Lightstone Value Plus REIT IV, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing hotel revenues of $8.5 million, compared to $7.7 million in the same quarter the previous year. The increase is attributed to higher occupancy and room rates at the Williamsburg Moxy Hotel.
Hotel operating expenses for the quarter were $5.6 million, down from $6.2 million in the same quarter of the previous year. This decrease is primarily due to better expense control measures.
The company reported a net loss of $1.4 million for the quarter, compared to a net loss of $3.5 million in the previous year. The improvement is due to increased revenues and reduced operating expenses.
Interest expense decreased to $2.8 million from $3.4 million in the previous year, reflecting changes in financing arrangements.
The company holds a 75% interest in the Williamsburg Moxy Hotel Joint Venture and a 33.3% interest in the 40 East End Ave. Joint Venture. The Williamsburg Moxy Hotel opened on March 7, 2023.
Cash used in operating activities was $7.7 million, while cash used in investing activities was $3.1 million. Cash provided by financing activities was $14.6 million.
Lightstone Value Plus REIT IV, Inc. does not currently intend to list its common shares on a national securities exchange.
The company is dependent on its advisor and certain affiliates for a full range of services, including asset management and property management.
The filing also details various financial agreements, including the Moxy Mortgage Loans, which bear interest at SOFR plus 5.10% and mature on April 19, 2027.
Lightstone Value Plus REIT IV, Inc. continues to focus on its real estate investments, including operating properties and development projects.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lightstone Value Plus REIT IV Inc Ordinary Shares quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.