2.4.0.8109 - Disclosure - Related Party Transactionstruefalsefalse1false falsefalsefrom-2013-01-01-to-2013-06-30.579.0.0.0.0.0.0.0http://www.sec.gov/CIK0001436975duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_RelatedPartyTransactionsAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Related Party Transactions [Abstract]2false 2us-gaap_RelatedPartyTransactionsDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<div> <div> <table style="BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; WIDTH: 100%" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 10pt; PADDING-RIGHT: 0.8pt; WIDTH: 0.25in"> <strong><em>9.</em></strong></td> <td style="FONT-SIZE: 10pt; PADDING-RIGHT: 0.8pt; TEXT-ALIGN: justify"> <strong><em>Related Party Transactions</em></strong></td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">  </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> In addition to certain related party payments made to the Dealer Manager (see Note 6 for additional information), the Company also has agreements with the Advisor and Lightstone Value Plus REIT Management LLC (the "Property Manager") to pay certain fees in exchange for services performed by these entities and other affiliated entities. The Company's ability to secure financing and subsequent real estate operations are dependent upon its Advisor, Property Manager and their affiliates to perform such services as provided in these agreements.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">  </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> The following table represents the fees incurred associated with the payments to the Company's Advisor and Property Manager for the periods indicated:</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in">  </p> <table style="BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.25in; WIDTH: 95%" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-SIZE: 10pt"> </td> <td style="COLOR: black; PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif">  </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; TEXT-ALIGN: center; FONT: bold 10pt Times New Roman, Times, Serif" colspan="6">For the Three Months Ended June 30,</td> <td style="COLOR: black; PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif">  </td> <td style="COLOR: black; PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif">  </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; TEXT-ALIGN: center; FONT: bold 10pt Times New Roman, Times, Serif" colspan="6">For the Six Months Ended June 30,</td> <td style="COLOR: black; PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif">  </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-SIZE: 10pt"> </td> <td style="COLOR: black; PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif">  </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; TEXT-ALIGN: center; FONT: bold 10pt Times New Roman, Times, Serif" colspan="2">2013</td> <td style="COLOR: black; PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif">  </td> <td style="COLOR: black; PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif">  </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; TEXT-ALIGN: center; FONT: bold 10pt Times New Roman, Times, Serif" colspan="2">2012</td> <td style="COLOR: black; PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif">  </td> <td style="COLOR: black; PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif">  </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; TEXT-ALIGN: center; FONT: bold 10pt Times New Roman, Times, Serif" colspan="2">2013</td> <td style="COLOR: black; PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif">  </td> <td style="COLOR: black; PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif">  </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; TEXT-ALIGN: center; FONT: bold 10pt Times New Roman, Times, Serif" colspan="2">2012</td> <td style="COLOR: black; PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif">  </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; WIDTH: 32%"> Acquisition fees</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; WIDTH: 2%">  </td> <td style="COLOR: black; TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; WIDTH: 1%"> $</td> <td style="COLOR: black; TEXT-ALIGN: right; FONT: 10pt Times New Roman, Times, Serif; WIDTH: 13%"> 102</td> <td style="COLOR: black; TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; WIDTH: 1%">  </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; WIDTH: 2%">  </td> <td style="COLOR: black; TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; WIDTH: 1%"> $</td> <td style="COLOR: black; TEXT-ALIGN: right; FONT: 10pt Times New Roman, Times, Serif; WIDTH: 13%"> -</td> <td style="COLOR: black; TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; WIDTH: 1%">  </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; WIDTH: 2%">  </td> <td style="COLOR: black; TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; WIDTH: 1%"> $</td> <td style="COLOR: black; TEXT-ALIGN: right; FONT: 10pt Times New Roman, Times, Serif; WIDTH: 13%"> 102</td> <td style="COLOR: black; TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; WIDTH: 1%">  </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; WIDTH: 2%">  </td> <td style="COLOR: black; TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; WIDTH: 1%"> $</td> <td style="COLOR: black; TEXT-ALIGN: right; FONT: 10pt Times New Roman, Times, Serif; WIDTH: 13%"> -</td> <td style="COLOR: black; TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; WIDTH: 1%">  </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> Asset Management Fees</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif">  </td> <td style="COLOR: black; TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif">  </td> <td style="COLOR: black; TEXT-ALIGN: right; FONT: 10pt Times New Roman, Times, Serif"> -</td> <td style="COLOR: black; TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif">  </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif">  </td> <td style="COLOR: black; TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif">  </td> <td style="COLOR: black; TEXT-ALIGN: right; FONT: 10pt Times New Roman, Times, Serif"> 73</td> <td style="COLOR: black; TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif">  </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif">  </td> <td style="COLOR: black; TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif">  </td> <td style="COLOR: black; TEXT-ALIGN: right; FONT: 10pt Times New Roman, Times, Serif"> 114</td> <td style="COLOR: black; TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif">  </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif">  </td> <td style="COLOR: black; TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif">  </td> <td style="COLOR: black; TEXT-ALIGN: right; FONT: 10pt Times New Roman, Times, Serif"> 145</td> <td style="COLOR: black; TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif">  </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">  </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">  </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">  </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">  </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">  </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">  </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="FONT-SIZE: 10pt; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">  </td> <td style="FONT-SIZE: 10pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">  </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; FONT: 10pt Times New Roman, Times, Serif"> Total</td> <td style="COLOR: black; PADDING-BOTTOM: 2.5pt; FONT: 10pt Times New Roman, Times, Serif">  </td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; TEXT-ALIGN: right; FONT: 10pt Times New Roman, Times, Serif"> 102</td> <td style="COLOR: black; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif">  </td> <td style="COLOR: black; PADDING-BOTTOM: 2.5pt; FONT: 10pt Times New Roman, Times, Serif">  </td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; TEXT-ALIGN: right; FONT: 10pt Times New Roman, Times, Serif"> 73</td> <td style="COLOR: black; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif">  </td> <td style="COLOR: black; PADDING-BOTTOM: 2.5pt; FONT: 10pt Times New Roman, Times, Serif">  </td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; TEXT-ALIGN: right; FONT: 10pt Times New Roman, Times, Serif"> 216</td> <td style="COLOR: black; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif">  </td> <td style="COLOR: black; PADDING-BOTTOM: 2.5pt; FONT: 10pt Times New Roman, Times, Serif">  </td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; TEXT-ALIGN: right; FONT: 10pt Times New Roman, Times, Serif"> 145</td> <td style="COLOR: black; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif">  </td> </tr> </table> <p style="COLOR: red; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in">  </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> Pursuant to an Advisory Agreement, our Advisor is entitled to receive an asset management fee equal to 0.95% of our average invested assets, as defined. The asset management fee is payable quarterly and based on balances as of the end of each month in the quarterly period. Commencing with the quarter ended June 30, 2013, the Advisor has elected to waive or reduce its quarterly asset management fee to the extent our non-GAAP measure modified funds from operations available, or MFFO, as defined by the Investment Program Association, or IPA, for the preceding twelve months period ending on the last day of the current quarter is less than the distributions declared with respect to the same twelve month period. As a result, asset management fees of $126 were waived by the Advisor during the quarter ended June 30, 2013.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in">  </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> As of June 30, 2013, the Company owns a 48.6% membership interest in Brownmill and a 10.0% interest in the Rego Park Joint Venture. Affiliates of the Company's Sponsor are the majority owners and managers of these entities.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in">  </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: 0.25in"> Additionally, on June 27, 2013 Lightstone REIT I repaid the Company the approximately $2.3 million remaining outstanding balance on the Note it received in connection with the sale of its 20.0% joint venture ownership interest in the CP Boston Joint Venture.</p> </div> </div>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph b -Article 3A Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(k)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph k -Article 4 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864 false0Related Party TransactionsfalseRelated Party TransactionsUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.LightstoneREIT.com/role/RelatedPartyTransactions12