Lightstone Value Plus REIT IV (LTSV) 10-Q 12 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	9 Months Ended
	Sep. 30, 2019	Nov. 08, 2019
Document and Entity Information
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Entity Registrant Name	Lightstone Real Estate Income Trust Inc.
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8.6
Entity Central Index Key	0001619312
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Interactive Data Current	Yes

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Assets
Construction in progress	$ 33,030,263	$ 0
Investment in related party	0	37,000,000
Investments in unconsolidated affiliated real estate entities	28,342,651	30,783,855
Cash and cash equivalents	14,098,234	4,350,896
Marketable securities, available for sale	5,418,095	0
Restricted cash and other assets	785,222	10,374
Total Assets	81,674,465	72,145,125
Liabilities and Stockholders' Equity
Mortgage payable, net	15,527,332	0
Accounts payable and other accrued expenses	376,210	90,468
Due to related parties	481,162	57,775
Distributions payable	286,008	587,405
Subordinated advances - related party	13,217,615	13,077,784
Total liabilities	29,888,327	13,813,432
Commitments and Contingencies
Stockholders' Equity:
Preferred stock, $0.01 par value; 50.0 million shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value; 200.0 million shares authorized, 8.6 million and 8.7 million shares issued and outstanding, respectively	86,002	86,653
Additional paid-in-capital	72,263,135	72,898,310
Accumulated other comprehensive income	437,157	0
Accumulated deficit	(21,000,156)	(14,653,270)
Total Stockholders' Equity	51,786,138	58,331,693
Total Liabilities and Stockholders' Equity	$ 81,674,465	$ 72,145,125

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
CONSOLIDATED BALANCE SHEETS
Preferred Stock, par value per share	$ 0.01	$ 0.01
Preferred Stock, shares authorized	50,000,000	50,000,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common Stock, par value per share	$ 0.01	$ 0.01
Common Stock, shares authorized	200,000,000	200,000,000
Common Stock, shares issued	8,600,000	8,700,000
Common Stock, shares outstanding	8,600,000	8,700,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
(Loss)/Income:
Investment income	$ 488,648	$ 1,134,667	$ 2,143,809	$ 3,367,000
Loss from investments in unconsolidated affiliated real estate entities	(883,061)	(933,878)	(3,111,592)	(2,260,413)
Total (loss)/income	(394,413)	200,789	(967,783)	1,106,587
Expenses:
General and administrative costs	326,128	258,220	922,474	860,956
Interest expense	47,122	47,122	139,831	139,831
Foreign currency transaction (gain)/loss	(113)		43,852
Total expenses	373,137	305,342	1,106,157	1,000,787
Net (loss)/income	$ (767,550)	$ (104,553)	$ (2,073,940)	$ 105,800
Net (loss)/income per common share, basic and diluted (In dollars per share)	$ (0.09)	$ (0.01)	$ (0.24)	$ 0.01
Weighted average number of common shares outstanding, basic and diluted (In dollars)	8,605,404	8,703,425	8,623,389	8,777,672

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME
Net (loss)/income	$ (767,550)	$ (104,553)	$ (2,073,940)	$ 105,800
Other comprehensive income:
Holding gain on marketable securities, available for sale	363,419	0	437,157	0
Other comprehensive income	363,419	0	437,157	0
Comprehensive (loss)/income	$ (404,131)	$ (104,553)	$ (1,636,783)	$ 105,800

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)		Common Shares [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]	Total
BALANCE at Dec. 31, 2017		$ 89,521	$ 75,586,926	$ (7,494,640)	$ 0	$ 68,181,807
BALANCE (in shares) at Dec. 31, 2017		8,952,132
Net loss		$ 0	0	105,800	0	105,800
Distributions declared (a)	[1]	0	0	(5,227,583)	0	(5,227,583)
Redemption and cancellation of shares		$ (2,597)	(2,427,128)	0	0	(2,429,725)
Redemption and cancellation of shares (in shares)		(259,753)
BALANCE at Sep. 30, 2018		$ 86,924	73,159,798	(12,616,423)	0	60,630,299
BALANCE (in shares) at Sep. 30, 2018		8,692,379
BALANCE at Jun. 30, 2018		$ 87,341	73,557,777	(10,762,684)	0	62,882,434
BALANCE (in shares) at Jun. 30, 2018		8,734,093
Net loss		$ 0	0	(104,553)	0	(104,553)
Distributions declared (a)	[2]	0	0	(1,749,186)	0	(1,749,186)
Redemption and cancellation of shares		$ (417)	(397,979)	0	0	(398,396)
Redemption and cancellation of shares (in shares)		(41,714)
BALANCE at Sep. 30, 2018		$ 86,924	73,159,798	(12,616,423)	0	60,630,299
BALANCE (in shares) at Sep. 30, 2018		8,692,379
BALANCE at Dec. 31, 2018		$ 86,653	72,898,310	(14,653,270)	0	58,331,693
BALANCE (in shares) at Dec. 31, 2018		8,665,262
Net loss		$ 0	0	(2,073,940)	0	(2,073,940)
Distributions declared (a)	[3]	0	0	(4,272,946)	0	(4,272,946)
Redemption and cancellation of shares		$ (651)	(635,175)	0	0	(635,826)
Redemption and cancellation of shares (in shares)		(65,038)
Other comprehensive income		$ 0	0	0	437,157	437,157
BALANCE at Sep. 30, 2019		$ 86,002	72,263,135	(21,000,156)	437,157	51,786,138
BALANCE (in shares) at Sep. 30, 2019		8,600,224
BALANCE at Jun. 30, 2019		$ 86,210	72,468,758	(19,374,583)	73,738	53,254,123
BALANCE (in shares) at Jun. 30, 2019		8,620,942
Net loss		$ 0	0	(767,550)	0	(767,550)
Distributions declared (a)	[4]	0	0	(858,023)	0	(858,023)
Redemption and cancellation of shares		$ (208)	(205,623)	0	0	(205,831)
Redemption and cancellation of shares (in shares)		(20,718)
Other comprehensive income		$ 0	0	0	363,419	363,419
BALANCE at Sep. 30, 2019		$ 86,002	$ 72,263,135	$ (21,000,156)	$ 437,157	$ 51,786,138
BALANCE (in shares) at Sep. 30, 2019		8,600,224
[1]	Dividends per share were $0.60.
[2]	Dividends per share were $0.20.
[3]	Dividends per share were $0.50.
[4]	Dividends per share were $0.10.

