Tue, May 14, 7:08 PM (220 days ago)
Lightstone Value Plus REIT V, Inc. reported a net loss of $2.5 million for Q1 2024, compared to a $2.0 million net loss in Q1 2023. Rental revenues increased slightly to $12.4 million, driven by higher average monthly rent at existing properties, despite the impact of recent acquisitions and dispositions. Property operating expenses remained stable at $3.9 million, while real estate taxes decreased to $1.8 million. General and administrative expenses were unchanged at $1.9 million. Depreciation and amortization expenses rose to $3.8 million due to recent acquisitions. Interest expense increased to $3.8 million, reflecting higher market interest rates. The company's liquidity remains solid with $47.7 million in cash and cash equivalents, and $18.8 million in restricted cash. The company plans to address upcoming debt maturities through extensions and refinancing. The REIT repurchased 152,207 shares for $2.0 million under its share redemption program. No distributions were made during the quarter.