accrued acquisition fees and expenses will have negative effects on returns to investors, the potential for future distributions, and cash flows generated by us, unless earnings from operations or net sales proceeds from the disposition of properties are generated to cover the purchase price of the property, these fees and expenses and other costs related to the property. Acquisition fees and expenses will not be paid or reimbursed, as applicable, to our advisor even if there are no further proceeds from the sale of shares in our Follow On Offering, and therefore such fees and expenses would need to be paid from either additional debt, operational earnings or cash flows, net proceeds from the sale of properties or from ancillary cash flows.

(2)Under GAAP, certain intangibles are accounted for at cost and reviewed at least annually for impairment, and certain intangibles are assumed to diminish predictably in value over time and amortized, similar to depreciation and amortization of other real estate related assets that are excluded from FFO. However, because real estate values and market lease rates historically rise or fall with market conditions, management believes that by excluding charges relating to amortization of these intangibles, MFFO provides useful supplemental information on the performance of the real estate.

 

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(3)Management believes that adjusting for mark-to-market adjustments is appropriate because they are items that may not be reflective of ongoing operations and reflect unrealized impacts on value based only on then current market conditions, although they may be based upon current operational issues related to an individual property or industry or general market conditions. Mark-to-market adjustments are made for items such as ineffective derivative instruments, certain marketable securities and any other items that GAAP requires we make a mark-to-market adjustment for. The need to reflect mark-to-market adjustments is a continuous process and is analyzed on a quarterly and/or annual basis in accordance with GAAP.
(4)Management believes that adjusting for gains or losses related to extinguishment/sale of debt, derivatives or securities holdings is appropriate because they are items that may not be reflective of ongoing operations. By excluding these items, management believes that MFFO provides supplemental information related to sustainable operations that will be more comparable between other reporting periods.
(5)Under GAAP, rental receipts are allocated to periods using various methodologies. This may result in income recognition that is significantly different than underlying contract terms. By adjusting for these items (to reflect such payments from a GAAP accrual basis to a cash basis of disclosing the rent and lease payments), MFFO provides useful supplemental information on the realized economic impact of lease terms and debt investments, providing insight on the contractual cash flows of such lease terms and debt investments, and aligns results with management’s analysis of operating performance.

 

The table below presents our cumulative distributions declared and cumulative FFO:

 

   For the period April, 28, 2008 
   (date of inception) through 
   December 31, 2013 
     
FFO  $5,436 
Distributions  $11,693 

 

For the year ended December 31, 2013, we paid distributions of $3.7 million, including $1.9 million of distributions paid in cash and $1.8 million of distributions reinvested through our dividend reinvestment plan. FFO for the year ended December 31, 2013 was $2.5 million and cash flow from operations was $2.7 million. See the reconciliation of FFO to net income above.

 

Information Regarding Dilution

 

In connection with our Follow-On, we are providing information about our net tangible book value per share. Our net tangible book value per share is a mechanical calculation using amounts from our consolidated balance sheet, and is calculated as (1) total book value of our assets (2) minus total liabilities, (3) divided by the total number of shares of common stock outstanding. It assumes that the value of real estate, and real estate related assets and liabilities diminish predictably over time as shown through the depreciation and amortization of real estate investments. Real estate values have historically risen or fallen with market conditions. Net tangible book value is used generally as a conservative measure of net worth that we do not believe reflects our estimated fair value per share. It is not intended to reflect the value of our assets upon an orderly liquidation of the company in accordance with our investment objectives. Our net tangible book value reflects dilution in the value of our common stock from the issue price as a result of (i) operating losses, which reflect accumulated depreciation and amortization of real estate investments, (ii) the funding of distributions from sources other than our cash flow from operations, and (iii) fees paid in connection with our public offerings, including commissions, dealer manager fees and other offering costs. As of December 31, 2013, our net tangible book value per share of common stock was $8.77. The offering price of shares of our common stock under our Follow-On Offering (ignoring purchase price discounts for certain categories of purchasers) at December 31, 2013 was $10.00.

 

Our offering price was not established on an independent basis and bears no relationship to the net value of our assets. Further, even without depreciation in the value of our assets, the other factors described above with respect to the dilution in the value of our common stock are likely to cause our offering price to be higher than the amount you would receive per share if we were to liquidate at this time.

 

New Accounting Pronouncements  

 

See Note 2 to the Notes to Consolidated Financial Statements for further information of certain accounting standards that have been adopted during 2013 and certain accounting standards that we have not yet been required to implement and may be applicable to our future operations.

 

Subsequent Events

 

See Note 15 of the Notes to Consolidated Financial Statements for further information related to subsequent events during the period from January 1, 2014 through March 28, 2014.

 

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK:

 

Market risk includes risks that arise from changes in interest rates, foreign currency exchange rates, commodity prices, equity prices and other market changes that affect market sensitive instruments. The primary market risk to which we are currently and expect to continue to be exposed is interest rate risk.

 

We are currently and expect to continue to be exposed to the effects of interest rate changes primarily as a result of borrowings used to maintain liquidity and fund the expansion and refinancing of our real estate investment portfolio and operations. Our interest rate risk management objectives have been and will continue to be to limit the impact of interest rate changes on our earnings, prepayment penalties and cash flows and to lower our overall borrowing costs while taking into account variable interest rate risk. To achieve our objectives, we may borrow at fixed rates or variable rates. We may also enter into derivative financial instruments such as interest rate swaps and caps in order to mitigate our interest rate risk on a related financial instrument. We will not enter into derivative or interest rate transactions for speculative purposes. As of December 31, 2013, we did not have any derivative agreements outstanding.

 

As of December 31, 2013, we held marketable equity securities with a fair value of $8.1 million, which are available for sale for general investment return purposes. We regularly review the market prices of our investments for impairment purposes. As of December 31, 2013, a hypothetical adverse 10.0% movement in market values would result in a hypothetical loss in fair value of approximately $0.8 million.

 

The following table shows our estimated principal maturities during the next five years and thereafter as of December 31, 2013:

 

(Dollars in thousands)                            
Contractual Obligations  2014   2015   2016   2017   2018   Thereafter   Total 
                             
Principal maturities  $499   $524   $548   $580   $22,109   $-   $24,260 

  

  The carrying amounts of cash and cash equivalents, restricted escrows, prepaid expenses and other assets, accounts payable and other accrued expenses, the margin loan, due to sponsor, and distributions payable approximated their fair values as of December 31, 2013 because of the short maturity of these instruments. The estimated fair value of our mortgages payable is as follows:

 

   As of December 31, 2013   As of December 31, 2012 
(Dollars in thousands)  Carrying Amount   Estimated Fair
Value		   Carrying Amount   Estimated Fair
Value		 
Mortgages payable  $24,260   $23,898   $11,157   $11,157 

 

The fair value of our mortgages payable was determined by discounting the future contractual interest and principal payments by market interest rates.

 

In addition to changes in interest rates, the value of our real estate will be subject to fluctuations based on changes in the real estate capital markets, market rental rates for office space, local, regional and national economic conditions and changes in the creditworthiness of tenants which may affect our ability to obtain or refinance debt in the future. As of December 31, 2013, we had no off-balance sheet arrangements.

 

We cannot predict the effect of adverse changes in interest rates on our debt and, therefore, our exposure to market risk, nor can we provide any assurance that long-term debt will be available at advantageous pricing. Consequently, future results may differ materially from the estimated adverse changes discussed above.

 

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ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Lightstone Value Plus Real Estate Investment Trust II, Inc. and Subsidiaries

(a Maryland corporation)

 

Index

 

    Page
     
Report of Independent Registered Public Accounting Firm   71
     
Financial Statements:    
     
Consolidated Balance Sheets as of December 31, 2013 and 2012   72
     
Consolidated Statements of Operations for the years ended December 31, 2013, 2012 and 2011   73
     
Consolidated Statements of Comprehensive Income/(Loss) for the years ended December 31, 2013, 2012 and 2011   74
     
Consolidated Statements of Stockholders' Equity for the years ended December 31, 2013, 2012 and 2011   75
     
Consolidated Statements of Cash Flows for the years ended December 31, 2013, 2012 and 2011   76
     
Notes to Consolidated Financial Statements   77
     
Schedule III—Real Estate and Accumulated Depreciation as of December 31, 2013   102

 

Schedules not filed:

 

All schedules other than the one listed in the Index have been omitted as the required information is inapplicable or the information is presented in the consolidated financial statements or related notes.

 

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Report of Independent Registered Public Accounting Firm

 

The Board of Directors and Stockholders

Lightstone Value Plus Real Estate Investment Trust II, Inc. and Subsidiaries

 

We have audited the accompanying consolidated balance sheets of Lightstone Value Plus Real Estate Investment Trust II, Inc. and Subsidiaries (the “Company”) as of December 31, 2013 and 2012 and the related consolidated statements of operations, comprehensive income/(loss), stockholders’ equity and cash flows for each of the years in the three-year period ended December 31, 2013. The financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Lightstone Value Plus Real Estate Investment Trust II, Inc. and Subsidiaries as of December 31, 2013 and 2012 and the consolidated results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2013 in conformity with accounting principles generally accepted in the United States of America.

 

In connection with our audit of the consolidated financial statements referred to above, we also audited Schedule III – Real Estate and Accumulated Depreciation as of December 31, 2013. In our opinion, this financial statement schedule, when considered in relation to the consolidated financial statements taken as a whole, presents fairly, in all material respects, the information stated therein.

 

 

/s/ EisnerAmper LLP

 

Iselin, New Jersey

March 31, 2014

 

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LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST II, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except per share data)

   December 31, 2013   December 31, 2012 
         
Assets          
Investment property:          
Land and improvements  $8,942   $7,140 
Building and improvements   35,567    27,284 
Furniture and fixtures   8,706    2,589 
Construction in progress   3,542    323 
Gross investment property   56,757    37,336 
Less accumulated depreciation   (2,670)   (850)
Net investment property   54,087    36,486 
           
Investments in unconsolidated affiliated entities   3,834    5,950 
Cash and cash equivalents   26,520    8,152 
Marketable securities, available for sale   8,134    8,144 
Restricted escrows   2,294    2,799 
Notes receivable from affiliates   -    2,340 
Prepaid expenses and other assets   957    863 
Total Assets  $95,826   $64,734 
           
Liabilities and Stockholders' Equity          
Accounts payable and other accrued expenses  $1,356   $1,017 
Margin loan   1,906    2,716 
Mortgages payable   24,260    11,157 
Due to sponsor   107    113 
Distributions payable   1,172    860 
Total liabilities   28,801    15,863 
           
Commitments and contingencies (Note 13)          
           
Stockholders' Equity:          
Company's stockholders' equity:          
Preferred shares, $0.01 par value, 10,000 shares authorized, none issued and outstanding   -    - 
Common stock, $0.01 par value; 100,000 shares authorized, 7,643 and 5,311 shares issued and outstanding in 2013 and 2012, respectively   76    53 
Additional paid-in-capital   60,755    41,652 
Subscription receivable   (25)   - 
Accumulated other comprehensive income   399    229 
Accumulated (deficit)/surplus   (1,781)   939 
Total Company stockholders' equity   59,424    42,873 
           
Noncontrolling interests   7,601    5,998 
           
Total Stockholders' Equity   67,025    48,871 
           
Total Liabilities and Stockholders' Equity  $95,826   $64,734 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

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LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST II, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share data)

 

   For the Years Ended December 31, 
   2013   2012   2011 
             
Rental revenue  $13,058   $5,942   $2,978 
                
Expenses:               
Property operating expenses   8,464    3,329    1,500 
Real estate taxes   648    216    173 
General and administrative costs   1,583    1,953    1,579 
Depreciation and amortization   1,822    558    295 
                
Total operating expenses   12,517    6,056    3,547 
                
Operating income/(loss)   541    (114)   (569)
                
Interest and dividend income   856    1,665    1,332 
                
Gain on disposition of unconsolidated affiliated entity   -    741    - 
                
Bargain purchase gain   1,263    7,857    - 
                
Interest expense   (1,035)   (535)   (19)
                
Other expense, net   (241)   (9)   (27)
(Loss)/income from investments in unconsolidated affiliated entities   (14)   159    (287)
                
Net income   1,370    9,764    430 
                
Less: net income attributable to noncontrolling interests   (40)   (555)   (28)
                
Net income applicable to Company's common shares  $1,330   $9,209   $402 
                
Net income per Company's common share, basic and diluted  $0.21   $1.84   $0.10 
                
Weighted average number of common shares outstanding, basic and diluted   6,235    5,016    3,978 

 

The accompanying notes are an integral part of these consolidated financial statements.

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LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST II, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

(Amounts in thousands, except per share data)

 

   For the Years Ended December 31, 
   2013   2012   2011 
             
Net income  $1,370   $9,764   $430 
                
Other comprehensive income/(loss):               
                
Unrealized gain/(loss) on available for sale securities   165    2,443    (2,214)
                
Reclassification adjustment for gains included in net income   5    -    - 
                
Other comprehensive income/(loss)   170    2,443    (2,214)
                
Comprehensive income/(loss)   1,540    12,207    (1,784)
                
Less: Comprehensive income attributable to noncontrolling interests   (40)   (555)   (28)
                
Comprehensive income/(loss) attributable to the Company's common shares  $1,500   $11,652   $(1,812)

 

The accompanying notes are an integral part of these consolidated financial statements.

 

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LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST II, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Amounts in thousands)

 

   Common Shares   Additional       Accumulated Other       Total   Total 
   Common       Paid-In   Subscription   Comprehensive   Accumulated   Noncontrolling   Stockholders' 
   Shares   Amount   Capital   Receivable   Income/(Loss)   Surplus/(Deficit)   Interests   Equity 
                                 
BALANCE, December 31, 2010   3,467    35    28,067    (366)   -    (2,817)   3,302    28,221 
                                         
Net income   -    -    -    -    -    402    28    430 
Other comprehensive loss                       (2,214)   -    -    (2,214)
                                       - 
Distributions declared   -    -    -    -    -    (2,587)   -    (2,587)
Distributions paid                                 (39)   (39)
Units issued to noncontrolling interest in exchange for investment in unconsolidated affiliated real estate entity   -    -    -    -    -    -    548    548 
Contributions from noncontrolling interests   -    -    -    -    -    -    896    896 
Proceeds from offering   960    10    9,561    262    -    -    -    9,833 
Selling commissions and dealer manager fees   -    -    (943)   -    -    -    -    (943)
Other offering costs   -    -    (1,611)   -    -    -    -    (1,611)
Redemption and cancellation of shares   (48)   (1)   (433)   -    -    -    -    (434)
Shares issued from distribution reinvestment program   124    1    1,181    -    -    -    -    1,182 
                                         
BALANCE, December 31, 2011   4,503   $45   $35,822   $(104)  $(2,214)  $(5,002)  $4,735   $33,282 
                                         
Net income   -    -    -    -    -    9,209    555    9,764 
Other comprehensive income                       2,443    -    -    2,443 
Distributions declared   -    -    -    -    -    (3,268)   -    (3,268)
Distributions paid   -    -    -    -    -    -    (306)   (306)
Units issued to noncontrolling interest in exchange for investment in unconsolidated affiliated real estate entity   -    -    -    -    -    -    911    911 
Contributions from noncontrolling interests   -    -    -    -    -    -    103    103 
Proceeds from offering   706    7    7,041    104    -    -    -    7,152 
Selling commissions and dealer manager fees   -    -    (715)   -    -    -    -    (715)
Other offering costs   -    -    (1,495)   -    -    -    -    (1,495)
Redemption and cancellation of shares   (51)   (1)   (457)   -    -    -    -    (458)
Shares issued from distribution reinvestment program   153    2    1,456    -    -    -    -    1,458 
                                         
BALANCE, December 31, 2012   5,311   $53   $41,652   $-   $229   $939   $5,998   $48,871 
                                         
Net income   -    -    -    -    -    1,330    40    1,370 
Other comprehensive income   -    -    -    -    170    -    -    170 
Distributions declared   -    -    -    -    -    (4,050)   -    (4,050)
Distributions paid to noncontrolling interests   -    -    -    -    -    -    (175)   (175)
Contributions from noncontrolling interests   -    -    -    -    -    -    2,060    2,060 
Proceeds from offering   2,218    22    21,969    (25)   -    -    -    21,966 
Selling commissions and dealer manager fees   -    -    (2,023)   -    -    -    -    (2,023)
Other offering costs   -    -    (1,937)   -    -    -    -    (1,937)
Redemption and cancellation of shares   (75)   (1)   (695)   -    -    -    -    (696)
Shares issued from distribution reinvestment program   189    2    1,789    -    -    -    -    1,791 
Notes receivable issued to noncontrolling interests   -    -    -    -    -    -    (322)   (322)
                                         
BALANCE, December 31, 2013   7,643   $76   $60,755   $(25)  $399   $(1,781)  $7,601   $67,025 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

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LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST II, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

 

   For the Years Ended December 31, 
   2013   2012   2011 
             
CASH FLOWS FROM OPERATING ACTIVITIES:               
Net income   1,370   $9,764   $430 
Adjustments to reconcile net income to net cash provided by operating activities:               
Depreciation and amortization   1,822    558    295 
Amortization of deferred financing costs   83   65    - 
Gain on disposition of investment in unconsolidated affiliated entity   -    (741)   - 
Bargain purchase gain   (1,263)   (7,857)   - 
Loss/(income) from investments in unconsolidated affiliated entities   14    (159)   287 
                
Other non-cash adjustments   145    -    - 
Changes in assets and liabilities:              .  
Decrease in restricted escrows   157    136    474 
Decrease/(increase) in prepaid expenses and other assets   24    (429)   (86)
Increase in accounts payable and other accrued expenses   400    330    15 
(Decrease)/increase in due to sponsor   (6)   39    (10)
                
Net cash provided by operating activities   2,746    1,706    1,405 
                
CASH FLOWS FROM INVESTING ACTIVITIES:               
Purchase of investment property, net   (18,158)   (9,808)   (12,564)
Purchase of marketable securities, net of margin loan   -    -    (4,575)
Purchase of investments in unconsolidated affiliated entities   -    -    (3,993)
Proceeds from sale of marektable securities   190    -    - 
Purchase of restricted escrow   -    (835)   - 
Proceeds from disposition of investment in unconsolidated affiliated entity   -    560    - 
Collections on note receivable from affiliate   2,340    60    - 
Release/(funding) of restricted escrows   348    (1,807)   - 
Distributions from unconsolidated affiliated entities   2,103    289    - 
Collections on mortgage loan receivable   -    -    60 
                
Net cash used in investing activities   (13,177)   (11,541)   (21,072)
CASH FLOWS FROM FINANCING ACTIVITIES:               
Proceeds from mortgage financings   24,420    11,273    - 
Payment on mortgages payable   (11,317)   (116)   - 
Payment of loan fees and expenses   (359)   (242)   (30)
Payment on margin loans   (810)   (624)   - 
Proceeds from issuance of common stock   21,966    7,152    9,833 
Payment of commissions and offering costs   (4,021)   (2,242)   (2,391)
Redemption and cancellation of common shares   (696)   (458)   (434)
Notes receivable from affiliates   (322)   -    - 
Contribution of noncontrolling interests   2,060    103    896 
Distributions to noncontrolling interests   (175)   (306)   (39)
Distributions to common stockholders   (1,947)   (1,667)   (1,231)
                
Net cash provided by financing activities   28,799    12,873    6,604 
                
Net change in cash and cash equivalents   18,368    3,038    (13,063)
Cash and cash equivalents, beginning of year   8,152    5,114    18,177 
                
Cash and cash equivalents, end of year  $26,520   $8,152   $5,114 

 

See Note 1 for supplemental cash flow information.

 

The accompanying notes are an integral part of these consolidated financial statements.

 

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LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST II, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the Years Ended December 31, 2013, 2012 and 2011

(Dollar amounts in thousands, except per share/unit data and where indicated in millions)

 

1. Organization

 

Lightstone Value Plus Real Estate Investment Trust II, Inc. (the “Lightstone REIT II”) is a Maryland corporation formed on April 28, 2008, which has qualified as a real estate investment trust (“REIT”) for U.S. federal income tax purposes since its taxable year ending December 31, 2009. The Lightstone REIT II was formed primarily for the purpose of engaging in the business of investing in and owning commercial and residential real estate properties, as well as other real estate-related investments, located principally in North America.

 

The Lightstone REIT II is structured as an umbrella partnership REIT, or UPREIT, and substantially all of its current and future business is and will be conducted through Lightstone Value Plus REIT II LP (the “Operating Partnership”), a Delaware limited partnership formed on April 30, 2008.

 

The Lightstone REIT II and the Operating Partnership and its subsidiaries are collectively referred to as the ‘‘Company’’ and the use of ‘‘we,’’ ‘‘our,’’ ‘‘us’’ or similar pronouns refers to the Lightstone REIT II, its Operating Partnership or the Company as required by the context in which such pronoun is used.

 

Offering and Structure

 

Our sponsor David Lichtenstein (“Lichtenstein”), who does business as the Lightstone Group (the “Sponsor”) and majority owns the limited liability company of that name with a diversified portfolio of over 100 properties containing approximately 10,600 multifamily units, 1.3 million square feet of office space, 2.2 million square feet of industrial space, 17 hotels and 3.3 million square feet of retail space. The residential, office, industrial and retail properties are located in 20 states, the District of Columbia and Puerto Rico.  Based in New York, and supported by regional offices in New Jersey, Maryland and Illinois, our sponsor employs approximately 400 staff and professionals.  

 

Our advisor is Lightstone Value Plus REIT II LLC (the “Advisor”), which is wholly owned by our Sponsor. Our Advisor, together with our Board of Directors, is and will continue to be primarily responsible for making investment decisions and managing our day-to-day operations. Through his ownership and control of The Lightstone Group, Mr. Lichtenstein is the indirect owner of our Advisor and the indirect owner and manager of Lightstone SLP II LLC, the associate general partner of our Operating Partnership. Mr. Lichtenstein also acts as our Chairman and Chief Executive Officer. As a result, he controls both the general partner and associate general partner of our Operating Partnership and is the decision-maker of our Operating Partnership.

 

We do not have and will not have any employees that are not also employed by our Sponsor or its affiliates. We depend substantially on our Advisor, which generally has responsibility for our day-to-day operations. Under the terms of the advisory agreement, the Advisor also undertakes to use its commercially reasonable best efforts to present to us investment opportunities consistent with our investment policies and objectives as adopted by our Board of Directors.

 

We have two affiliated property managers (our “Property Managers”), which may manage the properties we acquire. We also use other unaffiliated third-party property managers, principally for the management of our hospitality properties. Our Property Managers are Paragon Retail Property Management LLC (“Paragon”) and Beacon Property Management LLC (“Beacon”), all of which are majority owned and controlled by our Sponsor. Paragon develops and redevelops all the factory outlet malls and certain retail properties controlled by our Sponsor. Beacon is a significant manager in the multi-family residential housing sector and oversees the management of approximately 11,000 multifamily units.

 

On April 24, 2009, we commenced an initial public offering (the “Offering”) to sell a maximum of 51.0 million shares of common stock at a price of $10 per share (the “Primary Offering”) and 6.5 million shares of common stock available pursuant to our distribution reinvestment program (the “DRIP”). We also have 75,000 shares reserved for issuance under our stock option plan and 255,000 shares reserved for issuance under our employee and director incentive restricted share plan. Our Registration Statement on Form S-11 (the “Registration Statement”) was declared effective under the Securities Act of 1933 on February 17, 2009, and on April 24, 2009, we began offering our shares of common stock for sale to the public.

 

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The Offering, which terminated on August 15, 2012, raised aggregate gross proceeds of approximately $49.8 million from the sale of approximately 5.0 million shares of common stock. After allowing for the payment of approximately $5.2 million in selling commissions and dealer manager fees and $4.5 million in organization and other offering expenses, the Offering generated aggregate net proceeds of approximately $40.1 million. In addition, through August 15, 2012 (the termination date of the Offering), the Company had issued approximately 0.3 million shares of common stock under its DRIP, representing approximately $2.9 million of additional proceeds.

 

The Company’s registration statement on Form S-11 (the “Follow-On Offering”), pursuant to which it is offering to sell up to 30,000,000 shares of its common stock for $10.00 per share, subject to certain volume discounts (exclusive of 2,500,000 shares available pursuant to its DRIP at an initial purchase price of $9.50 per share and 255,000 shares reserved for issuance under its Employee and Director Incentive Restricted Share Plan) was declared effective by SEC under the Securities Act of 1933 on September 27, 2012. As of December 31, 2013, we had received aggregate gross proceeds of approximately $22.8 million from the sale of approximately 2.3 million shares of our common stock in our Follow-On Offering. The Company intends to sell shares of its common stock under the Follow-On Offering until the earlier of the date on which all the shares are sold, or September 27, 2014, two years from the date the Follow-On Offering was declared effective by the SEC. The Company reserves the right to reallocate the shares of common stock it is offering between the Primary Offering and the DRIP. Additionally, the Follow-On Offering may be terminated at any time.

 

Effective July 8, 2011, ICON Securities Corp. (“ICON Securities”) became the dealer manager (“Dealer Manager”) of the Company’s Offering pursuant to an Assignment and Amendment of Dealer Manager Agreement (the “Assignment and Amendment”). Pursuant to the Assignment and Amendment, ICON Securities was assigned the Dealer Manager Agreement between Lightstone Securities LLC ("Lightstone Securities”) and the Company dated February 17, 2009 and assumed all of Lightstone Securities’ rights and obligations thereunder from and after the effective date of the Assignment and Amendment. Prior to July 8, 2011, Lightstone Securities served as the dealer manager for the Company’s Offering. As of July 8, 2011, upon effectiveness of the Assignment and Amendment, the Wholesaling Agreement between the Company, Lightstone Securities and ICON Securities was terminated.

 

Effective September 27, 2012, Orchard Securities, LLC (“Orchard Securities”) became the Dealer Manager of the Company’s Follow-On Offering.

 

All further references to the Dealer Manager will be deemed to refer to either Lightstone Securities, ICON Securities or Orchard Securities during the respective period of time that each was serving in such capacity.

 

As of December 31, 2013, the Advisor owned 20,000 shares of common stock which were issued on May 20, 2008 for $200, or $10.00 per share. In addition, as of September 30, 2009, the Company had reached the minimum offering under its Offering by receiving subscriptions of its common shares, representing gross offering proceeds of approximately $6.5 million, and effective October 1, 2009 investors were admitted as stockholders and the Operating Partnership commenced operations. Through December 31, 2013, cumulative gross offering proceeds of $72.6 million were released to the Company. The Company invested the proceeds received from the Offering, the Follow-On Offering and the Advisor in the Operating Partnership, and as a result, held a 99.9% general partnership interest as of December 31, 2013 in the Operating Partnership’s common units.

 

The Company’s shares of common stock are not currently listed on a national securities exchange. The Company may seek to list its shares of common stock for trading on a national securities exchange only if a majority of its independent directors believe listing would be in the best interest of its stockholders. The Company does not intend to list its shares at this time. The Company does not anticipate that there would be any market for its shares of common stock until they are listed for trading. In the event the Company does not obtain listing prior to the tenth anniversary of the completion or termination of its Offering, its charter requires that the Board of Directors must either (i) seek stockholder approval of an extension or amendment of this listing deadline; or (ii) seek stockholder approval to adopt a plan of liquidation of the corporation.

 

Noncontrolling Interest – Partners of Operating Partnership

 

The noncontrolling interests consist of (i) parties of the Company that hold units in the Operating Partnership and (ii) certain interests in LVP Metairie JV LLC, LVP East Rutherford LLC, LVP TPS Little Rock Holdings LLC and LVP TPS Fayetteville Holdings LLC which are not owned by the Company.

 

On May 20, 2008, the Advisor contributed $2 to the Operating Partnership in exchange for 200 limited partner common units in the Operating Partnership. The limited partner has the right to convert Operating Partnership common units into cash or, at our option, an equal number of shares of our common stock, as allowed by the limited partnership agreement.

 

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Lightstone SLP II LLC, which is wholly owned by our Sponsor, committed to purchase subordinated profits interests in our Operating Partnership (“Subordinated Profits Interests”) at a cost of $100,000 per unit for each $1.0 million in subscriptions up to ten percent of the proceeds from the primary shares under the Offering and Follow-On Offering on a semi-annual basis beginning with the quarter ended June 30, 2010. Lightstone SLP II LLC may elect to purchase the Subordinated Profits Interests with either cash or an interest in real property of equivalent value. Any proceeds received from the cash sale of the Subordinated Profits Interests will be used to offset payments made by the Company from offering proceeds to pay the dealer manager fees, selling commissions and organization and other offering expenses.

 

From our inception through December 31, 2013, our Sponsor contributed cash of approximately $1.6 million and elected to contribute equity interests totaling 48.6% in Brownmill, LLC (“Brownmill”) in exchange for 64.0 Subordinated Profits Interests with an aggregate value of $6.4 million. See “Sponsor’s Contribution of Equity Interests in Brownmill” below for additional information. Our Sponsor may continue to elect to contribute interests in real property in lieu of cash in exchange for Subordinated Profits Interests in order to fulfill its semi-annual commitment.

 

Operations - Operating Partnership Activity

 

Our Operating Partnership commenced its operations on October 1, 2009. Since then we have and will continue to seek to acquire and operate commercial, residential, and hospitality properties, principally in North America through our Operating Partnership. Our commercial holdings will consist of retail (primarily multi-tenanted shopping centers), lodging, industrial and office properties. All such properties may be acquired and operated by us alone or jointly with another party. In addition, we may invest up to 20% of our net assets in collateralized debt obligations, commercial mortgage-backed securities (“CMBS”) and mortgage and mezzanine loans secured, directly or indirectly, by the same types of properties which it may acquire directly.

 

Related Parties

 

Our Advisor, Property Managers and Dealer Manager are each related parties. Each of these entities have or will receive compensation and fees for services related to the Offering and will continue to receive compensation and fees and services for the investment and management of our assets. These entities will receive fees during the offering, acquisition, operational and liquidation stages. The compensation levels during the offering, acquisition and operational stages are based on percentages of the offering proceeds sold, the cost of acquired properties and the annual revenue earned from such properties, and other such fees outlined in each of the respective agreements. See Note 12 for additional information.

 

2. Summary of Significant Accounting Policies

 

Basis of Presentation

 

The consolidated financial statements include the accounts of Lightstone REIT II and the Operating Partnership and its subsidiaries (over which Lightstone REIT exercises financial and operating control). As of December 31, 2013, the Company had a 99.9% general partnership interest in the Operating Partnership. All inter-company balances and transactions have been eliminated in consolidation.

 

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate and investments in other real estate entities, depreciable lives of long-lived assets and revenue recognition. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates.

 

Investments in other real estate entities where the Company has the ability to exercise significant influence, but does not exercise financial and operating control, and is not considered to be the primary beneficiary will be accounted for using the equity method. Investments in other real estate entities where the Company has virtually no influence will be accounted for using the cost method.

 

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Cash and Cash Equivalents

 

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. All cash equivalents are held in commercial paper and money market funds.

 

Supplemental disclosure of cash flow information:  Year Ended December 31, 
   2013   2012   2011 
             
Cash paid for interest  $939   $413   $- 
Distributions declared  $4,050   $3,268   $2,587 
Marketable securities purchased with margin loan, net  $-   $-   $3,340 
Noncash commissions and other offering costs in accounts payable and other accrued expenses  $193   $254   $286 
Subscription receivable  $25   $(104)  $(262)
Value of shares issued from distribution reinvestment program  $1,791   $1,458   $1,182 
Issuance of units in exchange for investment in unconsolidated affiliated entities  $-   $911   $548 
Restricted escrow deposits and related liability initially established related to acquisition of mortgage loan receivable  $-   $-   $205 
Note receivable received in connection with disposition of investment in unconsolidated affiliated entity  $-   $2,400   $- 
Satisfaction of promissory note  $-   $7,029   $- 

 

Marketable Securities

 

Marketable securities consist of equity securities and corporate bonds that are designated as available-for-sale and are recorded at fair value. Unrealized holding gains or losses will be reported as a component of accumulated other comprehensive income (loss). Realized gains or losses resulting from the sale of these securities will be determined based on the specific identification of the securities sold. An impairment charge will be recognized when the decline in the fair value of a security below the amortized cost basis is determined to be other-than-temporary. The Company will consider various factors in determining whether to recognize an impairment charge, including the duration and severity of any decline in fair value below our amortized cost basis, any adverse changes in the financial condition of the issuers and our intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. The Board has authorized the Company from time to time to invest the Company’s available cash in marketable securities of real estate related companies. The Board of Directors has approved investments up to 30% of the Company’s total assets to be made at the Company’s discretion, subject to compliance with any REIT or other restrictions.

 

Revenue Recognition

 

The Company invests in real estate assets that generate rental income. Minimum rents will be recognized on a straight-line accrual basis, over the terms of the related leases. The capitalized above-market lease values and the capitalized below-market lease values will be amortized as an adjustment to rental income over the initial lease term. Percentage rents, which are based on commercial tenants’ sales, will be recognized once the sales reported by such tenants exceed any applicable breakpoints as specified in the tenants’ leases. Recoveries from commercial tenants for real estate taxes, insurance and other operating expenses, and from residential tenants for utility costs, will be recognized as revenues in the period that the applicable costs are incurred. Revenues from the operations of the hotel are recognized when the services are provided.

 

Accounts Receivable

 

The Company makes estimates of the uncollectability of its accounts receivable related to base rents, expense reimbursements and other revenues. The Company analyzes accounts receivable and historical bad debt levels, customer credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. The Company’s reported net income or loss is directly affected by management’s estimate of the collectability of accounts receivable.

 

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Investment in Real Estate

 

Accounting for Acquisitions

 

When the Company makes an investment in real estate, the fair value of the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases for acquired in-place leases and the value of tenant relationships, based in each case on their fair values. Purchase accounting is applied to assets and liabilities related to real estate entities acquired based upon the percentage of interest acquired. Fees incurred related to acquisitions are expensed as incurred and recorded in general and administrative costs in the consolidated statements of operation. Transaction costs incurred related to the Company’s investments in unconsolidated affiliated entities, accounted for under the equity method of accounting, are capitalized as part of the cost of the investment.

 

Upon the acquisition of real estate operating properties, the Company estimates the fair value of acquired tangible assets and identified intangible assets and liabilities and certain liabilities such as assumed debt and contingent liabilities, at the date of acquisition, based on evaluation of information and estimates available at that date. Based on these estimates, the Company allocates the initial purchase price to the applicable assets, liabilities and noncontrolling interests, if any. As final information regarding fair value of the assets acquired, liabilities assumed and noncontrolling interests is received and estimates are refined, appropriate adjustments are be made to the purchase price allocation. The allocations are finalized as soon as all the information necessary is available and in no case later than within twelve months from the acquisition date.

 

In determining the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market lease values and the capitalized below-market lease values are amortized as an adjustment to rental income over the initial non-cancelable lease term and any fixed-rate renewal periods, which are reasonably assured, in the respective leases.

 

The aggregate value of in-place leases is determined by evaluating various factors, including an estimate of carrying costs during the expected lease-up periods, current market conditions and similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, legal and other related costs. Optional renewal periods are not considered.

 

The aggregate value of other acquired intangible assets includes tenant relationships. Factors considered by management in assigning a value to these relationships include: assumptions of probability of lease renewals, investment in tenant improvements, leasing commissions and an approximate time lapse in rental income while a new tenant is located. The value assigned to this intangible asset is amortized over the remaining lease terms.

 

Carrying Value of Assets

 

The amounts capitalized as a result of periodic improvements and additions to real estate property, when applicable, and the periods over which the assets are depreciated or amortized, are determined based on the application of accounting standards that may require estimates as to fair value and the allocation of various costs to the individual assets. Differences in the amount attributed to the assets can be significant based upon the assumptions made in calculating these estimates.

 

Impairment Evaluation

 

Management evaluates the recoverability of its investments in real estate assets at the lowest identifiable level, the individual property level. Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recognized only if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value.

 

The Company evaluates the long-lived assets for potential impairment on a quarterly basis and records an impairment charge when there is an indicator of impairment and the undiscounted projected cash flows are less than the carrying amount for a particular property. The estimated cash flows used for the impairment analysis and the determination of estimated fair value are based on the Company’s plans for the respective assets and the Company’s views of market and economic conditions. The estimates consider matters such as current and historical rental rates, occupancies for the respective properties and comparable properties, and recent sales data for comparable properties. Changes in estimated future cash flows due to changes in the Company’s plans or views of market and economic conditions could result in recognition of impairment losses, which, under the applicable accounting guidance, could be substantial. As of December 31, 2013 and 2012, the Company did not recognize any impairment charges.

 

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Depreciation and Amortization

 

Depreciation expense is computed based on the straight-line method over the estimated useful life of the applicable real estate asset. We generally use estimated useful lives of up to thirty-nine years for buildings and improvements and five to ten years for furniture, fixtures and equipment. Expenditures for tenant improvements and construction allowances paid to commercial tenants are capitalized and amortized over the initial term of each lease. Expenditures for ordinary maintenance and repairs are charged to expense as incurred.

 

Deferred Costs

 

The Company capitalizes initial direct costs associated with financing and leasing activities. The costs are capitalized upon the execution of the loan or lease and amortized over the initial term of the corresponding loan or lease. Amortization of deferred loan costs begins in the period during which the loan is originated using the effective interest method over the term of the loan. Deferred leasing costs are not amortized to expense until the earlier of the store opening date or the date the tenant’s lease obligation begins.

 

Investments in Unconsolidated Affiliated Entities

 

The Company evaluates its investments in other entities for consolidation.  The percentage interest in the joint venture, evaluation of control and whether a variable interest entity (“VIE”) exists are all considered in determining if the investment qualifies for consolidation.

 

The Company accounts for its investments in unconsolidated affiliated entities using the equity or cost method of accounting, as appropriate. Under the equity method, the investment is recorded initially at cost, and subsequently adjusted for equity in net income/(loss) and cash contributions and distributions. The net income/(loss) of each investor is allocated in accordance with the provisions of the applicable operating agreements of the entities.  The allocation provisions in these agreements may differ from the ownership interest held by each investor.  Differences between the carrying amount of the Company’s investment in the respective joint venture and the Company’s share of the underlying equity of such unconsolidated affiliated entities are amortized over the respective lives of the underlying assets as applicable. These items are reported as a single line item in the consolidated statements of operations as income or loss from investments in unconsolidated affiliated entities. Under the cost method of accounting, the investment is recorded initially at cost, and subsequently adjusted for cash contributions and distributions resulting from any capital events. Dividends earned from the underlying entities are recorded as interest income in the consolidated statements of operations.

 

On a quarterly basis, the Company assesses whether the value of the investments in unconsolidated affiliated entities has been impaired.  An investment is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary.  To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment.  Management’s estimate of value for each investment is based on a number of assumptions that are subject to economic and market uncertainties.  As these factors are difficult to predict and are subject to future events that may alter our assumptions, the values estimated by management in the impairment analysis may not be realized. Any decline that is not considered temporary will result in the recording of an impairment charge. Management believes no impairment of its investments in unconsolidated affiliated entities existed as of December 31, 2013 and 2012.

 

Income Taxes

 

We elected to be taxed as a REIT in conjunction with the filing of our 2009 U.S. federal income tax return. If we remain qualified as a REIT, we generally will not be subject to U.S. federal income tax on our net taxable income that we distribute currently to our stockholders. To maintain our REIT qualification under the Internal Revenue Code of 1986, as amended, or the Code, we must meet a number of organizational and operational requirements, including a requirement that we annually distribute to our stockholders at least 90% of our REIT taxable income (which does not equal net income, as calculated in accordance with GAAP), determined without regard to the deduction for dividends paid and excluding any net capital gain. If we fail to remain qualified for taxation as a REIT in any subsequent year and do not qualify for certain statutory relief provisions, our income for that year will be taxed at regular corporate rates, and we may be precluded from qualifying for treatment as a REIT for the four-year period following our failure to qualify as a REIT. Such an event could materially adversely affect our net income and net cash available for distribution to our stockholders.

 

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The tax years subsequent to and including 2010 remain open to examination by the major taxing jurisdictions to which we are subject.

 

Additionally, even if we qualify as a REIT for U.S. federal income tax purposes, we may still be subject to some U.S. federal, state and local taxes on our income and property and to U.S. federal income taxes and excise taxes on our undistributed income.

 

Fair Value of Financial Instruments

 

The carrying amounts of cash and cash equivalents, restricted escrows, prepaid expenses and other assets, accounts payable and other accrued expenses, the margin loan, due to sponsor, and distributions payable approximated their fair values as of December 31, 2013 because of the short maturity of these instruments. The estimated fair value of our mortgages payable is as follows:

 

   As of December 31, 2013   As of December 31, 2012 
(Dollars in thousands)  Carrying Amount   Estimated Fair
Value		   Carrying Amount   Estimated Fair
Value		 
Mortgages payable  $24,260   $23,898   $11,157   $11,157 

 

Selling Commission, Dealer Manager Fees and Organization and Other Offering Costs

 

Selling commissions and dealer manager fees paid to the Dealer Manager, and other third-party offering expenses such as registration fees, due diligence fees, marketing costs, and professional fees are accounted for as a reduction against additional paid-in capital (“APIC”) as costs are incurred. Any organization costs are expensed as general and administrative costs. Through December 31, 2013, the Company has incurred approximately $7.3 million in selling commissions and dealer manager fees and $7.9 million of other offering costs. From the commencement of the offering through December 31, 2013, the Company has recorded approximately $15.2 million of these costs against APIC.

 

Accounting for Derivative Financial Investments and Hedging Activities.

 

The Company may enter into derivative financial instrument transactions in order to mitigate interest rate risk on a related financial instrument. The Company may designate these derivative financial instruments as hedges and apply hedge accounting. The Company will record all derivative instruments at fair value on the consolidated balance sheet.

 

Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, will be considered cash flow hedges. The Company will formally document all relationships between hedging instruments and hedged items, as well as our risk- management objective and strategy for undertaking each hedge transaction. The Company will periodically review the effectiveness of each hedging transaction, which involves estimating future cash flows. Cash flow hedges will be accounted for by recording the fair value of the derivative instrument on the consolidated balance sheet as either an asset or liability, with a corresponding amount recorded in accumulated other comprehensive income (loss) within stockholders’ equity. Amounts will be reclassified from other comprehensive income (loss) to the consolidated statement of operations in the period or periods the hedged forecasted transaction affects earnings. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, will be considered fair value hedges. The effective portion of the derivatives gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the transaction affects earnings. The ineffective portion of the gain or loss is reported in earnings immediately.

 

Stock-Based Compensation

 

The Company has an Employee and Director Incentive Restricted Share Plan. Awards, if any, will be granted at the fair market value on the date of the grant with fair value estimated using the Black-Scholes-Merton option valuation model, which incorporates assumptions surrounding the volatility, dividend yield, the risk-free interest rate, expected life, and the exercise price as compared to the underlying stock price on the grant date. As stock-based compensation expense recognized in the consolidated statements of operations will be based on awards ultimately expected to vest, the amount of expense will be reduced for forfeitures estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures will be estimated based on historical experience. The tax benefits associated with these share-based payments will be classified as financing activities in the consolidated statement of cash flows. The Company has not granted any stock-based incentive awards.

 

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Concentration of Risk

 

The Company maintains its cash in bank deposit accounts, which, at times, may exceed U.S. federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents.

 

Basic and Diluted Net Earnings per Common Share

 

The Company had no potentially dilutive securities outstanding during the periods presented. Accordingly, earnings per share is calculated by dividing net income/(loss) attributable to common shareholders by the weighted-average number of shares of common stock outstanding during the applicable period.

 

New Accounting Pronouncements

 

The Company has determined that no new accounting pronouncement issued or effective during the period had or is expected to have a material impact on its consolidated financial position, results of operations and cash flows, or do not apply to its operations.

 

Reclassifications

 

Certain prior period amounts may have been reclassified to conform to the current year presentation.

 

3. Acquisitions

 

Arkansas Hotel Portfolio

 

On June 18, 2013, the Company, through LVP TPS Little Rock Holdings LLC and LVP TPS Fayetteville Holdings, LLC, both joint venture subsidiaries of our Operating Partnership, completed the portfolio acquisition of 95% ownership interests in two 92-room limited service hotels (the “Arkansas Hotel Portfolio”), which operate as TownePlace Suites by Marriott, located in Little Rock, which we refer to as the TownePlace Suites – Little Rock, and Johnson/Springdale, Arkansas, which we refer to as the TownePlace Suites - Fayetteville, from certain limited liability companies controlled by the same seller, an unrelated third party. The remaining 5% ownership interests were acquired by TPSLR, LLC for the TownePlace Suites - Little Rock and TPSFN, LLC for the TownePlace Suites - Fayetteville, respectively, both unrelated third parties.

 

The Arkansas Hotel Portfolio was acquired as part of a transaction in which the third party sellers sold a portfolio of four hotel properties, two of which comprise the Arkansas Hotel Portfolio, and two hotel properties acquired by Lightstone Value Plus Real Estate Investment Trust, Inc. (“Lightstone REIT I”).  The aggregate purchase price paid for the four properties was $29.1 million, of which $10.7 million related to the Arkansas Hotel Portfolio and such amount was determined based on an internal allocation of the purchase price which was approved by the separate boards of directors of the Company and Lightstone REIT I. Additionally, in connection with the acquisition, our advisor received an acquisition fee equal to 0.95% of the contractual purchase price of $10.7 million, or approximately $102. The fair value of the assets acquired of $11.9 million exceeded the aggregate cost of $10.7 million, resulting in the recognition of a bargain purchase gain of approximately $1.2 million in the consolidated statements of operations during the second quarter of 2013.

 

The acquisition was funded with $3.7 million in cash and a $7.0 million demand note, or the Demand Note, entered into between our Operating Partnership and Lightstone Value Plus Real Estate Investment Trust, Inc. (“Lightstone REIT I”). The Demand Note was due on demand and bore interest at a floating rate of LIBOR plus 4.95%. We paid $3.0 million of the Demand Note’s balance in June 2013 and repaid the remaining $4.0 million on July 30, 2013.

 

We established a separate taxable REIT subsidiary, or TRS for both the TownePlace Suites - Fayetteville and the TownePlace Suites - Little Rock, respectively, which have each entered into operating lease agreements for each respective hotel. At closing, each TRS entered into a separate management agreement with a management company controlled by the minority owner of each hotel for the management of the respective hotel. Additionally, each TRS entered into a 20-year franchise agreement, or the Franchise Agreement, with Marriott, pursuant to which the TownePlace Suites - Fayetteville and the TownePlace Suites - Little Rock Hotel will both continue to operate as a “TownePlace Suites by Marriott,” which commenced on June 18, 2013.

 

 

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The acquisition of the Arkansas Hotel Portfolio was accounted for under the purchase method of accounting with the Company treated as the acquiring entity. Accordingly, the consideration paid by the Company to complete the acquisition of the Arkansas Hotel Portfolio has been allocated to the assets acquired based upon their estimated fair values as of the date of the acquisition. There was no contingent consideration related to this acquisition. Approximately $2.0 million was allocated to land and improvements, $8.0 million was allocated to building and improvements, and $1.9 million was allocated to furniture and fixtures and other assets.

 

The aggregate capitalization rate for the Arkansas Hotel Portfolio as of the closing of the acquisition was approximately 10.6%. We calculate the capitalization rate for a real property by dividing net operating income of the property by the purchase price of the property, excluding costs. For purposes of this calculation, net operating income is determined using the projected or budgeted net operating income based upon then-current projections. Additionally, net operating income is all gross revenues from the property less all operating expenses, including property taxes and management fees but excluding depreciation.

 

SpringHill Suites - Peabody

 

On July 13, 2012, the Company entered into an Assignment and Assumption of Purchase and Sale Agreement (the “Assignment”) with Lightstone Acquisitions V LLC (the “Assignor”), an affiliate of the Company’s Sponsor.  Under the terms of the Assignment, the Company was assigned the rights and assumed the obligations of the Assignor with respects to certain Purchase and Sale Agreement (the “Purchase Agreement”), dated March 12, 2012, made between the Assignor as the Purchaser and Springhill Peabody HH LLC as the Seller, as amended, whereby the Assignor contracted to purchase a six story, 164-suite, limited services hotel located in Peabody, Massachusetts which operates as a SpringHill Suites by Marriott (the “SpringHill Suites - Peabody”) which was constructed and commenced operations in July 2002.

 

On July 13, 2012, the Company completed the acquisition of the SpringHill Suites - Peabody from the Seller, an unrelated third party.  In connection with the acquisition, the Company assumed the existing Management Agreement with Marriott and simultaneously gave the requisite 30-day notice for early termination, which required the payment of a termination fee (the “Termination Fee”) of approximately $1.2 million to Marriott. Contemporaneously, the Company entered into a 20-year franchise agreement (the “Franchise Agreement”) with Marriott, pursuant to which the SpringHill Suites - Peabody continued to operate as a SpringHill Suites by Marriott commencing on August 11, 2012. The Company has established a TRS, which has entered into an operating lease agreement for the SpringHill Suites - Peabody.  The TRS has also entered into a new management agreement (the “SSH Peabody Management Agreement”) with an unrelated third party for the management of the SpringHill Suites - Peabody which commenced on August 11, 2012.

 

The SSH Peabody Management Agreement has an initial term of one-year and automatically renews for additional one-year terms on the anniversary date provided 60-day advance written notice is not provided by either party. The SSH Peabody Management Agreement provides for (i) a basic management fee equal to 3% of total revenues, (ii) a centralized accounting services fee of $3 per month, subject annual increases based on the consumer price index, and (iii) an incentive management fee equal to 15% of the amount by which gross operating profit, as defined, exceeds a prescribed threshold, subject to a cap of 2.0% of total annual revenues.

 

The aggregate cost for the SpringHill Suites - Peabody was approximately $10.1 million, including the Termination Fee and approximately $0.8 million for a furniture, fixtures and equipment reserve (the “FFE Reserve”) held in escrow by Marriott.  In connection with the acquisition, the Company’s incurred closing and other transaction costs of approximately $0.2 million, including an acquisition fee equal to 0.95% of the contractual purchase price less the Termination Fee, or approximately $85, paid to the Company’s advisor.  The acquisition was funded in part with cash and proceeds from a $5.3 million mortgage obtained by the Company from the Bank of the Ozarks. The FFE Reserve was subsequently released from escrow by Marriott in October 2012 as a result of the termination of the existing Management Agreement.

 

The acquisition was accounted for under the purchase method of accounting with the Company treated as the acquiring entity. Accordingly, the consideration paid by the Company to complete the acquisition has been allocated to the assets acquired based upon their fair values as of the date of the acquisition. The fair value of the assets acquired of $13.6 million exceeded the aggregate cost of $10.1 million, resulting in the recognition of a bargain purchase gain of approximately $3.5 million in the consolidated statements of operations during the third quarter of 2012. There was no contingent consideration related to this acquisition. Approximately $2.8 million was allocated to land, $9.0 million was allocated to building and improvements and $1.0 million was allocated to furniture and fixtures. Additionally, the FFE Reserve was recorded at its cost of approximately $0.8 million.

 

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The capitalization rate for the SpringHill Suites - Peabody as of the closing of the acquisition was 10.5%. We calculate the capitalization rate for a real property by dividing net operating income of the property by the purchase price of the property, excluding costs. For purposes of this calculation, net operating income was determined using the projected or budgeted net operating income of the property based upon then-current projections. Additionally, net operating income is all gross revenues from the property less all operating expenses, including property taxes and management fees but excluding depreciation.

 

Restructuring of Mortgage Loan Secured by a Limited Service Hotel Located in East Rutherford, New Jersey (the “Fairfield Inn – East Rutherford”) and Simultaneous Acquisition of the Hotel.

 

On December 31, 2012, the Company, and LVP East Rutherford, LLC (“LVP East Rutherford”), a newly formed majority-owned subsidiary, entered into a Restructuring Agreement (the “Restructuring Agreement”) with a syndicate of unrelated third-party investors, including Moody National FFI Meadowlands Rollup LLC (collectively, the “Borrowers”) and Moody National FFI Meadowlands MT, LLC (together with the Borrowers, the “Borrower Parties”). The Borrowers were the owners of the Fairfield Inn – East Rutherford, which operates as a Fairfield Inn under a franchise agreement with Marriott International Inc. (“Marriott”) and is managed by an unrelated third party under a management agreement with an initial term that expires in August 2017.

 

Previously, on June 29, 2010, the Company purchased a fixed-rate, nonrecourse mortgage note (the “Loan”) with an original principal balance of $18.7 million for $7.9 million from an unrelated third-party financial institution. The Loan, which was secured by the Fairfield Inn – East Rutherford, had been in default since February 2009 and the carrying value of the Company’s investment in the Loan was approximately $7.0 million as of December 30, 2012. Additionally, during the year ended December 31, 2011, the Company applied $0.1 million of excess cash received to outstanding principal. During the years ended December 31, 2012 and 2011 the Company recognized approximately $0.8 million and $1.0 of interest income, respectively.

 

Under the terms of the Restructuring Agreement, the Borrowers contributed the Fairfield Inn – East Rutherford to LVP East Rutherford and the Borrower Parties and the Company received 17.4% and 82.6%, respectively, of the outstanding common units in LVP East Rutherford. Additionally, the Company issued a promissory note (the “Promissory Note”) in the principal amount of $6.3 million to LVP East Rutherford which is secured by the Fairfield Inn – East Rutherford. The Promissory Note has an initial maturity date of January 6, 2021, bears interest at 9.00%, and requires monthly principal and interest payments pursuant to a 30-year amortization schedule through its stated maturity. LVP East Rutherford also has an option to further extend the maturity of the Promissory Note for two additional one-year periods. Upon consummation of the transactions provided for in the Restructuring Agreement, all existing obligations under the Loan were satisfied in full.

 

On December 31, 2012, the transactions provided for in the Restructuring Agreement were consummated. Simultaneously, the Company purchased an additional 5.1% of the outstanding common units of LVP East Rutherford for $0.1 million from various Borrowers that chose not to participate in the Restructuring Agreement. As a result, the Company holds in the aggregate 87.7% of the outstanding common units of LVP East Rutherford.

 

Under the terms of the operating agreement of LVP East Rutherford, the Company is the majority holder and manager of, and has the ability to make all major decisions regarding, LVP East Rutherford, unless they relate to certain agreements with affiliated parties or amendments to the operating agreement that may adversely affect a minority interest holder in a disproportionate manner to other members of the same class of stock. LVP East Rutherford has two authorized classes of stock consisting of preferred units, none of which have been issued at this time, and common units. Distributions will be first to the preferred units, if any, and then to the common units in proportion to their ownership interests.

 

The Fairfield Inn – East Rutherford, which opened in 1997 and was renovated in 2007, has 141 rooms, including 39 king guestrooms, 89 double/double guestrooms, nine double rooms, and four suites. Located at 850 Paterson Plank Road in East Rutherford, NJ, the Fairfield Inn – East Rutherford is in immediate proximity to Teterboro Airport and Meadowlands Sports Complex, seven miles west of New York City and 15 miles from Newark International Airport.

 

The Company has established a TRS, which has entered into an operating lease agreement for the Fairfield Inn – East Rutherford and a relicensing franchise agreement (the “Franchise Agreement”) with Marriott for the Fairfield Inn – East Rutherford which runs through 2025.

 

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The aggregate cost for the Fairfield Inn – East Rutherford was approximately $7.4 million. The acquisition was accounted for under the purchase method of accounting with the Company treated as the acquiring entity. Accordingly, the consideration paid by the Company to complete the acquisition has been allocated to the assets acquired based upon their fair values as of the date of the acquisition. The fair value of the assets acquired of $11.7 million exceeded the aggregate cost of $7.4 million, resulting in the recognition of a bargain purchase gain of approximately $4.3 million in the consolidated statements of operations during the year ended December 31, 2012. There was no contingent consideration related to this acquisition.

 

Approximately $2.5 million was allocated to land, $8.4 million was allocated to building and improvements and $0.8 million was allocated to furniture and fixtures.

 

The capitalization rate for the Fairfield Inn – East Rutherford as of the closing of the acquisition was 8.0%. We calculate the capitalization rate for a real property by dividing net operating income of the property by the purchase price of the property, excluding costs. For purposes of this calculation, net operating income was determined using the projected or budgeted net operating income of the property based upon then-current projections. Additionally, net operating income is all gross revenues from the property less all operating expenses, including property taxes and management fees but excluding depreciation.

 

TownePlace Suites - Metairie

 

On January 19, 2011, the Company, through LVP Metairie JV, LLC (“LVP Metairie JV”), a joint venture, completed the acquisition of a 95% ownership interest in a four-story, limited service extended-stay hotel located in Harahan, Louisiana (“TownePlace Suites - Metairie”) from Citrus Suites, LLC (the “Seller”). The remaining 5% ownership interest was acquired by TPS Metairie, LLC, an unrelated third party.  During the three months ended March 31, 2011, TPS Metairie LLC contributed $0.7 million to LVP Metairie JV. The TownePlace Suites - Metairie, which has immediate access to the New Orleans Airport, will operate as a “TownePlace Suites” pursuant to a Relicensing Franchise Agreement (“Franchise Agreement”) with Marriott International, Inc. (“Marriott”). The Seller was not affiliated with the Company or its subsidiaries.

 

The aggregate purchase price for the TownePlace Suites - Metairie was approximately $12.2 million, inclusive of closing and other transaction-related costs. Additionally, in connection with the acquisition, the Company’s advisor received an acquisition fee of $0.1 million which was equal to 0.95% of the Company’s proportionate share of the total contract price of $12.0 million, or $11.4 million. The acquisition was funded with cash proceeds from the sale of the Company’s common stock.

 

We established a TRS which has entered into an operating lease agreement for the TownePlace Suites - Metairie. The TRS has also entered into a management agreement (the “TownePlace Suites Management Agreement”) with an unrelated third party for the management of the TownePlace Suites - Metairie, and the Franchise Agreement with Marriott.

 

The capitalization rate for the acquisition of the TownePlace Suites during 2011 was 10.7%. The Company calculates the capitalization rate for real property by dividing the net operating income of the property by the purchase price of the property, excluding costs. For purposes of this calculation, net operating income was determined using the projected or budgeted net operating income of the property based upon then-current projections. Additionally, net operating income is all gross revenues from the property less all operating expenses, including property taxes and management fees but excluding depreciation and amortization.

 

The Company’s interest in LVP Metairie JV is a managing interest. Generally, quarterly distributions have been made, beginning on May 10, 2011, (i) initially, to the Company and TPS Metairie, LLC on a pro rata basis in proportion to each member’s equity interest percentage until an annualized preferred return of 12% is achieved on their invested capital and (ii) thereafter, 85% to the Company and TPS Metairie, LLC pro rata in accordance with their respective ownership interest and 15% to the Sherman Family Trust, a third party related to TPS Metairie, LLC but not related to the Company. Beginning on January 19, 2011, the Company has consolidated the operating results and financial condition of TownePlace Suites and accounted for the ownership interest of TPS Metairie, LLC and any allocations of earnings and distributions to the Sherman Family Trust as noncontrolling interests.

 

During the year ended December 31, 2013, LVP Metairie JV made total distributions of approximately $3,319 ($3,144 and $306 to the Company and TPS Metairie, LLC, respectively). The 2013 distributions consisted of approximately $600 ($561 and $39 to the Company and TPS Metairie LLC, respectively) of annualized preferred returns and approximately $2,719 ($2,583 and $136 to the Company and LVP Metairie LLC, respectively) of return of invested capital. During the year ended December 31, 2012, LVP Metairie JV made total distributions of approximately $6,120 ($5,814 and $306 to the Company and TPS Metairie, LLC, respectively). The 2012 distributions consisted of approximately $1,575 ($1,497 and $78 to the Company and TPS Metairie LLC, respectively) of annualized preferred returns and approximately $4,545 ($4,317 and $228 to the Company and LVP Metairie LLC, respectively) of return of invested capital. The 2012 distributions include the net proceeds from a $6.0 million mortgage loan obtained on March 14, 2012 (see Note 6). During the year ended December 31, 2011, LVP Metairie JV made total distributions of approximately $784 ($745 and $39 to the Company and TPS Metairie, LLC, respectively), all of which related to the annualized preferred return.

 

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The acquisition was accounted for under the purchase method of accounting with the Company treated as the acquiring entity. Accordingly, the consideration paid by the Company to complete the acquisition has been allocated to the assets acquired based upon their fair values as of the date of the acquisition. There was no contingent consideration related to this acquisition.

 

Approximately $1.8 million was allocated to land, $9.7 million was allocated to building and improvements and $0.5 million was allocated to furniture and fixtures.

 

Financial Information

 

The following table provides the total amount of rental revenue and net income included in the Company’s consolidated statements of operations from the TownePlace Suites - Metairie, the SpringHill Suites – Peabody, the Fairfield Inn – East Rutherford and the Arkansas Hotel Portfolio since their respective dates of acquisition for the periods indicated:

 

   For the Years Ended December 31, 
   2013   2012   2011 
Rental revenue  $13,058   $5,942   $2,978 
Net income(1)(2)  $1,084   $8,005   $536 

 

Note:

(1)Includes the $7.9 million bargain purchase gain recorded in the year ended December 31, 2012 in connection with the acquisitions of the SpringHill Suites - Peabody and the Fairfield Inn – East Rutherford.
(2)Includes the approximately $1.3 million bargain purchase gain recorded in the year ended December 31, 2013 in connection with the acquisition of the Arkansas Hotel Portfolio.