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	Nov. 11, 2019	Aug. 06, 2019	Jul. 11, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Dividends Per Share	$ 0.033	$ 0.033	$ 0.033	$ 0.10	$ 0.20	$ 0.50	$ 0.60

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss)/income	$ (767,550)	$ (104,553)	$ (2,073,940)	$ 105,800
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
Loss from investments in unconsolidated affiliated real estate entities	883,061	933,878	3,111,592	2,260,413
Amortization of discount on debt securities			(197,752)
Foreign currency transaction loss	113		(43,852)
Changes in assets and liabilities:
Increase in other assets			(43,765)	(21,735)
Increase in accrued interest on marketable securities			(127,155)
Increase/(decrease) in accounts payable and other accrued expenses			15,038	(8,104)
Increase in accrued interest on subordinated advances - related party			139,831	139,831
Increase in due from related parties				(370,000)
Increase/(decrease) in due to related parties			119,197	(1,725)
Net cash provided by operating activities			986,898	2,104,480
CASH FLOWS FROM INVESTING ACTIVITIES:
Investments in unconsolidated affiliated real estate entities			(961,972)	(2,529,199)
Purchase of investment property			32,369,725
Distributions from unconsolidated affiliated real estate entities	300,000		291,584
Proceeds from preferred investment in related party			37,000,000
Purchase of marketable securities, available for sale			4,656,031
Net cash used in investing activities			(696,144)	(2,529,199)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from mortgage financing			16,000,000
Payment of loan fees and expenses			(558,312)
Distributions paid to Company's common stockholders			(4,574,343)	(5,264,242)
Redemption and cancellation of common stock			(635,826)	(2,429,725)
Net cash provided by/(used in) financing activities			10,231,519	(7,693,967)
Effect of exchange rate changes on cash and cash equivalents			(43,852)
Net change in cash, cash equivalents and restricted cash			10,478,421	(8,118,686)
Cash, cash equivalents and restricted cash, beginning of year			4,350,896	14,064,001
Cash, cash equivalents and restricted cash, end of period	14,829,317	5,945,315	14,829,317	5,945,315
Supplemental disclosure of cash flow information:
Distributions declared, but not paid			286,008	570,238
Holding gain on marketable securities, available for sale			437,157
Construction in progress not paid			574,894
Amortization of deferred financing costs included in construction in progress			85,644
The following is a summary of the Company's cash, cash equivalents, and restricted cash total as presented in our statements of cash flows for the periods presented:
Total cash, cash equivalents and restricted cash	$ 14,829,317	$ 5,945,315	$ 4,350,896	$ 14,064,001

Organization

Organization	9 Months Ended
	Sep. 30, 2019
Organization
Organization	1. Organization Lightstone Real Estate Income Trust Inc. (‘‘Lightstone Income Trust’’), incorporated in Maryland on September 9, 2014, elected to qualify to be taxed as a real estate investment trust for U.S. federal income tax purposes (‘‘REIT’’) beginning with the taxable year ended December 31, 2016. On September 12, 2014, Lightstone Income Trust sold 20,000 Common Shares to Lightstone Real Estate Income LLC, a Delaware limited liability company (the ‘‘Advisor’’), an entity majority owned by David Lichtenstein, for $200,000, or $10.00 per share. Mr. Lichtenstein also is a majority owner of the equity interests of Lightstone Income Trust’s sponsor, The Lightstone Group, LLC (the ‘‘Sponsor’’). Subject to the oversight of Lightstone Income Trust’s board of directors (the “Board of Directors”), the Advisor has primary responsibility for making investment decisions and managing Lightstone Income Trust’s day-to-day operations. Mr. Lichtenstein also acts as the Chairman and Chief Executive Officer of Lightstone Income Trust. As a result, he exerts influence over but does not control Lightstone Income Trust. Lightstone Income Trust, together with its subsidiaries is collectively referred to as the ‘‘Company’’ and the use of ‘‘we,’’ ‘‘our,’’ ‘‘us’’ or similar pronouns refers to Lightstone Income Trust or the Company as required by the context in which any such pronoun is used. The Company’s registration statement on Form S‑11 (the “Offering”), pursuant to which it offered to sell up to 30,000,000 shares of its common stock, par value $0.01 per share (which may be referred to herein as ‘‘shares of common stock’’ or as ‘‘Common Shares’’) at an initial price of $10.00 per share, subject to certain volume and other discounts (the “Primary Offering”) (exclusive of 10,000,000 shares which were available pursuant to its distribution reinvestment program (the ‘‘DRIP’’) which were offered at a discounted price equivalent to 95% of the initial price per Common Share) was declared effective on February 26, 2015 by the United States Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933. The Offering, which terminated on March 31, 2017, raised aggregate gross proceeds of approximately $85.6 million from the sale of approximately 8.9 million shares of common stock (including $2.0 million in Common Shares at a purchase price of $9.00 per Common Share to an entity 100% owned by David Lichtenstein, who also owns a majority interest in the Company’s Sponsor). After including aggregate principal advances from our Sponsor of $12.6 million made under a subordinated loan agreement (the “Subordinated Agreement”) (as discussed in Note 7) and allowing for the payment of approximately $7.6 million in selling commissions and dealer manager fees and $3.2 million in organization and offering expenses, the Offering generated aggregate net proceeds of approximately $87.5 million. On April 21, 2017, the Company’s board of directors approved the termination of the DRIP effective May 15, 2017. Previously, the Company’s stockholders had an option to elect the receipt of shares of the Company’s common stock in lieu of cash distributions under the Company’s DRIP. As a result, all subsequent distributions have been in the form of cash. In addition, through May 15, 2017 (the termination date of the DRIP), the Company had issued approximately 0.1 million shares of common stock under its DRIP, representing approximately $1.2 million of additional proceeds under the Offering. The Company has and will continue to seek to originate, acquire and manage a diverse portfolio of real estate and real estate-related investments; including investments in mezzanine loans, first lien mortgage loans, second lien mortgage loans, bridge loans and preferred equity interests, in each case with a focus on investments intended to finance development or redevelopment opportunities. The Company may also invest in debt and derivative securities related to real estate assets. A substantial portion of the Company’s investments by value may be secured by or related to properties or entities advised by, or wholly or partially, directly or indirectly owned by, the Sponsor, by its affiliates or by real estate investment programs sponsored by it. Although the Company expects that most of its investments will be of these types, it may make other investments. In fact, it may invest in whatever types of real estate-related investments that it believes are in its best interests. The Company has no employees. The Company retains the Advisor to manage its affairs on a day-to-day basis. The Advisor is an affiliate of the Sponsor and will receive compensation and fees for services related to the investment and management of the Company’s assets.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The accompanying unaudited interim consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair presentation of the results for the periods presented. The accompanying unaudited consolidated financial statements of the Lightstone Income Trust and Subsidiaries have been prepared in accordance with generally accepted accounting principles in the United States of America (‘‘GAAP’’). for interim financial information and with the instructions to Form 10‑Q and Rule 8‑03 of Regulation S-X. The consolidated financial statements have been prepared in accordance with GAAP. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during a reporting period. The most significant assumptions and estimates relate to the valuation of real estate debt investments and securities, the valuation of the investment in related party and revenue recognition. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. The consolidated balance sheet as of December 31, 2018 included herein has been derived from the consolidated balance sheet included in the Company's Annual Report on Form 10-K. The unaudited statements of operations for interim periods are not necessarily indicative of results for the full year or any other period. Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Lightstone Income Trust and Subsidiaries (over which the Company exercises financial and operating control). All inter-company accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary. Financial Instruments The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, restricted cash and other assets, mortgage payable, accounts payable and other accrued expenses and due to related parties approximate their fair values because of the short maturity of these instruments. Restricted Cash Restricted cash consists of amounts held in escrow subject to release in accordance with the applicable debt agreement for the payment of real estate taxes, insurance and capital improvements, as required. Approximately $0.7 million was held in restricted cash accounts as of September 30, 2019. Marketable Securities The Company’s marketable securities currently consist of debt securities that are designated as available-for-sale and are recorded at fair value. Amortization of discounts and accretion of premiums on debt securities are recorded in interest income under the effective interest method. Unrealized holding gains or losses for debt securities are reported as a component of accumulated other comprehensive income (“AOCI”). Realized gains or losses resulting from the sale of these securities are determined based on the specific identification of the securities sold. An impairment charge is recognized when the decline in the fair value of a security below the amortized cost basis is determined to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the duration and severity of any decline in fair value below our amortized cost basis, any adverse changes in the financial condition of the issuers and its intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. Foreign Currency Transactions The Company maintains funds in a bank account that is denominated in New Israeli Shekel (“ILS”) and is re-measured into U.S. Dollars at the current exchange rate at the end of each reporting period. As of September 30, 2019, the Company maintained approximately 14,840 ILS in a bank account, which was re-measured to $4,274, and is included in cash and cash equivalents on the Company’s consolidated balance sheet. For the three and nine months ended September 30, 2019, the Company recorded a foreign currency transaction gain of $113 and loss of $43,852, respectively, to reflect both the exchange rate at the end of the reporting period and the effect of exchange rate changes on the amount of functional currency paid or received while settling transactions during the period. The Company did not have any ILS denominated financial instruments as of December 31, 2018. New Accounting Pronouncements In June 2016, the Financial Accounting Standards Board issued an accounting standards update which replaces the incurred loss impairment methodology currently in use with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The new guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently in the process of evaluating the impact the adoption of this standard will have on the Company’s consolidated financial statements. The Company has reviewed and determined that other recently issued accounting pronouncements will not have a material impact on its financial position, results of operations and cash flows, or do not apply to its current operations.

