Lightstone Value Plus REIT I earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 12, 2026
Q2 2026 Revenue up 2% year over year to $17.5M · 40¢ of every $1 of revenue kept as net profit · operating margin 22.5%
Lightstone Value Plus REIT I made $17.5M in Q2 2026 (+2% Y/Y): Hotel $14.6M, Rental $2.9M. Operating margin 22.5%, net earnings $7.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 12, 2026.
Revenue$17.5M
Year over year+2%
Operating margin22.5%
Net earnings$7.0M
Operating cash flow$637K
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $17.5M in Q2 2026, up 2% year over year and up 40% from the previous quarter. Room Revenue was the largest line at 50% of revenue. Room Revenue added $296K year over year (up 3%), 113% of the total change. Food Beverage and Other Revenue declined 1%.
Operating profit was $3.9M, a 22.5% margin (down 1.1 points year over year). Operating profit fell $137K even though revenue rose $263K versus Q2 2025, so costs grew faster than sales. Total costs grew 3% against revenue growth of 2%. Net earnings were $7.0M. The effective tax rate was 0.0%. Non-operating items added $3.3M, 46% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $637K, 9% of net income including minority interests. Non-cash charges added back $1.8M of depreciation and amortization. Working capital and other items used $8.4M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q2 2026
10-Q
Aug 12, 2026
$17.5M
+2%
22.5%
$7.0M
$637K
Q1 2026
10-Q
May 13, 2026
$12.5M
+1%
-1.9%
−$4.3M
$361K
Q4 2025
10-K
Mar 30, 2026
$19.8M
-0.1%
26.8%
$273K
$2.7M
Q3 2025
10-Q
Nov 14, 2025
$16.4M
+5%
14.4%
$2.5M
−$940K
Q2 2025
10-Q
Aug 14, 2025
$17.3M
+1%
23.6%
−$1.9M
−$1.1M
Q1 2025
10-Q
May 14, 2025
$12.4M
-2%
-0.4%
−$8.1M
−$2.2M
Q4 2024
10-K
Mar 31, 2025
$19.8M
+3%
26.1%
$4.3M
$95K
Charts
Latest (Q2 2026): Y/Y +2%, Q/Q +40%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q2 2026): Net income $7.3M, Operating cash flow $637K.-5.6% since FY2020: buybacks shrank the count.Cash $61.8M, short-term investments —, long-term debt $221M at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Lightstone Value Plus REIT I, Inc. (“Lightstone REIT I”), is a Maryland corporation formed on June 8, 2004, which has elected to be taxed and qualify as a real estate investment trust (“REIT”) for United States (“U.S.”) federal income tax purposes. Lightstone REIT I was formed primarily for the purpose of engaging in the business of investing in and owning commercial and multifamily residential real estate properties and making other real estate-related investments located throughout the U.S. Lightstone REIT I is structured as an umbrella partnership REIT, or UPREIT, and substantially all of our current and future business is and will be conducted through Lightstone Value Plus REIT, L.P. (the “Operating Partnership”), a Delaware limited partnership formed on July 12, 2004.
In its own words, from its 10-K, filed Mar 30, 2026.
Lightstone Value Plus REIT I against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +2% against the peers' median +11%. Operating margin: 22.5% against the peers' median 20.6%.