 

The following table provides unaudited pro forma results of operations for the periods indicated, as if the TownePlace Suites - Metairie, the SpringHill Suites – Peabody, the Fairfield Inn – East Rutherford and the Arkansas Hotel Portfolio had been acquired at the beginning of the earliest period presented. Such pro forma results are not necessarily indicative of the results that actually would have occurred had these acquisitions been completed on the dates indicated, nor are they indicative of the future operating results of the combined company.

 

   For the Years Ended December 31, 
   2013   2012   2011 
Pro forma rental revenue  $14,699   $15,254   $13,957 
Pro forma net income/(loss) per Company's common share (3)(4)  $295   $115   $(1,123)
Pro forma net income/(loss) per Company's common share, basic and diluted(3)(4)  $0.05   $0.05   $(0.28)

 

Note:

(3)Excludes $7.9 million bargain purchase gain recorded in the year ended December 31, 2012 in connection with the acquisitions of the SpringHill Suites - Peabody and the Fairfield Inn – East Rutherford.
(4)Excludes the approximately $1.3 million bargain purchase gain recorded in the year ended December 31, 2013 in connection with the acquisition of the Arkansas Hotel Portfolio.

 

4.Investments in Unconsolidated Affiliated Entities

 

The entities listed below are or were partially owned by the Company. The Company accounts or accounted for these investments under the equity method of accounting as the Company exercises or exercised significant influence, but does not or did not exercise financial and operating control, and is not or was not considered to be the primary beneficiary of these entities. A summary of the Company’s investments in unconsolidated affiliated entities is as follows:

 

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          As of 
Entity  Date of Ownership  Ownership %   December 31, 2013   December 31, 2012 
Brownmill LLC ("Brownmill")  Various   48.58%  $3,834   $4,076 
LVP Rego Park, LLC ("Rego Park Joint Venture")  April 12, 2011   10.00%   -    1,874 
Total investments in unconsolidated affiliated entities          $3,834   $5,950 

 

Brownmill

 

During 2010, 2011 and 2012, the Company entered into five separate contribution agreements with Lightstone Holdings LLC (‘‘LGH’’), a wholly-owned subsidiary of the Company’s Sponsor, pursuant to which LGH contributed to the Company an approximate aggregate 48.6% equity interest (34.4%, 5.6% and 8.6% in 2010, 2011 and 2012, respectively) in Brownmill in order to fulfill the Sponsor’s semi-annual commitment to purchase Subordinated Profits Interests with cash or contributed property. In exchange, the Company issued an aggregate of 48 units (33, 6 and 9 in 2010, 2011 and 2012, respectively) of Subordinated Profits Interests, at $100,000 per unit (at an aggregate total value of $4.8 million, of which $3.3 million, $0.6 million and $0.9 million were in 2010, 2011 and 2012, respectively), to Lightstone SLP II LLC.

 

The aggregate fair value of the Company’s 48.6% interest in Brownmill, based on estimated fair values as of the effective dates of the applicable contributions, was approximately $15.5 million, of which $4.8 million was in the form of equity and $10.7 million was in the form of mortgage indebtedness.

 

As a result of these contributions in exchange for Subordinated Profit Interests, as of December 31, 2013, the Company owns a 48.6% membership interest in Brownmill. The Company’s interest in Brownmill is a non-managing interest. An affiliate of the Company’s Sponsor is the majority owner and manager of Brownmill. Profit and cash distributions are allocated in accordance with each investor’s ownership percentage. The Company recorded its investment in Brownmill in accordance with the equity method of accounting. Accordingly, its portion of Brownmill’s total indebtedness is not included in the investment. In connection with the contributions of the ownership interests in Brownmill, the Company did not incur any transactions fees. During the years ended December 31, 2013 and 2012, Brownmill made distributions of $150 and $300, respectively, to its members, of which the Company’s share was $73 and $135, respectively. Brownmill did not make distributions during the years ended December 31, 2011.

 

Brownmill owns two retail properties known as Browntown Shopping Center, located in Old Bridge, New Jersey, and Millburn Mall, located in Vauxhaull, New Jersey, which collectively, are referred to as the “Brownmill Properties.”

 

Brownmill Condensed Financial Information

 

The Company’s carrying value of its interest in Brownmill differs from its share of member’s equity reported in the condensed balance sheet of Brownmill due to the Company’s basis of its investment in excess of the historical net book value of Brownmill. The Company’s additional basis allocated to depreciable assets is being recognized on a straight-line basis over the lives of the appropriate assets.

 

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The following table represents the unaudited condensed income statement for Brownmill for the period indicated:

 

   For the Year
Ended December
31, 2013		   For the Year
Ended December
31, 2012		   For the Year
Ended December
31, 2011		 
Revenue  $3,551   $3,682   $3,821 
                
Property operating expenses   1,377    1,361    1,723 
Depreciation and amortization   840    862    824 
                
Operating income   1,334    1,459    1,274 
                
Interest expense and other, net   (1,151)   (1,179)   (1,178)
                
Net income  $183   $280   $96 
                
Company's share of net income  $89   $122   $23 
                
Additional depreciation and amortization expense (1)   (259)   (283)   (243)
                
Company's loss from investment  $(170)  $(161)  $(220)

 

1.Additional depreciation and amortization expense relates to the amortization of the difference between the cost of the interest in Brownmill and the amount of the underlying equity in net assets of Brownmill.

 

The following table represents the unaudited condensed balance sheet for Brownmill:

 

   As of   As of 
   December 31, 2013   December 31, 2012 
         
Real estate, at cost (net)  $16,039   $16,760 
Cash and restricted cash   1,530    947 
Other assets   1,363    1,602 
Total assets  $18,932   $19,309 
           
Mortgage payable  $20,700   $21,159 
Other liabilities   588    540 
Members' deficiency   (2,356)   (2,390)
Total liabilities and members' deficiency  $18,932   $19,309 

 

CP Boston Joint Venture

 

On March 21, 2011, the Company and its Sponsor’s other public program, Lightstone Value Plus Real Estate Investment Trust, Inc. (“Lightstone REIT I”), acquired, through LVP CP Boston Holdings, LLC (the “CP Boston Joint Venture) a 366-room, eight-story, full-service hotel and a 65,000 square foot water park located at 50 Ferncroft Road, Danvers, Massachusetts from WPH Boston, LLC, an unrelated third party, for an aggregate purchase price of approximately $10.1 million, excluding closing and other related transaction costs. The Company and Lightstone REIT I had 20.0% and 80.0% joint venture ownership interests, respectively, in the CP Boston Joint Venture and the Company’s share of the aggregate purchase price was approximately $2.0 million. Additionally, in connection with the acquisition, the Company’s Advisor received an acquisition fee equal to 0.95% of the acquisition price, or approximately $19.

 

On February 20, 2012, the Company completed the disposition of its 20.0% joint venture ownership interest in the CP Boston Joint Venture with an effective date of January, 1, 2012, to subsidiaries of Lightstone REIT I, which now owns 100.0% of the CP Boston Joint Venture. Under the terms of the agreement, the Company received approximately $3.0 million in total consideration, consisting of approximately $0.6 million of cash and a $2.4 million unsecured 10.0% interest-bearing demand note (the “Lightstone REIT I Note”) from the operating partnership of Lightstone REIT I. The Company received a principal paydown of $60 during the year ended December 31, 2012 and the remaining outstanding balance of the Lightstone REIT I Note of $2,340 was repaid in full in June 2013. During the years ended December 31, 2013 and 2012, the Company recognized $105 and $240 of interest income on the Lightstone REIT I Note, respectively.

 

In connection with the disposition of its 20.0% joint venture ownership interest in the CP Boston Joint Venture, the Company recognized a gain on disposition of investment in unconsolidated affiliated entity of $0.7 million in its consolidated statements of operations during the first quarter of 2012.

 

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The Company’s 20.0% joint venture ownership interest in the CP Boston Joint Venture was a non-managing interest, which it accounted for in accordance with the equity method of accounting from the date of acquisition through the date of disposition.

 

CP Boston Joint Venture Financial Information

 

The following table represents the unaudited condensed income statement for the CP Boston Joint Venture for the period indicated:

 

   For the Period March
21, 2011 through
December 31, 2011		 
Revenue  $10,919 
      
Property operating expenses   10,684 
Franchise cancellation expense   1,235 
Depreciation and amortization   288 
Operating loss   (1,288)
Other income   17 
      
Net loss  $(1,271)
      
Company's share of net loss  $(254)

 

Rego Park Joint Venture

 

On April 12, 2011, LVP Rego Park, LLC, (“the Rego Park Joint Venture”) a joint venture in which the Company and Lightstone REIT I have 10% and 90%, ownership interests, respectively, acquired a $19.5 million, nonrecourse second mortgage note (the “Second Mortgage Loan”) for approximately $15.1 million from Kelmar Company, LLC (the “Seller”), an unaffiliated third party. The purchase price reflects a discount of approximately $4.4 million to the outstanding principal balance. The Company’s share of the aggregate purchase price was approximately $1.5 million. The Company accounts for its investment in the Rego Park Joint Venture in accordance with the equity method of accounting.

 

The Second Mortgage Loan was originated by the Seller in May 2008 with an original principal balance of $19.5 million, was due May 31, 2013 and was collateralized by a 417 unit apartment complex located in Queens, New York. The Second Mortgage Loan bore interest at a fixed rate of 5.0% per annum with monthly interest only payments of approximately $0.1 million through maturity. The Rego Park Joint Venture accreted the discount using the effective interest rate method through maturity. On June 27, 2013 all amounts due to the Rego Park Joint Venture related to the Second Mortgage Loan were repaid in full.

 

During the year ended December 31, 2013, the Rego Park Joint Venture made aggregate distributions of approximately $21.0 million to its members, of which the Company’s share was approximately $2.1 million. These distributions included the final distribution of the Rego Park Joint Venture assets and as of December 31, 2013 the Company no longer had any investment in the Rego Park Joint Venture.

 

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Rego Park Joint Venture Financial Information

 

The following table represents the unaudited condensed income statement for the Rego Park Joint Venture for the period indicated:

 

   For the Year
ended
December
31, 2013		   For the Year
ended
December 31,
2012		   For the Period
April 12, 2011
through
December 31,
2011		 
             
Operating expenses  $3   $5   $202 
Operating loss   (3)   (5)   (202)
Interest income   1,725    3,203    2,068 
Net income  $1,722   $3,198   $1,866 
Company's share of net income before adjustment  $172   $320   $187 
Basis adjustment on mortgage loan   (16)   -    - 
Company's share of net income  $156   $320   $187 

 

The following table represents the unaudited condensed balance sheet for Rego Park Joint Venture:

 

   As of 
   December 31, 2012 
      
Cash and restricted cash  $91 
Mortgage note receivable, net   18,443 
Other assets   45 
Total assets  $18,579 
      
Members' capital  $18,579 
Total liabilities and members' capital  $18,579 

 

5.Marketable Securities and Fair Value Measurements

 

Marketable Securities:

 

The following is a summary of the Company’s available for sale securities as of the dates indicated:

 

   As of December 31, 2013 
   Adjusted Cost   Gross Unrealized Gains   Gross Unrealized
Losses		   Fair Value 
Equity Securities  $7,735   $399   $    $8,134 

 

   As of December 31, 2012 
   Adjusted Cost   Gross Unrealized Gains   Gross Unrealized
Losses		   Fair Value 
Equity Securities  $7,915   $229   $-   $8,144 

 

The Company has access to a margin loan from a financial institution that holds custody of certain of the Company’s marketable securities. The margin loan is collateralized by the marketable securities in the Company’s account. The amounts available to the Company under the margin loan are at the discretion of the financial institution and not limited to the amount of collateral in its account. The margin loan bears interest at libor plus 0.85% (1.02% at December 31, 2013) and interest expense on the margin loan was $24 and $34 for the years ended December 31, 2013 and 2012, respectively.

 

When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, and the Company’s intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment’s amortized cost basis. As of December 31, 2013 and 2012, the Company did not recognize any impairment charges.

 

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Fair Value Measurements

 

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.

 

The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value:

 

•Level 1 – Quoted prices in active markets for identical assets or liabilities.

 

•Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

 

•Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

 

As of December 31, 2013 all of the Company’s equity securities were classified as Level 1 assets and there were no transfers between the level classifications. The Company did not have any other significant financial assets or liabilities, which would require revised valuations that are recognized at fair value.

 

6.Mortgages Payable

 

Mortgages payable consisted of the following:

 

                 Loan Amount Outstanding 
Description  Interest Rate  Weighted
Average
Interest Rate
as of December
31, 2013		   Maturity
Date		  Amount Due
at Maturity		   As of
 December 31,
2013		   As of
December 31,
2012		 
                       
TownePlace Suites Mortgage, secured by TownePlace Suites - Metairie  Libor plus 3.75%, subject to 6.00% floor               $-   $5,923 
                           
SpringHill Suites Hotel Mortgage, secured by SpringHill Suites - Peabody  Libor plus 3.75%, subject to 5.75% floor                -    5,234 
                           
Promissory Note, secured by four properties  4.94%   4.94%  August 2018  $21,754    24,260    - 
       4.94%          $24,260   $11,157 

 

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Promissory Note

 

On July 29, 2013, the Company, through certain subsidiaries, entered into a promissory note (the “Promissory Note”) with Barclays Bank PLC (“Barclays”) for approximately $24.4 million.  The Promissory Note has a term of five years with a maturity date of August 6, 2018, bears interest at 4.94%, and requires monthly principal and interest payments of approximately $142 through its stated maturity. 

 

The Promissory Note is cross-collateralized by four hotel properties consisting of the SpringHill Suites - Peabody, the TownePlace Suites - Metairie and the Arkansas Hotel Portfolio.

 

Approximately $11.1 million of the financing proceeds were used to repay the outstanding balances on two mortgages secured by the TownePlace Suites - Metairie and the SpringHill Suites - Peabody and $4.0 million was used to repay the remaining outstanding balance of the Demand Note due to Lightstone REIT I. Additionally, approximately $1.0 million was held in escrow and is reserved for property improvements, repairs and real estate taxes and the Company paid approximately $400 in fees.

 

Principal Maturities

 

The following table, based on the initial terms of the mortgages, sets forth their aggregate estimated contractual principal maturities, including balloon payments due at maturity, as of December 31, 2013:

 

   2014   2015   2016   2017   2018   Thereafter   Total 
Principal maturities  $499   $524   $548   $580   $22,109   $-   $24,260 

 

Debt Compliance

 

Pursuant to the Company’s debt agreements, approximately $1.3 million was held in restricted escrow accounts as of December 31, 2013. Such escrows are subject to release in accordance with the applicable debt agreement for the payment of real estate taxes, insurance and capital improvements, as required. Certain of our debt agreements also contain clauses providing for prepayment penalties and require the maintenance of certain ratios, including debt service coverage. The Company is currently in compliance with respect to all of its debt covenants.

 

7. Selling Commission, Dealer Manager Fees and Other Offering Costs

 

Selling commissions and dealer manager fees are paid to the Dealer Manager, pursuant to various agreements, and other third-party offering expenses such as registration fees, due diligence fees, marketing costs, and professional fees are accounted for as a reduction against additional paid-in capital (“APIC”) as costs are incurred. Any organizational costs are accounted for as general and administrative costs. The following table represents the selling commissions and dealer manager and other offering costs for the periods indicated:

 

   For the Years Ended December 31, 
   2013   2012   2011 
             
Selling commissions and dealer manager fees  $2,023   $715   $943 
Other offering costs  $1,937   $1,495   $1,611 

 

Since commencement of its Offering through December 31, 2013, the Company has incurred approximately $7.3 million in selling commissions and dealer manager fees and $7.9 million of other offering costs.

 

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8. Subscription Receivable

 

The subscription receivable relates to shares issued to the Company’s shareholders for which the proceeds have not yet been received by the Company solely due to a fact of timing of transfers from the escrow agent holding the funds.

 

9. Financial Instruments

 

The carrying amounts of cash and cash equivalents, restricted escrows, accounts receivable (included in other assets in the consolidated balance sheet), note receivable from affiliate, accounts payable and accrued expenses and the margin loan approximate their fair values as of December 31, 2013 because of the short maturity of these instruments.

 

10. Stockholder’s Equity

 

Preferred Shares

 

Shares of preferred stock may be issued in the future in one or more series as authorized by the Company’s Board of Directors. Prior to the issuance of shares of any series, the Board of Directors is required by the Company’s charter to fix the number of shares to be included in each series and the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each series. Because the Company’s Board of Directors has the power to establish the preferences, powers and rights of each series of preferred stock, it may provide the holders of any series of preferred stock with preferences, powers and rights, voting or otherwise, senior to the rights of holders of our common stock. The issuance of preferred stock could have the effect of delaying, deferring or preventing a change in control of the Company, including an extraordinary transaction (such as a merger, tender offer or sale of all or substantially all of our assets) that might provide a premium price for holders of the Company’s common stock. To date, the Company had no outstanding preferred shares.

 

Common Shares

 

All of the common stock being offered by the Company will be duly authorized, fully paid and nonassessable. Subject to the preferential rights of any other class or series of stock and to the provisions of its charter regarding the restriction on the ownership and transfer of shares of our stock, holders of the Company’s common stock will be entitled to receive distributions if authorized by the Board of Directors and to share ratably in the Company’s assets available for distribution to the stockholders in the event of a liquidation, dissolution or winding-up.

 

Each outstanding share of the Company’s common stock entitles the holder to one vote on all matters submitted to a vote of stockholders, including the election of directors. There is no cumulative voting in the election of directors, which means that the holders of a majority of the outstanding common stock can elect all of the directors then standing for election, and the holders of the remaining common stock will not be able to elect any directors.

 

Holders of the Company’s common stock have no conversion, sinking fund, redemption or exchange rights, and have no preemptive rights to subscribe for any of its securities. Maryland law provides that a stockholder has appraisal rights in connection with some transactions. However, the Company’s charter provides that the holders of its stock do not have appraisal rights unless a majority of the Board of Directors determines that such rights shall apply. Shares of the Company’s common stock have equal dividend, distribution, liquidation and other rights.

 

Under its charter, the Company cannot make any material changes to its business form or operations without the approval of stockholders holding at least a majority of the shares of our stock entitled to vote on the matter. These include (1) amendment of its charter, (2) its liquidation or dissolution, (3) its reorganization, and (4) its merger, consolidation or the sale or other disposition of its assets. Share exchanges in which the Company is the acquirer, however, do not require stockholder approval.

 

Distributions

 

U.S. federal income tax law requires that a REIT distribute annually at least 90% of its REIT taxable income (which does not equal net income, as calculated in accordance with GAAP) determined without regard to the deduction for dividends paid and excluding any net capital gain. In order to continue to qualify for REIT status, we may be required to make distributions in excess of cash available.

 

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Distributions will be at the discretion of our Board of Directors. We commenced quarterly distributions beginning with the fourth quarter of 2009 and we have generally used cash proceeds from the sale of shares of our common stock to fund such distributions. We may continue to pay such distributions from the sale of shares of our common stock or borrowings if we do not generated sufficient cash flow from our operations to fund distributions. Our ability to pay regular distributions and the size of these distributions will depend upon a variety of factors. For example, our borrowing policy permits us to incur short-term indebtedness, having a maturity of two years or less, and we may have to borrow funds on a short-term basis to meet the distribution requirements that are necessary to achieve the tax benefits associated with qualifying as a REIT. We cannot assure that regular distributions will continue to be made or that we will maintain any particular level of distributions that we have established or may establish.

 

We are an accrual basis taxpayer, and as such our REIT taxable income could be higher than the cash available to us. We may therefore borrow to make distributions, which could reduce the cash available to us, in order to distribute 90% of our REIT taxable income as a condition to our election to be taxed as a REIT. These distributions made with borrowed funds may constitute a return of capital to stockholders. “Return of capital” refers to distributions to investors in excess of net income. To the extent that distributions to stockholders exceed earnings and profits, such amounts constitute a return of capital for U.S. federal income tax purposes, although such distributions might not reduce stockholders’ aggregate invested capital. Because our earnings and profits are reduced for depreciation and other non-cash items, it is likely that a portion of each distribution will constitute a tax-deferred return of capital for U.S. federal income tax purposes.

 

On March 30, 2009, our Board of Directors declared the Annualized Distribution Rate for each quarterly period commencing 30 days subsequent to achieving the minimum offering of 500,000 shares of common stock. The distribution is calculated based on stockholders of record each day during the applicable period at a rate of $0.00178082191 per share per day, and equals a daily amount that, if paid each day for a 365-day period, would equal a 6.5% annualized rate based on the share price of $10.00.

 

At the beginning of October 2009, we achieved our minimum offering of 500,000 shares of common stock and on November 3, 2009, our Board of Directors declared our first quarterly distribution at an annualized distribution rate (the “Annualized Distribution Rate”) for the three-month period ending December 31, 2009. Subsequently, our Board of Directors has declared regular quarterly distributions at the Annualized Distribution Rate

 

Total distributions declared during the years ended December 31, 2013, 2012 and 2011 were $4.1 million, $3.3 million and $2.6 million, respectively.

 

On March 28, 2014, the our Board of Directors declared the quarterly distribution for the three-month period ended March 31, 2014 in the amount of $0.00178082191 per share per day payable to stockholders of record on the close of business each day during the quarter, which will be paid on April 15, 2014.

 

Our stockholders have the option to elect the receipt of shares of common stock in lieu of cash under our DRIP.

 

The amount of distributions to be paid to our stockholders in the future will be determined by our Board of Directors and are dependent on a number of factors, including funds available for payment of distributions, our financial condition, capital expenditure requirements and annual distribution requirements needed to maintain our status as a REIT under the Code.

 

Equity Compensation Plans

 

The Company’s Employee and Director Incentive Restricted Share Plan provides for grants of awards to its directors, officers and full-time employees (in the event the Company ever has employees), full-time employees of its advisor and its affiliates, full-time employees of entities that provide services to it, directors of its advisor or of entities that provide services to it, certain of its consultants and certain consultants to the advisor and its affiliates or to entities that provide services to it. Such awards shall consist of restricted shares.

 

Restricted share awards entitle the recipient to common shares from us under terms that provide for vesting over a specified period of time or upon attainment of pre-established performance objectives. Such awards would typically be forfeited with respect to the unvested shares upon the termination of the recipient’s employment or other relationship with the Company. Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares may receive cash dividends prior to the time that the restrictions on the restricted shares have lapsed. Any dividends payable in common shares shall be subject to the same restrictions as the underlying restricted shares.

 

On March 30, 2012, our Board of Directors approved the termination of our stock option plan. The stock option plan was terminated by our Board of Directors as a result of a request from a state securities regulator. Prior to its termination, we had adopted a stock option plan under which our independent directors were eligible to receive annual nondiscretionary awards of nonqualified stock options. We had authorized and reserved 75,000 shares of our common stock for issuance under our stock option plan, which shares are no longer reserved for such purpose.

 

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11. Noncontrolling Interests

 

The noncontrolling interests consist of (i) parties of the Company that hold units in the Operating Partnership and (ii) certain interests in LVP Metairie JV, LVP East Rutherford, LVP TPS Little Rock Holdings LLC and LVP TPS Fayetteville Holdings LLC which are not owned by the Company. The units include Subordinated Profits Interests, limited partner units, and Common Units. With respect to the units in the Operating Partnership, the noncontrolling interest in the Company’s consolidated balance sheets as of December 31, 2013 and 2012 include (i) the 2,000 limited partner units held by the Advisor and (ii) 64 and 50 Subordinated Profits Interests units held by Lightstone SLP II LLC as of December 31, 2013 and 2012, respectively.

 

Share Description

 

See Notes 1 and 3 for discussion of rights related to LVP Metairie JV, LVP East Rutherford, LVP TPS Little Rock Holdings LLC, LVP TPS Fayetteville Holdings LLC and Subordinated Profits Interests, respectively. The limited partner and Common Units of the Operating Partnership have similar rights as those of the Company’s stockholders including distribution rights.

 

Distributions

 

During the year ended December 31, 2013, 2012 and 2011, the Company paid distributions to noncontrolling interests in LVP Metairie JV of $175, $306 and $39, respectively.

 

12. Related Party Transactions  

 

The Company has agreements with the Dealer Manager, Advisor and Property Managers to pay certain fees, as follows, in exchange for services performed by these entities and other affiliated entities. The Company’s ability to secure financing and subsequent real estate operations are dependent upon its Advisor, Property Managers and their affiliates to perform such services as provided in these agreements.

 

Fees   Amount
Selling Commission  

The Dealer Manager will be paid up to 7% of the gross offering proceeds before reallowance of commissions earned by participating broker-dealers. Selling commissions are expected to be approximately $21.0 million if the maximum offering of 30.0 million shares of common stock are sold under our Follow-On Offering. From our inception through December 31, 2013, approximately $4.9 million of selling commissions have been incurred. 

     
Dealer Management Fee  

The Dealer Manager will be paid up to 3% of gross offering proceeds before reallowance to participating broker-dealers. The estimated dealer management fee is expected to be approximately $9.0 million if the maximum offering of 30.0 million shares of common stock are sold under our Follow-On Offering. From our inception through December 31, 2013, approximately $2.4 million of dealer management fees have been incurred. 

     
Reimbursement of Offering Expenses   Reimbursement of all selling commissions and dealer management fees indicated above, are estimated at approximately $30.0 million if the maximum offering of 30.0 million shares of common stock are sold under our Follow-On Offering. The Company will sell Subordinated Profits Interests to Lightstone SLP II LLC for either cash or interests in real property of equivalent value, at the Sponsor’s option. The proceeds received from the cash sale of Subordinated Profits Interests, if any, will be used to pay the dealer manager fees and selling commissions, except to the extent that the proceeds from the sale of the Subordinated Profits Interests exceed the dealer manager fees and selling commissions, the Company will apply the remaining proceeds to pay for organizational and offering expenses.

 

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 Fees   Amount
     
Acquisition Fee  

The Advisor will be paid an acquisition fee equal to 0.95% of the gross contractual purchase price (including any mortgage assumed) of each property purchased. The Advisor will also be reimbursed for expenses that it incurs in connection with the purchase of a property. The Company anticipates that acquisition expenses will be 0.45% of a property’s purchase price, and acquisition fees and expenses are capped at 5% of the gross contract purchase price of the property. The actual amounts of these fees and reimbursements depend upon results of operations and, therefore, cannot be determined at the present time. However, $11.3 million may be paid as an acquisition fee and for the reimbursement of acquisition expenses if the maximum offering of 30.0 million shares of common stock are sold under our Follow-On Offering, assuming aggregate long-term permanent leverage of approximately 75%. 

     

Property Management –  Residential/Retail/

Hospitality

  

The Property Manager will be paid a monthly management fee of up to 5% of the gross revenues from residential, hospitality and retail properties. The Company may pay the Property Managers a separate fee for the one-time initial rent-up or leasing-up of newly constructed properties in an amount not to exceed the fee customarily charged in arm’s length transactions by others rendering similar services in the same geographic area for similar properties as determined by a survey of brokers and agents in such area. 

     

Property Management – 

Office/Industrial

  

The Property Manager s will be paid monthly property management and leasing fees of up to 4.5% of gross revenues from office and industrial properties. In addition, the Company may pay the Property Managers a separate fee for the one-time initial rent-up or leasing-up of newly constructed properties in an amount not to exceed the fee customarily charged in arm’s length transactions by others rendering similar services in the same geographic area for similar properties as determined by a survey of brokers and agents in such area. 

     
Asset Management Fee  

The Advisor or its affiliates will be paid an asset management fee of 0.95% of the Company’s average invested assets, as defined, payable quarterly in an amount equal to 0.2375 of 1% of average invested assets as of the last day of the immediately preceding quarter. 

     
Reimbursement of Other expenses  

For any year in which the Company qualifies as a REIT, the Advisor must reimburse the Company for the amounts, if any, by which the total operating expenses, the sum of the advisor asset management fee plus other operating expenses paid during the previous fiscal year exceed the greater of 2% of average invested assets, as defined, for that fiscal year, or, 25% of net income for that fiscal year. Items such as property operating expenses, depreciation and amortization expenses, interest payments, taxes, non-cash expenditures, the special liquidation distribution, the special termination distribution, organization and offering expenses, and acquisition fees and expenses are excluded from the definition of total operating expenses, which otherwise includes the aggregate expense of any kind paid or incurred by the Company.

 

The Advisor or its affiliates will be reimbursed for expenses that may include costs of goods and services, administrative services and non-supervisory services performed directly for the Company by independent parties.

 

Lightstone SLP II, LLC has and will purchase Subordinated Profits Interests in the Operating Partnership. These Subordinated Profits Interests, the purchase price of which will be repaid only after stockholders receive a stated preferred return and their net investment, may entitle Lightstone SLP II, LLC to a portion of any regular distributions made by the Operating Partnership. There have been no distributions to date. Any future distributions will be paid at a 7% annualized rate of return to Lightstone SLP II, LLC and will always be subordinated until stockholders receive a stated preferred return, as described below.

 

The Subordinated Profits Interests may also entitle Lightstone SLP II, LLC to a portion of any liquidating distributions made by the Operating Partnership. The value of such distributions will depend upon the net sale proceeds upon the liquidation of the Company and, therefore, cannot be determined at the present time. Liquidating distributions to Lightstone SLP II, LLC will always be subordinated until stockholders receive a distribution equal to their initial investment plus a stated preferred return, as described below:

 

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Liquidating Stage Distributions   Amount of Distribution
7% Stockholder Return Threshold   Once stockholders have received liquidation distributions, and a cumulative non-compounded 7% return per year on their initial net investment, Lightstone SLP, LLC will receive available distributions until it has received an amount equal to its initial purchase price of the Subordinated Profits Interests plus a cumulative non-compounded return of 7% per year.
     
Returns in Excess of 7%   Once stockholders have received liquidation distributions, and a cumulative non-compounded return of 7% per year on their initial net investment, 70% of the aggregate amount of any additional distributions from the Operating Partnership will be payable to the stockholders, and 30% of such amount will be payable to Lightstone SLP II, LLC, until a 12% return is reached.
     
Returns in Excess of 12%   After stockholders and Lightstone SLP II, LLC have received liquidation distributions, and a cumulative non-compounded return of 12% per year on their initial net investment, 60% of any remaining distributions from the Operating Partnership will be distributable to stockholders, and 40% of such amount will be payable to Lightstone SLP II, LLC.

 

Operating Stage Distributions   Amount of Distribution
7% stockholder Return Threshold   Once a cumulative non-compounded return of 7% return on their net investment is realized by stockholders, Lightstone SLP II, LLC is eligible to receive available distributions from the Operating Partnership until it has received an amount equal to a cumulative non-compounded return of 7% per year on the purchase price of the Subordinated Profits Interests. “Net investment” refers to $10 per share, less a pro rata share of any proceeds received from the sale or refinancing of the Company’s assets.
     
Returns in excess of 7%   Once a cumulative non-compounded return of 7% per year is realized by stockholders on their net investment, 70% of the aggregate amount of any additional distributions from the Operating Partnership will be payable to the stockholders, and 30% of such amount will be payable to Lightstone SLP II, LLC until a 12% return is reached.
     
Returns in Excess of 12%   After the 12% return threshold is realized by stockholders and Lightstone SLP II, LLC, 60% of any remaining distributions from the Operating Partnership will be distributable to stockholders, and 40% of such amount will be payable to Lightstone SLP II, LLC.

 

In addition to certain related party payments made to the Dealer Manager (see Note 7), the Company also has agreements with the Advisor and the Property Managers and their affiliates to perform such services as provided in these agreements. 

 

The following table represents the fees incurred associated with the payments to the Company’s Advisor and Property Manager for the periods:

 

   For the Years Ended December 31, 
   2013   2012   2011 
Acquisition fees  $102   $85   $141 
Asset management fees   114    346    268 
Development fees   78    -    - 
Total  $294   $431   $409 

 

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Pursuant to an Advisory Agreement, our Advisor is entitled to receive an asset management fee equal to 0.95% of our average invested assets, as defined. The asset management fee is payable quarterly and based on balances as of the end of each month in the quarterly period. Commencing with the quarter ended June 30, 2013, the Advisor has elected to waive or reduce its quarterly asset management fee to the extent our non-GAAP measure modified funds from operations available, or MFFO, as defined by the Investment Program Association, or IPA, for the preceding twelve months period ending on the last day of the current quarter is less than the distributions declared with respect to the same twelve month period. As a result, asset management fees of $0.4 million were waived by the Advisor during the year ended December 31, 2013.

 

As of December 31, 2013, the Company owns a 48.6% membership interest in Brownmill. Affiliates of the Company’s Sponsor are the majority owners and manager of Brownmill. See Note 4.

 

Other Related Party Transactions

 

From time to time, the Company purchases title insurance from an agent in which our Sponsor owns a 50% limited partnership interest. Because this title insurance agent receives significant fees for providing title insurance, our Advisor may face a conflict of interest when considering the terms of purchasing title insurance from this agent. However, prior to the purchase by the Company of any title insurance, an independent title consultant with more than 25 years of experience in the title insurance industry reviews the transaction, and performs market research and competitive analysis on our behalf. This process results in terms similar to those that would be negotiated at an arm’s length basis. During the years ended December 31, 2013, 2012 and 2011, the Company has paid approximately $106, $32 and $0 in fees to this title insurance agent, respectively.

 

13. Commitments and Contingencies

 

Legal Proceedings 

 

From time to time in the ordinary course of business, the Company may become subject to legal proceedings, claims or disputes.

  

As of the date hereof, the Company is not a party to any material pending legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on its results of operations or financial condition, which would require accrual or disclosure of the contingency and possible range of loss. Additionally, the Company has not recorded any loss contingencies related to legal proceedings in which the potential loss is deemed to be remote.

 

14. Quarterly Financial Data (Unaudited)    

 

The following table presents selected unaudited quarterly financial data for each quarter during the year ended December 31, 2013 and 2012:

 

   2013 
   Year ended   Quarter ended     Quarter ended   Quarter ended   Quarter ended 
   December 31,   December 31,   September 30,   June 30,   March 31, 
                     
Total revenue  $13,058   $3,335   $4,092   $3,308   $2,323 
                          
Operating income/(loss)  $541   $26   $490   $314   $(289)
                          
Net income /(loss) (a)  $1,370   $(238)  $202   $1,535   $(129)
                          
Less (income)/loss attributable to noncontrolling interests   (40)   16    (1)   (66)   11 
                          
Net income/(loss) applicable to Company's common shares  $1,330   $(222)  $201   $1,469   $(118)
                          
Net income/(loss) per common share, basic and diluted  $0.21   $(0.03)  $0.03   $0.25   $(0.02)

 

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(a)Net income for the year ended December 31, 2013 includes a bargain purchase gain of $1.2 million in the 2nd quarter of 2013 in connection with the purchase of the Arkansas Hotel Portfolio. (See Note 3)

 

   2012 
   Year ended   Quarter ended     Quarter ended   Quarter ended   Quarter ended 
   December 31,   December 31,   September 30,   June 30,   March 31, 
                     
Total revenue  $5,942   $1,917   $2,116   $952   $957 
                          
Operating (loss)/income  $(114)  $(308)  $216   $(96)  $74 
                          
Net income  (b)  $9,764   $4,627   $3,828   $248   $1,061 
                          
Less income attributable to noncontrolling interests   (555)   (512)   (13)   (13)   (17)
                          
Net income applicable to Company's common shares  $9,209   $4,115   $3,815   $235   $1,044 
                          
Net income/(loss) per common share, basic and diluted  $1.84   $0.78   $0.74   $0.05   $0.22 

 

(b)Net income for the year ended December 31, 2012 includes a bargain purchase gain of $7.8 million which includes a bargain purchase gain recorded in the 4th quarter of 2012 of $4.3 million in connection with the purchase of the Fairfield Inn – East Rutherford and a bargain purchase gain recorded in the 3rd quarter of 2012 of $3.5 million in connection with the purchase of the SpringHill Suites - Peabody. (See Note 3)

 

15. Subsequent Events

 

Distribution Declaration

 

On March 28, 2014, the Company’s Board of Directors declared the quarterly distribution for the three-month period ended March 31, 2014, in the amount of $0.00178082191 per share per day, and will equal a daily amount that, if paid each day for a 365-day period, would equal a 6.5% annualized rate based on a share price of $10.00. The distribution will be paid in cash on April 15, 2014 to shareholders of record as of March 31, 2014. The shareholders have an option to elect the receipt of shares under our DRIP.

 

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Schedule III

Real Estate and Accumulated Depreciation

December 31, 2013

 

               Gross amount at which             
       Initial Cost  (A)       carried at end of period             
   Encumbrance   Land   Buildings and
Improvements		   Net Costs
Capitalized &
Impairments
Subsequent to
Acquisition		   Land and
Improvements		   Buildings and
Improvements		   Total (B)   Accumulated
Depreciation (C)		   Date Acquired   Depreciable
Life (D)		 
                                         
TownePlace Suites Hotel Harahan, LA  $9,438   $1,800   $10,484   $1,860   $1,800   $12,344   $14,144   $(1,063)   1/19/2011    (D) 
                                                   
SpringHill Suites Hotel Peabody, MA   8,097    2,126    10,624    2,473    2,160    13,063    15,223    (994)   7/13/2012    (D) 
                                                   
Fairfield Inn East Rutherford, NJ   -    2,945    8,743    3,710    2,945    12,453    15,398    (356)   12/31/2012    (D) 
                                                   
TownePlace Suites Hotel Johnson, AR   2,980    990    4,710    -    990    4,710    5,700    (126)   6/18/2013    (D) 
                                                   
TownePlace Suites Hotel Little Rock, AR   3,745    1,037    5,220    35    1,047    5,245    6,292    (131)   6/18/2013    (D) 
                                                   
Total  $24,260   $8,898   $39,781   $8,078   $8,942   $47,815   $56,757   $(2,670)          

 

Notes to Schedule III:

 

(A) The initial cost to the Company represents the original purchase price of the property, including (i) bargain purchase gains recorded in connection with the acquisition and (ii) amounts incurred subsequent to acquisition which were contemplated at the time the property was acquired.

 

(B) Reconciliation of total real estate owned:

 

   2013   2012   2011 
                
Balance at beginning of year  $37,336   $12,514   $- 
Acquisitions, at cost   10,694    16,581    12,284 
Acquisitions, bargain purchase gain   1,263    7,857    - 
Improvements   7,464    384    230 
                
Balance at end of year  $56,757   $37,336   $12,514 

 

(C) Reconciliation of accumulated depreciation:

 

   For the years ended December 31, 
   2013   2012   2011 
                
Balance at beginning of year  $850   $293   $- 
Depreciation expense   1,820    557    293 
                
Balance at end of year  $2,670   $850   $293 

 

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(D) Depreciation is computed based upon the following estimated lives:

 

Buildings and improvements     15-39 years  
Tenant improvements and equipment     5-10 years  

 

(E) Amounts included in buildings and improvements include furniture and fixtures and construction in progress.

  

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PART II. CONTINUED:

ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE:

 

None.

 

Item 9A. CONTROLS AND PROCEDURES

 

Disclosure Controls and Procedures. As of December 31, 2013, we conducted an evaluation under the supervision and with the participation of the Advisor’s management, including our Chairman and Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, or the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure. Based on this evaluation, our Chairman and Chief Executive Officer and Chief Financial Officer concluded as of December 31, 2013 that our disclosure controls and procedures were adequate and effective.

 

Management’s Report on Internal Control over Financial Reporting. Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Our internal control system is a process designed by, or under the supervision of, our Chairman and Chief Executive Officer and Chief Financial Officer and effected by our Board of Directors, management and other personnel to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of financial statements for external reporting purposes in accordance with generally accepted accounting principles.

 

Our internal control over financial reporting includes policies and procedures that:

 

•pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and disposition of assets;

 

•provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with the authorization of our management and directors; and

 

•provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.

 

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

Management assessed the effectiveness of our internal control over financial reporting as of December 31, 2013. In making this assessment, they used the control criteria framework of the Committee of Sponsoring Organizations, or COSO, of the Treadway Commission published in its report entitled Internal Control—Integrated Framework 1992. Based on this evaluation, our management has concluded that our internal control over financial reporting was effective as of December 31, 2013.

 

This annual report does not include an attestation report of the Company’s independent registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s independent registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this annual report.

 

Changes in Internal Control over Financial Reporting. There were no changes in our internal control over financial reporting during the quarter ended December 31, 2013 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

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ITEM 9B. OTHER INFORMATION:

 

None.

 

PART III.

ITEM 10.  DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE OF THE REGISTRANT

 

Directors

 

The following table presents certain information as of March 15, 2014 concerning each of our directors serving in such capacity:

 

        Principal Occupation and   Year Term of   Served as a
Name   Age   Positions Held   Office Will Expire   Director Since
                 
David Lichtenstein   53   Chief Executive Officer and Chairman of the Board of Directors   2014   2008
Edwin J. Glickman   81   Director   2014   2008
George R. Whittemore   64   Director   2014   2008
Shawn R. Tominus   54   Director   2014   2008
Bruno de Vinck   68   Secretary and Director   2014   2008

 

DAVID LICHTENSTEIN is the Chairman of the Board of Directors and Chief Executive Officer. Mr. Lichtenstein founded both American Shelter Corporation and The Lightstone Group. From 1988 to the present, Mr. Lichtenstein has served as Chairman of the Board of Directors and Chief Executive Officer of The Lightstone Group, directing all aspects of the acquisition, financing and management of a diverse portfolio of multi-family, lodging, retail and industrial properties located in 25 states, the District of Columbia and Puerto Rico. From 2004 to the present, Mr. Lichtenstein has served as the Chairman of the Board of Directors and Chief Executive Officer of Lightstone I and Lightstone Value Plus REIT LLC, its advisor. Mr. Lichtenstein was the president and/or director of certain subsidiaries of Extended Stay that filed for Chapter 11 protection with Extended Stay. Extended Stay and its subsidiaries filed for bankruptcy protection on June 15, 2009 so they could reorganize their debts in the face of looming amortization payments. Extended Stay emerged from bankruptcy on October 8, 2010. Mr. Lichtenstein is no longer affiliated with Extended Stay. Mr. Lichtenstein is also a member of the International Council of Shopping Centers and the National Association of Real Estate Investment Trusts, Inc., or NAREIT, an industry trade group. Mr. Lichtenstein has been selected to serve as a director due to his extensive experience and networking relationships in the real estate industry, along with his experience in acquiring and financing real estate properties.

 

EDWIN J. GLICKMAN is one of our independent directors and the Chairman of our audit committee. From 2004 to the present, Mr. Glickman has served as a member of the board of directors of Lightstone I. In January 1995, Mr. Glickman co-founded Capital Lease Funding, a leading mortgage lender for properties net leased to investment grade tenants, where he remained as Executive Vice President until May 2003. Mr. Glickman was previously a trustee of publicly traded RPS Realty Trust from October 1980 through May 1996 and Atlantic Realty Trust from May 1996 to March 2006. Mr. Glickman graduated from Dartmouth College. Mr. Glickman has been selected to serve as an independent director due to his extensive experience in mortgage lending and finance.

 

GEORGE R. WHITTEMORE is one of our independent directors. From July 2006 to the present, Mr. Whittemore has served as a member of the board of directors of Lightstone I. Mr. Whittemore also presently serves as a Director of Village Bank Financial Corporation in Richmond, Virginia and as a Director of Supertel Hospitality, Inc. in Norfolk, Nebraska, both publicly traded companies. Mr. Whittemore previously served as President and Chief Executive Officer of Supertel Hospitality Trust, Inc. from November 2001 until August 2004 and as Senior Vice President and Director of both Anderson & Strudwick, Incorporated, a brokerage firm based in Richmond, Virginia, and Anderson & Strudwick Investment Corporation, from October 1996 until October 2001. Mr. Whittemore has also served as a Director, President and Managing Officer of Pioneer Federal Savings Bank and its parent, Pioneer Financial Corporation, from September 1982 until August 1994, and as President of Mills Value Adviser, Inc., a registered investment advisor. Mr. Whittemore is a graduate of the University of Richmond in Virginia. Mr. Whittemore has been selected to serve as an independent director because of his extensive experience in accounting, banking, finance and real estate.

 

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SHAWN R. TOMINUS is one of our independent directors. Since July 2006 to the present, Mr. Tominus has served as a member of the board of directors of Lightstone I. Mr. Tominus is the founder and President of Metro Management, a real estate investment and management company founded in 1994 which specializes in the acquisition, financing, construction and redevelopment of residential, commercial and industrial properties. He also serves as a member of the audit committee of Prime Group Realty Trust, a publicly traded REIT located in Chicago. Mr. Tominus has over 25 years experience in real estate and serves as a national consultant focusing primarily on market and feasibility analysis. Prior to his time at Metro Management, Mr. Tominus held the position of Senior Vice President at Kamson Corporation, where he managed a portfolio of over 5,000 residential units as well as commercial and industrial properties. Mr. Tominus has been selected to serve as an independent director because of his extensive experience, and networking relationships, in the real estate industry, along with his experience in acquisitions, construction and redevelopment of real estate.

 

BRUNO DE VINCK is our Senior Vice President, secretary and a director. Mr. de Vinck was a Senior Vice President with The Lightstone Group through March 2013 and had been employed by the Lightstone Group since April 1994. From 2004 to the present, Mr. de Vinck also has served as Chief Operating Officer, Senior Vice President, Secretary and a member of the board of directors of Lightstone I and Lightstone Value Plus REIT LLC, its advisor. Mr. de Vinck is also a director of the privately held Park Avenue Bank Corp, and he was a director of the privately held Park Avenue Bank that was taken over by the FDIC in March 2010. He was also a director of Prime Group Realty Trust, a publicly registered REIT, from 2005 through 2011. Mr. de Vinck was previously General Manager of JN Management Co. from November 1992 to January 1994, AKS Management Co., Inc. from September 1988 to July 1992 and Heritage Management Co., Inc. from May 1986 to September 1988. In addition, Mr. de Vinck worked as Senior Property Manager at Hekemien & Co. from May 1975 to May 1986, as a Property Manager at Charles H. Greenthal & Co. from July 1972 to June 1975 and in sales and residential development for McDonald & Phillips Real Estate Brokers from May 1970 to June 1972. From July 1982 to July 1984 Mr. de Vinck was the founding President of the Ramsey Homestead Corp., a not-for-profit senior citizen residential health care facility and, from July 1984 until October 2004, was Chairman of its board of directors. Mr. de Vinck studied Architecture at Pratt Institute and then worked for the Bechtel Corporation from February 1966 to May 1970. Mr. de Vinck was also a director of certain subsidiaries of Extended Stay that filed for Chapter 11 protection with Extended Stay. Extended Stay and its subsidiaries filed for bankruptcy protection on June 15, 2009 so they could reorganize their debts in the face of looming amortization payments. Extended Stay emerged from bankruptcy on October 8, 2010. Mr. de Vinck is no longer affiliated with Extended Stay. Mr. de Vinck has been selected to serve as a director because of his extensive experience in the real estate industry.

 

Executive Officers:

 

The following table presents certain information as of March 15, 2014 concerning each of our executive officers serving in such capacities:

 

Name   Age   Principal Occupation and Positions Held
         
David Lichtenstein   53   Chief Executive Officer and Chairman of the Board of Directors
         
Bruno de Vinck   68   Secretary
         
Mitchell Hochberg   60   President and Chief Operating Officer
         
Joseph Teichman   40   General Counsel
         
Donna Brandin   57   Chief Financial Officer and  Treasurer

  

David Lichtenstein for biographical information about Mr. Lichtenstein, see ‘‘Management — Directors.”

 

Bruno de Vinck for biographical information about Mr. de Vinck, see ‘‘Management — Directors.”

 

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MITCHELL HOCHBERG is our President and Chief Operating Officer and also serves as President of Lightstone I. Mr. Hochberg also serves as the President of our sponsor. Prior to joining The Lightstone Group in August 2012, Mr. Hochberg served as principal of Madden Real Estate Ventures, a real estate investment, development and advisory firm specializing in hospitality and residential projects from 2007 to August 2012 when it combined with our sponsor. Mr. Hochberg held the position of President and Chief Operating Officer of Ian Schrager Company, a developer and manager of innovative luxury hotels and residential projects in the United States from early 2006 to early 2007 and prior to that Mr. Hochberg founded Spectrum Communities, a developer of luxury residential neighborhoods in the Northeast in 1985 where for 20 years he served as its President and Chief Executive Officer. Additionally, Mr. Hochberg serves on the board of directors of Orient-Express Hotels Ltd and as Chairman of the board of directors of Orleans Homebuilders, Inc. Mr. Hochberg received his law degree from Columbia University School of Law where he was a Harlan Fiske Stone Scholar and graduated magna cum laude from New York University College of Business and Public Administration with a Bachelor of Science degree in accounting and finance.

 

JOSEPH E. TEICHMAN is our General Counsel and also serves as General Counsel of Lightstone I. Mr. Teichman also serves as Executive Vice President and General Counsel of our sponsor and as General Counsel of our advisor. Prior to joining The Lightstone Group in January 2007, Mr. Teichman practiced law at the law firm of Paul, Weiss, Rifkind, Wharton & Garrison LLP in New York, NY from September 2001 to January 2007. Mr. Teichman earned a J.D. from the University of Pennsylvania Law School and a B.A. from Beth Medrash Govoha, Lakewood, New Jersey. Mr. Teichman is licensed to practice law in New York and New Jersey. Mr. Teichman was also a director of certain subsidiaries of Extended Stay that filed for Chapter 11 protection with Extended Stay. Extended Stay and its subsidiaries filed for bankruptcy protection on June 15, 2009 so they could reorganize their debts in the face of looming amortization payments. Extended Stay emerged from bankruptcy on October 8, 2010. Mr. Teichman is no longer affiliated with Extended Stay.

 

DONNA BRANDIN is our Chief Financial Officer and Treasurer and also serves as the Chief Financial Officer and Treasurer of Lightstone I. Ms. Brandin also serves as the Executive Vice President, Chief Financial Officer and Treasurer of our sponsor and as the Chief Financial Officer and Treasurer of our advisor. Prior to joining The Lightstone Group in April 2008, Ms. Brandin held the position of Executive Vice President and Chief Financial Officer of US Power Generation from September 2007 through November 2007 and before that was the Executive Vice President and Chief Financial Officer of Equity Residential, the largest publicly traded apartment REIT in the country, from August 2004 through September 2007. Prior to joining Equity Residential, Ms. Brandin held the position of Senior Vice President and Treasurer for Cardinal Health from June 2000 through August 2004. Prior to 2000, Ms. Brandin held various executive-level positions at Campbell Soup, Emerson Electric Company and Peabody Holding Company. Ms. Brandin earned a Bachelor of Science at Kutztown University and a Masters in Finance at St. Louis University and is a certified public accountant.

 

Section 16 (a) Beneficial Ownership Reporting Compliance

 

Section 16(a) of the Securities Exchange Act of 1934, as amended, requires each director, officer and individual beneficially owning more than 10% of our common stock to file initial statements of beneficial ownership (Form 3) and statements of changes in beneficial ownership (Forms 4 and 5) of our common stock with the Securities Exchange Commission ("SEC"). Officers, directors and greater than 10% beneficial owners are required by Securities and Exchange Commission rules to furnish us with copies of all such forms they file. Based solely on a review of the copies of such forms furnished to us during and with respect to the fiscal year ended December 31, 2013, or written representations that no additional forms were required, we believe that all of our officers and directors and persons that beneficially own more than 10% of the outstanding shares of our common stock complied with these filing requirements in 2013.

 

Information Regarding Audit Committee

 

Our Board established an audit committee in December 2008. The charter of audit committee is available at www.lightstonecapitalmarkets.com/lightstone-other.html or in print to any shareholder who requests it c/o Lightstone Value Plus Real Estate Investment Trust II, Inc., 1985 Cedar Bridge Avenue, Lakewood, NJ 08701. Our audit committee consists of Messrs. Edwin J. Glickman, George R. Whittemore and Shawn Tominus, each of whom is “independent” within the meaning of the NYSE listing standards. The Board determined that Messrs. Glickman and Whittemore are qualified as audit committee financial experts as defined in Item 401 (h) of Regulation S-K. For more information regarding the relevant professional experience of Messrs. Glickman, Whittemore and Tominus, see “Directors”.

 

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Code of Conduct and Ethics

 

We have adopted a Code of Conduct and Ethics that applies to all of our executive officers and directors, including but not limited to, our principal executive officer and principal financial officer. Our Code of Conduct and Ethics can be found at www.lightstonecapitalmarkets.com/lightstone-other.html

 

ITEM 11.  EXECUTIVE COMPENSATION

 

Compensation of Executive Officers

 

Our officers will not receive any cash compensation from us for their services as our officers. We may compensate our officers with restricted shares of our common stock in accordance with our Employee and Director Incentive Restricted Share Plan. Our board of directors (including a majority of our independent directors) will determine if and when any of our officers will receive restricted shares of our common stock. Additionally, our officers are officers of one or more of our affiliates and are compensated by those entities (including our sponsor), in part, for their services rendered to us. From our inception through December 31, 2013, the Company has not compensated the officers.

 

Compensation of Board of Directors  

 

We pay our independent directors an annual fee of $30,000 and are responsible for reimbursement of their out-of-pocket expenses, as incurred. Pursuant to our Employee and Director Incentive Share Plan, in lieu of receiving his or her annual fee in cash, an independent director is entitled to receive the annual fee in the form of our common shares or a combination of common shares and cash.

 

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 

Executive Officers:

 

The following table presents certain information as of March 15, 2014 concerning each of our directors and executive officers serving in such capacities:

 

Name and Address of Beneficial Owner  Number of Shares of Common
Stock of the Lightstone REIT
Beneficially Owned		   Percent of All
Common Shares of
the Lightstone
REIT II		 
         
David Lichtenstein (1)   20,000    0.23%
Edwin J. Glickman   -    - 
George R. Whittemore   -    - 
Shawn Tominus   -    - 
Bruno de Vinck   -    - 
Mitchell Hochberg   -    - 
Donna Brandin   -    - 
Joseph Teichman   -    - 
Our directors and executive officers as a group (9 persons)   20,000    0.23%

 

(1)Includes 20,000 shares owned by our Advisor. Our Advisor is wholly owned by The Lightstone Group, our Sponsor, which is majority owned by David Lichtenstein. The beneficial owner’s business address is 1985 Cedar Bridge Avenue, Lakewood, New Jersey 08701. Lightstone SLP II LLC, which is controlled and wholly owned by our Sponsor, will receive subordinated profits interests of our Operating Partnership in exchange for $30,000,000, assuming 30,000,000 shares are sold pursuant to the Follow-On Offering, which we will use to pay all selling commissions, dealer manager fees and a portion of organization and other offering expenses.

 

108
 

 

EQUITY COMPENSATION PLAN INFORMATION  

 

On March 30, 2012, our board of directors approved the termination of our stock option plan. The stock option plan was terminated by our board of directors as a result of a request from a state securities regulator. Prior to its termination, we had adopted a stock option plan under which our independent directors were eligible to receive annual nondiscretionary awards of nonqualified stock options. We had authorized and reserved 75,000 shares of our common stock for issuance under our stock option plan, which shares are no longer reserved for such purpose. No stock options were issued or outstanding when the plan was terminated.

 

Employee and Director Incentive Restricted Share Plan

 

Our Employee and Director Incentive Restricted Share Plan:

 

•furnishes incentives to individuals chosen to receive restricted shares because they are considered capable of improving our operations and increasing profits;

 

•encourages selected persons to accept or continue employment with our advisor and its affiliates; and

 

•increases the interest of our employees, officers and directors in our welfare through their participation in the growth in the value of our common shares.

 

The Employee and Director Incentive Restricted Share Plan provides us with the ability to grant awards of restricted shares to our directors, officers and full-time employees (in the event we ever have employees), full-time employees of our advisor and its affiliates, full-time employees of entities that provide services to us, directors of the advisor or of entities that provide services to us, certain of our consultants and certain consultants to the advisor and its affiliates or to entities that provide services to us. The total number of common shares reserved for issuance under the Employee and Director Incentive Restricted Share Plan is equal to 0.5% of our outstanding shares on a fully diluted basis at any time, not to exceed 255,000 shares.

 

Restricted share awards entitle the recipient to common shares from us under terms that provide for vesting over a specified period of time or upon attainment of pre-established performance objectives. Such awards would typically be forfeited with respect to the unvested shares upon the termination of the recipient’s employment or other relationship with us. Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares may receive cash dividends prior to the time that the restrictions on the restricted shares have lapsed. Any dividends payable in common shares shall be subject to the same restrictions as the underlying restricted shares.

 

The guidance under Section 409A of the Code provides that there is no deferral of compensation merely because the value of property (received in connection with the performance of services) is not includible in income by reason of the property being substantially nonvested (as defined in Section 83 of the Code). Accordingly, it is intended that the restricted share grants will not be considered “nonqualified deferral compensation.”

 

We have not yet granted any awards of restricted shares.

 

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS  

 

David Lichtenstein serves as the Chairman of our Board of Directors and our Chief Executive Officer. Our Advisor and Property Managers are indirectly owned and controlled by subsidiaries of our Sponsor, The Lightstone Group, which is majority owned by Mr. Lichtenstein. On February 17, 2009, we entered into agreements with our Advisor and Property Manager to pay certain fees, as described below, in exchange for services performed by these and other affiliated entities. As the indirect owner of those entities, Mr. Lichtenstein benefits from fees and other compensation that they receive pursuant to these agreements.

 

Property Managers

 

We have two affiliated property managers (our “Property Managers”), which may manage the properties we acquire. We also use other unaffiliated third-party property managers, principally for the management of our hospitality properties. Our Property Managers are Paragon Retail Property Management LLC (“Paragon”) and Beacon Property Management LLC (“Beacon”), all of which are majority owned and controlled by our Sponsor. Paragon, which previously operated under the name Prime Retail Property Management, LLC, manages, leases, develops and redevelops all the factory outlet malls and certain retail properties controlled by our Sponsor. Beacon is a significant manager in the multi-family residential housing sector and oversees the management of approximately 11,000 multifamily units.  

 

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We have agreed to pay our Property Managers a monthly management fee of up to 5% of the gross revenues from our residential, lodging and retail properties. In addition, for the management and leasing of our office and industrial properties, we will pay, to our Property Managers, property management and leasing fees of up to 4.5% of gross revenues from our office and industrial properties. We may pay our property managers a separate fee for the one-time initial rent-up or leasing-up of newly constructed office and industrial properties in an amount not to exceed the fee customarily charged in arm’s length transactions by others rendering similar services in the same geographic area for similar properties as determined by a survey of brokers and agents in such area.

 

Notwithstanding the foregoing, our Property Managers may be entitled to receive higher fees in the event our Property Managers demonstrate to the satisfaction of a majority of the directors (including a majority of the independent directors) that a higher competitive fee is justified for the services rendered. Our Property Managers will also be paid a monthly fee for any extra services equal to no more than that which would be payable to an unrelated party providing the services. The actual amounts of these fees are dependent upon results of operations and, therefore, cannot be determined at the present time.

 

We have not incurred any fees to the Property Managers for the years ended December 31, 2013, 2012 and 2011.

 

Dealer Manager

 

We pay the Dealer Manager selling commissions of up to 7% of gross offering proceeds, or approximately $21.0 million if the maximum offering of 30.0 million shares of common stock are sold under our Follow-On Offering, before reallowance of commissions earned by participating broker-dealers. The Dealer Manager expects to reallow 100% of commissions earned for those transactions that involve participating broker-dealers. We also pay to our Dealer Manager a dealer manager fee of up to 3% of gross offering proceeds, or approximately $9.0 million, if the maximum offering is sold, before reallowance to participating broker-dealers. Our Dealer Manager, in its sole discretion, may reallow a portion of its dealer manager fee of up to 3% of the gross offering proceeds to be paid to such participating broker-dealers. Total fees paid to the dealer manager for the years ended December 31, 2013, 2012 and 2011 were $2.0 million, $0.7 million and $0.9 million, respectively.

 

Advisor

 

We will pay our Advisor an acquisition fee equal to 0.95% of the gross contractual purchase price (including any mortgage assumed) of each property purchased and will reimburse our Advisor for expenses that it incurs in connection with the purchase of a property. We anticipate that acquisition expenses will be 0.45% of a property's purchase price, and acquisition fees and expenses are capped at 5% of the gross contract purchase price of a property. However, $11.3 million may be paid as an acquisition fee and for the reimbursement of acquisition expenses if the maximum offering was sold, assuming aggregate long-term permanent leverage of approximately 75%. The Advisor will also be paid an advisor asset management fee of 0.95% of our average invested assets and we will reimburse some expenses of the Advisor. Total fees paid to the Advisor for the years ended December 31, 2013, 2012 and 2011 were $0.3 million, $0.4 million and $0.4 million, respectively.

 

Commencing with the quarter ended June 30, 2013, the Advisor has elected to waive or reduce its quarterly asset management fee to the extent our non-GAAP measure modified funds from operations available, or MFFO, as defined by the Investment Program Association, or IPA, for the preceding twelve months period ending on the last day of the current quarter is less than the distributions declared with respect to the same twelve month period. As a result, asset management fees of $0.4 million were waived by the Advisor during the year ended December 31, 2013.