Williamsburg Moxy Hotel

Williamsburg Moxy Hotel	9 Months Ended
	Sep. 30, 2019
Williamsburg Moxy Hotel
Williamsburg Moxy Hotel	3. Williamsburg Moxy Hotel On July 17, 2019, the Company, through a wholly-owned subsidiary, acquired four adjacent parcels of land located at 353-361 Bedford Avenue in Brooklyn, New York (collectively, the “Williamsburg Land”), from unaffiliated third parties, for an aggregate purchase price of approximately $30.4 million, excluding closing and other acquisition related costs, on which it intends to develop and construct a 210-room branded hotel (the “Williamsburg Moxy Hotel”). The acquisition was funded with cash on hand ($14.4 million) and proceeds from a mortgage loan ($16.0 million). In connection with the acquisition of the Williamsburg Land, the Advisor earned an acquisition fee equal to 1.00% of the gross aggregate contractual purchase price, which was approximately $0.3 million. As of September 30, 2019, the Company incurred and capitalized to construction in progress an aggregate of $33.0 million (including the acquisition fee of $0.3 million and capitalized interest of $0.2 million) consisting of acquisition and other development costs attributable to the Williamsburg Moxy Hotel. During both the three and nine months ended September 30, 2019, the Company capitalized interest of approximately $0.2 million in connection with the development of the Williamsburg Moxy Hotel. Williamsburg Mortgage In connection with the closing of the acquisition of the Williamsburg Land, the Company simultaneously entered into a mortgage loan collateralized by the Williamsburg Land (the “Williamsburg Mortgage”) for $16.0 million. The Williamsburg Mortgage has a term of one year, with two, six-month extension options, bears interest at 4.50% and requires monthly interest-only payments through its stated maturity with the entire unpaid balance due upon maturity (July 2020). As of September 30, 2019, the outstanding principal balance of the Williamsburg Mortgage was $16.0 million, which is presented, net of deferred financing fees of $0.5 million, on the consolidated balance sheets and is classified as Mortgage Payable, net. The Williamsburg Mortgage (outstanding principal balance of $16.0 million as of September 30, 2019) initially matures in July 2020 but has two, six-month extension options, subject to certain conditions. The Company intends to seek to exercise the extension options or refinance the Williamsburg Mortgage on or before its applicable stated maturity date. However, if we are unable to refinance the outstanding indebtedness at favorable terms, we will look to repay the then outstanding balance with available cash and/or proceeds from selective asset sales. The Company has no additional significant maturities of mortgage debt over the next 12 months.

