Wed, Aug 14, 6:18 PM (153 days ago)
For the quarter ended June 30, 2024, Lightstone Value Plus REIT III, Inc. reported a modest revenue increase to $8.7 million, up from $8.0 million in the same period last year, driven by improved occupancy rates and higher RevPAR and ADR. Operating expenses rose slightly, reflecting increased occupancy and associated franchise fees. The company incurred a net loss of $75,000 compared to a loss of $1.3 million in Q2 2023, with a year-to-date loss of $3.1 million versus $4.0 million last year. Cash flow from operations was nearly breakeven, while investing activities generated $2.2 million, primarily from marketable securities. The REIT maintained $4.5 million in cash and $5.3 million in marketable securities as of June 30, 2024. The company suspended regular distributions in March 2024, citing performance analysis needs. Key uncertainties affecting future operations include economic conditions, interest rates, and the company's ability to refinance debt. Overall, while revenue trends are positive, ongoing challenges and the suspension of dividends may impact investor sentiment.