 

Sponsor

 

Lightstone SLP II LLC, which is wholly owned by our Sponsor, committed to purchase Subordinated Profits Interests at a cost of $100,000 per unit for each $1.0 million in subscriptions up to ten percent of the proceeds from the primary shares under the Offering and Follow-On Offering on a semi-annual basis beginning with the quarter ended June 30, 2010. Lightstone SLP II LLC may elect to purchase the Subordinated Profits Interests with either cash or an interest in real property of equivalent value. Any proceeds received from the cash sale of the Subordinated Profits Interests will be used to offset payments made by the Company from offering proceeds to pay the dealer manager fees, selling commissions and organization and other offering expenses.

 

From our inception through December 31, 2013, our Sponsor elected to contribute cash of approximately $1.6 million and elected to contribute equity interests totaling 48.6% in Brownmill in exchange for 64 Subordinated Profits Interests with an aggregate value of $6.4 million. See Note 4 of the Notes to Consolidated Financial Statements for additional information. Our Sponsor may continue to elect to contribute interests in real property in lieu of cash in exchange for Subordinated Profits Interests in order to fulfill its semi-annual commitment.

 

110
 

 

As the majority owner of our Sponsor, which owns and controls Lightstone SLP II, LLC, Mr. Lichtenstein is the indirect, beneficial owner of 99% of such Subordinated Profits Interests and will thus receive an indirect benefit from any distributions made in respect thereof.

 

These Subordinated Profit Interests will entitle Lightstone SLP II, LLC to a portion of any regular and liquidation distributions that we make to stockholders, but only after stockholders have received a stated preferred return. Although the actual amounts are dependent upon results of operations and, therefore, cannot be determined at the present time, distributions to Lightstone SLP II, LLC, as holder of the Subordinated Profits Interests, could be substantial.

 

From time to time, Lightstone purchases title insurance from an agent in which our Sponsor owns a 50% limited partnership interest. Because this title insurance agent receives significant fees for providing title insurance, our Advisor may face a conflict of interest when considering the terms of purchasing title insurance from this agent. However, prior to the purchase by Lightstone of any title insurance, an independent title consultant with more than 25 years of experience in the title insurance industry reviews the transaction, and performs market research and competitive analysis on our behalf. This process results in terms similar to those that would be negotiated at an arm’s-length basis.

 

ITEM 14.  PRINCIPAL ACCOUNTANT FEES AND SERVICES

 

Principal Accounting Firm Fees

 

The following table presents the aggregate fees billed to us for the years presented by our principal accounting firms:

 

   Year ended
December 31, 2013		   Year ended
December 31,
2012		 
Audit Fees     (a)   278,575    229,675 
Audit-Related Fees (b)   -    203,500 
Tax Fees (c)   95,000    22,143 
           
Total Fees  $373,575   $455,318 

 

(a)Fees for audit services consisted of the audit of the Lightstone REIT II’s annual financial statements and interim reviews, including services normally provided in connection with statutory and regulatory filings and including registration statements and consents.

 

(b)Fees for audit-related services related to audits of entities that the Company has acquired.

 

(c)Fees for tax services.

 

In considering the nature of the services provided by the independent auditor, the audit committee determined that such services are compatible with the provision of independent audit services. The audit committee discussed these services with the independent auditor and Lightstone REIT II management to determine that they are permitted under the rules and regulations concerning auditor independence promulgated by the Securities and Exchange Commission to implement the related requirements of the Sarbanes-Oxley Act of 2002, as well as the American Institute of Certified Public Accountants.

 

AUDIT COMMITTEE REPORT

 

To the Directors of Lightstone Value Plus Real Estate Investment Trust II, Inc.:  

 

We have reviewed and discussed with management Lightstone Value Plus Real Estate Investment Trust II, Inc.’s audited financial statements as of and for the year ended December 31, 2013.  

 

111
 

  

We have discussed with the independent auditors the matters required to be discussed by Statement on Auditing Standards No. 61, “Communication with Audit Committees,” (Codification of Statements of Auditing Standards, August 2, 2007 AU 380), as amended, as adopted by the Public Company Accounting Oversight Board in Rule 3200T.

 

We have received and reviewed the written disclosures and the letter from the independent auditors required by Public Company Accounting Oversight Board Rule 3526, Communication with Audit Committees Concerning Independence and have discussed with the auditors the auditors’ independence.

 

Based on the reviews and discussions referred to above, we recommend to the board of directors that the financial statements referred to above be included in Lightstone Value Plus Real Estate Investment Trust II, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2013.  

 

Audit Committee  

George R. Whittemore  

Edwin J. Glickman

Shawn R. Tominus

 

INDEPENDENT DIRECTORS’ REPORT

 

To the Stockholders of Lightstone Value Plus Real Estate Investment Trust II, Inc.:

 

We have reviewed the Company’s policies and determined that they are in the best interest of the Company’s stockholders. Set forth below is a discussion of the basis for that determination.

 

General

The Company’s primary objective is to achieve capital appreciation with a secondary objective of income without subjecting principal to undue risk. The Company intends to achieve this goal primarily through investments in real estate properties.

 

The Company intends to acquire residential and commercial properties. The Company’s acquisitions may include both portfolios and individual properties. The Company expects that its commercial holdings will consist of retail (primarily multi-tenanted shopping centers), lodging (primarily limited service hotels), industrial and office properties.

 

The following is descriptive of the Company’s investment objectives and policies:

 

•Reflecting a flexible operating style, the Company’s portfolio is likely to be diverse and include properties of different types (such as retail, lodging, office, industrial and residential properties); both passive and active investments; and joint venture transactions. The portfolio is likely to be determined largely by the purchase opportunities that the market offers, whether on an upward or downward trend. This is in contrast to those funds that are more likely to hold investments of a single type, usually as outlined in their charters.

 

•The Company may invest in properties that are not sold through conventional marketing and auction processes. The Company’s investments may be at a dollar cost level lower than levels that attract those funds that hold investments of a single type.

 

•The Company may be more likely to make investments that are in need of rehabilitation, redirection, remarketing and/or additional capital investment.

 

•The Company may place major emphasis on a bargain element in its purchases, and often on the individual circumstances and motivations of the sellers. The Company will search for bargains that become available due to circumstances that occur when real estate cannot support the mortgages securing the property.

 

•The Company intends to pursue returns in excess of the returns targeted by real estate investors who target a single type of property investment.

 

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Financing Policies

The Company intends to utilize leverage to acquire its properties. The number of different properties the Company will acquire will be affected by numerous factors, including, the amount of funds available to us. When interest rates on mortgage loans are high or financing is otherwise unavailable on terms that are satisfactory to the Company, the Company may purchase certain properties for cash with the intention of obtaining a mortgage loan for a portion of the purchase price at a later time. There is no limitation on the amount the Company may invest in any single property or on the amount the Company can borrow for the purchase of any property.

 

The Company intends to limit its aggregate long-term permanent borrowings to 75% of the aggregate fair market value of all properties unless any excess borrowing is approved by a majority of the independent directors and is disclosed to the Company’s stockholders. The Company may also incur short-term indebtedness, having a maturity of two years or less. By operating on a leveraged basis, the Company will have more funds available for investment in properties. This will allow the Company to make more investments than would otherwise be possible, resulting in a more diversified portfolio. Although the Company’s liability for the repayment of indebtedness is expected to be limited to the value of the property securing the liability and the rents or profits derived therefrom, the Company’s use of leveraging increases the risk of default on the mortgage payments and a resulting foreclosure of a particular property. To the extent that the Company does not obtain mortgage loans on the Company’s properties, the Company’s ability to acquire additional properties will be restricted. The Company will endeavor to obtain financing on the most favorable terms available.

 

Policy on Sale or Disposition of Properties

The Company’s Board will determine whether a particular property should be sold or otherwise disposed of after considering the relevant factors, including performance or projected performance of the property and market conditions, with a view toward achieving its principal investment objectives.

 

The Company currently intends to hold its properties for a minimum of seven to ten years prior to selling them. After seven to ten years, the Company’s Board may decide to liquidate the Company, list its shares on a national stock exchange, sell its properties individually or merge or otherwise consolidate the Company with a publicly-traded REIT. Alternatively, the Company may merge with, or otherwise be acquired by, the Sponsor or its affiliates. The Company may, however, sell properties prior to such time and if so, may invest the proceeds from any sale, financing, refinancing or other disposition of its properties into additional properties. Alternatively, the Company may use these proceeds to fund maintenance or repair of existing properties or to increase reserves for such purposes. The Company may choose to reinvest the proceeds from the sale, financing and refinancing of its properties to increase its real estate assets and its net income. Notwithstanding this policy, the Board, in its discretion, may distribute all or part of the proceeds from the sale, financing, refinancing or other disposition of all or any of the Company’s properties to the Company’s stockholders. In determining whether to distribute these proceeds to stockholders, the Board will consider, among other factors, the desirability of properties available for purchase, real estate market conditions, the likelihood of the listing of the Company’s shares on a national securities exchange and compliance with the applicable requirements under federal income tax laws.

 

When the Company sells a property, it intends to obtain an all-cash sale price. However, the Company may take a purchase money obligation secured by a mortgage on the property as partial payment, and there are no limitations or restrictions on the Company’s ability to take such purchase money obligations. The terms of payment to the Company will be affected by custom in the area in which the property being sold is located and the then prevailing economic conditions. If the Company receives notes and other property instead of cash from sales, these proceeds, other than any interest payable on these proceeds, will not be available for distributions until and to the extent the notes or other property are actually paid, sold, refinanced or otherwise disposed. Therefore, the distribution of the proceeds of a sale to the stockholders may be delayed until that time. In these cases, the Company will receive payments in cash and other property in the year of sale in an amount less than the selling price and subsequent payments will be spread over a number of years.

 

Independent Directors

George R. Whittemore
Edwin J. Glickman
Shawn R. Tominus

 

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PART IV.

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES:

 

LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST II, INC.

Annual Report on Form 10-K

For the fiscal year ended December 31, 2013

 

EXHIBIT INDEX

 

The following exhibits are included, or incorporated by reference, as part of this Annual Report on Form 10-K (and are numbered in accordance with Item 601 of Regulation S-K:

 

EXHIBIT NO.   DESCRIPTION
1.1(12)   Form of Dealer Manager Agreement by and between Lightstone Value Plus Real Estate Investment Trust II, Inc. and Orchard Securities, LLC.
1.2(10)   Form of Soliciting Dealer Agreement by and between Orchard Securities, LLC and the Soliciting Dealers.
3.1(10)   Lightstone Value Plus Real Estate Investment Trust II, Inc. Conformed Articles of Amendment and Restatement.
3.2(7)   Bylaws of Lightstone Value Plus Real Estate Investment Trust II, Inc.
4.1(7)   Form of Amended and Restated Agreement of Limited Partnership of Lightstone Value Plus REIT II LP.
4.4(6)   Third Amended and Restated Agreement dated as of January 30, 2009, by and among Lightstone Value Plus REIT II LP, Lightstone SLP II LLC, and David Lichtenstein.
4.5(9)   Fourth Amended and Restated Agreement dated August 2, 2012, by and among Lightstone Value Plus REIT II LP, Lightstone SLP II LLC, and David Lichtenstein.
5.1(10)   Opinion of Venable LLP.
8.1(10)   Opinion of Proskauer Rose LLP as to tax matters
10.1 (8)   Form of Advisory Agreement by and between Lightstone Value Plus Real Estate Investment Trust II, Inc. and Lightstone Value Plus REIT II LLC.
10.2(8)   Form of Management Agreement, by and among Lightstone Value Plus Real Estate Investment Trust II, Inc., Lightstone Value Plus REIT II LP and Paragon Retail Property Management LLC, formerly known as Prime Retail Property Management, LLC.
10.3(8)   Form of Management Agreement, by and among Lightstone Value Plus Real Estate Investment Trust II, Inc., Lightstone Value Plus REIT II LP and Beacon Property Management, LLC.
10.4(7)   Form of Employee and Director Incentive Restricted Share Plan.
10.5(3)   Hotel Management Agreement dated January 19, 2011 between LVP Metairie Holding Corp and Trans Inn Management, Inc.
10.6(11)   Contribution Agreement dated June 30, 2010 by and among Lightstone Holdings, LLC and Lightstone Value Plus REIT II LP
10.7(4)   First Amendment to First Amended and Restated Operating Agreement of Brownmill, LLC effective April 1, 2010 by and among Lightstone Holdings, LLC, the DWL 2003 Family Trust, Brownmill Manager Corp. and Lightstone Value Plus REIT II LP.
10.8(4)   Second Amendment to First Amended and Restated Operating Agreement of Brownmill, LLC effective October 1, 2010 by and among Lightstone Holdings, LLC, the DWL 2003 Family Trust, Brownmill Manager Corp. and Lightstone Value Plus REIT II LP
10.9(4)   First Amended and Restated Operating Agreement of Brownmill, LLC dated September 27, 2005 by and among Lightstone Holdings, LLC, the DWL 2003 Family Trust and Brownmill Manager Corp.
10.10(4)   Assignment of Membership Interest dated as of June 30, 2010 made by Lightstone Holdings, LLC to Lightstone Value Plus REIT II LP
10.11(3)   Limited Liability Company Agreement of LVP Metairie JV, LLC dated January 14, 2011 adopted and entered into by Lightstone Value Plus REIT II, LP, TPS Metairie, LLC and Sherman Family Trust.
10.12(3)   Limited Liability Company Agreement of LVP CP Boston Holdings, LLC dated March 21, 2011 adopted and entered into by Lightstone Value Plus REIT LP and Lightstone Value Plus REIT II LP.
10.13(3)   Limited Liability Company Agreement of LVP Metairie, LLC dated January 13, 2011 by and between LVP Metairie JV, LLC and Gail Grossman.
21.1*   Subsidiaries of the Registrant.
31.1*   Certification Pursuant to Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*   Certification Pursuant to Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*   Certification Pursuant to Rule 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.3*   Certification Pursuant to Rule 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

114
 

 

*As filed herewith

 

(1)Previously filed as an exhibit to the Annual Report on Form 10-K that we filed with the Securities and Exchange Commission on March 30, 2012.

 

(2)Previously filed as an exhibit to the Registration Statement on Form S-11 that we filed with the Securities and Exchange Commission on November 4, 2011.

 

(3)Previously filed as an exhibit to Post-Effective Amendment No. 1 to Post-Effective Amendment No. 5 to the Registration Statement on Form S-11 that we filed with the Securities and Exchange Commission on April 21, 2011.

 

(4)Previously filed as an exhibit to Post-Effective Amendment No. 1 to Post-Effective Amendment No. 4 to the Registration Statement on Form S-11 that we filed with the Securities and Exchange Commission on February 11, 2011.

 

(5)Previously filed as an exhibit to Post-Effective Amendment No. 1 to Post-Effective Amendment No. 3 to the Registration Statement on Form S-11 that we filed with the Securities and Exchange Commission on September 27, 2010.

 

(6)Previously filed as an exhibit to Amendment No. 5 to the Registration Statement on Form S-11 that we filed with the Securities and Exchange Commission on January 30, 2009.

 

(7)Previously filed as an exhibit to Amendment No. 3 to the Registration Statement on Form S-11 that we filed with the Securities and Exchange Commission on November 17, 2008.

 

(8)Previously filed as an exhibit to Amendment No. 1 to the Registration Statement on Form S-11 that we filed with the Securities and Exchange Commission on August 22, 2008.

 

(9)Previously filed as an exhibit to Amendment No. 3 to the Registration Statement on Form S-11 that we filed with the Securities and Exchange Commission on August 10, 2012.

 

(10)Previously filed as an exhibit to Amendment No. 5 to the Registration Statement on Form S-11 that we filed with the Securities and Exchange Commission on September 4, 2012.

 

(11)Previously filed as an exhibit to the Quarterly Report on Form 10-Q that we filed with the Securities and Exchange Commission on August 16, 2010.

 

(12)Previously filed as an exhibit to the Quarterly Report on Form 10-Q that we filed with the Securities and Exchange Commission on November 16, 2012.

 

115
 

  

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 

 

  LIGHTSTONE VALUE PLUS REAL ESTATE
INVESTMENT TRUST II, INC.
     
Date: March 31, 2014 By:   s/ David Lichtenstein
    David Lichtenstein
   
 

Chief Executive Officer and Chairman of the Board of Directors

(Principal Executive Officer)

 

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

 

NAME   CAPACITY   DATE
         
/s/ David Lichtenstein   Chief Executive Officer and Chairman of the Board   March 31, 2014
David Lichtenstein   of Directors (Principal Executive Officer)    
         
/s/ Donna Brandin   Chief Financial Officer and Treasurer   March 31, 2014
Donna Brandin   (Principal Financial Officer and Principal    
    Accounting Officer)    
         
/s/ Bruno de Vinck   Director   March 31, 2014
Bruno de Vinck        
         
/s/ Shawn R. Tominus   Director   March 31, 2014
Shawn R. Tominus        
         
/s/ Edwin J. Glickman   Director   March 31, 2014
Edwin J. Glickman        
         
/s/ George R. Whittemore   Director   March 31, 2014
George R. Whittemore        

 

116

 

 EX-21.1 2 v371007_ex21-1.htm EXHIBIT 21.1

Exhibit 21.1

Subsidiaries of Registrant

 

Property Name   State Organization
Lightstone Value Plus REIT II, LP   Delaware
LVP Metairie, LLC   Delaware
LVP Metairie Holding Corp.   Delaware
LVP Metairie JV, LLC   Delaware
LVP TPS Metairie LLC   Delaware
LVP Investment Holding Corp.   Delaware

LVP East Rutherford Loan Acquisition LLC

  Delaware
LVP East Rutherford LLC   Delaware
LVP FFI East Rutherford Holding Corp   Delaware
LVP SHS Peabody Holdings LLC   Delaware

LVP SHS Peabody LLC

  Delaware
LVP SHS Holding Corp.   Delaware
LVP TPS Fayetteville LLC   Delaware
LVP TPS Fayetteville Holding Corp.   Delaware
LVP TPS Fayetteville Holdings LLC   Delaware
LVP TPS Little Rock LLC   Delaware
LVP TPS Little Rock Holding Corp.   Delaware
LVP TPS Little Rock Holdings LLC   Delaware
     
     
     

 

 

 EX-31.1 3 v371007_ex31-1.htm EXHIBIT 31.1

 

 EXHIBIT 31.1

 

Certifications

 

I, David Lichtenstein, certify that:

 

1. I have reviewed this annual report on Form 10-K of Lightstone Value Plus Real Estate Investment Trust II, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f), for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

/s/ David Lichtenstein 

David Lichtenstein

Chairman and Chief Executive Officer

(Principal Executive Officer)

 

Date: March 31, 2014

 

 

 

 EX-31.2 4 v371007_ex31-2.htm EXHIBIT 31.2

 

EXHIBIT 31.2

 

Certifications

 

I, Donna Brandin, certify that:

 

1. I have reviewed this annual report on Form 10-K of Lightstone Value Plus Real Estate Investment Trust II, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f), for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

/s/ Donna Brandin 

Donna Brandin

Chief Financial Officer and Treasurer

(Principal Financial and Accounting Officer)  

 

Date: March 31, 2014

 

 

 

 EX-32.1 5 v371007_ex32-1.htm EXHIBIT 32.1

 

 

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

 

I, David Lichtenstein, the Chief Executive Officer and Chairman of the Board of Directors of Lightstone Value Plus Real Estate Investment Trust II, Inc. (the “Company”) certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

 

(1) The Annual Report on Form 10-K of the Company for the year ended December 31, 2013 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 (15 U.S.C 78m); and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

/s/ David Lichtenstein 

David Lichtenstein

Chairman and Chief Executive Officer

(Principal Executive Officer)

 

Date: March 31, 2014

 

 

 

 EX-32.2 6 v371007_ex32-2.htm EXHIBIT 32.2

 

EXHIBIT 32.2

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

 

I, Donna Brandin, the Chief Financial Officer, Treasurer and Principal Accounting Officer of Lightstone Value Plus Real Estate Investment Trust II, Inc. (the “Company”) certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

 

(1) The Annual Report on Form 10-K of the Company for the year ended December 31, 2013 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 (15 U.S.C 78m); and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

/s/ Donna Brandin 

Donna Brandin

Chief Financial Officer and Treasurer

(Principal Financial and Accounting Officer)

 

Date: March 31, 2014

 

