Lightstone Value Plus REIT III earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 14, 2026
Q2 2026 Revenue up 2% year over year to $8.1M · 1¢ of every $1 of revenue kept as net profit · operating margin 1.0%
Lightstone Value Plus REIT III made $8.1M in Q2 2026 (+2% Y/Y): Room $7.7M, Food and Beverage $328K. Operating margin 1.0%, net earnings $82K. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 14, 2026.
Revenue$8.1M
Year over year+2%
Operating margin1.0%
Net earnings$82K
Operating cash flow$483K
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 $8.1M in Q2 2026, up 2% year over year and up 35% from the previous quarter. Room was the largest line at 96% of revenue. Food and Beverage added $90K year over year (up 38%), 68% of the total change.
Operating profit was $82K, a 1.0% margin (up 5.1 points year over year). Total costs fell 3% while revenue rose 2%. The fastest-growing cost line was General & admin (+18%). Net earnings were $82K. The effective tax rate was 0.0%.
Operating cash flow was $483K (down 42% year over year), 589% of net earnings. Non-cash charges added back $790K of depreciation and amortization. Working capital and other items used $389K. Capital expenditures of $268K left free cash flow of $215K.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q2 2026
10-Q
Aug 14, 2026
$8.1M
+2%
1.0%
$82K
$483K
Q1 2026
10-Q
May 14, 2026
$6.0M
-3%
-49.7%
−$3.0M
−$442K
Q4 2025
10-K
Mar 30, 2026
$6.3M
-3%
-20.6%
−$1.3M
−$285K
Q3 2025
10-Q
Nov 14, 2025
$8.0M
-5%
1.6%
$32K
$485K
Q2 2025
10-Q
Aug 14, 2025
$7.9M
-9%
-4.1%
−$324K
$831K
Q1 2025
10-Q
May 13, 2025
$6.1M
-2%
-48.8%
−$3.0M
−$327K
Q4 2024
10-K
Mar 26, 2025
$6.5M
+1%
-26.6%
−$1.7M
−$563K
Charts
Latest (Q2 2026): Y/Y +2%, Q/Q +35%.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 $82K, Operating cash flow $483K.-3.6% since FY2020: buybacks shrank the count.Cash $6.2M, short-term investments —, long-term debt $56.5M at 2024-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Lightstone Value Plus REIT III, Inc. (“Lightstone REIT III”), is a Maryland corporation formed on October 5, 2012, which elected to qualify as a real estate investment trust (“REIT”) for United States (“U.S.”) federal income tax purposes beginning with the taxable year ending December 31, 2015. Lightstone REIT III is structured as an umbrella partnership REIT (“UPREIT”), and substantially all of its current and future business is and will be conducted through Lightstone Value Plus REIT III LP, a Delaware limited partnership (the “Operating Partnership”). As of December 31, 2025, Lightstone REIT III had a 99% general partnership interest in the Operating Partnership’s common units.
In its own words, from its 10-K, filed Mar 30, 2026.
Lightstone Value Plus REIT III 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: 1.0% against the peers' median 15.9%.