Lightstone Value Plus Real Estate Investment Trust V, Inc.

(Formerly Behringer Harvard Opportunity REIT II, Inc.)

Real Estate and Accumulated Depreciation

Schedule III

December 31, 2017

(dollars in thousands)

										Gross amount
				Initial cost				Cost capitalized		carried at
				Land and		Building and		subsequent to		close of		Accumulated		Year of		Date	Depreciable
Property Name	Location	Encumbrances		improvements		improvements		acquisition (1)		period		depreciation		construction		acquired	life
Operating:
Gardens Medical Pavilion	Palm Beach Gardens, Florida	$	-	$	5,675	$	13,158	$	5,254	$	24,087	$	5,736		1968-1995	10/20/2010		(2)
River Club and the Townhomes at River Club	Athens, Georgia		23,511		6,639		24,789		2,847		34,275		9,723		1996 & 1989	4/25/2011		(2)
Lakes of Margate	Margate, Florida		13,973		9,776		13,061		4,700		27,537		6,025		1987	10/19/2011		(2)
Arbors Harbor Town	Memphis, Tennessee		24,153		5,413		24,713		3,008		33,134		7,864		1991	12/20/2011		(2)
22 Exchange	Akron, Ohio		18,963		2,380		24,786		(8,242)		18,924		-		2010	4/16/2013		(2)
Parkside Apartments	Sugarland, Texas		9,721		3,143		18,148		1,991		23,282		4,210		1998	8/8/2013		(2)
Addison Landing	Fishers, Indiana		-		6,867		29,322		-		36,189		120		2014	11/30/2017		(2)

	Totals	$	90,321	$	39,893	$	147,977	$	9,558	$	197,428	$	33,678

(1) Includes adjustment to basis, such as impairment losses.

(2) Buildings are depreciated according to Company policy, which uses the straight-line method over their estimated useful life of 25 years.

A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2017, 2016 and 2015 is as follows (dollars in thousands):

	For the years ended December 31,
Real Estate:	2017		2016		2015

Balance at beginning of year	$	209,972	$	265,879	$	329,643
Acquisitions		36,189		-		-
Improvements⁽¹⁾		1,279		2,190		2,044
Disposals/written-off		(168)		-		(77)
Reclassification⁽²⁾		(16)		(105)		(390)
Establishment of new basis for impaired asset⁽³⁾		(6,347)		-		(4,149)
Cost of real estate sold		(43,481)		(57,992)		(61,192)

Balance at end of year	$	197,428	$	209,972	$	265,879

	For the years ended December 31,
Accumulated depreciation:	2017		2016		2015

Balance at beginning of year	$	34,903	$	29,108	$	27,569
Depreciation expense		12,209		8,759		11,109
Disposals/written-off		(11,219)		(2,964)		(6,838)
Accumulated depreciation on impaired asset⁽³⁾		(2,215)		-		(2,732)

Balance at end of year	$	33,678	$	34,903	$	29,108

(1)	For the year ended December 31, 2015, includes foreign currency translation loss of $1.6 million.

(2)	For the years ended December 31, 2016 and 2015, includes reclassification from improvements to furniture, fixtures, and equipment of $0.1 million and $0.4 million, respectively.

(3)

We recorded non-cash impairment charges of $4.1 million and $1.4 million on our investment in 22 Exchange, a student housing property, during the years ended December 31, 2017 and December 31, 2015, respectively. The accumulated depreciation at the time of the impairment charge for this asset, of $2.2 million and $2.7 million, respectively, was offset against the basis of the asset.