 
 EX-101.INS 7 cik1436975-20121231.xml XBRL INSTANCE DOCUMENT 0.0095 0.0095 0.0095 0.0095 0.0095 0.0095 0.005 14000 19000 0.7 0.3 0.4 0.6 15200000 0.03 0.03 P60D P90D 65000 83000 0.065 0.065 0.0045 0.08 0.105 0.107 0.106 payable quarterly in an amount equal to 0.2375 of 1% of average invested assets as of the last day of the immediately preceding quarter 0.0095 400000 3340000 21754000 12000000 15500000 4800000 10700000 3000 10.00 10.00 9.50 11300000 500000 30000000 30000000 0.75 700000 2000 P30Y 0.0102 0.07 0.12 0.00178082191 0.00178082191 0.07 2587000 3268000 4050000 10.00 0.056 0.086 0.344 0.486 Various <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt"> The following table represents the unaudited condensed income statement for Brownmill for the period indicated:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt"> &nbsp;</p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.25in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">For the Year<br /> Ended December<br /> 31, 2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">For the Year<br /> Ended December<br /> 31, 2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">For the Year<br /> Ended December<br /> 31, 2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 61%">Revenue</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">3,551</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">3,682</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">3,821</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Property operating expenses</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">1,377</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">1,361</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">1,723</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Depreciation and amortization</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 840</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 862</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 824</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Operating income</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">1,334</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">1,459</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">1,274</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Interest expense and other, net</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (1,151</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (1,179</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (1,178</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Net income</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 183</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 280</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 96</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td>Company&#39;s share of net income</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">89</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">122</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">23</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT: 10pt Times New Roman, Times, Serif; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Additional depreciation and amortization expense <sup>(1)</sup></td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (259</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (283</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (243</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Company&#39;s loss from investment</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (170</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (161</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (220</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt"> &nbsp;</p> <table style="MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 13.7pt">&nbsp;</td> <td style="FONT-FAMILY: Times New Roman, Times, Serif; WIDTH: 18pt"> <sup>1.</sup></td> <td style="TEXT-ALIGN: justify; PADDING-RIGHT: 0.8in">Additional depreciation and amortization expense relates to the amortization of the difference between the cost of the interest in Brownmill and the amount of the underlying equity in net assets of Brownmill.</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0.8in 0pt 13.5pt"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> The following table represents the unaudited condensed income statement for the CP Boston Joint Venture for the period indicated:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <table style="WIDTH: 60%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">For the Period March<br /> 21, 2011 through<br /> December 31, 2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 47%">Revenue</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">10,919</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Property operating expenses</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">10,684</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Franchise cancellation expense</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">1,235</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Depreciation and amortization</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 288</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Operating loss</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">(1,288</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Other income</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 17</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Net loss</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (1,271</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt">Company&#39;s share of net loss</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (254</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> The following table represents the unaudited condensed income statement for the Rego Park Joint Venture for the period indicated:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <table style="WIDTH: 80%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">For&nbsp;the&nbsp;Year<br /> ended<br /> December<br /> 31,&nbsp;2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">For&nbsp;the&nbsp;Year<br /> ended<br /> December&nbsp;31,<br /> 2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">For&nbsp;the&nbsp;Period<br /> April&nbsp;12,&nbsp;2011<br /> through<br /> December&nbsp;31,<br /> 2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="2">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 61%; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Operating expenses</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 3</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 5</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 202</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Operating loss</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">(3</td> <td style="TEXT-ALIGN: left">)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">(5</td> <td style="TEXT-ALIGN: left">)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">(202</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Interest income</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,725</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 3,203</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 2,068</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Net income</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,722</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 3,198</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,866</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Company&#39;s share of net income before adjustment</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 172</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 320</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 187</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Basis adjustment on mortgage loan</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (16</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt">Company&#39;s share of net income</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 156</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 320</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 187</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt"> The following table represents the unaudited condensed balance sheet for Brownmill:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt"> &nbsp;</p> <table style="WIDTH: 80%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.25in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">As of</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">As of</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">December 31, 2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td>&nbsp;</td> <td colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="2">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 74%; TEXT-ALIGN: left">Real estate, at cost (net)</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">16,039</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">16,760</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Cash and restricted cash</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">1,530</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">947</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Other assets</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,363</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,602</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total assets</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 18,932</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 19,309</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Mortgage payable</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">20,700</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">21,159</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Other liabilities</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">588</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">540</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Members&#39; deficiency</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (2,356</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (2,390</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total liabilities and members&#39; deficiency</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 18,932</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 19,309</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>&nbsp;</em></strong></p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> The following table represents the unaudited condensed balance sheet for Rego Park Joint Venture:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <table style="WIDTH: 60%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">As of</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td nowrap="nowrap">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 47%; TEXT-ALIGN: left">Cash and restricted cash</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">91</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Mortgage note receivable, net</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">18,443</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Other assets</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 45</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total assets</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 18,579</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Members&#39; capital</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 18,579</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total liabilities and members&#39; capital</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 18,579</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <!--EndFragment--></div> </div> 243000 283000 259000 824000 862000 840000 288000 3203000 1725000 2068000 16000 1178000 1179000 1151000 -17000 5000 3000 202000 -5000 -3000 -202000 1274000 1459000 1334000 -1288000 1235000 1723000 1361000 1377000 10684000 205000 100000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The following table represents the selling commissions and dealer manager and other offering costs for the periods indicated:</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <table style="WIDTH: 60%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10" nowrap="nowrap">For the Years Ended December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: right" colspan="2">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 61%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> Selling commissions and dealer manager fees</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 2,023</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 715</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 943</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Other offering costs</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1,937</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1,495</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1,611</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> &nbsp;</p> <!--EndFragment--></div> </div> P20Y 49800000 72600000 2012-08-15 2009-04-24 1000000 800000 240000 105000 0.06 0.0575 -220000 -161000 -170000 320000 156000 187000 P1Y P1Y 0.02 0.15 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in">&nbsp;</td> <td style="WIDTH: 0.25in"><strong><em>5.</em></strong></td> <td><strong><em>Marketable Securities and Fair Value Measurements</em></strong></td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>&nbsp;</em></strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>Marketable Securities:</em></strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> The following is a summary of the Company&#39;s available for sale securities as of the dates indicated:</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.25in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="14" nowrap="nowrap">As of December 31, 2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Adjusted Cost</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Gross Unrealized Gains</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Gross Unrealized<br /> Losses</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Fair Value</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 48%; TEXT-ALIGN: left">Equity Securities</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">7,735</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">399</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">8,134</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> &nbsp;</p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.25in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="14" nowrap="nowrap">As of December 31, 2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Adjusted Cost</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Gross Unrealized Gains</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Gross Unrealized<br /> Losses</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Fair Value</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 48%; TEXT-ALIGN: left">Equity Securities</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">7,915</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">229</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">-</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">8,144</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> The Company has access to a margin loan from a financial institution that holds custody of certain of the Company&#39;s marketable securities. The margin loan is collateralized by the marketable securities in the Company&#39;s account. The amounts available to the Company under the margin loan are at the discretion of the financial institution and not limited to the amount of collateral in its account. The margin loan bears interest at libor plus 0.85% (1.02% at December 31, 2013) and interest expense on the margin loan was $24 and $34 for the years ended December 31, 2013 and 2012, respectively.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, and the Company&#39;s intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment&#39;s amortized cost basis. As of December 31, 2013 and 2012, the Company did not recognize any impairment charges.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> <strong><em>Fair Value Measurements</em></strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>&nbsp;</em></strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value:</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <table style="MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.75in">&nbsp;</td> <td style="WIDTH: 0.3in"><strong>&bull;</strong></td> <td>Level 1 - Quoted prices in active markets for identical assets or liabilities.</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 1.05in; TEXT-INDENT: -0.3in"> &nbsp;</p> <table style="MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.75in">&nbsp;</td> <td style="WIDTH: 0.3in"><strong>&bull;</strong></td> <td>Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 1.05in; TEXT-INDENT: -0.3in"> &nbsp;</p> <table style="MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.75in">&nbsp;</td> <td style="WIDTH: 0.3in"><strong>&bull;</strong></td> <td>Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.7pt; TEXT-INDENT: 13.7pt"> As of December 31, 2013 all of the Company&#39;s equity securities were classified as Level 1 assets and there were no transfers between the level classifications. The Company did not have any other significant financial assets or liabilities, which would require revised valuations that are recognized at fair value.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 27pt; TEXT-INDENT: -13.5pt"> &nbsp;</p> <!--EndFragment--></div> </div> 0.07 0.03 0.25 0.02 100000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> The following table, based on the initial terms of the mortgages, sets forth their aggregate estimated contractual principal maturities, including balloon payments due at maturity, as of December 31, 2013:</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> &nbsp;</p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.25in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2014</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2015</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2016</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2017</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2018</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Thereafter</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Total</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 10%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> Principal maturities</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 499</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 524</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 548</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 580</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 22,109</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> -</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 24,260</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> &nbsp;</p> <!--EndFragment--></div> </div> 896000 103000 2060000 896000 103000 2060000 2400000 0.1 P365D P365D 1 9 366 8 200 100000 0.12 0.85 0.15 0.8 0.2 1 0.1 0.877 0.174 0.826 0.051 0.045 0.05 0.9 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Selling Commission, Dealer Manager Fees and Organization and Other Offering Costs</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Selling commissions and dealer manager fees paid to the Dealer Manager, and other third-party offering expenses such as registration fees, due diligence fees, marketing costs, and professional fees are accounted for as a reduction against additional paid-in capital ("APIC") as costs are incurred. Any organization costs are expensed as general and administrative costs. Through December 31, 2013, the Company has incurred approximately $7.3 million in selling commissions and dealer manager fees and $7.9 million of other offering costs. From the commencement of the offering through December 31, 2013, the Company has recorded approximately $15.2 million of these costs against APIC.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>7. Selling Commission, Dealer Manager Fees and Other Offering Costs</em></strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Selling commissions and dealer manager fees are paid to the Dealer Manager, pursuant to various agreements, and other third-party offering expenses such as registration fees, due diligence fees, marketing costs, and professional fees are accounted for as a reduction against additional paid-in capital ("APIC") as costs are incurred. Any organizational costs are accounted for as general and administrative costs. The following table represents the selling commissions and dealer manager and other offering costs for the periods indicated:</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <table style="WIDTH: 60%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10" nowrap="nowrap">For the Years Ended December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: right" colspan="2">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 61%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> Selling commissions and dealer manager fees</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 2,023</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 715</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 943</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Other offering costs</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1,937</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1,495</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1,611</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> Since commencement of its Offering through December 31, 2013, the Company has incurred approximately $7.3 million in selling commissions and dealer manager fees and $7.9 million of other offering costs.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <!--EndFragment--></div> </div> 1600000 0.07 0.07 0.07 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>8.</em></strong> <strong><em>Subscription Receivable</em></strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The subscription receivable relates to shares issued to the Company&#39;s shareholders for which the proceeds have not yet been received by the Company solely due to a fact of timing of transfers from the escrow agent holding the funds.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <!--EndFragment--></div> </div> 10.00 6 9 33 64 48 1000 100 50 64 100000000 600000 900000 3300000 6400000 4800000 -262000 -104000 25000 286000 254000 193000 300000 false --12-31 FY 2013 2013-12-31 10-K 0001436975 8700000 Yes Smaller Reporting Company 2008-04-28 60700000 LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST II INC No No 1356000 1017000 399000 229000 60755000 41652000 1611000 1495000 1937000 1611000 1495000 1937000 7900000 943000 715000 2023000 943000 715000 2023000 7300000 5200000 65000 268000 346000 114000 95826000 64734000 229000 399000 8134000 8144000 8134000 8144000 7735000 7915000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Basis of Presentation</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The consolidated financial statements include the accounts of Lightstone REIT II and the Operating Partnership and its subsidiaries (over which Lightstone REIT exercises financial and operating control). As of December 31, 2013, the Company had a 99.9% general partnership interest in the Operating Partnership. All inter-company balances and transactions have been eliminated in consolidation.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). GAAP requires the Company&#39;s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate and investments in other real estate entities, depreciable lives of long-lived assets and revenue recognition. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Investments in other real estate entities where the Company has the ability to exercise significant influence, but does not exercise financial and operating control, <font style="FONT-FAMILY: Times New Roman, Times, Serif">and is not considered to be the primary beneficiary</font> will be accounted for using the equity method. Investments in other real estate entities where the Company has virtually no influence will be accounted for using the cost method.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <!--EndFragment--></div> </div> 2012-01-01 0.95 0.95 -0.28 0.05 0.05 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> The following table provides unaudited pro forma results of operations for the periods indicated, as if the TownePlace Suites - Metairie, the SpringHill Suites - Peabody, the Fairfield Inn - East Rutherford and the Arkansas Hotel Portfolio had been acquired at the beginning of the earliest period presented. Such pro forma results are not necessarily indicative of the results that actually would have occurred had these acquisitions been completed on the dates indicated, nor are they indicative of the future operating results of the combined company.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <table style="WIDTH: 80%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10" nowrap="nowrap">For the Years Ended December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 61%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Pro forma rental revenue</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 14,699</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 15,254</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 13,957</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt">Pro forma net income/(loss) per Company&#39;s common share <sup>(3)(4)</sup></td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 295</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 115</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (1,123</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> Pro forma net income/(loss) per Company&#39;s common share, basic and diluted<sup>(3)(4)</sup></td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 0.05</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 0.05</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (0.28</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> <em><u>Note</u>:</em></p> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0in">&nbsp;</td> <td style="WIDTH: 0.25in; TEXT-ALIGN: left">(3)</td> <td style="TEXT-ALIGN: justify">Excludes $7.9 million bargain purchase gain recorded in the year ended December 31, 2012 in connection with the acquisitions of the SpringHill Suites - Peabody and the Fairfield Inn - East Rutherford.</td> </tr> </table> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0in">&nbsp;</td> <td style="WIDTH: 0.25in; TEXT-ALIGN: left">(4)</td> <td style="TEXT-ALIGN: justify">Excludes the approximately $1.3 million bargain purchase gain recorded in the year ended December 31, 2013 in connection with the acquisition of the Arkansas Hotel Portfolio.</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <!--EndFragment--></div> </div> -1123000 115000 295000 13957000 15254000 14699000 141000 85000 102000 85000 100000 102000 7857000 1263000 4300000 3500000 1200000 7400000 10100000 12000000 10700000 29100000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>3</strong>. <strong><em>Acquisitions</em></strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; BACKGROUND-COLOR: white; TEXT-INDENT: 0.25in"> <strong>Arkansas Hotel Portfolio</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; BACKGROUND-COLOR: white; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; BACKGROUND-COLOR: white; TEXT-INDENT: 0.25in"> On June 18, 2013, the Company, through LVP TPS Little Rock Holdings LLC and LVP TPS Fayetteville Holdings, LLC, both joint venture subsidiaries of our Operating Partnership, completed the portfolio acquisition of 95% ownership interests in two 92-room limited service hotels (the "Arkansas Hotel Portfolio"), which operate as TownePlace Suites by Marriott, located in Little Rock, which we refer to as the TownePlace Suites - Little Rock, and Johnson/Springdale, Arkansas, which we refer to as the TownePlace Suites - Fayetteville, from certain limited liability companies controlled by the same seller, an unrelated third party. The remaining 5% ownership interests were acquired by TPSLR, LLC for the TownePlace Suites - Little Rock and TPSFN, LLC for the TownePlace Suites - Fayetteville, respectively, both unrelated third parties.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; BACKGROUND-COLOR: white; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; BACKGROUND-COLOR: white; TEXT-INDENT: 0.25in"> The Arkansas Hotel Portfolio was acquired as part of a transaction in which the third party sellers sold a portfolio of four hotel properties, two of which comprise the Arkansas Hotel Portfolio, and two hotel properties acquired by Lightstone Value Plus Real Estate Investment Trust, Inc. ("Lightstone REIT I").&nbsp; The aggregate purchase price paid for the four properties was $29.1 million, of which $10.7 million related to the Arkansas Hotel Portfolio and such amount was determined based on an internal allocation of the purchase price which was approved by the separate boards of directors of the Company and Lightstone REIT I. Additionally, in connection with the acquisition, our advisor received an acquisition fee equal to 0.95% of the contractual purchase price of $10.7 million, or approximately $102. The fair value of the assets acquired of $11.9 million exceeded the aggregate cost of $10.7 million, resulting in the recognition of a bargain purchase gain of approximately $1.2 million in the consolidated statements of operations during the second quarter of 2013.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; BACKGROUND-COLOR: white; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; BACKGROUND-COLOR: white; TEXT-INDENT: 0.25in"> The acquisition was funded with $3.7 million in cash and a $7.0 million demand note, or the Demand Note, entered into between our Operating Partnership and Lightstone Value Plus Real Estate Investment Trust, Inc. ("Lightstone REIT I"). The Demand Note was due on demand and bore interest at a floating rate of LIBOR plus 4.95%. We paid $3.0 million of the Demand Note&#39;s balance in June 2013 and repaid the remaining $4.0 million on July 30, 2013.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; BACKGROUND-COLOR: white; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; BACKGROUND-COLOR: white; TEXT-INDENT: 0.25in"> We established a separate taxable REIT subsidiary, or TRS for both the TownePlace Suites - Fayetteville and the TownePlace Suites - Little Rock, respectively, which have each entered into operating lease agreements for each respective hotel. At closing, each TRS entered into a separate management agreement with a management company controlled by the minority owner of each hotel for the management of the respective hotel. Additionally, each TRS entered into a 20-year franchise agreement, or the Franchise Agreement, with Marriott, pursuant to which the TownePlace Suites - Fayetteville and the TownePlace Suites - Little Rock Hotel will both continue to operate as a "TownePlace Suites by Marriott," which commenced on June 18, 2013.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; BACKGROUND-COLOR: white; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; BACKGROUND-COLOR: white; TEXT-INDENT: 0.25in"> The acquisition of the Arkansas Hotel Portfolio was accounted for under the purchase method of accounting with the Company treated as the acquiring entity. Accordingly, the consideration paid by the Company to complete the acquisition of the Arkansas Hotel Portfolio has been allocated to the assets acquired based upon their estimated fair values as of the date of the acquisition. There was no contingent consideration related to this acquisition. Approximately $2.0 million was allocated to land and improvements, $8.0 million was allocated to building and improvements, and $1.9 million was allocated to furniture and fixtures and other assets.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; BACKGROUND-COLOR: white; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; BACKGROUND-COLOR: white; TEXT-INDENT: 0.25in"> The aggregate capitalization rate for the Arkansas Hotel Portfolio as of the closing of the acquisition was approximately 10.6%. We calculate the capitalization rate for a real property by dividing net operating income of the property by the purchase price of the property, excluding costs. For purposes of this calculation, net operating income is determined using the projected or budgeted net operating income based upon then-current projections. Additionally, net operating income is all gross revenues from the property less all operating expenses, including property taxes and management fees but excluding depreciation.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0.8pt 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; BACKGROUND-COLOR: white"> <strong>SpringHill Suites - Peabody</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; BACKGROUND-COLOR: white; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; BACKGROUND-COLOR: white; TEXT-INDENT: 0.25in"> On July 13, 2012, the Company entered into an Assignment and Assumption of Purchase and Sale Agreement (the "Assignment") with Lightstone Acquisitions V LLC (the "Assignor"), an affiliate of the Company&#39;s Sponsor.&nbsp;&nbsp;Under the terms of the Assignment, the Company was assigned the rights and assumed the obligations of the Assignor with respects to certain Purchase and Sale Agreement (the "Purchase Agreement"), dated March 12, 2012, made between the Assignor as the Purchaser and Springhill Peabody HH LLC as the Seller, as amended, whereby the Assignor contracted to purchase a six story, 164-suite, limited services hotel located in Peabody, Massachusetts which operates as a SpringHill Suites by Marriott (the "SpringHill Suites - Peabody") which was constructed and commenced operations in July 2002.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; BACKGROUND-COLOR: white; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; BACKGROUND-COLOR: white; TEXT-INDENT: 0.25in"> On July 13, 2012, the Company completed the acquisition of&nbsp;the SpringHill Suites - Peabody from the Seller, an unrelated third party.&nbsp;&nbsp;In connection with the acquisition, the Company assumed the existing Management Agreement with Marriott and simultaneously gave the requisite 30-day notice for early termination, which required the payment of a termination fee (the "Termination Fee") of approximately $1.2 million to Marriott. Contemporaneously, the Company entered into a 20-year franchise agreement (the "Franchise Agreement") with Marriott, pursuant to which the SpringHill Suites - Peabody continued to operate as a SpringHill Suites by Marriott commencing on August 11, 2012. The Company has established a TRS, which has entered into an operating lease agreement for the SpringHill Suites - Peabody.&nbsp;&nbsp;The TRS has also entered into a new management agreement (the "SSH Peabody Management Agreement") with an unrelated third party for the management of the SpringHill Suites - Peabody which commenced on August 11, 2012.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; BACKGROUND-COLOR: white; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; BACKGROUND-COLOR: white; TEXT-INDENT: 0.25in"> The SSH Peabody Management Agreement has an initial term of one-year and automatically renews for additional one-year terms on the anniversary date provided 60-day advance written notice is not provided by either party. The SSH Peabody Management Agreement provides for (i) a basic management fee equal to 3% of total revenues, (ii) a centralized accounting services fee of $3 per month, subject annual increases based on the consumer price index, and (iii) an incentive management fee equal to 15% of the amount by which gross operating profit, as defined, exceeds a prescribed threshold, subject to a cap of 2.0% of total annual revenues.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; BACKGROUND-COLOR: white; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; BACKGROUND-COLOR: white; TEXT-INDENT: 0.25in"> The aggregate cost for the SpringHill Suites - Peabody was approximately $10.1 million, including the Termination Fee and approximately $0.8 million for a furniture, fixtures and equipment reserve (the "FFE Reserve") held in escrow by Marriott.&nbsp;&nbsp;In connection with the acquisition, the Company&#39;s incurred closing and other transaction costs of approximately $0.2 million, including an acquisition fee equal to 0.95% of the contractual purchase price less the Termination Fee, or approximately $85, paid to the Company&#39;s advisor.&nbsp;&nbsp;The acquisition was funded in part with cash and proceeds from a $5.3 million mortgage obtained by the Company from the Bank of the Ozarks. The FFE Reserve was subsequently released from escrow by Marriott in October 2012 as a result of the termination of the existing Management Agreement.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> The acquisition was accounted for under the purchase method of accounting with the Company treated as the acquiring entity. Accordingly, the consideration paid by the Company to complete the acquisition has been allocated to the assets acquired based upon their fair values as of the date of the acquisition. The fair value of the assets acquired of $13.6 million exceeded the aggregate cost of $10.1 million, resulting in the recognition of a bargain purchase gain of approximately $3.5 million in the consolidated statements of operations during the third quarter of 2012. There was no contingent consideration related to this acquisition. Approximately $2.8 million was allocated to land, $9.0 million was allocated to building and improvements and $1.0 million was allocated to furniture and fixtures. Additionally, the FFE Reserve was recorded at its cost of approximately $0.8 million.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> The capitalization rate for the SpringHill Suites - Peabody as of the closing of the acquisition was 10.5%. We calculate the capitalization rate for a real property by dividing net operating income of the property by the purchase price of the property, excluding costs. For purposes of this calculation, net operating income was determined using the projected or budgeted net operating income of the property based upon then-current projections. Additionally, net operating income is all gross revenues from the property less all operating expenses, including property taxes and management fees but excluding depreciation.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0.8pt 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt"> <strong>Restructuring of Mortgage Loan Secured by a Limited Service Hotel Located in East Rutherford, New Jersey (the "Fairfield Inn - East Rutherford") and Simultaneous Acquisition of the Hotel.</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt; BACKGROUND-COLOR: white; TEXT-INDENT: 0.5in"> On December 31, 2012, the Company, and LVP East Rutherford, LLC ("LVP East Rutherford"), a newly formed majority-owned subsidiary, entered into a Restructuring Agreement (the "Restructuring Agreement") with a syndicate of unrelated third-party investors, including Moody National FFI Meadowlands Rollup LLC (collectively, the "Borrowers") and Moody National FFI Meadowlands MT, LLC (together with the Borrowers, the "Borrower Parties"). The Borrowers were the owners of the Fairfield Inn - East Rutherford, which operates as a Fairfield Inn under a franchise agreement with Marriott International Inc. ("Marriott") and is managed by an unrelated third party under a management agreement with an initial term that expires in August 2017.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt; BACKGROUND-COLOR: white; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt; TEXT-INDENT: 0.5in"> Previously, on June 29, 2010, the Company purchased a fixed-rate, nonrecourse mortgage note (the "Loan") with an original principal balance of $18.7 million for $7.9 million from an unrelated third-party financial institution. The Loan, which was secured by the Fairfield Inn - East Rutherford, had been in default since February 2009 and the carrying value of the Company&#39;s investment in the Loan was approximately $7.0 million as of December 30, 2012. Additionally, during the year ended December 31, 2011, the Company applied $0.1 million of excess cash received to outstanding principal. During the years ended December 31, 2012 and 2011 the Company recognized approximately $0.8 million and $1.0 of interest income, respectively.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt; TEXT-INDENT: 10pt"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt; TEXT-INDENT: 0.5in"> Under the terms of the Restructuring Agreement, the Borrowers contributed the Fairfield Inn - East Rutherford to LVP East Rutherford and the Borrower Parties and the Company received 17.4% and 82.6%, respectively, of the outstanding common units in LVP East Rutherford. Additionally, the Company issued a promissory note (the "Promissory Note") in the principal amount of $6.3 million to LVP East Rutherford which is secured by the Fairfield Inn - East Rutherford. The Promissory Note has an initial maturity date of January 6, 2021, bears interest at 9.00%, and requires monthly principal and interest payments pursuant to a 30-year amortization schedule through its stated maturity. LVP East Rutherford also has an option to further extend the maturity of the Promissory Note for two additional one-year periods. Upon consummation of the transactions provided for in the Restructuring Agreement, all existing obligations under the Loan were satisfied in full.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt; TEXT-INDENT: 0.5in"> On December 31, 2012, the transactions provided for in the Restructuring Agreement were consummated. Simultaneously, the Company purchased an additional 5.1% of the outstanding common units of LVP East Rutherford for $0.1 million from various Borrowers that chose not to participate in the Restructuring Agreement. As a result, the Company holds in the aggregate 87.7% of the outstanding common units of LVP East Rutherford.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt; TEXT-INDENT: 0.5in"> Under the terms of the operating agreement of LVP East Rutherford, the Company is the majority holder and manager of, and has the ability to make all major decisions regarding, LVP East Rutherford, unless they relate to certain agreements with affiliated parties or amendments to the operating agreement that may adversely affect a minority interest holder in a disproportionate manner to other members of the same class of stock. LVP East Rutherford has two authorized classes of stock consisting of preferred units, none of which have been issued at this time, and common units. Distributions will be first to the preferred units, if any, and then to the common units in proportion to their ownership interests.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt; TEXT-INDENT: 0.5in"> The Fairfield Inn - East Rutherford, which opened in 1997 and was renovated in 2007, has 141 rooms, including 39 king guestrooms, 89 double/double guestrooms, nine double rooms, and four suites. Located at 850 Paterson Plank Road in East Rutherford, NJ, the Fairfield Inn - East Rutherford is in immediate proximity to Teterboro Airport and Meadowlands Sports Complex, seven miles west of New York City and 15 miles from Newark International Airport.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt; TEXT-INDENT: 0.5in"> The Company has established a TRS, which has entered into an operating lease agreement for the Fairfield Inn - East Rutherford and a relicensing franchise agreement (the "Franchise Agreement") with Marriott for the Fairfield Inn - East Rutherford which runs through 2025.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt; TEXT-INDENT: 31.5pt"> The aggregate cost for the Fairfield Inn - East Rutherford was approximately $7.4 million. The acquisition was accounted for under the purchase method of accounting with the Company treated as the acquiring entity. Accordingly, the consideration paid by the Company to complete the acquisition has been allocated to the assets acquired based upon their fair values as of the date of the acquisition. The fair value of the assets acquired of $11.7 million exceeded the aggregate cost of $7.4 million, resulting in the recognition of a bargain purchase gain of approximately $4.3 million in the consolidated statements of operations during the year ended December 31, 2012. There was no contingent consideration related to this acquisition.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt; TEXT-INDENT: 31.5pt"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> Approximately $2.5 million was allocated to land, $8.4 million was allocated to building and improvements and $0.8 million was allocated to furniture and fixtures.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> The capitalization rate for the Fairfield Inn - East Rutherford as of the closing of the acquisition was 8.0%. We calculate the capitalization rate for a real property by dividing net operating income of the property by the purchase price of the property, excluding costs. For purposes of this calculation, net operating income was determined using the projected or budgeted net operating income of the property based upon then-current projections. Additionally, net operating income is all gross revenues from the property less all operating expenses, including property taxes and management fees but excluding depreciation.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0.8pt 0pt 0px"> <strong>TownePlace Suites - Metairie</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0.8pt 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 31.5pt"> On January 19, 2011, the Company, through LVP Metairie JV, LLC ("LVP Metairie JV"), a joint venture, completed the acquisition of a 95% ownership interest in a four-story, limited service extended-stay hotel located in Harahan, Louisiana ("TownePlace Suites - Metairie") from Citrus Suites, LLC (the "Seller"). The remaining 5% ownership interest was acquired by TPS Metairie, LLC, an unrelated third party.&nbsp; During the three months ended March 31, 2011, TPS Metairie LLC contributed $0.7 million to LVP Metairie JV. The TownePlace Suites - Metairie, which has immediate access to the New Orleans Airport, will operate as a "TownePlace Suites" pursuant to a Relicensing Franchise Agreement ("Franchise Agreement") with Marriott International, Inc. ("Marriott"). The Seller was not affiliated with the Company or its subsidiaries.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 31.5pt"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 31.5pt"> The aggregate purchase price for the TownePlace Suites - Metairie was approximately $12.2 million, inclusive of closing and other transaction-related costs. Additionally, in connection with the acquisition, the Company&#39;s advisor received an acquisition fee of $0.1 million which was equal to 0.95% of the Company&#39;s proportionate share of the total contract price of $12.0 million, or $11.4 million. The acquisition was funded with cash proceeds from the sale of the Company&#39;s common stock.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 31.5pt"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 31.5pt"> We established a TRS which has entered into an operating lease agreement for the TownePlace Suites - Metairie. The TRS has also entered into a management agreement (the "TownePlace Suites Management Agreement") with an unrelated third party for the management of the TownePlace Suites - Metairie, and the Franchise Agreement with Marriott.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 31.5pt"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 31.5pt"> The capitalization rate for the acquisition of the TownePlace Suites during 2011 was 10.7%. The Company calculates the capitalization rate for real property by dividing the net operating income of the property by the purchase price of the property, excluding costs. For purposes of this calculation, net operating income was determined using the projected or budgeted net operating income of the property based upon then-current projections. Additionally, net operating income is all gross revenues from the property less all operating expenses, including property taxes and management fees but excluding depreciation and amortization.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 31.5pt"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 31.5pt"> The Company&#39;s interest in LVP Metairie JV is a managing interest. Generally, quarterly distributions have been made, beginning on May 10, 2011, (i) initially, to the Company and TPS Metairie, LLC on a pro rata basis in proportion to each member&#39;s equity interest percentage until an annualized preferred return of 12% is achieved on their invested capital and (ii) thereafter, 85% to the Company and TPS Metairie, LLC pro rata in accordance with their respective ownership interest and 15% to the Sherman Family Trust, a third party related to TPS Metairie, LLC but not related to the Company. Beginning on January 19, 2011, the Company has consolidated the operating results and financial condition of TownePlace Suites and accounted for the ownership interest of TPS Metairie, LLC and any allocations of earnings and distributions to the Sherman Family Trust as noncontrolling interests.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 31.5pt"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 31.5pt"> During the year ended December 31, 2013, LVP Metairie JV made total distributions of approximately $3,319 ($3,144 and $306 to the Company and TPS Metairie, LLC, respectively). The 2013 distributions consisted of approximately $600 ($561 and $39 to the Company and TPS Metairie LLC, respectively) of annualized preferred returns and approximately $2,719 ($2,583 and $136 to the Company and LVP Metairie LLC, respectively) of return of invested capital. During the year ended December 31, 2012, LVP Metairie JV made total distributions of approximately $6,120 ($5,814 and $306 to the Company and TPS Metairie, LLC, respectively). The 2012 distributions consisted of approximately $1,575 ($1,497 and $78 to the Company and TPS Metairie LLC, respectively) of annualized preferred returns and approximately $4,545 ($4,317 and $228 to the Company and LVP Metairie LLC, respectively) of return of invested capital. The 2012 distributions include the net proceeds from a $6.0 million mortgage loan obtained on March 14, 2012 (see Note 6). During the year ended December 31, 2011, LVP Metairie JV made total distributions of approximately $784 ($745 and $39 to the Company and TPS Metairie, LLC, respectively), all of which related to the annualized preferred return.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 31.5pt"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The acquisition was accounted for under the purchase method of accounting with the Company treated as the acquiring entity. Accordingly, the consideration paid by the Company to complete the acquisition has been allocated to the assets acquired based upon their fair values as of the date of the acquisition. There was no contingent consideration related to this acquisition.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Approximately $1.8 million was allocated to land, $9.7 million was allocated to building and improvements and $0.5 million was allocated to furniture and fixtures.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> <strong><em>Financial Information</em></strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> The following table provides the total amount of rental revenue and net income included in the Company&#39;s consolidated statements of operations from the TownePlace Suites - Metairie, the SpringHill Suites - Peabody, the Fairfield Inn - East Rutherford and the Arkansas Hotel Portfolio since their respective dates of acquisition for the periods indicated:</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <table style="WIDTH: 80%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10" nowrap="nowrap">For the Years Ended December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 61%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> Rental revenue</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 13,058</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 5,942</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 2,978</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt">Net income<sup>(1)(2)</sup></td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1,084</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 8,005</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 536</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> <em><u>Note</u>:</em></p> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0in">&nbsp;</td> <td style="WIDTH: 0.25in; TEXT-ALIGN: left">(1)</td> <td style="TEXT-ALIGN: justify">Includes the $7.9 million bargain purchase gain recorded in the year ended December 31, 2012 in connection with the acquisitions of the SpringHill Suites - Peabody and the Fairfield Inn - East Rutherford.</td> </tr> </table> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0in">&nbsp;</td> <td style="WIDTH: 0.25in; TEXT-ALIGN: left">(2)</td> <td style="TEXT-ALIGN: justify">Includes the approximately $1.3 million bargain purchase gain recorded in the year ended December 31, 2013 in connection with the acquisition of the Arkansas Hotel Portfolio.</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> The following table provides unaudited pro forma results of operations for the periods indicated, as if the TownePlace Suites - Metairie, the SpringHill Suites - Peabody, the Fairfield Inn - East Rutherford and the Arkansas Hotel Portfolio had been acquired at the beginning of the earliest period presented. Such pro forma results are not necessarily indicative of the results that actually would have occurred had these acquisitions been completed on the dates indicated, nor are they indicative of the future operating results of the combined company.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <table style="WIDTH: 80%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10" nowrap="nowrap">For the Years Ended December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 61%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Pro forma rental revenue</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 14,699</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 15,254</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 13,957</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt">Pro forma net income/(loss) per Company&#39;s common share <sup>(3)(4)</sup></td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 295</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 115</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (1,123</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> Pro forma net income/(loss) per Company&#39;s common share, basic and diluted<sup>(3)(4)</sup></td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 0.05</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 0.05</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (0.28</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> <em><u>Note</u>:</em></p> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0in">&nbsp;</td> <td style="WIDTH: 0.25in; TEXT-ALIGN: left">(3)</td> <td style="TEXT-ALIGN: justify">Excludes $7.9 million bargain purchase gain recorded in the year ended December 31, 2012 in connection with the acquisitions of the SpringHill Suites - Peabody and the Fairfield Inn - East Rutherford.</td> </tr> </table> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0in">&nbsp;</td> <td style="WIDTH: 0.25in; TEXT-ALIGN: left">(4)</td> <td style="TEXT-ALIGN: justify">Excludes the approximately $1.3 million bargain purchase gain recorded in the year ended December 31, 2013 in connection with the acquisition of the Arkansas Hotel Portfolio.</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <!--EndFragment--></div> </div> 536000 8005000 1084000 2978000 5942000 13058000 8400000 9000000 9700000 8000000 1200000 800000 1000000 500000 1900000 2500000 2800000 1800000 2000000 10100000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> The following table provides the total amount of rental revenue and net income included in the Company&#39;s consolidated statements of operations from the TownePlace Suites - Metairie, the SpringHill Suites - Peabody, the Fairfield Inn - East Rutherford and the Arkansas Hotel Portfolio since their respective dates of acquisition for the periods indicated:</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <table style="WIDTH: 80%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10" nowrap="nowrap">For the Years Ended December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 61%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> Rental revenue</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 13,058</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 5,942</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 2,978</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 2.5pt">Net income<sup>(1)(2)</sup></td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1,084</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 8,005</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 536</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> <em><u>Note</u>:</em></p> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0in">&nbsp;</td> <td style="WIDTH: 0.25in; TEXT-ALIGN: left">(1)</td> <td style="TEXT-ALIGN: justify">Includes the $7.9 million bargain purchase gain recorded in the year ended December 31, 2012 in connection with the acquisitions of the SpringHill Suites - Peabody and the Fairfield Inn - East Rutherford.</td> </tr> </table> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0in">&nbsp;</td> <td style="WIDTH: 0.25in; TEXT-ALIGN: left">(2)</td> <td style="TEXT-ALIGN: justify">Includes the approximately $1.3 million bargain purchase gain recorded in the year ended December 31, 2013 in connection with the acquisition of the Arkansas Hotel Portfolio.</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <!--EndFragment--></div> </div> 26520000 8152000 5114000 18177000 -13063000 3038000 18368000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Cash and Cash Equivalents</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. All cash equivalents are held in commercial paper and money market funds.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <table style="WIDTH: 93%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; PADDING-LEFT: 12pt; TEXT-INDENT: -12pt" nowrap="nowrap">Supplemental disclosure of cash flow information:</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10" nowrap="nowrap">Year Ended December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 12pt; TEXT-INDENT: -12pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 12pt; TEXT-INDENT: -12pt" nowrap="nowrap"> &nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td colspan="2" nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td colspan="2" nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td colspan="2" nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 61%; TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Cash paid for interest</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">939</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">413</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">-</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Distributions declared</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">4,050</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">3,268</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">2,587</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Marketable securities purchased with margin loan, net</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">3,340</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Noncash commissions and other offering costs in accounts payable and other accrued expenses</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">193</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">254</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">286</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Subscription receivable</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">25</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">(104</td> <td style="TEXT-ALIGN: left">)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">(262</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Value of shares issued from distribution reinvestment program</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">1,791</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">1,458</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">1,182</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Issuance of units in exchange for investment in unconsolidated affiliated entities</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">911</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">548</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Restricted escrow deposits and related liability initially established related to acquisition of mortgage loan receivable</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">205</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Note receivable received in connection with disposition of investment in unconsolidated affiliated entity</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">2,400</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Satisfaction of promissory note</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">7,029</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>13. Commitments and Contingencies</em></strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>&nbsp;</em></strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>Legal Proceedings&nbsp;</em></strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> From time to time in the ordinary course of business, the Company may become subject to legal proceedings, claims or disputes.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;&nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> As of the date hereof, the Company is not a party to any material pending legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on its results of operations or financial condition, which would require accrual or disclosure of the contingency and possible range of loss. Additionally, the Company has not recorded any loss contingencies related to legal proceedings in which the potential loss is deemed to be remote.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <!--EndFragment--></div> </div> 6500000 2500000 51000000 30000000 0.01 0.01 100000000 100000000 7643000 5311000 7643000 5311000 25000 6500000 76000 53000 -1784000 12207000 1540000 28000 555000 40000 -1812000 11652000 1500000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Concentration of Risk</u></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The Company maintains its cash in bank deposit accounts, which, at times, may exceed U.S. federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <!--EndFragment--></div> </div> 78000 3547000 6056000 12517000 0.0375 0.0375 0.0085 0.0495 18700000 6300000 7000000 24400000 23898000 11157000 400000 0.0494 0.0494 0.09 0.0494 0.0494 2021-01-06 2018-08-06 2018-08-06 142000 P5Y <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Deferred Costs</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The Company capitalizes initial direct costs associated with financing and leasing activities. The costs are capitalized upon the execution of the loan or lease and amortized over the initial term of the corresponding loan or lease. Amortization of deferred loan costs begins in the period during which the loan is originated using the effective interest method over the term of the loan. Deferred leasing costs are not amortized to expense until the earlier of the store opening date or the date the tenant&#39;s lease obligation begins.</p> <p style="TEXT-ALIGN: center; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <!--EndFragment--></div> </div> 295000 558000 1822000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Depreciation and Amortization</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Depreciation expense is computed based on the straight-line method over the estimated useful life of the applicable real estate asset. We generally use estimated useful lives of up to thirty-nine years for buildings and improvements and five to ten years for furniture, fixtures and equipment. Expenditures for tenant improvements and construction allowances paid to commercial tenants are capitalized and amortized over the initial term of each lease. Expenditures for ordinary maintenance and repairs are charged to expense as incurred.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Accounting for Derivative Financial Investments and Hedging Activities.</u></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The Company may enter into derivative financial instrument transactions in order to mitigate interest rate risk on a related financial instrument. The Company may designate these derivative financial instruments as hedges and apply hedge accounting. The Company will record all derivative instruments at fair value on the consolidated balance sheet.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, will be considered cash flow hedges. The Company will formally document all relationships between hedging instruments and hedged items, as well as our risk- management objective and strategy for undertaking each hedge transaction. The Company will periodically review the effectiveness of each hedging transaction, which involves estimating future cash flows. Cash flow hedges will be accounted for by recording the fair value of the derivative instrument on the consolidated balance sheet as either an asset or liability, with a corresponding amount recorded in accumulated other comprehensive income (loss) within stockholders&#39; equity. Amounts will be reclassified from other comprehensive income (loss) to the consolidated statement of operations in the period or periods the hedged forecasted transaction affects earnings. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, will be considered fair value hedges. The effective portion of the derivatives gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the transaction affects earnings. The ineffective portion of the gain or loss is reported in earnings immediately.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <!--EndFragment--></div> </div> 3542000 323000 1500000 3329000 8464000 300000 150000 21000000 2014-04-15 2587000 3268000 4050000 2587000 3268000 4050000 1172000 860000 2013-03-31 107000 113000 0.10 1.84 0.21 0.22 0.05 0.74 0.78 -0.02 0.25 0.03 -0.03 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Basic and Diluted Net Earnings per Common Share</u></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> The Company had no potentially dilutive securities outstanding during the periods presented. Accordingly, earnings per share is calculated by dividing net income/(loss) attributable to common shareholders by the weighted-average number of shares of common stock outstanding during the applicable period.</p> <p style="TEXT-ALIGN: center; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <!--EndFragment--></div> </div> 0.486 0.1 0.1 0.2 0.9 3834000 5950000 3834000 4076000 1874000 7000000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0.25in">&nbsp;</td> <td style="WIDTH: 0.25in; TEXT-ALIGN: left; TEXT-INDENT: 0in"> <strong><em>4.</em></strong></td> <td style="TEXT-ALIGN: justify; TEXT-INDENT: 0in"> <strong><em>Investments in Unconsolidated Affiliated Entities</em></strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt; TEXT-INDENT: 0.5in"> The entities listed below are or were partially owned by the Company. The Company accounts or accounted for these investments under the equity method of accounting as the Company exercises or exercised significant influence, but does not or did not exercise financial and operating control, <font style="FONT-FAMILY: Times New Roman, Times, Serif">and is not or was not considered to be the primary beneficiary of these entities</font>. A summary of the Company&#39;s investments in unconsolidated affiliated entities is as follows:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt"> &nbsp;</p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td colspan="2" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">As of</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold" nowrap="nowrap">Entity</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" nowrap="nowrap">Date of Ownership</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Ownership %</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">December 31, 2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 38%; TEXT-ALIGN: left">Brownmill LLC ("Brownmill")</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 12%; TEXT-ALIGN: center">Various</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">48.58</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">%</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">3,834</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">4,076</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">LVP Rego Park, LLC ("Rego Park Joint Venture")</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: center">April 12, 2011</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">10.00</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">%</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,874</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total investments in unconsolidated affiliated entities</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 3,834</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 5,950</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt"> <em>&nbsp;</em></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt"> <em>Brownmill</em></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt; TEXT-INDENT: 0.5in"> During 2010, 2011 and 2012, the Company entered into five separate contribution agreements with Lightstone Holdings LLC (&#39;&#39;LGH&#39;&#39;), a wholly-owned subsidiary of the Company&#39;s Sponsor, pursuant to which LGH contributed to the Company an approximate aggregate 48.6% equity interest (34.4%, 5.6% and 8.6% in 2010, 2011 and 2012, respectively) in Brownmill in order to fulfill the Sponsor&#39;s semi-annual commitment to purchase Subordinated Profits Interests with cash or contributed property. In exchange, the Company issued an aggregate of 48 units (33, 6 and 9 in 2010, 2011 and 2012, respectively) of Subordinated Profits Interests, at $100,000 per unit (at an aggregate total value of $4.8 million, of which $3.3 million, $0.6 million and $0.9 million were in 2010, 2011 and 2012, respectively), to Lightstone SLP II LLC.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt; TEXT-INDENT: 0.5in"> The aggregate fair value of the Company&#39;s 48.6% interest in Brownmill, based on estimated fair values as of the effective dates of the applicable contributions, was approximately $15.5 million, of which $4.8 million was in the form of equity and $10.7 million was in the form of mortgage indebtedness.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt; TEXT-INDENT: 0.5in"> As a result of these contributions in exchange for Subordinated Profit Interests, as of December 31, 2013, the Company owns a 48.6% membership interest in Brownmill. The Company&#39;s interest in Brownmill is a non-managing interest. An affiliate of the Company&#39;s Sponsor is the majority owner and manager of Brownmill. Profit and cash distributions are allocated in accordance with each investor&#39;s ownership percentage. The Company recorded its investment in Brownmill in accordance with the equity method of accounting. Accordingly, its portion of Brownmill&#39;s total indebtedness is not included in the investment. In connection with the contributions of the ownership interests in Brownmill, the Company did not incur any transactions fees. During the years ended December 31, 2013 and 2012, Brownmill made distributions of $150 and $300, respectively, to its members, of which the Company&#39;s share was $73 and $135, respectively. Brownmill did not make distributions during the years ended December 31, 2011.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt; TEXT-INDENT: 0.5in"> Brownmill owns two retail properties known as Browntown Shopping Center, located in Old Bridge, New Jersey, and Millburn Mall, located in Vauxhaull, New Jersey, which collectively, are referred to as the "Brownmill Properties."</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt"> <em>Brownmill Condensed Financial Information</em></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt; TEXT-INDENT: 0.5in"> The Company&#39;s carrying value of its interest in Brownmill differs from its share of member&#39;s equity reported in the condensed balance sheet of Brownmill due to the Company&#39;s basis of its investment in excess of the historical net book value of Brownmill. The Company&#39;s additional basis allocated to depreciable assets is being recognized on a straight-line basis over the lives of the appropriate assets.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt"> The following table represents the unaudited condensed income statement for Brownmill for the period indicated:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt"> &nbsp;</p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.25in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">For the Year<br /> Ended December<br /> 31, 2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">For the Year<br /> Ended December<br /> 31, 2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">For the Year<br /> Ended December<br /> 31, 2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 61%">Revenue</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">3,551</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">3,682</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">3,821</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Property operating expenses</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">1,377</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">1,361</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">1,723</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Depreciation and amortization</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 840</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 862</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 824</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Operating income</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">1,334</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">1,459</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">1,274</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Interest expense and other, net</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (1,151</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (1,179</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (1,178</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Net income</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 183</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 280</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 96</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td>Company&#39;s share of net income</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">89</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">122</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">23</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT: 10pt Times New Roman, Times, Serif; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Additional depreciation and amortization expense <sup>(1)</sup></td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (259</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (283</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (243</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Company&#39;s loss from investment</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (170</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (161</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (220</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt"> &nbsp;</p> <table style="MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 13.7pt">&nbsp;</td> <td style="FONT-FAMILY: Times New Roman, Times, Serif; WIDTH: 18pt"> <sup>1.</sup></td> <td style="TEXT-ALIGN: justify; PADDING-RIGHT: 0.8in">Additional depreciation and amortization expense relates to the amortization of the difference between the cost of the interest in Brownmill and the amount of the underlying equity in net assets of Brownmill.</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0.8in 0pt 13.5pt"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt"> The following table represents the unaudited condensed balance sheet for Brownmill:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt"> &nbsp;</p> <table style="WIDTH: 80%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.25in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">As of</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">As of</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">December 31, 2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td>&nbsp;</td> <td colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="2">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 74%; TEXT-ALIGN: left">Real estate, at cost (net)</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">16,039</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">16,760</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Cash and restricted cash</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">1,530</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">947</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Other assets</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,363</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,602</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total assets</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 18,932</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 19,309</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Mortgage payable</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">20,700</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">21,159</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Other liabilities</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">588</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">540</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Members&#39; deficiency</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (2,356</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (2,390</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total liabilities and members&#39; deficiency</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 18,932</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 19,309</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>&nbsp;</em></strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> <em>CP Boston Joint Venture</em></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> On March 21, 2011, the Company and its Sponsor&#39;s other public program, Lightstone Value Plus Real Estate Investment Trust, Inc. ("Lightstone REIT I"), acquired, through LVP CP Boston Holdings, LLC (the "CP Boston Joint Venture) a 366-room, eight-story, full-service hotel and a 65,000 square foot water park located at 50 Ferncroft Road, Danvers, Massachusetts from WPH Boston, LLC, an unrelated third party, for an aggregate purchase price of approximately $10.1 million, excluding closing and other related transaction costs. The Company and Lightstone REIT I had 20.0% and 80.0% joint venture ownership interests, respectively, in the CP Boston Joint Venture and the Company&#39;s share of the aggregate purchase price was approximately $2.0 million. Additionally, in connection with the acquisition, the Company&#39;s Advisor received an acquisition fee equal to 0.95% of the acquisition price, or approximately $19.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> On February 20, 2012, the Company completed the disposition of its 20.0% joint venture ownership interest in the CP Boston Joint Venture with an effective date of January, 1, 2012, to subsidiaries of Lightstone REIT I, which now owns 100.0% of the CP Boston Joint Venture. Under the terms of the agreement, the Company received approximately $3.0 million in total consideration, consisting of approximately $0.6 million of cash and a $2.4 million unsecured 10.0% interest-bearing demand note (the "Lightstone REIT I Note") from the operating partnership of Lightstone REIT I. The Company received a principal paydown of $60 during the year ended December 31, 2012 and the remaining outstanding balance of the Lightstone REIT I Note of $2,340 was repaid in full in June 2013. During the years ended December 31, 2013 and 2012, the Company recognized $105 and $240 of interest income on the Lightstone REIT I Note, respectively.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> In connection with the disposition of its 20.0% joint venture ownership interest in the CP Boston Joint Venture, the Company recognized a gain on disposition of investment in unconsolidated affiliated entity of $0.7 million in its consolidated statements of operations during the first quarter of 2012.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> The Company&#39;s 20.0% joint venture ownership interest in the CP Boston Joint Venture was a non-managing interest, which it accounted for in accordance with the equity method of accounting from the date of acquisition through the date of disposition.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> <em>CP Boston Joint Venture Financial Information</em></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> <em>&nbsp;</em></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> The following table represents the unaudited condensed income statement for the CP Boston Joint Venture for the period indicated:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <table style="WIDTH: 60%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">For the Period March<br /> 21, 2011 through<br /> December 31, 2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 47%">Revenue</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">10,919</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Property operating expenses</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">10,684</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Franchise cancellation expense</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">1,235</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Depreciation and amortization</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 288</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Operating loss</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">(1,288</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Other income</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 17</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Net loss</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (1,271</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt">Company&#39;s share of net loss</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (254</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> <em>Rego Park Joint Venture</em></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 27.1pt"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> On April 12, 2011, LVP Rego Park, LLC, ("the Rego Park Joint Venture") a joint venture in which the Company and Lightstone REIT I have 10% and 90%, ownership interests, respectively, acquired a $19.5 million, nonrecourse second mortgage note (the "Second Mortgage Loan") for approximately $15.1 million from Kelmar Company, LLC (the "Seller"), an unaffiliated third party. The purchase price reflects a discount of approximately $4.4 million to the outstanding principal balance. The Company&#39;s share of the aggregate purchase price was approximately $1.5 million. The Company accounts for its investment in the Rego Park Joint Venture in accordance with the equity method of accounting.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> The Second Mortgage Loan was originated by the Seller in May 2008 with an original principal balance of $19.5 million, was due May 31, 2013 and was collateralized by a 417 unit apartment complex located in Queens, New York. The Second Mortgage Loan bore interest at a fixed rate of 5.0% per annum with monthly interest only payments of approximately $0.1 million through maturity. The Rego Park Joint Venture accreted the discount using the effective interest rate method through maturity. On June 27, 2013 all amounts due to the Rego Park Joint Venture related to the Second Mortgage Loan were repaid in full.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> During the year ended December 31, 2013, the Rego Park Joint Venture made aggregate distributions of approximately $21.0 million to its members, of which the Company&#39;s share was approximately $2.1 million. These distributions included the final distribution of the Rego Park Joint Venture assets and as of December 31, 2013 the Company no longer had any investment in the Rego Park Joint Venture.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> <em>Rego Park Joint Venture Financial Information</em></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> The following table represents the unaudited condensed income statement for the Rego Park Joint Venture for the period indicated:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <table style="WIDTH: 80%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">For&nbsp;the&nbsp;Year<br /> ended<br /> December<br /> 31,&nbsp;2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">For&nbsp;the&nbsp;Year<br /> ended<br /> December&nbsp;31,<br /> 2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">For&nbsp;the&nbsp;Period<br /> April&nbsp;12,&nbsp;2011<br /> through<br /> December&nbsp;31,<br /> 2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="2">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 61%; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Operating expenses</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 3</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 5</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 202</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Operating loss</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">(3</td> <td style="TEXT-ALIGN: left">)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">(5</td> <td style="TEXT-ALIGN: left">)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">(202</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Interest income</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,725</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 3,203</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 2,068</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Net income</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,722</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 3,198</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,866</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Company&#39;s share of net income before adjustment</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 172</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 320</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 187</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Basis adjustment on mortgage loan</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (16</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt">Company&#39;s share of net income</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 156</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 320</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 187</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> The following table represents the unaudited condensed balance sheet for Rego Park Joint Venture:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <table style="WIDTH: 60%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">As of</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td nowrap="nowrap">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 47%; TEXT-ALIGN: left">Cash and restricted cash</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">91</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Mortgage note receivable, net</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">18,443</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Other assets</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 45</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total assets</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 18,579</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Members&#39; capital</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 18,579</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total liabilities and members&#39; capital</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 18,579</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Investments in Unconsolidated Affiliated Entities</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The Company evaluates its investments in other entities for consolidation.&nbsp;&nbsp;The percentage interest in the joint venture, evaluation of control and whether a variable interest entity ("VIE") exists are all considered in determining if the investment qualifies for consolidation.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The Company accounts for its investments in unconsolidated affiliated entities using the equity or cost method of accounting, as appropriate. Under the equity method, the investment is <font style="FONT-FAMILY: Times New Roman, Times, Serif">recorded initially at cost, and subsequently adjusted for equity in net income/(loss) and cash contributions and distributions.</font> The net income/(loss) of each investor is allocated in accordance with the provisions of the applicable operating agreements of the entities.&nbsp;&nbsp;The allocation provisions in these agreements may differ from the ownership interest held by each investor.&nbsp;&nbsp;Differences between the carrying amount of the Company&#39;s investment in the respective joint venture and the Company&#39;s share of the underlying equity of such unconsolidated affiliated entities are amortized over the respective lives of the underlying assets as applicable. These items are reported as a single line item in the consolidated statements of operations as income or loss from investments in unconsolidated affiliated entities. Under the cost method of accounting, the investment is <font style="FONT-FAMILY: Times New Roman, Times, Serif">recorded initially at cost, and subsequently adjusted for cash contributions and distributions resulting from any capital events.</font> Dividends earned from the underlying entities are recorded as interest income in the consolidated statements of operations.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> On a quarterly basis, the Company assesses whether the value of the investments in unconsolidated affiliated entities has been impaired.&nbsp;&nbsp;An investment is impaired only if management&#39;s estimate of the fair value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary.&nbsp;&nbsp;To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment.&nbsp;&nbsp;Management&#39;s estimate of value for each investment is based on a number of assumptions that are subject to economic and market uncertainties.&nbsp;&nbsp;As these factors are difficult to predict and are subject to future events that may alter our assumptions, the values estimated by management in the impairment analysis may not be realized. Any decline that is not considered temporary will result in the recording of an impairment charge. Management believes no impairment of its investments in unconsolidated affiliated entities existed as of December 31, 2013 and 2012.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt; TEXT-INDENT: 0.5in"> A summary of the Company&#39;s investments in unconsolidated affiliated entities is as follows:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt"> &nbsp;</p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td colspan="2" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">As of</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold" nowrap="nowrap">Entity</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" nowrap="nowrap">Date of Ownership</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Ownership %</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">December 31, 2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 38%; TEXT-ALIGN: left">Brownmill LLC ("Brownmill")</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 12%; TEXT-ALIGN: center">Various</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">48.58</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">%</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">3,834</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">4,076</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">LVP Rego Park, LLC ("Rego Park Joint Venture")</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: center">April 12, 2011</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">10.00</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">%</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,874</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total investments in unconsolidated affiliated entities</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 3,834</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 5,950</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 13.5pt"> <em>&nbsp;</em></p> <!--EndFragment--></div> </div> 18579000 91000 45000 18443000 16039000 16760000 1530000 947000 1363000 1602000 18932000 19309000 -2356000 -2390000 18579000 20700000 21159000 588000 540000 18932000 19309000 18579000 3198000 1722000 1866000 96000 280000 183000 -1271000 3821000 3682000 3551000 10919000 2294000 2799000 1300000 11700000 11900000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Fair Value of Financial Instruments</u></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> The carrying amounts of cash and cash equivalents, restricted escrows, prepaid expenses and other assets, accounts payable and other accrued expenses, the margin loan, due to sponsor, and distributions payable approximated their fair values as of December 31, 2013 because of the short maturity of these instruments. The estimated fair value of our mortgages payable is as follows:</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> &nbsp;</p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">As of December 31, 2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">As of December 31, 2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; FONT-STYLE: italic" nowrap="nowrap">(Dollars in thousands)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Carrying Amount</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Estimated Fair<br /> Value</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Carrying Amount</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Estimated Fair<br /> Value</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 48%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> Mortgages payable</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 24,260</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 23,898</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 11,157</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 11,157</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>9.</em></strong> <strong><em>Financial Instruments</em></strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> The carrying amounts of cash and cash equivalents, restricted escrows, accounts receivable (included in other assets in the consolidated balance sheet), note receivable from affiliate, accounts payable and accrued expenses and the margin loan approximate their fair values as of December 31, 2013 because of the short maturity of these instruments.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em>&nbsp;</em></strong></p> <!--EndFragment--></div> </div> 548000 22109000 580000 524000 499000 8706000 2589000 700000 741000 1579000 1953000 1583000 -287000 159000 -14000 320000 172000 187000 23000 122000 89000 -254000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Income Taxes</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> We elected to be taxed as a REIT in conjunction with the filing of our 2009 U.S. federal income tax return. If we remain qualified as a REIT, we generally will not be subject to U.S. federal income tax on our net taxable income that we distribute currently to our stockholders. To maintain our REIT qualification under the Internal Revenue Code of 1986, as amended, or the Code, we must meet a number of organizational and operational requirements, including a requirement that we annually distribute to our stockholders at least 90% of our REIT taxable income (which does not equal net income, as calculated in accordance with GAAP), determined without regard to the deduction for dividends paid and excluding any net capital gain. If we fail to remain qualified for taxation as a REIT in any subsequent year and do not qualify for certain statutory relief provisions, our income for that year will be taxed at regular corporate rates, and we may be precluded from qualifying for treatment as a REIT for the four-year period following our failure to qualify as a REIT. Such an event could materially adversely affect our net income and net cash available for distribution to our stockholders.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The tax years subsequent to and including 2010 remain open to examination by the major taxing jurisdictions to which we are subject.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Additionally, even if we qualify as a REIT for U.S. federal income tax purposes, we may still be subject to some U.S. federal, state and local taxes on our income and property and to U.S. federal income taxes and excise taxes on our undistributed income.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <!--EndFragment--></div> </div> 15000 330000 400000 -10000 39000 -6000 86000 429000 -24000 -474000 -136000 -157000 19000 535000 1035000 34000 24000 413000 939000 35567000 27284000 1332000 1665000 856000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Investment in Real Estate</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <em>Accounting for Acquisitions</em></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> When the Company makes an investment in real estate, the fair value of the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases for acquired in-place leases and the value of tenant relationships, based in each case on their fair values. Purchase accounting is applied to assets and liabilities related to real estate entities acquired based upon the percentage of interest acquired. Fees incurred related to acquisitions are expensed as incurred and recorded in general and administrative costs in the consolidated statements of operation. Transaction costs incurred related to the Company&#39;s investments in unconsolidated affiliated entities, accounted for under the equity method of accounting, are capitalized as part of the cost of the investment.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Upon the acquisition of real estate operating properties, the Company estimates the fair value of acquired tangible assets and identified intangible assets and liabilities and certain liabilities such as assumed debt and contingent liabilities, at the date of acquisition, based on evaluation of information and estimates available at that date. Based on these estimates, the Company allocates the initial purchase price to the applicable assets, liabilities and noncontrolling interests, if any. As final information regarding fair value of the assets acquired, liabilities assumed and noncontrolling interests is received and estimates are refined, appropriate adjustments are be made to the purchase price allocation. The allocations are finalized as soon as all the information necessary is available and in no case later than within twelve months from the acquisition date.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> In determining the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management&#39;s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market lease values and the capitalized below-market lease values are amortized as an adjustment to rental income over the initial non-cancelable lease term and any fixed-rate renewal periods, which are reasonably assured, in the respective leases.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The aggregate value of in-place leases is determined by evaluating various factors, including an estimate of carrying costs during the expected lease-up periods, current market conditions and similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, legal and other related costs. Optional renewal periods are not considered.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The aggregate value of other acquired intangible assets includes tenant relationships. Factors considered by management in assigning a value to these relationships include: assumptions of probability of lease renewals, investment in tenant improvements, leasing commissions and an approximate time lapse in rental income while a new tenant is located. The value assigned to this intangible asset is amortized over the remaining lease terms.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0px"> <em>Carrying Value of Assets</em></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The amounts capitalized as a result of periodic improvements and additions to real estate property, when applicable, and the periods over which the assets are depreciated or amortized, are determined based on the application of accounting standards that may require estimates as to fair value and the allocation of various costs to the individual assets. Differences in the amount attributed to the assets can be significant based upon the assumptions made in calculating these estimates.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <em>Impairment Evaluation</em></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Management evaluates the recoverability of its investments in real estate assets at the lowest identifiable level, the individual property level. Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recognized only if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The Company evaluates the long-lived assets for potential impairment on a quarterly basis and records an impairment charge when there is an indicator of impairment and the undiscounted projected cash flows are less than the carrying amount for a particular property. The estimated cash flows used for the impairment analysis and the determination of estimated fair value are based on the Company&#39;s plans for the respective assets and the Company&#39;s views of market and economic conditions. The estimates consider matters such as current and historical rental rates, occupancies for the respective properties and comparable properties, and recent sales data for comparable properties. Changes in estimated future cash flows due to changes in the Company&#39;s plans or views of market and economic conditions could result in recognition of impairment losses, which, under the applicable accounting guidance, could be substantial. As of December 31, 2013 and 2012, the Company did not recognize any impairment charges.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <!--EndFragment--></div> </div> 8942000 7140000 28801000 15863000 95826000 64734000 0.999 0.999 2008-04-30 2000 2000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Marketable Securities</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Marketable securities consist of equity securities and corporate bonds that are designated as available-for-sale and are recorded at fair value. Unrealized holding gains or losses will be reported as a component of accumulated other comprehensive income (loss). Realized gains or losses resulting from the sale of these securities will be determined based on the specific identification of the securities sold. An impairment charge will be recognized when the decline in the fair value of a security below the amortized cost basis is determined to be other-than-temporary. The Company will consider various factors in determining whether to recognize an impairment charge, including the duration and severity of any decline in fair value below our amortized cost basis, any adverse changes in the financial condition of the issuers and our intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. The Board has authorized the Company from time to time to invest the Company&#39;s available cash in marketable securities of real estate related companies. The Board of Directors has approved investments up to 30% of the Company&#39;s total assets to be made at the Company&#39;s discretion, subject to compliance with any REIT or other restrictions.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <!--EndFragment--></div> </div> 7601000 5998000 39000 306000 175000 39000 306000 175000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>11. Noncontrolling Interests</em></strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The noncontrolling interests consist of (i) parties of the Company that hold units in the Operating Partnership and (ii) certain interests in LVP Metairie JV, LVP East Rutherford,&nbsp;LVP TPS Little Rock Holdings LLC and LVP TPS Fayetteville Holdings LLC which are not owned by the Company. The units include Subordinated Profits Interests, limited partner units, and Common Units. With respect to the units in the Operating Partnership, the noncontrolling interest in the Company&#39;s consolidated balance sheets as of December 31, 2013 and 2012 include (i) the 2,000 limited partner units held by the Advisor and (ii) 64 and 50 Subordinated Profits Interests units held by Lightstone SLP II LLC as of December 31, 2013 and 2012, respectively.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> S<em>hare Description</em></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> See Notes 1 and 3 for discussion of rights related to LVP Metairie JV, LVP East Rutherford,&nbsp;LVP TPS Little Rock Holdings LLC, LVP TPS Fayetteville Holdings LLC and Subordinated Profits Interests, respectively. The limited partner and Common Units of the Operating Partnership have similar rights as those of the Company&#39;s stockholders including distribution rights.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <em>Distributions</em></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> During the year ended December 31, 2013, 2012 and 2011, the Company paid distributions to noncontrolling interests in LVP Metairie JV of $175, $306 and $39, respectively.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <!--EndFragment--></div> </div> 0.05 0.05 548000 911000 548000 911000 2013-05-31 7900000 15100000 7029000 19500000 0.05 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in">&nbsp;</td> <td style="FONT-SIZE: 10pt; WIDTH: 0.25in"> <strong><em>6.</em></strong></td> <td style="FONT-SIZE: 10pt"><strong><em>Mortgages Payable</em></strong></td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> Mortgages payable consisted of the following:</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> <em>&nbsp;</em></p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td colspan="2" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td colspan="2" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">Loan Amount Outstanding</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold" nowrap="nowrap">Description</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" nowrap="nowrap">Interest Rate</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Weighted<br /> Average<br /> Interest Rate<br /> as of December<br /> 31, 2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" nowrap="nowrap">Maturity<br /> Date</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Amount Due<br /> at Maturity</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">As of<br /> &nbsp;December 31,<br /> 2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">As of<br /> December 31,<br /> 2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td>&nbsp;</td> <td colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="2">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 20%; VERTICAL-ALIGN: top; TEXT-ALIGN: left"> TownePlace Suites Mortgage, secured by TownePlace Suites - Metairie</td> <td style="WIDTH: 1%; VERTICAL-ALIGN: top; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 16%; VERTICAL-ALIGN: top; TEXT-ALIGN: left">Libor plus 3.75%, subject to 6.00% floor</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 8%; TEXT-ALIGN: right">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 12%">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">-</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">5,923</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left">&nbsp;</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left">&nbsp;</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left">SpringHill Suites Hotel Mortgage, secured by SpringHill Suites - Peabody</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left">&nbsp;</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left">Libor plus 3.75%, subject to 5.75% floor</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">5,234</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left">&nbsp;</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left">&nbsp;</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Promissory Note, secured by four properties</td> <td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> 4.94%</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 4.94</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">%</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> August 2018</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 21,754</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 24,260</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 4.94</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">%</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 24,260</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 11,157</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> <em>Promissory Note</em></p> <p style="MARGIN: 0px"><em>&nbsp;</em></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> On July&nbsp;29, 2013, the Company, through certain subsidiaries, entered into a promissory note (the "Promissory Note") with Barclays Bank PLC ("Barclays") for approximately $24.4 million.&nbsp;&nbsp;The Promissory Note has a term of five years with a maturity date of August 6, 2018, bears interest at 4.94%, and requires monthly principal and interest payments of approximately $142 through its stated maturity.&nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; BACKGROUND-COLOR: white; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; BACKGROUND-COLOR: white; TEXT-INDENT: 0.25in"> The Promissory Note is cross-collateralized by four hotel properties consisting of the SpringHill Suites - Peabody, the TownePlace Suites - Metairie and the Arkansas Hotel Portfolio.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; BACKGROUND-COLOR: white; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; BACKGROUND-COLOR: white; TEXT-INDENT: 0.25in"> Approximately $11.1 million of the financing proceeds were used to repay the outstanding balances on two mortgages secured by the TownePlace Suites - Metairie and the SpringHill Suites - Peabody and $4.0 million was used to repay the remaining outstanding balance of the Demand Note due to Lightstone REIT I. Additionally, approximately $1.0 million was held in escrow and is reserved for property improvements, repairs and real estate taxes and the Company paid approximately $400 in fees.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> <em>Principal Maturities</em></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> The following table, based on the initial terms of the mortgages, sets forth their aggregate estimated contractual principal maturities, including balloon payments due at maturity, as of December 31, 2013:</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> &nbsp;</p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.25in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2014</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2015</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2016</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2017</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2018</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Thereafter</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Total</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 10%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> Principal maturities</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 499</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 524</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 548</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 580</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 22,109</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> -</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 24,260</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <em>Debt Compliance</em></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <em>&nbsp;</em></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> Pursuant to the Company&#39;s debt agreements, approximately $1.3 million was held in restricted escrow accounts as of December 31, 2013. Such escrows are subject to release in accordance with the applicable debt agreement for the payment of real estate taxes, insurance and capital improvements, as required. Certain of our debt agreements also contain clauses providing for prepayment penalties and require the maintenance of certain ratios, including debt service coverage. The Company is currently in compliance with respect to all of its debt covenants.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <!--EndFragment--></div> </div> 6604000 12873000 28799000 -21072000 -11541000 -13177000 1405000 1706000 2746000 402000 9209000 1330000 1044000 235000 3815000 4115000 -118000 1469000 201000 -222000 28000 555000 40000 17000 13000 13000 512000 -11000 66000 1000 -16000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>New Accounting Pronouncements</u></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> The Company has determined that no new accounting pronouncement issued or effective during the period had or is expected to have a material impact on its consolidated financial position, results of operations and cash flows, or do not apply to its operations.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> &nbsp;</p> <!--EndFragment--></div> </div> 4900000 2400000 21000000 9000000 30000000 548000 911000 2340000 7029000 -569000 -114000 541000 74000 -96000 216000 -308000 -289000 314000 490000 26000 2978000 5942000 13058000 957000 952000 2116000 1917000 2323000 3308000 4092000 3335000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>1.</strong> <strong><em>Organization</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> Lightstone Value Plus Real Estate Investment Trust II, Inc. (the "Lightstone REIT II") is a Maryland corporation formed on April 28, 2008, which has qualified as a real estate investment trust ("REIT") for U.S. federal income tax purposes since its taxable year ending December 31, 2009. The Lightstone REIT II was formed primarily for the purpose of engaging in the business of investing in and owning commercial and residential real estate properties, as well as other real estate-related investments, located principally in North America.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> The Lightstone REIT II is structured as an umbrella partnership REIT, or UPREIT, and substantially all of its current and future business is and will be conducted through Lightstone Value Plus REIT II LP (the "Operating Partnership"), a Delaware limited partnership formed on April 30, 2008.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> The Lightstone REIT II and the Operating Partnership and its subsidiaries are collectively referred to as the &#39;&#39;Company&#39;&#39; and the use of &#39;&#39;we,&#39;&#39; &#39;&#39;our,&#39;&#39; &#39;&#39;us&#39;&#39; or similar pronouns refers to the Lightstone REIT II, its Operating Partnership or the Company as required by the context in which such pronoun is used.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>Offering and Structure</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0.05in 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Our sponsor David Lichtenstein ("Lichtenstein"), who does business as the Lightstone Group (the "Sponsor") and majority owns the limited liability company of that name with a diversified portfolio of over 100 properties containing approximately 10,600 multifamily units, 1.3 million square feet of office space, 2.2 million square feet of industrial space, 17 hotels and 3.3 million square feet of retail space. The residential, office, industrial and retail properties are located in 20 states, the District of Columbia and Puerto Rico.&nbsp; Based in New York, and supported by regional offices in New Jersey, Maryland and Illinois, our sponsor employs approximately 400 staff and professionals. &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Our advisor is Lightstone Value Plus REIT II LLC (the "Advisor"), which is wholly owned by our Sponsor. Our Advisor, together with our Board of Directors, is and will continue to be primarily responsible for making investment decisions and managing our day-to-day operations. Through his ownership and control of The Lightstone Group, Mr. Lichtenstein is the indirect owner of our Advisor and the indirect owner and manager of Lightstone SLP II LLC, the associate general partner of our Operating Partnership. Mr. Lichtenstein also acts as our Chairman and Chief Executive Officer. As a result, he controls both the general partner and associate general partner of our Operating Partnership and is the decision-maker of our Operating Partnership.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> We do not have and will not have any employees that are not also employed by our Sponsor or its affiliates. We depend substantially on our Advisor, which generally has responsibility for our day-to-day operations. Under the terms of the advisory agreement, the Advisor also undertakes to use its commercially reasonable best efforts to present to us investment opportunities consistent with our investment policies and objectives as adopted by our Board of Directors.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> We have two affiliated property managers (our "Property Managers"), which may manage the properties we acquire. We also use other unaffiliated third-party property managers, principally for the management of our hospitality properties. Our Property Managers are Paragon Retail Property Management LLC ("Paragon") and Beacon Property Management LLC ("Beacon"), all of which are majority owned and controlled by our Sponsor. Paragon develops and redevelops all the factory outlet malls and certain retail properties controlled by our Sponsor. Beacon is a significant manager in the multi-family residential housing sector and oversees the management of approximately 11,000 multifamily units.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> On April 24, 2009, we commenced an initial public offering (the "Offering") to sell a maximum of 51.0 million shares of common stock at a price of $10 per share (the "Primary Offering") and 6.5 million shares of common stock available pursuant to our distribution reinvestment program (the "DRIP"). We also have 75,000 shares reserved for issuance under our stock option plan and 255,000 shares reserved for issuance under our employee and director incentive restricted share plan. Our Registration Statement on Form S-11 (the "Registration Statement") was declared effective under the Securities Act of 1933 on February 17, 2009, and on April 24, 2009, we began offering our shares of common stock for sale to the public.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The Offering, which terminated on August 15, 2012, raised aggregate gross proceeds of approximately $49.8 million from the sale of approximately 5.0 million shares of common stock. After allowing for the payment of approximately $5.2 million in selling commissions and dealer manager fees and $4.5 million in organization and other offering expenses, the Offering generated aggregate net proceeds of approximately $40.1 million. In addition, through August 15, 2012 (the termination date of the Offering), the Company had issued approximately 0.3 million shares of common stock under its DRIP, representing approximately $2.9 million of additional proceeds.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> The Company&#39;s registration statement on Form S-11 (the "Follow-On Offering"), pursuant to which it is offering to sell up to 30,000,000 shares of its common stock for $10.00 per share, subject to certain volume discounts (exclusive of 2,500,000 shares available pursuant to its DRIP at an initial purchase price of $9.50 per share and 255,000 shares reserved for issuance under its Employee and Director Incentive Restricted Share Plan) was declared effective by SEC under the Securities Act of 1933 on September 27, 2012. As of December 31, 2013, we had received aggregate gross proceeds of approximately $22.8 million from the sale of approximately 2.3 million shares of our common stock in our Follow-On Offering. The Company intends to sell shares of its common stock under the Follow-On Offering until the earlier of the date on which all the shares are sold, or September 27, 2014, two years from the date the Follow-On Offering was declared effective by the SEC. The Company reserves the right to reallocate the shares of common stock it is offering between the Primary Offering and the DRIP. Additionally, the Follow-On Offering may be terminated at any time.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> Effective July 8, 2011, ICON Securities Corp. ("ICON Securities") became the dealer manager ("Dealer Manager") of the Company&#39;s Offering pursuant to an Assignment and Amendment of Dealer Manager Agreement (the "Assignment and Amendment"). Pursuant to the Assignment and Amendment, ICON Securities was assigned the Dealer Manager Agreement between Lightstone Securities LLC ("Lightstone Securities") and the Company dated February 17, 2009 and assumed all of Lightstone Securities&#39; rights and obligations thereunder from and after the effective date of the Assignment and Amendment. Prior to July 8, 2011, Lightstone Securities served as the dealer manager for the Company&#39;s Offering. As of July 8, 2011, upon effectiveness of the Assignment and Amendment, the Wholesaling Agreement between the Company, Lightstone Securities and ICON Securities was terminated.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> Effective September 27, 2012, Orchard Securities, LLC ("Orchard Securities") became the Dealer Manager of the Company&#39;s Follow-On Offering.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> All further references to the Dealer Manager will be deemed to refer to either Lightstone Securities, ICON Securities or Orchard Securities during the respective period of time that each was serving in such capacity.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> As of December 31, 2013, the Advisor owned 20,000 shares of common stock which were issued on May 20, 2008 for $200, or $10.00 per share. In addition, as of September 30, 2009, the Company had reached the minimum offering under its Offering by receiving subscriptions of its common shares, representing gross offering proceeds of approximately $6.5 million, and effective October 1, 2009 investors were admitted as stockholders and the Operating Partnership commenced operations. Through December 31, 2013, cumulative gross offering proceeds of $72.6 million were released to the Company. The Company invested the proceeds received from the Offering, the Follow-On Offering and the Advisor in the Operating Partnership, and as a result, held a 99.9% general partnership interest as of December 31, 2013 in the Operating Partnership&#39;s common units.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> The Company&#39;s shares of common stock are not currently listed on a national securities exchange. The Company may seek to list its shares of common stock for trading on a national securities exchange only if a majority of its independent directors believe listing would be in the best interest of its stockholders. The Company does not intend to list its shares at this time. The Company does not anticipate that there would be any market for its shares of common stock until they are listed for trading. In the event the Company does not obtain listing prior to the tenth anniversary of the completion or termination of its Offering, its charter requires that the Board of Directors must either (i) seek stockholder approval of an extension or amendment of this listing deadline; or (ii) seek stockholder approval to adopt a plan of liquidation of the corporation.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>Noncontrolling Interest - Partners of Operating Partnership</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The noncontrolling interests consist of (i) parties of the Company that hold units in the Operating Partnership and (ii) certain interests in LVP Metairie JV LLC, LVP East Rutherford LLC,&nbsp;LVP TPS Little Rock Holdings LLC and LVP TPS Fayetteville Holdings LLC&nbsp;which are not owned by the Company.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> On May 20, 2008, the Advisor contributed $2 to the Operating Partnership in exchange for 200 limited partner common units in the Operating Partnership. The limited partner has the right to convert Operating Partnership common units into cash or, at our option, an equal number of shares of our common stock, as allowed by the limited partnership agreement.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Lightstone SLP II LLC, which is wholly owned by our Sponsor, committed to purchase subordinated profits interests in our Operating Partnership ("Subordinated Profits Interests") at a cost of $100,000 per unit for each $1.0 million in subscriptions up to ten percent of the proceeds from the primary shares under the Offering and Follow-On Offering on a semi-annual basis beginning with the quarter ended June 30, 2010. Lightstone SLP II LLC may elect to purchase the Subordinated Profits Interests with either cash or an interest in real property of equivalent value. Any proceeds received from the cash sale of the Subordinated Profits Interests will be used to offset payments made by the Company from offering proceeds to pay the dealer manager fees, selling commissions and organization and other offering expenses.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> From our inception through December 31, 2013, our Sponsor contributed cash of approximately $1.6 million and elected to contribute equity interests totaling 48.6% in Brownmill, LLC ("Brownmill") in exchange for 64.0 Subordinated Profits Interests with an aggregate value of $6.4 million. See "Sponsor&#39;s Contribution of Equity Interests in Brownmill" below for additional information. Our Sponsor may continue to elect to contribute interests in real property in lieu of cash in exchange for Subordinated Profits Interests in order to fulfill its semi-annual commitment.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>Operations - Operating Partnership Activity</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>&nbsp;</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0.05in 0pt 0px; TEXT-INDENT: 0.5in"> Our Operating Partnership commenced its operations on October 1, 2009. Since then we have and will continue to seek to acquire and operate commercial, residential, and&nbsp;hospitality properties, principally in North America through our Operating Partnership. Our commercial holdings will consist of retail (primarily multi-tenanted shopping centers), lodging, industrial and office properties. All such properties may be acquired and operated by us alone or jointly with another party. In addition, we may invest up to 20% of our net assets in collateralized debt obligations, commercial mortgage-backed securities ("CMBS") and mortgage and mezzanine loans secured, directly or indirectly, by the same types of properties which it may acquire directly.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>Related Parties</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong>&nbsp;</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Our Advisor, Property Managers and Dealer Manager are each related parties. Each of these entities have or will receive compensation and fees for services related to the Offering and will continue to receive compensation and fees and services for the investment and management of our assets. These entities will receive fees during the offering, acquisition, operational and liquidation stages. The compensation levels during the offering, acquisition and operational stages are based on percentages of the offering proceeds sold, the cost of acquired properties and the annual revenue earned from such properties, and other such fees outlined in each of the respective agreements. See Note 12 for additional information.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>&nbsp;</strong></p> <!--EndFragment--></div> </div> -2214000 2443000 170000 -2214000 2443000 170000 -2214000 2443000 170000 -5000 -2214000 2443000 165000 1906000 2716000 -27000 -9000 -241000 145000 2400000 6120000 3319000 306000 306000 5814000 3144000 4545000 2719000 228000 136000 4317000 2583000 0 32000 106000 116000 11317000 1807000 -348000 12564000 9808000 18158000 434000 458000 696000 1231000 1667000 1947000 39000 306000 175000 2391000 2242000 4021000 30000 242000 359000 4500000 200000 4575000 11400000 3700000 3993000 1500000 2000000 835000 39000 306000 175000 0.01 0.01 10000000 10000000 784000 600000 1575000 39000 78000 39000 561000 1497000 745000 957000 863000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Reclassifications</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> Certain prior period amounts may have been reclassified to conform to the current year presentation.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> &nbsp;</p> <!--EndFragment--></div> </div> 60000 60000 60000 2340000 2340000 135000 73000 2100000 289000 2103000 40100000 9833000 7152000 21966000 5300000 2900000 896000 103000 2060000 11273000 24420000 6000000 -322000 -322000 190000 600000 560000 430000 9764000 1370000 1061000 248000 3828000 4627000 -129000 1535000 202000 -238000 402000 9209000 1330000 28000 555000 40000 P15Y P39Y P5Y P10Y <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>14. Quarterly Financial Data (Unaudited)</em></strong> &nbsp;&nbsp;&nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The following table presents selected unaudited quarterly financial data for each quarter during the year ended December 31, 2013 and 2012:</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 8pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="18">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Year ended</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Quarter ended</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Quarter ended</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Quarter ended</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Quarter ended</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: right" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">September 30,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">June 30,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">March 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: right" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: right" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: right" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: right" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: right" colspan="2">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 35%; TEXT-ALIGN: left">Total revenue</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">13,058</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">3,335</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">4,092</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">3,308</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">2,323</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>Operating income/(loss)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">541</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">26</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">490</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">314</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">(289</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Net income /(loss) (a)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">1,370</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">(238</td> <td style="TEXT-ALIGN: left">)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">202</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">1,535</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">(129</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Less (income)/loss attributable to noncontrolling interests</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (40</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 16</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (1</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (66</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 11</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Net income/(loss) applicable to Company&#39;s common shares</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1,330</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (222</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 201</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1,469</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (118</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Net income/(loss) per common share, basic and&nbsp;diluted</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 0.21</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (0.03</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 0.03</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 0.25</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (0.02</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <table style="MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in">&nbsp;</td> <td style="FONT-FAMILY: Times New Roman, Times, Serif; WIDTH: 0.25in"> (a)</td> <td>Net income for the year ended December 31, 2013 includes a bargain purchase gain of $1.2 million in the 2nd quarter of 2013 in connection with the purchase of the Arkansas Hotel Portfolio. (See Note 3)</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 8pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="18">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-WEIGHT: bold">&nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Year ended</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Quarter ended</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Quarter ended</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Quarter ended</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Quarter ended</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: right" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">September 30,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">June 30,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">March 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: right" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: right" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: right" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: right" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: right" colspan="2">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 35%; TEXT-ALIGN: left">Total revenue</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">5,942</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">1,917</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">2,116</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">952</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">957</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>Operating (loss)/income</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">(114</td> <td style="TEXT-ALIGN: left">)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">(308</td> <td style="TEXT-ALIGN: left">)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">216</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">(96</td> <td style="TEXT-ALIGN: left">)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">74</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Net income&nbsp;&nbsp;(b)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">9,764</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">4,627</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">3,828</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">248</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">1,061</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Less income attributable to noncontrolling interests</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (555</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (512</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (13</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (13</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (17</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Net income applicable to Company&#39;s common shares</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 9,209</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 4,115</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 3,815</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 235</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">$</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: right">1,044</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Net income/(loss) per common share, basic and&nbsp;diluted</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1.84</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 0.78</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 0.74</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 0.05</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 0.22</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: center; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <table style="MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in">&nbsp;</td> <td style="FONT-FAMILY: Times New Roman, Times, Serif; WIDTH: 0.25in"> (b)</td> <td>Net income for the year ended December 31, 2012 includes a bargain purchase gain of $7.8 million which includes a bargain purchase gain recorded in the 4th quarter of 2012 of $4.3 million in connection with the purchase of the Fairfield Inn - East Rutherford and a bargain purchase gain recorded in the 3rd quarter of 2012 of $3.5 million in connection with the purchase of the SpringHill Suites - Peabody. (See Note 3)</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>&nbsp;</strong></p> <!