Investments in Unconsolidated A

Investments in Unconsolidated Affiliated Real Estate Entities	9 Months Ended
	Sep. 30, 2019
Investments in Unconsolidated Affiliated Real Estate Entities
Investments in Unconsolidated Affiliated Real Estate Entities	4. Investments in Unconsolidated Affiliated Real Estate Entities The entities listed below are partially owned by the Company. The Company accounts for these investments under the equity method of accounting as the Company exercises significant influence, but does not exercise financial and operating control over these entities. A summary of the Company’s investments in the unconsolidated affiliated real estate entities is as follows: As of Entity Date of Ownership Ownership % September 30, 2019 December 31, 2018 RP Maximus Cove, L.L.C. (the "Cove Joint Venture") January 31, 2017 $ 14,931,124 $ 17,214,789 40 East End Ave. Pref Member LLC ( “40 East End Ave. Joint Venture”) March 31, 2017 13,411,527 13,569,066 Total investments in unconsolidated affiliated real estate entities $ 28,342,651 $ 30,783,855 The Cove Joint Venture On January 31, 2017, the Company, through its wholly owned subsidiary, REIT IV COVE LLC along with LSG Cove LLC, an affiliate of the Sponsor and a related party, REIT III COVE LLC, a subsidiary of the operating partnership of Lightstone Value Plus Real Estate Investment Trust III, Inc., a real estate investment trust also sponsored by the Company’s Sponsor and a related party and Maximus Cove Investor LLC (“Maximus”), an unrelated third party, completed the acquisition of all of RP Cove, L.L.C’s membership interest in RP Maximus Cove, L.L.C. (the “Cove Joint Venture”) for aggregate consideration of approximately $255.0 million (the “Cove Transaction”). The Cove Joint Venture owns and operates The Cove at Tiburon (the “Cove”), a 281‑unit, luxury waterfront multifamily residential property located in Tiburon, California. Prior to entering into The Cove Transaction, Maximus previously owned a separate noncontrolling interest in the Cove Joint Venture. The Company paid approximately $20.0 million for a 22.5% membership interest in the Cove Joint Venture. The Company’s ownership interest in the Cove Joint Venture is a non-managing interest. The Company has determined that the Cove Joint Venture is a variable interest entity but the Company is not the primary beneficiary. The Company accounts for its ownership interest in the Cove Joint Venture in accordance with the equity method of accounting because it exerts significant influence over but does not control the Cove Joint Venture. All capital contributions and distributions of earnings from the Cove Joint Venture are made on a pro rata basis in proportion to each member’s equity interest percentage. Any distributions in excess of earnings from the Cove Joint Venture are made to the members pursuant to the terms of the Cove Joint Venture’s operating agreement. An affiliate of Maximus is the asset manager of the Cove and receives certain fees as defined in the Property Management Agreement for the management of the Cove. The Company commenced recording its allocated portion of profit/loss and cash distributions, if any, beginning as of January 31, 2017 with respect to its membership interest of 22.5% in the Cove Joint Venture. Subsequent to the Company’s acquisition through September 30, 2019, the Company has made an aggregate of $2.3 million (including $0.1 million during the nine months ended September 30, 2019) of additional capital contributions to the Cove Joint Venture. During the three months ended September 30, 2019, the Company received aggregate distributions of $0.3 million from the Cove Joint Venture. In connection with the closing of the Cove Transaction, the Cove Joint Venture simultaneously entered into a $175.0 million loan (the “Loan”) which was initially scheduled to mature on January 31, 2020. The Loan required monthly interest payments through its maturity date. The Loan bore interest at Libor plus 3.85%. The Loan was collateralized by the Cove and an affiliate of the Company’s Sponsor (the “Guarantor”) had guaranteed the Cove Joint Venture’s obligation to pay the outstanding balance of the Loan up to approximately $43.8 million (the “Loan Guarantee”). The members had agreed to reimburse the Guarantor for any balance that may become due under the Loan Guarantee, of which the Company’s share was up to approximately $10.9 million. On May 8, 2019, the Cove Joint Venture entered into loans aggregating $180.0 million (the “Cove Loans”). The Cove Loans mature in five years and require monthly interest payments through their maturity dates. The Cove Loans bear interest at a weighted average of LIBOR (with a floor of 2.0%) plus 2.15% and are collateralized by the Cove. The Cove Joint Venture used the proceeds from the Cove Loans to fully repay the Loan. In connection with the refinancing, the Cove Joint Venture incurred a loss on the early extinguishment of debt of approximately $1.5 million during the second quarter of 2019, of which the Company’s proportionate share was approximately $0.3 million. The Cove Joint Venture Financial Information The Company’s carrying value of its interest in the Cove Joint Venture differs from its share of member’s equity reported in the condensed balance sheets of the Cove Joint Venture due to the Company’s basis of its investment in excess of the historical net book value of the Cove Joint Venture. The Company’s additional basis allocated to depreciable assets is being recognized on a straight-line basis over the lives of the appropriate assets. The following table represents the condensed income statements for the Cove Joint Venture: For the For the For the For the Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended (amounts in thousands) September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Revenues $ 4,227 $ 3,672 $ 11,912 $ 10,905 Property operating expenses 1,297 1,239 3,774 3,660 General and administrative costs 17 41 83 136 Depreciation and amortization 2,884 2,420 8,620 7,214 Operating income/(loss) 29 (28) (565) (105) Loss on debt extinguishment — — (1,526) — Interest expense and other, net (2,019) (2,833) (7,470) (8,145) Net loss $ (1,990) $ (2,861) $ (9,561) $ (8,250) Company's share of net loss (22.50%) $ (448) $ (644) $ (2,151) $ (1,856) Adjustment to depreciation and amortization expense (1) (10) (10) (30) (87) Company's loss from investment $ (458) $ (654) $ (2,181) $ (1,943) The following table represents the condensed balance sheets for the Cove Joint Venture: As of As of (amounts in thousands) September 30, 2019 December 31, 2018 Real estate, at cost (net) $ 140,738 $ 148,441 Cash and restricted cash 3,093 2,138 Other assets 1,722 1,810 Total assets $ 145,553 $ 152,389 Mortgage payable, net $ 178,254 $ 174,098 Other liabilities 1,800 2,776 Members' deficit (1) (34,501) (24,485) Total liabilities and members' deficit $ 145,553 $ 152,389 (1) The adjustment to depreciation and amortization expense relates to the difference between the Company’s basis in the Cove Joint Venture and the amount of the underlying equity in net assets of the Cove Joint Venture. 40 East End Ave. Joint Venture On March 31, 2017, the Company entered into a joint venture agreement (the “40 East End Ave. Transaction”) with SAYT Master Holdco LLC, an entity majority-owned and controlled by David Lichtenstein, who also majority owns and controls the Company’s Sponsor, and a related party, (the “40 East End Seller”), providing for the Company to acquire 33.3% of the 40 East End Seller’s approximate 100% membership interest in 40 East End Ave. Pref Member LLC ( “40 East End Ave. Joint Venture”) for aggregate consideration of approximately $10.3 million. The Company’s ownership interest in the 40 East End Ave. Joint Venture is a non-managing interest. Because the Company exerts significant influence over but does not control the 40 East End Ave. Joint Venture, it accounts for its ownership interest in the 40 East End Ave. Joint Venture in accordance with the equity method of accounting. All contributions to and distributions of earnings from the 40 East End Ave. Joint Venture are made on a pro rata basis in proportion to each member’s equity interest percentage. Any distributions in excess of earnings from the 40 East End Ave. Joint Venture are made to the members pursuant to the terms of its operating agreement. The Company commenced recording its allocated portion of earnings and cash distributions, if any, from the 40 East End Ave. Joint Venture beginning as of March 31, 2017 with respect to its membership interest of approximately 33.3% in the 40 East End Ave. Joint Venture. Additionally, Lightstone Value Plus Real Estate Investment Trust, Inc. (“Lightstone I”), a real estate investment trust also sponsored by the Company’s Sponsor, has made $30.0 million of preferred equity contributions to a subsidiary of the 40 East End Ave. Joint Venture, pursuant to an instrument that entitles Lightstone I to monthly preferred distributions at a rate of 12% per annum. No distributions may be paid to the members until the Preferred Contributions are redeemed in full. The 40 East End Ave. Joint Venture, through affiliates, has acquired a parcel of land located at the corner of 81 st Street and East End Avenue in the Upper East Side neighborhood of New York City on which it is developing a luxury residential project consisting of 29 condominium units (the “40 East End Ave. Project”). On March 21, 2017, the 40 East End Ave. Joint Venture obtained financing from a financial institution of up to $85.3 million (the “Mortgage Payable”) for the land acquisition and construction of the 40 East End Ave. Project. The Mortgage Payable initially matures on September 21, 2020 but may be further extended one additional year, subject to satisfaction of certain conditions. The Mortgage Payable bears interest at Libor plus 4.50% (subject to floor of 5.00%) and is collateralized by the 40 East End Ave. Project. During the initial term, the monthly interest due on the Mortgage Payable is funded under the remaining availability under the Mortgage Payable and thereafter, interest is payable monthly and principal payments are required to be made from condominium sales proceeds. As of September 30, 2019, construction of the 40 East End Ave. Project was substantially complete. The Company’s Sponsor (the “40 East End Guarantor”) has provided certain guarantees with respect to the Mortgage Payable, including a completion guarantee and a carry costs guarantee for the 40 East End Ave. Project. The members have agreed to reimburse the 40 East End Guarantor for any balance that may become due under the guarantees (the “40 East End Guarantee”), of which the Company’s share is 33.3%. The Company has determined that the fair value of the 40 East End Guarantee is immaterial. Subsequent to the Company’s acquisition through September 30, 2019, it has made an aggregate of $4.6 million (including $0.8 million during the nine months ended September 30, 2019) of additional capital contributions to the 40 East End Ave. Joint Venture. The 40 East End Ave. Joint Venture Financial Information The following table represents the condensed income statements for the 40 East End Ave. Joint Venture: For the For the For the For the Three Months Three Months Nine Months Nine Months (amounts in thousands) September 30, 2019 September 30, 2018 Ended September 30, 2019 Ended September 30, 2018 Revenues $ 5,086 $ — $ 5,086 $ — Cost of goods sold 4,742 — 4,742 — Other expenses 334 533 1,346 547 Depreciation and amortization — 308 534 407 Operating income/(loss) 10 (841) (1,536) (954) Interest expense and other, net (1,287) — (1,257) — Net loss $ (1,277) $ (841) $ (2,793) $ (954) Company's share of net loss (33.3%) $ (425) $ (280) $ (930) $ (318) The following table represents the condensed balance sheets for the 40 East End Ave. Joint Venture: As of As of (amounts in thousands) September 30, 2019 December 31, 2018 Real estate inventory $ 144,919 $ 131,397 Cash and restricted cash 6,582 303 Other assets 354 229 Total assets $ 151,855 $ 131,929 Mortgage payable, net $ 76,887 $ 51,976 Other liabilities 4,224 9,145 Members' capital 70,744 70,808 Total liabilities and members' capital $ 151,855 $ 131,929

