LIGHTSTONE VALUE PLUS REIT IV I

What they do

The company invests in real estate and real estate-related assets, with a stated focus on development and redevelopment opportunities. As of December 31, 2025, it had one operating segment and consolidated the Williamsburg Moxy Hotel Joint Venture, in which it holds a 75% membership interest; the 216-room Marriott-branded hotel opened March 7, 2023. It also holds an unconsolidated approximate 33.3% interest in the 40 East End Ave. Joint Venture, which developed a 29-unit Manhattan condominium project where 27 units had sold through year-end 2025. The company has no employees and relies on its external advisor, Lightstone Real Estate Income LLC, and Sponsor affiliates for asset management, property management oversight and administrative services.

Revenue drivers

• Williamsburg Moxy Hotel — The consolidated 216-room Marriott-branded hotel in Brooklyn is the primary operating asset; the company owns 75% of the joint venture, with Lightstone REIT III holding the other 25% as noncontrolling interests. It opened March 7, 2023 after being developed and constructed by the venture.
• 40 East End Ave. condominium sales — The company holds an approximate 33.3% unconsolidated interest in the joint venture that developed a 29-unit luxury condominium project on Manhattan's Upper East Side. Through December 31, 2025, 27 of 29 units had been sold, and one additional unit sold in February 2026.
• Real estate-related investments — The company states it may invest in mezzanine loans, mortgage loans, bridge loans and preferred equity interests, with an emphasis on development-related financing, though the filings excerpted do not quantify this activity.

Recent performance

Annual revenue grew from $23.3 million in 2023 to $29.7 million in 2024 and $30.5 million in 2025. Net losses narrowed from $11.0 million in 2023 to $8.0 million in 2024 and $3.7 million in 2025, with diluted EPS of -$0.46 in 2025 versus -$0.97 in 2024. Operating cash flow was negative $7.7 million in 2024 and negative $0.85 million in 2025. Quarterly revenue was $8.2 million for 2025-09-30, $8.6 million for 2025-12-31, $5.0 million for 2026-03-31 and $8.5 million for 2026-06-30. At 2026-06-30, total assets were $139.8 million, total liabilities $117.2 million, shareholder equity $14.8 million and cash $10.9 million.

Strategy

The company says it will continue seeking real estate and real estate-related investments, including operating properties, development projects, and debt or preferred equity with a development focus. A portion of investments may be secured by or related to properties or entities owned by The Lightstone Group, its affiliates and other programs it sponsors. The Williamsburg Moxy was developed and opened in 2023, and the 40 East End Ave. condominium project is winding down with 27 of 29 units sold through year-end 2025 and one more sold in February 2026. The company has one operating segment and no employees, relying on its advisor for investment decisions and day-to-day management.

Risks

• Negative operating cash flow — Operating cash flow was negative $7.7 million in 2024 and negative $0.85 million in 2025, and the company reported net losses in each year from 2021 through 2025.
• Concentration in one hotel — The consolidated portfolio is essentially a single 216-room Brooklyn hotel, so performance depends heavily on that asset's operating results and the New York City lodging market.
• Related-party dependence — The company has no employees and depends on its external advisor and Sponsor affiliates, which are majority owned by David Lichtenstein, who is also Chairman and CEO, creating potential conflicts of interest.
• Joint venture and minority position risk — The Williamsburg Moxy is held 75/25 with Lightstone REIT III, and the company holds only about 33.3% of the 40 East End Ave. joint venture, so it does not control those ventures' decisions.

Outlook

Management states in the latest 10-Q that forward-looking statements cover its ability to make accretive investments, rent space on favorable terms, address debt maturities, fund liquidity needs, sell assets when advantageous, and make future distributions. The company cautions that actual results may differ materially and undertakes no obligation to update forward-looking statements except as required by law. The filings excerpted do not provide specific quantified guidance on future revenue, earnings or distributions.