--EndFragment--></div> </div> 2670000 850000 293000 1063000 994000 356000 126000 131000 9438000 8097000 2980000 3745000 24260000 12344000 13063000 12453000 4710000 5245000 47815000 1800000 2160000 2945000 990000 1047000 8942000 1860000 2473000 3710000 35000 8078000 2011-01-19 2012-07-13 2012-12-31 2013-06-18 2013-06-18 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: center; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>Schedule III</strong></p> <p style="TEXT-ALIGN: center; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>Real Estate and Accumulated Depreciation</strong></p> <p style="TEXT-ALIGN: center; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>December 31, 2013</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 7pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right" colspan="2" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: center" colspan="6" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right" colspan="2" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: center" colspan="10" nowrap="nowrap">Gross amount at which</td> <td nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right" colspan="2" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right" colspan="2" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right" colspan="2" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: right" nowrap="nowrap"> <font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: right" colspan="2" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">Initial Cost &nbsp;(A)</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: right" colspan="2" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; TEXT-ALIGN: center" colspan="10" nowrap="nowrap">carried at end of period</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: right" colspan="2" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: right" colspan="2" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: right" colspan="2" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Encumbrance</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Land</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Buildings and<br /> Improvements</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Net Costs<br /> Capitalized &amp;<br /> Impairments<br /> Subsequent to<br /> Acquisition</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Land and<br /> Improvements</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Buildings and<br /> Improvements</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Total (B)</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Accumulated<br /> Depreciation (C)</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Date Acquired</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Depreciable<br /> Life (D)</td> <td style="PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right" colspan="2"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right" colspan="2"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right" colspan="2"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right" colspan="2"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right" colspan="2"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right" colspan="2"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right" colspan="2"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right" colspan="2"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right" colspan="2"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right" colspan="2"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left; WIDTH: 20%">TownePlace Suites Hotel Harahan, LA</td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 5%">9,438</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 5%">1,800</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 5%"> 10,484</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 5%">1,860</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 5%">1,800</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 5%"> 12,344</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 5%"> 14,144</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 5%"> (1,063</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left; WIDTH: 1%">)</td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT: 7pt Times New Roman, Times, Serif; TEXT-ALIGN: right; WIDTH: 5%"> 1/19/2011</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT: 7pt Times New Roman, Times, Serif; TEXT-ALIGN: right; WIDTH: 5%"> (D)</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">SpringHill Suites Hotel Peabody, MA</td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">8,097</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">2,126</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">10,624</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">2,473</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">2,160</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">13,063</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">15,223</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">(994</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">)</td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT: 7pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 7/13/2012</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT: 7pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> (D)</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">Fairfield Inn East Rutherford, NJ</td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">2,945</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">8,743</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">3,710</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">2,945</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">12,453</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">15,398</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">(356</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">)</td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT: 7pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 12/31/2012</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT: 7pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> (D)</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">TownePlace Suites Hotel Johnson, AR</td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">2,980</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">990</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">4,710</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">990</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">4,710</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">5,700</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">(126</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">)</td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT: 7pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 6/18/2013</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT: 7pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> (D)</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 7pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> TownePlace Suites Hotel Little Rock, AR</td> <td style="PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; TEXT-ALIGN: right"> 3,745</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; TEXT-ALIGN: right"> 1,037</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; TEXT-ALIGN: right"> 5,220</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; TEXT-ALIGN: right"> 35</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; TEXT-ALIGN: right"> 1,047</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; TEXT-ALIGN: right"> 5,245</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; TEXT-ALIGN: right"> 6,292</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; TEXT-ALIGN: right"> (131</td> <td style="FONT-SIZE: 7pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> )</td> <td style="PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT: 7pt Times New Roman, Times, Serif; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right"> 6/18/2013</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="FONT: 7pt Times New Roman, Times, Serif; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right"> (D)</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 7pt; PADDING-BOTTOM: 2.5pt">Total</td> <td style="PADDING-BOTTOM: 2.5pt"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 7pt; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 7pt; TEXT-ALIGN: right"> 24,260</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 2.5pt"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 7pt; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 7pt; TEXT-ALIGN: right"> 8,898</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 2.5pt"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 7pt; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 7pt; TEXT-ALIGN: right"> 39,781</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 2.5pt"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 7pt; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 7pt; TEXT-ALIGN: right"> 8,078</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 2.5pt"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 7pt; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 7pt; TEXT-ALIGN: right"> 8,942</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 2.5pt"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 7pt; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 7pt; TEXT-ALIGN: right"> 47,815</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 2.5pt"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 7pt; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 7pt; TEXT-ALIGN: right"> 56,757</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 2.5pt"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 7pt; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 7pt; TEXT-ALIGN: right"> (2,670</td> <td style="FONT-SIZE: 7pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> )</td> <td style="PADDING-BOTTOM: 2.5pt"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 2.5pt"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt">&nbsp;</font> </td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>&nbsp;</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Notes to Schedule III:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> (A) The initial cost to the Company represents the original purchase price of the property, including (i) bargain purchase gains recorded in connection with the acquisition and (ii) amounts incurred subsequent to acquisition which were contemplated at the time the property was acquired.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> (B) Reconciliation of total real estate owned:</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2013</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2012</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 55%; TEXT-ALIGN: left">Balance at beginning of year</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 12%; TEXT-ALIGN: right">37,336</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 12%; TEXT-ALIGN: right">12,514</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 12%; TEXT-ALIGN: right">-</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Acquisitions, at cost</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">10,694</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">16,581</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">12,284</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Acquisitions, bargain purchase gain</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">1,263</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">7,857</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt">Improvements</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 7,464</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 384</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 230</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Balance at end of year</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 56,757</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 37,336</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 12,514</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> (C) Reconciliation of accumulated depreciation:</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="10" nowrap="nowrap">For the years ended December 31,</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2013</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2012</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 55%; TEXT-ALIGN: left">Balance at beginning of year</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 12%; TEXT-ALIGN: right">850</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 12%; TEXT-ALIGN: right">293</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 12%; TEXT-ALIGN: right">-</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Depreciation expense</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,820</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 557</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 293</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Balance at end of year</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 2,670</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 850</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 293</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> (D) Depreciation is computed based upon the following estimated lives:</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <table style="WIDTH: 60%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr> <td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; WIDTH: 67%"> Buildings and improvements</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: right; VERTICAL-ALIGN: bottom; WIDTH: 26%"> 15-39 years</td> <td style="WIDTH: 5%; VERTICAL-ALIGN: bottom">&nbsp;</td> </tr> <tr> <td style="FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom">Tenant improvements and equipment</td> <td>&nbsp;</td> <td style="VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="FONT-SIZE: 10pt; TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> 5-10 years</td> <td style="VERTICAL-ALIGN: bottom">&nbsp;</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> (E) Amounts included in buildings and improvements include furniture and fixtures and construction in progress.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;<strong>&nbsp;</strong></p> <!-- Field: Page; Sequence: 104; Value: 1 --> <!--EndFragment--></div> </div> 10484000 10624000 8743000 4710000 5220000 39781000 1800000 2126000 2945000 990000 1037000 8898000 56757000 37336000 12514000 14144000 15223000 15398000 5700000 6292000 230000 384000 7464000 2670000 850000 56757000 37336000 54087000 36486000 12284000 16581000 10694000 173000 216000 648000 409000 431000 294000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>12.</em></strong> <em><strong>Related Party Transactions</strong> <strong>&nbsp;</strong></em></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The Company has agreements with the Dealer Manager, Advisor and Property Managers to pay certain fees, as follows, in exchange for services performed by these entities and other affiliated entities. The Company&#39;s ability to secure financing and subsequent real estate operations are dependent upon its Advisor, Property Managers and their affiliates to perform such services as provided in these agreements.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 10pt; WIDTH: 23%"> <strong>Fees</strong></td> <td style="WIDTH: 2%; PADDING-BOTTOM: 1pt; TEXT-ALIGN: center"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 10pt; TEXT-ALIGN: center; WIDTH: 75%"> <strong>Amount</strong></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 10pt; PADDING-LEFT: 11pt; TEXT-INDENT: -11pt"> Selling Commission</td> <td style="TEXT-ALIGN: center">&nbsp;</td> <td> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Dealer Manager will be paid up to 7% of the gross offering proceeds before reallowance of commissions earned by participating broker-dealers. Selling commissions are expected to be approximately $21.0 million if the maximum offering of 30.0 million shares of common stock are sold under our Follow-On Offering. From our inception through December 31, 2013, approximately $4.9 million of selling commissions have been incurred.&nbsp;</p> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="PADDING-LEFT: 11pt; TEXT-INDENT: -11pt">&nbsp;</td> <td style="TEXT-ALIGN: center">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 10pt">Dealer Management Fee</td> <td style="TEXT-ALIGN: center">&nbsp;</td> <td> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Dealer Manager will be paid up to 3% of gross offering proceeds before reallowance to participating broker-dealers. The estimated dealer management fee is expected to be approximately $9.0 million if the maximum offering of 30.0 million shares of common stock are sold under our Follow-On Offering. From our inception through December 31, 2013, approximately $2.4 million of dealer management fees have been incurred.&nbsp;</p> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td>&nbsp;</td> <td style="TEXT-ALIGN: center">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 10pt">Reimbursement of Offering Expenses</td> <td style="TEXT-ALIGN: center">&nbsp;</td> <td><font style="FONT-SIZE: 10pt">Reimbursement of all selling commissions and dealer management fees indicated above, are estimated at approximately $30.0 million if the maximum offering of 30.0 million shares of common stock are sold under our Follow-On Offering. The Company will sell Subordinated Profits Interests to Lightstone SLP II LLC for either cash or interests in real property of equivalent value, at the Sponsor&#39;s option. The proceeds received from the cash sale of Subordinated Profits Interests, if any, will be used to pay the dealer manager fees and selling commissions, except to the extent that the proceeds from the sale of the Subordinated Profits Interests exceed the dealer manager fees and selling commissions, the Company will apply the remaining proceeds to pay for organizational and offering expenses.</font> </td> </tr> <tr> <td style="PADDING-LEFT: 11pt; TEXT-INDENT: -11pt">&nbsp;</td> <td style="TEXT-ALIGN: center">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 10pt">Acquisition Fee</td> <td style="TEXT-ALIGN: center">&nbsp;</td> <td> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Advisor will be paid an acquisition fee equal to 0.95% of the gross contractual purchase price (including any mortgage assumed) of each property purchased. The Advisor will also be reimbursed for expenses that it incurs in connection with the purchase of a property. The Company anticipates that acquisition expenses will be 0.45% of a property&#39;s purchase price, and acquisition fees and expenses are capped at 5% of the gross contract purchase price of the property. The actual amounts of these fees and reimbursements depend upon results of operations and, therefore, cannot be determined at the present time. However, $11.3 million may be paid as an acquisition fee and for the reimbursement of acquisition expenses if the maximum offering of 30.0 million shares of common stock are sold under our Follow-On Offering, assuming aggregate long-term permanent leverage of approximately 75%.&nbsp;</p> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td>&nbsp;</td> <td style="TEXT-ALIGN: center">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Property Management&nbsp;-&nbsp; <em>Residential/Retail/</em></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <em>Hospitality</em></p> </td> <td style="TEXT-ALIGN: center">&nbsp;</td> <td> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Property Manager will be paid a monthly management fee of up to 5% of the gross revenues from residential, hospitality and retail properties. The Company may pay the Property Managers a separate fee for the one-time initial rent-up or leasing-up of newly constructed properties in an amount not to exceed the fee customarily charged in arm&#39;s length transactions by others rendering similar services in the same geographic area for similar properties as determined by a survey of brokers and agents in such area.&nbsp;</p> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td>&nbsp;</td> <td style="TEXT-ALIGN: center">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Property Management&nbsp;-&nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <em>Office/Industrial</em></p> </td> <td style="TEXT-ALIGN: center">&nbsp;</td> <td> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Property Manager s will be paid monthly property management and leasing fees of up to 4.5% of gross revenues from office and industrial properties. In addition, the Company may pay the Property Managers a separate fee for the one-time initial rent-up or leasing-up of newly constructed properties in an amount not to exceed the fee customarily charged in arm&#39;s length transactions by others rendering similar services in the same geographic area for similar properties as determined by a survey of brokers and agents in such area.&nbsp;</p> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td>&nbsp;</td> <td style="TEXT-ALIGN: center">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 10pt">Asset Management Fee</td> <td style="TEXT-ALIGN: center">&nbsp;</td> <td> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Advisor or its affiliates will be paid an asset management fee of 0.95% of the Company&#39;s average invested assets, as defined, payable quarterly in an amount equal to 0.2375 of 1% of average invested assets as of the last day of the immediately preceding quarter.&nbsp;</p> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td>&nbsp;</td> <td style="TEXT-ALIGN: center">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 10pt">Reimbursement of Other expenses</td> <td style="TEXT-ALIGN: center">&nbsp;</td> <td> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> For any year in which the Company qualifies as a REIT, the Advisor must reimburse the Company for the amounts, if any, by which the total operating expenses, the sum of the advisor asset management fee plus other operating expenses paid during the previous fiscal year exceed the greater of 2% of average invested assets, as defined, for that fiscal year, or, 25% of net income for that fiscal year. Items such as property operating expenses, depreciation and amortization expenses, interest payments, taxes, non-cash expenditures, the special liquidation distribution, the special termination distribution, organization and offering expenses, and acquisition fees and expenses are excluded from the definition of total operating expenses, which otherwise includes the aggregate expense of any kind paid or incurred by the Company.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Advisor or its affiliates will be reimbursed for expenses that may include costs of goods and services, administrative services and non-supervisory services performed directly for the Company by independent parties.</p> </td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Lightstone SLP II, LLC has and will purchase Subordinated Profits Interests in the Operating Partnership. These Subordinated Profits Interests, the purchase price of which will be repaid only after stockholders receive a stated preferred return and their net investment, may entitle Lightstone SLP II, LLC to a portion of any regular distributions made by the Operating Partnership. There have been no distributions to date. Any future distributions will be paid at a 7% annualized rate of return to Lightstone SLP II, LLC and will always be subordinated until stockholders receive a stated preferred return, as described below.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The Subordinated Profits Interests may also entitle Lightstone SLP II, LLC to a portion of any liquidating distributions made by the Operating Partnership. The value of such distributions will depend upon the net sale proceeds upon the liquidation of the Company and, therefore, cannot be determined at the present time. Liquidating distributions to Lightstone SLP II, LLC will always be subordinated until stockholders receive a distribution equal to their initial investment plus a stated preferred return, as described below:</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 10pt; WIDTH: 23%"> <strong>Liquidating Stage Distributions</strong></td> <td style="WIDTH: 2%; TEXT-ALIGN: center">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 10pt; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom; WIDTH: 75%"> <strong>Amount of Distribution</strong></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 10pt">7% Stockholder Return Threshold</td> <td style="TEXT-ALIGN: center">&nbsp;</td> <td style="FONT-SIZE: 10pt">Once stockholders have received liquidation distributions, and a cumulative non-compounded 7% return per year on their initial net investment, Lightstone SLP, LLC will receive available distributions until it has received an amount equal to its initial purchase price of the Subordinated Profits Interests plus a cumulative non-compounded return of 7% per year.</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td>&nbsp;</td> <td style="TEXT-ALIGN: center">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 10pt; PADDING-LEFT: 11pt; TEXT-INDENT: -11pt"> Returns in Excess of 7%</td> <td style="TEXT-ALIGN: center">&nbsp;</td> <td style="FONT-SIZE: 10pt">Once stockholders have received liquidation distributions, and a cumulative non-compounded return of 7% per year on their initial net investment, 70% of the aggregate amount of any additional distributions from the Operating Partnership will be payable to the stockholders, and 30% of such amount will be payable to Lightstone SLP II, LLC, until a 12% return is reached.</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="PADDING-LEFT: 11pt; TEXT-INDENT: -11pt">&nbsp;</td> <td style="TEXT-ALIGN: center">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 10pt; PADDING-LEFT: 11pt; TEXT-INDENT: -11pt"> Returns in Excess of 12%</td> <td style="TEXT-ALIGN: center">&nbsp;</td> <td style="FONT-SIZE: 10pt">After stockholders and Lightstone SLP II, LLC have received liquidation distributions, and a cumulative non-compounded return of 12% per year on their initial net investment, 60% of any remaining distributions from the Operating Partnership will be distributable to stockholders, and 40% of such amount will be payable to Lightstone SLP II, LLC.</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: top"> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 10pt; WIDTH: 23%"> <strong>Operating Stage Distributions</strong></td> <td style="WIDTH: 2%; TEXT-ALIGN: center">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 10pt; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom; WIDTH: 75%"> <strong>Amount of Distribution</strong></td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 10pt; PADDING-LEFT: 11pt; TEXT-INDENT: -11pt">7% stockholder Return Threshold</td> <td style="TEXT-ALIGN: center">&nbsp;</td> <td style="FONT-SIZE: 10pt">Once a cumulative non-compounded return of 7% return on their net investment is realized by stockholders, Lightstone SLP II, LLC is eligible to receive available distributions from the Operating Partnership until it has received an amount equal to a cumulative non-compounded return of 7% per year on the purchase price of the Subordinated Profits Interests. "Net investment" refers to $10 per share, less a pro rata share of any proceeds received from the sale or refinancing of the Company&#39;s assets.</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="PADDING-LEFT: 11pt; TEXT-INDENT: -11pt">&nbsp;</td> <td style="TEXT-ALIGN: center">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 10pt; PADDING-LEFT: 11pt; TEXT-INDENT: -11pt"> Returns in excess of 7%</td> <td style="TEXT-ALIGN: center">&nbsp;</td> <td style="FONT-SIZE: 10pt">Once a cumulative non-compounded return of 7% per year is realized by stockholders on their net investment, 70% of the aggregate amount of any additional distributions from the Operating Partnership will be payable to the stockholders, and 30% of such amount will be payable to Lightstone SLP II, LLC until a 12% return is reached.</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="PADDING-LEFT: 11pt; TEXT-INDENT: -11pt">&nbsp;</td> <td style="TEXT-ALIGN: center">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 10pt; PADDING-LEFT: 11pt; TEXT-INDENT: -11pt"> Returns in Excess of 12%</td> <td style="TEXT-ALIGN: center">&nbsp;</td> <td style="FONT-SIZE: 10pt">After the 12% return threshold is realized by stockholders and Lightstone SLP II, LLC, 60% of any remaining distributions from the Operating Partnership will be distributable to stockholders, and 40% of such amount will be payable to Lightstone SLP II, LLC.</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> In addition to certain related party payments made to the Dealer Manager (see Note 7), the Company also has agreements with the Advisor and the Property Managers and their affiliates to perform such services as provided in these agreements.&nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The following table represents the fees incurred associated with the payments to the Company&#39;s Advisor and Property Manager for the periods:</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <table style="WIDTH: 60%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10" nowrap="nowrap">For the Years Ended December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-STYLE: italic; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 61%; TEXT-ALIGN: left">Acquisition fees</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">102</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">85</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">141</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Asset management fees</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">114</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">346</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">268</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Development fees</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 78</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt">Total</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 294</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 431</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 409</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Pursuant to an Advisory Agreement, our Advisor is entitled to receive an asset management fee equal to 0.95% of our average invested assets, as defined. The asset management fee is payable quarterly and based on balances as of the end of each month in the quarterly period. Commencing with the quarter ended June 30, 2013, the Advisor has elected to waive or reduce its quarterly asset management fee to the extent our non-GAAP measure modified funds from operations available, or MFFO, as defined by the Investment Program Association, or IPA, for the preceding twelve months period ending on the last day of the current quarter is less than the distributions declared with respect to the same twelve month period. As a result, asset management fees of $0.4 million were waived by the Advisor during the year ended December 31, 2013.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> As of December 31, 2013, the Company owns a 48.6% membership interest in Brownmill. Affiliates of the Company&#39;s Sponsor are the majority owners and manager of Brownmill. See Note 4.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>Other Related Party Transactions</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> From time to time, the Company purchases title insurance from an agent in which our Sponsor owns a 50% limited partnership interest. Because this title insurance agent receives significant fees for providing title insurance, our Advisor may face a conflict of interest when considering the terms of purchasing title insurance from this agent. However, prior to the purchase by the Company of any title insurance, an independent title consultant with more than 25 years of experience in the title insurance industry reviews the transaction, and performs market research and competitive analysis on our behalf. This process results in terms similar to those that would be negotiated at an arm&#39;s length basis. During the years ended December 31, 2013, 2012 and 2011, the Company has paid approximately $106, $32 and $0 in fees to this title insurance agent, respectively<font style="FONT-FAMILY: Times New Roman, Times, Serif">.</font></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <!--EndFragment--></div> </div> 4000000 11100000 3000000 4000000 624000 810000 1000000 -1781000 939000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Revenue Recognition</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company invests in real estate assets that generate rental income. Minimum rents will be recognized on a straight-line accrual basis, over the terms of the related leases. The capitalized above-market lease values and the capitalized below-market lease values will be amortized as an adjustment to rental income over the initial lease term. Percentage rents, which are based on commercial tenants&#39; sales, will be recognized once the sales reported by such tenants exceed any applicable breakpoints as specified in the tenants&#39; leases. Recoveries from commercial tenants for real estate taxes, insurance and other operating expenses, and from residential tenants for utility costs, will be recognized as revenues in the period that the applicable costs are incurred. Revenues from the operations of the hotel are recognized when the services are provided.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> The following is a summary of the Company&#39;s available for sale securities as of the dates indicated:</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.25in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="14" nowrap="nowrap">As of December 31, 2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Adjusted Cost</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Gross Unrealized Gains</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Gross Unrealized<br /> Losses</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Fair Value</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 48%; TEXT-ALIGN: left">Equity Securities</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">7,735</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">399</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">8,134</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> &nbsp;</p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.25in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="14" nowrap="nowrap">As of December 31, 2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Adjusted Cost</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Gross Unrealized Gains</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Gross Unrealized<br /> Losses</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Fair Value</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 48%; TEXT-ALIGN: left">Equity Securities</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">7,915</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">229</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">-</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">8,144</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 93%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; PADDING-LEFT: 12pt; TEXT-INDENT: -12pt" nowrap="nowrap">Supplemental disclosure of cash flow information:</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10" nowrap="nowrap">Year Ended December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 12pt; TEXT-INDENT: -12pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 12pt; TEXT-INDENT: -12pt" nowrap="nowrap"> &nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td colspan="2" nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td colspan="2" nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td colspan="2" nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 61%; TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Cash paid for interest</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">939</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">413</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">-</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Distributions declared</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">4,050</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">3,268</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">2,587</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Marketable securities purchased with margin loan, net</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">3,340</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Noncash commissions and other offering costs in accounts payable and other accrued expenses</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">193</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">254</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">286</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Subscription receivable</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">25</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">(104</td> <td style="TEXT-ALIGN: left">)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">(262</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Value of shares issued from distribution reinvestment program</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">1,791</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">1,458</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">1,182</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Issuance of units in exchange for investment in unconsolidated affiliated entities</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">911</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">548</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Restricted escrow deposits and related liability initially established related to acquisition of mortgage loan receivable</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">205</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Note receivable received in connection with disposition of investment in unconsolidated affiliated entity</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">2,400</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Satisfaction of promissory note</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">7,029</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> The estimated fair value of our mortgages payable is as follows:</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> &nbsp;</p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">As of December 31, 2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">As of December 31, 2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; FONT-STYLE: italic" nowrap="nowrap">(Dollars in thousands)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Carrying Amount</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Estimated Fair<br /> Value</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Carrying Amount</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Estimated Fair<br /> Value</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 48%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> Mortgages payable</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 24,260</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 23,898</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 11,157</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 11,157</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> Mortgages payable consisted of the following:</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> <em>&nbsp;</em></p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td colspan="2" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td colspan="2" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">Loan Amount Outstanding</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold" nowrap="nowrap">Description</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" nowrap="nowrap">Interest Rate</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Weighted<br /> Average<br /> Interest Rate<br /> as of December<br /> 31, 2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" nowrap="nowrap">Maturity<br /> Date</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Amount Due<br /> at Maturity</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">As of<br /> &nbsp;December 31,<br /> 2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">As of<br /> December 31,<br /> 2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td>&nbsp;</td> <td colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="2">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 20%; VERTICAL-ALIGN: top; TEXT-ALIGN: left"> TownePlace Suites Mortgage, secured by TownePlace Suites - Metairie</td> <td style="WIDTH: 1%; VERTICAL-ALIGN: top; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 16%; VERTICAL-ALIGN: top; TEXT-ALIGN: left">Libor plus 3.75%, subject to 6.00% floor</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 8%; TEXT-ALIGN: right">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 12%">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">-</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">5,923</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left">&nbsp;</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left">&nbsp;</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left">SpringHill Suites Hotel Mortgage, secured by SpringHill Suites - Peabody</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left">&nbsp;</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left">Libor plus 3.75%, subject to 5.75% floor</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">5,234</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left">&nbsp;</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left">&nbsp;</td> <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Promissory Note, secured by four properties</td> <td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> 4.94%</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 4.94</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">%</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> August 2018</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 21,754</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 24,260</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 4.94</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">%</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 24,260</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 11,157</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The following table presents selected unaudited quarterly financial data for each quarter during the year ended December 31, 2013 and 2012:</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 8pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="18">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Year ended</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Quarter ended</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Quarter ended</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Quarter ended</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Quarter ended</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: right" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">September 30,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">June 30,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">March 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: right" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: right" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: right" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: right" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: right" colspan="2">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 35%; TEXT-ALIGN: left">Total revenue</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">13,058</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">3,335</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">4,092</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">3,308</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">2,323</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>Operating income/(loss)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">541</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">26</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">490</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">314</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">(289</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Net income /(loss) (a)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">1,370</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">(238</td> <td style="TEXT-ALIGN: left">)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">202</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">1,535</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">(129</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Less (income)/loss attributable to noncontrolling interests</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (40</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 16</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (1</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (66</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 11</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Net income/(loss) applicable to Company&#39;s common shares</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1,330</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (222</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 201</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1,469</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (118</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Net income/(loss) per common share, basic and&nbsp;diluted</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 0.21</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (0.03</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 0.03</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 0.25</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (0.02</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <table style="MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in">&nbsp;</td> <td style="FONT-FAMILY: Times New Roman, Times, Serif; WIDTH: 0.25in"> (a)</td> <td>Net income for the year ended December 31, 2013 includes a bargain purchase gain of $1.2 million in the 2nd quarter of 2013 in connection with the purchase of the Arkansas Hotel Portfolio. (See Note 3)</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 8pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="18">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-WEIGHT: bold">&nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Year ended</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Quarter ended</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Quarter ended</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Quarter ended</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Quarter ended</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: right" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">September 30,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">June 30,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">March 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: right" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: right" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: right" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: right" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: right" colspan="2">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 35%; TEXT-ALIGN: left">Total revenue</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">5,942</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">1,917</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">2,116</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">952</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">957</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>Operating (loss)/income</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">(114</td> <td style="TEXT-ALIGN: left">)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">(308</td> <td style="TEXT-ALIGN: left">)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">216</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">(96</td> <td style="TEXT-ALIGN: left">)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">74</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Net income&nbsp;&nbsp;(b)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">9,764</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">4,627</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">3,828</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">248</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">1,061</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Less income attributable to noncontrolling interests</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (555</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (512</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (13</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (13</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (17</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Net income applicable to Company&#39;s common shares</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 9,209</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 4,115</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 3,815</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 235</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">$</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: right">1,044</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Net income/(loss) per common share, basic and&nbsp;diluted</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1.84</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 0.78</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 0.74</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 0.05</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 0.22</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: center; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <table style="MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.5in">&nbsp;</td> <td style="FONT-FAMILY: Times New Roman, Times, Serif; WIDTH: 0.25in"> (b)</td> <td>Net income for the year ended December 31, 2012 includes a bargain purchase gain of $7.8 million which includes a bargain purchase gain recorded in the 4th quarter of 2012 of $4.3 million in connection with the purchase of the Fairfield Inn - East Rutherford and a bargain purchase gain recorded in the 3rd quarter of 2012 of $3.5 million in connection with the purchase of the SpringHill Suites - Peabody. (See Note 3)</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>&nbsp;</strong></p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The following table represents the fees incurred associated with the payments to the Company&#39;s Advisor and Property Manager for the periods:</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <table style="WIDTH: 60%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10" nowrap="nowrap">For the Years Ended December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-STYLE: italic; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 61%; TEXT-ALIGN: left">Acquisition fees</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">102</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">85</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">141</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Asset management fees</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">114</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">346</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">268</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Development fees</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 78</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt">Total</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 294</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 431</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 409</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <!--EndFragment--></div> </div> 293000 557000 1820000 24260000 11157000 5923000 5234000 24260000 75000 75000 255000 255000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Stock-Based Compensation</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The Company has an Employee and Director Incentive Restricted Share Plan. Awards, if any, will be granted at the fair market value on the date of the grant with fair value estimated using the Black-Scholes-Merton option valuation model, which incorporates assumptions surrounding the volatility, dividend yield, the risk-free interest rate, expected life, and the exercise price as compared to the underlying stock price on the grant date. As stock-based compensation expense recognized in the consolidated statements of operations will be based on awards ultimately expected to vest, the amount of expense will be reduced for forfeitures estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures will be estimated based on historical experience. The tax benefits associated with these share-based payments will be classified as financing activities in the consolidated statement of cash flows. The Company has not granted any stock-based incentive awards.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <!--EndFragment--></div> </div> 10.00 10.00 7643000 5311000 4503000 3467000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>2.</strong> <strong><em>Summary of Significant Accounting Policies</em></strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Basis of Presentation</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The consolidated financial statements include the accounts of Lightstone REIT II and the Operating Partnership and its subsidiaries (over which Lightstone REIT exercises financial and operating control). As of December 31, 2013, the Company had a 99.9% general partnership interest in the Operating Partnership. All inter-company balances and transactions have been eliminated in consolidation.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). GAAP requires the Company&#39;s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate and investments in other real estate entities, depreciable lives of long-lived assets and revenue recognition. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Investments in other real estate entities where the Company has the ability to exercise significant influence, but does not exercise financial and operating control, <font style="FONT-FAMILY: Times New Roman, Times, Serif">and is not considered to be the primary beneficiary</font> will be accounted for using the equity method. Investments in other real estate entities where the Company has virtually no influence will be accounted for using the cost method.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Cash and Cash Equivalents</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. All cash equivalents are held in commercial paper and money market funds.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <table style="WIDTH: 93%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.5in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; PADDING-LEFT: 12pt; TEXT-INDENT: -12pt" nowrap="nowrap">Supplemental disclosure of cash flow information:</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10" nowrap="nowrap">Year Ended December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 12pt; TEXT-INDENT: -12pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 12pt; TEXT-INDENT: -12pt" nowrap="nowrap"> &nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td colspan="2" nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td colspan="2" nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td colspan="2" nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 61%; TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Cash paid for interest</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">939</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">413</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">$</td> <td style="WIDTH: 10%; TEXT-ALIGN: right">-</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Distributions declared</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">4,050</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">3,268</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">2,587</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Marketable securities purchased with margin loan, net</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">3,340</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Noncash commissions and other offering costs in accounts payable and other accrued expenses</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">193</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">254</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">286</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Subscription receivable</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">25</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">(104</td> <td style="TEXT-ALIGN: left">)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">(262</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Value of shares issued from distribution reinvestment program</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">1,791</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">1,458</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">1,182</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Issuance of units in exchange for investment in unconsolidated affiliated entities</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">911</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">548</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Restricted escrow deposits and related liability initially established related to acquisition of mortgage loan receivable</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">205</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Note receivable received in connection with disposition of investment in unconsolidated affiliated entity</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">2,400</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 24pt; TEXT-INDENT: -12pt"> Satisfaction of promissory note</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">7,029</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Marketable Securities</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Marketable securities consist of equity securities and corporate bonds that are designated as available-for-sale and are recorded at fair value. Unrealized holding gains or losses will be reported as a component of accumulated other comprehensive income (loss). Realized gains or losses resulting from the sale of these securities will be determined based on the specific identification of the securities sold. An impairment charge will be recognized when the decline in the fair value of a security below the amortized cost basis is determined to be other-than-temporary. The Company will consider various factors in determining whether to recognize an impairment charge, including the duration and severity of any decline in fair value below our amortized cost basis, any adverse changes in the financial condition of the issuers and our intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. The Board has authorized the Company from time to time to invest the Company&#39;s available cash in marketable securities of real estate related companies. The Board of Directors has approved investments up to 30% of the Company&#39;s total assets to be made at the Company&#39;s discretion, subject to compliance with any REIT or other restrictions.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Revenue Recognition</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company invests in real estate assets that generate rental income. Minimum rents will be recognized on a straight-line accrual basis, over the terms of the related leases. The capitalized above-market lease values and the capitalized below-market lease values will be amortized as an adjustment to rental income over the initial lease term. Percentage rents, which are based on commercial tenants&#39; sales, will be recognized once the sales reported by such tenants exceed any applicable breakpoints as specified in the tenants&#39; leases. Recoveries from commercial tenants for real estate taxes, insurance and other operating expenses, and from residential tenants for utility costs, will be recognized as revenues in the period that the applicable costs are incurred. Revenues from the operations of the hotel are recognized when the services are provided.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Accounts Receivable</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The Company makes estimates of the uncollectability of its accounts receivable related to base rents, expense reimbursements and other revenues. The Company analyzes accounts receivable and historical bad debt levels, customer credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. The Company&#39;s reported net income or loss is directly affected by management&#39;s estimate of the collectability of accounts receivable.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Investment in Real Estate</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <em>Accounting for Acquisitions</em></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> When the Company makes an investment in real estate, the fair value of the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases for acquired in-place leases and the value of tenant relationships, based in each case on their fair values. Purchase accounting is applied to assets and liabilities related to real estate entities acquired based upon the percentage of interest acquired. Fees incurred related to acquisitions are expensed as incurred and recorded in general and administrative costs in the consolidated statements of operation. Transaction costs incurred related to the Company&#39;s investments in unconsolidated affiliated entities, accounted for under the equity method of accounting, are capitalized as part of the cost of the investment.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Upon the acquisition of real estate operating properties, the Company estimates the fair value of acquired tangible assets and identified intangible assets and liabilities and certain liabilities such as assumed debt and contingent liabilities, at the date of acquisition, based on evaluation of information and estimates available at that date. Based on these estimates, the Company allocates the initial purchase price to the applicable assets, liabilities and noncontrolling interests, if any. As final information regarding fair value of the assets acquired, liabilities assumed and noncontrolling interests is received and estimates are refined, appropriate adjustments are be made to the purchase price allocation. The allocations are finalized as soon as all the information necessary is available and in no case later than within twelve months from the acquisition date.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> In determining the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management&#39;s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market lease values and the capitalized below-market lease values are amortized as an adjustment to rental income over the initial non-cancelable lease term and any fixed-rate renewal periods, which are reasonably assured, in the respective leases.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The aggregate value of in-place leases is determined by evaluating various factors, including an estimate of carrying costs during the expected lease-up periods, current market conditions and similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, legal and other related costs. Optional renewal periods are not considered.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The aggregate value of other acquired intangible assets includes tenant relationships. Factors considered by management in assigning a value to these relationships include: assumptions of probability of lease renewals, investment in tenant improvements, leasing commissions and an approximate time lapse in rental income while a new tenant is located. The value assigned to this intangible asset is amortized over the remaining lease terms.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0px"> <em>Carrying Value of Assets</em></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The amounts capitalized as a result of periodic improvements and additions to real estate property, when applicable, and the periods over which the assets are depreciated or amortized, are determined based on the application of accounting standards that may require estimates as to fair value and the allocation of various costs to the individual assets. Differences in the amount attributed to the assets can be significant based upon the assumptions made in calculating these estimates.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <em>Impairment Evaluation</em></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Management evaluates the recoverability of its investments in real estate assets at the lowest identifiable level, the individual property level. Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recognized only if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The Company evaluates the long-lived assets for potential impairment on a quarterly basis and records an impairment charge when there is an indicator of impairment and the undiscounted projected cash flows are less than the carrying amount for a particular property. The estimated cash flows used for the impairment analysis and the determination of estimated fair value are based on the Company&#39;s plans for the respective assets and the Company&#39;s views of market and economic conditions. The estimates consider matters such as current and historical rental rates, occupancies for the respective properties and comparable properties, and recent sales data for comparable properties. Changes in estimated future cash flows due to changes in the Company&#39;s plans or views of market and economic conditions could result in recognition of impairment losses, which, under the applicable accounting guidance, could be substantial. As of December 31, 2013 and 2012, the Company did not recognize any impairment charges.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Depreciation and Amortization</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Depreciation expense is computed based on the straight-line method over the estimated useful life of the applicable real estate asset. We generally use estimated useful lives of up to thirty-nine years for buildings and improvements and five to ten years for furniture, fixtures and equipment. Expenditures for tenant improvements and construction allowances paid to commercial tenants are capitalized and amortized over the initial term of each lease. Expenditures for ordinary maintenance and repairs are charged to expense as incurred.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Deferred Costs</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The Company capitalizes initial direct costs associated with financing and leasing activities. The costs are capitalized upon the execution of the loan or lease and amortized over the initial term of the corresponding loan or lease. Amortization of deferred loan costs begins in the period during which the loan is originated using the effective interest method over the term of the loan. Deferred leasing costs are not amortized to expense until the earlier of the store opening date or the date the tenant&#39;s lease obligation begins.</p> <p style="TEXT-ALIGN: center; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Investments in Unconsolidated Affiliated Entities</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The Company evaluates its investments in other entities for consolidation.&nbsp;&nbsp;The percentage interest in the joint venture, evaluation of control and whether a variable interest entity ("VIE") exists are all considered in determining if the investment qualifies for consolidation.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The Company accounts for its investments in unconsolidated affiliated entities using the equity or cost method of accounting, as appropriate. Under the equity method, the investment is <font style="FONT-FAMILY: Times New Roman, Times, Serif">recorded initially at cost, and subsequently adjusted for equity in net income/(loss) and cash contributions and distributions.</font> The net income/(loss) of each investor is allocated in accordance with the provisions of the applicable operating agreements of the entities.&nbsp;&nbsp;The allocation provisions in these agreements may differ from the ownership interest held by each investor.&nbsp;&nbsp;Differences between the carrying amount of the Company&#39;s investment in the respective joint venture and the Company&#39;s share of the underlying equity of such unconsolidated affiliated entities are amortized over the respective lives of the underlying assets as applicable. These items are reported as a single line item in the consolidated statements of operations as income or loss from investments in unconsolidated affiliated entities. Under the cost method of accounting, the investment is <font style="FONT-FAMILY: Times New Roman, Times, Serif">recorded initially at cost, and subsequently adjusted for cash contributions and distributions resulting from any capital events.</font> Dividends earned from the underlying entities are recorded as interest income in the consolidated statements of operations.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> On a quarterly basis, the Company assesses whether the value of the investments in unconsolidated affiliated entities has been impaired.&nbsp;&nbsp;An investment is impaired only if management&#39;s estimate of the fair value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary.&nbsp;&nbsp;To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment.&nbsp;&nbsp;Management&#39;s estimate of value for each investment is based on a number of assumptions that are subject to economic and market uncertainties.&nbsp;&nbsp;As these factors are difficult to predict and are subject to future events that may alter our assumptions, the values estimated by management in the impairment analysis may not be realized. Any decline that is not considered temporary will result in the recording of an impairment charge. Management believes no impairment of its investments in unconsolidated affiliated entities existed as of December 31, 2013 and 2012.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Income Taxes</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> We elected to be taxed as a REIT in conjunction with the filing of our 2009 U.S. federal income tax return. If we remain qualified as a REIT, we generally will not be subject to U.S. federal income tax on our net taxable income that we distribute currently to our stockholders. To maintain our REIT qualification under the Internal Revenue Code of 1986, as amended, or the Code, we must meet a number of organizational and operational requirements, including a requirement that we annually distribute to our stockholders at least 90% of our REIT taxable income (which does not equal net income, as calculated in accordance with GAAP), determined without regard to the deduction for dividends paid and excluding any net capital gain. If we fail to remain qualified for taxation as a REIT in any subsequent year and do not qualify for certain statutory relief provisions, our income for that year will be taxed at regular corporate rates, and we may be precluded from qualifying for treatment as a REIT for the four-year period following our failure to qualify as a REIT. Such an event could materially adversely affect our net income and net cash available for distribution to our stockholders.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The tax years subsequent to and including 2010 remain open to examination by the major taxing jurisdictions to which we are subject.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Additionally, even if we qualify as a REIT for U.S. federal income tax purposes, we may still be subject to some U.S. federal, state and local taxes on our income and property and to U.S. federal income taxes and excise taxes on our undistributed income.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Fair Value of Financial Instruments</u></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> The carrying amounts of cash and cash equivalents, restricted escrows, prepaid expenses and other assets, accounts payable and other accrued expenses, the margin loan, due to sponsor, and distributions payable approximated their fair values as of December 31, 2013 because of the short maturity of these instruments. The estimated fair value of our mortgages payable is as follows:</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> &nbsp;</p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">As of December 31, 2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">As of December 31, 2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; FONT-STYLE: italic" nowrap="nowrap">(Dollars in thousands)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Carrying Amount</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Estimated Fair<br /> Value</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Carrying Amount</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Estimated Fair<br /> Value</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 48%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> Mortgages payable</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 24,260</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 23,898</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 11,157</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 11,157</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Selling Commission, Dealer Manager Fees and Organization and Other Offering Costs</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Selling commissions and dealer manager fees paid to the Dealer Manager, and other third-party offering expenses such as registration fees, due diligence fees, marketing costs, and professional fees are accounted for as a reduction against additional paid-in capital ("APIC") as costs are incurred. Any organization costs are expensed as general and administrative costs. Through December 31, 2013, the Company has incurred approximately $7.3 million in selling commissions and dealer manager fees and $7.9 million of other offering costs. From the commencement of the offering through December 31, 2013, the Company has recorded approximately $15.2 million of these costs against APIC.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Accounting for Derivative Financial Investments and Hedging Activities.</u></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The Company may enter into derivative financial instrument transactions in order to mitigate interest rate risk on a related financial instrument. The Company may designate these derivative financial instruments as hedges and apply hedge accounting. The Company will record all derivative instruments at fair value on the consolidated balance sheet.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, will be considered cash flow hedges. The Company will formally document all relationships between hedging instruments and hedged items, as well as our risk- management objective and strategy for undertaking each hedge transaction. The Company will periodically review the effectiveness of each hedging transaction, which involves estimating future cash flows. Cash flow hedges will be accounted for by recording the fair value of the derivative instrument on the consolidated balance sheet as either an asset or liability, with a corresponding amount recorded in accumulated other comprehensive income (loss) within stockholders&#39; equity. Amounts will be reclassified from other comprehensive income (loss) to the consolidated statement of operations in the period or periods the hedged forecasted transaction affects earnings. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, will be considered fair value hedges. The effective portion of the derivatives gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the transaction affects earnings. The ineffective portion of the gain or loss is reported in earnings immediately.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Stock-Based Compensation</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The Company has an Employee and Director Incentive Restricted Share Plan. Awards, if any, will be granted at the fair market value on the date of the grant with fair value estimated using the Black-Scholes-Merton option valuation model, which incorporates assumptions surrounding the volatility, dividend yield, the risk-free interest rate, expected life, and the exercise price as compared to the underlying stock price on the grant date. As stock-based compensation expense recognized in the consolidated statements of operations will be based on awards ultimately expected to vest, the amount of expense will be reduced for forfeitures estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures will be estimated based on historical experience. The tax benefits associated with these share-based payments will be classified as financing activities in the consolidated statement of cash flows. The Company has not granted any stock-based incentive awards.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Concentration of Risk</u></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The Company maintains its cash in bank deposit accounts, which, at times, may exceed U.S. federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Basic and Diluted Net Earnings per Common Share</u></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> The Company had no potentially dilutive securities outstanding during the periods presented. Accordingly, earnings per share is calculated by dividing net income/(loss) attributable to common shareholders by the weighted-average number of shares of common stock outstanding during the applicable period.</p> <p style="TEXT-ALIGN: center; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>New Accounting Pronouncements</u></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> The Company has determined that no new accounting pronouncement issued or effective during the period had or is expected to have a material impact on its consolidated financial position, results of operations and cash flows, or do not apply to its operations.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Reclassifications</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> Certain prior period amounts may have been reclassified to conform to the current year presentation.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.25in"> &nbsp;</p> <!--EndFragment--></div> </div> 2011-04-12 59424000 42873000 67025000 48871000 33282000 28221000 76000 53000 45000 35000 60755000 41652000 35822000 28067000 -25000 -104000 -366000 399000 229000 -2214000 -1781000 939000 -5002000 -2817000 7601000 5998000 4735000 3302000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>10. Stockholder&#39;s Equity</em></strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Preferred Shares</u></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Shares of preferred stock may be issued in the future in one or more series as authorized by the Company&#39;s Board of Directors. Prior to the issuance of shares of any series, the Board of Directors is required by the Company&#39;s charter to fix the number of shares to be included in each series and the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each series. Because the Company&#39;s Board of Directors has the power to establish the preferences, powers and rights of each series of preferred stock, it may provide the holders of any series of preferred stock with preferences, powers and rights, voting or otherwise, senior to the rights of holders of our common stock. The issuance of preferred stock could have the effect of delaying, deferring or preventing a change in control of the Company, including an extraordinary transaction (such as a merger, tender offer or sale of all or substantially all of our assets) that might provide a premium price for holders of the Company&#39;s common stock. To date, the Company had no outstanding preferred shares.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Common Shares</u></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>&nbsp;</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> All of the common stock being offered by the Company will be duly authorized, fully paid and nonassessable. Subject to the preferential rights of any other class or series of stock and to the provisions of its charter regarding the restriction on the ownership and transfer of shares of our stock, holders of the Company&#39;s common stock will be entitled to receive distributions if authorized by the Board of Directors and to share ratably in the Company&#39;s assets available for distribution to the stockholders in the event of a liquidation, dissolution or winding-up.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Each outstanding share of the Company&#39;s common stock entitles the holder to one vote on all matters submitted to a vote of stockholders, including the election of directors. There is no cumulative voting in the election of directors, which means that the holders of a majority of the outstanding common stock can elect all of the directors then standing for election, and the holders of the remaining common stock will not be able to elect any directors.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Holders of the Company&#39;s common stock have no conversion, sinking fund, redemption or exchange rights, and have no preemptive rights to subscribe for any of its securities. Maryland law provides that a stockholder has appraisal rights in connection with some transactions. However, the Company&#39;s charter provides that the holders of its stock do not have appraisal rights unless a majority of the Board of Directors determines that such rights shall apply. Shares of the Company&#39;s common stock have equal dividend, distribution, liquidation and other rights.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Under its charter, the Company cannot make any material changes to its business form or operations without the approval of stockholders holding at least a majority of the shares of our stock entitled to vote on the matter. These include (1) amendment of its charter, (2) its liquidation or dissolution, (3) its reorganization, and (4) its merger, consolidation or the sale or other disposition of its assets. Share exchanges in which the Company is the acquirer, however, do not require stockholder approval.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Distributions</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> U.S. federal income tax law requires that a REIT distribute annually at least 90% of its REIT taxable income (which does not equal net income, as calculated in accordance with GAAP) determined without regard to the deduction for dividends paid and excluding any net capital gain. In order to continue to qualify for REIT status, we may be required to make distributions in excess of cash available.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Distributions will be at the discretion of our Board of Directors. We commenced quarterly distributions beginning with the fourth quarter of 2009 and we have generally used cash proceeds from the sale of shares of our common stock to fund such distributions. We may continue to pay such distributions from the sale of shares of our common stock or borrowings if we do not generated sufficient cash flow from our operations to fund distributions. Our ability to pay regular distributions and the size of these distributions will depend upon a variety of factors. For example, our borrowing policy permits us to incur short-term indebtedness, having a maturity of two years or less, and we may have to borrow funds on a short-term basis to meet the distribution requirements that are necessary to achieve the tax benefits associated with qualifying as a REIT. We cannot assure that regular distributions will continue to be made or that we will maintain any particular level of distributions that we have established or may establish.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> We are an accrual basis taxpayer, and as such our REIT taxable income could be higher than the cash available to us. We may therefore borrow to make distributions, which could reduce the cash available to us, in order to distribute 90% of our REIT taxable income as a condition to our election to be taxed as a REIT. These distributions made with borrowed funds may constitute a return of capital to stockholders. "Return of capital" refers to distributions to investors in excess of net income. To the extent that distributions to stockholders exceed earnings and profits, such amounts constitute a return of capital for U.S. federal income tax purposes, although such distributions might not reduce stockholders&#39; aggregate invested capital. Because our earnings and profits are reduced for depreciation and other non-cash items, it is likely that a portion of each distribution will constitute a tax-deferred return of capital for U.S. federal income tax purposes.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 15pt"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> On March 30, 2009, our Board of Directors declared the Annualized Distribution Rate for each quarterly period commencing 30 days subsequent to achieving the minimum offering of 500,000 shares of common stock. The distribution is calculated based on stockholders of record each day during the applicable period at a rate of $0.00178082191 per share per day, and equals a daily amount that, if paid each day for a 365-day period, would equal a 6.5% annualized rate based on the share price of $10.00.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> At the beginning of October 2009, we achieved our minimum offering of 500,000 shares of common stock and on November 3, 2009, our Board of Directors declared our first quarterly distribution at an annualized distribution rate (the "Annualized Distribution Rate") for the three-month period ending December 31, 2009. Subsequently, our Board of Directors has declared regular quarterly distributions at the Annualized Distribution Rate</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Total distributions declared during the years ended December 31, 2013, 2012 and 2011 were $4.1 million, $3.3 million and $2.6 million, respectively.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> On March 28, 2014, the our Board of Directors declared the quarterly distribution for the three-month period ended March 31, 2014 in the amount of $0.00178082191 per share per day payable to stockholders of record on the close of business each day during the quarter, which will be paid on April 15, 2014.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Our stockholders have the option to elect the receipt of shares of common stock in lieu of cash under our DRIP.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The amount of distributions to be paid to our stockholders in the future will be determined by our Board of Directors and are dependent on a number of factors, including funds available for payment of distributions, our financial condition, capital expenditure requirements and annual distribution requirements needed to maintain our status as a REIT under the Code.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Equity Compensation Plans</u></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The Company&#39;s Employee and Director Incentive Restricted Share Plan provides for grants of awards to its directors, officers and full-time employees (in the event the Company ever has employees), full-time employees of its advisor and its affiliates, full-time employees of entities that provide services to it, directors of its advisor or of entities that provide services to it, certain of its consultants and certain consultants to the advisor and its affiliates or to entities that provide services to it. Such awards shall consist of restricted shares.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Restricted share awards entitle the recipient to common shares from us under terms that provide for vesting over a specified period of time or upon attainment of pre-established performance objectives. Such awards would typically be forfeited with respect to the unvested shares upon the termination of the recipient&#39;s employment or other relationship with the Company. Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares may receive cash dividends prior to the time that the restrictions on the restricted shares have lapsed. Any dividends payable in common shares shall be subject to the same restrictions as the underlying restricted shares.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> On March 30, 2012, our Board of Directors approved the termination of our stock option plan. The stock option plan was terminated by our Board of Directors as a result of a request from a state securities regulator. Prior to its termination, we had adopted a stock option plan under which our independent directors were eligible to receive annual nondiscretionary awards of nonqualified stock options. We had authorized and reserved 75,000 shares of our common stock for issuance under our stock option plan, which shares are no longer reserved for such purpose.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> &nbsp;</p> <!--EndFragment--></div> </div> 1182000 1458000 1791000 124000 153000 189000 20000 960000 706000 2218000 5000000 2300000 300000 1000 2000 2000 1181000 1456000 1789000 1182000 1458000 1791000 200000 10000 7000 22000 9561000 7041000 21969000 262000 104000 -25000 9833000 7152000 21966000 22800000 48000 51000 75000 1000 1000 1000 433000 457000 695000 434000 458000 696000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>15. Subsequent Events</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>&nbsp;</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 13.85pt"> <em>Distribution Declaration</em></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 13.85pt"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 13.85pt"> On March 28, 2014, the Company&#39;s Board of Directors declared the quarterly distribution for the three-month period ended March 31, 2014, in the amount of $0.00178082191 per share per day, and will equal a daily amount that, if paid each day for a 365-day period, would equal a 6.5% annualized rate based on a share price of $10.00. The distribution will be paid in cash on April 15, 2014 to shareholders of record as of March 31, 2014. The shareholders have an option to elect the receipt of shares under our DRIP.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 13.85pt"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <u>Accounts Receivable</u></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> The Company makes estimates of the uncollectability of its accounts receivable related to base rents, expense reimbursements and other revenues. The Company analyzes accounts receivable and historical bad debt levels, customer credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. The Company&#39;s reported net income or loss is directly affected by management&#39;s estimate of the collectability of accounts receivable.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> &nbsp;</p> <!--EndFragment--></div> </div> 4400000 800000 3978000 5016000 6235000 xbrli:pure iso4217:USD iso4217:USD xbrli:shares xbrli:shares utr:sqft 0001436975 us-gaap:SubsequentEventMember 2014-03-01 2014-03-28 0001436975 2013-10-01 2013-12-31 0001436975 2013-07-01 2013-09-30 0001436975 cik1436975:ArkansasHotelPortfolioMember cik1436975:DemandNoteMember 2013-07-01 2013-07-31 0001436975 cik1436975:TowneplaceSuitesAndSpringhillSuitesMortgageMember 2013-07-01 2013-07-29 0001436975 cik1436975:DemandNoteMember 2013-07-01 2013-07-29 0001436975 cik1436975:SecuredPromissoryNoteMember 2013-07-01 2013-07-29 0001436975 cik1436975:ArkansasHotelPortfolioMember cik1436975:DemandNoteMember 2013-06-01 2013-06-30 0001436975 cik1436975:LvpCpBostonLlcMember 2013-06-01 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2010-12-31 0001436975 us-gaap:CommonStockMember 2010-12-31 0001436975 2010-12-31 0001436975 cik1436975:NonRecourseLoansMember cik1436975:FfiHotelMember 2010-06-29 0001436975 cik1436975:LvpEastRutherfordPromissoryNoteMember 2010-06-29 0001436975 2009-09-30 0001436975 cik1436975:RestrictedShareAwardMember 2009-04-24 0001436975 cik1436975:DistributionReinvestmentPlanMember 2009-04-24 0001436975 us-gaap:MaximumMember cik1436975:PublicOfferingMember 2009-04-24 0001436975 2009-04-24 0001436975 2009-03-30 0001436975 2008-05-20 Includes the $7.9 million bargain purchase gain recorded in the year ended December 31, 2012 in connection with the acquisitions of the SpringHill Suites - Peabody and the Fairfield Inn - East Rutherford. Includes the approximately $1.3 million bargain purchase gain recorded in the year ended December 31, 2013 in connection with the acquisition of the Arkansas Hotel Portfolio. Excludes $7.9 million bargain purchase gain recorded in the year ended December 31, 2012 in connection with the acquisitions of the SpringHill Suites - Peabody and the Fairfield Inn - East Rutherford. Excludes the approximately $1.3 million bargain purchase gain recorded in the year ended December 31, 2013 in connection with the acquisition of the Arkansas Hotel Portfolio. Additional depreciation and amortization expense relates to the amortization of the difference between the cost of the interest in Brownmill and the amount of the underlying equity in net assets of Brownmill. Net income for the year ended December 31, 2013 includes a bargain purchase gain of $1.2 million in the 2nd quarter of 2013 in connection with the purchase of the Arkansas Hotel Portfolio. (See Note 3) Net income for the year ended December 31, 2012 includes a bargain purchase gain of $7.8 million which includes a bargain purchase gain recorded in the 4th quarter of 2012 of $4.3 million in connection with the purchase of the Fairfield Inn - East Rutherford and a bargain purchase gain recorded in the 3rd quarter of 2012 of $3.5 million in connection with the purchase of the SpringHill Suites - Peabody. 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Proceeds from Issuance of Secured Debt Proceeds from mortgage loan Proceeds from Mortgage Deposits Net proceeds from mortgage loan included in distribution Range [Axis] Range [Domain] Related Party [Domain] Related Party [Axis] Repayments of Notes Payable Payments of demand note Securities By Origination [Axis] Securities By Origination [Axis ] Securities By Origination [Domain] Securities By Origination [Domain] Sherman Family Trust [Member] Sherman Family Trust [Member] Short-term Debt, Type [Axis] Short-term Debt, Type [Domain] Springhill Suites Franchise Agreement [Member] SpringHill Suites Franchise Agreement [Member] SpringHill Suites Franchise Agreement [Member] Springhill Suites Management Agreement [Member] SpringHill Suites Management Agreement [Member] SpringHill Suites Management Agreement [Member] Springhill Suites Mortgage [Member] SpringHill Suites Mortgage [Member] SpringHill Suites Mortgage [Member] Towneplace Suites Management Agreement [Member] TownePlace Suites Management Agreement [Member] TownePlace Suites Management Agreement [Member] Tpslr Llc And Tpsfn Llc [Member] TPSLR, LLC and TPSFN, LLC [Member] TPSLR LLC And TPSFN LLC [Member]. Tps Metairie Llc [Member] TPS Metairie, LLC [Member] TPS Metairie, LLC [Member] Discount on outstanding principal nonrecourse second mortgage note balance Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums FF&E reserve, included in restricted escrows Valuation Allowances and Reserves, Reserves of Businesses Acquired Business Acquisition, Acquiree [Domain] Business Acquisition [Axis] Business Acquisition [Line Items] Net income Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual Rental revenue Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual Schedule of Business Acquisitions, by Acquisition [Table] Springhill Suites Hotel [Member] SpringHill Suites Hotel [Member] SpringHill Suites Hotel [Member] Towne Place Suites Hotel [Member] Towne Place Suites Hotel [Member] TownePlace Suites Hotel [Member] Business Acquisition [Line Items] Business Acquisition, Acquiree [Domain] Business Acquisition [Axis] Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] Business Acquisition, Pro Forma Information, Nonrecurring Adjustments [Table] Schedule of Unaudited Pro Forma Results of Operations Business Acquisition, Pro Forma Information, Nonrecurring Adjustments [Table Text Block] Schedule of Revenue and Net Income Included in Consolidated Statements of Operations Business Combination, Separately Recognized Transactions [Table Text Block] Pro forma net income/(loss) per Company's common share, basic and diluted Business Acquisition, Pro Forma Earnings Per Share, Basic Pro forma net income/(loss) per Company's common share Business Acquisition, Pro Forma Net Income (Loss) Pro forma rental revenue Business Acquisition, Pro Forma Revenue Commitments and Contingencies [Abstract] Commitments and Contingencies Commitments and Contingencies Disclosure [Text Block] Loss Contingency, Estimate of Possible Loss Potential damages Accounts payable and other accrued expenses Accounts Payable and Other Accrued Liabilities Accumulated other comprehensive income Accumulated Other Comprehensive Income (Loss), Net of Tax Additional paid-in capital Additional Paid in Capital Assets Total assets Assets [Abstract] Assets Available-for-sale Securities Marketable securities, available for sale Cash and cash equivalents Cash and Cash Equivalents, at Carrying Value Commitments and contingencies (Note 13) Commitments and Contingencies Subscription receivable Common Stock, Share Subscribed but Unissued, Subscriptions Receivable Common stock, $0.01 par value; 100,000 shares authorized, 7,643 and 5,311 shares issued and outstanding in 2013 and 2012, respectively Common Stock, Value, Issued Construction in progress Development in Process Distributions payable Dividends Payable Due to sponsor Due to Related Parties Investments in unconsolidated affiliated entities Restricted escrows Escrow Deposit Furniture and fixtures Fixtures and Equipment, Gross Building and improvements Investment Building and Building Improvements Land and improvements Land and Land Improvements Liabilities Total liabilities Liabilities and Equity Total Liabilities and Stockholders' Equity Liabilities and Equity [Abstract] Liabilities and Stockholders' Equity Stockholders' Equity Attributable to Noncontrolling Interest Noncontrolling interests Notes Receivable, Related Parties Notes receivable from affiliate Other Loans Payable Margin loan Preferred Stock, Value, Issued Preferred shares, $0.01 par value, 10,000 shares authorized, none issued and outstanding Prepaid Expense and Other Assets Prepaid expenses and other assets Less accumulated depreciation Real Estate Investment Property, Accumulated Depreciation Gross investment property Real Estate Investment Property, at Cost Real Estate Investment Property, at Cost [Abstract] Investment property: Net investment property Real Estate Investment Property, Net Accumulated (deficit)/surplus Retained Earnings (Accumulated Deficit) Mortgages payable Secured Debt CONSOLIDATED BALANCE SHEETS [Abstract] Total Company stockholders' equity Stockholders' Equity Attributable to Parent Company's stockholders' equity: Stockholders' Equity Attributable to Parent [Abstract] Total Stockholders' Equity Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] Stockholders' Equity: Common Stock, Par or Stated Value Per Share Common stock, par value Common Stock, Shares Authorized Common stock, shares authorized Common Stock, Shares, Issued Common stock, shares issued Common stock, shares outstanding Common Stock, Shares, Outstanding Preferred Stock, Par or Stated Value Per Share Preferred shares, par value Preferred Stock, Shares Authorized Preferred stock, shares authorized Preferred Stock, Shares Issued Preferred stock, shares issued Preferred Stock, Shares Outstanding Preferred stock, shares outstanding Adjustments to reconcile net income to net cash provided by operating activities: Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Amortization Of Deferred Financing Costs Amortization of deferred financing costs Amortization of cash outflows paid to third parties in connection with debt origination, which will occur over the remaining maturity period of the associated long-term debt. Bargain purchase gain Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year Net change in cash and cash equivalents Cash and Cash Equivalents, Period Increase (Decrease) Depreciation and amortization Depreciation, Depletion and Amortization, Nonproduction Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal Gain on sale of investment in unconsolidated real estate entity Gain on disposition of investment in unconsolidated affiliated entity Gains (Losses) on Sales of Assets Income (Loss) from Equity Method Investments Loss/(income) from investments in unconsolidated affiliated entities Increase in accounts payable and other accrued expenses Increase (Decrease) in Accounts Payable and Accrued Liabilities Increase (Decrease) in Accounts Receivable Increase in tenant accounts receivable (Decrease)/increase in due to sponsor Increase (Decrease) in Due to Related Parties Changes in assets and liabilities: Increase (Decrease) in Operating Capital [Abstract] Increase (Decrease) in Prepaid Expense and Other Assets Decrease/(increase) in prepaid expenses and other assets Decrease in restricted escrows Increase (Decrease) in Restricted Cash for Operating Activities Net Cash Provided by (Used in) Financing Activities Net cash provided by financing activities Net Cash Provided by (Used in) Financing Activities [Abstract] CASH FLOWS FROM FINANCING ACTIVITIES: Net Cash Provided by (Used in) Investing Activities Net cash used in investing activities Net Cash Provided by (Used in) Investing Activities [Abstract] CASH FLOWS FORM INVESTING ACTIVITIES: Net Cash Provided by (Used in) Operating Activities Net cash provided by operating activities Net Cash Provided by (Used in) Operating Activities [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Other Operating Activities, Cash Flow Statement Other non-cash adjustments Payments for Mortgage Deposits Payments on mortgages payable Payments for (Proceeds from) Other Investing Activities Release/(funding) of restricted escrows Payments for (Proceeds from) Productive Assets Purchase of investment property, net Payments for Repurchase of Common Stock Redemption and cancellation of common stock Payments of Ordinary Dividends, Common Stock Distributions to common stockholders Payments of Financing Costs Payments of Loan Costs Payment of loan fees and expenses Payments to Acquire Available-for-sale Securities Purchase of marketable securities, net of margin loan Payments to Acquire Equity Method Investments Purchase of investments in unconsolidated affiliated entities Payments to Acquire Mortgage Notes Receivable Purchase of mortgage loan receivable Payments to Acquire Restricted Investments Purchase of restricted escrow Payments to Noncontrolling Interests Distributions to noncontrolling interests Proceeds from Collection of Loans Receivable Collections on mortgage loan receivable Proceeds from Collection of Long-term Loans to Related Parties Collections on note receivable from affiliate Proceeds from Divestiture of Interest in Subsidiaries and Affiliates Proceeds from sale of investment in unconsolidated real estate entity Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital Distributions from unconsolidated affiliated entities Proceeds from Issuance of Common Stock Proceeds from issuance of common stock Proceeds from Noncontrolling Interests Contribution of noncontrolling interests Proceeds from mortgage financings Proceeds from Related Party Debt Decrease in due from sponsor Proceeds from Sale and Collection of Notes Receivable Notes receivable from affiliates Proceeds from Sale of Available-for-sale Securities Proceeds from sale of marektable securities Proceeds from Sale of Productive Assets Proceeds from disposition of investment in unconsolidated affiliated entity Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Net income Payment on margin loans Repayments of Other Debt CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract] Payment of commissions and offering costs Total operating expenses Costs and Expenses Expenses: Costs and Expenses [Abstract] Property operating expenses Direct Costs of Leased and Rented Property or Equipment Gain on sale of unconsolidated real estate entity Net income/per Company's common share, basic and diluted Earnings Per Share, Basic and Diluted Gain on disposition of unconsolidated affiliated entity General and administrative costs General and Administrative Expense (Loss)/income from investments in unconsolidated affiliated entities CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] Interest expense Interest Expense Interest and dividend income Investment Income, Interest and Dividend Net Income (Loss) Attributable to Parent Net income applicable to Company's common shares Net Income (Loss) Attributable to Noncontrolling Interest Less: net income attributable to noncontrolling interests Operating Income (Loss) Operating income/(loss) Operating Leases, Income Statement, Lease Revenue Rental revenue Other Nonoperating Income (Expense) Other expense, net Net income Real estate taxes Real Estate Tax Expense Weighted average number of common shares outstanding, basic and diluted Weighted Average Number of Shares Outstanding, Basic and Diluted Distributions declared Accumulated Other Comprehensive Income/(Loss) [Member] Additional Paid-In Capital [Member] Other offering costs Adjustments to Additional Paid in Capital, Other Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs Selling commissions and dealer manager fees Common Shares [Member] Dividends, Cash Equity Component [Domain] Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders Noncontrolling Interest, Period Increase (Decrease) Units issued to noncontrolling interests in exchange for investment in unconsolidated affiliated real estate entity Noncontrolling Interest Increase From Contributions Amount of increase in noncontrolling interest from contributions by noncontrolling interests. Contributions from noncontrolling interests Total Noncontrolling Interests [Member] Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent Other comprehensive income/(loss) Notes receivable issued to noncontrolling interests Subscription Receivable [Member] Accumulated Surplus/(Deficit) [Member] BALANCE, shares BALANCE, shares Shares, Outstanding Equity Components [Axis] Statement [Line Items] CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY [Abstract] Statement [Table] BALANCE BALANCE Shares issued from distribution reinvestment program, shares Stock Issued During Period, Shares, Dividend Reinvestment Plan Proceeds from offering, shares Stock Issued During Period, Shares, New Issues Shares issued from distribution reinvestment program Stock Issued During Period, Value, Dividend Reinvestment Plan Proceeds from offering Stock Issued During Period, Value, New Issues Stock Repurchased and Retired During Period, Shares Redemption and cancellation of shares, shares Stock Repurchased and Retired During Period, Value Redemption and cancellation of shares Distributions paid Amendment Flag Current Fiscal Year End Date Document and Entity Information [Abstract] Document and Entity Information [Abstract] Document Fiscal Period Focus Document Fiscal Year Focus Document Period End Date Document Type Entity Central Index Key Entity Common Stock, Shares Outstanding Entity Current Reporting Status Entity Filer Category Entity Public Float Entity Registrant Name Entity Voluntary Filers Entity Well-known Seasoned Issuer Financial Instruments Financial Instruments Disclosure [Text Block] Financial Instruments [Abstract] Investments in Unconsolidated Affiliated Entities [Abstract] Investments in Unconsolidated Affiliated Entities Equity Method Investments and Joint Ventures Disclosure [Text Block] Acquisition Fees And Expenses Percentage Of Purchase Price Acquisition fees received by the advisor as percentage of acquisition price Acquisition Fees and Expenses Percentage of Purchase Price Acquisition Related Expenses Acquisition Fee for Advisor (amount) Acquisition Related Expenses Area of real estate property Area of Real Estate Property Effective date of joint venture Business Acquisition, Effective Date of Acquisition Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment Purchase Price of hotel Capital Contributions Capital contributions Capital Contributions Collateralized Mortgage Obligations [Member] Distribution to members Distributions Payable to Real Estate Partnerships Equity [Member] Equity Investment, Percentage Ownership Acquired Equity investment, percentage ownership purchased Equity Investment, Percentage Ownership Acquired Estimate of Fair Value, Fair Value Disclosure [Member] Fair Value by Asset Class [Domain] Asset Class [Axis] Fair Value, Hierarchy [Axis] Fair Value, Measurements, Fair Value Hierarchy [Domain] Gain on disposition of investment Gain (Loss) on Sale of Equity Investments Investment Type [Axis] Investment Type Categorization [Domain] Lightstone Reiti [Member] Lightstone REIT I [Member] Lightstone REIT I [Member] Lightstone Value Plus Real Estate Investment Trust Ii Inc [Member] Lightstone Value Plus Real Estate Investment Trust II, Inc [Member] Lightstone Value Plus Real Estate Investment Trust II, Inc [Member] Lvp Cp Boston Llc [Member] LVP CP Boston, LLC [Member] LVP CP Boston LLC [Member] Acquired Nonrecourse Second Mortgage note, net Mortgage Loans on Real Estate, Loan Type [Axis] Mortgage Loans on Real Estate, Loan Type [Domain] Mortgages [Member] Notes Receivable Interest Rate Interest of note Notes Receivable Interest Rate Number Of Apartment Units Number of apartment units Number of Apartment Units Number Of Rooms Number of rooms in hotel to be acquired Number of Rooms Other Significant Noncash Transaction, Value of Consideration Received Non cash consideration received Company's share of aggregate purchase price Percentage Of Equity Interest Held By Joint Ventures Partner Ownership interest by parent Percentage of Equity Interest Held by Joint Ventures Partner Percentage Of Equity Method Investment Ownership Sold Percentage of joint venture interest disposed Percentage Of Equity Method Investment Ownership Sold Percentage Of Ownership Interests Percentage of ownership Percentage O fOwnership Interests Proceeds from Collection of Advance to Affiliate Proceeds from principal paydown Collection of outstanding balance to Lightstone REIT I Proceeds from Distributions Received from Real Estate Partnerships Distribution Received from real estate partnership Proceeds from Sale of Equity Method Investments Cash consideration received Second Mortgage [Member] Subordinated General Partner Participation Units Subordinate profit interest units Subordinated General Partner Participation Units Subordinated General Partner Participation Units Cost Subordinated general partner participation, per unit cost Subordinated General Partner Participation Units Cost Subordinate Profit Interest Value Aggregate value of subordinate profits Subordinate Profit Interest Value Unsecured Notes [Member] Unsecured Notes [Member] Value Of Consideration Received Total consideration received Value of Consideration Received Brownmill Llc [Member] Brownmill, LLC [Member] Brownmill LLC [Member] Equity Method Investee, Name [Domain] Equity Method Investment Acquisition Date Date of Acquisition Equity Method Investment Acquisition Date Ownership interest Equity Method Investment, Ownership Percentage Lvp Rego Park Llc [Member] LVP Rego Park, LLC [Member] LVP Rego Park, LLC [Member] Equity Method Investee, Name [Axis] Schedule of Equity Method Investments [Line Items] Schedule of Equity Method Investments [Table] Date of Ownership Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal Equity Method Investments Summarized Balance Sheet Information [Table Text Block] Unaudited Condensed Income Statements of Affiliated Entities Tabular disclosure of the summarized balance sheet information for the unconsolidated affiliated entity. Equity Method Investments Summarized Income Statement Information [Table Text Block] Unaudited Condensed Balance Sheets of Affiliated Entities Summary of Investments in Unconsolidated Entities Schedule of Equity Method Investments [Table Text Block] Equity method investment, assets Balance Sheet Location [Axis] Balance Sheet Location [Domain] Equity Method Investment, Summarized Financial Information, Assets Member (deficit) capital Equity Method Investment, Summarized Financial Information, Equity or Capital Equity method investment, liabilities Equity Method Investment, Summarized Financial Information, Liabilities Total liabilities and members' capital Equity Method Investment, Summarized Financial Information, Liabilities and Equity Mortgage note receivable, net [Member] Mortgage Receivable [Member] Other Assets [Member] Other assets [Member] Other Liabilities [Member] Real estate, at cost (net) [Member] Investment property, at cost (net) [Member] Restricted Cash And Cash Equivalents Cash And Cash Equivalents 1 [Member] Cash and restricted cash [Member] Restricted Cash And Cash Equivalents Cash And Cash Equivalents [Member] Mortgage payable [Member] Other liabilities [Member] Net income/(loss) Additional depreciation and amortization expense Equity Method Investment Summarized Financial Information Additional Depreciation And Amortization Expense Equity Method Investment Summarized Financial Information Additional Depreciation and Amortization Expense Equity Method Investment Summarized Financial Information Depreciation And Amortization Depreciation and amortization Equity Method Investment Summarized Financial Information Depreciation And Amortization Equity Method Investment Summarized Financial Information Investment Income Interest Interest income Equity Method Investment Summarized Financial Information Investment Income Interest Equity Method Investment Summarized Financial Information Mortgage Loan Adjustment Basis adjustment on mortgage loan Equity Method Investment, Summarized Financial Information, Mortgage Loan Adjustment. Equity Method Investment, Summarized Financial Information, Net Income (Loss) Equity Method Investment Summarized Financial Information Nonoperating Income Expense Equity Method Investment, Summarized Financial Information, Nonoperating Income (Expense) Interest expense and other, net Equity Method Investment Summarized Financial Information Operating Expenses Operating expenses Equity Method Investment, Summarized Financial Information, Operating Expenses Equity Method Investment Summarized Financial Information Operating Income Loss Operating income/(loss) Equity Method Investment, Summarized Financial Information, Operating Income (Loss) Equity Method Investment Summarized Financial Information Other Expenses Franchise cancellation expense Equity Method Investment Summarized Financial Information Other Expenses Equity Method Investment Summarized Financial Information Property Operating Expenses Property operating expenses Equity Method Investment, Summarized Financial Information, Property Operating Expenses Revenue Equity Method Investment, Summarized Financial Information, Revenue Company's share of net income/(loss) Loss From Equity Method Investments Company's loss from investment This item represents the entity's proportionate share for the period of the undistributed net loss of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. Such amount typically reflects adjustments similar to those made in preparing consolidated statements, including adjustments to eliminate intercompany gains and losses, and to amortize, if appropriate, any difference between cost and underlying equity in net assets of the investee at the date of investment. Mortgages Payable [Abstract] Mortgage Notes Payable Disclosure [Text Block] Mortgages Payable Debt Instrument [Axis] Debt Instrument, Fee Amount Debt fees Interest rate Debt Instrument [Line Items] Debt Instrument, Name [Domain] Debt Instrument, Periodic Payment Monthly payments Schedule of Long-term Debt Instruments [Table] Debt Instrument, Term Debt instrument, borrowing period Demand Note [Member] Repayments of Debt Repayment of outstanding debt Replacement Reserve Escrow Escrow reserved for property improvements and repairs Secured Promissory Note [Member] Promissory Note, secured by four properties [Member] Secured Promissory Note [Member]. Towneplace Suites And Springhill Suites Mortgage [Member] TownePlace Suites and Springhill Suites Mortgage [Member] Towneplace Suites And Springhill Suites Mortgage [Member]. 2016 Long-term Debt of Registrant, Maturities, Repayments of Principal in Year Three Long-term Debt of Registrant, Maturities, Repayments of Principal after Year Five Thereafter Long-term Debt of Registrant, Maturities, Repayments of Principal in Year Five 2018 Long-term Debt of Registrant, Maturities, Repayments of Principal in Year Four 2017 2015 Long-term Debt of Registrant, Maturities, Repayments of Principal in Year Two 2014 Long-term Debt of Registrant, Maturities, Repayments of Principal in Next Twelve Months Total Balloon Payment Balloon Payment Amount due at maturity Weighted average interest rate Debt Instrument, Interest Rate During Period London Interbank Offered Rate Interest Rate Floor LIBOR, Interest Rate Floor Interest rate, floor Loan amount outstanding Towneplace Suites Mortgage [Member] TownePlace Suites Mortgage [Member] TownePlace Suites Mortgage [Member] Mortgage Debt Issuances And Repayments [Table Text Block] Schedule of Estimated Contractual Principal Maturities Tabular disclosure of the estimated contractual principal maturities for the specified mortgage payable. Schedule of Debt [Table Text Block] Schedule of Mortgages Payable Marketable Securities And Fair Value Measurements [Abstract] Marketable Securities and Fair Value Measurements [Abstract] Marketable Securities And Fair Value Measurements [Text Block] Marketable Securities and Fair Value Measurements Disclosure combining the disclosure of available-for-sale marketable securities and the fair value of financial instruments. Asset Impairment Charges Impairment charges Catagories Of Loan And Commitments [Axis] Information pertaining to differing loans and commitments. Catagories Of Loan And Commitments [Domain] Types of loans and commitments. Debt Instrument Interest Over London Interbank Offered Rate Rate Libor Debt Instrument Interest Over LIBOR Rate Debt instrument, interest rate terms Debt Instrument, Interest Rate Terms Interest expense Margin Loan [Member] Margin Loan [Member] Available-for-sale Equity Securities, Gross Unrealized Gain Gross Unrealized Gains Available-for-sale Equity Securities, Gross Unrealized Loss Gross Unrealized Losses Fair Value Available-for-sale Securities, Amortized Cost Basis Amortized Cost Equity Securities [Member] Equity Securities [Member] Major Types of Debt and Equity Securities [Axis] Major Types of Debt and Equity Securities [Domain] Schedule of Available-for-sale Securities [Line Items] Schedule of Available-for-sale Securities [Table] Assets, Fair Value Disclosure Total assets Cash and Cash Equivalents, Fair Value Disclosure Cash and restricted cash Equity And Liabilities Fair Value Disclosure This element represents the aggregate of the liabilities and equity reported on the balance sheet at period end measured at fair value by the entity. This element is intended to be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. Total liabilities and members' capital Members' capital Equity, Fair Value Disclosure Notes Receivable, Fair Value Disclosure Mortgage note receivable, net Other Assets, Fair Value Disclosure Other assets Summary of Available for Sale Securities Schedule of Available-for-sale Securities Reconciliation [Table Text Block] Noncontrolling Interest Disclosure [Text Block] Noncontrolling Interests [Abstract] Noncontrolling Interests Lightstone Slp Ii Llc [Member] Lightstone SLP II, LLC [Member] Lightstone SLP II, LLC [Member] Limited Partners' Capital Account, Units Issued Noncontrolling Interest [Line Items] Noncontrolling Interest [Table] Payments of Ordinary Dividends, Noncontrolling Interest Cumulative distribution paid Subordinated Profits Interests Units Subordinated profits interests units Represents the number of subordinated profits units held by the entity. Limited partner units issued Organization [Abstract] Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Organization Selling commissions and dealer manager fees Award Type [Axis] Shares reserved for issuance Common Stock, Capital Shares Reserved for Future Issuance Common Stock Issuable Price Per Share Common stock, price per share Common Stock Issuable, Price Per Share Subscription receivable Contributions From Advisor Advisor's contribution to operating partnership Contributions From Advisor Distribution Reinvestment Plan [Member] Entity Incorporation, Date of Incorporation Date of incorporation Gross Proceeds From Equity Issuance Gross proceeds from issuance of equity The proceeds from an issuance of equity during the period before accounting for costs and expenses associated with the offering. Initial Public Offering Completion Time Initial public offer expiration date Initial Public Offering, Completion Time Initial Public Offering Starting Date Initial public offering Starting Date Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest General partner ownership interest Limited Liability Company or Limited Partnership, Business, Formation Date Lightstone REIT, partnership formation date Maximum [Member] Number Of Units Partnership unit issued Number of Units Operations Commenced Date Commencement of operating partnership Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Organization Consolidation And Presentation Of Financial Statements Disclosure [Table] Schedule reflecting the disclosure of organization and presentation of financial statements. Payment for organization and other offering expenses Percentage Of Required Stock Issuance Proceeds Percentage of subscriptions Percentage of Required Stock Issuance Proceeds Proceeds from Issuance Initial Public Offering Net proceeds from issuance initial public offering Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Excluding Stock Options Proceeds form issuance of equity, share-based compensation plan Public Offering [Member] Public Offering [Member] Distribution Reinvestment Plan [Member] Restricted Share Award [Member] Restricted Share Award [Member] Sale of Stock, Name of Transaction [Domain] Scenario One [Member] for each $1.0 million in subscriptions up to ten percent of its primary offering proceeds on a semi-annual basis [Member] Scenario One [Member] Scenario, Unspecified [Domain] Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized Common stock authorized and reserved for issuance under plan Award Type [Domain] Sponsorship Sponsor's cash contribution Sponsorship Scenario [Axis] Stock issued during period for services, shares Stock Issued During Period, Shares, Issued for Services Stock issued during period for services, value Stock Issued During Period, Value, Issued for Services Stock Issued During Period Value Per Share New Issues Stock issued during period, per share Stock Issued During Period Value Per Share New Issues Subordinate General Partner Unit Value Subordinate General Partner Unit Value Subsidiary, Sale of Stock [Axis] Quarterly Financial Data [Abstract] Quarterly Financial Information [Text Block] Quarterly Financial Data Net income/(loss) per common share, basic and diluted Net income/(loss) applicable to Company's common shares Less (income)/loss attributable to noncontrolling interest Operating (loss)/income Total revenue Quarterly Financial Information [Line Items] Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Quarterly Financial Information [Table] Information pertaining to quarterly financial data. Schedule of Quarterly Financial Information [Table Text Block] Schedule of Quarterly Financial Data Related Party Transactions [Abstract] Related Party Transactions Related Party Transactions Disclosure [Text Block] Acquisition Fees And Expenses, Percentage Of Purchase Price, Maximum Maximum percentage of gross contract purchase price allocated to acquisition fees and expenses Represents the maximum percentage of gross contract purchase price in an acquisition that will be allocated to acquisition fees and expenses. Anticipated Acquisition Expenses, Percentage Of Purchase Price Anticipated acquisition expenses, as a percentage of the property's purchase price Represents the estimated acquisition expenses as a percentage of the acquiree's purchase price. Asset Management Fees Payout Terms Asset management fees, payout terms Describes the payout terms for asset management fees. Asset Management Fees, Percentage Of Average Invested Assets Percentage of average invested assets allocated to asset management fees Represents the percentage of average invested assets allocated to asset management fees. Contingent Acquisition Fee And Expenses Reimbursement Contingent acquisition fee and expense reimbursement Represents an aggregate contingent acquisition fee and expense reimbursement associated with an equity offering. Contingent Payment, Number Of Shares Sold Requirement Contingent payment, number of shares sold requirement Represents the number of shares sold inthe equity offering required to trigger the contingent payment. Contingent Payment, Permanent Leverage Ratio Requirement Contingent payment, permanent long-term leverage ratio requirement Represents the required long-term permanent leverage ratio to trigger the contingent payment. Dealer Management Fee [Member] Dealer Management Fee [Member] Dealer Management Fee [Member] Expense Reimbursement, Maximum Percentage, Gross Contract Price Maximum percentage of gross contract price allocated to expense reimbursement. Represents the maximum percent of gross contract price of the property allocated to expense reimbursement. Income Statement Location [Axis] Income Statement Location [Domain] Maximum Percentage Gross Offering Proceeds, Paid To Dealer Manager Maximum percentage of gross offering proceeds paid to the dealer manager. Represents the maximum percentage of gross offering proceeds to be paid to the dealer manager. Minimum Percentage Of Net Income For Reimbursement Minimum percentage of net income required to be reimbursed Represents the minimum percentage of net income for the fiscal year that must be reimbursed by the advisor. Minimum Percentage Of Other Operating Expenses For Reimbursement Minimum percentage of other operating expenses required to be reimbursed Represents the minimum percentage of other operating expenses that must be reimbursed by the advisor. Noninterest Expense Commission Expense Fees and commissions Property Management Fees, Office Industrial Properties, Maximum Percentage Gross Revenues Maximum percentage of gross revenues allocated to management fees for office and industrial properties Represents the maximum percentage of gross revenues allocated to management fees for office and industrial properties. Property Management Fees, Residential Hospitality Retail Properties, Maximum Percentage Gross Revenues Maximum percentage of gross revenues allocated to management fees for residential, hospitality and retail properties Represents the maximum percentage of gross revenues allocated to management fees for residential, hospitality and retail properties. Related Party Transaction [Line Items] Scenario, Forecast [Member] Schedule of Related Party Transactions, by Related Party [Table] Selling Commissions [Member] Selling Commission [Member] Selling Commissions [Member] Asset management fees Asset Management Costs Acquisition fees Construction and Development Costs Development fees Related Party [Member] Related Party Transaction, Expenses from Transactions with Related Party Total Related Party [Member] Additional Distributions, Percent Payable To Related Party Percent of additional distributions payable to related party Represents the percent of additional distributions payable to related party. Distribution Due, Cumulative Rate Of Return Distribution due, cumulative rate of return Represents the rate of return that must be achieved through distributions due to the entity or stockholder. Dividends [Axis] Dividends [Domain] Investor [Member] Stockholder [Member] Lightstone Slp Llc [Member] Lightstone SLP II, LLC [Member] Lightstone SLP II, LLC [Member] Liquidating Stage Distribution One [Member] Liquidating Stage Distribution, 7% Stockholder Return Threshold [Member] Represents liquidating stage distributions upon returns on investment of 7%. Liquidating Stage Distribution Three [Member] Liquidating Stage Distribution, In Excess of 12% Stockholder Returns Threshold [Member] Represents liquidating stage distributions upon returns in excess of 12%. Liquidating Stage Distribution Two [Member] Liquidating Stage Distribution, 12% Stockholder Return Threshold [Member] Represents liquidating stage distributions upon returns on investment of 12%. Operating Stage Distribution One [Member] Operating Stage Distribution, 7% Stockholder Return Threshold [Member] Represents operating stage distributions upon returns on investment of 7%. Operating Stage Distribution Three [Member] Operating Stage Distribution, In Excess of 12% Stockholder Returns Threshold [Member] Represents operating stage distributions upon returns in excess of 12%. Operating Stage Distribution Two [Member] Operating Stage Distribution, 12% Stockholder Return Threshold [Member] Share Price Share price Stockholder Return Threshold, Percent Stockholders' return threshold, percent The threshold percentage of stockholders' return on investment required before the SLP is eligible to receive available distributions from the Operating Partnership. Represents operating stage distributions upon returns on investment of 12%. Asset Management Fees Waived During Period Asset management fees waived The amount of fees waived related to asset management during the reporting period. Distributions, Annualized Rate Of Retun Distributions, annualized rate of return Represents the annualized rate of return on distributions from the partnership. Ownership interest Payments for Fees Payments for agency fees Related Party Transactions [Axis] Related Party Transactions By Type [Domain] Slp Units [Member] Related Party Transactions [Axis] Related Party Transactions By Type [Domain] SLP Units [Member] SLP Units [Member] Noncontrolling Interests Schedule of Fees to Related Parties Schedule of Related Party Transactions [Table Text Block] Selling Commission Dealer Manager Fees And Other Offering Costs [Abstract] SellingCommissionDealerManagerFeesAndOtherOfferingCostsAbstract Selling Commissions, Dealer Manager Fees And Other Offering Costs [Text Block] Selling Commission, Dealer Manager Fees and Other Offering Costs The entire disclosure discussing the commissions, fees and costs associated with the Initial Public Offering. Other offering costs Fees Paid In Connections With Initial Public Offering [Table Text Block] Summary of Selling Commissions, Dealer Manager Fees and Other Offering Costs Tabular disclosure of the commissions, fees and costs associated with the initial public offering. Subsequent Events [Abstract] Subsequent Events Subsequent Events [Text Block] Stockholder's Equity [Abstract] Stockholders' Equity Note Disclosure [Text Block] Stockholder's Equity Distribution payment, price per share Common Stock, Dividends, Per Share, Declared Common Stock Dividends, Shares Distribution payment, in form of shares Dividend Declared [Member] Dividend Paid [Member] Dividends Payable, Date to be Paid Distribution payment date Dividends Declared Amount Per Share Face value of share Dividends Declared Amount Per Share Distribution declared Dividends Payable, Date Declared Dividends Payable, Date of Record Record date Group One [Member] Distribution paid from offering proceeds [Member] Distribution paid from offering proceeds [Member] Group Three [Member] Distribution paid from the issuance of common stock through REIT II's Distribution Reinvestment Program [Member] Distribution paid from the issuance of common stock through REIT II's Distribution Reinvestment Program [Member] Group Two [Member] Distribution paid from cash flows provided from operations [Member] Distribution paid from cash flows provided from operations Holiday Inn Opelika [Member] Holiday Inn Opelika [Member]. Payments of Dividends Distribution payment, in cash Percentage Of Total Cash Dividend Percentage of distribution payment, in form of cash Percentage Of Total Cash Dividend Subsequent Event [Line Items] Subsequent Event [Table] Annualized Distribution Rate Annualized rate of dividend Annualized Distribution Rate Contingent Distribution Minimum Shares Issued In Offering Minimum number of shares issued in offering required to trigger distribution payments Represents the minimum number of shares issued in the equity offering required to trigger the contingent distribution payments. Distribution Rate Per Day Distribution on per day basis Distribution Rate per Day Distributions declared Number Of Days Used To Calculate Dividend Per Day Number of days used to calculate daily amount of distribution Number of Days Used to Calculate Dividends Per Day Real Estate Investment Trust, Mandated Annual Distributions, Percentage Taxable Income REIT annual distribution, percent of taxable income Represents the mandated percent of taxible income that must be distributed to shareholders in order to maintaing REIT status. Stockholders Equity Note [Line Items] Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Stockholders Equity Note [Table] Information contained within the stockholders' equity note disclosure. Subsequent Event [Member] Subsequent Event Type [Axis] Subsequent Event Type [Domain] Schedule III Real Estate and Accumulated Depreciation [Abstract] Real Estate and Accumulated Depreciation Disclosure [Text Block] Schedule III Real Estate and Accumulated Depreciation Real Estate Accumulated Depreciation Balance at beginning of year Balance at end of year SEC Schedule III, Real Estate Accumulated Depreciation, Depreciation Expense Depreciation expense Acquisitions, bargain purchase gain Real Estate, Gross Balance at beginning of year Balance at end of year Real Estate, Improvements Improvements Real Estate, Other Acquisitions Acquisitions, at cost Building and Building Improvements [Member] Buildings and improvements [Member] Property, Plant and Equipment, Type [Axis] Property, Plant and Equipment [Line Items] Property, Plant and Equipment, Type [Domain] Property, Plant and Equipment, Useful Life Estimated useful lives Real Estate and Accumulated Depreciation, by Property [Table] Tenant Improvements And Equipment [Member] Tenant improvements and equipment [Member] Tenant improvements and equipment [Member] Accumulated Depreciation Real Estate and Accumulated Depreciation, Amount of Encumbrances Encumbrance Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements Buildings and Improvements Real Estate and Accumulated Depreciation, Carrying Amount of Land Land and Improvements Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] Gross amount at which carried at end of period Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs Net Costs Capitalized & Impairments Subsequent to Acquisition Real Estate and Accumulated Depreciation, Date Acquired Date Acquired Name of Property [Axis] Real Estate and Accumulated Depreciation, Initial Cost [Abstract] Initial Cost Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements Buildings and Improvements Real Estate and Accumulated Depreciation, Initial Cost of Land Land Real Estate and Accumulated Depreciation, Life Used for Depreciation Depreciable Life Real Estate and Accumulated Depreciation [Line Items] Name of Property [Domain] Real Estate Five [Member] TownePlace Suites Hotel Little Rock, AR [Member] Real Estate Five [Member]. Real Estate Four [Member] TownePlace Suites Hotel Johnson, AR [Member] Real Estate Four [Member]. Total Real Estate One [Member] TownePlace Suites Hotel Harahan, LA [Member] TownePlace Suites Hotel Harahan, LA [Member Real Estate Three [Member] Fairfield Inn East Rutherford, NJ [Member] Fairfield Inn East Rutherford, NJ [Member] Real Estate Two [Member] SpringHill Suites Hotel Peabody, MA [Member] SpringHill Suites Hotel Peabody, MA [Member] Summary of Significant Accounting Policies [Abstract] Summary of Significant Accounting Policies Significant Accounting Policies [Text Block] Adjustments To Additional Paid In Capital, Aggregate Offering Costs Aggregate offering costs Represents the aggregate costs incurred pertaining to the offering. Debt Instrument, Fair Value Disclosure Operating Loss Carryforwards Net operating loss carry forwards Mortgages payable-Carrying Amount Percentage general partnership interest in common units operating partnership Mortgages payable-Estimated Fair Value Basis of Accounting, Policy [Policy Text Block] Basis of Presentation Cash and Cash Equivalents, Policy [Policy Text Block] Cash and Cash Equivalents Concentration Risk, Credit Risk, Policy [Policy Text Block] Concentration of Risk Deferred Charges, Policy [Policy Text Block] Deferred Costs Depreciation and Amortization Depreciation, Depletion, and Amortization [Policy Text Block] Accounting for Derivative Financial Investments and Hedging Activities. Derivatives, Policy [Policy Text Block] Basic and Diluted Net Earnings per Common Share Earnings Per Share, Policy [Policy Text Block] Investments in Unconsolidated Affiliated Entities Equity Method Investments, Policy [Policy Text Block] Fair Value of Financial Instruments, Policy [Policy Text Block] Fair Value of Financial Instruments Income Taxes Income Tax, Policy [Policy Text Block] Investment in Real Estate Investment, Policy [Policy Text Block] Marketable Securities, Policy [Policy Text Block] Marketable Securities New Accounting Pronouncements, Policy [Policy Text Block] New Accounting Pronouncements Reclassification, Policy [Policy Text Block] Reclassifications Revenue Recognition, Policy [Policy Text Block] Revenue Recognition Selling Commission Dealer Manager Fees And Organization And Other Offering Costs Policy Text Block Selling Commission, Dealer Manager Fees and Organization and Other Offering Costs Policy. Selling Commission, Dealer Manager Fees and Organization and Other Offering Costs Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] Stock-Based Compensation Trade and Other Accounts Receivable, Policy [Policy Text Block] Accounts Receivable Available For Sale Securities Purchased With Margin Loan Marketable securities purchased with margin loan, net Available for sale securities that were purchased in non-cash or part non-cash transaction. Common Operating Partnership Units Exchanged Value Issuance of units in exchange for investment in unconsolidated affiliated entities Common Operating Partnership Units, Exchanged Value. Dividends And Distributions, Declared But Not Paid Distributions declared Dividends and distributions declared, but not paid Escrow Deposit Reladed To Property Loan Restriced escrow deposits and related liability initially established acquisition of mortgage loan receivable Escrow deposits related to property loans in noncash investing and financing activities. Cash paid for interest Interest Paid Noncash or Part Noncash Acquisition, Investments Acquired Non cash purchase of investment property Notes Issued Issuance of note payable in exchange for remaining interest in CP Boston Joint Venture Notes Receivable From Noncontrolling Interest Holder Note receivable received in connection with disposition of investment in unconsolidated affiliated entity Notes Receivable From Noncontrolling Interest Holder. Notes Reduction Satisfaction of promissory note Value of shares issued from distribution reinvestment program Stock Issued Supplemental Noncash Transactions Subscription receivable Other non-cash transactions for the period not otherwise defined shall be provided in supplemental disclosures to the statement of cash flow. Supplemental Offering And Stock Issuance Costs Noncash commissions and other offering costs in accounts payable and other accrued expenses Supplemental offering and stock issuance costs Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] Summary of Estimated Fair Value of Debt Schedule of Long-term Debt Instruments [Table Text Block] Summary of Supplemental Cash Flow Information Stockholders Equity Note Subscriptions Receivable Disclosure [Text Block] Stockholders' Equity Note Subscriptions Receivable Disclosure [Text Block] Subscription Receivable Subscription Receivable [Abstract] Comprehensive income/(loss) Comprehensive Income (Loss), Net of Tax, Attributable to Parent Less: Comprehensive income attributable to non-controlling interests Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest Comprehensive income/(loss) attributable to the Company's common shares Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest Other Comprehensive Income (Loss), Net of Tax Other comprehensive income/(loss) Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] Other comprehensive income/(loss): Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax Reclassification adjustment for gains included in net income Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax Unrealized gain/(loss) on available for sale securities Net income /(loss) CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) [Abstract] EX-101.PRE 12 cik1436975-20121231_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 13 R39.htm IDEA: XBRL DOCUMENT v2.4.0.8
Investments in Unconsolidated Affiliated Entities (Company's Investments in Unconsolidated Affiliated Entities) (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Apr. 12, 2011
Schedule of Equity Method Investments [Line Items]      
Investments in unconsolidated affiliated entities $ 3,834 $ 5,950  
Brownmill, LLC [Member]
      