Marketable Securities and Fair

Marketable Securities and Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
Marketable Securities and Fair Value Measurements
Marketable Securities and Fair Value Measurements	5. Marketable Securities and Fair Value Measurements Marketable Securities The following is a summary of the Company’s available for sale securities as of the dates indicated: As of September 30, 2019 Gross Gross Unrealized Unrealized Adjusted Cost Gains Losses Fair Value Debt securities: Israeli Bonds $ 4,980,938 $ 437,157 $ — $ 5,418,095 During 2019, the Company acquired unsecured corporate bonds that are publicly traded on the Tel Aviv Stock Exchange (the “Israeli Bonds”) and are denominated in ILS. The fair value of the Israeli Bonds is translated using period-end exchange rates. Gains and losses resulting from the changes in exchange rates and market prices from period to period are reported as a component of AOCI. When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, changes in market interest rates and foreign exchange rates, the financial condition of the issuer and any changes thereto, and the Company’s intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment’s amortized cost basis. As of September 30, 2019, the Company did not recognize any impairment charges. The Company did not have any marketable securities during 2018. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: · Level 1 – Quoted prices in active markets for identical assets or liabilities. · Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. · Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. As of September 30, 2019, all of the Company’s debt securities and were classified as Level 2 assets and there were no transfers between the level classifications during the nine months ended September 30, 2019. The fair value of the Company’s investments in debt securities are measured using quoted prices in markets that are not active. The following table summarizes the estimated fair value of our investments in debt securities with stated contractual maturity dates, accounted for as available-for-sale securities and classified by the contractual maturity date of the securities: As of September 30, 2019 Due in 1 year $ 1,083,617 Due in 1 year through 5 years 4,334,478 Due in 5 year through 10 years — Due after 10 years — Total $ 5,418,095 The Company did not have any other significant financial assets or liabilities, which would require revised valuations that are recognized at fair value.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2019
Stockholders' Equity
Stockholders' Equity	6. Stockholders’ Equity Earnings per Share The Company had no potentially dilutive securities outstanding during the periods presented. Accordingly, earnings per share is calculated by dividing net loss by the weighted-average number of shares of common stock outstanding during the applicable period. Distributions On July 11, 2019, August 6, 2019 and November 11, 2019, the Company’s Board of Directors authorized and the Company declared a distribution of $0.033 per share for each month during the three-month periods ending September 30, 2019, December 31, 2019 and March 31, 2020, respectively. The monthly distribution is the pro rata equivalent of an annual distribution of $0.40 per share, or an annualized rate of 4.0% assuming a purchase price of $10.00 per share. The distribution will be paid on or about the 15th day following each month-end to stockholders of record at the close of business on the last day of the prior month. Previously, distributions in an amount equal to an 8.0% annualized rate were declared on a monthly basis beginning on October 28, 2015 through June 30, 2019 and were paid on or about the 15th day following each month end. Future distributions declared will be at the discretion of the Board of Directors based on their analysis of the Company’s performance over the previous periods and expectations of performance for future periods and may differ from the amount of the distribution determined for this period. The Board of Directors will consider various factors in its determination, including but not limited to, the sources and availability of capital, operating and interest expenses and our ability to refinance near-term debt. In addition, the Company currently intends to continue to comply with the REIT distribution requirement that it annually distribute no less than 90% of its taxable income. The Company cannot assure that regular distributions will continue to be made or that it will maintain any particular level of distributions that it has established or may establish.

Related Party Transaction and O

Related Party Transaction and Other Arrangements	9 Months Ended
	Sep. 30, 2019
Related Party Transaction and Other Arrangements
Related Party Transaction and Other Arrangements	7. Related Party Transaction and Other Arrangements The Company has agreements with the Advisor to pay certain fees, in exchange for services performed by the Advisor and/or its affiliated entities. The following table represents the fees incurred associated with the payments to the Company’s Advisor for the periods indicated: For the For the Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Acquisition Fees (1) $ 304,195 $ — $ 304,195 $ — Asset Management Fees (general and administrative costs) 176,385 157,338 510,588 470,202 Total $ 480,580 $ 157,338 $ 814,783 $ 470,202 (1) Acquisition fees of $304,195 were capitalized and are included in the carrying value of our investment in the Williamsburg Moxy Hotel which is classified as construction in progress on the consolidated balance sheets. Investment in Related Party 105‑109 W. 28 th Street Preferred Investment The Company entered into an agreement, as amended, with various related party entities that provided for the Company to make aggregate preferred equity contributions (the “105‑109 W. 28th Street Preferred Investment”) of up to $37.0 million in an affiliate of its Sponsor (the “Moxy Developer”), which owns a parcel of land located at 105‑109 W. 28th Street, New York, New York on which it constructed a 343‑room Marriott Moxy hotel, which opened during February 2019. The 105‑109 W. 28th Street Preferred Investment was made pursuant to an instrument that entitled the Company to monthly preferred distributions at a rate of 12% per annum. The 105‑109 W. 28th Street Preferred Investment was classified as a held-to-maturity security and recorded at cost. As of December 31, 2018, the 105-109 W. 28th Street Preferred Investment had an outstanding balance of $37.0 million and was classified as an investment in related party on the consolidated balance sheets. The Company received aggregate repayments of $26.5 million during March 2019 and received the remaining $10.5 million that was outstanding on August 26, 2019 and as a result, has fully redeemed the 105-109 W. 28th Street Preferred Investment. During the three and nine months ended September 30, 2019, the Company recorded approximately $0.2 million and $1.6 million, respectively, and during the three and nine months ended September 30, 2018, the Company recorded approximately $1.1 million and $3.4 million, respectively, of investment income related to the 105-109 W. 28th Street Preferred Investment. Subordinated Advances – Related Party On March 18, 2016, the Company and its Sponsor entered into the Subordinated Agreement, a subordinated unsecured loan agreement, pursuant to which the Sponsor made aggregate principal advances of $12.6 million through March 31, 2017 (the termination date of the Offering). The outstanding principal advances bear interest at a rate of 1.48%, but no interest or principal is due or payable to the Sponsor until holders of the Company’s Common Shares have received liquidation distributions equal to their respective net investments (defined as $10.00 per Common Share) plus a cumulative, pre-tax, non-compounded annual return of 8.0% on their respective net investments. Distributions in connection with a liquidation of the Company initially will be made to holders of its Common Shares until holders of its Common Shares have received liquidation distributions equal to their respective net investments plus a cumulative, pre-tax, non-compounded annual return of 8.0% on their respective net investments. Thereafter, only if additional liquidating distributions are available, the Company will be obligated to repay the outstanding principal advances and related accrued interest to the Sponsor, as described in the Subordinated Agreement. In the event that additional liquidation distributions are available after the Company repays its holders of common stock their respective net investments plus their 8% return on investment and then the outstanding principal advances under the Subordinated Agreement and accrued interest to its Sponsor, such additional distributions will be paid to holders of its Common Shares and its Sponsor: 85.0% of the aggregate amount will be payable to holders of the Company’s Common Shares and the remaining 15.0% will be payable to the Sponsor. The principal advances and the related interest are subordinate to all of the Company’s obligations as well as to the holders of its Common Shares in an amount equal to the shareholder’s net investment plus a cumulative, pre-tax, non-compounded annual return of 8.0% and only potentially payable in the event of a liquidation of the Company. In connection with the termination of the Offering, on March 31, 2017, the Company and the Sponsor simultaneously terminated the Subordinated Agreement. As a result of the termination, the Sponsor is no longer obligated to make any additional principal advances to the Company. Interest will continue to accrue on the outstanding principal advances and repayment, if any, of the principal advances and related accrued interest will be made according to the terms of the Subordinated Agreement disclosed above. As of both September 30, 2019 and December 31, 2018, an aggregate of approximately $12.6 million of principal advances have been funded, which along with the related accrued interest of $585,602 and $445,771, respectively, are classified as Subordinated Advances – Related Party, a liability on the consolidated balance sheets. During both the three and nine months ended September 30, 2019 and 2018, the Company accrued $47,122 and $139,831 of interest on the principal advances.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies
Commitments and Contingencies	8 . Commitments and Contingencies Legal Proceedings From time to time in the ordinary course of business, the Company may become subject to legal proceedings, claims or disputes.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Summary of Significant Accounting Policies
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Lightstone Income Trust and Subsidiaries (over which the Company exercises financial and operating control). All inter-company accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary.
Financial Instruments	Financial Instruments The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, restricted cash and other assets, mortgage payable, accounts payable and other accrued expenses and due to related parties approximate their fair values because of the short maturity of these instruments.
Restricted Cash	Restricted Cash Restricted cash consists of amounts held in escrow subject to release in accordance with the applicable debt agreement for the payment of real estate taxes, insurance and capital improvements, as required. Approximately $0.7 million was held in restricted cash accounts as of September 30, 2019.
Marketable Securities	Marketable Securities The Company’s marketable securities currently consist of debt securities that are designated as available-for-sale and are recorded at fair value. Amortization of discounts and accretion of premiums on debt securities are recorded in interest income under the effective interest method. Unrealized holding gains or losses for debt securities are reported as a component of accumulated other comprehensive income (“AOCI”). Realized gains or losses resulting from the sale of these securities are determined based on the specific identification of the securities sold. An impairment charge is recognized when the decline in the fair value of a security below the amortized cost basis is determined to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the duration and severity of any decline in fair value below our amortized cost basis, any adverse changes in the financial condition of the issuers and its intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value.
Foreign Currency Transactions	Foreign Currency Transactions The Company maintains funds in a bank account that is denominated in New Israeli Shekel (“ILS”) and is re-measured into U.S. Dollars at the current exchange rate at the end of each reporting period. As of September 30, 2019, the Company maintained approximately 14,840 ILS in a bank account, which was re-measured to $4,274, and is included in cash and cash equivalents on the Company’s consolidated balance sheet. For the three and nine months ended September 30, 2019, the Company recorded a foreign currency transaction gain of $113 and loss of $43,852, respectively, to reflect both the exchange rate at the end of the reporting period and the effect of exchange rate changes on the amount of functional currency paid or received while settling transactions during the period. The Company did not have any ILS denominated financial instruments as of December 31, 2018.
New Accounting Pronouncements	New Accounting Pronouncements In June 2016, the Financial Accounting Standards Board issued an accounting standards update which replaces the incurred loss impairment methodology currently in use with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The new guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently in the process of evaluating the impact the adoption of this standard will have on the Company’s consolidated financial statements. The Company has reviewed and determined that other recently issued accounting pronouncements will not have a material impact on its financial position, results of operations and cash flows, or do not apply to its current operations.

