Income-producing real estate in usa.
Lightstone enters 2026 with a broader and stronger NOI base, but also with heavier dependence on refinancing, the lease-up of 2025 acquisitions, and the realization of capital-heavy options such as Spartanburg and the remaining 130 William inventory.
Part of 2026 NOI was already locked in through signed leases at the end of 2025, but the 2025 annual report still reflected mainly the transition period of the new acquisitions rather than the earnings power already contracted.
Spartanburg is a relatively clean option on land with a near-dated power window, but without a signed tenant and without NOI it remains future value waiting to be validated rather than a producing asset.
The Moxy hotels are already a real EBITDA leg for Lightstone, but the durability of that contribution depends on keeping a RevPAR premium in Manhattan and on continued execution by an external brand and operator stack, not just on broad hotel demand.
Series G bought Lightstone time and local-market access, but the 2026 test is still the asset-level refinancing cycle under a broad debt-to-CAP covenant that is already close to its ceiling.