Schedule of Equity Method Investments [Line Items]      
Date of Acquisition Various    
Ownership interest 48.60%    
Investments in unconsolidated affiliated entities 3,834 4,076  
LVP Rego Park, LLC [Member]
      
Schedule of Equity Method Investments [Line Items]      
Date of Ownership Apr. 12, 2011    
Ownership interest 10.00%   10.00%
Investments in unconsolidated affiliated entities    $ 1,874  
XML 14 R54.htm IDEA: XBRL DOCUMENT v2.4.0.8
Related Party Transactions (Amount Recorded in Pursuant to Related Party Arrangment) (Details) (Related Party [Member], USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Related Party [Member]
      
Related Party Transaction [Line Items]      
Acquisition fees $ 102 $ 85 $ 141
Asset management fees 114 346 268
Development fees 78      
Total $ 294 $ 431 $ 409
XML 15 R48.htm IDEA: XBRL DOCUMENT v2.4.0.8
Selling Commission, Dealer Manager Fees and Other Offering Costs (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended 57 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2013
Selling Commission Dealer Manager Fees And Other Offering Costs [Abstract]        
Selling commissions and dealer manager fees $ 2,023 $ 715 $ 943 $ 7,300
Other offering costs $ 1,937 $ 1,495 $ 1,611 $ 7,900
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Quarterly Financial Data (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 12 Months Ended
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Quarterly Financial Information [Line Items]                      
Total revenue $ 3,335 $ 4,092 $ 3,308 $ 2,323 $ 1,917 $ 2,116 $ 952 $ 957 $ 13,058 $ 5,942 $ 2,978
Operating (loss)/income 26 490 314 (289) (308) 216 (96) 74 541 (114) (569)
Net income /(loss) (238) 202 1,535 (129) 4,627 3,828 248 1,061 1,370 [1] 9,764 [2] 430
Less (income)/loss attributable to noncontrolling interest 16 (1) (66) 11 (512) (13) (13) (17) (40) (555) (28)
Net income/(loss) applicable to Company's common shares (222) 201 1,469 (118) 4,115 3,815 235 1,044 1,330 9,209 402
Net income/(loss) per common share, basic and diluted $ (0.03) $ 0.03 $ 0.25 $ (0.02) $ 0.78 $ 0.74 $ 0.05 $ 0.22 $ 0.21 $ 1.84 $ 0.10
Bargain purchase gain                 1,263 7,857   
FFI Hotel [Member]
                      
Quarterly Financial Information [Line Items]                      
Bargain purchase gain         4,300            
TownePlace Suites Hotel [Member]
                      
Quarterly Financial Information [Line Items]                      
Bargain purchase gain           3,500          
Arkansas Hotel Portfolio [Member]
                      
Quarterly Financial Information [Line Items]                      
Bargain purchase gain     $ 1,200                
[1] Net income for the year ended December 31, 2013 includes a bargain purchase gain of $1.2 million in the 2nd quarter of 2013 in connection with the purchase of the Arkansas Hotel Portfolio. (See Note 3)
[2] Net income for the year ended December 31, 2012 includes a bargain purchase gain of $7.8 million which includes a bargain purchase gain recorded in the 4th quarter of 2012 of $4.3 million in connection with the purchase of the Fairfield Inn - East Rutherford and a bargain purchase gain recorded in the 3rd quarter of 2012 of $3.5 million in connection with the purchase of the SpringHill Suites - Peabody. (See Note 3)

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Mortgages Payable (Narrative) (Details) (USD $)
In Thousands, unless otherwise specified
 1 Months Ended 12 Months Ended 1 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Jul. 29, 2013
Promissory Note, secured by four properties [Member]
Dec. 31, 2013
Promissory Note, secured by four properties [Member]
Jul. 29, 2013
TownePlace Suites and Springhill Suites Mortgage [Member]
Jul. 29, 2013
Demand Note [Member]
Debt Instrument [Line Items]            
Debt instrument, face amount     $ 24,400      
Debt instrument, borrowing period     5 years      
Maturity date     Aug. 06, 2018 Aug. 06, 2018    
Interest rate     4.94% 4.94%    
Monthly payments     142      
Repayment of outstanding debt         11,100 4,000
Escrow reserved for property improvements and repairs     1,000      
Debt fees     400      
Restricted escrows $ 2,294 $ 2,799   $ 1,300    
XML 19 R33.htm IDEA: XBRL DOCUMENT v2.4.0.8
Organization (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
 1 Months Ended 12 Months Ended 51 Months Ended 57 Months Ended 12 Months Ended 36 Months Ended 67 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 16 Months Ended 40 Months Ended 1 Months Ended 40 Months Ended
May 20, 2008
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2013
Dec. 31, 2013
Mar. 30, 2012
Sep. 30, 2009
Apr. 24, 2009
Dec. 31, 2012
Brownmill, LLC [Member]
Dec. 31, 2011
Brownmill, LLC [Member]
Dec. 31, 2010
Brownmill, LLC [Member]
Dec. 31, 2012
Brownmill, LLC [Member]
Dec. 31, 2013
Brownmill, LLC [Member]
Dec. 31, 2012
for each $1.0 million in subscriptions up to ten percent of its primary offering proceeds on a semi-annual basis [Member]
May 20, 2008
Advisory Services [Member]
Sep. 27, 2012
Public Offering [Member]
Apr. 24, 2009
Public Offering [Member]
Dec. 31, 2013
Public Offering [Member]
Dec. 31, 2013
Public Offering [Member]
Aug. 15, 2012
Public Offering [Member]
Apr. 24, 2009
Public Offering [Member]
Maximum [Member]
Sep. 27, 2012
Distribution Reinvestment Plan [Member]
Aug. 15, 2012
Distribution Reinvestment Plan [Member]
Apr. 24, 2009
Distribution Reinvestment Plan [Member]
Sep. 27, 2012
Restricted Share Award [Member]
Apr. 24, 2009
Restricted Share Award [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]                                                      
Date of incorporation   Apr. 28, 2008                                                  
Lightstone REIT, partnership formation date   Apr. 30, 2008                                                  
Common stock, shares authorized   100,000,000 100,000,000   100,000,000 100,000,000                                          
Common stock, price per share                                 $ 10.00 $ 10.00         $ 9.50        
Shares reserved for issuance                                 30,000,000         51,000,000 2,500,000   6,500,000    
Common stock authorized and reserved for issuance under plan             75,000   75,000                                 255,000 255,000
Initial Public Offering Starting Date                                     Apr. 24, 2009                
Initial public offer expiration date                                     Aug. 15, 2012                
Stock issued during period, per share                               $ 10.00                      
Stock issued during period for services, shares                               20,000                      
Stock issued during period for services, value                               $ 200                      
Proceeds from offering, shares                                       2,300,000 5,000,000     300,000      
Proceeds from offering   21,966 7,152 9,833                               22,800              
Subscription receivable   25      25 25   6,500                                      
Gross proceeds from issuance of equity         72,600                               49,800            
Selling commissions and dealer manager fees   2,023 715 943   7,300                             5,200            
Payment for organization and other offering expenses                                         4,500            
Net proceeds from issuance initial public offering                                         40,100            
Proceeds form issuance of equity, share-based compensation plan                                               2,900      
General partner ownership interest   99.90%     99.90%                                            
Advisor's contribution to operating partnership 2                                                    
Partnership unit issued 200                                                    
Subordinate General Partner Unit Value                             100,000                        
Subordinated general partner participation, per unit cost                         $ 100   $ 1,000                        
Percentage of subscriptions                             10.00%                        
Sponsor's cash contribution                           1,600                          
Ownership interest                           48.60%                          
Subordinate profit interest units                   9 6 33 48 64                          
Aggregate value of subordinate profits                   $ 900 $ 600 $ 3,300 $ 4,800 $ 6,400                          
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Schedule III Real Estate and Accumulated Depreciation (Schedule of Real Estate and Accumulated Depreciatoin) (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2013
TownePlace Suites Hotel Harahan, LA [Member]
Dec. 31, 2013
SpringHill Suites Hotel Peabody, MA [Member]
Dec. 31, 2013
Fairfield Inn East Rutherford, NJ [Member]
Dec. 31, 2013
TownePlace Suites Hotel Johnson, AR [Member]
Dec. 31, 2013
TownePlace Suites Hotel Little Rock, AR [Member]
Initial Cost                  
Encumbrance $ 24,260       $ 9,438 $ 8,097    $ 2,980 $ 3,745
Land 8,898       1,800 2,126 2,945 990 1,037
Buildings and Improvements 39,781       10,484 10,624 8,743 4,710 5,220
Net Costs Capitalized & Impairments Subsequent to Acquisition 8,078       1,860 2,473 3,710    35
Gross amount at which carried at end of period                  
Land and Improvements 8,942       1,800 2,160 2,945 990 1,047
Buildings and Improvements 47,815       12,344 13,063 12,453 4,710 5,245
Total 56,757 37,336 12,514    14,144 15,223 15,398 5,700 6,292
Accumulated Depreciation $ (2,670) $ (850) $ (293)    $ (1,063) $ (994) $ (356) $ (126) $ (131)
Date Acquired         Jan. 19, 2011 Jul. 13, 2012 Dec. 31, 2012 Jun. 18, 2013 Jun. 18, 2013
XML 22 R25.htm IDEA: XBRL DOCUMENT v2.4.0.8
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2013
Summary of Significant Accounting Policies [Abstract]  
Summary of Supplemental Cash Flow Information
Supplemental disclosure of cash flow information:   Year Ended December 31,  
    2013     2012     2011  
                   
Cash paid for interest   $ 939     $ 413     $ -  
Distributions declared   $ 4,050     $ 3,268     $ 2,587  
Marketable securities purchased with margin loan, net   $ -     $ -     $ 3,340  
Noncash commissions and other offering costs in accounts payable and other accrued expenses   $ 193     $ 254     $ 286  
Subscription receivable   $ 25     $ (104 )   $ (262 )
Value of shares issued from distribution reinvestment program   $ 1,791     $ 1,458     $ 1,182  
Issuance of units in exchange for investment in unconsolidated affiliated entities   $ -     $ 911     $ 548  
Restricted escrow deposits and related liability initially established related to acquisition of mortgage loan receivable   $ -     $ -     $ 205  
Note receivable received in connection with disposition of investment in unconsolidated affiliated entity   $ -     $ 2,400     $ -  
Satisfaction of promissory note   $ -     $ 7,029     $ -  

 
Summary of Estimated Fair Value of Debt

The estimated fair value of our mortgages payable is as follows:

 

    As of December 31, 2013     As of December 31, 2012  
(Dollars in thousands)   Carrying Amount     Estimated Fair
Value		     Carrying Amount     Estimated Fair
Value		  
Mortgages payable   $ 24,260     $ 23,898     $ 11,157     $ 11,157  

 
XML 23 R50.htm IDEA: XBRL DOCUMENT v2.4.0.8
Noncontrolling Interests (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Noncontrolling Interest [Line Items]      
Limited partner units issued 2,000 2,000  
LVP Metairie JV, LLC [Member]
      
Noncontrolling Interest [Line Items]      
Cumulative distribution paid $ 175 $ 306 $ 39
Lightstone SLP II, LLC [Member]
      
Noncontrolling Interest [Line Items]      
Subordinated profits interests units 64 50  
XML 24 R42.htm IDEA: XBRL DOCUMENT v2.4.0.8
Investments in Unconsolidated Affiliated Entities (Unaudited Condensed Balance Sheet) (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Brownmill, LLC [Member]
    
Equity method investment, assets $ 18,932 $ 19,309
Member (deficit) capital (2,356) (2,390)
Total liabilities and members' capital 18,932 19,309
Brownmill, LLC [Member] | Real estate, at cost (net) [Member]
    
Equity method investment, assets 16,039 16,760
Brownmill, LLC [Member] | Cash and restricted cash [Member]
    
Equity method investment, assets 1,530 947
Brownmill, LLC [Member] | Other assets [Member]
    
Equity method investment, assets 1,363 1,602
Brownmill, LLC [Member] | Mortgage payable [Member]
    
Equity method investment, liabilities 20,700 21,159
Brownmill, LLC [Member] | Other liabilities [Member]
    
Equity method investment, liabilities 588 540
LVP Rego Park, LLC [Member]
    
Equity method investment, assets   18,579
Member (deficit) capital   18,579
Total liabilities and members' capital   18,579
LVP Rego Park, LLC [Member] | Cash and restricted cash [Member]
    
Equity method investment, assets   91
LVP Rego Park, LLC [Member] | Mortgage note receivable, net [Member]
    
Equity method investment, assets   18,443
LVP Rego Park, LLC [Member] | Other assets [Member]
    
Equity method investment, assets   $ 45
XML 25 R37.htm IDEA: XBRL DOCUMENT v2.4.0.8
Acquisitions (Amounts of Revenue and Net Income Included in Consolidated Statements of Operations) (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Business Acquisition [Line Items]      
Rental revenue $ 13,058 $ 5,942 $ 2,978
Net income $ 1,084 [1],[2] $ 8,005 [1],[2] $ 536 [1],[2]
[1] Includes the $7.9 million bargain purchase gain recorded in the year ended December 31, 2012 in connection with the acquisitions of the SpringHill Suites - Peabody and the Fairfield Inn - East Rutherford.
[2] Includes the approximately $1.3 million bargain purchase gain recorded in the year ended December 31, 2013 in connection with the acquisition of the Arkansas Hotel Portfolio.
XML 26 R52.htm IDEA: XBRL DOCUMENT v2.4.0.8
Related Party Transactions (Narrative) (Details) (USD $)
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Related Party Transaction [Line Items]      
Percentage of average invested assets allocated to asset management fees 0.95%    
Asset management fees waived $ 400,000    
Payments for agency fees $ 106,000 $ 32,000 $ 0
Brownmill, LLC [Member]
      
Related Party Transaction [Line Items]      
Ownership interest 48.60%    
Lightstone SLP II, LLC [Member]
      
Related Party Transaction [Line Items]      
Distributions, annualized rate of return 7.00%    
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Mortgages Payable (Contractual Principal Maturities) (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Mortgages Payable [Abstract]    
2014 $ 499  
2015 524  
2016 548  
2017 580  
2018 22,109  
Thereafter     
Total $ 24,260 $ 11,157

XML 29 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2013
Summary of Significant Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

 

Basis of Presentation

 

The consolidated financial statements include the accounts of Lightstone REIT II and the Operating Partnership and its subsidiaries (over which Lightstone REIT exercises financial and operating control). As of December 31, 2013, the Company had a 99.9% general partnership interest in the Operating Partnership. All inter-company balances and transactions have been eliminated in consolidation.

 

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate and investments in other real estate entities, depreciable lives of long-lived assets and revenue recognition. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates.

 

Investments in other real estate entities where the Company has the ability to exercise significant influence, but does not exercise financial and operating control, and is not considered to be the primary beneficiary will be accounted for using the equity method. Investments in other real estate entities where the Company has virtually no influence will be accounted for using the cost method.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. All cash equivalents are held in commercial paper and money market funds.

 

Supplemental disclosure of cash flow information:   Year Ended December 31,  
    2013     2012     2011  
                   
Cash paid for interest   $ 939     $ 413     $ -  
Distributions declared   $ 4,050     $ 3,268     $ 2,587  
Marketable securities purchased with margin loan, net   $ -     $ -     $ 3,340  
Noncash commissions and other offering costs in accounts payable and other accrued expenses   $ 193     $ 254     $ 286  
Subscription receivable   $ 25     $ (104 )   $ (262 )
Value of shares issued from distribution reinvestment program   $ 1,791     $ 1,458     $ 1,182  
Issuance of units in exchange for investment in unconsolidated affiliated entities   $ -     $ 911     $ 548  
Restricted escrow deposits and related liability initially established related to acquisition of mortgage loan receivable   $ -     $ -     $ 205  
Note receivable received in connection with disposition of investment in unconsolidated affiliated entity   $ -     $ 2,400     $ -  
Satisfaction of promissory note   $ -     $ 7,029     $ -  

 

Marketable Securities

 

Marketable securities consist of equity securities and corporate bonds that are designated as available-for-sale and are recorded at fair value. Unrealized holding gains or losses will be reported as a component of accumulated other comprehensive income (loss). Realized gains or losses resulting from the sale of these securities will be determined based on the specific identification of the securities sold. An impairment charge will be recognized when the decline in the fair value of a security below the amortized cost basis is determined to be other-than-temporary. The Company will consider various factors in determining whether to recognize an impairment charge, including the duration and severity of any decline in fair value below our amortized cost basis, any adverse changes in the financial condition of the issuers and our intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. The Board has authorized the Company from time to time to invest the Company's available cash in marketable securities of real estate related companies. The Board of Directors has approved investments up to 30% of the Company's total assets to be made at the Company's discretion, subject to compliance with any REIT or other restrictions.

 

Revenue Recognition

 

The Company invests in real estate assets that generate rental income. Minimum rents will be recognized on a straight-line accrual basis, over the terms of the related leases. The capitalized above-market lease values and the capitalized below-market lease values will be amortized as an adjustment to rental income over the initial lease term. Percentage rents, which are based on commercial tenants' sales, will be recognized once the sales reported by such tenants exceed any applicable breakpoints as specified in the tenants' leases. Recoveries from commercial tenants for real estate taxes, insurance and other operating expenses, and from residential tenants for utility costs, will be recognized as revenues in the period that the applicable costs are incurred. Revenues from the operations of the hotel are recognized when the services are provided.

 

Accounts Receivable

 

The Company makes estimates of the uncollectability of its accounts receivable related to base rents, expense reimbursements and other revenues. The Company analyzes accounts receivable and historical bad debt levels, customer credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. The Company's reported net income or loss is directly affected by management's estimate of the collectability of accounts receivable.

 

Investment in Real Estate

 

Accounting for Acquisitions

 

When the Company makes an investment in real estate, the fair value of the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases for acquired in-place leases and the value of tenant relationships, based in each case on their fair values. Purchase accounting is applied to assets and liabilities related to real estate entities acquired based upon the percentage of interest acquired. Fees incurred related to acquisitions are expensed as incurred and recorded in general and administrative costs in the consolidated statements of operation. Transaction costs incurred related to the Company's investments in unconsolidated affiliated entities, accounted for under the equity method of accounting, are capitalized as part of the cost of the investment.

 

Upon the acquisition of real estate operating properties, the Company estimates the fair value of acquired tangible assets and identified intangible assets and liabilities and certain liabilities such as assumed debt and contingent liabilities, at the date of acquisition, based on evaluation of information and estimates available at that date. Based on these estimates, the Company allocates the initial purchase price to the applicable assets, liabilities and noncontrolling interests, if any. As final information regarding fair value of the assets acquired, liabilities assumed and noncontrolling interests is received and estimates are refined, appropriate adjustments are be made to the purchase price allocation. The allocations are finalized as soon as all the information necessary is available and in no case later than within twelve months from the acquisition date.

 

In determining the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market lease values and the capitalized below-market lease values are amortized as an adjustment to rental income over the initial non-cancelable lease term and any fixed-rate renewal periods, which are reasonably assured, in the respective leases.

 

The aggregate value of in-place leases is determined by evaluating various factors, including an estimate of carrying costs during the expected lease-up periods, current market conditions and similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, legal and other related costs. Optional renewal periods are not considered.

 

The aggregate value of other acquired intangible assets includes tenant relationships. Factors considered by management in assigning a value to these relationships include: assumptions of probability of lease renewals, investment in tenant improvements, leasing commissions and an approximate time lapse in rental income while a new tenant is located. The value assigned to this intangible asset is amortized over the remaining lease terms.

 

Carrying Value of Assets

 

The amounts capitalized as a result of periodic improvements and additions to real estate property, when applicable, and the periods over which the assets are depreciated or amortized, are determined based on the application of accounting standards that may require estimates as to fair value and the allocation of various costs to the individual assets. Differences in the amount attributed to the assets can be significant based upon the assumptions made in calculating these estimates.

 

Impairment Evaluation

 

Management evaluates the recoverability of its investments in real estate assets at the lowest identifiable level, the individual property level. Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recognized only if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value.

 

The Company evaluates the long-lived assets for potential impairment on a quarterly basis and records an impairment charge when there is an indicator of impairment and the undiscounted projected cash flows are less than the carrying amount for a particular property. The estimated cash flows used for the impairment analysis and the determination of estimated fair value are based on the Company's plans for the respective assets and the Company's views of market and economic conditions. The estimates consider matters such as current and historical rental rates, occupancies for the respective properties and comparable properties, and recent sales data for comparable properties. Changes in estimated future cash flows due to changes in the Company's plans or views of market and economic conditions could result in recognition of impairment losses, which, under the applicable accounting guidance, could be substantial. As of December 31, 2013 and 2012, the Company did not recognize any impairment charges.

 

Depreciation and Amortization

 

Depreciation expense is computed based on the straight-line method over the estimated useful life of the applicable real estate asset. We generally use estimated useful lives of up to thirty-nine years for buildings and improvements and five to ten years for furniture, fixtures and equipment. Expenditures for tenant improvements and construction allowances paid to commercial tenants are capitalized and amortized over the initial term of each lease. Expenditures for ordinary maintenance and repairs are charged to expense as incurred.

 

Deferred Costs

 

The Company capitalizes initial direct costs associated with financing and leasing activities. The costs are capitalized upon the execution of the loan or lease and amortized over the initial term of the corresponding loan or lease. Amortization of deferred loan costs begins in the period during which the loan is originated using the effective interest method over the term of the loan. Deferred leasing costs are not amortized to expense until the earlier of the store opening date or the date the tenant's lease obligation begins.

 

Investments in Unconsolidated Affiliated Entities

 

The Company evaluates its investments in other entities for consolidation.  The percentage interest in the joint venture, evaluation of control and whether a variable interest entity ("VIE") exists are all considered in determining if the investment qualifies for consolidation.

 

The Company accounts for its investments in unconsolidated affiliated entities using the equity or cost method of accounting, as appropriate. Under the equity method, the investment is recorded initially at cost, and subsequently adjusted for equity in net income/(loss) and cash contributions and distributions. The net income/(loss) of each investor is allocated in accordance with the provisions of the applicable operating agreements of the entities.  The allocation provisions in these agreements may differ from the ownership interest held by each investor.  Differences between the carrying amount of the Company's investment in the respective joint venture and the Company's share of the underlying equity of such unconsolidated affiliated entities are amortized over the respective lives of the underlying assets as applicable. These items are reported as a single line item in the consolidated statements of operations as income or loss from investments in unconsolidated affiliated entities. Under the cost method of accounting, the investment is recorded initially at cost, and subsequently adjusted for cash contributions and distributions resulting from any capital events. Dividends earned from the underlying entities are recorded as interest income in the consolidated statements of operations.

 

On a quarterly basis, the Company assesses whether the value of the investments in unconsolidated affiliated entities has been impaired.  An investment is impaired only if management's estimate of the fair value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary.  To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment.  Management's estimate of value for each investment is based on a number of assumptions that are subject to economic and market uncertainties.  As these factors are difficult to predict and are subject to future events that may alter our assumptions, the values estimated by management in the impairment analysis may not be realized. Any decline that is not considered temporary will result in the recording of an impairment charge. Management believes no impairment of its investments in unconsolidated affiliated entities existed as of December 31, 2013 and 2012.

 

Income Taxes

 

We elected to be taxed as a REIT in conjunction with the filing of our 2009 U.S. federal income tax return. If we remain qualified as a REIT, we generally will not be subject to U.S. federal income tax on our net taxable income that we distribute currently to our stockholders. To maintain our REIT qualification under the Internal Revenue Code of 1986, as amended, or the Code, we must meet a number of organizational and operational requirements, including a requirement that we annually distribute to our stockholders at least 90% of our REIT taxable income (which does not equal net income, as calculated in accordance with GAAP), determined without regard to the deduction for dividends paid and excluding any net capital gain. If we fail to remain qualified for taxation as a REIT in any subsequent year and do not qualify for certain statutory relief provisions, our income for that year will be taxed at regular corporate rates, and we may be precluded from qualifying for treatment as a REIT for the four-year period following our failure to qualify as a REIT. Such an event could materially adversely affect our net income and net cash available for distribution to our stockholders.

 

The tax years subsequent to and including 2010 remain open to examination by the major taxing jurisdictions to which we are subject.

 

Additionally, even if we qualify as a REIT for U.S. federal income tax purposes, we may still be subject to some U.S. federal, state and local taxes on our income and property and to U.S. federal income taxes and excise taxes on our undistributed income.

 

Fair Value of Financial Instruments

 

The carrying amounts of cash and cash equivalents, restricted escrows, prepaid expenses and other assets, accounts payable and other accrued expenses, the margin loan, due to sponsor, and distributions payable approximated their fair values as of December 31, 2013 because of the short maturity of these instruments. The estimated fair value of our mortgages payable is as follows:

 

    As of December 31, 2013     As of December 31, 2012  
(Dollars in thousands)   Carrying Amount     Estimated Fair
Value		     Carrying Amount     Estimated Fair
Value		  
Mortgages payable   $ 24,260     $ 23,898     $ 11,157     $ 11,157  

 

Selling Commission, Dealer Manager Fees and Organization and Other Offering Costs

 

Selling commissions and dealer manager fees paid to the Dealer Manager, and other third-party offering expenses such as registration fees, due diligence fees, marketing costs, and professional fees are accounted for as a reduction against additional paid-in capital ("APIC") as costs are incurred. Any organization costs are expensed as general and administrative costs. Through December 31, 2013, the Company has incurred approximately $7.3 million in selling commissions and dealer manager fees and $7.9 million of other offering costs. From the commencement of the offering through December 31, 2013, the Company has recorded approximately $15.2 million of these costs against APIC.

 

Accounting for Derivative Financial Investments and Hedging Activities.

 

The Company may enter into derivative financial instrument transactions in order to mitigate interest rate risk on a related financial instrument. The Company may designate these derivative financial instruments as hedges and apply hedge accounting. The Company will record all derivative instruments at fair value on the consolidated balance sheet.

 

Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, will be considered cash flow hedges. The Company will formally document all relationships between hedging instruments and hedged items, as well as our risk- management objective and strategy for undertaking each hedge transaction. The Company will periodically review the effectiveness of each hedging transaction, which involves estimating future cash flows. Cash flow hedges will be accounted for by recording the fair value of the derivative instrument on the consolidated balance sheet as either an asset or liability, with a corresponding amount recorded in accumulated other comprehensive income (loss) within stockholders' equity. Amounts will be reclassified from other comprehensive income (loss) to the consolidated statement of operations in the period or periods the hedged forecasted transaction affects earnings. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, will be considered fair value hedges. The effective portion of the derivatives gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the transaction affects earnings. The ineffective portion of the gain or loss is reported in earnings immediately.

 

Stock-Based Compensation

 

The Company has an Employee and Director Incentive Restricted Share Plan. Awards, if any, will be granted at the fair market value on the date of the grant with fair value estimated using the Black-Scholes-Merton option valuation model, which incorporates assumptions surrounding the volatility, dividend yield, the risk-free interest rate, expected life, and the exercise price as compared to the underlying stock price on the grant date. As stock-based compensation expense recognized in the consolidated statements of operations will be based on awards ultimately expected to vest, the amount of expense will be reduced for forfeitures estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures will be estimated based on historical experience. The tax benefits associated with these share-based payments will be classified as financing activities in the consolidated statement of cash flows. The Company has not granted any stock-based incentive awards.

 

Concentration of Risk

 

The Company maintains its cash in bank deposit accounts, which, at times, may exceed U.S. federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents.

 

Basic and Diluted Net Earnings per Common Share

 

The Company had no potentially dilutive securities outstanding during the periods presented. Accordingly, earnings per share is calculated by dividing net income/(loss) attributable to common shareholders by the weighted-average number of shares of common stock outstanding during the applicable period.

 

New Accounting Pronouncements

 

The Company has determined that no new accounting pronouncement issued or effective during the period had or is expected to have a material impact on its consolidated financial position, results of operations and cash flows, or do not apply to its operations.

 

Reclassifications

 

Certain prior period amounts may have been reclassified to conform to the current year presentation.

 
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M97AT4&%R=%\P9&%D,#,V.5\S8C1C7S0W9#5?.#8P8E\S,C4Y-#@P86)A,3(- M"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,&1A9#`S-CE?,V(T8U\T M-V0U7S@V,&)?,S(U.30X,&%B83$R+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R2!42!;365M8F5R72P@55-$("0I/&)R/DEN(%1H;W5S86YD M'0^)SQS<&%N/CPO M'0^)SQS<&%N/CPO M'0^)R9N8G-P M.R9N8G-P.SQS<&%N/CPO'0O:F%V M87-C3X-"B`@("`\=&%B M;&4@8VQA&-E<'0@4&5R(%-H87)E(&1A M=&$L('5N;&5S2!&:6YA;F-I86P@26YF;W)M871I;VX@6TQI;F4@271E;7-=/"]S=')O M;F<^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#XG/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^)SQS<&%N/CPO M'0^)SQS<&%N M/CPO'0^)SQS M<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)R9N8G-P.R9N8G-P.SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^ M)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^ M)SQS<&%N/CPO'0^)SQS<&%N M/CPO'0^)SQS M<&%N/CPO'0^ M)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N M/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO M'0^)SQS<&%N M/CPO'0^)SQS M<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO65A3X-"CPO M:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\P9&%D,#,V.5\S8C1C7S0W9#5? M.#8P8E\S,C4Y-#@P86)A,3(-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O M0SHO,&1A9#`S-CE?,V(T8U\T-V0U7S@V,&)?,S(U.30X,&%B83$R+U=O'0O:'1M;#L@ M8VAA2!B M87-I2!A;6]U;G0@;V8@9&ES=')I8G5T:6]N/"]T9#X- M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#XG,S8U(&1A>7,\7,\ MF5D(')A=&4@;V8@9&EV:61E;F0\+W1D M/@T*("`@("`@("`\=&0@8VQA'0^36%R(#,Q+`T*"0DR,#$S/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO M8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\P9&%D,#,V.5\S M8C1C7S0W9#5?.#8P8E\S,C4Y-#@P86)A,3(-"D-O;G1E;G0M3&]C871I;VXZ M(&9I;&4Z+R\O0SHO,&1A9#`S-CE?,V(T8U\T-V0U7S@V,&)?,S(U.30X,&%B M83$R+U=O'0O:'1M;#L@8VAA'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPOF5D("9A;7`[ M($EM<&%I'0^)SQS<&%N/CPO'0^)R9N8G-P.R9N8G-P.SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO'0^)SQS<&%N/CPO M'0^)SQS<&%N M/CPO7!E.B!T97AT+VAT;6P[(&-H87)S M970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@ M:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M M;#L@8VAA'0^)SQS<&%N/CPO'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^)SQS<&%N/CPO65A'!E;G-E/"]T M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ+#@R,#QS<&%N/CPO'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA M2!O9B!%'0^)SQS<&%N/CPO2P@4&QA;G0@86YD($5Q=6EP;65N M="!;3&EN92!)=&5M'0^)SQS<&%N/CPO'0^ M)S,Y('EE87)S/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$'0^)SQS<&%N/CPO'0^)S4@>65A&EM M=6T@6TUE;6)E65A XML 31 R43.htm IDEA: XBRL DOCUMENT v2.4.0.8
Marketable Securities and Fair Value Measurements (Summary of Available for Sale Securities) (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Schedule of Available-for-sale Securities [Line Items]    
Fair Value $ 8,134 $ 8,144
Equity Securities [Member]
    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 7,735 7,915
Gross Unrealized Gains 399 229
Gross Unrealized Losses      
Fair Value $ 8,134 $ 8,144

XML 32 R29.htm IDEA: XBRL DOCUMENT v2.4.0.8
Mortgages Payable (Tables)
 12 Months Ended
Dec. 31, 2013
Mortgages Payable [Abstract]  
Schedule of Mortgages Payable

Mortgages payable consisted of the following:

 

                        Loan Amount Outstanding  
Description   Interest Rate   Weighted
Average
Interest Rate
as of December
31, 2013		     Maturity
Date		   Amount Due
at Maturity		     As of
 December 31,
2013		     As of
December 31,
2012		  
                                 
TownePlace Suites Mortgage, secured by TownePlace Suites - Metairie   Libor plus 3.75%, subject to 6.00% floor                       $ -     $ 5,923  
                                         
SpringHill Suites Hotel Mortgage, secured by SpringHill Suites - Peabody   Libor plus 3.75%, subject to 5.75% floor                         -       5,234  
                                         
Promissory Note, secured by four properties   4.94%     4.94 %   August 2018   $ 21,754       24,260       -  
          4.94 %               $ 24,260     $ 11,157  

 
Schedule of Estimated Contractual Principal Maturities

The following table, based on the initial terms of the mortgages, sets forth their aggregate estimated contractual principal maturities, including balloon payments due at maturity, as of December 31, 2013:

 

    2014     2015     2016     2017     2018     Thereafter     Total  
Principal maturities   $ 499     $ 524     $ 548     $ 580     $ 22,109     $ -     $ 24,260  

 
XML 33 R28.htm IDEA: XBRL DOCUMENT v2.4.0.8
Marketable Securities and Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2013
Marketable Securities and Fair Value Measurements [Abstract]  
Summary of Available for Sale Securities

The following is a summary of the Company's available for sale securities as of the dates indicated:

 

    As of December 31, 2013  
    Adjusted Cost     Gross Unrealized Gains     Gross Unrealized
Losses		     Fair Value  
Equity Securities   $ 7,735     $ 399     $       $ 8,134  

 

    As of December 31, 2012  
    Adjusted Cost     Gross Unrealized Gains     Gross Unrealized
Losses		     Fair Value  
Equity Securities   $ 7,915     $ 229     $ -     $ 8,144  

 
XML 34 R56.htm IDEA: XBRL DOCUMENT v2.4.0.8
Subsequent Events (Details) (USD $)
 1 Months Ended
Mar. 30, 2009
Mar. 28, 2014
Subsequent Event [Member]
Subsequent Event [Line Items]    
Distribution on per day basis $ 0.00178082191 $ 0.00178082191
Number of days used to calculate daily amount of distribution 365 days 365 days
Face value of share   $ 10.00
Annualized rate of dividend 6.50% 6.50%
Distribution payment date   Apr. 15, 2014
Record date   Mar. 31, 2013
XML 35 R44.htm IDEA: XBRL DOCUMENT v2.4.0.8
Marketable Securities and Fair Value Measurements (Narrative) (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Debt Instrument [Line Items]      
Margin loan $ 1,906 $ 2,716  
Interest expense 1,035 535 19
Margin Loan [Member]
      
Debt Instrument [Line Items]      
Interest rate, Libor plus 0.85%    
Libor 1.02%    
Interest expense $ 24 $ 34  
XML 36 R30.htm IDEA: XBRL DOCUMENT v2.4.0.8
Selling Commission, Dealer Manager Fees and Other Offering Costs (Tables)
 12 Months Ended
Dec. 31, 2013
Selling Commission Dealer Manager Fees And Other Offering Costs [Abstract]  
Summary of Selling Commissions, Dealer Manager Fees and Other Offering Costs

The following table represents the selling commissions and dealer manager and other offering costs for the periods indicated:

 

    For the Years Ended December 31,  
    2013     2012     2011  
                   
Selling commissions and dealer manager fees   $ 2,023     $ 715     $ 943  
Other offering costs   $ 1,937     $ 1,495     $ 1,611  

 
XML 37 R31.htm IDEA: XBRL DOCUMENT v2.4.0.8
Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2013
Related Party Transactions [Abstract]  
Schedule of Fees to Related Parties

The following table represents the fees incurred associated with the payments to the Company's Advisor and Property Manager for the periods:

 

    For the Years Ended December 31,  
    2013     2012     2011  
Acquisition fees   $ 102     $ 85     $ 141  
Asset management fees     114       346       268  
Development fees     78       -       -  
Total   $ 294     $ 431     $ 409  

 
XML 38 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Organization
 12 Months Ended
Dec. 31, 2013
Organization [Abstract]  
Organization

1. Organization

 

Lightstone Value Plus Real Estate Investment Trust II, Inc. (the "Lightstone REIT II") is a Maryland corporation formed on April 28, 2008, which has qualified as a real estate investment trust ("REIT") for U.S. federal income tax purposes since its taxable year ending December 31, 2009. The Lightstone REIT II was formed primarily for the purpose of engaging in the business of investing in and owning commercial and residential real estate properties, as well as other real estate-related investments, located principally in North America.

 

The Lightstone REIT II is structured as an umbrella partnership REIT, or UPREIT, and substantially all of its current and future business is and will be conducted through Lightstone Value Plus REIT II LP (the "Operating Partnership"), a Delaware limited partnership formed on April 30, 2008.

 

The Lightstone REIT II and the Operating Partnership and its subsidiaries are collectively referred to as the ''Company'' and the use of ''we,'' ''our,'' ''us'' or similar pronouns refers to the Lightstone REIT II, its Operating Partnership or the Company as required by the context in which such pronoun is used.

 

Offering and Structure

 

Our sponsor David Lichtenstein ("Lichtenstein"), who does business as the Lightstone Group (the "Sponsor") and majority owns the limited liability company of that name with a diversified portfolio of over 100 properties containing approximately 10,600 multifamily units, 1.3 million square feet of office space, 2.2 million square feet of industrial space, 17 hotels and 3.3 million square feet of retail space. The residential, office, industrial and retail properties are located in 20 states, the District of Columbia and Puerto Rico.  Based in New York, and supported by regional offices in New Jersey, Maryland and Illinois, our sponsor employs approximately 400 staff and professionals.  

 

Our advisor is Lightstone Value Plus REIT II LLC (the "Advisor"), which is wholly owned by our Sponsor. Our Advisor, together with our Board of Directors, is and will continue to be primarily responsible for making investment decisions and managing our day-to-day operations. Through his ownership and control of The Lightstone Group, Mr. Lichtenstein is the indirect owner of our Advisor and the indirect owner and manager of Lightstone SLP II LLC, the associate general partner of our Operating Partnership. Mr. Lichtenstein also acts as our Chairman and Chief Executive Officer. As a result, he controls both the general partner and associate general partner of our Operating Partnership and is the decision-maker of our Operating Partnership.

 

We do not have and will not have any employees that are not also employed by our Sponsor or its affiliates. We depend substantially on our Advisor, which generally has responsibility for our day-to-day operations. Under the terms of the advisory agreement, the Advisor also undertakes to use its commercially reasonable best efforts to present to us investment opportunities consistent with our investment policies and objectives as adopted by our Board of Directors.

 

We have two affiliated property managers (our "Property Managers"), which may manage the properties we acquire. We also use other unaffiliated third-party property managers, principally for the management of our hospitality properties. Our Property Managers are Paragon Retail Property Management LLC ("Paragon") and Beacon Property Management LLC ("Beacon"), all of which are majority owned and controlled by our Sponsor. Paragon develops and redevelops all the factory outlet malls and certain retail properties controlled by our Sponsor. Beacon is a significant manager in the multi-family residential housing sector and oversees the management of approximately 11,000 multifamily units.

 

On April 24, 2009, we commenced an initial public offering (the "Offering") to sell a maximum of 51.0 million shares of common stock at a price of $10 per share (the "Primary Offering") and 6.5 million shares of common stock available pursuant to our distribution reinvestment program (the "DRIP"). We also have 75,000 shares reserved for issuance under our stock option plan and 255,000 shares reserved for issuance under our employee and director incentive restricted share plan. Our Registration Statement on Form S-11 (the "Registration Statement") was declared effective under the Securities Act of 1933 on February 17, 2009, and on April 24, 2009, we began offering our shares of common stock for sale to the public.

 

The Offering, which terminated on August 15, 2012, raised aggregate gross proceeds of approximately $49.8 million from the sale of approximately 5.0 million shares of common stock. After allowing for the payment of approximately $5.2 million in selling commissions and dealer manager fees and $4.5 million in organization and other offering expenses, the Offering generated aggregate net proceeds of approximately $40.1 million. In addition, through August 15, 2012 (the termination date of the Offering), the Company had issued approximately 0.3 million shares of common stock under its DRIP, representing approximately $2.9 million of additional proceeds.

 

The Company's registration statement on Form S-11 (the "Follow-On Offering"), pursuant to which it is offering to sell up to 30,000,000 shares of its common stock for $10.00 per share, subject to certain volume discounts (exclusive of 2,500,000 shares available pursuant to its DRIP at an initial purchase price of $9.50 per share and 255,000 shares reserved for issuance under its Employee and Director Incentive Restricted Share Plan) was declared effective by SEC under the Securities Act of 1933 on September 27, 2012. As of December 31, 2013, we had received aggregate gross proceeds of approximately $22.8 million from the sale of approximately 2.3 million shares of our common stock in our Follow-On Offering. The Company intends to sell shares of its common stock under the Follow-On Offering until the earlier of the date on which all the shares are sold, or September 27, 2014, two years from the date the Follow-On Offering was declared effective by the SEC. The Company reserves the right to reallocate the shares of common stock it is offering between the Primary Offering and the DRIP. Additionally, the Follow-On Offering may be terminated at any time.

 

Effective July 8, 2011, ICON Securities Corp. ("ICON Securities") became the dealer manager ("Dealer Manager") of the Company's Offering pursuant to an Assignment and Amendment of Dealer Manager Agreement (the "Assignment and Amendment"). Pursuant to the Assignment and Amendment, ICON Securities was assigned the Dealer Manager Agreement between Lightstone Securities LLC ("Lightstone Securities") and the Company dated February 17, 2009 and assumed all of Lightstone Securities' rights and obligations thereunder from and after the effective date of the Assignment and Amendment. Prior to July 8, 2011, Lightstone Securities served as the dealer manager for the Company's Offering. As of July 8, 2011, upon effectiveness of the Assignment and Amendment, the Wholesaling Agreement between the Company, Lightstone Securities and ICON Securities was terminated.

