Wed, Aug 14, 6:22 PM (153 days ago)
For the quarter ending June 30, 2024, Lightstone Value Plus REIT V, Inc. reported a net loss of $3,044,000, increasing from a loss of $2,640,000 in the same period last year. Revenue from rental properties decreased slightly to $12,506,000, down 1.2% year-over-year, attributed to the recent sale of the Flats at Fishers and a decline in occupancy rates in some properties. Operating expenses remained stable, with property operating expenses at $3,935,000, reflecting a 4% decrease. The company’s total assets decreased to $446,480,000 from $455,129,000, primarily due to a reduction in cash and cash equivalents and a decline in investment property value. Cash flow from operating activities was positive at $3,375,000, while cash used in financing activities reached $4,646,000, largely from stock redemptions. Looking ahead, Lightstone faces uncertainties related to economic conditions, interest rates, and their impact on cash flow and future acquisitions. The company maintains a cautious stance, emphasizing the importance of liquidity and compliance with debt covenants as it navigates these challenges.