Thu, Nov 14, 7:44 PM (19 days ago)
For the quarter ending September 30, 2024, Lightstone Value Plus REIT IV, Inc. (LVPLX) reported total revenues of $8.5 million, a 10% increase from $7.7 million in Q3 2023, driven by higher occupancy rates at the Williamsburg Moxy Hotel. The hotel achieved a RevPAR of $280.62 and an occupancy rate of 94%. However, net loss narrowed to $1.4 million from $3.5 million year-over-year, with losses attributable to common shares at $1.16 per share. Operating expenses decreased slightly to $5.6 million, while interest expenses fell to $2.8 million due to refinancing efforts. Cash and cash equivalents increased to $8.1 million, alongside restricted cash of $3.4 million, reflecting improved liquidity. The company continues to face uncertainties from economic conditions, including inflation and interest rate fluctuations, which could impact future performance. Future operations will focus on optimizing the performance of the Williamsburg Moxy Hotel and managing debt levels, particularly with the recent refinancing of construction loans into a senior mortgage structure totaling $95 million.