 

Effective September 27, 2012, Orchard Securities, LLC ("Orchard Securities") became the Dealer Manager of the Company's Follow-On Offering.

 

All further references to the Dealer Manager will be deemed to refer to either Lightstone Securities, ICON Securities or Orchard Securities during the respective period of time that each was serving in such capacity.

 

As of December 31, 2013, the Advisor owned 20,000 shares of common stock which were issued on May 20, 2008 for $200, or $10.00 per share. In addition, as of September 30, 2009, the Company had reached the minimum offering under its Offering by receiving subscriptions of its common shares, representing gross offering proceeds of approximately $6.5 million, and effective October 1, 2009 investors were admitted as stockholders and the Operating Partnership commenced operations. Through December 31, 2013, cumulative gross offering proceeds of $72.6 million were released to the Company. The Company invested the proceeds received from the Offering, the Follow-On Offering and the Advisor in the Operating Partnership, and as a result, held a 99.9% general partnership interest as of December 31, 2013 in the Operating Partnership's common units.

 

The Company's shares of common stock are not currently listed on a national securities exchange. The Company may seek to list its shares of common stock for trading on a national securities exchange only if a majority of its independent directors believe listing would be in the best interest of its stockholders. The Company does not intend to list its shares at this time. The Company does not anticipate that there would be any market for its shares of common stock until they are listed for trading. In the event the Company does not obtain listing prior to the tenth anniversary of the completion or termination of its Offering, its charter requires that the Board of Directors must either (i) seek stockholder approval of an extension or amendment of this listing deadline; or (ii) seek stockholder approval to adopt a plan of liquidation of the corporation.

 

Noncontrolling Interest - Partners of Operating Partnership

 

The noncontrolling interests consist of (i) parties of the Company that hold units in the Operating Partnership and (ii) certain interests in LVP Metairie JV LLC, LVP East Rutherford LLC, LVP TPS Little Rock Holdings LLC and LVP TPS Fayetteville Holdings LLC which are not owned by the Company.

 

On May 20, 2008, the Advisor contributed $2 to the Operating Partnership in exchange for 200 limited partner common units in the Operating Partnership. The limited partner has the right to convert Operating Partnership common units into cash or, at our option, an equal number of shares of our common stock, as allowed by the limited partnership agreement.

 

Lightstone SLP II LLC, which is wholly owned by our Sponsor, committed to purchase subordinated profits interests in our Operating Partnership ("Subordinated Profits Interests") at a cost of $100,000 per unit for each $1.0 million in subscriptions up to ten percent of the proceeds from the primary shares under the Offering and Follow-On Offering on a semi-annual basis beginning with the quarter ended June 30, 2010. Lightstone SLP II LLC may elect to purchase the Subordinated Profits Interests with either cash or an interest in real property of equivalent value. Any proceeds received from the cash sale of the Subordinated Profits Interests will be used to offset payments made by the Company from offering proceeds to pay the dealer manager fees, selling commissions and organization and other offering expenses.

 

From our inception through December 31, 2013, our Sponsor contributed cash of approximately $1.6 million and elected to contribute equity interests totaling 48.6% in Brownmill, LLC ("Brownmill") in exchange for 64.0 Subordinated Profits Interests with an aggregate value of $6.4 million. See "Sponsor's Contribution of Equity Interests in Brownmill" below for additional information. Our Sponsor may continue to elect to contribute interests in real property in lieu of cash in exchange for Subordinated Profits Interests in order to fulfill its semi-annual commitment.

 

Operations - Operating Partnership Activity

 

Our Operating Partnership commenced its operations on October 1, 2009. Since then we have and will continue to seek to acquire and operate commercial, residential, and hospitality properties, principally in North America through our Operating Partnership. Our commercial holdings will consist of retail (primarily multi-tenanted shopping centers), lodging, industrial and office properties. All such properties may be acquired and operated by us alone or jointly with another party. In addition, we may invest up to 20% of our net assets in collateralized debt obligations, commercial mortgage-backed securities ("CMBS") and mortgage and mezzanine loans secured, directly or indirectly, by the same types of properties which it may acquire directly.

 

Related Parties

 

Our Advisor, Property Managers and Dealer Manager are each related parties. Each of these entities have or will receive compensation and fees for services related to the Offering and will continue to receive compensation and fees and services for the investment and management of our assets. These entities will receive fees during the offering, acquisition, operational and liquidation stages. The compensation levels during the offering, acquisition and operational stages are based on percentages of the offering proceeds sold, the cost of acquired properties and the annual revenue earned from such properties, and other such fees outlined in each of the respective agreements. See Note 12 for additional information.

 
XML 39 R32.htm IDEA: XBRL DOCUMENT v2.4.0.8
Quarterly Financial Data (Tables)
 12 Months Ended
Dec. 31, 2013
Quarterly Financial Data [Abstract]  
Schedule of Quarterly Financial Data

The following table presents selected unaudited quarterly financial data for each quarter during the year ended December 31, 2013 and 2012:

 

    2013  
    Year ended     Quarter ended     Quarter ended     Quarter ended     Quarter ended  
    December 31,     December 31,     September 30,     June 30,     March 31,  
                               
Total revenue   $ 13,058     $ 3,335     $ 4,092     $ 3,308     $ 2,323  
                                         
Operating income/(loss)   $ 541     $ 26     $ 490     $ 314     $ (289 )
                                         
Net income /(loss) (a)   $ 1,370     $ (238 )   $ 202     $ 1,535     $ (129 )
                                         
Less (income)/loss attributable to noncontrolling interests     (40 )     16       (1 )     (66 )     11  
                                         
Net income/(loss) applicable to Company's common shares   $ 1,330     $ (222 )   $ 201     $ 1,469     $ (118 )
                                         
Net income/(loss) per common share, basic and diluted   $ 0.21     $ (0.03 )   $ 0.03     $ 0.25     $ (0.02 )

 

  (a) Net income for the year ended December 31, 2013 includes a bargain purchase gain of $1.2 million in the 2nd quarter of 2013 in connection with the purchase of the Arkansas Hotel Portfolio. (See Note 3)

 

    2012  
    Year ended     Quarter ended     Quarter ended     Quarter ended     Quarter ended  
    December 31,     December 31,     September 30,     June 30,     March 31,  
                               
Total revenue   $ 5,942     $ 1,917     $ 2,116     $ 952     $ 957  
                                         
Operating (loss)/income   $ (114 )   $ (308 )   $ 216     $ (96 )   $ 74  
                                         
Net income  (b)   $ 9,764     $ 4,627     $ 3,828     $ 248     $ 1,061  
                                         
Less income attributable to noncontrolling interests     (555 )     (512 )     (13 )     (13 )     (17 )
                                         
Net income applicable to Company's common shares   $ 9,209     $ 4,115     $ 3,815     $ 235     $ 1,044  
                                         
Net income/(loss) per common share, basic and diluted   $ 1.84     $ 0.78     $ 0.74     $ 0.05     $ 0.22  

 

  (b) Net income for the year ended December 31, 2012 includes a bargain purchase gain of $7.8 million which includes a bargain purchase gain recorded in the 4th quarter of 2012 of $4.3 million in connection with the purchase of the Fairfield Inn - East Rutherford and a bargain purchase gain recorded in the 3rd quarter of 2012 of $3.5 million in connection with the purchase of the SpringHill Suites - Peabody. (See Note 3)

 
XML 40 R40.htm IDEA: XBRL DOCUMENT v2.4.0.8
Investments in Unconsolidated Affiliated Entities (Narrative) (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
 12 Months Ended 36 Months Ended 67 Months Ended 12 Months Ended 1 Months Ended 3 Months Ended 12 Months Ended 0 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2013
Brownmill, LLC [Member]
Dec. 31, 2012
Brownmill, LLC [Member]
Dec. 31, 2011
Brownmill, LLC [Member]
Dec. 31, 2010
Brownmill, LLC [Member]
Dec. 31, 2012
Brownmill, LLC [Member]
Dec. 31, 2013
Brownmill, LLC [Member]
Dec. 31, 2013
Brownmill, LLC [Member]
Estimate of Fair Value, Fair Value Disclosure [Member]
Dec. 31, 2013
Brownmill, LLC [Member]
Estimate of Fair Value, Fair Value Disclosure [Member]
Equity [Member]
Dec. 31, 2013
Brownmill, LLC [Member]
Estimate of Fair Value, Fair Value Disclosure [Member]
Mortgages [Member]
Jun. 30, 2013
LVP CP Boston, LLC [Member]
Feb. 20, 2012
LVP CP Boston, LLC [Member]
Mar. 21, 2011
LVP CP Boston, LLC [Member]
sqft
Mar. 31, 2012
LVP CP Boston, LLC [Member]
Dec. 31, 2013
LVP CP Boston, LLC [Member]
Dec. 31, 2012
LVP CP Boston, LLC [Member]
Dec. 31, 2013
LVP Rego Park, LLC [Member]
Apr. 12, 2011
LVP Rego Park, LLC [Member]
Apr. 12, 2011
LVP Rego Park, LLC [Member]
Non Recourse Loans [Member]
Second Mortgage [Member]
Apr. 12, 2011
LVP Rego Park, LLC [Member]
Lightstone REIT I [Member]
Schedule of Equity Method Investments [Line Items]                                            
Equity investment, percentage ownership purchased         8.60% 5.60% 34.40% 48.60%                            
Ownership interest       48.60%         48.60%           20.00%       10.00% 10.00%   90.00%
Subordinate profit interest units         9 6 33 48 64                          
Subordinated general partner participation, per unit cost               $ 100                            
Aggregate value of subordinate profits         $ 900 $ 600 $ 3,300 $ 4,800 $ 6,400                          
Capital contributions                   15,500 4,800 10,700                    
Number of rooms in hotel to be acquired                             366              
Number of stories in hotel to be acquired                             8              
Area of real estate property                             65,000              
Purchase Price of hotel                             10,100              
Ownership interest by parent                             80.00%              
Company's share of aggregate purchase price       3,993                       2,000           1,500  
Acquisition fees received by the advisor as percentage of acquisition price 0.95%                           0.95%           0.95%  
Acquisition Fee for Advisor (amount)                             19           14  
Effective date of joint venture                           Jan. 01, 2012                
Percentage of joint venture interest disposed                           20.00%                
Percentage of ownership                           100.00%                
Total consideration received                           300                
Cash consideration received                           600                
Non cash consideration received                           2,400                
Interest of note                           10.00%                
Interest income                                 105 240        
Proceeds from principal paydown                                   60        
Collection of outstanding balance to Lightstone REIT I 2,340 60                      2,340                  
Gain on disposition of investment                               700            
Acquired Nonrecourse Second Mortgage note, gross                                         19,500  
Acquired Nonrecourse Second Mortgage note, net     7,029                                   15,100  
Discount on outstanding principal nonrecourse second mortgage note balance                                         4,400  
Acquired nonrecourse second mortgage note, due date                                         May 31, 2013  
Acquired nonrecourse second mortgage note, fixed interest rate                                         5.00%  
Acquired nonrecourse second mortgage note, fixed monthly interest receipt                                         100  
Distribution to members       150 300                           21,000      
Distribution Received from real estate partnership       $ 73 $ 135                           $ 2,100      
XML 41 R53.htm IDEA: XBRL DOCUMENT v2.4.0.8
Related Party Transactions (Distributions) (Details) (USD $)
Mar. 30, 2009
Dec. 31, 2013
Operating Stage Distribution, 7% Stockholder Return Threshold [Member]
Dec. 31, 2013
Operating Stage Distribution, 12% Stockholder Return Threshold [Member]
Dec. 31, 2013
Operating Stage Distribution, 12% Stockholder Return Threshold [Member]
Stockholder [Member]
Dec. 31, 2013
Operating Stage Distribution, 12% Stockholder Return Threshold [Member]
Lightstone SLP II, LLC [Member]
Dec. 31, 2013
Operating Stage Distribution, In Excess of 12% Stockholder Returns Threshold [Member]
Dec. 31, 2013
Operating Stage Distribution, In Excess of 12% Stockholder Returns Threshold [Member]
Stockholder [Member]
Dec. 31, 2013
Operating Stage Distribution, In Excess of 12% Stockholder Returns Threshold [Member]
Lightstone SLP II, LLC [Member]
Related Party Transaction [Line Items]                
Stockholders' return threshold, percent   7.00% 7.00%     7.00%    
Distribution due, cumulative rate of return   7.00% 12.00%          
Share price $ 10.00 $ 10.00            
Percent of additional distributions payable to related party       70.00% 30.00%   60.00% 40.00%
XML 42 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Investment property:    
Land and improvements $ 8,942 $ 7,140
Building and improvements 35,567 27,284
Furniture and fixtures 8,706 2,589
Construction in progress 3,542 323
Gross investment property 56,757 37,336
Less accumulated depreciation (2,670) (850)
Net investment property 54,087 36,486
Investments in unconsolidated affiliated entities 3,834 5,950
Cash and cash equivalents 26,520 8,152
Marketable securities, available for sale 8,134 8,144
Restricted escrows 2,294 2,799
Notes receivable from affiliate    2,340
Prepaid expenses and other assets 957 863
Total assets 95,826 64,734
Liabilities and Stockholders' Equity    
Accounts payable and other accrued expenses 1,356 1,017
Margin loan 1,906 2,716
Mortgages payable 24,260 11,157
Due to sponsor 107 113
Distributions payable 1,172 860
Total liabilities 28,801 15,863
Commitments and contingencies (Note 13)      
Company's stockholders' equity:    
Preferred shares, $0.01 par value, 10,000 shares authorized, none issued and outstanding      
Common stock, $0.01 par value; 100,000 shares authorized, 7,643 and 5,311 shares issued and outstanding in 2013 and 2012, respectively 76 53
Additional paid-in capital 60,755 41,652
Subscription receivable (25)   
Accumulated other comprehensive income 399 229
Accumulated (deficit)/surplus (1,781) 939
Total Company stockholders' equity 59,424 42,873
Noncontrolling interests 7,601 5,998
Total Stockholders' Equity 67,025 48,871
Total Liabilities and Stockholders' Equity $ 95,826 $ 64,734
XML 43 R45.htm IDEA: XBRL DOCUMENT v2.4.0.8
Mortgages Payable (Schedule of Mortgages Payable) (Details) (USD $)
In Thousands, unless otherwise specified
 1 Months Ended 12 Months Ended
Jul. 29, 2013
Dec. 31, 2013
Dec. 31, 2012
Debt Instrument [Line Items]      
Weighted average interest rate   4.94%  
Loan amount outstanding   $ 24,260 $ 11,157
TownePlace Suites Mortgage [Member]
      
Debt Instrument [Line Items]      
Interest rate, Libor plus   3.75%  
Interest rate, floor   6.00%  
Amount due at maturity       
Loan amount outstanding      5,923
SpringHill Suites Mortgage [Member]
      
Debt Instrument [Line Items]      
Interest rate, Libor plus   3.75%  
Interest rate, floor   5.75%  
Amount due at maturity       
Loan amount outstanding      5,234
Promissory Note, secured by four properties [Member]
      
Debt Instrument [Line Items]      
Interest rate 4.94% 4.94%  
Weighted average interest rate   4.94%  
Maturity date Aug. 06, 2018 Aug. 06, 2018  
Amount due at maturity   21,754  
Loan amount outstanding   $ 24,260   
XML 44 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $)
In Thousands
Total
Common Shares [Member]
Additional Paid-In Capital [Member]
Subscription Receivable [Member]
Accumulated Other Comprehensive Income/(Loss) [Member]
Accumulated Surplus/(Deficit) [Member]
Total Noncontrolling Interests [Member]
BALANCE at Dec. 31, 2010 $ 28,221 $ 35 $ 28,067 $ (366)    $ (2,817) $ 3,302
BALANCE, shares at Dec. 31, 2010   3,467          
Net income 430             402 28
Other comprehensive income/(loss) (2,214)          (2,214)      
Distributions declared (2,587)             (2,587)   
Distributions paid (39)                (39)
Units issued to noncontrolling interests in exchange for investment in unconsolidated affiliated real estate entity 548                548
Contributions from noncontrolling interests 896                896
Proceeds from offering 9,833 10 9,561 262         
Proceeds from offering, shares   960          
Selling commissions and dealer manager fees (943)    (943)            
Other offering costs (1,611)    (1,611)            
Redemption and cancellation of shares (434) (1) (433)            
Redemption and cancellation of shares, shares   (48)          
Shares issued from distribution reinvestment program 1,182 1 1,181            
Shares issued from distribution reinvestment program, shares   124          
Notes receivable issued to noncontrolling interests               
BALANCE at Dec. 31, 2011 33,282 45 35,822 (104) (2,214) (5,002) 4,735
BALANCE, shares at Dec. 31, 2011   4,503          
Net income 9,764 [1]             9,209 555
Other comprehensive income/(loss) 2,443          2,443      
Distributions declared (3,268)             (3,268)   
Distributions paid (306)                (306)
Units issued to noncontrolling interests in exchange for investment in unconsolidated affiliated real estate entity 911                911
Contributions from noncontrolling interests 103                103
Proceeds from offering 7,152 7 7,041 104         
Proceeds from offering, shares   706          
Selling commissions and dealer manager fees (715)    (715)            
Other offering costs (1,495)    (1,495)            
Redemption and cancellation of shares (458) (1) (457)            
Redemption and cancellation of shares, shares   (51)          
Shares issued from distribution reinvestment program 1,458 2 1,456            
Shares issued from distribution reinvestment program, shares   153          
Notes receivable issued to noncontrolling interests               
BALANCE at Dec. 31, 2012 48,871 53 41,652    229 939 5,998
BALANCE, shares at Dec. 31, 2012   5,311          
Net income 1,370 [2]             1,330 40
Other comprehensive income/(loss) 170          170      
Distributions declared (4,050)             (4,050)   
Distributions paid (175)                (175)
Contributions from noncontrolling interests 2,060                2,060
Proceeds from offering 21,966 22 21,969 (25)         
Proceeds from offering, shares   2,218          
Selling commissions and dealer manager fees (2,023)    (2,023)            
Other offering costs (1,937)    (1,937)            
Redemption and cancellation of shares (696) (1) (695)            
Redemption and cancellation of shares, shares   (75)          
Shares issued from distribution reinvestment program 1,791 2 1,789            
Shares issued from distribution reinvestment program, shares   189          
Notes receivable issued to noncontrolling interests (322)                (322)
BALANCE at Dec. 31, 2013 $ 67,025 $ 76 $ 60,755 $ (25) $ 399 $ (1,781) $ 7,601
BALANCE, shares at Dec. 31, 2013   7,643          
[1] Net income for the year ended December 31, 2012 includes a bargain purchase gain of $7.8 million which includes a bargain purchase gain recorded in the 4th quarter of 2012 of $4.3 million in connection with the purchase of the Fairfield Inn - East Rutherford and a bargain purchase gain recorded in the 3rd quarter of 2012 of $3.5 million in connection with the purchase of the SpringHill Suites - Peabody. (See Note 3)
[2] Net income for the year ended December 31, 2013 includes a bargain purchase gain of $1.2 million in the 2nd quarter of 2013 in connection with the purchase of the Arkansas Hotel Portfolio. (See Note 3)
XML 45 R59.htm IDEA: XBRL DOCUMENT v2.4.0.8
Schedule III Real Estate and Accumulated Depreciation (Reconciliation of Accumulated Depreciation) (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Schedule III Real Estate and Accumulated Depreciation [Abstract]      
Balance at beginning of year $ 850 $ 293   
Depreciation expense 1,820 557 293
Balance at end of year $ 2,670 $ 850 $ 293
XML 46 R35.htm IDEA: XBRL DOCUMENT v2.4.0.8
Summary of Significant Accounting Policies (Summary of Supplemental Cash Flow Information) (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Summary of Significant Accounting Policies [Abstract]      
Cash paid for interest $ 939 $ 413   
Distributions declared 4,050 3,268 2,587
Marketable securities purchased with margin loan, net       3,340
Noncash commissions and other offering costs in accounts payable and other accrued expenses 193 254 286
Subscription receivable 25 (104) (262)
Value of shares issued from distribution reinvestment program 1,791 1,458 1,182
Issuance of note payable in exchange for remaining interest in CP Boston Joint Venture    911 548
Restriced escrow deposits and related liability initially established acquisition of mortgage loan receivable       205
Note receivable received in connection with disposition of investment in unconsolidated affiliated entity    2,400   
Satisfaction of promissory note    $ 7,029   
XML 47 R22.htm IDEA: XBRL DOCUMENT v2.4.0.8
Subsequent Events
 12 Months Ended
Dec. 31, 2013
Subsequent Events [Abstract]  
Subsequent Events

15. Subsequent Events

 

Distribution Declaration

 

On March 28, 2014, the Company's Board of Directors declared the quarterly distribution for the three-month period ended March 31, 2014, in the amount of $0.00178082191 per share per day, and will equal a daily amount that, if paid each day for a 365-day period, would equal a 6.5% annualized rate based on a share price of $10.00. The distribution will be paid in cash on April 15, 2014 to shareholders of record as of March 31, 2014. The shareholders have an option to elect the receipt of shares under our DRIP.

 
XML 48 R36.htm IDEA: XBRL DOCUMENT v2.4.0.8
Acquisitions (Narrative) (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended 1 Months Ended 12 Months Ended 12 Months Ended 1 Months Ended 3 Months Ended 1 Months Ended 1 Months Ended 3 Months Ended 12 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended 1 Months Ended 3 Months Ended 12 Months Ended 1 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Jun. 29, 2010
LVP East Rutherford Promissory Note [Member]
Dec. 31, 2013
TPS Metairie, LLC [Member]
Dec. 31, 2012
TPS Metairie, LLC [Member]
Dec. 31, 2011
TPS Metairie, LLC [Member]
Dec. 31, 2012
LVP East Rutherford [Member]
Jun. 18, 2013
Arkansas Hotel Portfolio [Member]
Jun. 30, 2013
Arkansas Hotel Portfolio [Member]
Jul. 31, 2013
Arkansas Hotel Portfolio [Member]
Demand Note [Member]
Jun. 18, 2013
Arkansas Hotel Portfolio [Member]
Demand Note [Member]
Jun. 30, 2013
Arkansas Hotel Portfolio [Member]
Demand Note [Member]
Jun. 18, 2013
Arkansas Hotel Portfolio [Member]
TPSLR, LLC and TPSFN, LLC [Member]
Jun. 18, 2013
Four Hotel Properties [Member]
Jan. 19, 2011
Towne Place Suites Hotel [Member]
Sep. 30, 2012
Towne Place Suites Hotel [Member]
Dec. 31, 2012
Towne Place Suites Hotel [Member]
Dec. 31, 2011
Towne Place Suites Hotel [Member]
Jan. 19, 2011
Towne Place Suites Hotel [Member]
TPS Metairie, LLC [Member]
Dec. 31, 2012
Towne Place Suites Hotel [Member]
Sherman Family Trust [Member]
Jul. 13, 2012
SpringHill Suites Hotel [Member]
Dec. 31, 2013
LVP Metairie JV, LLC [Member]
Dec. 31, 2012
LVP Metairie JV, LLC [Member]
Dec. 31, 2012
LVP SHS Peabody Holdings, LLC [Member]
Jun. 29, 2010
FFI Hotel [Member]
Dec. 31, 2012
FFI Hotel [Member]
Dec. 31, 2012
FFI Hotel [Member]
Dec. 31, 2012
FFI Hotel [Member]
Non Recourse Loans [Member]
Dec. 31, 2011
FFI Hotel [Member]
Non Recourse Loans [Member]
Jun. 29, 2010
FFI Hotel [Member]
Non Recourse Loans [Member]
Jun. 29, 2010
FFI Hotel [Member]
LVP East Rutherford [Member]
Business Combination, Separately Recognized Transactions [Line Items]                                                                
Business acquisition, percentage of voting interests acquired                 95.00%             95.00%                                
Noncontrolling interest, ownership percentage by noncontrolling owners                           5.00%           5.00%                        
Amount of acquisition contributed by TPS metairie member                               $ 700                                
Total purchase consideration                 10,700           29,100 12,000           10,100           7,400        
Total business acquisition contract price, net of closing and other transaction-related costs                               12,000                                
Acquisition fees received by the advisor as percentage of acquisition price                 0.95%             0.95%           0.95%                    
Acquisition fees received by the advisor                 102             100           85                    
Fair value of assets acquired                 11,900                                     11,700        
Bargain purchase gain 1,263 7,857                1,200             3,500                   4,300          
Cash consideration paid                 3,700             11,400                                
Equity issuance, closing and other transaction costs                                           200                    
Debt instrument, face amount       6,300               7,000                                     18,700  
Interest rate, Libor plus                       4.95%                                        
Payments of demand note                     4,000   3,000                                      
Management agreement period                               1 year           1 year                    
Monthly base management fees                               3.00%           3.00%                    
Possible additional one-year extensions                               9           1                    
Advance termination written notice period before anniversary date                               90 days           60 days                    
Centralized accounting fees                                           3                    
Management incentive fee, as a percent of the gross operating income over established threshold                                           15.00%                    
Management incentive cap, as a percent of total annual revenues                                           2.00%                    
Percentage of annualized preferred return on invested capital                                   12.00%                            
Pro rata Percentage of distribution after annualized preferred return on invested capital achieved                                   85.00%     15.00%                      
Distribution 3,144 5,814     306 306                                 3,319 6,120                
Annualized preferred returns 561 1,497 745   39 78 39                               600 1,575 784              
Return on invested capital 2,583 4,317     136 228                                 2,719 4,545                
Net proceeds from mortgage loan included in distribution 24,420 11,273                                            6,000                
FF&E reserve, included in restricted escrows                                           800                    
Franchise agreement period                                           20 years                    
Purchase price allocation land                 2,000             1,800           2,800         2,500 2,500        
Purchase price allocation building and improvements                 8,000             9,700           9,000         8,400 8,400        
Purchase price allocation furniture and fixtures                 1,900             500           1,000         800 800        
Purchase price allocation early termination fees                                           1,200                    
Proceeds from mortgage loan                                           5,300                    
Asset capitalization rate                 10.60%                   10.70%     10.50%         8.00% 8.00%        
Mortgage loan receivable, net     7,029                                                       7,900  
Carrying value of investment 3,834 5,950                                                     7,000      
Excess cash applied to principal                                                           100    
Interest income                                                         800 1,000    
Percent of outstanding common units acquired               5.10%                                   82.60%           17.40%
Maturity date       Jan. 06, 2021                                                        
Debt instrument, stated interest rate       9.00%                                                        
Percent of outstanding common units held               87.70%                                                
Debt amortization period       30 years                                                        
Payments for acquisition of common units               $ 100                                                
XML 49 R24.htm IDEA: XBRL DOCUMENT v2.4.0.8
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2013
Summary of Significant Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

 

The consolidated financial statements include the accounts of Lightstone REIT II and the Operating Partnership and its subsidiaries (over which Lightstone REIT exercises financial and operating control). As of December 31, 2013, the Company had a 99.9% general partnership interest in the Operating Partnership. All inter-company balances and transactions have been eliminated in consolidation.

 

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate and investments in other real estate entities, depreciable lives of long-lived assets and revenue recognition. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates.

 

Investments in other real estate entities where the Company has the ability to exercise significant influence, but does not exercise financial and operating control, and is not considered to be the primary beneficiary will be accounted for using the equity method. Investments in other real estate entities where the Company has virtually no influence will be accounted for using the cost method.

 
Cash and Cash Equivalents

Cash and Cash Equivalents

 

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. All cash equivalents are held in commercial paper and money market funds.

 

Supplemental disclosure of cash flow information:   Year Ended December 31,  
    2013     2012     2011  
                   
Cash paid for interest   $ 939     $ 413     $ -  
Distributions declared   $ 4,050     $ 3,268     $ 2,587  
Marketable securities purchased with margin loan, net   $ -     $ -     $ 3,340  
Noncash commissions and other offering costs in accounts payable and other accrued expenses   $ 193     $ 254     $ 286  
Subscription receivable   $ 25     $ (104 )   $ (262 )
Value of shares issued from distribution reinvestment program   $ 1,791     $ 1,458     $ 1,182  
Issuance of units in exchange for investment in unconsolidated affiliated entities   $ -     $ 911     $ 548  
Restricted escrow deposits and related liability initially established related to acquisition of mortgage loan receivable   $ -     $ -     $ 205  
Note receivable received in connection with disposition of investment in unconsolidated affiliated entity   $ -     $ 2,400     $ -  
Satisfaction of promissory note   $ -     $ 7,029     $ -  

 
Marketable Securities

Marketable Securities

 

Marketable securities consist of equity securities and corporate bonds that are designated as available-for-sale and are recorded at fair value. Unrealized holding gains or losses will be reported as a component of accumulated other comprehensive income (loss). Realized gains or losses resulting from the sale of these securities will be determined based on the specific identification of the securities sold. An impairment charge will be recognized when the decline in the fair value of a security below the amortized cost basis is determined to be other-than-temporary. The Company will consider various factors in determining whether to recognize an impairment charge, including the duration and severity of any decline in fair value below our amortized cost basis, any adverse changes in the financial condition of the issuers and our intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. The Board has authorized the Company from time to time to invest the Company's available cash in marketable securities of real estate related companies. The Board of Directors has approved investments up to 30% of the Company's total assets to be made at the Company's discretion, subject to compliance with any REIT or other restrictions.

 
Revenue Recognition

Revenue Recognition

 

The Company invests in real estate assets that generate rental income. Minimum rents will be recognized on a straight-line accrual basis, over the terms of the related leases. The capitalized above-market lease values and the capitalized below-market lease values will be amortized as an adjustment to rental income over the initial lease term. Percentage rents, which are based on commercial tenants' sales, will be recognized once the sales reported by such tenants exceed any applicable breakpoints as specified in the tenants' leases. Recoveries from commercial tenants for real estate taxes, insurance and other operating expenses, and from residential tenants for utility costs, will be recognized as revenues in the period that the applicable costs are incurred. Revenues from the operations of the hotel are recognized when the services are provided.

 
Accounts Receivable

Accounts Receivable

 

The Company makes estimates of the uncollectability of its accounts receivable related to base rents, expense reimbursements and other revenues. The Company analyzes accounts receivable and historical bad debt levels, customer credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. The Company's reported net income or loss is directly affected by management's estimate of the collectability of accounts receivable.

 
Investment in Real Estate

Investment in Real Estate

 

Accounting for Acquisitions

 

When the Company makes an investment in real estate, the fair value of the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases for acquired in-place leases and the value of tenant relationships, based in each case on their fair values. Purchase accounting is applied to assets and liabilities related to real estate entities acquired based upon the percentage of interest acquired. Fees incurred related to acquisitions are expensed as incurred and recorded in general and administrative costs in the consolidated statements of operation. Transaction costs incurred related to the Company's investments in unconsolidated affiliated entities, accounted for under the equity method of accounting, are capitalized as part of the cost of the investment.

 

Upon the acquisition of real estate operating properties, the Company estimates the fair value of acquired tangible assets and identified intangible assets and liabilities and certain liabilities such as assumed debt and contingent liabilities, at the date of acquisition, based on evaluation of information and estimates available at that date. Based on these estimates, the Company allocates the initial purchase price to the applicable assets, liabilities and noncontrolling interests, if any. As final information regarding fair value of the assets acquired, liabilities assumed and noncontrolling interests is received and estimates are refined, appropriate adjustments are be made to the purchase price allocation. The allocations are finalized as soon as all the information necessary is available and in no case later than within twelve months from the acquisition date.

 

In determining the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management's estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above-market lease values and the capitalized below-market lease values are amortized as an adjustment to rental income over the initial non-cancelable lease term and any fixed-rate renewal periods, which are reasonably assured, in the respective leases.

 

The aggregate value of in-place leases is determined by evaluating various factors, including an estimate of carrying costs during the expected lease-up periods, current market conditions and similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, legal and other related costs. Optional renewal periods are not considered.

 

The aggregate value of other acquired intangible assets includes tenant relationships. Factors considered by management in assigning a value to these relationships include: assumptions of probability of lease renewals, investment in tenant improvements, leasing commissions and an approximate time lapse in rental income while a new tenant is located. The value assigned to this intangible asset is amortized over the remaining lease terms.

 

Carrying Value of Assets

 

The amounts capitalized as a result of periodic improvements and additions to real estate property, when applicable, and the periods over which the assets are depreciated or amortized, are determined based on the application of accounting standards that may require estimates as to fair value and the allocation of various costs to the individual assets. Differences in the amount attributed to the assets can be significant based upon the assumptions made in calculating these estimates.

 

Impairment Evaluation

 

Management evaluates the recoverability of its investments in real estate assets at the lowest identifiable level, the individual property level. Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recognized only if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value.

 

The Company evaluates the long-lived assets for potential impairment on a quarterly basis and records an impairment charge when there is an indicator of impairment and the undiscounted projected cash flows are less than the carrying amount for a particular property. The estimated cash flows used for the impairment analysis and the determination of estimated fair value are based on the Company's plans for the respective assets and the Company's views of market and economic conditions. The estimates consider matters such as current and historical rental rates, occupancies for the respective properties and comparable properties, and recent sales data for comparable properties. Changes in estimated future cash flows due to changes in the Company's plans or views of market and economic conditions could result in recognition of impairment losses, which, under the applicable accounting guidance, could be substantial. As of December 31, 2013 and 2012, the Company did not recognize any impairment charges.

 
Depreciation and Amortization

Depreciation and Amortization

 

Depreciation expense is computed based on the straight-line method over the estimated useful life of the applicable real estate asset. We generally use estimated useful lives of up to thirty-nine years for buildings and improvements and five to ten years for furniture, fixtures and equipment. Expenditures for tenant improvements and construction allowances paid to commercial tenants are capitalized and amortized over the initial term of each lease. Expenditures for ordinary maintenance and repairs are charged to expense as incurred.

 
Deferred Costs

Deferred Costs

 

The Company capitalizes initial direct costs associated with financing and leasing activities. The costs are capitalized upon the execution of the loan or lease and amortized over the initial term of the corresponding loan or lease. Amortization of deferred loan costs begins in the period during which the loan is originated using the effective interest method over the term of the loan. Deferred leasing costs are not amortized to expense until the earlier of the store opening date or the date the tenant's lease obligation begins.

 
Investments in Unconsolidated Affiliated Entities

Investments in Unconsolidated Affiliated Entities

 

The Company evaluates its investments in other entities for consolidation.  The percentage interest in the joint venture, evaluation of control and whether a variable interest entity ("VIE") exists are all considered in determining if the investment qualifies for consolidation.

 

The Company accounts for its investments in unconsolidated affiliated entities using the equity or cost method of accounting, as appropriate. Under the equity method, the investment is recorded initially at cost, and subsequently adjusted for equity in net income/(loss) and cash contributions and distributions. The net income/(loss) of each investor is allocated in accordance with the provisions of the applicable operating agreements of the entities.  The allocation provisions in these agreements may differ from the ownership interest held by each investor.  Differences between the carrying amount of the Company's investment in the respective joint venture and the Company's share of the underlying equity of such unconsolidated affiliated entities are amortized over the respective lives of the underlying assets as applicable. These items are reported as a single line item in the consolidated statements of operations as income or loss from investments in unconsolidated affiliated entities. Under the cost method of accounting, the investment is recorded initially at cost, and subsequently adjusted for cash contributions and distributions resulting from any capital events. Dividends earned from the underlying entities are recorded as interest income in the consolidated statements of operations.

 

On a quarterly basis, the Company assesses whether the value of the investments in unconsolidated affiliated entities has been impaired.  An investment is impaired only if management's estimate of the fair value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary.  To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment.  Management's estimate of value for each investment is based on a number of assumptions that are subject to economic and market uncertainties.  As these factors are difficult to predict and are subject to future events that may alter our assumptions, the values estimated by management in the impairment analysis may not be realized. Any decline that is not considered temporary will result in the recording of an impairment charge. Management believes no impairment of its investments in unconsolidated affiliated entities existed as of December 31, 2013 and 2012.

 
Income Taxes

Income Taxes

 

We elected to be taxed as a REIT in conjunction with the filing of our 2009 U.S. federal income tax return. If we remain qualified as a REIT, we generally will not be subject to U.S. federal income tax on our net taxable income that we distribute currently to our stockholders. To maintain our REIT qualification under the Internal Revenue Code of 1986, as amended, or the Code, we must meet a number of organizational and operational requirements, including a requirement that we annually distribute to our stockholders at least 90% of our REIT taxable income (which does not equal net income, as calculated in accordance with GAAP), determined without regard to the deduction for dividends paid and excluding any net capital gain. If we fail to remain qualified for taxation as a REIT in any subsequent year and do not qualify for certain statutory relief provisions, our income for that year will be taxed at regular corporate rates, and we may be precluded from qualifying for treatment as a REIT for the four-year period following our failure to qualify as a REIT. Such an event could materially adversely affect our net income and net cash available for distribution to our stockholders.

 

The tax years subsequent to and including 2010 remain open to examination by the major taxing jurisdictions to which we are subject.

 

Additionally, even if we qualify as a REIT for U.S. federal income tax purposes, we may still be subject to some U.S. federal, state and local taxes on our income and property and to U.S. federal income taxes and excise taxes on our undistributed income.

 
Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

The carrying amounts of cash and cash equivalents, restricted escrows, prepaid expenses and other assets, accounts payable and other accrued expenses, the margin loan, due to sponsor, and distributions payable approximated their fair values as of December 31, 2013 because of the short maturity of these instruments. The estimated fair value of our mortgages payable is as follows:

 

    As of December 31, 2013     As of December 31, 2012  
(Dollars in thousands)   Carrying Amount     Estimated Fair
Value		     Carrying Amount     Estimated Fair
Value		  
Mortgages payable   $ 24,260     $ 23,898     $ 11,157     $ 11,157  

 
Selling Commission, Dealer Manager Fees and Organization and Other Offering Costs

Selling Commission, Dealer Manager Fees and Organization and Other Offering Costs

 

Selling commissions and dealer manager fees paid to the Dealer Manager, and other third-party offering expenses such as registration fees, due diligence fees, marketing costs, and professional fees are accounted for as a reduction against additional paid-in capital ("APIC") as costs are incurred. Any organization costs are expensed as general and administrative costs. Through December 31, 2013, the Company has incurred approximately $7.3 million in selling commissions and dealer manager fees and $7.9 million of other offering costs. From the commencement of the offering through December 31, 2013, the Company has recorded approximately $15.2 million of these costs against APIC.

 
Accounting for Derivative Financial Investments and Hedging Activities.

Accounting for Derivative Financial Investments and Hedging Activities.

 

The Company may enter into derivative financial instrument transactions in order to mitigate interest rate risk on a related financial instrument. The Company may designate these derivative financial instruments as hedges and apply hedge accounting. The Company will record all derivative instruments at fair value on the consolidated balance sheet.

 

Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, will be considered cash flow hedges. The Company will formally document all relationships between hedging instruments and hedged items, as well as our risk- management objective and strategy for undertaking each hedge transaction. The Company will periodically review the effectiveness of each hedging transaction, which involves estimating future cash flows. Cash flow hedges will be accounted for by recording the fair value of the derivative instrument on the consolidated balance sheet as either an asset or liability, with a corresponding amount recorded in accumulated other comprehensive income (loss) within stockholders' equity. Amounts will be reclassified from other comprehensive income (loss) to the consolidated statement of operations in the period or periods the hedged forecasted transaction affects earnings. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, will be considered fair value hedges. The effective portion of the derivatives gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the transaction affects earnings. The ineffective portion of the gain or loss is reported in earnings immediately.

 
Stock-Based Compensation

Stock-Based Compensation

 

The Company has an Employee and Director Incentive Restricted Share Plan. Awards, if any, will be granted at the fair market value on the date of the grant with fair value estimated using the Black-Scholes-Merton option valuation model, which incorporates assumptions surrounding the volatility, dividend yield, the risk-free interest rate, expected life, and the exercise price as compared to the underlying stock price on the grant date. As stock-based compensation expense recognized in the consolidated statements of operations will be based on awards ultimately expected to vest, the amount of expense will be reduced for forfeitures estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures will be estimated based on historical experience. The tax benefits associated with these share-based payments will be classified as financing activities in the consolidated statement of cash flows. The Company has not granted any stock-based incentive awards.

 
Concentration of Risk

Concentration of Risk

 

The Company maintains its cash in bank deposit accounts, which, at times, may exceed U.S. federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents.

 
Basic and Diluted Net Earnings per Common Share

Basic and Diluted Net Earnings per Common Share

 

The Company had no potentially dilutive securities outstanding during the periods presented. Accordingly, earnings per share is calculated by dividing net income/(loss) attributable to common shareholders by the weighted-average number of shares of common stock outstanding during the applicable period.

 
New Accounting Pronouncements

New Accounting Pronouncements

 

The Company has determined that no new accounting pronouncement issued or effective during the period had or is expected to have a material impact on its consolidated financial position, results of operations and cash flows, or do not apply to its operations.

 
Reclassifications

Reclassifications

 

Certain prior period amounts may have been reclassified to conform to the current year presentation.

 
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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 1,370 [1] $ 9,764 [2] $ 430
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 1,822 558 295
Amortization of deferred financing costs 83 65   
Gain on disposition of investment in unconsolidated affiliated entity    (741)   
Bargain purchase gain (1,263) (7,857)   
Loss/(income) from investments in unconsolidated affiliated entities 14 (159) 287
Other non-cash adjustments 145      
Changes in assets and liabilities:      
Decrease in restricted escrows 157 136 474
Decrease/(increase) in prepaid expenses and other assets 24 (429) (86)
Increase in accounts payable and other accrued expenses 400 330 15
(Decrease)/increase in due to sponsor (6) 39 (10)
Net cash provided by operating activities 2,746 1,706 1,405
CASH FLOWS FORM INVESTING ACTIVITIES:      
Purchase of investment property, net (18,158) (9,808) (12,564)
Purchase of marketable securities, net of margin loan       (4,575)
Purchase of investments in unconsolidated affiliated entities       (3,993)
Proceeds from sale of marektable securities 190      
Purchase of restricted escrow    (835)   
Proceeds from disposition of investment in unconsolidated affiliated entity    560   
Collections on note receivable from affiliate 2,340 60   
Release/(funding) of restricted escrows 348 (1,807)   
Distributions from unconsolidated affiliated entities 2,103 289   
Collections on mortgage loan receivable       60
Net cash used in investing activities (13,177) (11,541) (21,072)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from mortgage financings 24,420 11,273   
Payments on mortgages payable (11,317) (116)   
Payment of loan fees and expenses (359) (242) (30)
Payment on margin loans (810) (624)   
Proceeds from issuance of common stock 21,966 7,152 9,833
Payment of commissions and offering costs (4,021) (2,242) (2,391)
Redemption and cancellation of common stock (696) (458) (434)
Notes receivable from affiliates (322)      
Contribution of noncontrolling interests 2,060 103 896
Distributions to noncontrolling interests (175) (306) (39)
Distributions to common stockholders (1,947) (1,667) (1,231)
Net cash provided by financing activities 28,799 12,873 6,604
Net change in cash and cash equivalents 18,368 3,038 (13,063)
Cash and cash equivalents, beginning of year 8,152 5,114 18,177
Cash and cash equivalents, end of year $ 26,520 $ 8,152 $ 5,114
[1] Net income for the year ended December 31, 2013 includes a bargain purchase gain of $1.2 million in the 2nd quarter of 2013 in connection with the purchase of the Arkansas Hotel Portfolio. (See Note 3)
[2] Net income for the year ended December 31, 2012 includes a bargain purchase gain of $7.8 million which includes a bargain purchase gain recorded in the 4th quarter of 2012 of $4.3 million in connection with the purchase of the Fairfield Inn - East Rutherford and a bargain purchase gain recorded in the 3rd quarter of 2012 of $3.5 million in connection with the purchase of the SpringHill Suites - Peabody. (See Note 3)
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CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
In Thousands, except Per Share data, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
CONSOLIDATED BALANCE SHEETS [Abstract]    
Preferred shares, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 10,000 10,000
Preferred stock, shares issued      
Preferred stock, shares outstanding      
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 100,000 100,000
Common stock, shares issued 7,643 5,311
Common stock, shares outstanding 7,643 5,311
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Stockholder's Equity
 12 Months Ended
Dec. 31, 2013
Stockholder's Equity [Abstract]  
Stockholder's Equity

10. Stockholder's Equity

 

Preferred Shares

 

Shares of preferred stock may be issued in the future in one or more series as authorized by the Company's Board of Directors. Prior to the issuance of shares of any series, the Board of Directors is required by the Company's charter to fix the number of shares to be included in each series and the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each series. Because the Company's Board of Directors has the power to establish the preferences, powers and rights of each series of preferred stock, it may provide the holders of any series of preferred stock with preferences, powers and rights, voting or otherwise, senior to the rights of holders of our common stock. The issuance of preferred stock could have the effect of delaying, deferring or preventing a change in control of the Company, including an extraordinary transaction (such as a merger, tender offer or sale of all or substantially all of our assets) that might provide a premium price for holders of the Company's common stock. To date, the Company had no outstanding preferred shares.

 

Common Shares

 

All of the common stock being offered by the Company will be duly authorized, fully paid and nonassessable. Subject to the preferential rights of any other class or series of stock and to the provisions of its charter regarding the restriction on the ownership and transfer of shares of our stock, holders of the Company's common stock will be entitled to receive distributions if authorized by the Board of Directors and to share ratably in the Company's assets available for distribution to the stockholders in the event of a liquidation, dissolution or winding-up.

 

Each outstanding share of the Company's common stock entitles the holder to one vote on all matters submitted to a vote of stockholders, including the election of directors. There is no cumulative voting in the election of directors, which means that the holders of a majority of the outstanding common stock can elect all of the directors then standing for election, and the holders of the remaining common stock will not be able to elect any directors.

 

Holders of the Company's common stock have no conversion, sinking fund, redemption or exchange rights, and have no preemptive rights to subscribe for any of its securities. Maryland law provides that a stockholder has appraisal rights in connection with some transactions. However, the Company's charter provides that the holders of its stock do not have appraisal rights unless a majority of the Board of Directors determines that such rights shall apply. Shares of the Company's common stock have equal dividend, distribution, liquidation and other rights.

 

Under its charter, the Company cannot make any material changes to its business form or operations without the approval of stockholders holding at least a majority of the shares of our stock entitled to vote on the matter. These include (1) amendment of its charter, (2) its liquidation or dissolution, (3) its reorganization, and (4) its merger, consolidation or the sale or other disposition of its assets. Share exchanges in which the Company is the acquirer, however, do not require stockholder approval.

 

Distributions

 

U.S. federal income tax law requires that a REIT distribute annually at least 90% of its REIT taxable income (which does not equal net income, as calculated in accordance with GAAP) determined without regard to the deduction for dividends paid and excluding any net capital gain. In order to continue to qualify for REIT status, we may be required to make distributions in excess of cash available.

 

Distributions will be at the discretion of our Board of Directors. We commenced quarterly distributions beginning with the fourth quarter of 2009 and we have generally used cash proceeds from the sale of shares of our common stock to fund such distributions. We may continue to pay such distributions from the sale of shares of our common stock or borrowings if we do not generated sufficient cash flow from our operations to fund distributions. Our ability to pay regular distributions and the size of these distributions will depend upon a variety of factors. For example, our borrowing policy permits us to incur short-term indebtedness, having a maturity of two years or less, and we may have to borrow funds on a short-term basis to meet the distribution requirements that are necessary to achieve the tax benefits associated with qualifying as a REIT. We cannot assure that regular distributions will continue to be made or that we will maintain any particular level of distributions that we have established or may establish.

 

We are an accrual basis taxpayer, and as such our REIT taxable income could be higher than the cash available to us. We may therefore borrow to make distributions, which could reduce the cash available to us, in order to distribute 90% of our REIT taxable income as a condition to our election to be taxed as a REIT. These distributions made with borrowed funds may constitute a return of capital to stockholders. "Return of capital" refers to distributions to investors in excess of net income. To the extent that distributions to stockholders exceed earnings and profits, such amounts constitute a return of capital for U.S. federal income tax purposes, although such distributions might not reduce stockholders' aggregate invested capital. Because our earnings and profits are reduced for depreciation and other non-cash items, it is likely that a portion of each distribution will constitute a tax-deferred return of capital for U.S. federal income tax purposes.

 

On March 30, 2009, our Board of Directors declared the Annualized Distribution Rate for each quarterly period commencing 30 days subsequent to achieving the minimum offering of 500,000 shares of common stock. The distribution is calculated based on stockholders of record each day during the applicable period at a rate of $0.00178082191 per share per day, and equals a daily amount that, if paid each day for a 365-day period, would equal a 6.5% annualized rate based on the share price of $10.00.

 

At the beginning of October 2009, we achieved our minimum offering of 500,000 shares of common stock and on November 3, 2009, our Board of Directors declared our first quarterly distribution at an annualized distribution rate (the "Annualized Distribution Rate") for the three-month period ending December 31, 2009. Subsequently, our Board of Directors has declared regular quarterly distributions at the Annualized Distribution Rate

 

Total distributions declared during the years ended December 31, 2013, 2012 and 2011 were $4.1 million, $3.3 million and $2.6 million, respectively.

 

On March 28, 2014, the our Board of Directors declared the quarterly distribution for the three-month period ended March 31, 2014 in the amount of $0.00178082191 per share per day payable to stockholders of record on the close of business each day during the quarter, which will be paid on April 15, 2014.

 

Our stockholders have the option to elect the receipt of shares of common stock in lieu of cash under our DRIP.

 

The amount of distributions to be paid to our stockholders in the future will be determined by our Board of Directors and are dependent on a number of factors, including funds available for payment of distributions, our financial condition, capital expenditure requirements and annual distribution requirements needed to maintain our status as a REIT under the Code.

 

Equity Compensation Plans

 

The Company's Employee and Director Incentive Restricted Share Plan provides for grants of awards to its directors, officers and full-time employees (in the event the Company ever has employees), full-time employees of its advisor and its affiliates, full-time employees of entities that provide services to it, directors of its advisor or of entities that provide services to it, certain of its consultants and certain consultants to the advisor and its affiliates or to entities that provide services to it. Such awards shall consist of restricted shares.

 

Restricted share awards entitle the recipient to common shares from us under terms that provide for vesting over a specified period of time or upon attainment of pre-established performance objectives. Such awards would typically be forfeited with respect to the unvested shares upon the termination of the recipient's employment or other relationship with the Company. Restricted shares may not, in general, be sold or otherwise transferred until restrictions are removed and the shares have vested. Holders of restricted shares may receive cash dividends prior to the time that the restrictions on the restricted shares have lapsed. Any dividends payable in common shares shall be subject to the same restrictions as the underlying restricted shares.

 

On March 30, 2012, our Board of Directors approved the termination of our stock option plan. The stock option plan was terminated by our Board of Directors as a result of a request from a state securities regulator. Prior to its termination, we had adopted a stock option plan under which our independent directors were eligible to receive annual nondiscretionary awards of nonqualified stock options. We had authorized and reserved 75,000 shares of our common stock for issuance under our stock option plan, which shares are no longer reserved for such purpose.

 
XML 54 R1.htm IDEA: XBRL DOCUMENT v2.4.0.8
Document and Entity Information (USD $)
In Millions, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Mar. 15, 2014
Jun. 30, 2013
Document and Entity Information [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2013    
Entity Registrant Name LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST II INC    
Entity Central Index Key 0001436975    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2013    
Document Fiscal Period Focus FY    
Entity Filer Category Smaller Reporting Company    
Entity Common Stock, Shares Outstanding   8.7  
Entity Current Reporting Status Yes    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Public Float     $ 60.7
XML 55 R18.htm IDEA: XBRL DOCUMENT v2.4.0.8
Noncontrolling Interests
 12 Months Ended
Dec. 31, 2013
Noncontrolling Interests [Abstract]  
Noncontrolling Interests

11. Noncontrolling Interests

 

The noncontrolling interests consist of (i) parties of the Company that hold units in the Operating Partnership and (ii) certain interests in LVP Metairie JV, LVP East Rutherford, LVP TPS Little Rock Holdings LLC and LVP TPS Fayetteville Holdings LLC which are not owned by the Company. The units include Subordinated Profits Interests, limited partner units, and Common Units. With respect to the units in the Operating Partnership, the noncontrolling interest in the Company's consolidated balance sheets as of December 31, 2013 and 2012 include (i) the 2,000 limited partner units held by the Advisor and (ii) 64 and 50 Subordinated Profits Interests units held by Lightstone SLP II LLC as of December 31, 2013 and 2012, respectively.

 

Share Description

 

See Notes 1 and 3 for discussion of rights related to LVP Metairie JV, LVP East Rutherford, LVP TPS Little Rock Holdings LLC, LVP TPS Fayetteville Holdings LLC and Subordinated Profits Interests, respectively. The limited partner and Common Units of the Operating Partnership have similar rights as those of the Company's stockholders including distribution rights.

 

Distributions

 

During the year ended December 31, 2013, 2012 and 2011, the Company paid distributions to noncontrolling interests in LVP Metairie JV of $175, $306 and $39, respectively.

 
XML 56 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]      
Rental revenue $ 13,058 $ 5,942 $ 2,978
Expenses:      
Property operating expenses 8,464 3,329 1,500
Real estate taxes 648 216 173
General and administrative costs 1,583 1,953 1,579
Depreciation and amortization 1,822 558 295
Total operating expenses 12,517 6,056 3,547
Operating income/(loss) 541 (114) (569)
Interest and dividend income 856 1,665 1,332
Gain on disposition of unconsolidated affiliated entity    741   
Bargain purchase gain 1,263 7,857   
Interest expense (1,035) (535) (19)
Other expense, net (241) (9) (27)
(Loss)/income from investments in unconsolidated affiliated entities (14) 159 (287)
Net income 1,370 [1] 9,764 [2] 430
Less: net income attributable to noncontrolling interests (40) (555) (28)
Net income applicable to Company's common shares $ 1,330 $ 9,209 $ 402
Net income/per Company's common share, basic and diluted $ 0.21 $ 1.84 $ 0.10
Weighted average number of common shares outstanding, basic and diluted 6,235 5,016 3,978
[1] Net income for the year ended December 31, 2013 includes a bargain purchase gain of $1.2 million in the 2nd quarter of 2013 in connection with the purchase of the Arkansas Hotel Portfolio. (See Note 3)
[2] Net income for the year ended December 31, 2012 includes a bargain purchase gain of $7.8 million which includes a bargain purchase gain recorded in the 4th quarter of 2012 of $4.3 million in connection with the purchase of the Fairfield Inn - East Rutherford and a bargain purchase gain recorded in the 3rd quarter of 2012 of $3.5 million in connection with the purchase of the SpringHill Suites - Peabody. (See Note 3)
XML 57 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
Marketable Securities and Fair Value Measurements
 12 Months Ended
Dec. 31, 2013
Marketable Securities and Fair Value Measurements [Abstract]  
Marketable Securities and Fair Value Measurements
  5. Marketable Securities and Fair Value Measurements

 

Marketable Securities:

 

The following is a summary of the Company's available for sale securities as of the dates indicated:

 

    As of December 31, 2013  
    Adjusted Cost     Gross Unrealized Gains     Gross Unrealized
Losses		     Fair Value  
Equity Securities   $ 7,735     $ 399     $       $ 8,134  

 

    As of December 31, 2012  
    Adjusted Cost     Gross Unrealized Gains     Gross Unrealized
Losses		     Fair Value  
Equity Securities   $ 7,915     $ 229     $ -     $ 8,144  

 

The Company has access to a margin loan from a financial institution that holds custody of certain of the Company's marketable securities. The margin loan is collateralized by the marketable securities in the Company's account. The amounts available to the Company under the margin loan are at the discretion of the financial institution and not limited to the amount of collateral in its account. The margin loan bears interest at libor plus 0.85% (1.02% at December 31, 2013) and interest expense on the margin loan was $24 and $34 for the years ended December 31, 2013 and 2012, respectively.

 

When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, and the Company's intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment's amortized cost basis. As of December 31, 2013 and 2012, the Company did not recognize any impairment charges.

 

Fair Value Measurements

 

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.

 

The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value:

 

  • Level 1 - Quoted prices in active markets for identical assets or liabilities.

 

  • Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

 

  • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

 

As of December 31, 2013 all of the Company's equity securities were classified as Level 1 assets and there were no transfers between the level classifications. The Company did not have any other significant financial assets or liabilities, which would require revised valuations that are recognized at fair value.

 
XML 58 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Investments in Unconsolidated Affiliated Entities
 12 Months Ended
Dec. 31, 2013
Investments in Unconsolidated Affiliated Entities [Abstract]  
Investments in Unconsolidated Affiliated Entities
  4. Investments in Unconsolidated Affiliated Entities

 

The entities listed below are or were partially owned by the Company. The Company accounts or accounted for these investments under the equity method of accounting as the Company exercises or exercised significant influence, but does not or did not exercise financial and operating control, and is not or was not considered to be the primary beneficiary of these entities. A summary of the Company's investments in unconsolidated affiliated entities is as follows:

 

              As of  
Entity   Date of Ownership   Ownership %     December 31, 2013     December 31, 2012  
Brownmill LLC ("Brownmill")   Various     48.58 %   $ 3,834     $ 4,076  
LVP Rego Park, LLC ("Rego Park Joint Venture")   April 12, 2011     10.00 %     -       1,874  
Total investments in unconsolidated affiliated entities               $ 3,834     $ 5,950  

 

Brownmill

 

During 2010, 2011 and 2012, the Company entered into five separate contribution agreements with Lightstone Holdings LLC (''LGH''), a wholly-owned subsidiary of the Company's Sponsor, pursuant to which LGH contributed to the Company an approximate aggregate 48.6% equity interest (34.4%, 5.6% and 8.6% in 2010, 2011 and 2012, respectively) in Brownmill in order to fulfill the Sponsor's semi-annual commitment to purchase Subordinated Profits Interests with cash or contributed property. In exchange, the Company issued an aggregate of 48 units (33, 6 and 9 in 2010, 2011 and 2012, respectively) of Subordinated Profits Interests, at $100,000 per unit (at an aggregate total value of $4.8 million, of which $3.3 million, $0.6 million and $0.9 million were in 2010, 2011 and 2012, respectively), to Lightstone SLP II LLC.

 

The aggregate fair value of the Company's 48.6% interest in Brownmill, based on estimated fair values as of the effective dates of the applicable contributions, was approximately $15.5 million, of which $4.8 million was in the form of equity and $10.7 million was in the form of mortgage indebtedness.

 

As a result of these contributions in exchange for Subordinated Profit Interests, as of December 31, 2013, the Company owns a 48.6% membership interest in Brownmill. The Company's interest in Brownmill is a non-managing interest. An affiliate of the Company's Sponsor is the majority owner and manager of Brownmill. Profit and cash distributions are allocated in accordance with each investor's ownership percentage. The Company recorded its investment in Brownmill in accordance with the equity method of accounting. Accordingly, its portion of Brownmill's total indebtedness is not included in the investment. In connection with the contributions of the ownership interests in Brownmill, the Company did not incur any transactions fees. During the years ended December 31, 2013 and 2012, Brownmill made distributions of $150 and $300, respectively, to its members, of which the Company's share was $73 and $135, respectively. Brownmill did not make distributions during the years ended December 31, 2011.

 

Brownmill owns two retail properties known as Browntown Shopping Center, located in Old Bridge, New Jersey, and Millburn Mall, located in Vauxhaull, New Jersey, which collectively, are referred to as the "Brownmill Properties."

 

Brownmill Condensed Financial Information

 

The Company's carrying value of its interest in Brownmill differs from its share of member's equity reported in the condensed balance sheet of Brownmill due to the Company's basis of its investment in excess of the historical net book value of Brownmill. The Company's additional basis allocated to depreciable assets is being recognized on a straight-line basis over the lives of the appropriate assets.

 

The following table represents the unaudited condensed income statement for Brownmill for the period indicated:

 

    For the Year
Ended December
31, 2013		     For the Year
Ended December
31, 2012		     For the Year
Ended December
31, 2011		  
Revenue   $ 3,551     $ 3,682     $ 3,821  
                         
Property operating expenses     1,377       1,361       1,723  
Depreciation and amortization     840       862       824  
                         
Operating income     1,334       1,459       1,274  
                         
Interest expense and other, net     (1,151 )     (1,179 )     (1,178 )
                         
Net income   $ 183     $ 280     $ 96  
                         
Company's share of net income   $ 89     $ 122     $ 23  
                         
Additional depreciation and amortization expense (1)     (259 )     (283 )     (243 )
                         
Company's loss from investment   $ (170 )   $ (161 )   $ (220 )

 

  1. Additional depreciation and amortization expense relates to the amortization of the difference between the cost of the interest in Brownmill and the amount of the underlying equity in net assets of Brownmill.