Investments in Unconsolidated_2

Investments in Unconsolidated Affiliated Real Estate Entities (Tables)	9 Months Ended
	Sep. 30, 2019
Schedule of Equity Method Investments	A summary of the Company’s investments in the unconsolidated affiliated real estate entities is as follows: As of Entity Date of Ownership Ownership % September 30, 2019 December 31, 2018 RP Maximus Cove, L.L.C. (the "Cove Joint Venture") January 31, 2017 $ 14,931,124 $ 17,214,789 40 East End Ave. Pref Member LLC ( “40 East End Ave. Joint Venture”) March 31, 2017 13,411,527 13,569,066 Total investments in unconsolidated affiliated real estate entities $ 28,342,651 $ 30,783,855
RP Maximus Cove, L.L.C [Member]
Schedule of Equity Method Investments Summarized Income Statement Information	The following table represents the condensed income statements for the Cove Joint Venture: For the For the For the For the Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended (amounts in thousands) September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Revenues $ 4,227 $ 3,672 $ 11,912 $ 10,905 Property operating expenses 1,297 1,239 3,774 3,660 General and administrative costs 17 41 83 136 Depreciation and amortization 2,884 2,420 8,620 7,214 Operating income/(loss) 29 (28) (565) (105) Loss on debt extinguishment — — (1,526) — Interest expense and other, net (2,019) (2,833) (7,470) (8,145) Net loss $ (1,990) $ (2,861) $ (9,561) $ (8,250) Company's share of net loss (22.50%) $ (448) $ (644) $ (2,151) $ (1,856) Adjustment to depreciation and amortization expense (1) (10) (10) (30) (87) Company's loss from investment $ (458) $ (654) $ (2,181) $ (1,943)
Schedule of Equity Method Investments Summarized Balance Sheet Information	The following table represents the condensed balance sheets for the Cove Joint Venture: As of As of (amounts in thousands) September 30, 2019 December 31, 2018 Real estate, at cost (net) $ 140,738 $ 148,441 Cash and restricted cash 3,093 2,138 Other assets 1,722 1,810 Total assets $ 145,553 $ 152,389 Mortgage payable, net $ 178,254 $ 174,098 Other liabilities 1,800 2,776 Members' deficit (1) (34,501) (24,485) Total liabilities and members' deficit $ 145,553 $ 152,389 (1) The adjustment to depreciation and amortization expense relates to the difference between the Company’s basis in the Cove Joint Venture and the amount of the underlying equity in net assets of the Cove Joint Venture.
40 East End Ave. Pref Llc [Member]
Schedule of Equity Method Investments Summarized Balance Sheet Information	The following table represents the condensed balance sheets for the 40 East End Ave. Joint Venture: As of As of (amounts in thousands) September 30, 2019 December 31, 2018 Real estate inventory $ 144,919 $ 131,397 Cash and restricted cash 6,582 303 Other assets 354 229 Total assets $ 151,855 $ 131,929 Mortgage payable, net $ 76,887 $ 51,976 Other liabilities 4,224 9,145 Members' capital 70,744 70,808 Total liabilities and members' capital $ 151,855 $ 131,929
40 East End Ave. Joint Venture (Member)
Schedule of Equity Method Investments Summarized Balance Sheet Information	The following table represents the condensed income statements for the 40 East End Ave. Joint Venture: For the For the For the For the Three Months Three Months Nine Months Nine Months (amounts in thousands) September 30, 2019 September 30, 2018 Ended September 30, 2019 Ended September 30, 2018 Revenues $ 5,086 $ — $ 5,086 $ — Cost of goods sold 4,742 — 4,742 — Other expenses 334 533 1,346 547 Depreciation and amortization — 308 534 407 Operating income/(loss) 10 (841) (1,536) (954) Interest expense and other, net (1,287) — (1,257) — Net loss $ (1,277) $ (841) $ (2,793) $ (954) Company's share of net loss (33.3%) $ (425) $ (280) $ (930) $ (318)

Marketable Securities and Fai_2

Marketable Securities and Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2019
Marketable Securities and Fair Value Measurements
Schedule of Available-for-sale Securities Reconciliation	The following is a summary of the Company’s available for sale securities as of the dates indicated: As of September 30, 2019 Gross Gross Unrealized Unrealized Adjusted Cost Gains Losses Fair Value Debt securities: Israeli Bonds $ 4,980,938 $ 437,157 $ — $ 5,418,095
Schedule of Available to Sale Debt Securities Contractual Maturity Analysis	The following table summarizes the estimated fair value of our investments in debt securities with stated contractual maturity dates, accounted for as available-for-sale securities and classified by the contractual maturity date of the securities: As of September 30, 2019 Due in 1 year $ 1,083,617 Due in 1 year through 5 years 4,334,478 Due in 5 year through 10 years — Due after 10 years — Total $ 5,418,095

Related Party Transaction and_2

Related Party Transaction and Other Arrangements (Tables)	9 Months Ended
	Sep. 30, 2019
Related Party Transaction and Other Arrangements
Schedule of Fees and offering costs	The following table represents the fees incurred associated with the payments to the Company’s Advisor for the periods indicated: For the For the Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Acquisition Fees (1) $ 304,195 $ — $ 304,195 $ — Asset Management Fees (general and administrative costs) 176,385 157,338 510,588 470,202 Total $ 480,580 $ 157,338 $ 814,783 $ 470,202

Organization (Details)

Organization (Details) - USD ($)	May 15, 2017	Sep. 12, 2014	Mar. 31, 2017	Sep. 30, 2019	Jul. 11, 2019	Dec. 31, 2018
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation				Sep. 9, 2014
Shares reserved for issuance, par value per share				$ 0.01		$ 0.01
Discounted Price Percentage				95.00%
Shares issued, price per share					$ 10
David Lichtenstein [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Equity Method Investment, Ownership Percentage			100.00%
Lightstone Real Estate Income LLC [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Issuance of common shares, shares		20,000
Shares issued, price per share		$ 10
Company owned by David Lichtenstein [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Issuance of common shares, value		$ 200,000	$ 2,000,000
Shares issued, price per share			$ 9
Stock Issued During Period, Value, New Issues		$ 200,000	$ 2,000,000
Stock Offering [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Shares reserved for issuance				30,000,000
Shares reserved for issuance, price per share				$ 10
Gross proceeds from sale of common stock			$ 85,600,000
Issuance of common shares, shares			8,900,000
Proceeds from Contributions from Affiliates			$ 12,600,000
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs			7,600,000
Payments of Stock Issuance Costs			3,200,000
Proceeds from Issuance Initial Public Offering			$ 87,500,000
Distribution Reinvestment Plan [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Shares reserved for issuance				10,000,000
Issuance of common shares, shares	100,000
Issuance of common shares, value	$ 1,200,000
Stock Issued During Period, Value, New Issues	$ 1,200,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2019ILS (₪)	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)
Summary of Significant Accounting Policies
Restricted cash accounts				$ 731,083
Cash and Cash Equivalents, at Carrying Value			₪ 14,840	$ 14,098,234	$ 4,350,896	$ 5,945,315
Foreign Currency Transaction Gain (Loss), before Tax	$ (113)	$ 43,852

Williamsburg Moxy Hotel (Detail

Williamsburg Moxy Hotel (Details)	Jul. 17, 2019USD ($)roomitem	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Property, Plant and Equipment [Line Items]
Long-term Debt		$ 15,527,332	$ 15,527,332	$ 0
Mortgage payable, net		15,527,332	15,527,332	0
Construction in Progress, Gross		33,030,263	33,030,263	$ 0
Williamsburg Land [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Additions	$ 30,400,000
Payments to Acquire Property, Plant, and Equipment	14,400,000
Proceeds from Issuance of Secured Debt	$ 16,000,000
Number of Rooms Expects to Develop and Construct | room | room	210
Long-term Debt		16,000,000	16,000,000
Mortgage payable, net		16,000,000	16,000,000
Deferred financing fees		500,000	500,000
Mortgage payable, gross		16,000,000	16,000,000
Construction in Progress, Gross		33,000,000	33,000,000
Capitalized interest		$ 200,000	$ 200,000
Secured Debt [Member] | Williamsburg Land [Member]
Property, Plant and Equipment [Line Items]
Debt Instrument, Term	1 year
Number of Extensions For Term Of Loan | item | item	2
Debt Instrument, Renewal Term	6 months
Mortgage payable, gross	$ 16,000,000
Debt Instrument, Interest Rate, Stated Percentage	4.50%
Percentage of Brokerage Fee	1.00%
Payments for Brokerage Fees	$ 300,000

Investments in Unconsolidated_3

Investments in Unconsolidated Affiliated Real Estate Entities - Equity Method Investments (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated affiliated real estate entities	$ 28,342,651	$ 30,783,855
RP Maximus Cove, L.L.C [Member]
Schedule of Equity Method Investments [Line Items]
Date of Ownership	Jan. 31, 2017
Ownership %	22.50%
Total investments in unconsolidated affiliated real estate entities	$ 14,931,124	17,214,789
40 East End Ave. Pref Llc [Member]
Schedule of Equity Method Investments [Line Items]
Date of Ownership	Mar. 31, 2017
Ownership %	33.30%
Total investments in unconsolidated affiliated real estate entities	$ 13,411,527	$ 13,569,066

Investments in Unconsolidated_4

Investments in Unconsolidated Affiliated Real Estate Entities - Income Statement Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Schedule of Equity Method Investments [Line Items]
Company's loss from investment	$ (883,061)	$ (933,878)	$ (3,111,592)	$ (2,260,413)
RP Maximus Cove, L.L.C [Member]
Schedule of Equity Method Investments [Line Items]
Revenues	4,227,000	3,672,000	11,912,000	10,905,000
Property operating expenses	1,297,000	1,239,000	3,774,000	3,660,000
General and administrative costs	17,000	41,000	83,000	136,000
Depreciation and amortization	2,884,000	2,420,000	8,620,000	7,214,000
Operating income/(loss)	29,000	(28,000)	(565,000)	(105,000)
Loss on debt extinguishment			(1,526,000)
Interest expense and other, net	(2,019,000)	(2,833,000)	(7,470,000)	(8,145,000)
Net loss	(1,990,000)	(2,861,000)	(9,561,000)	(8,250,000)
RP Maximus Cove, L.L.C [Member] | Parent Company [Member]
Schedule of Equity Method Investments [Line Items]
Company's share of net loss	(448,000)	(644,000)	(2,151,000)	(1,856,000)
Adjustment depreciation and amortization expense	(10,000)	(10,000)	(30,000)	(87,000)
Company's loss from investment	(458,000)	(654,000)	(2,181,000)	(1,943,000)
Forty East End Ave Project [Member]
Schedule of Equity Method Investments [Line Items]
Revenues	5,086,000		5,086,000
Cost of goods sold	4,742,000		4,742,000
Other expenses	334,000	533,000	1,346,000	547,000
Depreciation and amortization		308,000	534,000	407,000
Operating income/(loss)	10,000	(841,000)	(1,536,000)	(954,000)
Interest expense and other, net	(1,287,000)		(1,257,000)
Net loss	(1,277,000)	(841,000)	(2,793,000)	(954,000)
Company's share of net loss	$ (425,000)	$ (280,000)	$ (930,000)	$ (318,000)