 

The following table represents the unaudited condensed balance sheet for Brownmill:

 

    As of     As of  
    December 31, 2013     December 31, 2012  
             
Real estate, at cost (net)   $ 16,039     $ 16,760  
Cash and restricted cash     1,530       947  
Other assets     1,363       1,602  
Total assets   $ 18,932     $ 19,309  
                 
Mortgage payable   $ 20,700     $ 21,159  
Other liabilities     588       540  
Members' deficiency     (2,356 )     (2,390 )
Total liabilities and members' deficiency   $ 18,932     $ 19,309  

 

CP Boston Joint Venture

 

On March 21, 2011, the Company and its Sponsor's other public program, Lightstone Value Plus Real Estate Investment Trust, Inc. ("Lightstone REIT I"), acquired, through LVP CP Boston Holdings, LLC (the "CP Boston Joint Venture) a 366-room, eight-story, full-service hotel and a 65,000 square foot water park located at 50 Ferncroft Road, Danvers, Massachusetts from WPH Boston, LLC, an unrelated third party, for an aggregate purchase price of approximately $10.1 million, excluding closing and other related transaction costs. The Company and Lightstone REIT I had 20.0% and 80.0% joint venture ownership interests, respectively, in the CP Boston Joint Venture and the Company's share of the aggregate purchase price was approximately $2.0 million. Additionally, in connection with the acquisition, the Company's Advisor received an acquisition fee equal to 0.95% of the acquisition price, or approximately $19.

 

On February 20, 2012, the Company completed the disposition of its 20.0% joint venture ownership interest in the CP Boston Joint Venture with an effective date of January, 1, 2012, to subsidiaries of Lightstone REIT I, which now owns 100.0% of the CP Boston Joint Venture. Under the terms of the agreement, the Company received approximately $3.0 million in total consideration, consisting of approximately $0.6 million of cash and a $2.4 million unsecured 10.0% interest-bearing demand note (the "Lightstone REIT I Note") from the operating partnership of Lightstone REIT I. The Company received a principal paydown of $60 during the year ended December 31, 2012 and the remaining outstanding balance of the Lightstone REIT I Note of $2,340 was repaid in full in June 2013. During the years ended December 31, 2013 and 2012, the Company recognized $105 and $240 of interest income on the Lightstone REIT I Note, respectively.

 

In connection with the disposition of its 20.0% joint venture ownership interest in the CP Boston Joint Venture, the Company recognized a gain on disposition of investment in unconsolidated affiliated entity of $0.7 million in its consolidated statements of operations during the first quarter of 2012.

 

The Company's 20.0% joint venture ownership interest in the CP Boston Joint Venture was a non-managing interest, which it accounted for in accordance with the equity method of accounting from the date of acquisition through the date of disposition.

 

CP Boston Joint Venture Financial Information

 

The following table represents the unaudited condensed income statement for the CP Boston Joint Venture for the period indicated:

 

    For the Period March
21, 2011 through
December 31, 2011		  
Revenue   $ 10,919  
         
Property operating expenses     10,684  
Franchise cancellation expense     1,235  
Depreciation and amortization     288  
Operating loss     (1,288 )
Other income     17  
         
Net loss   $ (1,271 )
         
Company's share of net loss   $ (254 )

 

Rego Park Joint Venture

 

On April 12, 2011, LVP Rego Park, LLC, ("the Rego Park Joint Venture") a joint venture in which the Company and Lightstone REIT I have 10% and 90%, ownership interests, respectively, acquired a $19.5 million, nonrecourse second mortgage note (the "Second Mortgage Loan") for approximately $15.1 million from Kelmar Company, LLC (the "Seller"), an unaffiliated third party. The purchase price reflects a discount of approximately $4.4 million to the outstanding principal balance. The Company's share of the aggregate purchase price was approximately $1.5 million. The Company accounts for its investment in the Rego Park Joint Venture in accordance with the equity method of accounting.

 

The Second Mortgage Loan was originated by the Seller in May 2008 with an original principal balance of $19.5 million, was due May 31, 2013 and was collateralized by a 417 unit apartment complex located in Queens, New York. The Second Mortgage Loan bore interest at a fixed rate of 5.0% per annum with monthly interest only payments of approximately $0.1 million through maturity. The Rego Park Joint Venture accreted the discount using the effective interest rate method through maturity. On June 27, 2013 all amounts due to the Rego Park Joint Venture related to the Second Mortgage Loan were repaid in full.

 

During the year ended December 31, 2013, the Rego Park Joint Venture made aggregate distributions of approximately $21.0 million to its members, of which the Company's share was approximately $2.1 million. These distributions included the final distribution of the Rego Park Joint Venture assets and as of December 31, 2013 the Company no longer had any investment in the Rego Park Joint Venture.

 

Rego Park Joint Venture Financial Information

 

The following table represents the unaudited condensed income statement for the Rego Park Joint Venture for the period indicated:

 

    For the Year
ended
December
31, 2013		     For the Year
ended
December 31,
2012		     For the Period
April 12, 2011
through
December 31,
2011		  
                   
Operating expenses   $ 3     $ 5     $ 202  
Operating loss     (3 )     (5 )     (202 )
Interest income     1,725       3,203       2,068  
Net income   $ 1,722     $ 3,198     $ 1,866  
Company's share of net income before adjustment   $ 172     $ 320     $ 187  
Basis adjustment on mortgage loan     (16 )     -       -  
Company's share of net income   $ 156     $ 320     $ 187  

 

The following table represents the unaudited condensed balance sheet for Rego Park Joint Venture:

 

    As of  
    December 31, 2012  
         
Cash and restricted cash   $ 91  
Mortgage note receivable, net     18,443  
Other assets     45  
Total assets   $ 18,579  
         
Members' capital   $ 18,579  
Total liabilities and members' capital   $ 18,579  

 
XML 59 R23.htm IDEA: XBRL DOCUMENT v2.4.0.8
Schedule III Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2013
Schedule III Real Estate and Accumulated Depreciation [Abstract]  
Schedule III Real Estate and Accumulated Depreciation

Schedule III

Real Estate and Accumulated Depreciation

December 31, 2013

 

                      Gross amount at which                    
          Initial Cost  (A)           carried at end of period                    
    Encumbrance     Land     Buildings and
Improvements		     Net Costs
Capitalized &
Impairments
Subsequent to
Acquisition		     Land and
Improvements		     Buildings and
Improvements		     Total (B)     Accumulated
Depreciation (C)		     Date Acquired     Depreciable
Life (D)		  
                                                             
TownePlace Suites Hotel Harahan, LA   $ 9,438     $ 1,800     $ 10,484     $ 1,860     $ 1,800     $ 12,344     $ 14,144     $ (1,063 )     1/19/2011       (D)  
                                                                                 
SpringHill Suites Hotel Peabody, MA     8,097       2,126       10,624       2,473       2,160       13,063       15,223       (994 )     7/13/2012       (D)  
                                                                                 
Fairfield Inn East Rutherford, NJ     -       2,945       8,743       3,710       2,945       12,453       15,398       (356 )     12/31/2012       (D)  
                                                                                 
TownePlace Suites Hotel Johnson, AR     2,980       990       4,710       -       990       4,710       5,700       (126 )     6/18/2013       (D)  
                                                                                 
TownePlace Suites Hotel Little Rock, AR     3,745       1,037       5,220       35       1,047       5,245       6,292       (131 )     6/18/2013       (D)  
                                                                                 
Total   $ 24,260     $ 8,898     $ 39,781     $ 8,078     $ 8,942     $ 47,815     $ 56,757     $ (2,670 )                

 

Notes to Schedule III:

 

(A) The initial cost to the Company represents the original purchase price of the property, including (i) bargain purchase gains recorded in connection with the acquisition and (ii) amounts incurred subsequent to acquisition which were contemplated at the time the property was acquired.

 

(B) Reconciliation of total real estate owned:

 

    2013     2012     2011  
                         
Balance at beginning of year   $ 37,336     $ 12,514     $ -  
Acquisitions, at cost     10,694       16,581       12,284  
Acquisitions, bargain purchase gain     1,263       7,857       -  
Improvements     7,464       384       230  
                         
Balance at end of year   $ 56,757     $ 37,336     $ 12,514  

 

(C) Reconciliation of accumulated depreciation:

 

    For the years ended December 31,  
    2013     2012     2011  
                         
Balance at beginning of year   $ 850     $ 293     $ -  
Depreciation expense     1,820       557       293  
                         
Balance at end of year   $ 2,670     $ 850     $ 293  

 

(D) Depreciation is computed based upon the following estimated lives:

 

Buildings and improvements     15-39 years  
Tenant improvements and equipment     5-10 years  

 

(E) Amounts included in buildings and improvements include furniture and fixtures and construction in progress.

  
XML 60 R19.htm IDEA: XBRL DOCUMENT v2.4.0.8
Related Party Transactions
 12 Months Ended
Dec. 31, 2013
Related Party Transactions [Abstract]  
Related Party Transactions

12. Related Party Transactions  

 

The Company has agreements with the Dealer Manager, Advisor and Property Managers to pay certain fees, as follows, in exchange for services performed by these entities and other affiliated entities. The Company's ability to secure financing and subsequent real estate operations are dependent upon its Advisor, Property Managers and their affiliates to perform such services as provided in these agreements.

 

Fees   Amount
Selling Commission  

The Dealer Manager will be paid up to 7% of the gross offering proceeds before reallowance of commissions earned by participating broker-dealers. Selling commissions are expected to be approximately $21.0 million if the maximum offering of 30.0 million shares of common stock are sold under our Follow-On Offering. From our inception through December 31, 2013, approximately $4.9 million of selling commissions have been incurred. 
     
Dealer Management Fee  

The Dealer Manager will be paid up to 3% of gross offering proceeds before reallowance to participating broker-dealers. The estimated dealer management fee is expected to be approximately $9.0 million if the maximum offering of 30.0 million shares of common stock are sold under our Follow-On Offering. From our inception through December 31, 2013, approximately $2.4 million of dealer management fees have been incurred. 
     
Reimbursement of Offering Expenses   Reimbursement of all selling commissions and dealer management fees indicated above, are estimated at approximately $30.0 million if the maximum offering of 30.0 million shares of common stock are sold under our Follow-On Offering. The Company will sell Subordinated Profits Interests to Lightstone SLP II LLC for either cash or interests in real property of equivalent value, at the Sponsor's option. The proceeds received from the cash sale of Subordinated Profits Interests, if any, will be used to pay the dealer manager fees and selling commissions, except to the extent that the proceeds from the sale of the Subordinated Profits Interests exceed the dealer manager fees and selling commissions, the Company will apply the remaining proceeds to pay for organizational and offering expenses.
     
Acquisition Fee  

The Advisor will be paid an acquisition fee equal to 0.95% of the gross contractual purchase price (including any mortgage assumed) of each property purchased. The Advisor will also be reimbursed for expenses that it incurs in connection with the purchase of a property. The Company anticipates that acquisition expenses will be 0.45% of a property's purchase price, and acquisition fees and expenses are capped at 5% of the gross contract purchase price of the property. The actual amounts of these fees and reimbursements depend upon results of operations and, therefore, cannot be determined at the present time. However, $11.3 million may be paid as an acquisition fee and for the reimbursement of acquisition expenses if the maximum offering of 30.0 million shares of common stock are sold under our Follow-On Offering, assuming aggregate long-term permanent leverage of approximately 75%. 
     

Property Management -  Residential/Retail/

Hospitality

  

The Property Manager will be paid a monthly management fee of up to 5% of the gross revenues from residential, hospitality and retail properties. The Company may pay the Property Managers a separate fee for the one-time initial rent-up or leasing-up of newly constructed properties in an amount not to exceed the fee customarily charged in arm's length transactions by others rendering similar services in the same geographic area for similar properties as determined by a survey of brokers and agents in such area. 
     

Property Management - 

Office/Industrial

  

The Property Manager s will be paid monthly property management and leasing fees of up to 4.5% of gross revenues from office and industrial properties. In addition, the Company may pay the Property Managers a separate fee for the one-time initial rent-up or leasing-up of newly constructed properties in an amount not to exceed the fee customarily charged in arm's length transactions by others rendering similar services in the same geographic area for similar properties as determined by a survey of brokers and agents in such area. 
     
Asset Management Fee  

The Advisor or its affiliates will be paid an asset management fee of 0.95% of the Company's average invested assets, as defined, payable quarterly in an amount equal to 0.2375 of 1% of average invested assets as of the last day of the immediately preceding quarter. 
     
Reimbursement of Other expenses  

For any year in which the Company qualifies as a REIT, the Advisor must reimburse the Company for the amounts, if any, by which the total operating expenses, the sum of the advisor asset management fee plus other operating expenses paid during the previous fiscal year exceed the greater of 2% of average invested assets, as defined, for that fiscal year, or, 25% of net income for that fiscal year. Items such as property operating expenses, depreciation and amortization expenses, interest payments, taxes, non-cash expenditures, the special liquidation distribution, the special termination distribution, organization and offering expenses, and acquisition fees and expenses are excluded from the definition of total operating expenses, which otherwise includes the aggregate expense of any kind paid or incurred by the Company.

 

The Advisor or its affiliates will be reimbursed for expenses that may include costs of goods and services, administrative services and non-supervisory services performed directly for the Company by independent parties.

 

Lightstone SLP II, LLC has and will purchase Subordinated Profits Interests in the Operating Partnership. These Subordinated Profits Interests, the purchase price of which will be repaid only after stockholders receive a stated preferred return and their net investment, may entitle Lightstone SLP II, LLC to a portion of any regular distributions made by the Operating Partnership. There have been no distributions to date. Any future distributions will be paid at a 7% annualized rate of return to Lightstone SLP II, LLC and will always be subordinated until stockholders receive a stated preferred return, as described below.

 

The Subordinated Profits Interests may also entitle Lightstone SLP II, LLC to a portion of any liquidating distributions made by the Operating Partnership. The value of such distributions will depend upon the net sale proceeds upon the liquidation of the Company and, therefore, cannot be determined at the present time. Liquidating distributions to Lightstone SLP II, LLC will always be subordinated until stockholders receive a distribution equal to their initial investment plus a stated preferred return, as described below:

 

Liquidating Stage Distributions   Amount of Distribution
7% Stockholder Return Threshold   Once stockholders have received liquidation distributions, and a cumulative non-compounded 7% return per year on their initial net investment, Lightstone SLP, LLC will receive available distributions until it has received an amount equal to its initial purchase price of the Subordinated Profits Interests plus a cumulative non-compounded return of 7% per year.
     
Returns in Excess of 7%   Once stockholders have received liquidation distributions, and a cumulative non-compounded return of 7% per year on their initial net investment, 70% of the aggregate amount of any additional distributions from the Operating Partnership will be payable to the stockholders, and 30% of such amount will be payable to Lightstone SLP II, LLC, until a 12% return is reached.
     
Returns in Excess of 12%   After stockholders and Lightstone SLP II, LLC have received liquidation distributions, and a cumulative non-compounded return of 12% per year on their initial net investment, 60% of any remaining distributions from the Operating Partnership will be distributable to stockholders, and 40% of such amount will be payable to Lightstone SLP II, LLC.

 

Operating Stage Distributions   Amount of Distribution
7% stockholder Return Threshold   Once a cumulative non-compounded return of 7% return on their net investment is realized by stockholders, Lightstone SLP II, LLC is eligible to receive available distributions from the Operating Partnership until it has received an amount equal to a cumulative non-compounded return of 7% per year on the purchase price of the Subordinated Profits Interests. "Net investment" refers to $10 per share, less a pro rata share of any proceeds received from the sale or refinancing of the Company's assets.
     
Returns in excess of 7%   Once a cumulative non-compounded return of 7% per year is realized by stockholders on their net investment, 70% of the aggregate amount of any additional distributions from the Operating Partnership will be payable to the stockholders, and 30% of such amount will be payable to Lightstone SLP II, LLC until a 12% return is reached.
     
Returns in Excess of 12%   After the 12% return threshold is realized by stockholders and Lightstone SLP II, LLC, 60% of any remaining distributions from the Operating Partnership will be distributable to stockholders, and 40% of such amount will be payable to Lightstone SLP II, LLC.

 

In addition to certain related party payments made to the Dealer Manager (see Note 7), the Company also has agreements with the Advisor and the Property Managers and their affiliates to perform such services as provided in these agreements. 

 

The following table represents the fees incurred associated with the payments to the Company's Advisor and Property Manager for the periods:

 

    For the Years Ended December 31,  
    2013     2012     2011  
Acquisition fees   $ 102     $ 85     $ 141  
Asset management fees     114       346       268  
Development fees     78       -       -  
Total   $ 294     $ 431     $ 409  

 

Pursuant to an Advisory Agreement, our Advisor is entitled to receive an asset management fee equal to 0.95% of our average invested assets, as defined. The asset management fee is payable quarterly and based on balances as of the end of each month in the quarterly period. Commencing with the quarter ended June 30, 2013, the Advisor has elected to waive or reduce its quarterly asset management fee to the extent our non-GAAP measure modified funds from operations available, or MFFO, as defined by the Investment Program Association, or IPA, for the preceding twelve months period ending on the last day of the current quarter is less than the distributions declared with respect to the same twelve month period. As a result, asset management fees of $0.4 million were waived by the Advisor during the year ended December 31, 2013.

 

As of December 31, 2013, the Company owns a 48.6% membership interest in Brownmill. Affiliates of the Company's Sponsor are the majority owners and manager of Brownmill. See Note 4.

 

Other Related Party Transactions

 

From time to time, the Company purchases title insurance from an agent in which our Sponsor owns a 50% limited partnership interest. Because this title insurance agent receives significant fees for providing title insurance, our Advisor may face a conflict of interest when considering the terms of purchasing title insurance from this agent. However, prior to the purchase by the Company of any title insurance, an independent title consultant with more than 25 years of experience in the title insurance industry reviews the transaction, and performs market research and competitive analysis on our behalf. This process results in terms similar to those that would be negotiated at an arm's length basis. During the years ended December 31, 2013, 2012 and 2011, the Company has paid approximately $106, $32 and $0 in fees to this title insurance agent, respectively.

 
XML 61 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
Subscription Receivable
 12 Months Ended
Dec. 31, 2013
Subscription Receivable [Abstract]  
Subscription Receivable

8. Subscription Receivable

 

The subscription receivable relates to shares issued to the Company's shareholders for which the proceeds have not yet been received by the Company solely due to a fact of timing of transfers from the escrow agent holding the funds.

 
XML 62 R60.htm IDEA: XBRL DOCUMENT v2.4.0.8
Schedule III Real Estate and Accumulated Depreciation (Summary of Estimated Useful Lives) (Details)
 12 Months Ended
Dec. 31, 2013
Buildings and improvements [Member] | Minimum [Member]
  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 15 years
Buildings and improvements [Member] | Maximum [Member]
  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 39 years
Tenant improvements and equipment [Member] | Minimum [Member]
  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 5 years
Tenant improvements and equipment [Member] | Maximum [Member]
  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 10 years
XML 63 R13.htm IDEA: XBRL DOCUMENT v2.4.0.8
Mortgages Payable
 12 Months Ended
Dec. 31, 2013
Mortgages Payable [Abstract]  
Mortgages Payable
  6. Mortgages Payable

 

Mortgages payable consisted of the following:

 

                        Loan Amount Outstanding  
Description   Interest Rate   Weighted
Average
Interest Rate
as of December
31, 2013		     Maturity
Date		   Amount Due
at Maturity		     As of
 December 31,
2013		     As of
December 31,
2012		  
                                 
TownePlace Suites Mortgage, secured by TownePlace Suites - Metairie   Libor plus 3.75%, subject to 6.00% floor                       $ -     $ 5,923  
                                         
SpringHill Suites Hotel Mortgage, secured by SpringHill Suites - Peabody   Libor plus 3.75%, subject to 5.75% floor                         -       5,234  
                                         
Promissory Note, secured by four properties   4.94%     4.94 %   August 2018   $ 21,754       24,260       -  
          4.94 %               $ 24,260     $ 11,157  

 

Promissory Note

 

On July 29, 2013, the Company, through certain subsidiaries, entered into a promissory note (the "Promissory Note") with Barclays Bank PLC ("Barclays") for approximately $24.4 million.  The Promissory Note has a term of five years with a maturity date of August 6, 2018, bears interest at 4.94%, and requires monthly principal and interest payments of approximately $142 through its stated maturity. 

 

The Promissory Note is cross-collateralized by four hotel properties consisting of the SpringHill Suites - Peabody, the TownePlace Suites - Metairie and the Arkansas Hotel Portfolio.

 

Approximately $11.1 million of the financing proceeds were used to repay the outstanding balances on two mortgages secured by the TownePlace Suites - Metairie and the SpringHill Suites - Peabody and $4.0 million was used to repay the remaining outstanding balance of the Demand Note due to Lightstone REIT I. Additionally, approximately $1.0 million was held in escrow and is reserved for property improvements, repairs and real estate taxes and the Company paid approximately $400 in fees.

 

Principal Maturities

 

The following table, based on the initial terms of the mortgages, sets forth their aggregate estimated contractual principal maturities, including balloon payments due at maturity, as of December 31, 2013:

 

    2014     2015     2016     2017     2018     Thereafter     Total  
Principal maturities   $ 499     $ 524     $ 548     $ 580     $ 22,109     $ -     $ 24,260  

 

Debt Compliance

 

Pursuant to the Company's debt agreements, approximately $1.3 million was held in restricted escrow accounts as of December 31, 2013. Such escrows are subject to release in accordance with the applicable debt agreement for the payment of real estate taxes, insurance and capital improvements, as required. Certain of our debt agreements also contain clauses providing for prepayment penalties and require the maintenance of certain ratios, including debt service coverage. The Company is currently in compliance with respect to all of its debt covenants.

 
XML 64 R14.htm IDEA: XBRL DOCUMENT v2.4.0.8
Selling Commission, Dealer Manager Fees and Other Offering Costs
 12 Months Ended
Dec. 31, 2013
Selling Commission Dealer Manager Fees And Other Offering Costs [Abstract]  
Selling Commission, Dealer Manager Fees and Other Offering Costs

7. Selling Commission, Dealer Manager Fees and Other Offering Costs

 

Selling commissions and dealer manager fees are paid to the Dealer Manager, pursuant to various agreements, and other third-party offering expenses such as registration fees, due diligence fees, marketing costs, and professional fees are accounted for as a reduction against additional paid-in capital ("APIC") as costs are incurred. Any organizational costs are accounted for as general and administrative costs. The following table represents the selling commissions and dealer manager and other offering costs for the periods indicated:

 

    For the Years Ended December 31,  
    2013     2012     2011  
                   
Selling commissions and dealer manager fees   $ 2,023     $ 715     $ 943  
Other offering costs   $ 1,937     $ 1,495     $ 1,611  

 

Since commencement of its Offering through December 31, 2013, the Company has incurred approximately $7.3 million in selling commissions and dealer manager fees and $7.9 million of other offering costs.

 
XML 65 R16.htm IDEA: XBRL DOCUMENT v2.4.0.8
Financial Instruments
 12 Months Ended
Dec. 31, 2013
Financial Instruments [Abstract]  
Financial Instruments

9. Financial Instruments

 

The carrying amounts of cash and cash equivalents, restricted escrows, accounts receivable (included in other assets in the consolidated balance sheet), note receivable from affiliate, accounts payable and accrued expenses and the margin loan approximate their fair values as of December 31, 2013 because of the short maturity of these instruments.

 
XML 66 R34.htm IDEA: XBRL DOCUMENT v2.4.0.8
Summary of Significant Accounting Policies (Narrative) (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended 51 Months Ended 57 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2013
Dec. 31, 2013
Summary of Significant Accounting Policies [Abstract]          
Percentage general partnership interest in common units operating partnership 99.90%     99.90%  
REIT annual distribution, percent of taxable income 90.00%        
Mortgages payable-Carrying Amount $ 24,260 $ 11,157   $ 24,260 $ 24,260
Mortgages payable-Estimated Fair Value 23,898 11,157   23,898 23,898
Selling commissions and dealer manager fees 2,023 715 943   7,300
Other offering costs 1,937 1,495 1,611   7,900
Aggregate offering costs         $ 15,200
XML 67 R51.htm IDEA: XBRL DOCUMENT v2.4.0.8
Related Party Transactions (Agreements) (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
 12 Months Ended 67 Months Ended
Dec. 31, 2013
Dec. 31, 2013
Related Party Transaction [Line Items]    
Acquisition fees received by the advisor as percentage of acquisition price 0.95% 0.95%
Anticipated acquisition expenses, as a percentage of the property's purchase price 0.45% 0.45%
Maximum percentage of gross contract purchase price allocated to acquisition fees and expenses 0.50% 0.50%
Contingent acquisition fee and expense reimbursement $ 11,300  
Contingent payment, permanent long-term leverage ratio requirement 75.00%  
Maximum percentage of gross revenues allocated to management fees for residential, hospitality and retail properties 5.00% 5.00%
Maximum percentage of gross revenues allocated to management fees for office and industrial properties 4.50% 4.50%
Percentage of average invested assets allocated to asset management fees 0.95% 0.95%
Asset management fees, payout terms payable quarterly in an amount equal to 0.2375 of 1% of average invested assets as of the last day of the immediately preceding quarter  
Minimum percentage of other operating expenses required to be reimbursed 2.00% 2.00%
Minimum percentage of net income required to be reimbursed 25.00% 25.00%
Scenario, Forecast [Member]
    
Related Party Transaction [Line Items]    
Fees and commissions 30,000  
Selling Commission [Member]
    
Related Party Transaction [Line Items]    
Maximum percentage of gross offering proceeds paid to the dealer manager. 7.00% 7.00%
Fees and commissions   4,900
Contingent payment, number of shares sold requirement 30,000,000  
Selling Commission [Member] | Scenario, Forecast [Member]
    
Related Party Transaction [Line Items]    
Fees and commissions 21,000  
Dealer Management Fee [Member]
    
Related Party Transaction [Line Items]    
Maximum percentage of gross offering proceeds paid to the dealer manager. 3.00% 3.00%
Fees and commissions   2,400
Contingent payment, number of shares sold requirement 30,000,000  
Dealer Management Fee [Member] | Scenario, Forecast [Member]
    
Related Party Transaction [Line Items]    
Fees and commissions $ 9,000  
XML 68 R21.htm IDEA: XBRL DOCUMENT v2.4.0.8
Quarterly Financial Data
 12 Months Ended
Dec. 31, 2013
Quarterly Financial Data [Abstract]  
Quarterly Financial Data

14. Quarterly Financial Data (Unaudited)    

 

The following table presents selected unaudited quarterly financial data for each quarter during the year ended December 31, 2013 and 2012:

 

    2013  
    Year ended     Quarter ended     Quarter ended     Quarter ended     Quarter ended  
    December 31,     December 31,     September 30,     June 30,     March 31,  
                               
Total revenue   $ 13,058     $ 3,335     $ 4,092     $ 3,308     $ 2,323  
                                         
Operating income/(loss)   $ 541     $ 26     $ 490     $ 314     $ (289 )
                                         
Net income /(loss) (a)   $ 1,370     $ (238 )   $ 202     $ 1,535     $ (129 )
                                         
Less (income)/loss attributable to noncontrolling interests     (40 )     16       (1 )     (66 )     11  
                                         
Net income/(loss) applicable to Company's common shares   $ 1,330     $ (222 )   $ 201     $ 1,469     $ (118 )
                                         
Net income/(loss) per common share, basic and diluted   $ 0.21     $ (0.03 )   $ 0.03     $ 0.25     $ (0.02 )

 

  (a) Net income for the year ended December 31, 2013 includes a bargain purchase gain of $1.2 million in the 2nd quarter of 2013 in connection with the purchase of the Arkansas Hotel Portfolio. (See Note 3)

 

    2012  
    Year ended     Quarter ended     Quarter ended     Quarter ended     Quarter ended  
    December 31,     December 31,     September 30,     June 30,     March 31,  
                               
Total revenue   $ 5,942     $ 1,917     $ 2,116     $ 952     $ 957  
                                         
Operating (loss)/income   $ (114 )   $ (308 )   $ 216     $ (96 )   $ 74  
                                         
Net income  (b)   $ 9,764     $ 4,627     $ 3,828     $ 248     $ 1,061  
                                         
Less income attributable to noncontrolling interests     (555 )     (512 )     (13 )     (13 )     (17 )
                                         
Net income applicable to Company's common shares   $ 9,209     $ 4,115     $ 3,815     $ 235     $ 1,044  
                                         
Net income/(loss) per common share, basic and diluted   $ 1.84     $ 0.78     $ 0.74     $ 0.05     $ 0.22  

 

  (b) Net income for the year ended December 31, 2012 includes a bargain purchase gain of $7.8 million which includes a bargain purchase gain recorded in the 4th quarter of 2012 of $4.3 million in connection with the purchase of the Fairfield Inn - East Rutherford and a bargain purchase gain recorded in the 3rd quarter of 2012 of $3.5 million in connection with the purchase of the SpringHill Suites - Peabody. (See Note 3)

 
XML 69 R26.htm IDEA: XBRL DOCUMENT v2.4.0.8
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2013
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]  
Schedule of Revenue and Net Income Included in Consolidated Statements of Operations

The following table provides the total amount of rental revenue and net income included in the Company's consolidated statements of operations from the TownePlace Suites - Metairie, the SpringHill Suites - Peabody, the Fairfield Inn - East Rutherford and the Arkansas Hotel Portfolio since their respective dates of acquisition for the periods indicated:

 

    For the Years Ended December 31,  
    2013     2012     2011  
Rental revenue   $ 13,058     $ 5,942     $ 2,978  
Net income(1)(2)   $ 1,084     $ 8,005     $ 536  

 

Note:

  (1) Includes the $7.9 million bargain purchase gain recorded in the year ended December 31, 2012 in connection with the acquisitions of the SpringHill Suites - Peabody and the Fairfield Inn - East Rutherford.
  (2) Includes the approximately $1.3 million bargain purchase gain recorded in the year ended December 31, 2013 in connection with the acquisition of the Arkansas Hotel Portfolio.

 
Schedule of Unaudited Pro Forma Results of Operations

The following table provides unaudited pro forma results of operations for the periods indicated, as if the TownePlace Suites - Metairie, the SpringHill Suites - Peabody, the Fairfield Inn - East Rutherford and the Arkansas Hotel Portfolio had been acquired at the beginning of the earliest period presented. Such pro forma results are not necessarily indicative of the results that actually would have occurred had these acquisitions been completed on the dates indicated, nor are they indicative of the future operating results of the combined company.

 

    For the Years Ended December 31,  
    2013     2012     2011  
Pro forma rental revenue   $ 14,699     $ 15,254     $ 13,957  
Pro forma net income/(loss) per Company's common share (3)(4)   $ 295     $ 115     $ (1,123 )
Pro forma net income/(loss) per Company's common share, basic and diluted(3)(4)   $ 0.05     $ 0.05     $ (0.28 )

 

Note:

  (3) Excludes $7.9 million bargain purchase gain recorded in the year ended December 31, 2012 in connection with the acquisitions of the SpringHill Suites - Peabody and the Fairfield Inn - East Rutherford.
  (4) Excludes the approximately $1.3 million bargain purchase gain recorded in the year ended December 31, 2013 in connection with the acquisition of the Arkansas Hotel Portfolio.

 
XML 70 R49.htm IDEA: XBRL DOCUMENT v2.4.0.8
Stockholder's Equity (Details) (USD $)
 1 Months Ended 12 Months Ended 1 Months Ended
Mar. 30, 2009
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Mar. 30, 2012
Apr. 24, 2009
Mar. 28, 2014
Subsequent Event [Member]
Stockholders Equity Note [Line Items]              
REIT annual distribution, percent of taxable income   90.00%          
Minimum number of shares issued in offering required to trigger distribution payments 500,000            
Distribution on per day basis $ 0.00178082191           $ 0.00178082191
Number of days used to calculate daily amount of distribution 365 days           365 days
Annualized rate of dividend 6.50%           6.50%
Share price $ 10.00            
Distributions declared   $ 4,050,000 $ 3,268,000 $ 2,587,000      
Common stock authorized and reserved for issuance under plan         75,000 75,000  
XML 71 R41.htm IDEA: XBRL DOCUMENT v2.4.0.8
Investments in Unconsolidated Affiliated Entities (Unaudited Condensed Income Statement) (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2013
Brownmill, LLC [Member]
Dec. 31, 2012
Brownmill, LLC [Member]
Dec. 31, 2011
Brownmill, LLC [Member]
Dec. 31, 2011
LVP CP Boston, LLC [Member]
Dec. 31, 2011
LVP Rego Park, LLC [Member]
Dec. 31, 2013
LVP Rego Park, LLC [Member]
Dec. 31, 2012
LVP Rego Park, LLC [Member]
Schedule of Equity Method Investments [Line Items]                    
Revenue       $ 3,551 $ 3,682 $ 3,821 $ 10,919      
Operating expenses               202 3 5
Property operating expenses       1,377 1,361 1,723 10,684      
Franchise cancellation expense             1,235      
Depreciation and amortization       840 862 824 288      
Operating income/(loss)       1,334 1,459 1,274 (1,288) (202) (3) (5)
Interest expense and other, net       (1,151) (1,179) (1,178) 17      
Interest income               2,068 1,725 3,203
Net income/(loss)       183 280 96 (1,271) 1,866 1,722 3,198
Company's share of net income/(loss) (14) 159 (287) 89 122 23 (254) 187 172 320
Basis adjustment on mortgage loan                  (16)   
Additional depreciation and amortization expense       (259) [1] (283) [1] (243) [1]        
Company's loss from investment       $ (170) $ (161) $ (220)   $ 187 $ 156 $ 320
[1] Additional depreciation and amortization expense relates to the amortization of the difference between the cost of the interest in Brownmill and the amount of the underlying equity in net assets of Brownmill.
XML 72 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) [Abstract]      
Net income /(loss) $ 1,370 [1] $ 9,764 [2] $ 430
Other comprehensive income/(loss):      
Unrealized gain/(loss) on available for sale securities 165 2,443 (2,214)
Reclassification adjustment for gains included in net income 5      
Other comprehensive income/(loss) 170 2,443 (2,214)
Comprehensive income/(loss) 1,540 12,207 (1,784)
Less: Comprehensive income attributable to non-controlling interests (40) (555) (28)
Comprehensive income/(loss) attributable to the Company's common shares $ 1,500 $ 11,652 $ (1,812)
[1] Net income for the year ended December 31, 2013 includes a bargain purchase gain of $1.2 million in the 2nd quarter of 2013 in connection with the purchase of the Arkansas Hotel Portfolio. (See Note 3)
[2] Net income for the year ended December 31, 2012 includes a bargain purchase gain of $7.8 million which includes a bargain purchase gain recorded in the 4th quarter of 2012 of $4.3 million in connection with the purchase of the Fairfield Inn - East Rutherford and a bargain purchase gain recorded in the 3rd quarter of 2012 of $3.5 million in connection with the purchase of the SpringHill Suites - Peabody. (See Note 3)
XML 73 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
Acquisitions
 12 Months Ended
Dec. 31, 2013
Acquisitions [Abstract]  
Acquisitions

3. Acquisitions

 

Arkansas Hotel Portfolio

 

On June 18, 2013, the Company, through LVP TPS Little Rock Holdings LLC and LVP TPS Fayetteville Holdings, LLC, both joint venture subsidiaries of our Operating Partnership, completed the portfolio acquisition of 95% ownership interests in two 92-room limited service hotels (the "Arkansas Hotel Portfolio"), which operate as TownePlace Suites by Marriott, located in Little Rock, which we refer to as the TownePlace Suites - Little Rock, and Johnson/Springdale, Arkansas, which we refer to as the TownePlace Suites - Fayetteville, from certain limited liability companies controlled by the same seller, an unrelated third party. The remaining 5% ownership interests were acquired by TPSLR, LLC for the TownePlace Suites - Little Rock and TPSFN, LLC for the TownePlace Suites - Fayetteville, respectively, both unrelated third parties.

 

The Arkansas Hotel Portfolio was acquired as part of a transaction in which the third party sellers sold a portfolio of four hotel properties, two of which comprise the Arkansas Hotel Portfolio, and two hotel properties acquired by Lightstone Value Plus Real Estate Investment Trust, Inc. ("Lightstone REIT I").  The aggregate purchase price paid for the four properties was $29.1 million, of which $10.7 million related to the Arkansas Hotel Portfolio and such amount was determined based on an internal allocation of the purchase price which was approved by the separate boards of directors of the Company and Lightstone REIT I. Additionally, in connection with the acquisition, our advisor received an acquisition fee equal to 0.95% of the contractual purchase price of $10.7 million, or approximately $102. The fair value of the assets acquired of $11.9 million exceeded the aggregate cost of $10.7 million, resulting in the recognition of a bargain purchase gain of approximately $1.2 million in the consolidated statements of operations during the second quarter of 2013.

 

The acquisition was funded with $3.7 million in cash and a $7.0 million demand note, or the Demand Note, entered into between our Operating Partnership and Lightstone Value Plus Real Estate Investment Trust, Inc. ("Lightstone REIT I"). The Demand Note was due on demand and bore interest at a floating rate of LIBOR plus 4.95%. We paid $3.0 million of the Demand Note's balance in June 2013 and repaid the remaining $4.0 million on July 30, 2013.

 

We established a separate taxable REIT subsidiary, or TRS for both the TownePlace Suites - Fayetteville and the TownePlace Suites - Little Rock, respectively, which have each entered into operating lease agreements for each respective hotel. At closing, each TRS entered into a separate management agreement with a management company controlled by the minority owner of each hotel for the management of the respective hotel. Additionally, each TRS entered into a 20-year franchise agreement, or the Franchise Agreement, with Marriott, pursuant to which the TownePlace Suites - Fayetteville and the TownePlace Suites - Little Rock Hotel will both continue to operate as a "TownePlace Suites by Marriott," which commenced on June 18, 2013.

 

The acquisition of the Arkansas Hotel Portfolio was accounted for under the purchase method of accounting with the Company treated as the acquiring entity. Accordingly, the consideration paid by the Company to complete the acquisition of the Arkansas Hotel Portfolio has been allocated to the assets acquired based upon their estimated fair values as of the date of the acquisition. There was no contingent consideration related to this acquisition. Approximately $2.0 million was allocated to land and improvements, $8.0 million was allocated to building and improvements, and $1.9 million was allocated to furniture and fixtures and other assets.

 

The aggregate capitalization rate for the Arkansas Hotel Portfolio as of the closing of the acquisition was approximately 10.6%. We calculate the capitalization rate for a real property by dividing net operating income of the property by the purchase price of the property, excluding costs. For purposes of this calculation, net operating income is determined using the projected or budgeted net operating income based upon then-current projections. Additionally, net operating income is all gross revenues from the property less all operating expenses, including property taxes and management fees but excluding depreciation.

 

SpringHill Suites - Peabody

 

On July 13, 2012, the Company entered into an Assignment and Assumption of Purchase and Sale Agreement (the "Assignment") with Lightstone Acquisitions V LLC (the "Assignor"), an affiliate of the Company's Sponsor.  Under the terms of the Assignment, the Company was assigned the rights and assumed the obligations of the Assignor with respects to certain Purchase and Sale Agreement (the "Purchase Agreement"), dated March 12, 2012, made between the Assignor as the Purchaser and Springhill Peabody HH LLC as the Seller, as amended, whereby the Assignor contracted to purchase a six story, 164-suite, limited services hotel located in Peabody, Massachusetts which operates as a SpringHill Suites by Marriott (the "SpringHill Suites - Peabody") which was constructed and commenced operations in July 2002.

 

On July 13, 2012, the Company completed the acquisition of the SpringHill Suites - Peabody from the Seller, an unrelated third party.  In connection with the acquisition, the Company assumed the existing Management Agreement with Marriott and simultaneously gave the requisite 30-day notice for early termination, which required the payment of a termination fee (the "Termination Fee") of approximately $1.2 million to Marriott. Contemporaneously, the Company entered into a 20-year franchise agreement (the "Franchise Agreement") with Marriott, pursuant to which the SpringHill Suites - Peabody continued to operate as a SpringHill Suites by Marriott commencing on August 11, 2012. The Company has established a TRS, which has entered into an operating lease agreement for the SpringHill Suites - Peabody.  The TRS has also entered into a new management agreement (the "SSH Peabody Management Agreement") with an unrelated third party for the management of the SpringHill Suites - Peabody which commenced on August 11, 2012.

 

The SSH Peabody Management Agreement has an initial term of one-year and automatically renews for additional one-year terms on the anniversary date provided 60-day advance written notice is not provided by either party. The SSH Peabody Management Agreement provides for (i) a basic management fee equal to 3% of total revenues, (ii) a centralized accounting services fee of $3 per month, subject annual increases based on the consumer price index, and (iii) an incentive management fee equal to 15% of the amount by which gross operating profit, as defined, exceeds a prescribed threshold, subject to a cap of 2.0% of total annual revenues.

 

The aggregate cost for the SpringHill Suites - Peabody was approximately $10.1 million, including the Termination Fee and approximately $0.8 million for a furniture, fixtures and equipment reserve (the "FFE Reserve") held in escrow by Marriott.  In connection with the acquisition, the Company's incurred closing and other transaction costs of approximately $0.2 million, including an acquisition fee equal to 0.95% of the contractual purchase price less the Termination Fee, or approximately $85, paid to the Company's advisor.  The acquisition was funded in part with cash and proceeds from a $5.3 million mortgage obtained by the Company from the Bank of the Ozarks. The FFE Reserve was subsequently released from escrow by Marriott in October 2012 as a result of the termination of the existing Management Agreement.

 

The acquisition was accounted for under the purchase method of accounting with the Company treated as the acquiring entity. Accordingly, the consideration paid by the Company to complete the acquisition has been allocated to the assets acquired based upon their fair values as of the date of the acquisition. The fair value of the assets acquired of $13.6 million exceeded the aggregate cost of $10.1 million, resulting in the recognition of a bargain purchase gain of approximately $3.5 million in the consolidated statements of operations during the third quarter of 2012. There was no contingent consideration related to this acquisition. Approximately $2.8 million was allocated to land, $9.0 million was allocated to building and improvements and $1.0 million was allocated to furniture and fixtures. Additionally, the FFE Reserve was recorded at its cost of approximately $0.8 million.

 

The capitalization rate for the SpringHill Suites - Peabody as of the closing of the acquisition was 10.5%. We calculate the capitalization rate for a real property by dividing net operating income of the property by the purchase price of the property, excluding costs. For purposes of this calculation, net operating income was determined using the projected or budgeted net operating income of the property based upon then-current projections. Additionally, net operating income is all gross revenues from the property less all operating expenses, including property taxes and management fees but excluding depreciation.

 

Restructuring of Mortgage Loan Secured by a Limited Service Hotel Located in East Rutherford, New Jersey (the "Fairfield Inn - East Rutherford") and Simultaneous Acquisition of the Hotel.

 

On December 31, 2012, the Company, and LVP East Rutherford, LLC ("LVP East Rutherford"), a newly formed majority-owned subsidiary, entered into a Restructuring Agreement (the "Restructuring Agreement") with a syndicate of unrelated third-party investors, including Moody National FFI Meadowlands Rollup LLC (collectively, the "Borrowers") and Moody National FFI Meadowlands MT, LLC (together with the Borrowers, the "Borrower Parties"). The Borrowers were the owners of the Fairfield Inn - East Rutherford, which operates as a Fairfield Inn under a franchise agreement with Marriott International Inc. ("Marriott") and is managed by an unrelated third party under a management agreement with an initial term that expires in August 2017.

 

Previously, on June 29, 2010, the Company purchased a fixed-rate, nonrecourse mortgage note (the "Loan") with an original principal balance of $18.7 million for $7.9 million from an unrelated third-party financial institution. The Loan, which was secured by the Fairfield Inn - East Rutherford, had been in default since February 2009 and the carrying value of the Company's investment in the Loan was approximately $7.0 million as of December 30, 2012. Additionally, during the year ended December 31, 2011, the Company applied $0.1 million of excess cash received to outstanding principal. During the years ended December 31, 2012 and 2011 the Company recognized approximately $0.8 million and $1.0 of interest income, respectively.

 

Under the terms of the Restructuring Agreement, the Borrowers contributed the Fairfield Inn - East Rutherford to LVP East Rutherford and the Borrower Parties and the Company received 17.4% and 82.6%, respectively, of the outstanding common units in LVP East Rutherford. Additionally, the Company issued a promissory note (the "Promissory Note") in the principal amount of $6.3 million to LVP East Rutherford which is secured by the Fairfield Inn - East Rutherford. The Promissory Note has an initial maturity date of January 6, 2021, bears interest at 9.00%, and requires monthly principal and interest payments pursuant to a 30-year amortization schedule through its stated maturity. LVP East Rutherford also has an option to further extend the maturity of the Promissory Note for two additional one-year periods. Upon consummation of the transactions provided for in the Restructuring Agreement, all existing obligations under the Loan were satisfied in full.

 

On December 31, 2012, the transactions provided for in the Restructuring Agreement were consummated. Simultaneously, the Company purchased an additional 5.1% of the outstanding common units of LVP East Rutherford for $0.1 million from various Borrowers that chose not to participate in the Restructuring Agreement. As a result, the Company holds in the aggregate 87.7% of the outstanding common units of LVP East Rutherford.

 

Under the terms of the operating agreement of LVP East Rutherford, the Company is the majority holder and manager of, and has the ability to make all major decisions regarding, LVP East Rutherford, unless they relate to certain agreements with affiliated parties or amendments to the operating agreement that may adversely affect a minority interest holder in a disproportionate manner to other members of the same class of stock. LVP East Rutherford has two authorized classes of stock consisting of preferred units, none of which have been issued at this time, and common units. Distributions will be first to the preferred units, if any, and then to the common units in proportion to their ownership interests.

 

The Fairfield Inn - East Rutherford, which opened in 1997 and was renovated in 2007, has 141 rooms, including 39 king guestrooms, 89 double/double guestrooms, nine double rooms, and four suites. Located at 850 Paterson Plank Road in East Rutherford, NJ, the Fairfield Inn - East Rutherford is in immediate proximity to Teterboro Airport and Meadowlands Sports Complex, seven miles west of New York City and 15 miles from Newark International Airport.

 

The Company has established a TRS, which has entered into an operating lease agreement for the Fairfield Inn - East Rutherford and a relicensing franchise agreement (the "Franchise Agreement") with Marriott for the Fairfield Inn - East Rutherford which runs through 2025.

 

The aggregate cost for the Fairfield Inn - East Rutherford was approximately $7.4 million. The acquisition was accounted for under the purchase method of accounting with the Company treated as the acquiring entity. Accordingly, the consideration paid by the Company to complete the acquisition has been allocated to the assets acquired based upon their fair values as of the date of the acquisition. The fair value of the assets acquired of $11.7 million exceeded the aggregate cost of $7.4 million, resulting in the recognition of a bargain purchase gain of approximately $4.3 million in the consolidated statements of operations during the year ended December 31, 2012. There was no contingent consideration related to this acquisition.

 

Approximately $2.5 million was allocated to land, $8.4 million was allocated to building and improvements and $0.8 million was allocated to furniture and fixtures.

 

The capitalization rate for the Fairfield Inn - East Rutherford as of the closing of the acquisition was 8.0%. We calculate the capitalization rate for a real property by dividing net operating income of the property by the purchase price of the property, excluding costs. For purposes of this calculation, net operating income was determined using the projected or budgeted net operating income of the property based upon then-current projections. Additionally, net operating income is all gross revenues from the property less all operating expenses, including property taxes and management fees but excluding depreciation.

 

TownePlace Suites - Metairie

 

On January 19, 2011, the Company, through LVP Metairie JV, LLC ("LVP Metairie JV"), a joint venture, completed the acquisition of a 95% ownership interest in a four-story, limited service extended-stay hotel located in Harahan, Louisiana ("TownePlace Suites - Metairie") from Citrus Suites, LLC (the "Seller"). The remaining 5% ownership interest was acquired by TPS Metairie, LLC, an unrelated third party.  During the three months ended March 31, 2011, TPS Metairie LLC contributed $0.7 million to LVP Metairie JV. The TownePlace Suites - Metairie, which has immediate access to the New Orleans Airport, will operate as a "TownePlace Suites" pursuant to a Relicensing Franchise Agreement ("Franchise Agreement") with Marriott International, Inc. ("Marriott"). The Seller was not affiliated with the Company or its subsidiaries.

 

The aggregate purchase price for the TownePlace Suites - Metairie was approximately $12.2 million, inclusive of closing and other transaction-related costs. Additionally, in connection with the acquisition, the Company's advisor received an acquisition fee of $0.1 million which was equal to 0.95% of the Company's proportionate share of the total contract price of $12.0 million, or $11.4 million. The acquisition was funded with cash proceeds from the sale of the Company's common stock.

 

We established a TRS which has entered into an operating lease agreement for the TownePlace Suites - Metairie. The TRS has also entered into a management agreement (the "TownePlace Suites Management Agreement") with an unrelated third party for the management of the TownePlace Suites - Metairie, and the Franchise Agreement with Marriott.

 

The capitalization rate for the acquisition of the TownePlace Suites during 2011 was 10.7%. The Company calculates the capitalization rate for real property by dividing the net operating income of the property by the purchase price of the property, excluding costs. For purposes of this calculation, net operating income was determined using the projected or budgeted net operating income of the property based upon then-current projections. Additionally, net operating income is all gross revenues from the property less all operating expenses, including property taxes and management fees but excluding depreciation and amortization.

 

The Company's interest in LVP Metairie JV is a managing interest. Generally, quarterly distributions have been made, beginning on May 10, 2011, (i) initially, to the Company and TPS Metairie, LLC on a pro rata basis in proportion to each member's equity interest percentage until an annualized preferred return of 12% is achieved on their invested capital and (ii) thereafter, 85% to the Company and TPS Metairie, LLC pro rata in accordance with their respective ownership interest and 15% to the Sherman Family Trust, a third party related to TPS Metairie, LLC but not related to the Company. Beginning on January 19, 2011, the Company has consolidated the operating results and financial condition of TownePlace Suites and accounted for the ownership interest of TPS Metairie, LLC and any allocations of earnings and distributions to the Sherman Family Trust as noncontrolling interests.

 

During the year ended December 31, 2013, LVP Metairie JV made total distributions of approximately $3,319 ($3,144 and $306 to the Company and TPS Metairie, LLC, respectively). The 2013 distributions consisted of approximately $600 ($561 and $39 to the Company and TPS Metairie LLC, respectively) of annualized preferred returns and approximately $2,719 ($2,583 and $136 to the Company and LVP Metairie LLC, respectively) of return of invested capital. During the year ended December 31, 2012, LVP Metairie JV made total distributions of approximately $6,120 ($5,814 and $306 to the Company and TPS Metairie, LLC, respectively). The 2012 distributions consisted of approximately $1,575 ($1,497 and $78 to the Company and TPS Metairie LLC, respectively) of annualized preferred returns and approximately $4,545 ($4,317 and $228 to the Company and LVP Metairie LLC, respectively) of return of invested capital. The 2012 distributions include the net proceeds from a $6.0 million mortgage loan obtained on March 14, 2012 (see Note 6). During the year ended December 31, 2011, LVP Metairie JV made total distributions of approximately $784 ($745 and $39 to the Company and TPS Metairie, LLC, respectively), all of which related to the annualized preferred return.

 

The acquisition was accounted for under the purchase method of accounting with the Company treated as the acquiring entity. Accordingly, the consideration paid by the Company to complete the acquisition has been allocated to the assets acquired based upon their fair values as of the date of the acquisition. There was no contingent consideration related to this acquisition.

 

Approximately $1.8 million was allocated to land, $9.7 million was allocated to building and improvements and $0.5 million was allocated to furniture and fixtures.

 

Financial Information

 

The following table provides the total amount of rental revenue and net income included in the Company's consolidated statements of operations from the TownePlace Suites - Metairie, the SpringHill Suites - Peabody, the Fairfield Inn - East Rutherford and the Arkansas Hotel Portfolio since their respective dates of acquisition for the periods indicated:

 

    For the Years Ended December 31,  
    2013     2012     2011  
Rental revenue   $ 13,058     $ 5,942     $ 2,978  
Net income(1)(2)   $ 1,084     $ 8,005     $ 536  

 

Note:

  (1) Includes the $7.9 million bargain purchase gain recorded in the year ended December 31, 2012 in connection with the acquisitions of the SpringHill Suites - Peabody and the Fairfield Inn - East Rutherford.
  (2) Includes the approximately $1.3 million bargain purchase gain recorded in the year ended December 31, 2013 in connection with the acquisition of the Arkansas Hotel Portfolio.

 

The following table provides unaudited pro forma results of operations for the periods indicated, as if the TownePlace Suites - Metairie, the SpringHill Suites - Peabody, the Fairfield Inn - East Rutherford and the Arkansas Hotel Portfolio had been acquired at the beginning of the earliest period presented. Such pro forma results are not necessarily indicative of the results that actually would have occurred had these acquisitions been completed on the dates indicated, nor are they indicative of the future operating results of the combined company.

 

    For the Years Ended December 31,  
    2013     2012     2011  
Pro forma rental revenue   $ 14,699     $ 15,254     $ 13,957  
Pro forma net income/(loss) per Company's common share (3)(4)   $ 295     $ 115     $ (1,123 )
Pro forma net income/(loss) per Company's common share, basic and diluted(3)(4)   $ 0.05     $ 0.05     $ (0.28 )

 

Note:

  (3) Excludes $7.9 million bargain purchase gain recorded in the year ended December 31, 2012 in connection with the acquisitions of the SpringHill Suites - Peabody and the Fairfield Inn - East Rutherford.
  (4) Excludes the approximately $1.3 million bargain purchase gain recorded in the year ended December 31, 2013 in connection with the acquisition of the Arkansas Hotel Portfolio.

 
XML 74 R58.htm IDEA: XBRL DOCUMENT v2.4.0.8
Schedule III Real Estate and Accumulated Depreciation (Reconciliation of Total Real Estate Owned) (Details) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Schedule III Real Estate and Accumulated Depreciation [Abstract]      
Balance at beginning of year $ 37,336 $ 12,514   
Acquisitions, at cost 10,694 16,581 12,284
Acquisitions, bargain purchase gain 1,263 7,857   
Improvements 7,464 384 230
Balance at end of year $ 56,757 $ 37,336 $ 12,514
XML 75 R27.htm IDEA: XBRL DOCUMENT v2.4.0.8
Investments in Unconsolidated Affiliated Entities (Tables)
 12 Months Ended
Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]  
Summary of Investments in Unconsolidated Entities

A summary of the Company's investments in unconsolidated affiliated entities is as follows:

 

              As of  
Entity   Date of Ownership   Ownership %     December 31, 2013     December 31, 2012  
Brownmill LLC ("Brownmill")   Various     48.58 %   $ 3,834     $ 4,076  
LVP Rego Park, LLC ("Rego Park Joint Venture")   April 12, 2011     10.00 %     -       1,874  
Total investments in unconsolidated affiliated entities               $ 3,834     $ 5,950  

 
Brownmill, LLC [Member]
  
Schedule of Equity Method Investments [Line Items]  
Unaudited Condensed Income Statements of Affiliated Entities

The following table represents the unaudited condensed income statement for Brownmill for the period indicated:

 

    For the Year
Ended December
31, 2013		     For the Year
Ended December
31, 2012		     For the Year
Ended December
31, 2011		  
Revenue   $ 3,551     $ 3,682     $ 3,821  
                         
Property operating expenses     1,377       1,361       1,723  
Depreciation and amortization     840       862       824  
                         
Operating income     1,334       1,459       1,274  
                         
Interest expense and other, net     (1,151 )     (1,179 )     (1,178 )
                         
Net income   $ 183     $ 280     $ 96  
                         
Company's share of net income   $ 89     $ 122     $ 23  
                         
Additional depreciation and amortization expense (1)     (259 )     (283 )     (243 )
                         
Company's loss from investment   $ (170 )   $ (161 )   $ (220 )

 

  1. Additional depreciation and amortization expense relates to the amortization of the difference between the cost of the interest in Brownmill and the amount of the underlying equity in net assets of Brownmill.

 
Unaudited Condensed Balance Sheets of Affiliated Entities

The following table represents the unaudited condensed balance sheet for Brownmill:

 

    As of     As of  
    December 31, 2013     December 31, 2012  
             
Real estate, at cost (net)   $ 16,039     $ 16,760  
Cash and restricted cash     1,530       947  
Other assets     1,363       1,602  
Total assets   $ 18,932     $ 19,309  
                 
Mortgage payable   $ 20,700     $ 21,159  
Other liabilities     588       540  
Members' deficiency     (2,356 )     (2,390 )
Total liabilities and members' deficiency   $ 18,932     $ 19,309  

 
LVP CP Boston, LLC [Member]
  
Schedule of Equity Method Investments [Line Items]  
Unaudited Condensed Income Statements of Affiliated Entities

The following table represents the unaudited condensed income statement for the CP Boston Joint Venture for the period indicated:

 

    For the Period March
21, 2011 through
December 31, 2011		  
Revenue   $ 10,919  
         
Property operating expenses     10,684  
Franchise cancellation expense     1,235  
Depreciation and amortization     288  
Operating loss     (1,288 )
Other income     17  
         
Net loss   $ (1,271 )
         
Company's share of net loss   $ (254 )

 
LVP Rego Park, LLC [Member]
  
Schedule of Equity Method Investments [Line Items]  
Unaudited Condensed Income Statements of Affiliated Entities

The following table represents the unaudited condensed income statement for the Rego Park Joint Venture for the period indicated:

 

    For the Year
ended
December
31, 2013		     For the Year
ended
December 31,
2012		     For the Period
April 12, 2011
through
December 31,
2011		  
                   
Operating expenses   $ 3     $ 5     $ 202  
Operating loss     (3 )     (5 )     (202 )
Interest income     1,725       3,203       2,068  
Net income   $ 1,722     $ 3,198     $ 1,866  
Company's share of net income before adjustment   $ 172     $ 320     $ 187  
Basis adjustment on mortgage loan     (16 )     -       -  
Company's share of net income   $ 156     $ 320     $ 187  

 
Unaudited Condensed Balance Sheets of Affiliated Entities

The following table represents the unaudited condensed balance sheet for Rego Park Joint Venture:

 

    As of  
    December 31, 2012  
         
Cash and restricted cash   $ 91  
Mortgage note receivable, net     18,443  
Other assets     45  
Total assets   $ 18,579  
         
Members' capital   $ 18,579  
Total liabilities and members' capital   $ 18,579  

 
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Process Flow-Through: 002 - Statement - CONSOLIDATED BALANCE SHEETS Process Flow-Through: Removing column 'Dec. 31, 2011' Process Flow-Through: Removing column 'Dec. 31, 2010' Process Flow-Through: Removing column 'Sep. 30, 2009' Process Flow-Through: 003 - Statement - CONSOLIDATED BALANCE SHEETS (Parenthetical) Process Flow-Through: 004 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS Process Flow-Through: Removing column '3 Months Ended Dec. 31, 2013' Process Flow-Through: Removing column '3 Months Ended Sep. 30, 2013' Process Flow-Through: Removing column '3 Months Ended Jun. 30, 2013' Process Flow-Through: Removing column '3 Months Ended Mar. 31, 2013' Process Flow-Through: Removing column '3 Months Ended Dec. 31, 2012' Process Flow-Through: Removing column '3 Months Ended Sep. 30, 2012' Process Flow-Through: Removing column '3 Months Ended Jun. 30, 2012' Process Flow-Through: Removing column '3 Months Ended Mar. 31, 2012' Process Flow-Through: 005 - Statement - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) Process Flow-Through: Removing column '3 Months Ended Dec. 31, 2013' Process Flow-Through: Removing column '3 Months Ended Sep. 30, 2013' Process Flow-Through: Removing column '3 Months Ended Jun. 30, 2013' Process Flow-Through: Removing column '3 Months Ended Mar. 31, 2013' Process Flow-Through: Removing column '3 Months Ended Dec. 31, 2012' Process Flow-Through: Removing column '3 Months Ended Sep. 30, 2012' Process Flow-Through: Removing column '3 Months Ended Jun. 30, 2012' Process Flow-Through: Removing column '3 Months Ended Mar. 31, 2012' Process Flow-Through: 007 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS cik1436975-20121231.xml cik1436975-20121231.xsd cik1436975-20121231_cal.xml cik1436975-20121231_def.xml cik1436975-20121231_lab.xml cik1436975-20121231_pre.xml true true XML 77 R38.htm IDEA: XBRL DOCUMENT v2.4.0.8
Acquisitions (Unaudited Pro Forma Results of Operations) (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]      
Pro forma rental revenue $ 14,699 $ 15,254 $ 13,957
Pro forma net income/(loss) per Company's common share $ 295 [1],[2] $ 115 [1],[2] $ (1,123) [1],[2]
Pro forma net income/(loss) per Company's common share, basic and diluted $ 0.05 [1],[2] $ 0.05 [1],[2] $ (0.28) [1],[2]
[1] Excludes $7.9 million bargain purchase gain recorded in the year ended December 31, 2012 in connection with the acquisitions of the SpringHill Suites - Peabody and the Fairfield Inn - East Rutherford.
[2] Excludes the approximately $1.3 million bargain purchase gain recorded in the year ended December 31, 2013 in connection with the acquisition of the Arkansas Hotel Portfolio.
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Commitments and Contingencies
 12 Months Ended
Dec. 31, 2013
Commitments and Contingencies [Abstract]  
Commitments and Contingencies

13. Commitments and Contingencies

 

Legal Proceedings 

 

From time to time in the ordinary course of business, the Company may become subject to legal proceedings, claims or disputes.

  

As of the date hereof, the Company is not a party to any material pending legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on its results of operations or financial condition, which would require accrual or disclosure of the contingency and possible range of loss. Additionally, the Company has not recorded any loss contingencies related to legal proceedings in which the potential loss is deemed to be remote.

 

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