Investments in Unconsolidated_5

Investments in Unconsolidated Affiliated Real Estate Entities - Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
RP Maximus Cove, L.L.C [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets	$ 145,553	$ 152,389
Members' deficit	(34,501)	(24,485)
Total liabilities and members' deficit	145,553	152,389
RP Maximus Cove, L.L.C [Member] | Real Estate, at cost net [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets	140,738	148,441
RP Maximus Cove, L.L.C [Member] | Cash and restricted cash [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets	3,093	2,138
RP Maximus Cove, L.L.C [Member] | Other assets [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets	1,722	1,810
RP Maximus Cove, L.L.C [Member] | Mortgage payable, net [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Liabilities	178,254	174,098
RP Maximus Cove, L.L.C [Member] | Other liabilities [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Liabilities	1,800	2,776
40 East End Ave. Pref Llc [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets	151,855	131,929
Members' deficit	70,744	70,808
Total liabilities and members' deficit	151,855	131,929
40 East End Ave. Pref Llc [Member] | Cash and restricted cash [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets	6,582	303
40 East End Ave. Pref Llc [Member] | Other assets [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets	354	229
40 East End Ave. Pref Llc [Member] | Real Estate inventory [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets	144,919	131,397
40 East End Ave. Pref Llc [Member] | Mortgage payable, net [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Liabilities	76,887	51,976
40 East End Ave. Pref Llc [Member] | Other liabilities [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Liabilities	$ 4,224	$ 9,145

Investments in Unconsolidated_6

Investments in Unconsolidated Affiliated Real Estate Entities - Additional Information (Details) - USD ($)	May 08, 2019	Mar. 31, 2017	Mar. 21, 2017	Jan. 31, 2017	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2019	Oct. 01, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired				22.50%
Guarantor Obligations, Current Carrying Value				$ 43,800,000
Debt Instrument, Description of Variable Rate Basis							The Loan bore interest at Libor plus 3.85%.
Distributions from unconsolidated affiliated real estate entities					$ 300,000		$ 291,584
Preferred Stock, Dividend Rate, Percentage							12.00%
Additional Paid in Capital					72,263,135		$ 72,263,135		$ 72,898,310
Mortgages [Member]
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Description of Variable Rate Basis			The Mortgage Payable bears interest at Libor plus 4.50% (subject to floor of 5.00%)
Line of Credit Facility, Maximum Borrowing Capacity			$ 85,300,000
Line of Credit Facility, Expiration Date			Sep. 21, 2020
Parent Company [Member]
Schedule of Equity Method Investments [Line Items]
Guarantor Obligations, Current Carrying Value				10,900,000
Loan [Member]
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Face Amount				$ 175,000,000
Debt Instrument, Maturity Date				Jan. 31, 2020
Gain (Loss) on Extinguishment of Debt						$ 1,500,000
RP Maximus Cove, L.L.C [Member]
Schedule of Equity Method Investments [Line Items]
Business Combination, Consideration Transferred				$ 255,000,000
Payments to Acquire Interest in Joint Venture				$ 20,000,000
Business Acquisition, Percentage of Voting Interests Acquired				22.50%
Lightstone Value Plus Real Estate Investment Trust, Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from Contributions from Affiliates		$ 30,000,000
Preferred Stock, Dividend Rate, Percentage		12.00%
Cove Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Face Amount	$ 180,000,000
Debt Instrument, Description of Variable Rate Basis	Libor plus 2.15%
Additional Paid in Capital					$ 100,000		$ 100,000	$ 2,300,000
Debt Instrument, Interest Rate, Stated Percentage	2.00%
Cove Joint Venture [Member] | Loan [Member]
Schedule of Equity Method Investments [Line Items]
Gain (Loss) on Extinguishment of Debt						$ 300,000
40 East End Ave. Pref Llc [Member]
Schedule of Equity Method Investments [Line Items]
Business Combination, Consideration Transferred		$ 10,300,000
Business Acquisition, Percentage of Voting Interests Acquired		33.30%
Equity Method Investment, Ownership Percentage					33.30%		33.30%
David Lichtenstein [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage		100.00%
40 East End Ave. Joint Venture (Member)
Schedule of Equity Method Investments [Line Items]
Additional Paid in Capital					$ 800,000		$ 800,000	$ 4,600,000

Marketable Securities and Fai_3

Marketable Securities and Fair Value Measurements - Available for Sale Securities (Details)	9 Months Ended
	Sep. 30, 2019USD ($)
Debt securities:
Fair Value	$ 5,418,095
Israeli Bonds [Member]
Debt securities:
Adjusted Cost	4,980,938
Gross Unrealized Gains	437,157
Fair Value	$ 5,418,095

Marketable Securities and Fai_4

Marketable Securities and Fair Value Measurements - Investments in Marketable Debt Securities (Details)	Sep. 30, 2019USD ($)
Marketable Securities and Fair Value Measurements
Due in 1 year	$ 1,083,617
Due in 1 year through 5 years	4,334,478
Due in 5 year through 10 years	0
Due after 10 years	0
Total	$ 5,418,095

Stockholders' Equity (Details)

Stockholders' Equity (Details) - $ / shares	Nov. 11, 2019	Aug. 06, 2019	Jul. 11, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019
Stockholders' Equity
Common Stock, Dividends, Per Share, Declared	$ 0.033	$ 0.033	$ 0.033	$ 0.10	$ 0.20	$ 0.50	$ 0.60
Dividends Payable, Amount Per Share			$ 0.40
Dividend Annualized Rate			4.00%					8.00%
Shares Issued, Price Per Share			$ 10

Related Party Transaction and_3

Related Party Transaction and Other Arrangements (Details) - Investment Advisory, Management and Administrative Service [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Related Party Transaction [Line Items]
Acquisition Fees (1)	$ 304,195		$ 304,195
Asset management fees (general and administrative costs)	176,385	$ 157,338	510,588	$ 470,202
Total	$ 480,580	$ 157,338	$ 814,783	$ 470,202

Related Party Transaction and_4

Related Party Transaction and Other Arrangements - Additional Information (Details) - USD ($)	Aug. 26, 2019	Mar. 31, 2019	Mar. 18, 2016	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jul. 11, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Shares Issued, Price Per Share								$ 10
Cumulative Annual Return On Net Investments Percent			8.00%
Interest Payable				$ 585,602		$ 585,602			$ 445,771
Preferred Contributions, Aggregate Investments				37,000,000		37,000,000
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures									37,000,000
Investment Income, Net				488,648	$ 1,134,667	2,143,809	$ 3,367,000
Notes Payable, Related Parties				13,217,615		$ 13,217,615			13,077,784
Preferred Stock, Dividend Rate, Percentage						12.00%
Interest Payable, Current				47,122	139,831	$ 47,122	139,831
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates	$ 10,500,000	$ 26,500,000
Cove Transaction [Member]
Related Party Transaction [Line Items]
Notes Payable, Related Parties				12,600,000		$ 12,600,000			$ 12,600,000
Subordinated Debt [Member]
Related Party Transaction [Line Items]
Subordinated Debt			$ 12,600,000
Debt Instrument, Interest Rate, Stated Percentage			1.48%
Shares Issued, Price Per Share			$ 10
Return On Investment Percentage			8.00%
Cumulative Annual Return On Net Investments Percent			8.00%			8.00%
Liquidation Distributions Percent Payable To Company			85.00%
Liquidation Distributions Percent Payable To Sponsor			15.00%
Street Preferred Investment [Member]
Related Party Transaction [Line Items]
Investment Income, Net				$ 200,000	$ 1,100,000	$ 1,600,000	$ 3,400,000